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REGISTERED NUMBER: 02804677 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

FOR

MARINE SUPER STORE LIMITED

MARINE SUPER STORE LIMITED (REGISTERED NUMBER: 02804677)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 10

Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Cash Flow Statement 14

Notes to the Cash Flow Statement 15

Notes to the Financial Statements 16


MARINE SUPER STORE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2024







DIRECTORS: Mr B H Ellis
Mr R Mitchell
Ms S Bishop
Mr M Halsey
Mr K Mingay





REGISTERED OFFICE: Marine House
Southampton Road
Portsmouth
Hampshire
PO6 4RJ





REGISTERED NUMBER: 02804677 (England and Wales)





AUDITORS: Gibson Whitter Limited
Statutory Auditors
Larch House
Parklands Business Park
Denmead
Hampshire
PO7 6XP

MARINE SUPER STORE LIMITED (REGISTERED NUMBER: 02804677)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

The directors present their strategic report for the year ended 30 September 2024.

REVIEW OF BUSINESS
The company operates a retail chandlery business, both online and at a store in Port Solent.

Financial performance
The year to 30 September 2024 was a consistent year for the company. Our overall turnover reduced by 2.4% from £10,892,549 to £10,626,944. We believe this is mainly down to our principal competitor improving their stock position. This, coupled with very poor summer weather meant customers did not spend as much on boating as in the previous year.

Our gross profit reduced from £2,866,658 to £2,795,634 due to the reduction in turnover above. The impact of competition has not reduced our gross profit margin which has remained consistent at 26.3% in 2023 and 2024. We monitor gross and net profit margins throughout the year by preparing and reviewing monthly management information.

Our profit before tax has reduced from £863,565 to £760,741 in 2024. A combination of the reduction in sales above and an increase in administration costs (due to general inflation price increases) from £1,983,901 to £2,037,534 has caused the reduction in profit before tax.

The company balance sheet shows that stock, debtors and creditors due in less than one year consistent between 2024 and 2023. As shown on the cash flow statement, bank and cash has increased from £1,080,505 to £1,487,619 due to the profits made by the company. Creditors due in more than one year have decreased from £440,036 to £390,491 as the company repays the bank loan monthly. This bank loan will be repaid in 2032.

Shareholders funds have increased by £458,954 in the year to 30 September 2024 with profit after tax of £558,954 and a dividend of £100,000 paid to shareholders.


MARINE SUPER STORE LIMITED (REGISTERED NUMBER: 02804677)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

PRINCIPAL RISKS AND UNCERTAINTIES
Cyber Security
With the ongoing risk of evolving cyber threats, improvements have been made in our cybersecurity practices to mitigate these. We have updated our systems with two factor authentication to remove some password interception risk. We will upgrade our offsite cloud-based backup in 2025, which will make our website more secure from attack.

I.T. Team
We have a very small efficient offsite I.T. team and whilst the service we receive is excellent, we are vulnerable. The existing provider is looking to provide more backup to their existing team in 2025.

Economy
We believe the challenging macro-economic conditions will continue in 2025. This may impact retailers selling luxury non-essential goods, such as many of ours. Whilst we are well positioned to withstand a downturn in the market, this may encourage suppliers/wholesalers to go direct to market to make up for lost sales. We can leverage our cash position to purchase large volumes of stock at discounted prices to mitigate this risk.

Competitors
The market remains very competitive, with other retailers sitting on high levels of inventory and looking to clear stock at low prices. Our profit margins have remained stable despite this competition and we continue to monitor prices to ensure we remain competitive.

Technology
It is important to continue to monitor emerging technologies such as AI.

Future outlook
We will look to improve margin and increase sales by leveraging our cash position to purchase large volumes of stock and end-of-line stock at discounted prices. The first few months have started relatively positively. We will look to use our surplus cash to acquire any complementary business that becomes available in 2025 -2026.

We will also look to increase margin by reviewing our price points and closely monitoring supplier price increases and reflecting that, where possible, with increased selling prices.

We will look to improve our customer conversion rate on the website and encourage customers to increase their average purchase through targeted marketing campaigns and merchandising strategies in an effort to boost profits.

We will continue to closely monitor our Trustpilot reviews to ensure they do not drop below our 4.9 out of 5-star rating.

We don't have any major capital expenditure planned for 2025.

ON BEHALF OF THE BOARD:





Mr R Mitchell - Director


24 June 2025

MARINE SUPER STORE LIMITED (REGISTERED NUMBER: 02804677)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

The directors present their report with the financial statements of the company for the year ended 30 September 2024.

DIVIDENDS
An interim dividend of 50p per share on the Ordinary £1 shares was paid on 17 April 2024. The directors recommend that no final dividend be paid on these shares.

The total distribution of dividends for the year ended 30 September 2024 will be £100,000.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report.

Mr B H Ellis
Mr R Mitchell
Ms S Bishop
Mr M Halsey
Mr K Mingay

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

MARINE SUPER STORE LIMITED (REGISTERED NUMBER: 02804677)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 SEPTEMBER 2024


AUDITORS
The auditors, Gibson Whitter Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr R Mitchell - Director


24 June 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MARINE SUPER STORE LIMITED

Opinion
We have audited the financial statements of Marine Super Store Limited (the 'company') for the year ended 30 September 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 September 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MARINE SUPER STORE LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MARINE SUPER STORE LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- We obtained an understanding of the legal and regulatory framework in which the company operates. The key laws considered included the Companies Act 2006. We have corroborated our enquiries through review of Board minutes.
- We have evaluated management incentives and opportunities for fraudulent manipulation of the financial statements including management override of controls and the application of revenue recognition at cut-off and considered that the principal risk was related to the posting of inappropriate journal entries to improve the result before tax for the year. We have addressed this by assessing journal entries as part of our planning audit approach
- We have enquired of management and those charge with governance in respect of known or suspected instances of non-compliance with laws and regulations.
- We have also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Other matters which we are required to address
In the previous accounting period the directors of the company took advantage of audit exemption under s477 of the Companies Act. Therefore the prior period financial statements were not subject to audit.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MARINE SUPER STORE LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Gavin Whitter (Senior Statutory Auditor)
for and on behalf of Gibson Whitter Limited
Statutory Auditors
Larch House
Parklands Business Park
Denmead
Hampshire
PO7 6XP

27 June 2025

MARINE SUPER STORE LIMITED (REGISTERED NUMBER: 02804677)

INCOME STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

30.9.24 30.9.23
(Unaudited)
Notes £    £   

TURNOVER 3 10,626,944 10,892,549

Cost of sales 7,831,310 8,025,891
GROSS PROFIT 2,795,634 2,866,658

Administrative expenses 2,037,534 1,983,901
OPERATING PROFIT 5 758,100 882,757

Interest receivable and similar income 22,732 3,364
780,832 886,121

Interest payable and similar expenses 6 20,091 22,556
PROFIT BEFORE TAXATION 760,741 863,565

Tax on profit 7 201,787 181,355
PROFIT FOR THE FINANCIAL YEAR 558,954 682,210

MARINE SUPER STORE LIMITED (REGISTERED NUMBER: 02804677)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024

30.9.24 30.9.23
(Unaudited)
Notes £    £   

PROFIT FOR THE YEAR 558,954 682,210


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

558,954

682,210

MARINE SUPER STORE LIMITED (REGISTERED NUMBER: 02804677)

BALANCE SHEET
30 SEPTEMBER 2024

30.9.24 30.9.23
(Unaudited)
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 1,229,788 1,311,634

CURRENT ASSETS
Stocks 10 4,233,225 4,204,587
Debtors 11 129,993 109,221
Cash at bank and in hand 1,487,619 1,080,505
5,850,837 5,394,313
CREDITORS
Amounts falling due within one year 12 1,052,694 1,076,450
NET CURRENT ASSETS 4,798,143 4,317,863
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,027,931

5,629,497

CREDITORS
Amounts falling due after more than one
year

13

(390,491

)

(440,036

)

PROVISIONS FOR LIABILITIES 18 (71,681 ) (82,656 )
NET ASSETS 5,565,759 5,106,805

CAPITAL AND RESERVES
Called up share capital 19 200,000 200,000
Retained earnings 5,365,759 4,906,805
SHAREHOLDERS' FUNDS 5,565,759 5,106,805

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 24 June 2025 and were signed on its behalf by:





Mr R Mitchell - Director


MARINE SUPER STORE LIMITED (REGISTERED NUMBER: 02804677)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 October 2022 200,000 4,224,595 4,424,595

Changes in equity
Total comprehensive income - 682,210 682,210
Balance at 30 September 2023 200,000 4,906,805 5,106,805

Changes in equity
Dividends - (100,000 ) (100,000 )
Total comprehensive income - 558,954 558,954
Balance at 30 September 2024 200,000 5,365,759 5,565,759

MARINE SUPER STORE LIMITED (REGISTERED NUMBER: 02804677)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

30.9.24 30.9.23
(Unaudited)
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 708,993 720,867
Interest paid (20,091 ) (22,556 )
Tax paid (131,161 ) (157,643 )
Net cash from operating activities 557,741 540,668

Cash flows from investing activities
Purchase of tangible fixed assets (28,750 ) (310,649 )
Sale of tangible fixed assets - 103,646
Interest received 22,732 3,364
Net cash from investing activities (6,018 ) (203,639 )

Cash flows from financing activities
Loan repayments in year (47,359 ) (45,537 )
Amount introduced by directors 2,750 3,000
Equity dividends paid (100,000 ) -
Net cash from financing activities (144,609 ) (42,537 )

Increase in cash and cash equivalents 407,114 294,492
Cash and cash equivalents at
beginning of year

2

1,080,505

786,013

Cash and cash equivalents at end of
year

2

1,487,619

1,080,505

MARINE SUPER STORE LIMITED (REGISTERED NUMBER: 02804677)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

30.9.24 30.9.23
(Unaudited)
£    £   
Profit before taxation 760,741 863,565
Depreciation charges 109,269 86,787
Loss/(profit) on disposal of fixed assets 1,327 (25,570 )
Finance costs 20,091 22,556
Finance income (22,732 ) (3,364 )
868,696 943,974
Increase in stocks (28,638 ) (204,467 )
(Increase)/decrease in trade and other debtors (20,772 ) 19,752
Decrease in trade and other creditors (110,293 ) (38,392 )
Cash generated from operations 708,993 720,867

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 September 2024
30.9.24 1.10.23
£    £   
Cash and cash equivalents 1,487,619 1,080,505
Year ended 30 September 2023
30.9.23 1.10.22
(Unaudited)
£    £   
Cash and cash equivalents 1,080,505 786,013


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.10.23 Cash flow At 30.9.24
£    £    £   
Net cash
Cash at bank and in hand 1,080,505 407,114 1,487,619
1,080,505 407,114 1,487,619
Debt
Debts falling due within 1 year (47,359 ) (2,186 ) (49,545 )
Debts falling due after 1 year (440,036 ) 49,545 (390,491 )
(487,395 ) 47,359 (440,036 )
Total 593,110 454,473 1,047,583

MARINE SUPER STORE LIMITED (REGISTERED NUMBER: 02804677)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1. STATUTORY INFORMATION

Marine Super Store 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements,
estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

There are no judgements made by the directors in the application of these accounting policies that have a significant effect on the financial statements or estimates with a significant risk of material adjustment in the next year.

The following have been identified as areas that involve some degree of estimation but are not considered to be at significant risk of material adjustment:

-Assumptions for valuations used in impairment testing
-Inventory valuation and provision

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Improvements to property - 20% on reducing balance and 10% on cost
Plant and machinery - 33% on cost and 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Land is not depreciated.

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

Stock is valued on an average cost basis.


MARINE SUPER STORE LIMITED (REGISTERED NUMBER: 02804677)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2. ACCOUNTING POLICIES - continued
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.

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.

Hire purchase and 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.

Financial instruments
Financial assets, other than investments and derivatives, are initially measured at transaction price (including transaction costs and subsequently held at amortised cost, less any impairment.

Financial liabilities and equity
Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than the financial instrument's legal form. Financial liabilities, excluding convertible debt and derivatives, are initially measured at transaction price (after deducting transaction costs) and subsequently held at amortised cost.

MARINE SUPER STORE LIMITED (REGISTERED NUMBER: 02804677)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company which is marine product retailer.

An analysis if turnover by geographical market is given below:
30.9.2430.9.23
££

United Kingdom10,433,25510,694,019
Outside the UK193,689198,530
10,626,94410,892,549


4. EMPLOYEES AND DIRECTORS
30.9.24 30.9.23
(Unaudited)
£    £   
Wages and salaries 870,748 882,643
Social security costs 88,077 87,928
Other pension costs 167,269 206,808
1,126,094 1,177,379

The average number of employees during the year was as follows:
30.9.24 30.9.23
(Unaudited)

Shop and warehouse 16 16
Administration 4 4
Directors 5 5
25 25

30.9.24 30.9.23
(Unaudited)
£    £   
Directors' remuneration 323,303 369,642
Directors' pension contributions to money purchase schemes 89,461 134,379

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 5 5

Information regarding the highest paid director is as follows:
30.9.24 30.9.23
(Unaudited)
£    £   
Emoluments etc 99,738 102,049
Pension contributions to money purchase schemes 57,202 2,201

MARINE SUPER STORE LIMITED (REGISTERED NUMBER: 02804677)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

30.9.24 30.9.23
(Unaudited)
£    £   
Other operating leases 94,868 94,213
Depreciation - owned assets 109,269 86,787
Loss/(profit) on disposal of fixed assets 1,327 (25,570 )
Auditors' remuneration 8,000 -
Foreign exchange differences 3,556 5,123

6. INTEREST PAYABLE AND SIMILAR EXPENSES
30.9.24 30.9.23
(Unaudited)
£    £   
Bank loan interest 20,091 21,913
HMRC late payment interest - 643
20,091 22,556

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30.9.24 30.9.23
(Unaudited)
£    £   
Current tax:
UK corporation tax 212,762 131,161

Deferred tax (10,975 ) 50,194
Tax on profit 201,787 181,355

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

30.9.24 30.9.23
(Unaudited)
£    £   
Profit before tax 760,741 863,565
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 22.008%)

190,185

190,053

Effects of:
Expenses not deductible for tax purposes 2,507 (32,111 )
Capital allowances in excess of depreciation - (26,781 )
Depreciation in excess of capital allowances 20,070 -
Movement in deferred tax (10,975 ) 50,194
Total tax charge 201,787 181,355

MARINE SUPER STORE LIMITED (REGISTERED NUMBER: 02804677)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

8. DIVIDENDS
30.9.24 30.9.23
(Unaudited)
£    £   
Ordinary shares of £1 each
Final 100,000 -

9. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 October 2023 1,051,332 54,855 65,688
Additions - - 27,700
Disposals - (610 ) (1,250 )
At 30 September 2024 1,051,332 54,245 92,138
DEPRECIATION
At 1 October 2023 98,032 25,699 33,137
Charge for year 13,983 4,105 11,108
Eliminated on disposal - (411 ) (562 )
At 30 September 2024 112,015 29,393 43,683
NET BOOK VALUE
At 30 September 2024 939,317 24,852 48,455
At 30 September 2023 953,300 29,156 32,551

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 October 2023 81,512 310,043 48,853 1,612,283
Additions - - 1,049 28,749
Disposals - (1,415 ) - (3,275 )
At 30 September 2024 81,512 308,628 49,902 1,637,757
DEPRECIATION
At 1 October 2023 69,769 46,539 27,473 300,649
Charge for year 2,420 65,876 11,777 109,269
Eliminated on disposal - (976 ) - (1,949 )
At 30 September 2024 72,189 111,439 39,250 407,969
NET BOOK VALUE
At 30 September 2024 9,323 197,189 10,652 1,229,788
At 30 September 2023 11,743 263,504 21,380 1,311,634

Included in cost of land and buildings is freehold land of £ 350,444 (2023 - £ 350,444 ) which is not depreciated.

MARINE SUPER STORE LIMITED (REGISTERED NUMBER: 02804677)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

10. STOCKS
30.9.24 30.9.23
(Unaudited)
£    £   
Stocks 4,233,225 4,204,587

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
(Unaudited)
£    £   
Trade debtors 12,346 22,223
Other debtors 20,475 23,750
Prepayments 97,172 63,248
129,993 109,221

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
(Unaudited)
£    £   
Bank loans and overdrafts (see note 14) 49,545 47,359
Trade creditors 324,535 330,016
Tax 212,762 131,161
Social security and other taxes 17,067 19,102
VAT 184,261 230,337
Other creditors 25,866 30,132
Accrued expenses 238,658 288,343
1,052,694 1,076,450

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.9.24 30.9.23
(Unaudited)
£    £   
Bank loans (see note 14) 390,491 440,036

14. LOANS

An analysis of the maturity of loans is given below:

30.9.24 30.9.23
(Unaudited)
£    £   
Amounts falling due within one year or on demand:
Bank loans 49,545 47,359

Amounts falling due between one and two years:
Bank loans 51,716 49,545

Amounts falling due between two and five years:
Bank loans 169,125 162,025

MARINE SUPER STORE LIMITED (REGISTERED NUMBER: 02804677)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

14. LOANS - continued
30.9.24 30.9.23
(Unaudited)
£    £   
Amounts falling due in more than five years:
Repayable by instalments
Bank loans 169,650 228,466

The bank loan is repayable by instalments and will be repaid in 2032. The bank loan interest is fixed at 4.3%.

15. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
30.9.24 30.9.23
(Unaudited)
£    £   
Within one year 60,000 37,500
Between one and five years 225,000 -
285,000 37,500

16. SECURED DEBTS

The following secured debts are included within creditors:

30.9.24 30.9.23
(Unaudited)
£    £   
Bank loans 440,036 487,395

The company's bank loan is secured by a first legal charge held over the property known as Marine House.

17. FINANCIAL INSTRUMENTS

The company's financial instruments may be analysed as follows:

30.9.24 30.9.23
£ £
Financial assets
Financial assets measured at amortised cost 1,520,440 1,126,478
Financial liabilities
Financial liabilities measured at amortised cost 1,029,095 1,135,886

Financial assets measured at amortised costs comprise cash, trade debtors and other debtors.

Financial liabilities measured at amortised costs comprise trade creditors, other creditors, accrued expenses and bank loans.

MARINE SUPER STORE LIMITED (REGISTERED NUMBER: 02804677)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

18. PROVISIONS FOR LIABILITIES
30.9.24 30.9.23
(Unaudited)
£    £   
Deferred tax 71,681 82,656

Deferred
tax
£   
Balance at 1 October 2023 82,656
Utilised during year (10,975 )
Balance at 30 September 2024 71,681

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.9.24 30.9.23
value: £    £   
200,000 Ordinary £1 200,000 200,000

20. PENSION COMMITMENTS

The company operates a defined contribution scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension costs charge represents contributions payable by the company to the scheme and amounted to £167,269 (30.9.23: £206,808).

21. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 September 2024 and 30 September 2023:

30.9.24 30.9.23
(Unaudited)
£    £   
Mr M Halsey
Balance outstanding at start of year 16,800 19,800
Amounts repaid (2,750 ) (3,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 14,050 16,800

22. RELATED PARTY DISCLOSURES

The aggregate amount due from directors at the balance sheet date is £14,050 (30.9.23: £16,800).

During the year, a total of key management personnel compensation of £ 406,931 (2023 - £ 422,889 ) was paid.

23. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr R Mitchell.