REGISTERED NUMBER: 02112919 (England and Wales)

Financial Statements

for the Year Ended 31 December 2025

for

I.F. Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J J Colam

A C Pillar

SECRETARY:

Mrs R A Colam

REGISTERED OFFICE:

Reedham House

31 King Street West

Manchester

M3 2PJ

BUSINESS ADDRESS:

Wallsend Industrial Estate

Cattedown Road

Cattedown

Plymouth

PL4 0RW

REGISTERED NUMBER:

02112919 (England and Wales)

AUDITORS:

Freedman Frankl & Taylor

Statutory Auditors

Chartered Accountants

Reedham House

31 King Street West

Manchester

M3 2PJ

FIXED ASSETS

Intangible assets

4

5,950,415

5,855,215

Tangible assets

5

13,008,238

10,720,673

18,958,653

16,575,888

CURRENT ASSETS

Stocks

204,131

240,010

Debtors

6

1,546,258

1,565,635

Cash at bank

104,645

269,171

1,855,034

2,074,816

CREDITORS

Amounts falling due within one year

7

(139,658

)

(391,946

)

NET CURRENT ASSETS

1,715,376

1,682,870

TOTAL ASSETS LESS CURRENT LIABILITIES

20,674,029

18,258,758

CREDITORS

Amounts falling due after more than one year

8

(15,454,541

)

(14,273,803

)

PROVISIONS FOR LIABILITIES

(2,722,821

)

(2,125,632

)

NET ASSETS

2,496,667

1,859,323

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

2,496,567

1,859,223

SHAREHOLDERS' FUNDS

2,496,667

1,859,323

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 September 2026 and were signed on its behalf by:

J J Colam - Director

1.	STATUTORY INFORMATION

I.F. Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 " The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. Certain assets previously held at valuation are now measured at deemed cost, being the valuation at the date of transition to Financial Reporting Standard 102"

Turnover

Turnover represents the amount derived from the provision of goods and services falling within the company's activities after deduction of trade discounts and value added tax.

Intangible fixed assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

No amortisation has been charged on boat licences, entitlements and associated benefits as in the opinion of the directors there has been no impairment in their value during the year and the directors do not envisage any impairment arising in the foreseeable future. The directors have based their assessment on the grounds that the licences, entitlements and associated benefits have an indefinite life under current legislation so long as certain conditions are complied with and also the fact that there is no expectation that the market value of the intangible assets will fall in the foreseeable future.

Tangible fixed assets

Depreciation of fixed assets is calculated to write off their cost or valuation less any residual value over their estimated useful lives which for all boats is considered to be 20 years and motor vehicles at 25% reducing balance.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Going concern

Having made appropriate enquiries, the Directors consider that the Company has adequate resources to continue in business for the foreseeable future and that it is therefore appropriate to adopt the going concern basis in preparing the financial statements of the company.

Government grants

Government grants on capital expenditure are credited to deferral account and are released to revenue over the expected useful life of the relevant asset by equal annual instalments. Grants of a revenue nature are credited to income in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2024 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Boat

licences

& entitlements

£

COST

At 1 January 2025

5,855,215

Additions

95,200

At 31 December 2025

5,950,415

NET BOOK VALUE

At 31 December 2025

5,950,415

At 31 December 2024

5,855,215

5.	TANGIBLE FIXED ASSETS

Motor

Boats

vehicles

Totals

£

£

£

COST OR VALUATION

At 1 January 2025

13,649,520

18,883

13,668,403

Additions

2,679,049

-

2,679,049

At 31 December 2025

16,328,569

18,883

16,347,452

DEPRECIATION

At 1 January 2025

2,931,438

16,292

2,947,730

Charge for year

390,836

648

391,484

At 31 December 2025

3,322,274

16,940

3,339,214

NET BOOK VALUE

At 31 December 2025

13,006,295

1,943

13,008,238

At 31 December 2024

10,718,082

2,591

10,720,673

Cost or valuation at 31 December 2025 is represented by:

Motor

Boats

vehicles

Totals

£

£

£

Valuation in 1998

(194,449

)

-

(194,449

)

Cost

16,523,018

18,883

16,541,901

16,328,569

18,883

16,347,452

If certain boats had not been revalued they would have been included at the following historical cost:

2025

2024

£

£

Cost

16,523,018

13,854,834

Aggregate depreciation

3,516,724

3,128,276

Certain boats are included at an open market valuation carried out by R & J Maritime Ltd, consultant surveyors.

6.

DEBTORS

2025

2024

£

£

Amounts falling due within one year:

Trade debtors

7,238

7,238

Amounts owed by group undertakings

549,292

422,850

Other debtors

156,013

344,406

712,543

774,494

2025

2024

£

£

Amounts falling due after more than one year:

Amounts owed by group undertakings

833,715

791,141

Aggregate amounts

1,546,258

1,565,635

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

96,213

338,800

Amounts owed to group undertakings

39,822

22,403

Other creditors

3,623

30,743

139,658

391,946

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Amounts owed to group undertakings

15,454,541

14,273,803

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

I Sluckis BA FCA (Senior Statutory Auditor)

for and on behalf of Freedman Frankl & Taylor

10.	CAPITAL COMMITMENTS

2025

2024

£

£

Contracted but not provided for in the

financial statements

-

2,346,767

11.	RELATED PARTY DISCLOSURES

12.	ULTIMATE CONTROLLING PARTY