Registration number: 13188919

Marine Insulations Ltd

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 11

Marine Insulations Ltd

Company Information

Director

M Gibson

Registered office

Unit 7 Red Hill Marina Ratcliffe On Soar Nottingham NG11 0EB

Accountants

Beacon Accounting Limited 75 Swingbridge Road Loughborough LEICS LE11 5JB

Marine Insulations Ltd

(Registration number: 13188919)
Balance Sheet as at 28 February 2026

	Note	2026 £	2025 £
Fixed assets
Intangible assets	4	6,000	7,000
Tangible assets	5	4,636	8,576
		10,636	15,576
Current assets
Debtors	6	250	4,540
Cash at bank and in hand		6,858	14,088
		7,108	18,628
Creditors: Amounts falling due within one year	7	(1,638)	(12,409)
Net current assets		5,470	6,219
Total assets less current liabilities		16,106	21,795
Provisions for liabilities		(1)	(2,768)
Net assets		16,105	19,027
Capital and reserves
Called up share capital	8	1	1
Retained earnings		16,104	19,026
Shareholders' funds		16,105	19,027

For the financial year ending 28 February 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 21 September 2026
 

Marine Insulations Ltd

(Registration number: 13188919)
Balance Sheet as at 28 February 2026

......................................... M Gibson Director

Marine Insulations Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2026

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 7
Red Hill Marina
Ratcliffe On Soar
Nottingham
NG11 0EB

These financial statements were authorised for issue by the director on 21 September 2026.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Marine Insulations Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2026

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Motor vehicles	25%, straight line
Plant and machinery	25%, straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	10%, straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Marine Insulations Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2026

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2025 - 1).

Marine Insulations Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2026

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 March 2025	10,000	10,000
At 28 February 2026	10,000	10,000
Amortisation
At 1 March 2025	3,000	3,000
Amortisation charge	1,000	1,000
At 28 February 2026	4,000	4,000
Carrying amount
At 28 February 2026	6,000	6,000
At 28 February 2025	7,000	7,000

5	Tangible assets

	Land and buildings £	Motor vehicles  £	Other tangible assets £	Total £
Cost or valuation
At 1 March 2025	1,014	2,000	13,556	16,570
At 28 February 2026	1,014	2,000	13,556	16,570
Depreciation
At 1 March 2025	8	1,208	6,778	7,994
Charge for the year	51	500	3,389	3,940
At 28 February 2026	59	1,708	10,167	11,934
Carrying amount
At 28 February 2026	955	292	3,389	4,636
At 28 February 2025	1,006	792	6,778	8,576

Included within the net book value of land and buildings above is £955 (2025 - £1,006) in respect of freehold land and buildings.
 

Marine Insulations Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2026

6

Debtors

Current	2026 £	2025 £
Other debtors	250	4,540
	250	4,540

Marine Insulations Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2026

7

Creditors

Creditors: amounts falling due within one year

	2026 £	2025 £
Due within one year
Trade creditors	(273)	6,249
Taxation and social security	1,402	5,910
Accruals and deferred income	-	250
Other creditors	509	-
	1,638	12,409

8	Share capital

Allotted, called up and fully paid shares

	2026		2025
	No.	£	No.	£
Ordinary of £1 each	1	1	1	1

9

Dividends

Final dividends paid

		2026 £		2025 £
Final dividend of £Nil (2025 - £1,000.00) per each Ordinary		-		1,000

Interim dividends paid

		2026 £		2025 £
Interim dividend of £5,650.00 (2025 - £7,000.00) per each Ordinary		5,650		7,000

10	Related party transactions

Marine Insulations Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2026

Director's remuneration

The director's remuneration for the year was as follows:

	2026 £	2025 £
Remuneration	11,522	-