REGISTERED NUMBER: 02113148 (England and Wales)

Whilton Marina Limited

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 March 2025

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Consolidated Income Statement

9

Consolidated Other Comprehensive Income

10

Consolidated Balance Sheet

11

Company Balance Sheet

13

Consolidated Statement of Changes in Equity

15

Company Statement of Changes in Equity

16

Consolidated Cash Flow Statement

17

Notes to the Consolidated Cash Flow Statement

18

Notes to the Consolidated Financial Statements

20

DIRECTORS:

N D Steele

R J Steele

C R Steele

R J P Steele

SECRETARY:

N D Steele

REGISTERED OFFICE:

Whilton Locks

Whilton

Near Daventry

Northamptonshire

NN11 2NH

REGISTERED NUMBER:

02113148 (England and Wales)

AUDITORS:

Kilby Fox

Statutory Auditor

4 Pavilion Court

600 Pavilion Drive

Northampton Business Park

Northampton

Northamptonshire

NN4 7SL

The directors present their strategic report of the company and the group for the year ended 31 March 2025.

REVIEW OF BUSINESS

The year ended 31 March 2025 has seen group turnover increase by £1,099,678, representing an increase of 8.9%. Gross profit has increased by £1,084,239, and the gross profit margin has increased by 5% to % 47.% (2024: 42.1%). The Company attributes this growth to static rental increases at Cosgrove, which carry very little cost of sales.

The Group continues to develop Cosgrove Park by developing more bases which will allow for more static caravans onto the park. In addition, the group have recently invested in the field adjacent to the caravan park to secure main road access and which will allow further growth in the coming years.

Overall, net profit before taxation is well up on the previous year at £1,315,254 (2024: £939,444). Overhead costs were controlled across the board, although the company continued to maintain both Cosgrove Park and Whilton Marina to a very high standard. These costs are necessary to keeping the Marinas and Cosgrove Park in top condition to ensure more customers continue to visit.

PRINCIPAL RISKS AND UNCERTAINTIES

The recent increase to interest rates has meant that borrowing is more expensive which may impact turnover for the next 12 months as this may impact potential customers ability to finance larger purchases, however the demographic that that company targets are also those individuals who will be less impacted by an increase in interest rates.

DEVELOPMENT AND PERFORMANCE

The Directors continue to keep Cosgrove Park well maintained at a large expense, which allows the company to charge higher rental fees.

The 2025 performance, particularly in terms of the increase in turnover, substantiates the investment.

ON BEHALF OF THE BOARD:

N D Steele - Director

26 August 2025

The directors present their report with the financial statements of the company and the group for the year ended 31 March 2025.

DIVIDENDS

Interim dividends per share were paid as follows:

78.43

- 11 April 2024

78.43

- 2 July 2024

78.43

- 1 October 2024

78.43

- 2 January 2025

313.72

The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 March 2025 will be £ 480,000 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2024 to the date of this report.

N D Steele

R J Steele

C R Steele

R J P Steele

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Kilby Fox, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

N D Steele - Director

26 August 2025

Opinion

We have audited the financial statements of Whilton Marina Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 31 March 2025 and of the group's 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 group 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 group's and the parent 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 Group 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 Group 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 Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company 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 three, 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

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:

Identifying and assessing potential risks related to irregularities.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

Audit response to risks identified

- the nature of the industry and sector, control environment and business performance including the design of the Company's remuneration policies, key drivers for directors’ remuneration, bonus levels and performance targets;

- results of our enquiries of management about their own identification and assessment of the risks of irregularities;

- any matters we identified having obtained and reviewed the Company's documentation of their policies and procedures relating to:

- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance;

- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

- the matters discussed among the audit engagement team and involving relevant internal specialists, including tax specialists regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to revenue recognition. 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 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 and local tax legislation.

Audit response to risks identified

As a result of performing the above, we identified revenue recognition as a key audit matter related to the potential risk of fraud.

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 concerning actual and potential litigation and claims;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- reading minutes of meetings of those charged with governance

- obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; 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 making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including internal specialists, and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.

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.

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.

Martin Crooke FCCA (Senior Statutory Auditor)

for and on behalf of Kilby Fox

Statutory Auditor

4 Pavilion Court

600 Pavilion Drive

Northampton Business Park

Northampton

Northamptonshire

NN4 7SL

27 August 2025

TURNOVER

13,377,055

12,373,733

Cost of sales

7,081,019

7,161,936

GROSS PROFIT

6,296,036

5,211,797

Administrative expenses

4,625,641

4,101,454

1,670,395

1,110,343

Other operating income

362,376

298,672

OPERATING PROFIT

4

2,032,771

1,409,015

Interest payable and similar expenses

5

295,124

196,385

PROFIT BEFORE TAXATION

1,737,647

1,212,630

Tax on profit

6

422,393

273,186

PROFIT FOR THE FINANCIAL YEAR

1,315,254

939,444

Profit attributable to:

Owners of the parent

1,315,254

939,444

PROFIT FOR THE YEAR

1,315,254

939,444

OTHER COMPREHENSIVE INCOME

Deferred tax on revaluation

-

5,785,653

Income tax relating to other comprehensive income

-

(1,100,921

)

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

-

4,684,732

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,315,254

5,624,176

Total comprehensive income attributable to:

Owners of the parent

1,315,254

5,624,176

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

33,643,663

33,210,360

Investments

11

-

-

33,643,663

33,210,360

CURRENT ASSETS

Stocks

12

1,721,288

2,302,770

Debtors

13

237,455

158,781

Cash in hand

785

483

1,959,528

2,462,034

CREDITORS

Amounts falling due within one year

14

4,813,029

5,513,868

NET CURRENT LIABILITIES

(2,853,501

)

(3,051,834

)

TOTAL ASSETS LESS CURRENT LIABILITIES

30,790,162

30,158,526

CREDITORS

Amounts falling due after more than one year

15

(1,993,643

)

(2,269,748

)

PROVISIONS FOR LIABILITIES

19

(5,304,216

)

(5,231,729

)

NET ASSETS

23,492,303

22,657,049

CAPITAL AND RESERVES

Called up share capital

20

153

153

Share premium

21

731,816

731,816

Revaluation reserve

21

16,082,233

16,082,233

Capital redemption reserve

21

47

47

Retained earnings

21

6,678,054

5,842,800

SHAREHOLDERS' FUNDS

23,492,303

22,657,049

The financial statements were approved by the Board of Directors and authorised for issue on 26 August 2025 and were signed on its behalf by:

N D Steele - Director

R J Steele - Director

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

31,246,132

30,814,354

Investments

11

1,691,961

1,691,961

32,938,093

32,506,315

CURRENT ASSETS

Stocks

12

1,662,288

2,280,770

Debtors

13

483,770

577,627

Cash in hand

5

21

2,146,063

2,858,418

CREDITORS

Amounts falling due within one year

14

4,695,986

5,478,869

NET CURRENT LIABILITIES

(2,549,923

)

(2,620,451

)

TOTAL ASSETS LESS CURRENT LIABILITIES

30,388,170

29,885,864

CREDITORS

Amounts falling due after more than one year

15

(1,993,643

)

(2,269,748

)

PROVISIONS FOR LIABILITIES

19

(5,053,056

)

(4,980,629

)

NET ASSETS

23,341,471

22,635,487

CAPITAL AND RESERVES

Called up share capital

20

153

153

Share premium

21

731,816

731,816

Revaluation reserve

21

15,332,233

15,332,233

Capital redemption reserve

21

47

47

Retained earnings

21

7,277,222

6,571,238

SHAREHOLDERS' FUNDS

23,341,471

22,635,487

Company's profit for the financial year

1,185,984

982,214

The financial statements were approved by the Board of Directors and authorised for issue on 26 August 2025 and were signed on its behalf by:

N D Steele - Director

R J Steele - Director

Called up

share

Retained

Share

capital

earnings

premium

£

£

£

Balance at 1 April 2023

153

5,383,356

731,816

Changes in equity

Dividends

-

(480,000

)

-

Total comprehensive income

-

939,444

-

Balance at 31 March 2024

153

5,842,800

731,816

Changes in equity

Dividends

-

(480,000

)

-

Total comprehensive income

-

1,315,254

-

Balance at 31 March 2025

153

6,678,054

731,816

Capital

Revaluation

redemption

Total

reserve

reserve

equity

£

£

£

Balance at 1 April 2023

11,397,501

47

17,512,873

Changes in equity

Dividends

-

-

(480,000

)

Total comprehensive income

4,684,732

-

5,624,176

Balance at 31 March 2024

16,082,233

47

22,657,049

Changes in equity

Dividends

-

-

(480,000

)

Total comprehensive income

-

-

1,315,254

Balance at 31 March 2025

16,082,233

47

23,492,303

Called up

share

Retained

Share

capital

earnings

premium

£

£

£

Balance at 1 April 2023

153

6,069,024

731,816

Changes in equity

Dividends

-

(480,000

)

-

Total comprehensive income

-

982,214

-

Balance at 31 March 2024

153

6,571,238

731,816

Changes in equity

Dividends

-

(480,000

)

-

Total comprehensive income

-

1,185,984

-

Balance at 31 March 2025

153

7,277,222

731,816

Capital

Revaluation

redemption

Total

reserve

reserve

equity

£

£

£

Balance at 1 April 2023

10,647,501

47

17,448,541

Changes in equity

Dividends

-

-

(480,000

)

Total comprehensive income

4,684,732

-

5,666,946

Balance at 31 March 2024

15,332,233

47

22,635,487

Changes in equity

Dividends

-

-

(480,000

)

Total comprehensive income

-

-

1,185,984

Balance at 31 March 2025

15,332,233

47

23,341,471

Cash flows from operating activities

Cash generated from operations

1

2,547,559

971,057

Interest paid

(295,979

)

(193,119

)

Interest element of hire purchase payments paid

855

(3,266

)

Tax paid

(266,496

)

(440,591

)

Net cash from operating activities

1,985,939

334,081

Cash flows from investing activities

Purchase of tangible fixed assets

(701,662

)

(1,841,983

)

Sale of tangible fixed assets

94,436

305,572

Net cash from investing activities

(607,226

)

(1,536,411

)

Cash flows from financing activities

New loans in year

-

1,250,000

Capital repayments in year

(37,099

)

(29,691

)

Equity dividends paid

(480,000

)

(480,000

)

Net cash from financing activities

(517,099

)

740,309

Increase/(decrease) in cash and cash equivalents

861,614

(462,021

)

Cash and cash equivalents at beginning of year

2

(1,556,999

)

(1,094,978

)

Cash and cash equivalents at end of year

2

(695,385

)

(1,556,999

)