REGISTERED NUMBER: 11068061 (England and Wales)

Financial Statements

for the Year Ended 31 August 2025

for

RS Marine Limited

Page

Balance Sheet

1

Notes to the Financial Statements

2

FIXED ASSETS

Tangible assets

4

2,111,224

2,241,177

CURRENT ASSETS

Debtors

5

10,477

10,453

CREDITORS

Amounts falling due within one year

6

3,529,490

3,488,750

NET CURRENT LIABILITIES

(3,519,013

)

(3,478,297

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(1,407,789

)

(1,237,120

)

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

9

(1,407,889

)

(1,237,220

)

SHAREHOLDERS' FUNDS

(1,407,789

)

(1,237,120

)

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 May 2026 and were signed on its behalf by:

Mr S J Padden - Director

1.	STATUTORY INFORMATION

RS Marine Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

11068061

Registered office:

Motor Range

Dunnings Bridge Road

Bootle

Liverpool

L30 6YW

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on the going concern basis as the Directors confirm that the company has the continued support of its parent company, Motor Outlet Limited.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

5 years straight line on refurbishments

An asset in plant and machinery has been recognised at its initial purchase cost.

The directors continually maintain this asset to a high standard and are therefore of the opinion that it is appropriate that depreciation is not charged on the initial purchase cost. This is supported by the valuations obtained and referred to in note 6.

Any other assets, additions and improvements are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Subsidiary company

The financial statements of the company are consolidated in the financial statements of Motor Outlet Limited. These consolidated financial statements are available from Dunnings Bridge Road, Bootle, Liverpool, L30 6YW.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2024 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 September 2024

and 31 August 2025

2,890,953

DEPRECIATION

At 1 September 2024

649,776

Charge for year

129,953

At 31 August 2025

779,729

NET BOOK VALUE

At 31 August 2025

2,111,224

At 31 August 2024

2,241,177

The directors have had the asset valued and as at 1 November 2021, it was valued at £3.3m by Van der Vliet Quality Yachts BV. Given the valuations of the asset, no depreciation has been charged on the initial purchase cost of the asset.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Other debtors

10,477

10,453

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

-

160,491

Amounts owed to group undertakings

3,465,913

3,264,931

Other creditors

63,577

63,328

3,529,490

3,488,750

7.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Bank loans

-

160,491

The bank loan is secured by a fixed charge over the assets of the company.

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

100

Ordinary

£1

100

100

9.

RESERVES

Retained

earnings

£

At 1 September 2024

(1,237,220

)

Deficit for the year

(170,669

)

At 31 August 2025

(1,407,889

)

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Jeremy Bostock BA (Hons) BFP FCA (Senior Statutory Auditor)

for and on behalf of Thompson Wright (Audit) Limited

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The Directors of the company Mr R J & S J Padden have each given a personal guarantee in respect of the bank loan.

12.	RELATED PARTY TRANSACTIONS

The asset, being a yacht, is chartered via a Greek company, Atalanta Golden Yachts, which is owned by George Ertsos.

The directors have established a Greek company to account for the chartering of the yacht, being RS Marine, which is owned by Steven and Robert Padden.

All of the day to day income and costs for the chartering of the yacht are accounted for in that company. There are no transactions and balances between R S Marine Ltd and either of Atalanta Golden Yachts and RS Marine.

13.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Motor Outlet Limited.

RS Marine is included in the group accounts of Motor Outlet Limited which are available from the following address: Dunnings Bridge Road, Bootle, Liverpool, L30 6YW.