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Registered number: 03806802 HAINES MARINE LIMITED UNAUDITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 JULY 2025
HAINES MARINE LIMITED REGISTERED NUMBER: 03806802 BALANCE SHEET AS AT 31 JULY 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 46,057 |  | 57,078
Investments | 5 |  | 905,960 |  | 905,960
Investment property | 6 |  | 148,728 |  | 148,728
|  |  | 1,100,745 |  | 1,111,766
Current assets |  |  |  |  |
Stocks |  | 482,828 |  | 299,186 |
Debtors: amounts falling due within one year | 7 | 4,058 |  | 182,693 |
Current asset investments | 8 | 297,860 |  | 87,311 |
Cash at bank and in hand |  | 293,170 |  | 763,494 |
|  | 1,077,916 |  | 1,332,684 |
Creditors: amounts falling due within one year | 9 | (202,289) |  | (363,866) |
Net current assets |  |  | 875,627 |  | 968,818
Total assets less current liabilities |  |  | 1,976,372 |  | 2,080,584
Provisions for liabilities |  |  |  |  |
Deferred tax |  | (7,725) |  | (10,108) |
|  |  | (7,725) |  | (10,108)
Net assets |  |  | 1,968,647 |  | 2,070,476
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 100 |  | 100
Profit and loss account |  |  | 1,968,547 |  | 2,070,376
|  |  | 1,968,647 |  | 2,070,476
Page 1
HAINES MARINE LIMITED REGISTERED NUMBER: 03806802 BALANCE SHEET (CONTINUED) AS AT 31 JULY 2025 The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 January 2026.
R C F Haines | J P Haines
Director | Director
The notes on pages 3 to 9 form part of these financial statements. Page 2
HAINES MARINE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
1. | General information
Haines Marine Limited is a private company, limited by shares, domiciled in England and Wales, registration number 03806802. The registered office is Anglia House, 6 Central Avenue, St Andrews Business Park, Thorpe St Andrew, Norwich, Norfolk, NR7 0HR. The company trades from Old Mill Works, The Street, Catfield, Great Yarmouth, Norfolk, NR29 5DH. 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 requirements and the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The following principal accounting policies have been applied:
| 2.2 | Going concern
The directors consider it appropriate to prepare the financial statements on the going concern basis. The Company will continue to focus on service, warranty and supplying parts for motor boats, moving away from boat building. The balance sheet remains strong and current funds will be more than adequate for the Company's requirements to continue to trade. The directors have considered a period of twelve months from the date of approval of the financial statements.
| 2.3 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
| 2.4 | 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. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. Depreciation is provided on the following basis:
|  |  |  | Plant and machinery | - | 15% | reducing balance
|  |  |  | Motor vehicles | - | 25% | reducing balance
|  |  |  | Fixtures and fittings | - | 15% | reducing balance
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 the Profit and Loss Account. Page 3
HAINES MARINE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 2.Accounting policies (continued)
| 2.5 | Investment property
Investment property is carried at fair value determined annually 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 the Profit and Loss Account.
| 2.6 | Valuation of investments
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and Loss Account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment. Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.
| 2.7 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Work in progress and finished goods include labour and attributable overheads. At each balance sheet 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.
| 2.8 | 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.
| 2.9 | 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 three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.10 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Basic financial assets Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs. Basic financial liabilities Basic financial liabilities, which include trade and other payables are initially measured at their transaction price after transaction costs. Page 4
HAINES MARINE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 2.Accounting policies (continued)
| 2.10 | Financial instruments (continued)
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year.
| 2.11 | 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.
| 2.12 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
| 2.13 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.14 | 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.
| 2.15 | 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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds. Page 5
HAINES MARINE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 2.Accounting policies (continued)
| 2.16 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.17 | 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.
| 2.18 | 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 balance sheet 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 balance sheet 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 balance sheet date.
3. | Employees
| The average monthly number of employees, including directors, during the year was 12 (2024 - 13).
Page 6
HAINES MARINE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
4. | Tangible fixed assets
|  | Plant and machinery | Motor vehicles | Fixtures and fittings | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 August 2024 | 110,848 | 62,664 | 17,400 | 190,912
| At 31 July 2025 | 110,848 | 62,664 | 17,400 | 190,912
| Depreciation |  |  |  |
| At 1 August 2024 | 86,180 | 38,066 | 9,588 | 133,834
| Charge for the year on owned assets | 3,700 | 6,150 | 1,171 | 11,021
| At 31 July 2025 | 89,880 | 44,216 | 10,759 | 144,855
| Net book value |  |  |  |
| At 31 July 2025 | 20,968 | 18,448 | 6,641 | 46,057
| At 31 July 2024 | 24,668 | 24,598 | 7,812 | 57,078
5. | Fixed asset investments
|  | Unlisted investments
|  | £
| Cost or valuation |
| At 1 August 2024 | 905,960
| At 31 July 2025 | 905,960
| The fixed asset investment represents the capital of the company employed in a limited liability partnership, Haines Marine Construction LLP.
Page 7
HAINES MARINE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
6. | Investment property
|  | Freehold investment property
|  | £
| Valuation |
| At 1 August 2024 | 148,728
| At 31 July 2025 | 148,728
The directors consider that the purchase price of the property represents the open market value for existing use basis as at 31 July 2025.
| 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 | 148,728 | 148,728
7. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 1,692 | 169,232
| Prepayments and accrued income | 2,366 | 10,062
| Amounts recoverable on long-term contracts | - | 3,399
|  | 4,058 | 182,693
8. | Current asset investments
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Unlisted investments | 297,860 | 87,311
Page 8
HAINES MARINE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
9. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 5,279 | 59,469
| Corporation tax | 22,998 | 80,538
| Other taxation and social security | 18,890 | 65,350
| Other creditors | 98,007 | 130,774
| Accruals and deferred income | 57,115 | 27,735
|  | 202,289 | 363,866
10. | Pension commitments
The Company operates a defined contributions 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 £12,245 (2024 - £53,223). Contributions totalling £1,143 (2024 - £1,190) were payable to the fund at the balance sheet due and are included in creditors.
Page 9