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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2019 |
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International Marine Engineering |
Specialists Ltd |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2019 |
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FOR |
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International Marine Engineering |
Specialists Ltd |
International Marine Engineering |
Specialists Ltd (Registered number: 10222957) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 30 June 2019 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 | to | 3 |
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Notes to the Financial Statements | 4 | to | 6 |
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International Marine Engineering |
Specialists Ltd |
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COMPANY INFORMATION |
for the year ended 30 June 2019 |
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Director: |
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Registered office: |
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Registered number: |
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Accountants: |
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129 North Hill |
Plymouth |
Devon |
PL4 8JY |
International Marine Engineering |
Specialists Ltd (Registered number: 10222957) |
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BALANCE SHEET |
30 June 2019 |
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2019 | 2018 |
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)/assets | ( |
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Total assets less current liabilities | ( |
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Creditors |
Amounts falling due after more than one
year |
7 |
( |
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( |
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Provisions for liabilities | ( |
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Net (liabilities)/assets | ( |
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Capital and reserves |
Called up share capital | 9 |
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Retained earnings | ( |
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Shareholders' funds | ( |
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International Marine Engineering |
Specialists Ltd (Registered number: 10222957) |
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BALANCE SHEET - continued |
30 June 2019 |
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The director acknowledges his responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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In accordance with Section 444 of the Companies Act 2006, the Profit & Loss Account has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
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International Marine Engineering |
Specialists Ltd (Registered number: 10222957) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 30 June 2019 |
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1. | STATUTORY INFORMATION |
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International Marine Engineering Specialists Ltd is a
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and Wales. The company's registered number and registered office address can be found on the Company |
Information page. |
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The company name changed from Orbis Engineering Limited to International Marine Engineering Specialists |
Ltd on 10th September 2020. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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These accounts have been prepared on the going concern basis. The company is dependent on the support of its |
creditors and these accounts have been prepared on the assumption that there will be no withdrawal of its credit |
facilities. |
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Turnover |
Turnover is measured at the fair value of the consideration receivable, net of discounts and value added taxes. |
Turnover from the rendering of services is recognised by the reference to the stage of completion of the contact. |
The stage of completion of a contact is measured by comparing the costs incurred for work performed to date to |
the total estimated contract costs. |
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Tangible fixed assets |
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Plant and machinery | - |
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Stocks |
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is |
determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in |
the period in which the related revenue is recognised. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, 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. |
International Marine Engineering |
Specialists Ltd (Registered number: 10222957) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 June 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Hire purchase and leasing commitments |
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to |
ownership. All other leases are classified as operating leases. The rights of use and obligations under finance |
leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if |
lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the |
finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance |
charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the |
remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for |
tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease |
term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are |
recognised as an expense on a straight line basis over the lease term. |
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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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Debtors |
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment |
losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price |
including any transaction costs and subsequently measured at amortised cost determined using the effective |
interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other |
financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently |
measured at amortised cost determined using the effective interest method. |
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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 |
Plant and |
machinery |
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Cost |
At 1 July 2018 |
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Additions |
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Disposals | ( |
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At 30 June 2019 |
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Depreciation |
At 1 July 2018 |
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Charge for year |
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At 30 June 2019 |
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Net book value |
At 30 June 2019 |
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At 30 June 2018 |
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International Marine Engineering |
Specialists Ltd (Registered number: 10222957) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 June 2019 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Bank loans and overdrafts |
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Taxation and social security |
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Other creditors |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2019 | 2018 |
£ | £ |
Bank loans |
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8. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2019 | 2018 |
£ | £ |
Within one year |
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Between one and five years |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
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Ordinary | £1 | 1 | 1 |
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10. | RELATED PARTY DISCLOSURES |
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At the balance sheet date £16,232 was owed to S O Cook (director and shareholder). The loan was interest free |
with no fixed repayment terms. |
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11. | ULTIMATE CONTROLLING PARTY |
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The controlling party is S O Cook. |