REGISTERED NUMBER: 10769363 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

FOR

NAZEING MARINA VILLAGE LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Lumbro Corporate Services Limited

Mr M Giraud

REGISTERED OFFICE:

27 Emperor's Gate

London

SW7 4HS

REGISTERED NUMBER:

10769363 (England and Wales)

ADMINISTRATIVE OFFICE:

Standard Bank Offshore Trust Company

Jersey Limited

Standard Bank House

47 - 49 La Motte Street

St Helier

JE2 4SZ

Jersey

NON-CURRENT ASSETS

Option

3

1

1

CURRENT ASSETS

Trade and other receivables

4

309,939

247,478

Cash at bank

5

13,910

4,072

323,849

251,550

CREDITORS

Amounts falling due within one year

6

(3,014,913

)

(2,694,247

)

NET CURRENT LIABILITIES

(2,691,064

)

(2,442,697

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(2,691,063

)

(2,442,696

)

CAPITAL AND RESERVES

Share capital

8

1

1

Retained earnings

(2,691,064

)

(2,442,697

)

SHAREHOLDERS' FUNDS

(2,691,063

)

(2,442,696

)

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 5 April 2025.

The members have not required the Company to obtain an audit of its financial statements for the year ended 5 April 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the Company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the Company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the Company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Investment Comprehensive Income has not been delivered.

The financial statements on pages 3 to 13 were approved by the directors on the Board of Directors and authorised for issue on 10 December 2025 and were signed on its behalf by:

Lumbro Corporate Services Limited - Director

Mr M Giraud - Director

1.	ACCOUNTING POLICIES

Summary of significant accounting policies

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

Basis for preparation

The financial statements have been prepared under the assumption that the Company operated on a going concern basis.

These Financial Statements have been prepared in accordance with the 'International Financial Reporting Standard for Small and Medium-sized Entities' (IFRS for SMEs). The financial statements have been prepared under the historical cost convention.

The preparation of financial statements in conformity with the IFRS for SMEs requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Company's accounting policies. The significant areas involving a higher degree of judgement or complexity, or areas where assumptions and estimations is investment property. In determining the fair value, the valuer referred to current market conditions and recent sales transactions of similar properties.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Options

The options are stated at cost less impairment.

Loans and receivables

Trade receivables, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment. A provision for impairment is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the loans and receivables.

Equity, reserves and dividend payments

Ordinary shares are classified as equity.

Share premium includes any premiums received on issue of share capital.

Property fair value reserves - comprise changes in fair value of investment properties.

Retained earnings include all current and prior period retained profits.

All transactions with owners of the parent are recorded separately within equity.

Dividend distributions payable to equity shareholders are included in other liabilities when the dividends have been approved in a general meeting prior to the reporting date.

Expenses

Expenses are accounted for on an accruals basis.

Current and deferred tax

The income tax expense or credit for the period is the tax payable on the current period's taxable income based on the applicable income tax rate, adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unusued tax losses.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses.

Deferred tax assets are recognised only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses.

Current and deferred tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is recognised in other comprehensive income or directly in equity, respectively.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2024 - NIL).

3.

OPTION

2025

2024

GBP

GBP

Opening balance at 6 April

1

944,463

Impairment loss - option termination (b)

-

(1,126,691

)

Adjustment - Termination of property service agreement

-

(425,000

)

Capitalised subsequent expenditure

-

182,229

Closing balance as at 5 April

1

1

The Company entered into an Option Agreement on 14 July 2017 under which it was granted an option to acquire a freehold land at Nazeing Glassworks, Nazeing New Road, Broxbourne EN10 6SU.

On 28 September 2023, the directors of the Company decided to exercise the Company's Termination Right as they concluded that the chances of obtaining a planning permission were not reasonable. A written notice was served on Supanova Holdings Limited to terminate the Option Agreement. On basis that the planning permission for the residential projectwill not be granted, an impairment has been recognised in full. (note 15).

4.	TRADE AND OTHER RECEIVABLES

2025

2024

£

£

Trade debtors

259,939

247,478

Russell Cooke - deposit for court fees

50,000

-

309,939

247,478

5.	CASH AT BANK

2025

2024

£

£

Standard Bank Jersey Limited

13,910

4,072

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts (see note 7)

2,372,020

2,073,250

Accruals and deferred income

15,166

23,155

Accrued expenses

202,727

172,842

Promoter termination fees (a)

425,000

425,000

3,014,913

2,694,247

(a) On 21 December 2017, the Company entered into a Property Services Agreement with Landvest Nazeing Projects Limited. The total fee payable by the Company would be GBP 850,000. On 7 October 2021, the agreement was terminated and on 5 November 2021, the Company made a payment of GBP 425,000 in respect of the fee, which was recognized in the profit an loss in year 2023. A request has been made for Landvest Nazeing Projects Limited to withdraw its claims for the balance of GBP 425,000. No formal confirmation for withdrawal has been received and therefore the amount continues to be shown as a payable.

7.

LOANS

An analysis of the maturity of loans is given below:

2025

2024

£

£

Amounts falling due within one year or on demand:

i) West Thurrock Property Limited

1,395,750

1,395,750

ii) West Thurrock Property Limited

976,270

677,500

2,372,020

2,073,250

i) Interest bearing at 4.75% p.a above one month base rate, unsecured and repayable on demand. After the year end, the Director of West Thurrock Property Limited has approved to convert the interest bearing loan to interest free with effect from 3 June 2025.

ii) Interest free, unsecured and repayable on demand

8.	SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

1

Ordinary shares

£1 each

1

1

9.	LOSS IS ATTRIBUTABLE TO:

2025

2024

GBP

GBP

Loss is attributable to:

Owner of the parent

(248,367

)

(1,391,216

)

Non-controlling interests

-

-

(248,367

)

(1,391,216

)

Total comprehensive (loss)/income attributable to:

Owners of the parent

(248,367

)

(1,391,216

)

Non-controlling interests

-

-

(248,367

)

(1,391,216

)

10.	ULTIMATE CONTROLLING PARTY

The immediate controlling party is West Thurrock Property Limited. As from 26 April 2023, the ultimate

controlling parties are Standard Bank Offshore Trust Company Jersey Limited as trustee of The NS Bare Trust and FairfieldPropertyLimited.

11.	NEGATIVE EQUITY

The shareholder, West Thurrock Limited has agreed to provide the Company with financial support to enable it to meet its debts as they become due in the normal course of business.

12.	LITIGATION

(a) OptionAgreement

The Company entered into an Option Agreement on 14 July 2017 with Supanova Holdings Limited under which it was granted an option to acquire a freehold land at Nazeing Glassworks, Nazeing New Road, Broxbourne EN10 6SU. On 07 October 2021, the Company exercised the Option and paid the sum of £540,000 (inclusive of VAT) and a further sum of £300,000. The sums paid were by way of deposit.

On 28 September 2023, a written notice was served to terminate the Agreement and the Company has made a request for the repayment of the deposit. Supanova Holdings Limited's solicitors consider the notice to be in breach of the Agreement and have not agreed to return the deposits. The Company is seeking the recovery of the depositstogetherwithinterest.

(b) PropertyServicesAgreement

On 21 December 2017, the Company entered into a Property Services Agreement with Landvest Nazeing Projects Limited. The total fee payable by the Company would be GBP 850,000. On 7 October 2021, the agreement was terminated and on 5 November 2021, the Company made a payment of GBP 425,000 in respect of the fee, which was recognised in the profit and loss in year 2023.

On 9 October 2023, Landvest Nazeing Projects Limited sent the Company an invoice for GBP 425,000 plus VAT of GBP 85,000 claiming the balance of the fee. The Company has disputed this invoice and denies the balance of the fee is payable. The Company may therefore face a claim from Landvest Nazeing Projects Limited which will be contested.

13.	SUBSEQUENT EVENTS

There has been no material events since the end of the reporting period which would require disclosure or adjustment to the financial statements.