Company No: 05754400 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Intangible assets	3	19,444		0
Tangible assets	4	94,216		111,511
Investments	5	203		203
		113,863		111,714
Current assets
Stocks	6	1,294,742		2,630,395
Debtors	7	1,373,597		1,462,932
Cash at bank and in hand		536,761		1,005,643
		3,205,100		5,098,970
Creditors: amounts falling due within one year	8	( 1,690,114)		( 3,798,866)
Net current assets		1,514,986		1,300,104
Total assets less current liabilities		1,628,849		1,411,818
Provision for liabilities		( 22,823)		( 26,946)
Net assets		1,606,026		1,384,872
Capital and reserves
Called-up share capital		800		800
Capital redemption reserve		20		20
Profit and loss account		1,605,206		1,384,052
Total shareholder's funds		1,606,026		1,384,872

For the financial year ending 31 August 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Inspiration Marine Group Limited (registered number: 05754400) were approved and authorised for issue by the Board of Directors on 27 April 2026. They were signed on its behalf by:

J M J Stone Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Inspiration Marine Group Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Chandlery Building Hamble Point Marina, Hamble, Southampton, SO31 4NB, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The Directors have considered the relevant business and economic data available at the time of the preparation of these accounts and have a reasonable expectation that the company will continue to have adequate resources to continue operating for the foreseeable future. Accordingly, the accounts have been prepared on the going concern basis.

Turnover

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer, which for new boat sales is the point of handover. Brokerage and other commission income is recognised at the point of contract.

Employee benefits

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

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Computer software

3 years straight line

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Leasehold improvements	10 years straight line
Plant and machinery	5 years straight line
Vehicles	4 years straight line
Fixtures and fittings	5 years straight line
Office equipment	5 years straight line
Computer equipment	3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Derivative financial instruments
The Company uses derivative financial instruments to reduce exposure to foreign exchange risk and interest rate movements. The Company does not hold or issue derivative financial instruments for speculative purposes.

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in profit or loss immediately.

The Company does not apply hedge accounting.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	12		9

3. Intangible assets

	Computer software		Total
	£		£
Cost
At 01 September 2024	0		0
Additions	20,000		20,000
At 31 August 2025	20,000		20,000
Accumulated amortisation
At 01 September 2024	0		0
Charge for the financial year	556		556
At 31 August 2025	556		556
Net book value
At 31 August 2025	19,444		19,444
At 31 August 2024	0		0

4. Tangible assets

	Leasehold improve- ments		Plant and machinery		Vehicles		Fixtures and fittings		Office equipment		Computer equipment		Total
	£		£		£		£		£		£		£
Cost
At 01 September 2024	8,010		8,123		94,890		13,004		25,684		45,982		195,693
Additions	0		5,856		0		4,800		0		12,506		23,162
At 31 August 2025	8,010		13,979		94,890		17,804		25,684		58,488		218,855
Accumulated depreciation
At 01 September 2024	4,283		5,434		18,719		4,213		19,214		32,319		84,182
Charge for the financial year	801		1,284		23,722		3,415		2,245		8,990		40,457
At 31 August 2025	5,084		6,718		42,441		7,628		21,459		41,309		124,639
Net book value
At 31 August 2025	2,926		7,261		52,449		10,176		4,225		17,179		94,216
At 31 August 2024	3,727		2,689		76,171		8,791		6,470		13,663		111,511

5. Fixed asset investments

Investments in subsidiaries

	2025
	£
Cost
At 01 September 2024	200
At 31 August 2025	200
Carrying value at 31 August 2025	200
Carrying value at 31 August 2024	200

	Other investments		Total
	£		£
Cost or valuation before impairment
At 01 September 2024	3		3
At 31 August 2025	3		3
Carrying value at 31 August 2025	3		3
Carrying value at 31 August 2024	3		3

Other investments relate to 3 Ordinary B Class Non-Voting Shares held of £1 each in a fellow group company, Michael Schmidt & Partner Limited.

Investments in shares

Name of entity	Registered office	Principal activity	Class of shares	Ownership 31.08.2025	Ownership 31.08.2024
Inspiration Motor Yachts Limited	Chandlery Building Hamble Point Marina, Hamble, Southampton, Hampshire, England, SO31 4NB	Yacht sales	Ordinary	100.00%	100.00%
Inspiration Multihulls Limited	Chandlery Building Hamble Point Marina, Hamble, Southampton, Hampshire, England, SO31 4NB	Dormant company	Ordinary	100.00%	100.00%

6. Stocks

	2025		2024
	£		£
Stocks	1,294,742		2,630,395

7. Debtors

	2025		2024
	£		£
Trade debtors	144,989		123,903
Amounts owed by Group undertakings	728,126		204,075
Prepayments and accrued income	493,749		1,117,169
Corporation tax	0		5,651
Other debtors	6,733		12,134
	1,373,597		1,462,932

8. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	188,968		406,276
Accruals and deferred income	1,188,778		1,411,504
Taxation and social security	99,945		159,279
Other creditors	212,423		1,821,807
	1,690,114		3,798,866

Included within other creditors are deposits paid by clients for yacht purchases. A corresponding amount of £20,001 (2024: £nil) is held within a separate bank account included in the bank balance of £536,761 (2024: £1,005,643)

9. Financial commitments

Commitments

	2025		2024
	£		£
Total future minimum lease payments under non-cancellable operating leases	11,081		2,961

10. Related party transactions

The company is a wholly owned subsidiary of Inspiration Marine Holdings Limited and in accordance with paragraph 33.1A of FRS102 is therefore not required to disclose transactions with that company or its subsidiaries. The company has two wholly owned subsidiaries, Inspiration Motor Yachts Limited and Inspiration Multihulls Limited , and therefore in accordance with paragraph 33.1A of FRS102 is also not required to disclose transactions with those companies.