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REGISTERED NUMBER: 02715848 (England and Wales)















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

MARINA MARBELLA (U.K.) LIMITED

MARINA MARBELLA (U.K.) LIMITED (REGISTERED NUMBER: 02715848)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


MARINA MARBELLA (U.K.) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTOR: J K Sundberg Dubarry





SECRETARY: Ms C Lucas





REGISTERED OFFICE: Appledram Barns
Birdham Road
Chichester
West Sussex
PO20 7EQ





REGISTERED NUMBER: 02715848 (England and Wales)





AUDITORS: Lewis Brownlee (Chichester) Limited
Chartered Accountants
Statutory Auditors
Appledram Barns
Birdham Road
Chichester
West Sussex
PO20 7EQ

MARINA MARBELLA (U.K.) LIMITED (REGISTERED NUMBER: 02715848)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 15,240 939
15,240 939

CURRENT ASSETS
Stocks 637,752 493,233
Debtors: amounts falling due within one year 6 51,126 43,876
Debtors: amounts falling due after more than
one year

6

384,908

299,377
Cash at bank 175,363 217,054
1,249,149 1,053,540
CREDITORS
Amounts falling due within one year 7 1,628,279 1,536,831
NET CURRENT LIABILITIES (379,130 ) (483,291 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(363,890

)

(482,352

)

CAPITAL AND RESERVES
Called up share capital 100,000 100,000
Profit and loss account (463,890 ) (582,352 )
SHAREHOLDERS' FUNDS (363,890 ) (482,352 )

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 director and authorised for issue on 9 April 2024 and were signed by:





J K Sundberg Dubarry - Director


MARINA MARBELLA (U.K.) LIMITED (REGISTERED NUMBER: 02715848)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Marina Marbella (U.K.) 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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern
The company relies on the support of its parent company and other companies within the group in managing its working capital requirements and has substantial balances totalling £1.386m (2022: £1.386m) from certain companies within the group at the balance sheet date.

The director has received written confirmation from the relevant group companies that repayment of these loans will not be required for at least twelve months from the date of approval of these financial statements unless the company has sufficient resources to make the repayments and to meet its other obligations when they fall due.

On this basis, the director considers it appropriate to prepare the financial statements on the going concern basis.

Turnover
Turnover represents sales of boats, parts and related services supplied during the year, net of value added tax. Boat sales are recognised at the point of delivery.

Goodwill
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. Intangible assets have been fully amortised at the year end.

Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery-25% on cost
Fixtures and fittings-25% on cost
Motor vehicles-25% on cost
Computer equipment-25% on cost

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

Financial instruments
Financial instruments are classified by the director as basic or advanced following the conditions in FRS 102 section 11. Basic financial instruments are recognised at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. The company has no advanced financial instruments.


MARINA MARBELLA (U.K.) LIMITED (REGISTERED NUMBER: 02715848)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued
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.

Leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£
COST
At 1 January 2023
and 31 December 2023 653,867
AMORTISATION
At 1 January 2023
and 31 December 2023 653,867
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

MARINA MARBELLA (U.K.) LIMITED (REGISTERED NUMBER: 02715848)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£ £ £ £ £
COST
At 1 January 2023 5,200 7,227 12,259 3,226 27,912
Additions - 592 15,163 - 15,755
Disposals - - (12,259 ) - (12,259 )
At 31 December 2023 5,200 7,819 15,163 3,226 31,408
DEPRECIATION
At 1 January 2023 4,975 7,227 12,259 2,512 26,973
Charge for year 225 62 947 220 1,454
Eliminated on disposal - - (12,259 ) - (12,259 )
At 31 December 2023 5,200 7,289 947 2,732 16,168
NET BOOK VALUE
At 31 December 2023 - 530 14,216 494 15,240
At 31 December 2022 225 - - 714 939

6. DEBTORS
2023 2022
£ £
Amounts falling due within one year:
Trade debtors 2,095 22,145
Other debtors 49,031 21,731
51,126 43,876

Amounts falling due after more than one year:
Other debtors 384,908 299,377

Aggregate amounts 436,034 343,253

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade creditors 30,141 6,071
Amounts owed to group undertakings 1,386,467 1,385,655
Taxation and social security 25,372 85,360
Other creditors 186,299 59,745
1,628,279 1,536,831

MARINA MARBELLA (U.K.) LIMITED (REGISTERED NUMBER: 02715848)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£ £
Within one year 1,811 7,245
Between one and five years - 1,811
1,811 9,056

9. SECURED DEBTS

Banking facilities are secured by a fixed and floating charge over all of the company's assets.

The company's ultimate parent company, Marina Group Holdings Limited, has given a cross-guarantee of £2m to the company's bankers.

10. DEFERRED TAX
£
Balance at 1 January 2023 (308,226 )
Tax losses carried forward (89,974 )
Balance at 31 December 2023 (398,200 )

The deferred tax asset represents tax losses carried forward, which is included in other debtors.

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

The Report of the Auditors was unqualified.

Sam Ede BFP FCA FCCA (Senior Statutory Auditor)
for and on behalf of Lewis Brownlee (Chichester) Limited

12. PENSION COMMITMENTS

At the balance sheet date the company had outstanding pension contributions liability of £429 (2022: £293).

13. CONTROLLING PARTY

The company's immediate parent undertaking is Marina Marbella S.A., a company incorporated in Spain. The smallest group in which the results of the company are consolidated is that headed by Marina Marbella S.A.. The consolidated accounts of this company are not on public record but may be obtained by written request to Marina Marbella S.A., Puerto Puesquero s/n, 29603 Marbella, Malaga, Spain.

The largest group in which the results of the company are consolidated is that headed by Marina Group Holdings Limited, incorporated in Guernsey. The consolidated accounts of this company are not on public record but maybe obtained by written request to PO Box 175, Frances House, Sir William Place, St Peter Port, Guernsey, Channel Islands GY1 4HQ.