Silverfin false 28/02/2023 01/03/2022 28/02/2023 C E Gadsdon H C Gadsdon 15/01/2015 M G Gadsdon 01/09/2002 27 November 2023 The principal activity of the company is the letting of a furnished holiday letting, the operation of an equestrian centre and the rental of investment properties. 01968530 2023-02-28 01968530 bus:Director2 2023-02-28 01968530 bus:Director3 2023-02-28 01968530 2022-02-28 01968530 core:CurrentFinancialInstruments 2023-02-28 01968530 core:CurrentFinancialInstruments 2022-02-28 01968530 core:ShareCapital 2023-02-28 01968530 core:ShareCapital 2022-02-28 01968530 core:RetainedEarningsAccumulatedLosses 2023-02-28 01968530 core:RetainedEarningsAccumulatedLosses 2022-02-28 01968530 core:LandBuildings 2022-02-28 01968530 core:PlantMachinery 2022-02-28 01968530 core:Vehicles 2022-02-28 01968530 core:LandBuildings 2023-02-28 01968530 core:PlantMachinery 2023-02-28 01968530 core:Vehicles 2023-02-28 01968530 core:UnlistedNon-exchangeTraded core:WithinOneYear 2023-02-28 01968530 core:UnlistedNon-exchangeTraded core:WithinOneYear 2022-02-28 01968530 bus:OrdinaryShareClass1 2023-02-28 01968530 2022-03-01 2023-02-28 01968530 bus:FullAccounts 2022-03-01 2023-02-28 01968530 bus:SmallEntities 2022-03-01 2023-02-28 01968530 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 01968530 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 01968530 bus:Director1 2022-03-01 2023-02-28 01968530 bus:Director2 2022-03-01 2023-02-28 01968530 bus:Director3 2022-03-01 2023-02-28 01968530 core:LandBuildings core:TopRangeValue 2022-03-01 2023-02-28 01968530 core:PlantMachinery 2022-03-01 2023-02-28 01968530 core:Vehicles 2022-03-01 2023-02-28 01968530 2021-03-01 2022-02-28 01968530 core:LandBuildings 2022-03-01 2023-02-28 01968530 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 01968530 bus:OrdinaryShareClass1 2021-03-01 2022-02-28 iso4217:GBP xbrli:pure xbrli:shares

Company No: 01968530 (England and Wales)

MARINE SPORTS LIMITED

Unaudited Financial Statements
For the financial year ended 28 February 2023
Pages for filing with the registrar

MARINE SPORTS LIMITED

Unaudited Financial Statements

For the financial year ended 28 February 2023

Contents

MARINE SPORTS LIMITED

COMPANY INFORMATION

For the financial year ended 28 February 2023
MARINE SPORTS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 28 February 2023
DIRECTORS C E Gadsdon
H C Gadsdon
M G Gadsdon
SECRETARY M G Gadsdon
REGISTERED OFFICE Lowin House
Tregolls Road
Truro
TR1 2NA
England
United Kingdom
COMPANY NUMBER 01968530 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Lowin House
Tregolls Road
Truro
Cornwall TR1 2NA
MARINE SPORTS LIMITED

BALANCE SHEET

As at 28 February 2023
MARINE SPORTS LIMITED

BALANCE SHEET (continued)

As at 28 February 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 483,577 516,829
Investment property 5 1,613,358 1,613,358
2,096,935 2,130,187
Current assets
Stocks 6 858 2,142
Debtors 7 30,310 28,509
Investments 8 105 105
Cash at bank and in hand 9 405,241 363,415
436,514 394,171
Creditors: amounts falling due within one year 10 ( 272,772) ( 311,293)
Net current assets 163,742 82,878
Total assets less current liabilities 2,260,677 2,213,065
Provision for liabilities ( 11,404) ( 13,648)
Net assets 2,249,273 2,199,417
Capital and reserves
Called-up share capital 11 10 10
Profit and loss account 2,249,263 2,199,407
Total shareholders' funds 2,249,273 2,199,417

For the financial year ending 28 February 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Marine Sports Limited (registered number: 01968530) were approved and authorised for issue by the Board of Directors on 27 November 2023. They were signed on its behalf by:

C E Gadsdon
Director
MARINE SPORTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2023
MARINE SPORTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Marine Sports Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Lowin House, Tregolls Road, Truro, TR1 2NA, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

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 value added tax, returns, rebates and discounts and after eliminating sales within the company.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Plant and machinery 25 % reducing balance
Vehicles 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value.

Financial instruments

The company holds the following financial instruments

• Short term trade and other debtors and creditors
• Cash and bank balances.

All financial instruments are classified as basic.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income. Included within other operating income is £nil (2022 - £3,648) of income received under the Job Retention Scheme.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 4

3. Dividends on equity shares

2023 2022
£ £
Amounts recognised as distributions to equity holders in the financial year:
Interim dividend for the financial year ended 28 February 2023 of £67(2022: £67) per ordinary share 2,667 2,667

4. Tangible assets

Land and buildings Plant and machinery Vehicles Total
£ £ £ £
Cost
At 01 March 2022 558,689 534,755 13,500 1,106,944
Additions 3,112 8,317 0 11,429
At 28 February 2023 561,801 543,072 13,500 1,118,373
Accumulated depreciation
At 01 March 2022 97,608 482,210 10,297 590,115
Charge for the financial year 8,899 34,981 801 44,681
At 28 February 2023 106,507 517,191 11,098 634,796
Net book value
At 28 February 2023 455,294 25,881 2,402 483,577
At 28 February 2022 461,081 52,545 3,203 516,829

5. Investment property

Investment property
£
Valuation
As at 01 March 2022 1,613,358
As at 28 February 2023 1,613,358

There has been no valuation of the investment property by an independent valuer. The valuation of the property was made by the directors.

6. Stocks

2023 2022
£ £
Stocks 858 2,142

7. Debtors

2023 2022
£ £
Trade debtors 6,548 4,196
Other debtors 23,762 24,313
30,310 28,509

8. Current asset investments

2023 2022
£ £
Other investments – at cost less impairment 105 105

9. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 405,241 363,415

10. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 3,261 2,456
Corporation tax 19,595 18,381
Other taxation and social security 6,490 5,554
Other creditors 243,426 284,902
272,772 311,293

11. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
40 Ordinary shares of £ 0.25 each 10 10