ACCOUNTS - Final Accounts preparation

Auditors' remuneration

During the year, the company obtained the following services from the company's auditors:

Registered number: 00923416

NORFOLK BROADS DIRECT LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

NORFOLK BROADS DIRECT LIMITED

COMPANY INFORMATION

Directors	R M Knight
	G Munford
	P J Richardson
	S J Walker
	M E Wilkinson


Registered number	00923416


Registered office	Loynes House
	The Bridge
	Wroxham
	Norfolk
	NR12 8RX


Independent auditors	BW Audit Ltd
	Chartered Accountants & Statutory Auditors
	Berry & Warren
	54 Thorpe Road
	Norwich
	NR1 1RY

NORFOLK BROADS DIRECT LIMITED

CONTENTS

	Page
Strategic Report	1 - 2
Directors' Report	3 - 4
Independent Auditors' Report	5 - 8
Statement of Income and Retained Earnings	9
Statement of Financial Position	10
Notes to the Financial Statements	11 - 26

NORFOLK BROADS DIRECT LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2025

Introduction

The directors present their Strategic Report for the year ended 31 March 2025.

The principal activities of the company are those of boat hirers, boat builders, inland navigation, marina operators and allied activities.

Business review

As expected, the 2024/25 season presented significant challenges – showing a continued decline on the high point experienced during 2022/23 following the pandemic. The cold and wet weather along with the almost permanently high-water levels affecting operations at the start of the season, delayed customer commitment, and left the business more reliant on last-minute bookings - which tend to be weather-dependent and are subject to demands for discounts based on customer knowledge of availability across the industry.

Rising costs were also a key feature of the year, with wages and Broads navigation charges in particular rising well above inflation. With the rising cost of living also affecting consumer spending capacity, the outcome for 2025 was reduced turnover and increased costs compared to 2024, resulting in a reduced bottom line. However, this was anticipated and planned for at the start of the year.

The Directors expect FY 2026 to be challenging but steady – calendar year 2025 started off with good weather which continued throughout the season and improved the advance holidays bookings. The budget announcements created uncertainty in economic activity and going into July & August our focus was on the level last minute bookings as well as visitor numbers for day boats and passenger boat trips, which saw performance in line with budget despite these challenges.

These patterns seem to reflect the wider experience of other holiday businesses in the Broads and beyond, but regional tourism data indicates that Norfolk Broads Direct continues to punch above its weight; we believe that this reflects the company’s proactive marketing strategies, efficient business practices and excellent customer service.

The Directors continue to be confident that their strategy will ensure the future growth of the business.

The directors view turnover and profit before tax as the company's key performance indicators.

     2025     2024
Turnover:    £4,362,574 £4,689,496
Profit before tax:   £775,465 £1,019,700

The directors are pleased with the results for the year and consider the financial position of the company at the year end to be satisfactory.

Page 1

NORFOLK BROADS DIRECT LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Principal risks and uncertainties

The directors have taken steps to ensure the day-to-day risks which face the company, such as commercial risks, are managed comprehensively. To do this the management and board review financial performance which will alert them to adverse developments in trading performance and cash management. The company continues to rely on the domestic holiday market and its continued growth depends on the future disposable income of its customers.

The principal risks facing the company include:

Economic risk
The level of tourism activity is largely linked to the general performance of the economy. A cyclical downturn can lead to uncertainty and lower levels of disposable income of the general public, which in turn affects the number and type of holidays taken.

Loss of key staff
Failure to retain key staff can adversely affect any business. Short lines of communication are maintained between the directors and key staff to mitigate the risk.

Liquidity risk
The company's cash balances and short term deposits are held in such a way that enables the correct balance of access to working capital and a competitive rate of interest to be achieved. Working capital requirements are constantly monitored and there is a sufficient resource within the group should any additional working capital be required. As such, the directors do not consider there to be a significant liquidity risk.

Credit risk
Although the company has large numbers of small customers, the directors believe that credit risk is mitigated by the fact that customers are required to pay before taking the holiday.

Operational health and safety
Failure to maintain a trained workforce could adversely affect the company, and therefore health and safety is reviewed on a regular basis.

This report was approved by the board and signed on its behalf.

G Munford

Director

Date: 18 December 2025

Page 2

NORFOLK BROADS DIRECT 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.

Results and dividends

The profit for the year, after taxation, amounted to £571,235 (2024 - £738,353).

Dividends paid in the year amounted to £Nil (2024 - £400,000).

Directors

The directors who served during the year were:

H I Funnell (resigned 22 August 2025)

L E Funnell (resigned 22 August 2025)

J L Knight (resigned 2 September 2024)

R M Knight

S J Walker (resigned 22 August 2025, reappointed 15 October 2025)

Qualifying third-party indemnity provisions

The company has maintained throughout the year Directors‘ and officers' liability insurance for the benefit of the company, the directors and its officers. The company has entered into qualifying third party indemnity arrangements for the benefit of all its directors in a form and scope which comply with the requirements of the Companies Act 2006 and which were in force throughout the year and remain in force.

Matters covered in the Strategic Report

In accordance with section 414C (11) of the Companies Act 2006, information on exposure to risks and future developments is covered in the strategic report.

Post balance sheet events

On 22 August 2025 the shares in the parent company, Norfolk Broads Holdings Limited, were sold by Craft Leisure Limited to Broads Ventures Limited.

Page 3

NORFOLK BROADS DIRECT LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Directors' responsibilities statement

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 judgments 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 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.

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.

This report was approved by the board and signed on its behalf.

G Munford

Director

Date: 18 December 2025

Page 4

NORFOLK BROADS DIRECT LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORFOLK BROADS DIRECT LIMITED

Opinion

We have audited the financial statements of Norfolk Broads Direct Limited (the 'company') for the year ended 31 March 2025, which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position 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

NORFOLK BROADS DIRECT LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORFOLK BROADS DIRECT 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 set out on page 4, 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

NORFOLK BROADS DIRECT LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORFOLK BROADS DIRECT 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 objectives of our audit in respect of fraud are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both the management and those charged with governance of the group.

Due to the field in which the company operates, we identified the areas most likely to have a direct material impact on the financial statements as compliance with UK tax legislation, UK accounting standards and the Companies Act 2006. In addition, we considered the provisions of other laws and regulations which, whilst not having a direct impact on the financial statements, are fundamental to the company's ability to operate including health and safety, Broads Authority regulations, employment law and GDPR.

Our approach to identifying and assessing the risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, included the following:

∙Enquiries with management about any known or suspected instances of non-compliance with laws and regulations including issues with the Broads Authority, accidents in the workplace, potential litigation or claims and fraud;

∙Reviewing legal and professional fees for indicators of litigation;

∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

∙Assessing the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance;

∙Challenging assumptions and judgements made by management in their significant accounting estimates, in particular in relation to the depreciation of tangible fixed assets;

∙Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness and evaluating the business rationale of significant transactions outside the normal course of business.

Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

Page 7

NORFOLK BROADS DIRECT LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORFOLK BROADS DIRECT LIMITED (CONTINUED)

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.

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.

Joanne Fox BA FCA (Senior Statutory Auditor)

for and on behalf of

BW Audit Ltd

Chartered Accountants

Statutory Auditors

Berry & Warren

54 Thorpe Road

Norwich

NR1 1RY

18 December 2025

Page 8

NORFOLK BROADS DIRECT LIMITED

STATEMENT OF INCOME AND RETAINED EARNINGS

FOR THE YEAR ENDED 31 MARCH 2025

	2025	2024
Note	£	£


Turnover	4	4,362,574	4,689,496
Cost of sales		(2,242,183)	(2,339,135)
Gross profit		2,120,391	2,350,361
Administrative expenses		(1,432,540)	(1,401,872)
Other operating income	5	59,876	57,595
Gain from changes in fair value of investment property		-	(30,000)
Operating profit		747,727	976,084
Interest receivable and similar income		30,408	43,616
Interest payable and similar expenses		(2,670)	-
Profit before tax		775,465	1,019,700
Tax on profit	9	(204,230)	(281,347)
Profit after tax		571,235	738,353



Retained earnings at the beginning of the year	8,684,191	8,345,838
Profit for the year	571,235	738,353
Dividends declared and paid	-	(400,000)
Retained earnings at the end of the year	9,255,426	8,684,191

The notes on pages 11 to 26 form part of these financial statements.

Page 9

NORFOLK BROADS DIRECT LIMITED

REGISTERED NUMBER: 00923416

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	11		8,007,793		8,176,963
Investments			3		3
Investment property	13		430,000		430,000
			8,437,796		8,606,966
Current assets
Stocks	14	16,620		16,266
Debtors: amounts falling due within one year	15	2,603,155		1,843,803
Cash at bank and in hand	16	559,089		1,115,673
		3,178,864		2,975,742
Creditors: amounts falling due within one year	17	(1,395,946)		(1,826,326)
Net current assets			1,782,918		1,149,416
Total assets less current liabilities			10,220,714		9,756,382
Provisions for liabilities
Deferred tax	18	(955,288)		(1,062,191)
			(955,288)		(1,062,191)
Net assets			9,265,426		8,694,191

Capital and reserves
Called up share capital	19	10,000	10,000
Profit and loss account	20	9,255,426	8,684,191
		9,265,426	8,694,191

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

G Munford

Director

Date: 18 December 2025

The notes on pages 11 to 26 form part of these financial statements.

Page 10

NORFOLK BROADS DIRECT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1.	General information

Norfolk Broads Direct Limited is a private company, limited by shares, registered in England and Wales, registration number 00923416. The registered office is Loynes House, The Bridge, Wroxham, Norfolk, NR12 8RX.

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 following principal accounting policies have been applied:

2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

∙the requirements of Section 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);

∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Craft Leisure Limited as at 31 March 2025 and these financial statements may be obtained from Companies House.

2.3

Going concern

The company continues to trade at healthy levels despite the challenges posed by the economy.

The directors have prepared forecasts for the future and taken into consideration the financial strength of the company and the wider group, alongside recent management information and future bookings.

Based on the above and the cash position at the date of signing the accounts, the directors believe it is appropriate to continue to prepare the financial statements on a going concern basis.

Page 11

NORFOLK BROADS DIRECT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.4

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:

∙the company has transferred the significant risks and rewards of ownership to the buyer;

∙the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of turnover can be measured reliably;

∙it is probable that the company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from hire of boats and properties is recognised in the period in which the services are provided.

2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.7

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 12

NORFOLK BROADS DIRECT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.8

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.

2.9

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.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis:.

Freehold property	-	2-7% on cost
Motor launches	-	5% on cost
Motor vehicles	-	20% reducing balance
Fixtures and fittings	-	15% reducing balance
Motor launches under construction	-	5% on cost from when asset is brought into use

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.

Page 13

NORFOLK BROADS DIRECT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.10

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

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 95 days from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

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

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

Page 14

NORFOLK BROADS DIRECT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.17

Financial instruments

Basic 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 to related parties and investments in ordinary shares.

2.18

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

The directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. These estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

The judgements, estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

Depreciation of tangible fixed assets
An allowance for depreciation is made against tangible fixed assets and charged to the Statement of income and retained earnings over the useful economic lives of the assets. The useful economic life assessment of an asset is based on the time in which benefits of the asset are realised to the company and are amended when necessary to reflect technological advancement, future investments and the physical condition of the assets.

Investment property valuations
The company carries investment property at fair value, with changes being recognised In the Statement of income and retained earnings. The valuation of the company's properties is inherently subjective due to, among other factors, the individual nature of each property, its location and the expected future revenues from that particular property. As a result. the valuations are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate.

Page 15

NORFOLK BROADS DIRECT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Turnover

The whole of the turnover is attributable to the principal activities of the company and arose within the United Kingdom.

5.	Other operating income
		2025	2024
		£	£

Net rents receivable	59,876	55,095
Government grants receivable	-	2,500
	59,876	57,595

Government grants receivable in 2024 comprise of grants receivable from central government under the flood recovery framework.

Fees payable to the company's auditors for the audit of the company's financial statements

10,000

9,000

Page 16

NORFOLK BROADS DIRECT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Wages and salaries	1,406,462	1,444,549
Social security costs	126,793	126,242
Cost of defined contribution scheme	24,887	23,477
	1,558,142	1,594,268

The average monthly number of employees, including the directors, during the year was as follows:

	2025	2024
	No.	No.

Selling and production	51	55
Administration	3	3

	54	58

8.	Directors' remuneration
		2025	2024
		£	£

Directors' emoluments	213,864	307,276
Company contributions to defined contribution pension schemes	3,522	3,742
	217,386	311,018

	During the year retirement benefits were accruing to 3 directors (2024 - 3) in respect of defined contribution pension schemes.
	The highest paid director received remuneration of £78,994 (2024 - £112,363).
	The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,321 (2024 - £1,321).

Page 17

NORFOLK BROADS DIRECT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Corporation tax
Current tax on profits for the year	311,201	311,312
Adjustments in respect of previous periods	(68)	-
	311,133	311,312

Total current tax	311,133	311,312

Deferred tax
Origination and reversal of timing differences	(106,903)	(29,965)
Total deferred tax	(106,903)	(29,965)


	Tax on profit	204,230	281,347

Page 18

NORFOLK BROADS DIRECT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

9.Taxation (continued)

Profit on ordinary activities before tax

775,465

1,019,700

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	193,866	254,925
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	5,345	9,587
Adjustments to tax charge in respect of prior periods	(68)	-
Other tax adjustments, reliefs and transfers	(6,518)	7,999
Fixed asset differences	11,605	10,456
Group relief	-	(1,620)
Total tax charge for the year	204,230	281,347

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

10.	Dividends
		2025	2024
		£	£

	Ordinary A shares	-	400,000
		-	400,000

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NORFOLK BROADS DIRECT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

11.	Tangible fixed assets

	Freehold property	Motor launches	Motor vehicles	Fixtures and fittings	Motor launches being built	Total
	£	£	£	£	£	£
Cost or valuation
At 1 April 2024	4,909,486	7,577,004	286,317	761,267	25,000	13,559,074
Additions	310,487	19,000	-	12,345	-	341,832
Disposals	-	(58,087)	(33,318)	-	-	(91,405)
Transfers between classes	-	25,000	-	-	(25,000)	-
At 31 March 2025	5,219,973	7,562,917	252,999	773,612	-	13,809,501
Depreciation
At 1 April 2024	683,121	4,003,133	130,596	565,261	-	5,382,111
Charge for the year on owned assets	53,978	378,406	31,027	31,076	-	494,487
Disposals	-	(47,277)	(27,613)	-	-	(74,890)
At 31 March 2025	737,099	4,334,262	134,010	596,337	-	5,801,708
Net book value
At 31 March 2025	4,482,874	3,228,655	118,989	177,275	-	8,007,793
At 31 March 2024	4,226,365	3,573,871	155,721	196,006	25,000	8,176,963

Included within the cost of freehold property is freehold land which is not subject to depreciation of £2,590,788 (2024 - £2,590,788).

Page 20

NORFOLK BROADS DIRECT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

12.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 April 2024	3
	At 31 March 2025	3

	Net book value
	At 31 March 2025	3
	At 31 March 2024	3

Subsidiary undertakings
The following were subsidiary undertakings of the company:
Name	Registered office	Class of shares	Holding

Broads Tours Limited	As company	Ordinary	100%
Norfolk Broads Holidays Direct Limited	As company	Ordinary	100%
Norfolk Broads Direct Agency Limited	As company	Ordinary	100%

Page 21

NORFOLK BROADS DIRECT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

13.	Investment property

		Freehold investment property
		£
	Valuation
	At 1 April 2024	430,000
	At 31 March 2025	430,000

The 2025 valuations were made by the Directors, on an open market value for existing use basis.

If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
	2025	2024
	£	£

	Historic cost	188,969	188,969
		188,969	188,969

Page 22

NORFOLK BROADS DIRECT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

14.	Stocks
		2025	2024
		£	£

Raw materials and consumables	16,620	16,266
	16,620	16,266

15.

Debtors

					2025	2024
					£	£


Trade debtors	15,019	6,091
Amounts owed by group undertakings	2,118,051	1,448,051
Other debtors	338,995	341,312
Prepayments and accrued income	131,090	48,349
	2,603,155	1,843,803

16.	Cash and cash equivalents
		2025	2024
		£	£

Cash at bank and in hand	559,089	1,115,673
Less: bank overdrafts	-	(393,565)
	559,089	722,108

Page 23

NORFOLK BROADS DIRECT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

17.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Bank overdrafts	-	393,565
Trade creditors	151,290	167,494
Amounts owed to group undertakings	-	3
Corporation tax	164,943	201,568
Other taxation and social security	73,863	142,356
Other creditors	4,457	8,602
Accruals and deferred income	1,001,393	912,738
	1,395,946	1,826,326

The bank overdraft was secured by charges over the assets of the group.

18.	Deferred taxation

		2025
		£

	At beginning of year	1,062,191
	Utilised in year	(106,903)
	At end of year	955,288

The provision for deferred taxation is made up as follows:
	2025	2024
	£	£

Accelerated capital allowances	942,641	1,049,967
Capital gains	13,082	13,082
Other timing differences	(435)	(858)
	955,288	1,062,191

Page 24

NORFOLK BROADS DIRECT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

19.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

9,000 (2024 - 9,000) Ordinary A shares of £1.00 each	9,000	9,000
1,000 (2024 - 1,000) Ordinary B shares of £1.00 each	1,000	1,000

	10,000	10,000

The Ordinary "A" shares carry full voting rights and rights to dividends. Ordinary "A" shares and Ordinary "B" shares rank pari passu in all respects save that Ordinary "B" shares carry no voting rights or rights to dividends, and upon winding up, liquidation or other reconstruction scheme are entitled to one pence per share and no further distribution of capital thereafter.

20.

Reserves

Profit and loss account

This balance represents all current and prior period retained profits and losses as well as other gains and losses recognised within other comprehensive income.

	Contracted for but not provided in these financial statements	-	19,000
		-	19,000

The capital commitments in 2024 relate to the outstanding balance for a new day boat that was under construction and subsequently completed during the financial year.

22.	Pension commitments

The company operates a defined contribution 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 £24,887 (2024 - £23,477). Contributions totalling £4,066 (2024 - £8,009) were payable to the fund at the reporting date and are included in creditors.

Page 25

NORFOLK BROADS DIRECT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

23.Guarantees and other financial commitments

On 3 December 2019, the company entered into an unlimited cross-guarantee in respect of the group's bank borrowings. At 31 March 2025, the amount of borrowings in respect of this arrangement amounted to £2,965,757 (2024 - £3,768,409).

24.

Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 not to disclose related party transactions with wholly owned subsidiaries within the group.

At the year end directors owed £338,995 to the company (2024 - £341,312) which is repayable on demand.

During the year the company made sales totalling £50,475 (2024 - £54,119), and purchases totalling £6,038 (2024 - £6,931) with LEF Trading Limited, a company under the control of L Funnell. A balance of £Nil (2024 - £43) was owed to the company at 31 March 2025.

During the year the company made sales totalling £1,894 (2024 - £Nil) to ACR Leisure Limited, a company under the control of L Funnell. A balance of £Nil (2024 - £Nil) was owed to the company at 31 March 2025.

25.	Post balance sheet events

Since the year end the ultimate parent company, Craft Leisure Limited sold their entire share capital holding in Norfolk Broads Holdings Limited on 22 August 2025 to Broads Ventures Limited.

26.	Controlling party

Norfolk Broads Holdings Limited, a company incorporated in England, is the immediate parent company.

At the year end the ultimate parent company was Craft Leisure Limited through their ownership of the entire share capital of the Norfolk Broads Holdings Limited. Consolidated financial statements for the group can be obtained from Companies House.

Craft Leisure Limited is jointly controlled by Mr L Funnell and Mrs H Funnell by virtue of their majority shareholding.

Page 26