REGISTERED NUMBER: 01229295 (England and Wales)

MARBLESEA LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD 1 APRIL 2024 TO 5 APRIL 2025

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Consolidated Statement of Comprehensive Income

10

Consolidated Balance Sheet

12

Company Balance Sheet

14

Consolidated Statement of Changes in Equity

16

Company Statement of Changes in Equity

17

Consolidated Cash Flow Statement

18

Notes to the Consolidated Cash Flow Statement

19

Notes to the Consolidated Financial Statements

21

DIRECTORS:

I M Aherne

E J Hill

K Boothroyde

K L Crumpler

SECRETARY:

K Boothroyde

REGISTERED OFFICE:

Bond Street

Northam

Southampton

Hampshire

SO14 5QA

REGISTERED NUMBER:

01229295 (England and Wales)

AUDITORS:

Hopper Williams & Bell Limited

Statutory Auditor

Highland House

Mayflower Close

Chandler's Ford

Eastleigh

Hampshire

SO53 4AR

The directors present their strategic report of the company and the group for the period 1 April 2024 to 5 April 2025.

PRINCIPAL ACTIVITIES AND FUTURE DEVELOPMENTS

The principal activities of the group are a holding company and hotel operation with the subsidiary company being involved in the distribution of hairdressing products. There have been no changes to the group's activities in the year under review.

REVIEW OF THE BUSINESS

The consolidated statement of comprehensive income is set out on page 10 and shows gross profit of £4,117,603 for the year under review, which represents a decrease of 0.1%. This is principally down to the decreased turnover from the hairdressing wholesale subsidiary business but is offset by growth in the hotel operation in Marblesea Limited. The directors continually seek to improve profitability in the future.

All turnover is derived from UK based sales.

The group's administrative expenses have decreased to £4,877,219, a decrease of 4%. This was principally down to decreases in wages, light and heat and motor expenses in the subsidiary company. Administrative expenses have remained consistent in the hotel business of Marblesea Limited.

The key measures of performance within the group are gross margin for both of the trading companies. Although traditional measures these enable the directors to monitor and control the group's profits and view the success of their decision making over the year. There has been an increase in overall profit margin during the period which was as a result of the product mix and planned focus on the more profitable business channels in the subsidiary hairdressing supplies business.

An interim dividend of £4.98p per share was paid on 31 March 2025. The directors recommend that no final dividend be paid.

There have been no significant changes to the company's business since the balance sheet date.

PRINCIPAL RISKS AND UNCERTAINTIES

The hospitality trade remains competitive in and around Hayling Island and has become more challenging since the balance sheet date with increases in National Living Wage costs and National Insurance. The Directors are focussing attention on more profitable functions and weddings in the coming years.

The Directors have detailed plans concerning the management of the hotel during the coming year and are seeing improvements in trade on the Island.

The supply of hairdressing products within the UK remains highly competitive and in the opinion of the directors continues to become price driven. The company continues to focus more on exclusively supplied brands and furniture, which attract a better profit margin, as well as promoting the differentiation of its superior service from its competitors.

The subsidiary hairdressing business continues to experience increases in it's cost of goods from suppliers as part of the national inflation and global market increases but these costs will be passed to customers to maintain margins.

PRINCIPAL RISKS AND UNCERTAINTIES (CONTINUED)

The Directors have detailed plans concerning the management of the subsidiary business to respond to the changes in customer buying patterns and deliver its services more efficiently, while managing wage costs and administration cost increases over the coming few years. Management will also continue to focus on the future product sales mix to further improve profit margins. This will reduce the loss in future years and then return to profitability in a leaner and more efficient structure.

The group's credit risk is primarily attributable to its trade debtors. Credit risk is managed by running robust credit control procedures while frequently and actively monitoring debt levels.

The group has mortgage facilities of £513,996 and £391,009 with Lloyds Banking Group at a rate of 2.3% above the Bank of England Base Rate. The group made use of the government backed Coronavirus Business Interruption Loan Scheme and has a balance of £174,998 at a fixed rate of 1.4% above the Bank of England Base Rate.

The group also has a borrowing facility of £900,000 with Lloyds TSB Commercial Finance at a rate of 2.4% above the Bank of England Base Rate.

The company monitors cash flow as part of its day to day control procedures and the directors ensure that appropriate facilities are available to be drawn upon as necessary.

ON BEHALF OF THE BOARD:

I M Aherne - Director

12 December 2025

The directors present their report with the financial statements of the company and the group for the period 1 April 2024 to 5 April 2025.

DIVIDENDS

An interim dividend of £4.98057 per share was paid on 31 March 2025. The directors recommend that no final dividend be paid.

The total distribution of dividends for the period ended 5 April 2025 will be £ 50,000 .

DIRECTORS

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

I M Aherne

E J Hill

K Boothroyde

K L Crumpler

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:

I M Aherne - Director

12 December 2025

Opinion

We have audited the financial statements of Marblesea Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 5 April 2025 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 5 April 2025 and of the group's loss for the period then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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. Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities even though the audit has been properly planned and performed in accordance with the ISAs (UK). The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- We obtained an understanding of the legal and regulatory frameworks that are applicable to the group, and the industry in which it operates. These include but are not limited to compliance with the Companies Act 2006, UK Generally Accepted Accounting Practice and the relevant tax compliance regulations for the group.

- We obtained an understanding of how the group is complying with these frameworks through discussions with management.

- We enquired with management whether there were any instances of non-compliance with laws and regulations or whether they had knowledge of actual or suspected fraud. These enquiries are corroborated through follow-up audit procedures including but not limited to a review of legal and professional costs and correspondence with directors.

- We assessed the susceptibility of the groups financial statements to material misstatement, including the risk of fraud and management override of controls. We designed our audit procedures to respond to this assessment, including the identification and testing of any related party transactions and the testing of journal transactions that arise from management estimates, that are determined to be of significant value or unusual in their nature.

- We assessed the appropriateness of the collective competence and capabilities of the engagement team, including consideration of the engagement team's knowledge and understanding of the industry in which the group operates in, and their practical experience through training and participation with audit engagements of a similar nature.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Gary Brown FCCA (Senior Statutory Auditor)

for and on behalf of Hopper Williams & Bell Limited

Statutory Auditor

Highland House

Mayflower Close

Chandler's Ford

Eastleigh

Hampshire

SO53 4AR

15 December 2025

TURNOVER

3

10,311,305

10,864,744

Cost of sales

(6,193,702

)

(6,741,211

)

GROSS PROFIT

4,117,603

4,123,533

Administrative expenses

(4,877,219

)

(5,075,977

)

(759,616

)

(952,444

)

Other operating income

10,500

18,156

OPERATING LOSS

5

(749,116

)

(934,288

)

Interest receivable and similar income

45,924

48,632

(703,192

)

(885,656

)

Fair value movement

-

97,850

(703,192

)

(787,806

)

Interest payable and similar expenses

6

(129,201

)

(131,689

)

LOSS BEFORE TAXATION

(832,393

)

(919,495

)

Tax on loss

7

75,175

134,286

LOSS FOR THE FINANCIAL PERIOD

(757,218

)

(785,209

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

(757,218

)

(785,209

)

Loss attributable to:

Owners of the parent

(757,218

)

(785,209

)

Total comprehensive income attributable to:

Owners of the parent

(757,218

)

(785,209

)

FIXED ASSETS

Intangible assets

10

-

131,798

Tangible assets

11

3,259,664

3,519,321

Investments

12

-

-

Investment property

13

-

290,000

3,259,664

3,941,119

CURRENT ASSETS

Stocks

14

1,736,398

1,842,708

Debtors

15

491,145

848,946

Cash at bank and in hand

300,935

235,244

2,528,478

2,926,898

CREDITORS

Amounts falling due within one year

16

(2,669,413

)

(2,585,149

)

NET CURRENT (LIABILITIES)/ASSETS

(140,935

)

341,749

TOTAL ASSETS LESS CURRENT LIABILITIES

3,118,729

4,282,868

CREDITORS

Amounts falling due after more than one year

17

(891,057

)

(1,172,803

)

PROVISIONS FOR LIABILITIES

21

-

(75,175

)

NET ASSETS

2,227,672

3,034,890

CAPITAL AND RESERVES

Called up share capital

22

10,039

10,039

Share premium

23

3,904

3,904

Retained earnings - non- distributable

23

-

190,395

Retained earnings

23

2,213,729

2,830,552

SHAREHOLDERS' FUNDS

2,227,672

3,034,890

The financial statements were approved by the Board of Directors and authorised for issue on 12 December 2025 and were signed on its behalf by:

I M Aherne - Director

K L Crumpler - Director

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

1,990,383

2,042,578

Investments

12

415,103

415,103

Investment property

13

-

290,000

2,405,486

2,747,681

CURRENT ASSETS

Stocks

14

12,262

12,531

Debtors

15

7,967

19,782

Cash at bank and in hand

17,721

24,273

37,950

56,586

CREDITORS

Amounts falling due within one year

16

(1,634,031

)

(1,654,079

)

NET CURRENT LIABILITIES

(1,596,081

)

(1,597,493

)

TOTAL ASSETS LESS CURRENT LIABILITIES

809,405

1,150,188

CREDITORS

Amounts falling due after more than one year

17

(359,574

)

(386,228

)

PROVISIONS FOR LIABILITIES

21

-

(51,000

)

NET ASSETS

449,831

712,960

CAPITAL AND RESERVES

Called up share capital

22

10,039

10,039

Share premium

23

3,904

3,904

Retained earnings - non- distributable

23

-

190,395

Retained earnings

23

435,888

508,622

SHAREHOLDERS' FUNDS

449,831

712,960

Company's loss for the financial year

(213,129

)

(304,311

)

The financial statements were approved by the Board of Directors and authorised for issue on 12 December 2025 and were signed on its behalf by:

I M Aherne - Director

K L Crumpler - Director

Retained

Called up

earnings -

share

Retained

Share

non-

Total

capital

earnings

premium

distributable

equity

£

£

£

£

£

Balance at 1 April 2023

10,039

3,657,307

3,904

198,849

3,870,099

Changes in equity

Dividends

-

(50,000

)

-

-

(50,000

)

Total comprehensive income

-

(776,755

)

-

(8,454

)

(785,209

)

Balance at 31 March 2024

10,039

2,830,552

3,904

190,395

3,034,890

Changes in equity

Dividends

-

(50,000

)

-

-

(50,000

)

Total comprehensive income

-

(566,823

)

-

(190,395

)

(757,218

)

Balance at 5 April 2025

10,039

2,213,729

3,904

-

2,227,672

Retained

Called up

earnings -

share

Retained

Share

non-

Total

capital

earnings

premium

distributable

equity

£

£

£

£

£

Balance at 1 April 2023

10,039

854,479

3,904

198,849

1,067,271

Changes in equity

Dividends

-

(50,000

)

-

-

(50,000

)

Total comprehensive income

-

(295,857

)

-

(8,454

)

(304,311

)

Balance at 31 March 2024

10,039

508,622

3,904

190,395

712,960

Changes in equity

Dividends

-

(50,000

)

-

-

(50,000

)

Total comprehensive income

-

(22,734

)

-

(190,395

)

(213,129

)

Balance at 5 April 2025

10,039

435,888

3,904

-

449,831

Cash flows from operating activities

Cash generated from operations

1

129,438

128,862

Interest paid

(117,624

)

(118,645

)

Interest element of hire purchase payments paid

(11,577

)

(13,044

)

Tax paid

45,113

-

Net cash from operating activities

45,350

(2,827

)

Cash flows from investing activities

Purchase of tangible fixed assets

(55,906

)

(45,334

)

Sale of tangible fixed assets

46,394

41,993

Sale of investment property

290,000

163,457

Interest received

45,924

48,632

Net cash from investing activities

326,412

208,748

Cash flows from financing activities

Loan repayments

(206,103

)

(201,848

)

Hire purchase repayment

(138,505

)

(197,079

)

Amount introduced by directors

50,810

44,105

Invoice discounting advance/(repayment)

37,727

152,946

Equity dividends paid

(50,000

)

(50,000

)

Net cash from financing activities

(306,071

)

(251,876

)

Increase/(decrease) in cash and cash equivalents

65,691

(45,955

)

Cash and cash equivalents at beginning of period

2

235,244

281,199

Cash and cash equivalents at end of period

2

300,935

235,244

1.	RECONCILIATION OF LOSS FOR THE FINANCIAL PERIOD TO CASH GENERATED FROM OPERATIONS

Period

1.4.24

to

Year Ended

5.4.25

31.3.24

£

£

Loss for the financial period

(757,218

)

(785,209

)

Depreciation charges

318,867

358,333

Profit on disposal of fixed assets

(22,649

)

(72,091

)

Gain on revaluation of fixed assets

-

(97,850

)

Decrease in provisions

-

(13,418

)

Impairment charge

104,749

22,708

Finance costs

129,201

131,689

Finance income

(45,924

)

(48,632

)

Taxation

(75,175

)

(134,286

)

(348,149

)

(638,756

)

Decrease in stocks

106,310

515,911

Decrease in trade and other debtors

312,688

335,319

Increase/(decrease) in trade and other creditors

58,589

(83,612

)

Cash generated from operations

129,438

128,862

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Period ended 5 April 2025

5.4.25

1.4.24

£

£

Cash and cash equivalents

300,935

235,244

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

235,244

281,199