Exmouth Marina Ltd

Notes to the Financial Statements
for the Year Ended 31 March 2025

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Greendale Business Park
Woodbury Salterton
EXETER
Devon
EX5 1EW

The principal place of business is:
Exmouth Marina
Exmouth
Devon
EX8 1DU

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' including Section 1A and the Companies Act 2006. There are no material departures.

Basis of preparation

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

The functional currency of the company is considered to be pounds sterling because that is the currency of the primary economic environment in which the company operates. These figures, unless stated, have been presented in round thousands.

Group accounts not prepared

The company has taken exemption from preparing group accounts as it is included in consolidated accounts for a larger group which are drawn up as fully consolidated audited accounts which are filed at Companies House.

Going concern

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

Exmouth Marina Ltd

Notes to the Financial Statements
for the Year Ended 31 March 2025

Key sources of estimation uncertainty

In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period of which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.

Investment properties - as described within the accounting policies, investment properties are held at the balance sheet date at their current market value. The directors have made estimates surrounding the current and expected future rental yields of investment properties in order to calculate current market values. In making their assessments, the directors have sought advice from the qualified RICS surveyor that is employed by the organisation and have also sought advice from independent valuers. Both have considered the potential impact of inflationary pressures and other economic uncertainty in the UK on the portfolio of properties held, adjusting rental yields accordingly where it was felt that there was additional risk arising from the uncertainty in the economy. In assessing whether an adjustment was necessary, directors have considered the level of rent arrears since the year end (which are minimal) and the sectors that the tenants are trading in. There is no absolute certainty in respect of the valuations but the directors are satisfied that there would be no material issues. The carrying values of investment properties are £2,039,000 (2024: £2,012,000).

Turnover recognition

Turnover is recognised to the extent the company obtains the right to consideration in exchange for its performance. Turnover is measured at the fair value of the consideration received, excluding discounts, value added tax and other sales taxes or duty. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership have passed to the buyer.

Rental and mooring revenues are recognised in line with the period to which they relate.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation 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 taxable income.

Deferred tax is recognised in respect of timing differences that have originated but not reversed at the balance sheet date.

A net deferred asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Exmouth Marina Ltd

Notes to the Financial Statements
for the Year Ended 31 March 2025

Tangible assets

Tangible assets, excluding investment properties, are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation of tangible assets

Depreciation is provided at the following annual rates, with the exception of freehold land, in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is shorter.

Asset class	Depreciation method and rate
Freehold property (included in Land and Buildings)	2% on cost
Leasehold property (included in Land and Buildings)	Straight line over the life of the lease
Plant and machinery	20% on cost
Motor vehicles	20% on cost

Investment property

Investment properties are included in the Balance Sheet at their open market value. Any surplus or deficit arising from the annual revaluation is taken directly to the profit and loss account and included within other gains or losses. At every balance sheet date, an amount equal to any surplus or deficit on revaluation is transferred from retained earnings to the revaluation reserve. If an investment property is disposed then the amount included within the revaluation reserve in respect of that property is transferred into retained earnings. Deferred tax is provided on the changes to the open market value.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life. Goodwill is fully amortised.

Investments

Investments in subsidiaries are shown at cost less any provision for impairment.

Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items.

Defined contribution pension obligation

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

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

Exmouth Marina Ltd

Notes to the Financial Statements
for the Year Ended 31 March 2025

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

 Recognition and measurement
Short-term trade and other debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment ("doubtful debts") are recognised in the profit and loss account before operating profit.

Financial liabilities and equity instruments
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 net assets of the company.
 

Exmouth Marina Ltd

Notes to the Financial Statements
for the Year Ended 31 March 2025

3	Staff numbers

The average number of persons employed by the company (including directors) during the year was 7 (2024 - 10).

4	Tangible assets

	Land and buildings £ 000	Motor vehicles  £ 000	Plant and machinery  £ 000	Total £ 000
Cost or valuation
At 1 April 2024 (as restated)	4,281	-	994	5,275
Additions	-	38	13	51
At 31 March 2025	4,281	38	1,007	5,326
Depreciation
At 1 April 2024	103	-	712	815
Charge for the year	68	2	21	91
At 31 March 2025	171	2	733	906
Carrying amount
At 31 March 2025	4,110	36	274	4,420
At 31 March 2024	4,178	-	283	4,461

Included within the net book value of land and buildings above is £105,433 (2024: £141,614) in respect of freehold land and buildings and £4,004,217 (2024: £4,036,217) in respect of long leasehold land and buildings.
 

5	Investment properties

	2025  £ 000
At 1 April 2024	2,012
Fair value adjustments	27
At 31 March 2025	2,039

Investment properties are held at their fair value at the balance sheet date. The directors have assessed the fair value of the investment properties using rental yields where possible or else the current market value less expected costs to sell.

Exmouth Marina Ltd

Notes to the Financial Statements
for the Year Ended 31 March 2025

6	Investments

Subsidiaries	£ 000
Cost or valuation
At 1 April 2024	139
Provision
At 1 April 2024	139
Carrying amount
At 31 March 2025	-