REGISTERED NUMBER: 04198160 (England and Wales)

Solent Rib Charters Limited

Unaudited Financial Statements

for the Year Ended 31 March 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R J Ward

S E Hedges

REGISTERED OFFICE:

Unit 6 Dell Buildings

Milford Road

Lymington

Hampshire

SO41 0ED

REGISTERED NUMBER:

04198160 (England and Wales)

Fixed assets

Intangible assets

4

73,471

84,793

Tangible assets

5

3,419,554

3,348,377

3,493,025

3,433,170

Current assets

Debtors

6

1,189,911

1,063,118

Cash at bank

1,089,954

1,268,513

2,279,865

2,331,631

Creditors

Amounts falling due within one year

7

(1,346,824

)

(1,375,754

)

Net current assets

933,041

955,877

Total assets less current liabilities

4,426,066

4,389,047

Provisions for liabilities

(826,270

)

(817,061

)

Net assets

3,599,796

3,571,986

Capital and reserves

Called up share capital

8

180

180

Share premium

154,108

154,108

Retained earnings

3,445,508

3,417,698

Shareholders' funds

3,599,796

3,571,986

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Board of Directors and authorised for issue on 23 September 2025 and were signed on its behalf by:

R J Ward - Director

1.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

2.	ACCOUNTING POLICIES

BASIS OF PREPARATION

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company's functional and presentational currency is pound sterling.

GOING CONCERN

The financial statements have been prepared on a going concern basis.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND KEY ACCOUNTING ESTIMATES

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

REVENUE RECOGNITION

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

The company recognises revenue when:

The amount of revenue can be reliably measured;

it is probable that future economic benefits will flow to the entity;

and specific criteria have been met for each of the company's activities.

TANGIBLE ASSETS

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

DEPRECIATION

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold properties

Straight line over the life of the lease

Boats and equipment

10% straight line

Fixtures, fittings and equipment

10%/25% straight line

Motor vehicles

25% straight line

I.T. equipment

33% straight line

GOODWILL

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

AMORTISATION

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Over 3 years

INVESTMENTS

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

CASH AND CASH EQUIVALENTS

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

TRADE DEBTORS

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

TRADE CREDITORS

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

BORROWINGS

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

SHARE CAPITAL

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

DIVIDENDS

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

DEFINED CONTRIBUTION PENSION OBLIGATION

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 44 (2024 - 37 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2024

and 31 March 2025

306,105

AMORTISATION

At 1 April 2024

221,312

Amortisation for year

11,322

At 31 March 2025

232,634

NET BOOK VALUE

At 31 March 2025

73,471

At 31 March 2024

84,793

5.	TANGIBLE FIXED ASSETS

Furniture

Leasehold

Boats and

and

properties

equipment

fittings

£

£

£

COST

At 1 April 2024

38,269

8,192,663

158,367

Additions

-

1,071,320

-

Disposals

-

(3,355

)

-

At 31 March 2025

38,269

9,260,628

158,367

DEPRECIATION

At 1 April 2024

38,268

4,852,785

158,367

Charge for year

-

991,365

-

Eliminated on disposal

-

(3,075

)

-

At 31 March 2025

38,268

5,841,075

158,367

NET BOOK VALUE

At 31 March 2025

1

3,419,553

-

At 31 March 2024

1

3,339,878

-

Motor

Office

vehicles

equipment

Totals

£

£

£

COST

At 1 April 2024

85,711

41,581

8,516,591

Additions

-

-

1,071,320

Disposals

-

-

(3,355

)

At 31 March 2025

85,711

41,581

9,584,556

DEPRECIATION

At 1 April 2024

85,711

33,083

5,168,214

Charge for year

-

8,498

999,863

Eliminated on disposal

-

-

(3,075

)

At 31 March 2025

85,711

41,581

6,165,002

NET BOOK VALUE

At 31 March 2025

-

-

3,419,554

At 31 March 2024

-

8,498

3,348,377

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

996,442

795,249

Amounts owed by group undertakings

2,155

2,155

Other loans

24,275

36,810

Wages and salaries control

-

971

Prepayments and accrued income

167,039

227,933

1,189,911

1,063,118

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

284,520

381,323

Corporation tax liability

253,531

194,245

Social security and other taxes

176,198

141,176

Accruals and deferred income

632,575

659,010

1,346,824

1,375,754

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

100

Ordinary shares

£1

100

100

80

Ordinary shares

£1

80

80

180

180

9.

DIVIDENDS

2025

2024

£

£

Interim dividend of £5,393 (2024 - £4,941) per ordinary share

970,700

889,300