Silverfin false false 31/03/2025 01/04/2024 31/03/2025 Paul Downing 01/06/2016 Ali Fathy Ismail Elharoun 01/09/2024 Richard James Wilmot Seton 22/11/2001 31 October 2025 The principal activity of the company is that of operating the higher ferry, Dartmouth, a floating bridge. 04261303 2025-03-31 04261303 bus:Director1 2025-03-31 04261303 bus:Director2 2025-03-31 04261303 bus:Director3 2025-03-31 04261303 2024-03-31 04261303 core:CurrentFinancialInstruments 2025-03-31 04261303 core:CurrentFinancialInstruments 2024-03-31 04261303 core:Non-currentFinancialInstruments 2025-03-31 04261303 core:Non-currentFinancialInstruments 2024-03-31 04261303 core:ShareCapital 2025-03-31 04261303 core:ShareCapital 2024-03-31 04261303 core:CapitalRedemptionReserve 2025-03-31 04261303 core:CapitalRedemptionReserve 2024-03-31 04261303 core:RetainedEarningsAccumulatedLosses 2025-03-31 04261303 core:RetainedEarningsAccumulatedLosses 2024-03-31 04261303 core:OtherResidualIntangibleAssets 2024-03-31 04261303 core:OtherResidualIntangibleAssets 2025-03-31 04261303 core:LandBuildings 2024-03-31 04261303 core:PlantMachinery 2024-03-31 04261303 core:Vehicles 2024-03-31 04261303 core:OtherPropertyPlantEquipment 2024-03-31 04261303 core:LandBuildings 2025-03-31 04261303 core:PlantMachinery 2025-03-31 04261303 core:Vehicles 2025-03-31 04261303 core:OtherPropertyPlantEquipment 2025-03-31 04261303 core:FurtherRelatedPartyRelationshipType2ComponentAllOtherRelatedParties core:CurrentFinancialInstruments 2025-03-31 04261303 core:FurtherRelatedPartyRelationshipType2ComponentAllOtherRelatedParties core:CurrentFinancialInstruments 2024-03-31 04261303 2023-03-31 04261303 core:AcceleratedTaxDepreciationDeferredTax 2025-03-31 04261303 core:AcceleratedTaxDepreciationDeferredTax 2024-03-31 04261303 core:OtherDeferredTax 2025-03-31 04261303 core:OtherDeferredTax 2024-03-31 04261303 bus:OrdinaryShareClass1 2025-03-31 04261303 2024-04-01 2025-03-31 04261303 bus:FilletedAccounts 2024-04-01 2025-03-31 04261303 bus:SmallEntities 2024-04-01 2025-03-31 04261303 bus:AuditExemptWithAccountantsReport 2024-04-01 2025-03-31 04261303 bus:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 04261303 bus:Director1 2024-04-01 2025-03-31 04261303 bus:Director2 2024-04-01 2025-03-31 04261303 bus:Director3 2024-04-01 2025-03-31 04261303 core:OtherResidualIntangibleAssets core:TopRangeValue 2024-04-01 2025-03-31 04261303 core:OtherResidualIntangibleAssets 2024-04-01 2025-03-31 04261303 core:PlantMachinery core:BottomRangeValue 2024-04-01 2025-03-31 04261303 core:PlantMachinery core:TopRangeValue 2024-04-01 2025-03-31 04261303 core:Vehicles core:TopRangeValue 2024-04-01 2025-03-31 04261303 core:OtherPropertyPlantEquipment core:TopRangeValue 2024-04-01 2025-03-31 04261303 2023-04-01 2024-03-31 04261303 core:LandBuildings 2024-04-01 2025-03-31 04261303 core:PlantMachinery 2024-04-01 2025-03-31 04261303 core:Vehicles 2024-04-01 2025-03-31 04261303 core:OtherPropertyPlantEquipment 2024-04-01 2025-03-31 04261303 core:CurrentFinancialInstruments 2024-04-01 2025-03-31 04261303 core:Non-currentFinancialInstruments 2024-04-01 2025-03-31 04261303 bus:OrdinaryShareClass1 2024-04-01 2025-03-31 04261303 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 04261303 1 2024-04-01 2025-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 04261303 (England and Wales)

# THE DARTMOUTH-KINGSWEAR FLOATING BRIDGE COMPANY LIMITED

### Unaudited Financial Statements
For the financial year ended 31 March 2025
Pages for filing with the registrar

THE DARTMOUTH-KINGSWEAR FLOATING BRIDGE COMPANY LIMITED

## Unaudited Financial Statements

For the financial year ended 31 March 2025

Contents

THE DARTMOUTH-KINGSWEAR FLOATING BRIDGE COMPANY LIMITED

## STATEMENT OF FINANCIAL POSITION

As at 31 March 2025
THE DARTMOUTH-KINGSWEAR FLOATING BRIDGE COMPANY LIMITED

## STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2025

| Note | 2025 |  | 2024
|  | £ |  | £
Fixed assets |  |  |  |
Intangible assets | 3 | 1,400,000 |  | 1,440,000
Tangible assets | 4 | 3,734,877 |  | 3,867,097
|  | 5,134,877 |  | 5,307,097
Current assets |  |  |  |
Debtors | 5 | 1,854,247 |  | 92,554
Cash at bank and in hand | 6 | 0 |  | 1,052,743
|  | 1,854,247 |  | 1,145,297
Creditors: amounts falling due within one year | 7 | ( 723,853) |  | ( 511,123)
Net current assets |  | 1,130,394 |  | 634,174
Total assets less current liabilities |  | 6,265,271 |  | 5,941,271
Creditors: amounts falling due after more than one year | 8 | ( 884,031) |  | ( 1,035,794)
Provision for liabilities | 9 | ( 454,207) |  | ( 470,272)
Net assets |  | 4,927,033 |  | 4,435,205
Capital and reserves |  |  |  |
Called-up share capital | 10 | 300,002 |  | 300,002
Capital redemption reserve |  | 1,200,000 |  | 1,200,000
Profit and loss account |  | 3,427,031 |  | 2,935,203
Total shareholder's funds |  | 4,927,033 |  | 4,435,205

For the financial year ending 31 March 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
- These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of The Dartmouth-Kingswear Floating Bridge Company Limited (registered number: 04261303) were approved and authorised for issue by the Board of Directors on 31 October 2025. They were signed on its behalf by:

Paul Downing Director |

THE DARTMOUTH-KINGSWEAR FLOATING BRIDGE COMPANY LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2025
THE DARTMOUTH-KINGSWEAR FLOATING BRIDGE COMPANY LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2025

##### 1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

##### General information and basis of accounting

The Dartmouth-Kingswear Floating Bridge Company Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Dart Marina, Sandquay Road, Dartmouth, TQ6 9PH, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

##### Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

##### Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.
Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

##### Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

##### Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

##### Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

##### Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

##### Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets | 50 years straight line

###### Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Other intangible fixed assets relates to the right to operate the floating bridge under the The Dartmouth-Kingswear Floating Bridge Act 1988. The intangible asset is amortised in line with the floating bridge fixed asset.

##### Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Land and buildings | not depreciated
Plant and machinery | 5 - 12 years straight line
Vehicles | 4 years straight line
Other property, plant and equipment | 50 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

##### Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

##### Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

##### Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

##### Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

##### Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

##### Ordinary share capital

The ordinary share capital of the Company is presented as equity.

#### 2. Employees

| 2025 |  | 2024
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including directors | 16 |  | 15

#### 3. Intangible assets

| Other intangible assets |  | Total
| £ |  | £
Cost |  |  |
At 01 April 2024 | 2,000,000 |  | 2,000,000
At 31 March 2025 | 2,000,000 |  | 2,000,000
Accumulated amortisation |  |  |
At 01 April 2024 | 560,000 |  | 560,000
Charge for the financial year | 40,000 |  | 40,000
At 31 March 2025 | 600,000 |  | 600,000
Net book value |  |  |
At 31 March 2025 | 1,400,000 |  | 1,400,000
At 31 March 2024 | 1,440,000 |  | 1,440,000

#### 4. Tangible assets

| Land and buildings |  | Plant and machinery |  | Vehicles |  | Other property, plant and equipment |  | Total
| £ |  | £ |  | £ |  | £ |  | £
Cost |  |  |  |  |  |  |  |  |
At 01 April 2024 | 937,124 |  | 286,513 |  | 81,039 |  | 4,036,380 |  | 5,341,056
Additions | 0 |  | 6,936 |  | 0 |  | 0 |  | 6,936
Disposals | 0 |  | 0 |  | ( 48,950) |  | 0 |  | ( 48,950)
At 31 March 2025 | 937,124 |  | 293,449 |  | 32,089 |  | 4,036,380 |  | 5,299,042
Accumulated depreciation |  |  |  |  |  |  |  |  |
At 01 April 2024 | 0 |  | 258,567 |  | 24,083 |  | 1,191,309 |  | 1,473,959
Charge for the financial year | 0 |  | 13,116 |  | 13,121 |  | 81,305 |  | 107,542
Disposals | 0 |  | 0 |  | ( 17,336) |  | 0 |  | ( 17,336)
At 31 March 2025 | 0 |  | 271,683 |  | 19,868 |  | 1,272,614 |  | 1,564,165
Net book value |  |  |  |  |  |  |  |  |
At 31 March 2025 | 937,124 |  | 21,766 |  | 12,221 |  | 2,763,766 |  | 3,734,877
At 31 March 2024 | 937,124 |  | 27,946 |  | 56,956 |  | 2,845,071 |  | 3,867,097

#### 5. Debtors

| 2025 |  | 2024
| £ |  | £
Trade debtors | 1,761 |  | 2,121
Amounts owed by connected companies | 1,750,000 |  | 0
Prepayments | 73,657 |  | 66,899
VAT recoverable | 27,340 |  | 21,652
Other debtors | 1,489 |  | 1,882
| 1,854,247 |  | 92,554

#### 6. Cash and cash equivalents

| 2025 |  | 2024
| £ |  | £
Cash at bank and in hand | 0 |  | 1,052,743
Less: Bank overdrafts | ( 241,611) |  | 0
| (241,611) |  | 1,052,743

#### 7. Creditors: amounts falling due within one year

| 2025 |  | 2024
| £ |  | £
Bank loans and overdrafts | 393,373 |  | 159,545
Trade creditors | 68,334 |  | 67,728
Accruals | 34,081 |  | 28,632
Taxation and social security | 202,075 |  | 235,266
Other creditors | 25,990 |  | 19,952
| 723,853 |  | 511,123

A set off agreement has been given in favour of Lloyds Bank Plc by The Dartmouth-Kingswear Floating Bridge Company Limited to secure loans against the freehold land known as the slipways.
In addition to the above there is a fixed and floating charge over all assets held by the company in respect of the bank overdraft facility.

#### 8. Creditors: amounts falling due after more than one year

| 2025 |  | 2024
| £ |  | £
Bank loans (secured) | 884,031 |  | 1,035,794

A set off agreement has been given in favour of Lloyds Bank Plc by The Dartmouth-Kingswear Floating Bridge Company Limited to secure loans against the freehold land known as the slipways.

#### 9. Deferred tax

| 2025 |  | 2024
| £ |  | £
At the beginning of financial year | ( 470,272) |  | ( 482,491)
Credited to the Statement of Income and Retained Earnings | 16,065 |  | 12,219
At the end of financial year | ( 454,207) |  | ( 470,272)

The deferred taxation balance is made up as follows:

| 2025 |  | 2024
| £ |  | £
Accelerated capital allowances | ( 454,207) |  | ( 470,413)
Other timing differences | 0 |  | 141
| ( 454,207) |  | ( 470,272)

#### 10. Called-up share capital

| 2025 |  | 2024
| £ |  | £
Allotted, called-up and fully-paid |  |  |
300,002 Ordinary shares of £ 1.00 each | 300,002 |  | 300,002

#### 11. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

| 2025 |  | 2024
| £ |  | £
Unpaid contributions due to the fund (inc. in other creditors) | 0 |  | 1,241

#### 12. Related party transactions

Other related party transactions

| 2025 |  | 2024
| £ |  | £
Amounts owed by/(from) company under common control | 1,750,000 |  | 0

During the year, a loan facility was made available to a company under common control. The Loan facility was denominated in New Zealand dollars for an amount up to NZ$ 3,000,000. During the year a total of £1,750,00 (2024: £1,150,000) was drawn down from this facility and interest was accrued on these amounts of £- (2024: £22,181). At the year end this full amount was still owed to the company. The loan facility has a 12 month repayment from the date of issue with an interest rate of 3%. A new loan facility was agreed in February 2025 for a maximum drawdown of NZ $5,000,000 with an interest rate of 3.5%. No drawdowns had occurred before the year end for this new loan agreement.

#### 13. Events after the Balance Sheet date

A new loan facility was agreed with a company under common control in February 2025 for a maximum drawdown of NZ $5,000,000. No drawdowns have occurred before the year end.