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Financial Statements for the Year Ended 31 December 2020 |
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Intermarine UK Limited |
REGISTERED NUMBER:
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Financial Statements for the Year Ended 31 December 2020 |
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for |
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Intermarine UK Limited |
Intermarine UK Limited (Registered number: 06876052) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2020 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Intermarine UK Limited |
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Company Information |
for the Year Ended 31 December 2020 |
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DIRECTORS: |
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(Chairman) |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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SENIOR STATUTORY AUDITOR: | Stephen Horrigan FCA |
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AUDITORS: |
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Chartered Accountants |
Statutory Auditors |
110 Whitchurch Road |
Cardiff |
CF14 3LY |
Intermarine UK Limited (Registered number: 06876052) |
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Balance Sheet |
31 December 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES | 8 |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Retained earnings | 10 | ( |
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SHAREHOLDERS' FUNDS | ( |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Intermarine UK Limited (Registered number: 06876052) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2020 |
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1. | STATUTORY INFORMATION |
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Intermarine UK Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The accounts, which disclose an excess of liabilities over assets, have been prepared on a going concern basis and make no allowance for any losses or additional costs that might arise if it were found that this were inappropriate. The officers and management of the company have reviewed their future trading forecasts and the possible impact that BREXIT & COVID-19 might have on operations and are satisfied that sufficient revenues will be generated to enable to company to meets it's financial obligations as they fall due. The company continues to be loss making but subsequent to the year end changes have been made to operations and a cost savings plan implemented to reduce its cost base making it more efficient and able to meet the challenges it faces. |
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The company is reliant upon group support for it's continuance. The particular director who is the ultimate controlling party has confirmed that such support will continue for the foreseeable future and is satisfied that it is entirely appropriate to prepare the accounts on a going concern basis. |
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The financial statements are prepared in Pounds Sterling which is the base currency in which the company operates. |
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Significant judgements and estimates |
The preparation of financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions in certain circumstances that affect reported amounts of assets and liabilities at the date of the financial statements and the amount of reported income and expenditure during the reporting period. Actual results may differ from these estimates. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the financial year are as follows: |
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Impairment review |
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The directors carried out a review of the carrying value of fixed assets in the light of the impact of the global pandemic, COVID-19 upon the operations of the company and have made such provision as they have considered necessary to reduce the carrying value to an amount they consider recoverable. |
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Debt due to company under common control |
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As a result of the closure of a company under common control to which the company was indebted a credit was recognized in the income statement in relation to the debt that is no longer due. |
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Turnover & revenue recognition |
Turnover represents the amount derived from the provision of goods and services and stated after trade discounts, other sales taxes and value added tax. Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. |
Intermarine UK Limited (Registered number: 06876052) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Tangible fixed assets are stated at historical cost less accumulated depreciation. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
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Stocks,work in progress and long term contracts |
Stock and work in progress are valued at the lower of cost and net realisable value after due regard for obsolete and slow moving items. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. |
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Amounts recoverable on long-term contracts which are included in debtors, are stated at the net sales value of the work done less amounts received as progress payments on account. Cumulative costs incurred net of amounts transferred to cost of sales ,less provision for contingencies and anticipated future losses on contracts, are included as long term contract balances in stock.Profit is recognised on long term contracts if the final outcome can be assessed with reasonable certainty , by including in the profit and loss account turnover and related costs as contract activity progresses.Turnover is calculated by reference to the value of work performed to date as a proportion of the total contract value.. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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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. |
Intermarine UK Limited (Registered number: 06876052) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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Taxation |
Current taxation is provided for at amounts expected to be paid using the tax rates and laws that have been enacted or substantially enacted at the balance sheet date. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
Long | Plant and | and | Motor |
leasehold | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2020 |
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Impairments | (35,954 | ) | (678,322 | ) | (39,086 | ) | - | (753,362 | ) |
At 31 December 2020 |
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DEPRECIATION |
At 1 January 2020 |
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Charge for year |
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Impairments | ( |
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At 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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At 31 December 2019 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Other debtors |
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Intermarine UK Limited (Registered number: 06876052) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade creditors |
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Amounts owed to participating interests | 1,483,654 | 1,280,267 |
Taxation and social security |
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Other creditors |
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7. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2020 | 2019 |
£ | £ |
Within one year |
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Between one and five years |
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8. | PROVISIONS FOR LIABILITIES |
2020 | 2019 |
£ | £ |
Deferred tax | - | 38,474 |
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Deferred |
tax |
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Balance at 1 January 2020 |
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Credit to Income Statement during year | ( |
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Balance at 31 December 2020 |
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No allowance has been made for the value of tax losses which if recognised in the accounts would be represented by a deferred tax asset. It is not regarded as prudent to recognise this as an asset until there is some certainty that the tax losses are capable of being utilized within the foreseeable future. |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
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Ordinary £1 shares | 1 | 1,000 | 1,000 |
Intermarine UK Limited (Registered number: 06876052) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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10. | RESERVES |
Retained |
earnings |
£ |
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At 1 January 2020 | ( |
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Deficit for the year | ( |
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At 31 December 2020 | ( |
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11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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12. | RELATED PARTY DISCLOSURES |
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During the year the company traded in the normal course of business with a company under common control, Inter Marine Sp.zo.o a company registered in Poland and in which the director , Slawomir Kalicki, has a material shareholding interest. |
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Sales were made in the year to Inter Marine Sp.zo.o amounting to £1,020,948 (2019: £1,410,366). |
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See also the note in these financial statements about Exceptional items. |
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At the year end a loan of £1,483,654 (2019: £1,280,267 was due by the company to Intermarine Sp.zo.o. The loan is interest free and has no formal repayment terms. Inter Marine Sp.zo.o have confirmed their support for the company and have agreed to make funding available to the company for a period of at least twelve months from the date of signing of the accounts. |
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13. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling party is
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