FOR THE YEAR ENDED 31 MARCH 2025
DART MARINA HOTEL LIMITED
COMPANY INFORMATION
DART MARINA HOTEL LIMITED
CONTENTS
DART MARINA HOTEL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
Dart Marina Hotel Limited continues to operate within the leisure industry.
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.
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.
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.
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.
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DART MARINA HOTEL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
This report was approved by the board and signed on its behalf.
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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.
The profit for the year, after taxation, amounted to £134,122 (2024: loss £2,566).
No dividend is recommended.
The directors who served during the year were:
Disclosed in the strategic report.
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.
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.
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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.
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DART MARINA HOTEL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DART MARINA HOTEL LIMITED
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).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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DART MARINA HOTEL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DART MARINA HOTEL LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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DART MARINA HOTEL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DART MARINA HOTEL LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙We have considered the nature of the industry and sector, control environment, 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.
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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.
The financial statements of Dart Marina Hotel Limited present comparatives which are unaudited and relate to the year ended 31 March 2024.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
Salt Quay House
4 North East Quay
Sutton Harbour
PL4 0BN
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DART MARINA HOTEL LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2025
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DART MARINA HOTEL LIMITED
REGISTERED NUMBER:00879909
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 12 to 24 form part of these financial statements.
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DART MARINA HOTEL LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
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DART MARINA HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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
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:
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:
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.
Functional and presentation currency
Transactions and balances
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DART MARINA HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.ACCOUNTING POLICIES (CONTINUED)
Revenue comprises income from the provision of accommodation, food and beverages, and ancillary services.
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DART MARINA HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.ACCOUNTING POLICIES (CONTINUED)
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:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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DART MARINA HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.ACCOUNTING POLICIES (CONTINUED)
Short term debtors are measured at transaction price, less any impairment.
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.
Depreciation period for fixed assets
Depreciation is estimated, based upon the estimated useful economic life and residual value of assets.
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DART MARINA HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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DART MARINA HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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DART MARINA HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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DART MARINA HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
11.TAXATION (CONTINUED)
There were no factors that may affect future tax charges.
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