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FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

GROSVENOR MARINE SERVICES LIMITED

GROSVENOR MARINE SERVICES LIMITED (REGISTERED NUMBER: 00807729)






CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


GROSVENOR MARINE SERVICES LIMITED

COMPANY INFORMATION
For The Year Ended 31 March 2024







DIRECTORS: J G J Butterworth
J W E Barcellos
E J Adlem





SECRETARY: J W E Barcellos





REGISTERED OFFICE: Unit 1, St Stephens Court
15 - 17 St Stephens Road
Bournemouth
Dorset
BH2 6LA





REGISTERED NUMBER: 00807729 (England and Wales)





AUDITORS: Schofields
Chartered Accountants and Statutory Auditors
Unit 1, St Stephens Court
15-17 St Stephens Road
Bournemouth
Dorset
BH2 6LA

GROSVENOR MARINE SERVICES LIMITED (REGISTERED NUMBER: 00807729)

BALANCE SHEET
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 31,403 35,147

CURRENT ASSETS
Debtors 5 238,604 255,126

CREDITORS
Amounts falling due within one year 6 107,926 129,464
NET CURRENT ASSETS 130,678 125,662
TOTAL ASSETS LESS CURRENT
LIABILITIES

162,081

160,809

PROVISIONS FOR LIABILITIES 7 5,695 6,158
NET ASSETS 156,386 154,651

CAPITAL AND RESERVES
Called up share capital 8 4 4
Retained earnings 156,382 154,647
SHAREHOLDERS' FUNDS 156,386 154,651

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 March 2025 and were signed on its behalf by:





J G J Butterworth - Director


GROSVENOR MARINE SERVICES LIMITED (REGISTERED NUMBER: 00807729)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 March 2024

1. STATUTORY INFORMATION

Grosvenor Marine Services 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.

Turnover
Turnover represents income from sailing and watersports activities. It is recognised when economic benefits flow to the company and the turnover can be reliably measured. It is measured as the fair value of the consideration received or receivable, excluding value added tax and other sales taxes.

Tangible fixed assets and depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Watercraft - 15% on reducing balance
Watersports equipment - 15% on reducing balance
Computer equipment - 15% on reducing balance

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.

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.

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 11 (2023 - 10 ) .

GROSVENOR MARINE SERVICES LIMITED (REGISTERED NUMBER: 00807729)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS
Watersports Computer
Watercraft equipment equipment Totals
£    £    £    £   
COST
At 1 April 2023
and 31 March 2024 327,637 83,566 2,584 413,787
DEPRECIATION
At 1 April 2023 304,176 72,528 1,936 378,640
Charge for year 2,172 1,452 120 3,744
At 31 March 2024 306,348 73,980 2,056 382,384
NET BOOK VALUE
At 31 March 2024 21,289 9,586 528 31,403
At 31 March 2023 23,461 11,038 648 35,147

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by group undertakings 216,899 233,393
Other debtors 21,705 21,733
238,604 255,126

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 24,123 22,445
Amounts owed to group undertakings 73,259 66,452
Taxation and social security 441 20,287
Other creditors 10,103 20,280
107,926 129,464

7. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 5,695 6,158

Deferred
tax
£   
Balance at 1 April 2023 6,158
Provided during year (463 )
Balance at 31 March 2024 5,695

Deferred tax represents capital allowances in advance of depreciation.

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
4 Ordinary £1 4 4

GROSVENOR MARINE SERVICES LIMITED (REGISTERED NUMBER: 00807729)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2024

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

The Report of the Auditors was unqualified.

Mr I M Legg FCCA ACA (Senior Statutory Auditor)
for and on behalf of Schofields

10. CONTINGENT LIABILITIES

The company has provided a guarantee in respect of bank loans held in fellow group companies FJB Hotels Limited and Arnewood Estates Limited. As at 31 March 2024 the outstanding bank loan balances in these companies amounted to £5,947,203 (2023 - £6,000,000).

11. ULTIMATE PARENT COMPANY

The Company is a wholly owned subsidiary of Sandbanks Hotel Limited whose registered office is Unit 1 St Stephens Court, 15-17 St Stephens Road, Bournemouth, BH2 6LA

The Ultimate Parent Company is FJB Hotels Limited, who owns 100% of the issued share capital in Sandbanks Hotel Limited.