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| Registered number: 00879909
DART MARINA HOTEL LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
DART MARINA HOTEL LIMITED COMPANY INFORMATION
DIRECTORS | R J W Seton
| A F I Elharoun (appointed 1 September 2024)
| P Downing
REGISTERED NUMBER | 00879909
REGISTERED OFFICE | Sandquay Road
| Dartmouth
| Devon
| TQ6 9PH
INDEPENDENT AUDITORS | Bishop Fleming Audit Limited
| Chartered Accountants & Statutory Auditors
| Salt Quay House
| 4 North East Quay
| Sutton Harbour
| Plymouth
| PL4 0BN
BANKERS | Lloyds Bank PLC
| 31 Fore Street
| Totnes
| Devon
| TQ9 5HH
DART MARINA HOTEL LIMITED CONTENTS
| Page
Strategic report | 1 - 2
Directors' report | 3
Directors' responsibilities statement | 4
Independent auditors' report | 5 - 8
Statement of income and retained earnings | 9
Statement of financial position | 10
Statement of cash flows | 11
Notes to the financial statements | 12 - 24
DART MARINA HOTEL LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 MARCH 2025
INTRODUCTION
Dart Marina Hotel Limited continues to operate within the leisure industry.
BUSINESS REVIEW
The principal activity of the company during the year was that of the operation of a hotel. During the year we disposed of our 3 remaining self-catering apartments, using some of the proceeds to pay down debt. During the year we completed the transformation of our restaurant from traditional fine dining to a more relaxed bistro offering. 2024/5 marked a change in strategy with occupancy growth being prioritised over Average Daily Rate (ADR). This involved returning to some pre-Covid pricing strategies to encourage longer stays and to improve the appeal of low season breaks. A return to the booking.com platform was also undertaken. These strategies proved successful, with the period October 2024 to March 2025 showing an 8% increase in occupancy. Whilst ADR dropped by £8 over the same period the more important metric of Revenue Per Available Room (RevPAR) increased by £10. Increase in dining covers were helped by our new bistro, particularly from the non-resident market. Costs increases were felt across the board, with payroll showing the largest increase. Driven by the increase in Minimum Wage, recruitment challenges and our higher occupancy we saw an 18% increase year on year. With higher RevPAR driving performance our reported EBITDA percentage grew by 3% to sit at 30%. The directors are looking forward to a buoyant 2025/6 season with a strong start to the season and encouraging advanced bookings. This, against a backdrop of difficult macro-economic and political issues, represents confirmation that our current strategy offers the best opportunities to continue to grow the business. Despite the recent increases to Employers NIC, Minimum Wage and removal of Hospitality rates relief we are forecasting an increase in EBITDA of 15% year on year in 2025/26. The company has made a profit before tax for the year of £345,520 (2024: £108,967) and has achieved an EBITDA of £990,916 (2024: £820,660). The company has net current liabilities of £2,584,988 (2024: £3,188,253), of which £2,119,533 is owed to related parties from whom we have received letters of support which states that they will provide financial support, including working capital, to the Company for a period of at least 12 months. This includes ensuring any repayment of the debt to the related parties will not impact the Company's ability to operate. The company has net assets of £3,639,892 (2024: £3,505,770) as a result of the substantial non-current assets held by the company. The Directors have reviewed the results for the financial year. Bearing in mind the EBITDA achieved and the budgeted improvement in EBITDA over the coming years the Directors believe the financial statements being prepared on the going concern basis to be appropriate.
PRINCIPAL RISKS AND UNCERTAINTIES
The ongoing economic risk and uncertainty facing the industry represents the greatest overarching risk to continued performance although our core market is somewhat insulated from these pressures being mostly retired or semi-retired. Locally, the area will see additional hotel rooms come on stream, with a new property opening later this year, and two Dartmouth hotels completing major refurbishments. Maintaining a loyal database and continuing to offer points of difference will be essential to maintain market share. Page 1
DART MARINA HOTEL LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
FINANCIAL AND OTHER KEY PERFORMANCE INDICATORS
This report was approved by the board and signed on its behalf.
P Downing Director
Date: 29 October 2025
Page 2
1 DART MARINA HOTEL LIMITED 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.
PRINCIPAL ACTIVITY
The principal activity of the company is that of a hotel.
RESULTS AND DIVIDENDS
The profit for the year, after taxation, amounted to £134,122 (2024: loss £2,566). No dividend is recommended.
DIRECTORS
The directors who served during the year were:
R J W Seton
A F I Elharoun (appointed 1 September 2024)
P Downing
FUTURE DEVELOPMENTS
Disclosed in the strategic report.
DISCLOSURE OF INFORMATION TO AUDITORS
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.
POST BALANCE SHEET EVENTS
A new loan facility was agreed with the company under common control in February 2025 for a maximum drawdown of NZ$5,000,000. No drawdowns had occurred before the year end. Up to the date of signing, there have been drawdowns amounting to £1,150,000.
AUDITORS
The auditors, Bishop Fleming Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
P Downing Director
Date: 29 October 2025
Sandquay Road
Dartmouth
Devon
TQ6 9PH
Page 3
DART MARINA HOTEL LIMITED 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; and ∙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. Page 4
DART MARINA HOTEL LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DART MARINA HOTEL LIMITED
OPINION
We have audited the financial statements of Dart Marina Hotel Limited (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). In our opinion the financial statements: ∙give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
BASIS FOR OPINION
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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.
CONCLUSIONS RELATING TO GOING CONCERN
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
OTHER INFORMATION
The 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. Page 5
DART MARINA HOTEL LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DART MARINA HOTEL LIMITED (CONTINUED)
OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Strategic report and the 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.
MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit.
RESPONSIBILITIES OF DIRECTORS
As explained more fully in the Directors' responsibilities statement, 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 is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. Page 6
DART MARINA HOTEL LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DART MARINA HOTEL LIMITED (CONTINUED)
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 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, business performance and key drivers for directors' remuneration; ∙We have considered the results of enquiries with management about their own identification and assessment of the risk of irregularities; ∙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; and ∙We have considered the matter discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicator of fraud. 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 health and safety, fire safety, food standards, employment law and data protection legislation. Our procedures to respond to the risks identified included the following: ∙Review 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 with 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; ∙Performing detailed transactional testing in relation to the recognition of revenue with a particular focus around occurrence; ∙Performing a review of balances with related parties to ensure completeness; and ∙In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries, and other adjustments; assessing where the judgements made in making accounting estimates are indicative of potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of the business. We also communicated relevant identified laws and regulations and potential fraud risk to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. Page 7
DART MARINA HOTEL LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DART MARINA HOTEL LIMITED (CONTINUED) Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
OTHER MATTERS
The financial statements of Dart Marina Hotel Limited present comparatives which are unaudited and relate to the year ended 31 March 2024.
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 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. Stephen Patey BA ACA (Senior statutory auditor) for and on behalf of Bishop Fleming Audit Limited Chartered Accountants Statutory Auditors Salt Quay House 4 North East Quay Sutton Harbour Plymouth PL4 0BN 30 October 2025 Page 8
DART MARINA HOTEL LIMITED STATEMENT OF INCOME AND RETAINED EARNINGS FOR THE YEAR ENDED 31 MARCH 2025
| 2025 | Unaudited 2024
Note | £ | £
Turnover | 4 | 3,992,942 | 3,587,453
Cost of sales |  | (1,350,091) | (938,783)
Gross profit |  | 2,642,851 | 2,648,670
Administrative expenses |  | (2,194,889) | (2,346,123)
Operating profit | 5 | 447,962 | 302,547
Interest receivable and similar income | 9 | 19,962 | -
Interest payable and similar expenses | 10 | (122,404) | (193,580)
Profit before tax |  | 345,520 | 108,967
Tax on profit | 11 | (211,398) | (111,533)
Profit/(loss) after tax |  | 134,122 | (2,566)
Retained earnings at the beginning of the year |  | 2,754,770 | 2,757,336
Profit/(loss) for the year |  | 134,122 | (2,566)
Retained earnings at the end of the year |  | 2,888,892 | 2,754,770
There were no recognised gains and losses for 2025 or Unaudited 2024 other than those included in the statement of income and retained earnings.
The notes on pages 12 to 24 form part of these financial statements.
Page 9
DART MARINA HOTEL LIMITED REGISTERED NUMBER:00879909 STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2025
|  | 2025 |  | Unaudited 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 13 |  | 7,689,466 |  | 9,240,418
Current assets |  |  |  |  |
Stocks |  | 38,284 |  | 38,507 |
Debtors: amounts falling due within one year | 14 | 242,279 |  | 239,797 |
Cash at bank and in hand | 15 | 533,664 |  | 61,751 |
|  | 814,227 |  | 340,055 |
Creditors: amounts falling due within one year | 16 | (3,399,215) |  | (3,528,308) |
Net current liabilities |  |  | (2,584,988) |  | (3,188,253)
Total assets less current liabilities |  |  | 5,104,478 |  | 6,052,165
Creditors: amounts falling due after more than one year | 17 |  | (1,244,242) |  | (2,366,319)
Provisions for liabilities |  |  |  |  |
Deferred tax | 19 |  | (220,344) |  | (180,076)
Net assets |  |  | 3,639,892 |  | 3,505,770
Capital and reserves |  |  |  |  |
Called up share capital | 20 |  | 751,000 |  | 751,000
Profit and loss account | 21 |  | 2,888,892 |  | 2,754,770
|  |  | 3,639,892 |  | 3,505,770
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
P Downing
Director
Date: 29 October 2025
The notes on pages 12 to 24 form part of these financial statements. Page 10
DART MARINA HOTEL LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025
|  |  | 2025 | Unaudited 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit/(loss) for the financial year | 134,122 | (2,566)
Adjustments for: |  |
Depreciation of tangible assets | 512,954 | 518,113
Loss on disposal of tangible assets | 33,681 | -
Interest paid | 122,404 | 193,580
Interest received | (19,962) | -
Taxation charge | 211,398 | 111,533
Decrease/(increase) in stocks | 223 | (8,455)
(Increase)/decrease in debtors | (2,484) | 50,165
Increase/(decrease) in creditors | 92,395 | (67,236)
Corporation tax (paid) | (62,926) | -
Net cash generated from operating activities | 1,021,805 | 795,134
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (375,154) | (320,215)
Sale of tangible fixed assets | 1,379,222 | -
Interest received | 19,962 | -
Net cash from investing activities | 1,024,030 | (320,215)
Cash flows from financing activities |  |
Repayment of loans | (1,191,668) | (400,259)
Interest paid | (122,404) | (193,580)
Net cash used in financing activities | (1,314,072) | (593,839)
Net increase/(decrease) in cash and cash equivalents | 731,763 | (118,920)
Cash and cash equivalents at beginning of year | (198,099) | (79,179)
Cash and cash equivalents at the end of year | 533,664 | (198,099)
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 533,664 | 61,751
Bank overdrafts | - | (259,850)
| 533,664 | (198,099)
The notes on pages 12 to 24 form part of these financial statements.
Page 11
DART MARINA HOTEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. | GENERAL INFORMATION
The company, registered number 00879909, is a private company limited by shares and registered in England and Wales. The registered office is Dart Marina, Sandquay Road, Dartmouth, Devon, TQ6 9PH. 2.ACCOUNTING POLICIES
| 2.1 | BASIS OF PREPARATION OF FINANCIAL STATEMENTS
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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The financial statements are presented in pounds sterling, which is the Company's functional and presentational currency, and all amounts have been rounded to the nearest £1, unless otherwise stated. The following principal accounting policies have been applied:
| 2.2 | GOING CONCERN
The company has made a profit before tax for the year of £345,520 (2024: £108,967) and has achieved an EBITDA of £990,916 (2024: £820,660). The company has net current liabilities of £2,584,988 (2024: £3,188,253), of which £2,119,533 is owed to related parties from whom we have received letters of support which states that they will provide financial support, including working capital, to the Company for a period of at least 12 months. This includes ensuring any repayment of the debt to the related parties will not impact the Company's ability to operate. The company has net assets of £3,639,892 (2024: £3,505,770) as a result of the substantial non-current assets held by the company. The Directors have reviewed the results for the financial year. Bearing in mind the EBITDA achieved and the budgeted improvement in EBITDA over the coming years the Directors believe the financial statements being prepared on the going concern basis to be appropriate.
| 2.3 | FOREIGN CURRENCY TRANSLATION
Functional and presentation currency The company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Page 12
DART MARINA HOTEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.4 | REVENUE
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue comprises income from the provision of accommodation, food and beverages, and ancillary services. ∙Room revenue is recognised on a daily basis over the period of the guest’s stay, as the performance obligation is satisfied by providing access to the room each night. ∙Food and beverage revenue is recognised at the point in time when the goods and services are provided to the customer. ∙Other hotel services (such as conferencing, events, or spa and leisure facilities) are recognised when the related services are performed. ∙Deposits received in advance of a stay or event are recorded as deferred income until the service is provided.
| 2.5 | INTEREST INCOME
Interest income is recognised in profit or loss using the effective interest method.
| 2.6 | FINANCE COSTS
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that 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.
| 2.7 | BORROWING COSTS
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.8 | PENSIONS
DEFINED CONTRIBUTION PENSION PLAN The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the company in independently administered funds. Page 13
DART MARINA HOTEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.9 | CURRENT AND DEFERRED TAXATION
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
| 2.10 | TANGIBLE FIXED ASSETS
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Freehold property and land | - | Property - 40 years. Land - not depreciated
|  |  |  | Plant and machinery | - | 3 - 15 years
|  |  |  | Motor vehicles | - | 4 years
|  |  |  | Fixtures and fittings | - | 4 - 15 years
|  |  |  | Computer equipment | - | 3 - 5 years
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.
| 2.11 | STOCKS
Stocks are stated at the lower of costs and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the costs of purchase on a first in, first out basis. Page 14
DART MARINA HOTEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.12 | DEBTORS
Short term debtors are measured at transaction price, less any impairment.
| 2.13 | DEBTORS
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.14 | CASH AND CASH EQUIVALENTS
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.
| 2.15 | CREDITORS
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.16 | FINANCIAL INSTRUMENTS
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 and loans to related parties.
3. | JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY
The preparation of the financial statements requires the Directors to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. Depreciation period for fixed assets Depreciation is estimated, based upon the estimated useful economic life and residual value of assets. Page 15
DART MARINA HOTEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
4. | TURNOVER
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | Unaudited 2024
|  |  |  |  | £ | £
| Room revenue | 2,599,375 | 2,543,883
| Spa revenue | 31,294 | 38,395
| Food and beverage revenue | 1,313,616 | 978,977
| Other income | 48,657 | 26,198
|  | 3,992,942 | 3,587,453
| All turnover arose within the United Kingdom.
5. | OPERATING PROFIT
| The operating profit is stated after charging:
|  |  |  |  | 2025 | Unaudited 2024
|  |  |  |  | £ | £
| Exchange differences | 79,151 | -
| Depreciation | 512,954 | 518,113
| (Profit)/loss on disposal | 33,681 | -
6. | AUDITORS' REMUNERATION
| During the year, the company obtained the following services from the company's auditors:
|  |  |  |  | 2025 | Unaudited 2024
|  |  |  |  | £ | £
| Fees payable to the company's auditors for the audit of the company's financial statements | 15,525 | -
Page 16
DART MARINA HOTEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
7. | EMPLOYEES
|  |  |  |  | 2025 | Unaudited 2024
|  |  |  |  | £ | £
| Wages and salaries | 1,221,186 | 1,069,979
| Social security costs | 102,092 | 86,744
| Cost of defined contribution scheme | 30,382 | 25,557
|  | 1,353,660 | 1,182,280
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Employees | 61 | 53
8. | DIRECTORS' REMUNERATION
|  |  |  |  | 2025 | Unaudited 2024
|  |  |  |  | £ | £
| Directors' emoluments | 156,800 | 134,226
| Company contributions to defined contribution pension schemes | 8,622 | 8,806
|  | 165,422 | 143,032
| During the year retirement benefits were accruing to 2 directors (2024: 2) in respect of defined contribution pension schemes.
9. | INTEREST RECEIVABLE
|  |  |  |  | 2025 | Unaudited 2024
|  |  |  |  | £ | £
| Other interest receivable | 19,962 | -
Page 17
DART MARINA HOTEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
10. | INTEREST PAYABLE AND SIMILAR EXPENSES
|  |  |  |  | 2025 | Unaudited 2024
|  |  |  |  | £ | £
| Bank interest payable | 122,404 | 193,580
|  | 122,404 | 193,580
11. | TAXATION
|  |  |  |  | 2025 | Unaudited 2024
|  |  |  |  | £ | £
| CORPORATION TAX |  |
| Current tax on profits for the year | 171,130 | 62,926
| DEFERRED TAX |  |
| Current year deferred tax charge | 40,268 | 48,607
| TAX ON PROFIT | 211,398 | 111,533
Page 18
DART MARINA HOTEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 11.TAXATION (CONTINUED)
| FACTORS AFFECTING TAX CHARGE FOR THE YEAR
| The tax assessed for the year is higher than (2024: higher than) the standard rate of corporation tax in the UK of 25% (2024: 25%). The differences are explained below:
|  |  |  |  | 2025 | Unaudited 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 345,520 | 108,967
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024: 25%) | 86,380 | 27,242
| EFFECTS OF: |  |
| Fixed asset differences | 76,851 | 84,203
| Expenses not deductible for tax purposes | 264 | 87
| Movement in deferred tax not recognised | 189,579 | 58,694
| Chargeable (losses) | (141,676) | (58,693)
| TOTAL TAX CHARGE FOR THE YEAR | 211,398 | 111,533
| FACTORS THAT MAY AFFECT FUTURE TAX CHARGES
There were no factors that may affect future tax charges.
| 12. | ANALYSIS OF NET DEBT
|  |  | At 1 April 2024 | Cash flows | At 31 March 2025
|  |  | £ | £ | £
| Cash at bank and in hand | 61,751 | 471,913 | 533,664
| Bank overdrafts | (259,850) | 259,850 | -
| Debt due after 1 year | (2,366,319) | 1,122,077 | (1,244,242)
| Debt due within 1 year | (429,177) | 69,591 | (359,586)
|  | (2,993,595) | 1,923,431 | (1,070,164)
Page 19

|  | DART MARINA HOTEL LIMITED |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
| 13. | TANGIBLE FIXED ASSETS
|  | Freehold property and land | Plant and machinery | Motor vehicles | Fixtures and fittings | Computer equipment | Total
|  | £ | £ | £ | £ | £ | £
| Cost |  |  |  |  |  |
| At 1 April 2024 | 11,951,627 | 1,230,220 | 7,250 | 2,370,927 | 165,388 | 15,725,412
| Additions | 13,563 | 70,737 | - | 232,310 | 58,544 | 375,154
| Disposals | (1,622,188) | - | - | (93,978) | - | (1,716,166)
| At 31 March 2025 | 10,343,002 | 1,300,957 | 7,250 | 2,509,259 | 223,932 | 14,384,400
| Depreciation |  |  |  |  |  |
| At 1 April 2024 | 3,449,590 | 1,044,210 | 3,746 | 1,845,922 | 141,526 | 6,484,994
| Charge for the financial year | 300,813 | 81,670 | 1,450 | 112,707 | 16,314 | 512,954
| Disposals | (281,375) | - | - | (21,639) | - | (303,014)
| At 31 March 2025 | 3,469,028 | 1,125,880 | 5,196 | 1,936,990 | 157,840 | 6,694,934
| Net book value |  |  |  |  |  |
| At 31 March 2025 | 6,873,974 | 175,077 | 2,054 | 572,269 | 66,092 | 7,689,466
| At 31 March Unaudited 2024 | 8,502,037 | 186,010 | 3,504 | 525,005 | 23,862 | 9,240,418
Page 20

DART MARINA HOTEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
14. | DEBTORS
|  |  |  |  | 2025 | Unaudited 2024
|  |  |  |  | £ | £
| Trade debtors | 28,192 | 35,089
| Amounts owed by directors | 29,994 | 23,475
| Other debtors | 1,573 | 1,330
| Prepayments and accrued income | 182,520 | 179,903
|  | 242,279 | 239,797
15. | CASH AND CASH EQUIVALENTS
|  |  |  |  | 2025 | Unaudited 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 533,664 | 61,751
| Less: bank overdrafts | - | (259,850)
|  | 533,664 | (198,099)
16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|  |  |  |  | 2025 | Unaudited 2024
|  |  |  |  | £ | £
| Bank overdrafts | - | 259,850
| Bank loans | 359,586 | 429,177
| Trade creditors | 214,923 | 246,762
| Amounts owed to related parties | 2,119,533 | 2,128,349
| Corporation tax | 171,130 | 62,926
| Taxation and social security | 44,035 | 32,491
| Other creditors | 1,685 | 209
| Accruals and deferred income | 488,323 | 368,544
|  | 3,399,215 | 3,528,308
| The terms and conditions of the loans are disclosed in Note 18.
Page 21
DART MARINA HOTEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
|  |  |  |  | 2025 | Unaudited 2024
|  |  |  |  | £ | £
| Bank loans | 1,244,242 | 2,366,319
| The terms and conditions of the loans are disclosed in Note 18.
18. | LOANS
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2025 | Unaudited 2024
|  |  |  |  | £ | £
| AMOUNTS FALLING DUE WITHIN ONE YEAR |  |
| Bank loans | 359,586 | 429,177
|  | 359,586 | 429,177
| AMOUNTS FALLING DUE 1-2 YEARS |  |
| Bank loans | 342,215 | 456,098
| AMOUNTS FALLING DUE 2-5 YEARS |  |
| Bank loans | 885,859 | 1,503,724
| AMOUNTS FALLING DUE AFTER MORE THAN 5 YEARS |  |
| Bank loans | 16,168 | 406,497
|  | 1,603,828 | 2,795,496
| One bank loan is repayable in monthly installments of £14,828 at an interest rate of 4.085%. A second bank loan is repayable in monthly installments representing principal and interest. These repayments are made at an interest rate of base rate plus 2.16%. A lump sum repayment was made in year.
Page 22
DART MARINA HOTEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
19. | DEFERRED TAXATION
|  | 2025
|  | £
| At beginning of year | (180,076)
| Charged to profit or loss | (40,268)
| AT END OF YEAR | (220,344)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | Unaudited 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | 220,344 | 180,631
| Short term timing differences | - | (555)
|  | 220,344 | 180,076
20. | SHARE CAPITAL
|  |  |  |  | 2025 | Unaudited 2024
|  |  |  |  | £ | £
|  | ALLOTTED, CALLED UP AND FULLY PAID |  |
|  | 751,000 (2024: 751,000) Ordinary shares of £1.00 each | 751,000 | 751,000
21. | RESERVES
Profit and loss account Includes all current and prior period retained profits and losses. All are considered distributable.
22. | CAPITAL COMMITMENTS
| At 31 March 2025 the company had capital commitments as follows:
|  |  |  |  | 2025 | Unaudited 2024
|  |  |  |  | £ | £
| Contracted for but not provided in these financial statements | 34,735 | -
|  | 34,735 | -
Page 23
DART MARINA HOTEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
23. | PENSION COMMITMENTS
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 £30,382 (2024: £25,557). Contributions totaling £Nil (2024: £4,438) were payable to the fund at the reporting date and are included in creditors.
24. | RELATED PARTY TRANSACTIONS
| At the year end there was a balance of £2,119,208 (2024: £2,128,024) owed to a company with a common shareholder. The balance is non-interest bearing and repayable on demand. At the year end there was a balance of £325 (2024: £325) owed to a company with a common shareholder. The balance is non-interest bearing and repayable on demand. 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 £1,050,000 (2024: £nil) was drawn down from this facility and interest accrued on these amounts of £18,889 (2024: £nil) with the full amount repaid within the year. The loan facility had a 12 month repayment from the date of issue with an interest rate of 3%. During the year a director received advances of £69,855 and made repayments of £55,478. At the year end the company was owed £29,994 by a director (2024: £23,475). This advance is repayable on demand and at an interest rate of 2.25%. Key management personnel All directors who have authority and responsibility for planning, directing and controlling the activities of the company are considered to be key management personnel. Total compensation in respect to these individuals is detailed in Note 8.
25. | POST BALANCE SHEET EVENTS
A new loan facility was agreed with the company under common control in February 2025 for a maximum drawdown of NZ$5,000,000. No drawdowns had occurred before the year end. Up to the date of signing, there have been drawdowns amounting to £1,150,000.
26. | CONTROLLING PARTY
There is no ultimate controlling party.
Page 24