13 01/04/2024 31/03/2025 2025-03-31 false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2024-04-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 4661601 2024-04-01 2025-03-31 4661601 2025-03-31 4661601 2024-03-31 4661601 2023-04-01 2024-03-31 4661601 2024-03-31 4661601 2023-03-31 4661601 core:NetGoodwill 2024-04-01 2025-03-31 4661601 core:PlantMachinery 2024-04-01 2025-03-31 4661601 core:FurnitureFittingsToolsEquipment 2024-04-01 2025-03-31 4661601 core:MotorVehicles 2024-04-01 2025-03-31 4661601 bus:RegisteredOffice 2024-04-01 2025-03-31 4661601 bus:LeadAgentIfApplicable 2024-04-01 2025-03-31 4661601 bus:Director1 2024-04-01 2025-03-31 4661601 bus:Director2 2024-04-01 2025-03-31 4661601 bus:CompanySecretary1 2024-04-01 2025-03-31 4661601 core:NetGoodwill 2024-03-31 4661601 core:IntangibleAssetsOtherThanGoodwill 2024-03-31 4661601 core:NetGoodwill 2025-03-31 4661601 core:IntangibleAssetsOtherThanGoodwill 2025-03-31 4661601 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 4661601 core:LandBuildings core:LongLeaseholdAssets 2024-03-31 4661601 core:PlantMachinery 2024-03-31 4661601 core:FurnitureFittingsToolsEquipment 2024-03-31 4661601 core:MotorVehicles 2024-03-31 4661601 core:LandBuildings core:OwnedOrFreeholdAssets 2025-03-31 4661601 core:LandBuildings core:LongLeaseholdAssets 2025-03-31 4661601 core:PlantMachinery 2025-03-31 4661601 core:FurnitureFittingsToolsEquipment 2025-03-31 4661601 core:MotorVehicles 2025-03-31 4661601 core:WithinOneYear 2025-03-31 4661601 core:WithinOneYear 2024-03-31 4661601 core:AfterOneYear 2025-03-31 4661601 core:AfterOneYear 2024-03-31 4661601 core:UKTax 2024-04-01 2025-03-31 4661601 core:UKTax 2023-04-01 2024-03-31 4661601 core:ShareCapital 2025-03-31 4661601 core:ShareCapital 2024-03-31 4661601 core:RetainedEarningsAccumulatedLosses 2025-03-31 4661601 core:RetainedEarningsAccumulatedLosses 2024-03-31 4661601 core:BetweenOneFiveYears 2025-03-31 4661601 core:BetweenOneFiveYears 2024-03-31 4661601 core:MoreThanFiveYears 2024-03-31 4661601 core:IntangibleAssetsOtherThanGoodwill 2024-04-01 2025-03-31 4661601 core:LandBuildings core:LongLeaseholdAssets 2024-04-01 2025-03-31 4661601 core:IntangibleAssetsOtherThanGoodwill 2024-03-31 4661601 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 4661601 core:LandBuildings core:LongLeaseholdAssets 2024-03-31 4661601 core:PlantMachinery 2024-03-31 4661601 core:FurnitureFittingsToolsEquipment 2024-03-31 4661601 core:MotorVehicles 2024-03-31 4661601 bus:Director1 2024-03-31 4661601 bus:Director2 2024-03-31 4661601 bus:Director2 2025-03-31 4661601 bus:Director1 2023-03-31 4661601 bus:Director1 2024-03-31 4661601 bus:Director2 2023-03-31 4661601 bus:Director2 2024-03-31 4661601 bus:Director1 2023-04-01 2024-03-31 4661601 bus:Director2 2023-04-01 2024-03-31 4661601 bus:SmallEntities 2024-04-01 2025-03-31 4661601 bus:AuditExempt-NoAccountantsReport 2024-04-01 2025-03-31 4661601 bus:SmallCompaniesRegimeForAccounts 2024-04-01 2025-03-31 4661601 bus:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 4661601 bus:FullAccounts 2024-04-01 2025-03-31 4661601 core:AllSubsidiaries 2025-03-31 4661601 core:AllSubsidiaries 2024-03-31 4661601 1 2024-04-01 2025-03-31
Company registration number: 4661601
Plymouth Marine Limited
Unaudited filleted financial statements
31 March 2025
Plymouth Marine Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Plymouth Marine Limited
Directors and other information

| Directors | Mr D Mallett
|  | Mr D J Mallett
| Secretary | Mr D Mallett
| Company number | 4661601
| Registered office | Plymouth Marine Centre
|  | Pomphlett Quay
|  | Billacombe Road
|  | Plymouth
|  | PL9 7HP
| Accountants | Franklins Accountants LLP
|  | Astor House
|  | 2 Alexandra Road
|  | Mutley Plain
|  | Plymouth
|  | PL4 7JR

Plymouth Marine Limited
Statement of financial position
31 March 2025

|  |  | 2025 |  |  |  | 2024 |  |
|  | Note | £ |  | £ |  | £ |  | £
Fixed assets |  |  |  |  |  |  |  |  |
Intangible assets |  | 6 | 31,727 |  |  |  | 27,587 |  |
Tangible assets |  | 7 | 1,985,960 |  |  |  | 1,726,675 |  |
|  |  | _______ |  |  |  | _______ |  |
|  |  |  |  | 2,017,687 |  |  |  | 1,754,262
Current assets |  |  |  |  |  |  |  |  |
Stocks |  |  | 1,257,609 |  |  |  | 1,392,935 |  |
Debtors |  | 8 | 198,749 |  |  |  | 130,567 |  |
Cash at bank and in hand |  |  | 177,177 |  |  |  | 138,369 |  |
|  |  | _______ |  |  |  | _______ |  |
|  |  | 1,633,535 |  |  |  | 1,661,871 |  |
Creditors: amounts falling due |  |  |  |  |  |  |  |  |
within one year |  | 9 | ( 1,177,152) |  |  |  | ( 1,617,546) |  |
|  |  | _______ |  |  |  | _______ |  |
Net current assets |  |  |  |  | 456,383 |  |  |  | 44,325
|  |  |  |  | _______ |  |  |  | _______
Total assets less current liabilities |  |  |  |  | 2,474,070 |  |  |  | 1,798,587
Creditors: amounts falling due |  |  |  |  |  |  |  |  |
after more than one year |  | 10 |  |  | ( 1,263,873) |  |  |  | ( 704,510)
Provisions for liabilities |  |  |  |  | ( 110,518) |  |  |  | ( 95,524)
|  |  |  |  | _______ |  |  |  | _______
Net assets |  |  |  |  | 1,099,679 |  |  |  | 998,553
|  |  |  |  | _______ |  |  |  | _______
Capital and reserves |  |  |  |  |  |  |  |  |
Called up share capital |  |  |  |  | 1,000 |  |  |  | 1,000
Profit and loss account |  |  |  |  | 1,098,679 |  |  |  | 997,553
|  |  |  |  | _______ |  |  |  | _______
Shareholders funds |  |  |  |  | 1,099,679 |  |  |  | 998,553
|  |  |  |  | _______ |  |  |  | _______

For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 06 February 2026 , and are signed on behalf of the board by:
Mr D Mallett
Director
Company registration number: 4661601
Plymouth Marine Limited
Notes to the financial statements
Year ended 31 March 2025
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Plymouth Marine Centre, Pomphlett Quay, Billacombe Road, Plymouth, PL9 7HP.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Goodwill | - | 20 % | straight line
| Website costs | - | Over five years

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

| Plant and machinery | - | 15 % | reducing balance
| Fittings fixtures and equipment | - | 15 % | reducing balance
| Motor vehicles | - | 25 % | reducing balance

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 13 (2024: 12 ).
5. Tax on profit
Major components of tax expense

|  |  | 2025 | 2024
|  |  | £ | £
| Current tax: |  |  |
| UK current tax expense |  | 24,809 | 67,660
|  |  | _______ | _______
| Deferred tax: |  |  |
| Origination and reversal of timing differences |  | 14,994 | ( 4,383)
|  |  | _______ | _______
| Tax on profit |  | 39,803 | 63,277
|  |  | _______ | _______

6. Intangible assets

|  | Goodwill | Other intangible assets | Total |  |  |
|  | £ | £ | £ |  |  |
| Cost |  |  |  |  |  |
| At 1 April 2024 | 60,000 | 36,165 | 96,165 |  |  |
| Additions | 7,000 | 8,508 | 15,508 |  |  |
|  | _______ | _______ | _______ |  |  |
| At 31 March 2025 | 67,000 | 44,673 | 111,673 |  |  |
|  | _______ | _______ | _______ |  |  |
| Amortisation |  |  |  |  |  |
| At 1 April 2024 | 60,000 | 8,578 | 68,578 |  |  |
| Charge for the year | - | 11,368 | 11,368 |  |  |
|  | _______ | _______ | _______ |  |  |
| At 31 March 2025 | 60,000 | 19,946 | 79,946 |  |  |
|  | _______ | _______ | _______ |  |  |
| Carrying amount |  |  |  |  |  |
| At 31 March 2025 | 7,000 | 24,727 | 31,727 |  |  |
|  | _______ | _______ | _______ |  |  |
| At 31 March 2024 | - | 27,587 | 27,587 |  |  |
|  | _______ | _______ | _______ |  |  |

7. Tangible assets

|  | Freehold property | Long leasehold property | Plant and machinery | Fixtures, fittings and equipment | Motor vehicles | Total |
|  | £ | £ | £ | £ | £ | £ |
| Cost |  |  |  |  |  |  |
| At 1 April 2024 | 212,467 | 1,358,698 | 535,450 | 92,677 | 91,629 | 2,290,921 |
| Additions | - | 226,506 | - | 11,421 | 105,780 | 343,707 |
|  | _______ | _______ | _______ | _______ | _______ | _______ |
| At 31 March 2025 | 212,467 | 1,585,204 | 535,450 | 104,098 | 197,409 | 2,634,628 |
|  | _______ | _______ | _______ | _______ | _______ | _______ |
| Depreciation |  |  |  |  |  |  |
| At 1 April 2024 | - | 104,290 | 320,749 | 51,975 | 87,231 | 564,245 |
| Charge for the year | - | 15,549 | 32,205 | 9,125 | 27,544 | 84,423 |
|  | _______ | _______ | _______ | _______ | _______ | _______ |
| At 31 March 2025 | - | 119,839 | 352,954 | 61,100 | 114,775 | 648,668 |
|  | _______ | _______ | _______ | _______ | _______ | _______ |
| Carrying amount |  |  |  |  |  |  |
| At 31 March 2025 | 212,467 | 1,465,365 | 182,496 | 42,998 | 82,634 | 1,985,960 |
|  | _______ | _______ | _______ | _______ | _______ | _______ |
| At 31 March 2024 | 212,467 | 1,254,408 | 214,701 | 40,702 | 4,398 | 1,726,676 |
|  | _______ | _______ | _______ | _______ | _______ | _______ |

8. Debtors

|  |  | 2025 | 2024
|  |  | £ | £
| Trade debtors |  | 154,631 | 110,931
| Other debtors |  | 44,118 | 19,636
|  |  | _______ | _______
|  |  | 198,749 | 130,567
|  |  | _______ | _______

9. Creditors: amounts falling due within one year

|  |  | 2025 | 2024
|  |  | £ | £
| Bank loans and overdrafts |  | 110,311 | 185,538
| Trade creditors |  | 821,262 | 954,431
| Corporation tax |  | 24,809 | 107,940
| Social security and other taxes |  | 74,317 | 124,253
| Other creditors |  | 146,453 | 245,384
|  |  | _______ | _______
|  |  | 1,177,152 | 1,617,546
|  |  | _______ | _______

10. Creditors: amounts falling due after more than one year

|  |  | 2025 | 2024
|  |  | £ | £
| Bank loans and overdrafts |  | 1,132,719 | 652,871
| Other creditors |  | 131,154 | 51,639
|  |  | _______ | _______
|  |  | 1,263,873 | 704,510
|  |  | _______ | _______

The bank loans and overdrafts are secured by fixed and floating charges over the assets of the company.
Included within creditors: amounts falling due after more than one year is an amount of £ 470,135 (2024 £ 235,596 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
11. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:

| £ | £
Not later than 1 year | 45,000 | 45,000
Later than 1 year and not later than 5 years | 180,000 | 180,000
Later than 5 years | - | 45,000
| _______ | _______
| 225,000 | 270,000
| _______ | _______

On 1st March 2005, the company entered into a 99 year lease with a break clause at the end of the 25th year. The current yearly rent is £45,000 per annum.
12. Directors advances, credits and guarantees

| During the year the directors entered into the following advances and credits with the company: |  |  |  |  |  |
2025 |  |  |  |  |  |  |
|  | Balance brought forward | Advances /(credits) to the directors | Balance o/standing |  |  |
|  | £ | £ | £ |  |  |
| Mr D Mallett | ( 2,560) | 2,560 | - |  |  |
| Mr D J Mallett | ( 11,324) | 10,731 | ( 593) |  |  |
|  | _______ | _______ | _______ |  |  |
|  | ( 13,884) | 13,291 | ( 593) |  |  |
|  | _______ | _______ | _______ |  |  |
2024 |  |  |  |  |  |  |
|  | Balance brought forward | Advances /(credits) to the directors | Balance o/standing |  |  |
|  | £ | £ | £ |  |  |
| Mr D Mallett | ( 2,494) | ( 66) | ( 2,560) |  |  |
| Mr D J Mallett | ( 3,933) | ( 7,391) | ( 11,324) |  |  |
|  | _______ | _______ | _______ |  |  |
|  | ( 6,427) | ( 7,457) | ( 13,884) |  |  |
|  | _______ | _______ | _______ |  |  |

The directors have loaned the company £593.21 at the year end date. These loans are interest free and repayable in less than one year.
13. Related party transactions
During the year the company entered into the following transactions with related parties:

|  | Transaction value |  | Balance owed by/(owed to) |
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Caversham Marine Ltd | - | - | ( 85,879) | ( 127,870)
|  | _______ | _______ | _______ | _______

The company is related to Caversham Marine Limited by having the same directors and shareholders. Funds are transferred from one to the other for cash flow purposes.
14. Controlling party
The company is under the control of Mr D Mallett by virtue of his shareholding and directorship.