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Registered number: 07453446
| UNAUDITED FINANCIAL STATEMENTS
| FOR THE YEAR ENDED 31 DECEMBER 2025
| NEPTUNE SPARES LIMITED
NEPTUNE SPARES LIMITED |  |
COMPANY INFORMATION
Directors | R J Besse
| G C Benge
| S Sheehan
Registered number | 07453446
Registered office | Southbrook House Brook Street
| Bishops Waltham
| Southampton
| SO32 1AX
Accountants | Menzies LLP
| Chartered Accountants
| 3000a Parkway
| Whiteley
| Hampshire
| PO15 7FX
NEPTUNE SPARES LIMITED |  |
CONTENTS
| Page
Statement of financial position | 1 - 2
Notes to the financial statements | 3 - 9
NEPTUNE SPARES LIMITED REGISTERED NUMBER:07453446 |  |
STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 4 |  | 2,018 |  | 3,392
Tangible assets | 5 |  | 3,573 |  | 2,247
|  |  | 5,591 |  | 5,639
Current assets |  |  |  |  |
Stocks |  | 93,246 |  | 74,179 |
Debtors: amounts falling due within one year | 6 | 16,808 |  | 10,832 |
Cash at bank and in hand |  | 862 |  | 6,381 |
|  | 110,916 |  | 91,392 |
Creditors: amounts falling due within one year | 7 | (174,452) |  | (155,438) |
Net current liabilities |  |  | (63,536) |  | (64,046)
Total assets less current liabilities |  |  | (57,945) |  | (58,407)
Net liabilities |  |  | (57,945) |  | (58,407)
Page 1
NEPTUNE SPARES LIMITED REGISTERED NUMBER:07453446 |  |
STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 2 |  | 2
Profit and loss account |  |  | (57,947) |  | (58,409)
|  |  | (57,945) |  | (58,407)
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 statement of income and retained earnings 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 by:
R J Besse
Director
Date: 30 April 2026
The notes on pages 3 to 9 form part of these financial statements. Page 2
NEPTUNE SPARES LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
Neptune Spares Limited is a private company, limited by shares, Incorporated in England and Wales. The company's registered number and registered office address can be found on the company information page. The Company's functional and presentational currency is GBP and is rounded to the nearest £. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. 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 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
At the period end date, the company's liabilities exceed its assets, therefore the company is reliant on the continued support provided to it by Seafront Marine Group Limited. The director has confirmed that they will not withdraw the support until the company has sufficient means to repay them. The director considers that the company can meet its obligations as they fall due for the foreseeable future. As a result, the accounts have been prepared on a going concern basis.
| 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. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
| 2.4 | Interest income
Interest income is recognised in profit or loss using the effective interest method. Page 3
NEPTUNE SPARES LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.5 | 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 Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
| 2.6 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
| 2.7 | 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, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Plant and machinery | - | 5 year straight line
|  |  |  | Fixtures and fittings | - | 10 year straight line
|  |  |  | Office equipment | - | 3 year straight line
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 profit or loss.
| 2.8 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads. At each reporting 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. Page 4
NEPTUNE SPARES LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.9 | 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.
| 2.10 | 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.
| 2.11 | 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. Page 5
NEPTUNE SPARES LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.12 | 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. Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Basic 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 Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
3. | Employees
| The average monthly number of employees, including directors, during the year was 3 (2024 - 3).
Page 6
NEPTUNE SPARES LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
4. | Intangible assets
|  | Computer software
|  | £
| Cost |
| At 1 January 2025 | 14,552
| Disposals | (6,414)
| At 31 December 2025 | 8,138
| Amortisation |
| At 1 January 2025 | 11,159
| Charge for the year on owned assets | 1,246
| On disposals | (6,285)
| At 31 December 2025 | 6,120
| Net book value |
| At 31 December 2025 | 2,018
| At 31 December 2024 | 3,392
Page 7
NEPTUNE SPARES LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
5. | Tangible fixed assets
|  | Plant and machinery | Fixtures and fittings | Office equipment | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 January 2025 | 3,879 | 1,139 | 1,572 | 6,590
| Additions | 1,617 | 1,250 | - | 2,867
| At 31 December 2025 | 5,496 | 2,389 | 1,572 | 9,457
| Depreciation |  |  |  |
| At 1 January 2025 | 2,387 | 425 | 1,532 | 4,344
| Charge for the year on owned assets | 838 | 662 | 40 | 1,540
| At 31 December 2025 | 3,225 | 1,087 | 1,572 | 5,884
| Net book value |  |  |  |
| At 31 December 2025 | 2,271 | 1,302 | - | 3,573
| At 31 December 2024 | 1,492 | 714 | 41 | 2,247
6. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 12,097 | 8,555
| Other debtors | 490 | 1,721
| Prepayments and accrued income | 4,221 | 556
|  | 16,808 | 10,832
7. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 39,484 | 30,758
| Amounts owed to group undertakings | 129,867 | 121,730
| Other creditors | 3,151 | 395
| Accruals and deferred income | 1,950 | 2,555
|  | 174,452 | 155,438
Page 8
NEPTUNE SPARES LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
8. | Commitments under operating leases
| At 31 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | - | 2,625
|  | - | 2,625
Page 9