Company registration number 05977712 (England and Wales)
GADBROOK HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
GADBROOK HOLDINGS LIMITED
COMPANY INFORMATION
Director
Mr A Macnaughtan
Secretary
Ms A Macnaughtan
Company number
05977712
Registered office
Suites C,D,E, & F
14th Floor The Plaza
100 Old Hall Street
Liverpool
L3 9QJ
Auditor
Mitchell Charlesworth (Audit) Limited
Suites C,D,E, & F
14th Floor The Plaza
100 Old Hall Street
Liverpool
L3 9QJ
Bankers
The Royal Bank Of Scotland plc
33 Old Broad Street
London
EC2N 1HW
GADBROOK HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1
Director's report
2 - 3
Independent auditor's report
4 - 8
Group statement of income and retained earnings
9
Group balance sheet
10 - 11
Company balance sheet
12
Group statement of cash flows
13
Notes to the financial statements
14 - 33
GADBROOK HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The director presents the strategic report for the year ended 31 December 2024.

Principal activities

The principal activity of the company is that of an investment company.

The principal activity of the group continued to be that of canal boat building and the provision of marina services.

Review of the business

Gadbrook Holdings Limited is the parent company to Collingwood Boat Builders Ltd, Orchard Marina Ltd, Park Farm Marina Ltd and Orchard Marina & Boat Builders Ltd. As shown in the group's statement of income and retained earnings, turnover has

Subsequent to the year end, the Group completed the acquisition of Scarisbrick Marina Limited on 1 May 2025

The group's key financial and other performance indicators during the year were as follows:

| £'000 | 202 4 | 202 3 | 202 2 | 202 1
Turnover |  | 10,169 | 12,058 | 14,148 | 15,407
Profit/(loss) before tax | 1,011 | (78) | 539 | 1,515
Total Equity | 8,31 3 | 7,737 | 7,827 | 7,453
Fixed Assets | 8,659 | 8,895 | 8,523 | 8,728

Principal risks and uncertainties

The principal risks and uncertainties that the company faces, through the group, have been identified as a loss of turnover in the trading companies as a result of market uncertainties. Any impact on trade could have a subsequent affect on the rents achieved in the holding company. However it is believed that the investment in the Bramley Moore dock area will see improved investment in the value of the properties.

The director of the company, as a part o the group, has considered the nature and extent of risks and uncertainties arising from the above and potential impact on the future performance and position of the company and group.

Key performance indicators

The Board uses a range of KPI's to monitor the group's performance and progress towards its strategies and objectives. The principal KPI's include sales growth, margins, working capital, total equity and current asset ratios. The group's balance sheet shows a strong position at year end with total equity of £8,31 3,307 (2023: £7,737,382).

On behalf of the board

Mr A Macnaughtan
Director
27 March 2026
GADBROOK HOLDINGS LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

The director presents his annual report and financial statements for the year ended 31 December 2024.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £36,000. The director does not recommend payment of a further dividend.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

Mr A Macnaughtan
Statement of director's responsibilities

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

United Kingdom company law requires the director to prepare financial statements for each financial year. Under that law, the director has elected to prepare the group and parent company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and parent company, and of the profit or loss of the group for that period.

In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;

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

- state whether applicable U nited K ingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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

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

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to groups and companies entitled to the exemptions of the small companies regime.

GADBROOK HOLDINGS LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
On behalf of the board
Mr A Macnaughtan
Director
27 March 2026
GADBROOK HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GADBROOK HOLDINGS LIMITED
- 4 -

Qualified opinion on financial statements

We have audited the financial statements of Gadbrook Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group statement of income and retained earnings, the group balance sheet, the company balance sheet, the group statement of cash flows and notes to the financial statements, including 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, except for the effects of the matter described in the Basis for Qualified Opinion paragraph, the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its loss 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 qualified opinion

In our audit of the Gadbrook Holdings Limited, financial statements for the year ended 31 December 2024 (and comparatives), we were unable to o btain sufficient appropriate audit evidence in relation to the valuation of properties held for investment with a carrying value of £1,717,609 within the group (£5,431,384 for the company) in line with the requirements of F inancial R eporting S tandard 102.

In the audit of Collingwood Boat Builders Limited and Orchard Marina Limited, subsidiary companies, we were unable to obtain sufficient appropriate audit evidence regarding the valuation and accuracy of work in progress (WIP) as at the year end or for its comparative balance. The company’s WIP was estimated at the year ended 31 December 2024 by the director of Gadbrook Holdings Limited. The company’s WIP was counted on 5 January 2024, and we were able to perform necessary audit procedures to verify its existence and completeness as at 31 December 2024. However, we were unable to determine and quantify, the stock values as at 31 December 2024 due to insufficient records, and were unable to satisfy ourselves by alternative means of testing. As a result of this limitation in scope, the possible effects on the financial statements are material. The company’s stock valuation as at 31 December 2024, included within its balance sheet, amounted to £1,218,000.

In the audit of the financial statements to 31 December 2024 of Orchard Marina Limited the audit report include s a limitation of scope relating to creditors’ balances payable amounting to £2,169,601. Following an extensive review process we have not been able to verify the completeness of the year end balances or the comparatives, or transactions with, with regards to cut-off and quantification.

In addition, w h ere any adjustments to the valuation of properties, work in progress or trade creditors balances were required, there would be an impact on the profit and loss, and the strategic report would also need to be amended.

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 Auditor's 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 UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

Conclusions relating to going concern

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

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

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

GADBROOK HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GADBROOK HOLDINGS LIMITED
- 5 -

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is 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.

As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the valuation of properties, valuation of work in progress in the financial statements, or the completeness of trade creditors as at 31 December 2024. We have concluded that where the other information refers to the valuation of properties, work in progress balance or trade Creditors balance or related balances such as costs, it may be materially misstated for the same reason.

Opinions on other matters prescribed by the Companies Act 2006

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

- T he information given in the strategic report and the director's r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- The strategic report and the director's report have been prepared in accordance with applicable legal requirements.

Opinions on other matters prescribed by the Companies Act 2006

Except for the matter described in the basis for qualified opinion section of our report, In our opinion, based on the work undertaken in the course of our audit:

- the information given in the strategic report and the director's r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the director's report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In respect solely of the limitation on our work relating to investment properties, stock and trade creditors, described above:

- we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and

- we were unable to determine whether adequate accounting records had been maintained.

Except for the matters described in the basis for qualified opinion section of our report, in the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the director's r eport.

Arising solely from the limitation on the scope of our work relating to investment properties, work in progress and trade creditors, referred to above:

- we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and

- we were unable to determine whether adequate accounting records have been kept.

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:

- returns adequate for our audit have not been received from branches not visited by us; or

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

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

GADBROOK HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GADBROOK HOLDINGS LIMITED
- 6 -
Responsibilities of director

As explained more fully in the director's r esponsibilities s tatement, the director is 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 director determines 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 director is responsible for assessing the group's and parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or parent company or to cease operations, or has no realistic alternative but to do so.

Auditor's 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 auditor's 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

- the nature of the industry and sector, control environment and business performance;

- the company's own assessment of the risks that irregularities may occur either as a result of fraud or error;

- the results of our enquiries of management of their own identification of and assessment of the risks of irregularities;

- any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to:

- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;

- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and

- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and

- the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud

GADBROOK HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GADBROOK HOLDINGS LIMITED
- 7 -

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:

(i) The presentation of the Statement of Comprehensive Income, (ii) the accounting policy for revenue recognition, (iii) understatement of creditors and (iv) the valuation and impairment of stock. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.

Audit response to risks identfied

O ur procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations described above as having a direct effect on the financial statements;

- enquiring of management and directors concerning actual and potential litigation and claims;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- reading minutes of board meetings and reviewing correspondence with relevant authorities where matters identified were significant;

- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Because of 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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the parent 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 parent company’s members those matters we are required to state to them in an auditor's 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

GADBROOK HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GADBROOK HOLDINGS LIMITED
- 8 -
Louise Casey (Senior Statutory Auditor)
For and on behalf of Mitchell Charlesworth (Audit) Limited, Statutory Auditor
Accountants
Suites C,D,E, & F
14th Floor The Plaza
100 Old Hall Street
Liverpool
L3 9QJ
27 March 2026
GADBROOK HOLDINGS LIMITED
GROUP STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2024
2023
as restated
Notes
£
£
Turnover
3
10,169,386
12,058,354
Cost of sales
(7,392,872)
(10,701,133)
Gross profit
2,776,514
1,357,221
Administrative expenses
(1,763,095)
(1,320,703)
Other operating income
9,687
-
0
Operating profit
4
1,023,106
36,518
Interest receivable and similar income
7
19,396
136
Interest payable and similar expenses
8
(31,856)
(114,227)
Profit/(loss) before taxation
1,010,646
(77,573)
Tax on profit/(loss)
9
(398,721)
24,401
Profit/(loss) for the financial year
611,925
(53,172)
Retained earnings brought forward as previously reported
7,737,381
7,826,553
Effect of change in accounting policy
-
-
As restated
7,737,381
7,826,553
Dividends
(36,000)
(36,000)
Retained earnings carried forward
8,313,306
7,737,381
Profit/(loss) for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
GADBROOK HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Goodwill
11
517,649
621,178
Total intangible assets
517,649
621,178
Tangible assets
12
6,019,302
6,152,094
Investment property
13
2,071,924
2,071,923
Investments
14
50,000
50,000
8,658,875
8,895,195
Current assets
Stocks
16
1,218,000
1,220,000
Debtors
17
2,977,789
2,905,982
Cash at bank and in hand
769,750
657,832
4,965,539
4,783,814
Creditors: amounts falling due within one year
18
(4,459,175)
(5,041,452)
Net current assets/(liabilities)
506,364
(257,638)
Total assets less current liabilities
9,165,239
8,637,557
Creditors: amounts falling due after more than one year
19
(695,559)
(725,558)
Provisions for liabilities
Deferred tax liability
22
156,373
174,617
(156,373)
(174,617)
Net assets
8,313,307
7,737,382
Capital and reserves
Called up share capital
25
1
1
Profit and loss reserves
8,313,306
7,737,381
Total equity
8,313,307
7,737,382
GADBROOK HOLDINGS LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 11 -

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved and signed by the director and authorised for issue on 27 March 2026
27 March 2026
Mr A Macnaughtan
Director
Company registration number 05977712 (England and Wales)
GADBROOK HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 12 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Investment property
13
5,431,385
5,431,384
Investments
14
1,100,297
1,100,297
6,531,682
6,531,681
Current assets
Debtors
17
4,013,579
3,635,596
Cash at bank and in hand
496,369
17,877
4,509,948
3,653,473
Creditors: amounts falling due within one year
18
(1,336,921)
(757,687)
Net current assets
3,173,027
2,895,786
Total assets less current liabilities
9,704,709
9,427,467
Creditors: amounts falling due after more than one year
19
(3,367)
(13,367)
Net assets
9,701,342
9,414,100
Capital and reserves
Called up share capital
25
1
1
Profit and loss reserves
9,701,341
9,414,099
Total equity
9,701,342
9,414,100

As permitted by section 408 of the Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £323,242 (2023 - £93,609 profit).

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

The financial statements were approved and signed by the director and authorised for issue on 27 March 2026
27 March 2026
Mr A Macnaughtan
Director
Company registration number 05977712 (England and Wales)
GADBROOK HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
2024
2023
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
27
553,198
(340,241)
Income taxes (paid)/refunded
(271,947)
490,191
Net cash inflow from operating activities
281,251
149,950
Investing activities
Purchase of tangible fixed assets
(40,441)
(123,663)
Purchase of investment property
-
(534,004)
Repayment of loans
(44,575)
(1,996,867)
Interest received
(604)
136
Dividends received
20,000
-
0
Net cash used in investing activities
(65,620)
(2,654,398)
Financing activities
Repayment of bank loans
(29,999)
(30,000)
Payment of finance leases obligations
(5,858)
(19,106)
Interest paid
(31,856)
(114,227)
Dividends paid to equity shareholders
(36,000)
(36,000)
Net cash used in financing activities
(103,713)
(199,333)
Net increase/(decrease) in cash and cash equivalents
111,918
(2,703,781)
Cash and cash equivalents at beginning of year
657,832
3,361,613
Cash and cash equivalents at end of year
769,750
657,832
GADBROOK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
1
Accounting policies
Company information

Gadbrook Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Suites C, D, E & F, 14th Floor The Plaza, 100 Old Hall Street, Liverpool, L3 9QJ.

The group consists of Gadbrook Holdings Limited and all of its subsidiaries.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Gadbrook Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

GADBROOK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.4
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements. The parent company continues to support the working capital of subsidiary company's.

1.5
Revenue

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
Not depreciated (see below).
Leasehold land and buildings
5% straight line
Leasehold improvements
5% straight line
Plant and machinery
10-25% reducing balance
Fixtures and fittings
25% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

The freehold land and buildings include marinas, which are mainly land. The director is maintaining the company's freehold property to a high standard, and its useful economic life and residual value based on current assessments is such that depreciation would not be material. Provision will be made in the Profit and Loss Account for any permanent diminution in value that arises.

GADBROOK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.8
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

Property rented to a group entity is accounted for as tangible fixed assets.

1.9
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.11
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is attributed to stock based upon director judgement and experience. They factor in costs, level of completion and expected revenues in their calculation.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.12
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and 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.

GADBROOK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.13
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest m ethod unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

GADBROOK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.14
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.15
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

GADBROOK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
1.16
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.17
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.18
Leases
As lessee

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

GADBROOK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Depreciation

The company depreciates tangible assets over their estimated useful lives. The estimation of the useful lives of assets is based on historic performance as well as expectations about future use and therefore requires assumptions to be applied by management. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, product life cycles and maintenance programmes. Judgement is applied by the directors when determining the residual values for plant, machinery and equipment. When determining the residual value management assesses the amount that the company would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful economic life. Where possible this is done with reference to external market prices.

Recoverability of bad debts

Bad debts are recognised where there are indicators of non-recoverability, and appropriate action has been taken to recover the debt unsuccessfully. When assessing recoverability, the directors consider factors such as the ageing of the receivables, past experience of recoverability, and the credit profile of individual groups of customers.

Where an indication of impairment exists, the directors will carry out an impairment review to determine the recoverable amount, which is the higher of fair value less cost to sell and value in use. The value in use calculation requires the directors to estimate the future cash flows expected to arise from the asset or the cash generating unit and a suitable discount rate in order to calculate present value.

Work in progress

The directors are responsible for the valuation of work in progress based on their judgement and experience. The directors assess the work in progress and consider factors such as level of completion, costs incurred and expected revenues. However, this is a highly subjective area that relies on director judgement and has no formal process or calculation. Consequently, it has been necessary to qualify this area of the accounts.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sales- arising within the UK
10,169,386
12,058,354
GADBROOK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
Turnover and other revenue
(Continued)
- 21 -
2024
2023
£
£
Other revenue
Interest income
(604)
136
Dividends received
20,000
-
Commissions received
9,687
-
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Depreciation of tangible fixed assets
173,233
182,360
Amortisation of intangible assets
103,529
103,529
Operating lease charges
78,218
40,965
5
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Production
38
67
-
-
Administration and support
3
4
1
1
Total
41
71
1
1

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
1,570,870
2,224,747
-
0
-
0
Social security costs
132,977
199,430
-
-
Pension costs
38,370
54,197
-
0
-
0
1,742,217
2,478,374
-
0
-
0
GADBROOK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
6
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
5,000
5,000
Audit of the financial statements of the company's subsidiaries
68,800
62,700
73,800
67,700
For other services
All other non-audit services
26,211
46,078
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
358
136
Other interest income
(962)
-
Total interest revenue
(604)
136
Other income from investments
Dividends received
20,000
-
0
Total income
19,396
136
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
358
136
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
1,514
2,515
Other finance costs:
Interest on finance leases and hire purchase contracts
549
1,317
Other interest
29,793
110,395
Total finance costs
31,856
114,227
GADBROOK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
315,350
(63,937)
Adjustments in respect of prior periods
101,615
30,718
Total current tax
416,965
(33,219)
Deferred tax
Origination and reversal of timing differences
(18,244)
8,818
Total tax charge/(credit)
398,721
(24,401)

The actual charge/(credit) for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit/(loss) before taxation
1,010,646
(77,573)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
252,662
(18,245)
Tax effect of expenses that are not deductible in determining taxable profit
11,883
9,563
Change in unrecognised deferred tax assets
649
-
0
Adjustments in respect of prior years
(37,265)
-
0
Effect of change in corporation tax rate
-
10,957
Group relief
-
0
12,408
Permanent capital allowances in excess of depreciation
-
0
(4,134)
Amortisation on assets not qualifying for tax allowances
25,882
-
0
Under/(over) provided in prior years
138,880
(57,354)
Deferred tax adjustments in respect of prior years
11,383
(15,073)
Tax at marginal rate
(353)
-
0
Dividend income
(5,000)
-
Remeasurement of deferred tax for changes in tax rates
-
0
37,477
Taxation charge/(credit)
398,721
(24,401)
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
36,000
36,000
GADBROOK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
11
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 January 2024 and 31 December 2024
1,060,294
Amortisation and impairment
At 1 January 2024
439,116
Amortisation charged for the year
103,529
At 31 December 2024
542,645
Carrying amount
At 31 December 2024
517,649
At 31 December 2023
621,178
The company had no intangible fixed assets at 31 December 2024 or 31 December 2023.
GADBROOK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
12
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Leasehold improvements
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 January 2024
3,889,744
1,711,712
675,088
622,713
16,147
171,495
7,086,899
Additions
-
0
-
0
40,441
-
0
-
0
-
0
40,441
At 31 December 2024
3,889,744
1,711,712
715,529
622,713
16,147
171,495
7,127,340
Depreciation and impairment
At 1 January 2024
-
0
280,239
87,392
429,199
12,476
125,499
934,805
Depreciation charged in the year
-
0
85,586
35,364
40,424
837
11,022
173,233
At 31 December 2024
-
0
365,825
122,756
469,623
13,313
136,521
1,108,038
Carrying amount
At 31 December 2024
3,889,744
1,345,887
592,773
153,090
2,834
34,974
6,019,302
At 31 December 2023
3,889,744
1,431,473
587,696
193,514
3,671
45,996
6,152,094
The company had no tangible fixed assets at 31 December 2024 or 31 December 2023.
GADBROOK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
12
Tangible fixed assets
(Continued)
- 26 -

Included within tangible fixed assets are assets held under finance leases or hire purchase contracts, as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Motor vehicles
24,882
33,176
-
0
-
0
13
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 January 2024 and 31 December 2024
2,071,924
5,431,385

Investment property comprises of commercial properties rented to third parties. These have been included at cost and the director has assessed their valuation to not have materially changed.

14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
1,050,297
1,050,297
Unlisted investments
50,000
50,000
50,000
50,000
50,000
50,000
1,100,297
1,100,297
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 January 2024 and 31 December 2024
50,000
Carrying amount
At 31 December 2024
50,000
At 31 December 2023
50,000
GADBROOK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
14
Fixed asset investments
(Continued)
- 27 -
Movements in fixed asset investments
Company
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 January 2024 and 31 December 2024
1,050,297
50,000
1,100,297
Carrying amount
At 31 December 2024
1,050,297
50,000
1,100,297
At 31 December 2023
1,050,297
50,000
1,100,297
15
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Collingwood Boat Builders Limited
United Kingdom
Ordinary
100.00
Orchard Marina Limited
United Kingdom
Ordinary
100.00
Park Farm Marina Limited
United Kingdom
Ordinary
100.00
Orchard Marina & Boat Builders Limited
United Kingdom
Ordinary
100.00
16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
1,218,000
1,220,000
-
0
-
0

Amounts recognised in cost of sales during eh year in respect of stock losses and obsolescence were £nil (202 3 £nil).

17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
102,798
141,978
78,037
-
0
Amounts owed by group undertakings
-
-
1,106,165
968,594
Other debtors
2,821,964
2,730,424
2,787,377
2,667,002
Prepayments and accrued income
53,027
33,580
42,000
-
0
2,977,789
2,905,982
4,013,579
3,635,596
GADBROOK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
17
Debtors
(Continued)
- 28 -

During the year, impairment losses recognised against trade debtors were £nil (202 3 £nil).

18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
20
30,800
30,800
10,800
10,800
Obligations under finance leases
21
-
0
5,858
-
0
-
0
Trade creditors
1,717,609
2,169,601
-
0
-
0
Amounts owed to group undertakings
4,924
-
0
421,756
-
0
Corporation tax payable
1,048,884
903,866
803,983
719,563
Other taxation and social security
1,392,431
1,705,875
-
-
Deferred income
23
59,736
67,180
-
0
-
0
Other creditors
8,171
8,180
-
0
-
0
Accruals and deferred income
196,620
150,092
100,382
27,324
4,459,175
5,041,452
1,336,921
757,687
19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
20
13,368
43,367
3,367
13,367
Other taxation and social security
682,191
682,191
-
0
-
0
695,559
725,558
3,367
13,367
20
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
44,168
74,167
14,167
24,167
Payable within one year
30,800
30,800
10,800
10,800
Payable after one year
13,368
43,367
3,367
13,367
GADBROOK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
20
Loans and overdrafts
(Continued)
- 29 -

The long-term loans are secured by fixed charges over:

Gadbrook Holdings Limited:

29 Townsend Street, Liverpool, L5 9XY (Charge imposed 8 January 2008).

26 Townsend Street, Liverpool, L5 9XY (Charge imposed 8 January 2008).

Collingwood Boat Builders Limited:

29 Townsend Street, Liverpool, L5 9XY (Charge imposed 31 May 2006).

Land at Orchard Marina (Charge imposed 12 May 2006).

Sixty four shares in the vessel named Lady Katie Fairline Phantom 50 and in her boats and appurtenances (Charge imposed 23 June 2005).

21
Finance lease obligations
Group
Company
2024
2023
2024
2023
Amounts due:
£
£
£
£
Current liabilities
-
0
5,858
-
0
-
0
Non-current liabilities
-
0
-
0
-
0
-
0
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
-
0
5,858
-
0
-
0

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

22
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
156,373
174,617
The company has no deferred tax assets or liabilities.
GADBROOK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
22
Deferred taxation
(Continued)
- 30 -
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 January 2024
174,617
-
Credit to profit or loss
(18,244)
-
Liability at 31 December 2024
156,373
-
23
Deferred income
Group
Company
2024
2023
2024
2023
£
£
£
£
Other deferred income
59,736
67,180
-
-
24
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
32,275
39,709

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

25
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share capital of £1 each
1
1
1
1
26
Directors' transactions

The director of the Company had an overdrawn loan account with the Company and the Group during the year.

At the balance sheet date, the amount owed to the Company by the director was £2,084,020 (2023: £1,994,020).

At the balance sheet date, the amount owed to the Group by the director was £2,107,523 (2023: £2,033,018).

The amounts outstanding at the year end are included within other debtors. The balance due from the director was fully settled after the year end.

GADBROOK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 31 -
27
Cash generated from/(absorbed by) group operations
2024
2023
£
£
Profit/(loss) after taxation
611,925
(53,172)
Adjustments for:
Taxation charged/(credited)
398,721
(24,401)
Finance costs
31,856
114,227
Investment income
(19,396)
(136)
Amortisation and impairment of intangible assets
103,529
103,529
Depreciation and impairment of tangible fixed assets
173,233
182,360
Movements in working capital:
Decrease/(increase) in stocks
2,000
(364,715)
Increase in debtors
(27,232)
(502,421)
(Decrease)/increase in creditors
(713,994)
198,934
(Decrease)/increase in deferred income
(7,444)
5,554
Cash generated from/(absorbed by) operations
553,198
(340,241)
28
Analysis of changes in net funds - group
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
657,832
111,918
769,750
Borrowings excluding overdrafts
(74,167)
29,999
(44,168)
Obligations under finance leases
(5,858)
5,858
-
577,807
147,775
725,582
29
Prior period adjustment

A prior period adjustment has been made to recognise an under provision of tax.

GADBROOK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
29
Prior period adjustment
(Continued)
- 32 -
Changes to the balance sheet - group
As previously reported
Adjustment
As restated at 31 Dec 2023
£
£
£
Current assets
Debtors due within one year
2,233,000
672,982
2,905,982
Creditors due within one year
Taxation
(1,936,759)
(672,982)
(2,609,741)
Net assets
7,737,382
-
7,737,382
Capital and reserves
Total equity
7,737,382
-
7,737,382
Changes to the profit and loss account - group
As previously reported
Adjustment
As restated
Period ended 31 December 2023
£
£
£
Loss after taxation
(53,172)
-
(53,172)
Reconciliation of changes in equity - group
The prior period adjustments do not give rise to any effect upon equity.
Reconciliation of changes in loss for the previous financial period
2023
£
Adjustments to prior year
Total adjustments
-
Loss as previously reported
(53,172)
Loss as adjusted
(53,172)
Changes to the balance sheet - company
As previously reported
Adjustment
As restated at 31 Dec 2023
£
£
£
Current assets
Debtors due within one year
2,962,614
672,982
3,635,596
Creditors due within one year
Taxation
(46,581)
(672,982)
(719,563)
Net assets
9,414,100
-
9,414,100
Capital and reserves
Total equity
9,414,100
-
9,414,100
GADBROOK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
29
Prior period adjustment
(Continued)
- 33 -
Changes to the profit and loss account - company
As previously reported
Adjustment
As restated
Period ended 31 December 2023
£
£
£
Profit after taxation
93,610
-
93,610
Reconciliation of changes in equity - company
The prior period adjustments do not give rise to any effect upon equity.
Reconciliation of changes in profit for the previous financial period
2023
£
Adjustments to prior year
Total adjustments
-
Profit as previously reported
93,610
Profit as adjusted
93,610
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