FOR THE YEAR ENDED 31 MARCH 2025
SAILPORT PLC
COMPANY INFORMATION
SAILPORT PLC
CONTENTS
SAILPORT PLC
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
Sailport Plc is a public limited company incorporated in the United Kingdom. The registered office is:
Salt Quay House
4 North East Quay
Sutton Harbour
Plymouth
PL4 0BN
Salt Quay House
4 North East Quay
Sutton Harbour
Plymouth
PL4 0BN
The Directors are pleased to announce that Sailport Plc has achieved satisfactory results, in line with management expectations, for the year ended 31 March 2025, with a profit before tax of £63k (2024: £162k).
Total annual turnover was £2.389m (2024: £2.144m), an increase of £245k (11%).
Term berthing (contracts of 5 to 12 months) increased by £80k (7.5%) which was above expectations given that contract berthing rates had been uplifted by 5%. Visitor berthing income was flat at £182k (2024: £181k), mainly due to the less than favourable weather conditions last summer which resulted in lower activity by both our own berth-holders and visiting boats. Nevertheless, despite the inclement weather, the demand for berths was strong and the marina maintained a high level of berth occupancy.
Fuel sales (petrol and diesel) increased by 26% but the associated fuel costs increased by only 21.8% with the result that the gross profit margin on fuel sales (gross profit as a percentage of sales) increased to 18.2% and resulted in a gross profit on fuel of £136k, an increase of £46k compared to the previous year (2024: £90k).
Operating profit margin (operating profit as a percentage of turnover) for the year was 2.2% (2024: 6.9%). Operating profit (£52k) fell by £97k compared to 2024 (£149k) due to a number of factors:
Total annual turnover was £2.389m (2024: £2.144m), an increase of £245k (11%).
Term berthing (contracts of 5 to 12 months) increased by £80k (7.5%) which was above expectations given that contract berthing rates had been uplifted by 5%. Visitor berthing income was flat at £182k (2024: £181k), mainly due to the less than favourable weather conditions last summer which resulted in lower activity by both our own berth-holders and visiting boats. Nevertheless, despite the inclement weather, the demand for berths was strong and the marina maintained a high level of berth occupancy.
Fuel sales (petrol and diesel) increased by 26% but the associated fuel costs increased by only 21.8% with the result that the gross profit margin on fuel sales (gross profit as a percentage of sales) increased to 18.2% and resulted in a gross profit on fuel of £136k, an increase of £46k compared to the previous year (2024: £90k).
Operating profit margin (operating profit as a percentage of turnover) for the year was 2.2% (2024: 6.9%). Operating profit (£52k) fell by £97k compared to 2024 (£149k) due to a number of factors:
1. An increase in some annually recurring expenditure (£48k) that included:
∙Staff salary costs which increased by £34k. This was due to necessary pay increases to ensure staff retention, the additional costs of promotions for some staff members (a consequence of succession planning), the cost of new staff joining before older employees retired to ensure continuity and the costs of seasonal staff to optimise service delivery during our peak season.
∙Depreciation for the year which increased by £14k due to the increase in expenditure on the Company’s infrastructure.
2. Expenditure this year on non-recurring items or items of expenditure (£105k) which are only expected to recur in the medium to long term. This included:
∙The demolition of the building previously rented by M & G Marine Services and the making good of the ground to enable more boat storage (£20k non-recurring expense).
∙Modifications to the deck of our barge (£6k), expected to be a non-recurring expense.
∙The provision of new finger pontoon connection hinges (£16k) on F pontoon to provide greater stability and a better experience for our berth-holders (5-6 year expected life).
∙Replacement extra-long safety ladders (£10k) (10 year expected life.)
∙Repairs to the hoist and crane (£33k) (15-20 year expected life). Income generated by the hoist this year was £92k (2024: £89k).
∙Replacement office roof (£20k) (15-20 year expected life).
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SAILPORT PLC
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The Board is determined to continue to maintain, upgrade and improve Sailport’s infrastructure and as well as the above-mentioned revenue expenditure, capital expenditure of £209k was incurred. This included the refurbishment of the Gents’ toilets (£106k), two portacabins for tenants (£32k), the replacement of the hoist-dock pontoons (£24k) and the building of a wall (£23k) at the bottom of the car park to ensure security of the premises.
Strong cash generation has allowed the company to finance all of the above expenditure, both capital and revenue, from its reserves and the Board remains satisfied that it has a disciplined cost management system and a resilient business model.
Profit after tax amounted to £35k. At the year end the Company had cash of £903k (2024: £794k) and bank overdraft facilities of £150k, which had not been drawn down at 31 March 2025. Cash flow was strong during the year, and the Board is satisfied that the Company’s balance sheet is robust, and the Company remains a going concern.
During the year Sailport once again qualified for the 5 Gold Anchor Award and in August 2024 won the Clean Marina Award, being, at that time, one of only nine marinas in the UK to hold this award.
Looking forward, in the first three months of the new financial year, contract berthing occupancy is around 90% and contract berthing income exceeds that of last year, even allowing for the 4% increase in berthing fees. Visitor income is at an all-time high, fuel sales are strong and actual income exceeds budgeted income. There is a high level of demand for winter berthing and winter storage ashore is fully booked.
The Board remains confident that Sailport is well-positioned with a strong brand and a sound financial base from which to go forward.
The current economic and business environment in which the Company operates gives rise to risks and uncertainties, not all of which are within the Company’s control and not all of which are known at any one time. Nevertheless, the Company has established certain risk management procedures to mitigate their impact. The principal risks which could adversely affect the financial position of Sailport or impact its ability to meet its strategic objectives are set out below, together with the mitigating factors or the actions which the Company has undertaken.
Risk 1
Changing demographics and the consequent potential decline of boat ownership together with uncertain economic conditions and the adverse impact on disposable incomes may negatively affect the Company’s annual and visitor berthing income.
Mitigation – Competitive pricing, the continued upgrading of the marina’s facilities, good customer service, marketing, membership of TransEurope Marinas and the offer of a cruising credit for eligible berth holder absences are all designed to help mitigate this risk.
Risk 2
Storm and tidal surge damage or fire damage.
Mitigation – The risk is mitigated by the Company’s pro-active response to its monitoring of weather conditions coupled with its policy of upgrading and maintaining its infrastructure. This is backed up by comprehensive insurance cover plus the training and experience of its competent staff.
Risk 3
The success of the Company depends heavily on its ability to recruit and retain employees who are competent and share the Company’s values. Some of our long serving, more senior employees have recently retired or are approaching retirement, and it is imperative that the Company recruits and retains new, high calibre employees in a tight labour market.
Risk 1
Changing demographics and the consequent potential decline of boat ownership together with uncertain economic conditions and the adverse impact on disposable incomes may negatively affect the Company’s annual and visitor berthing income.
Mitigation – Competitive pricing, the continued upgrading of the marina’s facilities, good customer service, marketing, membership of TransEurope Marinas and the offer of a cruising credit for eligible berth holder absences are all designed to help mitigate this risk.
Risk 2
Storm and tidal surge damage or fire damage.
Mitigation – The risk is mitigated by the Company’s pro-active response to its monitoring of weather conditions coupled with its policy of upgrading and maintaining its infrastructure. This is backed up by comprehensive insurance cover plus the training and experience of its competent staff.
Risk 3
The success of the Company depends heavily on its ability to recruit and retain employees who are competent and share the Company’s values. Some of our long serving, more senior employees have recently retired or are approaching retirement, and it is imperative that the Company recruits and retains new, high calibre employees in a tight labour market.
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SAILPORT PLC
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Mitigation - The Board has ensured that the salaries of its staff remain competitive within the local marina industry. The Company pays above the statutory minimum as a contribution towards the staff pension scheme and offers a comprehensive, non-contributory healthcare policy and life assurance benefit. Staff are given both vocational and statutory training to enhance individual competencies and meet legislative requirements. There are annual performance reviews to ensure any staff issues are identified and dealt with and a Long Service award scheme is in place to promote staff retention. The Company’s policy of close liaison between senior management and staff also aids in fostering good, professional working relationships.
Risk 4
Failure to identify and manage its health and safety obligations could result in injury to employees and other stakeholders. This could expose the Company to significant disruption, financial liabilities, and reputational damage.
Mitigation – The Company is fully aware of its statutory duties regarding health and safety, and its objective is that there should be no incidents causing injury or ill health arising from its activities at Mayflower Marina.
Risk 4
Failure to identify and manage its health and safety obligations could result in injury to employees and other stakeholders. This could expose the Company to significant disruption, financial liabilities, and reputational damage.
Mitigation – The Company is fully aware of its statutory duties regarding health and safety, and its objective is that there should be no incidents causing injury or ill health arising from its activities at Mayflower Marina.
Health and safety is an agenda item at every Board meeting and the Managing Director’s monthly report to the Board includes details of any accidents, incidents (including near misses), safety inspections and training.
A strong safety culture is promoted with a focus on continuous improvement and relevant training is provided to both new and existing staff. This is supported by effective health and safety communications, detailed investigations into both actual and potential incidents and the sharing of lessons to help to prevent recurrence.
Risk 5
Pollution resulting in environmental damage is a risk for the marine industry at large and in particular for a marina like ours which is proximate to a National Marine Park, Marine Conservation Zones, an Area of Special Protection plus Sites of Special Scientific Interest.
Mitigation – The risk is mitigated by electronic gauging, leak protection, wet stock monitoring, staff training and the Company’s continued investment in maintenance and renewals.
Risk 6
Cyber-attack resulting in serious business interruption, financial losses, reputational damage, legal and regulatory issues.
Risk 5
Pollution resulting in environmental damage is a risk for the marine industry at large and in particular for a marina like ours which is proximate to a National Marine Park, Marine Conservation Zones, an Area of Special Protection plus Sites of Special Scientific Interest.
Mitigation – The risk is mitigated by electronic gauging, leak protection, wet stock monitoring, staff training and the Company’s continued investment in maintenance and renewals.
Risk 6
Cyber-attack resulting in serious business interruption, financial losses, reputational damage, legal and regulatory issues.
Mitigation - the Company runs up to date software and has antivirus software that scans incoming emails. Multifactor authentication is in place. Remote access to the Company's IT network is restricted to known IP addresses.
∙Berth holder, visitor and tenant Wi-Fi use a separate network to that of the Company.
∙The Company retains a specialist service provider to monitor and maintain the Company's IT equipment.
∙All our staff have had received cyber awareness training and the Company has signed up for Cyber Essentials a Government-backed certification scheme that helps organisations keep their own and their customers data safe from cyber-attacks.
∙We maintain insurance cover for Cyber risk and the underwriters also offer a breach response protocol.
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SAILPORT PLC
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The Company uses the following key performance indicators to measure the operational and strategic performance of the business:
∙Growth in berthing income - the Board's aim is to maintain and grow its berthing income which is its primary source of income within the physical constraints of the current site.
∙Operating profit margin – this helps the Board to assess its strategy in increasing turnover whilst maintaining its strict control over costs.
The Company uses the holding of The Yacht Harbour Association’s Gold Anchor Award and feedback from customers to help measure and assess the quality of its facilities and services; such feedback being shared with staff.
Under section 172 (1) (a) to (f) of the Companies Act 2006, Directors of UK companies have a duty to promote the success of their Company for the benefit of the members as a whole. In line with guidance issued by the Financial Reporting Council, this statement concentrates on matters that are of strategic importance to the Company. The Directors' Report describes how the Directors have taken wider stakeholders’ needs into account whilst performing their duties in the year.
This report was approved by the board and signed on its behalf.
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SAILPORT PLC
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The Directors present their report and the financial statements for the year ended 31 March 2025.
The profit for the year, after taxation, amounted to £34,929 (2024: £109,979).
No dividend was paid during the year (2024: £20,400).
The Directors have recommended that no dividend is paid in the year to 31 March 2025.
The Directors have recommended that no dividend is paid in the year to 31 March 2025.
The Directors who served during the year were:
There are no major developments planned at the present time.
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SAILPORT PLC
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The Board remains alert to the importance of how the Company’s long-term success relies, amongst other things, on its good relations with a wide range of stakeholders. During the year, the Company actively engaged and sought feedback in a variety of ways; these included social events, “one to one” meetings, conversations, and the Managing Director’s friendly “open door policy” which is available to all stakeholders.
The Directors regard those listed below as the company’s principal stakeholder groups:
The Directors regard those listed below as the company’s principal stakeholder groups:
∙Our customers - berth holders, tenants and visitors
∙Our staff
∙Our suppliers
∙Our shareholders
Our customers
1. Our berth holders
Our berth holders are our biggest source of revenue income, contributing the major part of our income stream. As well as the communication means described above, berth holders receive a regular newsletter, an annual handbook and can access our social media.
In May we held our annual berth holders’ Breakfast meeting. In August we took a party of berth holders out on a ferry to watch the Plymouth Fireworks, and in September our ‘Fish & Chip’ river cruise took place as usual. Each of these social events attracted more than 70 berth holders. We also gave away 141 complimentary Special Guest Tickets for the Southampton Boat Show to our berth holders.
2. Our tenants
Our tenants provide services and facilities for our berth holders and are important to our business, contributing 2.1% of our total income. Consequently, we strive to ensure that tenants’ rents are fair and affordable and that where repairs or maintenance are needed, the work is carried out as promptly as possible.
3. Our visitors
Our visitors provide an important revenue stream to the marina, not just in berthing fees, but in fuel sales and ancillary services. Furthermore, their ‘visitor spend’ helps support the tenanted businesses on site, particularly Jolly Jacks and the Chandlery.
To encourage visitors to Mayflower Marina we offer a competitive visitor tariff for daily, weekly, monthly, and flexible berthing. We host a number of rallies during the year and offer discounts against our visitor rates to encourage participation.
Our staff
The commitment, skills and experience of our staff are integral to the company’s long-term success and all staff play an essential role in supporting the Company’s business and in demonstrating the Company’s values. The recruitment and retention of high calibre employees is fundamental to the success of our Company, which depends heavily on the quality of our customer service. Our staff are a prized asset of our Company and staff retention is crucial. It is important that Sailport is perceived as an “employer of choice” and provides an environment in which our staff are happy to work.
The Managing Director holds frequent “Tool Box” talks with staff and these cover a diverse range of subjects but have a strong focus on Health and Safety. All staff have easy access and regular engagement with senior management.
The following are examples of actions taken to promote good business relations with our staff:
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SAILPORT PLC
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
∙Generally, our salary levels are commensurate with those of other south west marinas. The average pay increase for our staff was 7.3% with larger % increases for lower paid staff and for those who earned promotion.
∙Regular training. The Company made significant investment in staff training (£15k in the current year. 2024: £13k) for both its longer-term employees and its new employees. The courses were wide ranging and included boat handling, boat lifting, safety management, personal survival, fire warden, fuel spill awareness and marina management.
∙Private healthcare scheme, including dental and optical cover is eligible to all employees who have more than one year of service. Furthermore, all employees, irrespective of length of service, are able to access the Employee Assistance Programme which offers support for mental health, financial and relationship well-being.
∙A non-contributory life assurance scheme is offered to all staff.
∙A pension contribution by the company that exceeds the statutory minimum payable by the employer.
∙A salary sacrifice scheme is offered enabling employees to top up pension contributions and includes the employer’s national insurance contribution on the salary sacrificed.
∙An additional day’s holiday is awarded to employees for every 5 years of service.
∙A long service award for those of our employees who achieve 20 years of service.
Our suppliers
Our suppliers are diverse; queries raised by them are dealt with promptly and fairly and payments to suppliers are made within the agreed terms and conditions.
Our shareholders
Most of our shareholders are also berth holders and therefore eligible to attend berth holders’ social events where there is an opportunity to talk to Directors on an informal basis. The Annual General Meeting also gives our shareholders an opportunity to raise questions / issues with the Directors, both formally in the meeting and informally afterwards. Shareholders are also encouraged to contact the Managing Director, Chairman of the Board, or any of the non-executive Directors at any time during the year with any issues which they wish to raise.
THE IMPACT OF THE COMPANY'S OPERATIONS ON THE ENVIRONMENT AND THE LOCAL COMMUNITY
The Company operates within an area of marine environmental sensitivity. The Company is aware of its environmental responsibilities and seeks to conduct marina activities in an environmentally sustainable manner, as evidenced by it winning the Clean Marina Award during the year. The Company obtains best practice advice from The Yacht Harbour Association and the Green Blue (a joint environmental programme created by the Royal Yachting Association and British Marine, the over-arching trade body representing the UK’s marine industry). It also uses SWMAS (South West Manufacturing Advisory Service) to help monitor the Company’s carbon footprint. We started using HVO (synthetic diesel) for our shore side plant which is 90% better for the environment than conventional diesel. Furthermore, the decision to offer only metered electricity (which is cost neutral as we recharge at cost) has resulted in a reduction of 25% in our offshore electrical consumption which is an environmental win. We continue to generate solar PV and solar thermal energy which reduces costs and our carbon footprint. Since installation we have saved 6,950 kg of carbon dioxide emissions.
Regarding its responsibility to the community, Sailport leases a cabin at a heavily discounted rate to the Horizons Sailing Trust, a charity which offers personal development opportunities through sail training to underprivileged youths and children. The Company also offers concessions to other charities e.g. the Sea Cadets, the Mayflower Offshore Rowing Club and free berthing to the RNLI should one of their boats need a temporary berth.
Our suppliers are diverse; queries raised by them are dealt with promptly and fairly and payments to suppliers are made within the agreed terms and conditions.
Our shareholders
Most of our shareholders are also berth holders and therefore eligible to attend berth holders’ social events where there is an opportunity to talk to Directors on an informal basis. The Annual General Meeting also gives our shareholders an opportunity to raise questions / issues with the Directors, both formally in the meeting and informally afterwards. Shareholders are also encouraged to contact the Managing Director, Chairman of the Board, or any of the non-executive Directors at any time during the year with any issues which they wish to raise.
THE IMPACT OF THE COMPANY'S OPERATIONS ON THE ENVIRONMENT AND THE LOCAL COMMUNITY
The Company operates within an area of marine environmental sensitivity. The Company is aware of its environmental responsibilities and seeks to conduct marina activities in an environmentally sustainable manner, as evidenced by it winning the Clean Marina Award during the year. The Company obtains best practice advice from The Yacht Harbour Association and the Green Blue (a joint environmental programme created by the Royal Yachting Association and British Marine, the over-arching trade body representing the UK’s marine industry). It also uses SWMAS (South West Manufacturing Advisory Service) to help monitor the Company’s carbon footprint. We started using HVO (synthetic diesel) for our shore side plant which is 90% better for the environment than conventional diesel. Furthermore, the decision to offer only metered electricity (which is cost neutral as we recharge at cost) has resulted in a reduction of 25% in our offshore electrical consumption which is an environmental win. We continue to generate solar PV and solar thermal energy which reduces costs and our carbon footprint. Since installation we have saved 6,950 kg of carbon dioxide emissions.
Regarding its responsibility to the community, Sailport leases a cabin at a heavily discounted rate to the Horizons Sailing Trust, a charity which offers personal development opportunities through sail training to underprivileged youths and children. The Company also offers concessions to other charities e.g. the Sea Cadets, the Mayflower Offshore Rowing Club and free berthing to the RNLI should one of their boats need a temporary berth.
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SAILPORT PLC
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Sailport generated a profit after tax of £34,929 in the year ended 31 March 2025 (2024: £109,979) and at the year end the Company had net current liabilities of £145,157 and net assets of £4,762,545. Cash at the year-end was £903,013 (2024: £794,131) and there were undrawn bank overdraft facilities of £150,000 and no outstanding loans. Included within creditors is an amount of £983,448 relating to deferred income. Due to the nature of this item, it does not represent a liability that will require settlement in cash, as it reflects income received in advance for services to be delivered in future periods. This significantly reduces the pressure on the Company’s short-term liquidity position. Consequently, the Directors are confident that Sailport will have sufficient funds to continue to meet its liabilities as they fall due for at least twelve months from the date of approval of this report and therefore have prepared the financial statements on a going concern basis.
There were no post balance sheet events.
The auditors, Bishop Fleming LLP, will be proposed for reappointment in accordance with section 489 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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SAILPORT PLC
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
The Directors are responsible for preparing the Strategic report, the Directors' report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙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 to 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.
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SAILPORT PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SAILPORT PLC
We have audited the financial statements of Sailport Plc (the 'Company') for the year ended 31 March 2025, which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position, the Statement of Cash Flows and the related notes, 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).
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 United Kingdom, including the Financial Reporting Council'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.
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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The Directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.
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SAILPORT PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SAILPORT PLC (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
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 Directors' report.
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SAILPORT PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SAILPORT PLC (CONTINUED)
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 an Auditors' report 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.
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 have considered the nature of the industry and sector, control environment, and financial performance;
∙We have considered the results of enquiries with management and the Directors in relation to their own identification and assessment of the risks of irregularities within the entity; and
∙We have reviewed the documentation of key processes and controls and performed walkthroughs of transactions to confirm that the systems are operating in line with documentation.
As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the highest area of risk to be in relation to revenue recognition, with a particular risk in relation to occurrence. In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override.
We have also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, FRS 102 and UK tax legislation.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company’s ability to operate or avoid a material penalty. These included data protection legislation, health and safety regulations, hazardous waste regulations, employment law and the Environmental Protection Act.
Our procedures to respond to risks identified included the following:
We have also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, FRS 102 and UK tax legislation.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company’s ability to operate or avoid a material penalty. These included data protection legislation, health and safety regulations, hazardous waste regulations, employment law and the Environmental Protection Act.
Our procedures to respond to risks identified included the following:
∙Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
∙Enquiring of management in relation to actual and potential claims or litigation;
∙Performing analytical procedures to identify unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
∙Reviewing board meeting minutes;
∙Performing detailed transactional testing in relation to the recognition of revenue, with a particular focus on manual journal testing, and a proof in total on the rental income; and
∙In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in accounting estimates are indicative of potential bias; and evaluating the business rationale of significant transactions that are unusual or outside the normal course of business.
We also communicated identified laws and regulations and potential fraud risks to all members of the engagement team and remained alert to possible indicators of fraud or non-compliance with laws and regulations throughout the audit.
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SAILPORT PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SAILPORT PLC (CONTINUED)
As a result of the inherent limitations of an audit, there is a risk that not all irregularities, including a material misstatement in the financial statements or non-compliance with regulation, will be detected by us. This risk increases the further removed compliance with a law and regulation is from the events and transactions reflected in the financial statements, given we will be less likely to be aware of it, or should the irregularity occur as a result of fraud rather than a one-off error, as this may involve intentional concealment, forgery, collusion, omission or misrepresentation.
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 Auditors' 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 an Auditors' report 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
Salt Quay House
4 North East Quay
Sutton Harbour
PL4 0BN
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SAILPORT PLC
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2025
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SAILPORT PLC
REGISTERED NUMBER:01422153
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the Board and were signed on its behalf by:
The notes on pages 18 to 30 form part of these financial statements.
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SAILPORT PLC
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
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SAILPORT PLC
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2025
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SAILPORT PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Sailport Plc is a public limited Company incorporated in England and Wales. The registered office is Salt Quay House, 4 North East Quay, Plymouth, Devon, PL4 0BN. The principal place of business is Mayflower Marina, Richmond Walk, Plymouth, Devon, PL1 4LS.
2.ACCOUNTING POLICIES
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The financial statements are prepared in sterling which is the functional currency of the Company.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company is exempt from the requirement to prepare consolidated financial statements as all of its subsidiaries are required to be excluded from consolidation by section 402 of the Companies Act 2006.
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
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SAILPORT PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.ACCOUNTING POLICIES (CONTINUED)
The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method or on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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SAILPORT PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.ACCOUNTING POLICIES (CONTINUED)
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a Director in the case of a small company, or a public benefit entity concessionary loan.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a Director in the case of a small company, or a public benefit entity concessionary loan.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.
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SAILPORT PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.ACCOUNTING POLICIES (CONTINUED)
The Directors have reviewed the carrying values of fixed assets with reference to their state of condition and recent valuations. The Directors consider these support the current residual value of assets within the accounts. On this basis, no impairment adjustments or changes to depreciation estimates have been made.
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SAILPORT PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
£2,340,018 (2024: £2,097,745) of turnover is attributable to the provision of marina services with the remaining £49,303 (2024: £46,606) being attributable to rental income received.
All turnover arose within the United Kingdom.
All turnover arose within the United Kingdom.
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SAILPORT PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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SAILPORT PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
There were no factors that may affect future tax charges.
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SAILPORT PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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SAILPORT PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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SAILPORT PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Page 27
SAILPORT PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
16.DEFERRED TAXATION (CONTINUED)
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Share premium account
Profit and loss account
Page 28
SAILPORT PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The Company's bankers, Barclays Bank Plc hold unlimited cross guarantees for the respective bank borrowings of Sailport Plc.
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £49,429 (2024: £47,239). Contributions totalling £3,528 (2024: £3,101) were payable to the fund at the reporting date.
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SAILPORT PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Due to the wide spread of share ownership there is no ultimate controlling party.
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