Silverfin false false 29/02/2024 01/03/2023 29/02/2024 H C Gadsdon 15/01/2015 C E Gadsdon 05/07/1991 M G Gadsdon 01/09/2002 29 November 2024 The principal activity of the company is the letting of a furnished holiday lettings, the operation of an equestrian centre, the operation of wind turbines and the rental of investment properties. 01968530 2024-02-29 01968530 bus:Director1 2024-02-29 01968530 bus:Director2 2024-02-29 01968530 bus:Director3 2024-02-29 01968530 2023-02-28 01968530 core:CurrentFinancialInstruments 2024-02-29 01968530 core:CurrentFinancialInstruments 2023-02-28 01968530 core:ShareCapital 2024-02-29 01968530 core:ShareCapital 2023-02-28 01968530 core:RetainedEarningsAccumulatedLosses 2024-02-29 01968530 core:RetainedEarningsAccumulatedLosses 2023-02-28 01968530 core:LandBuildings 2023-02-28 01968530 core:PlantMachinery 2023-02-28 01968530 core:Vehicles 2023-02-28 01968530 core:LandBuildings 2024-02-29 01968530 core:PlantMachinery 2024-02-29 01968530 core:Vehicles 2024-02-29 01968530 core:UnlistedNon-exchangeTraded core:WithinOneYear 2024-02-29 01968530 core:UnlistedNon-exchangeTraded core:WithinOneYear 2023-02-28 01968530 bus:OrdinaryShareClass1 2024-02-29 01968530 2023-03-01 2024-02-29 01968530 bus:FilletedAccounts 2023-03-01 2024-02-29 01968530 bus:SmallEntities 2023-03-01 2024-02-29 01968530 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 01968530 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 01968530 bus:Director1 2023-03-01 2024-02-29 01968530 bus:Director2 2023-03-01 2024-02-29 01968530 bus:Director3 2023-03-01 2024-02-29 01968530 core:LandBuildings core:TopRangeValue 2023-03-01 2024-02-29 01968530 core:PlantMachinery 2023-03-01 2024-02-29 01968530 core:Vehicles 2023-03-01 2024-02-29 01968530 2022-03-01 2023-02-28 01968530 core:LandBuildings 2023-03-01 2024-02-29 01968530 bus:OrdinaryShareClass1 2023-03-01 2024-02-29 01968530 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 iso4217:GBP xbrli:pure xbrli:shares

Company No: 01968530 (England and Wales)

MARINE SPORTS LIMITED

Unaudited Financial Statements
For the financial year ended 29 February 2024
Pages for filing with the registrar

MARINE SPORTS LIMITED

Unaudited Financial Statements

For the financial year ended 29 February 2024

Contents

MARINE SPORTS LIMITED

BALANCE SHEET

As at 29 February 2024
MARINE SPORTS LIMITED

BALANCE SHEET (continued)

As at 29 February 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 499,875 483,577
Investment property 4 1,591,088 1,613,358
2,090,963 2,096,935
Current assets
Stocks 5 784 858
Debtors 6 42,863 30,310
Investments 7 105 105
Cash at bank and in hand 334,320 405,241
378,072 436,514
Creditors: amounts falling due within one year 8 ( 240,055) ( 272,772)
Net current assets 138,017 163,742
Total assets less current liabilities 2,228,980 2,260,677
Provision for liabilities ( 19,078) ( 11,404)
Net assets 2,209,902 2,249,273
Capital and reserves
Called-up share capital 9 10 10
Profit and loss account 2,209,892 2,249,263
Total shareholders' funds 2,209,902 2,249,273

Included in the profit and loss reserves is an non-distributable loss of £27,140 arising from a revaluation of investment properties within the year.

For the financial year ending 29 February 2024 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 29 November 2024. They were signed on its behalf by:

C E Gadsdon
Director
MARINE SPORTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
MARINE SPORTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
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, 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 or 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.

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

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 4

3. Tangible assets

Land and buildings Plant and machinery Vehicles Total
£ £ £ £
Cost
At 01 March 2023 561,801 543,072 13,500 1,118,373
Additions 229 66 42,729 43,024
At 29 February 2024 562,030 543,138 56,229 1,161,397
Accumulated depreciation
At 01 March 2023 106,507 517,191 11,098 634,796
Charge for the financial year 8,946 6,498 11,282 26,726
At 29 February 2024 115,453 523,689 22,380 661,522
Net book value
At 29 February 2024 446,577 19,449 33,849 499,875
At 28 February 2023 455,294 25,881 2,402 483,577

4. Investment property

Investment property
£
Valuation
As at 01 March 2023 1,613,358
Additions 4,870
Fair value movement (27,140)
As at 29 February 2024 1,591,088

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

5. Stocks

2024 2023
£ £
Stocks 784 858

6. Debtors

2024 2023
£ £
Trade debtors 6,730 6,548
Corporation tax 11,284 0
Other debtors 24,849 23,762
42,863 30,310

7. Current asset investments

2024 2023
£ £
Other investments – at cost less impairment 105 105

8. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 8,151 3,261
Taxation and social security 5,509 26,085
Other creditors 226,395 243,426
240,055 272,772

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
40 Ordinary shares of £ 0.25 each 10 10