REGISTERED NUMBER: 02804677 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

FOR

MARINE SUPER STORE LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

Income Statement

9

Other Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Cash Flow Statement

13

Notes to the Cash Flow Statement

14

Notes to the Financial Statements

15

DIRECTORS:

Mr B H Ellis

Mr R Mitchell

Ms S Bishop

Mr M Halsey

Mr K Mingay

REGISTERED OFFICE:

Marine House

Southampton Road

Portsmouth

Hampshire

PO6 4RJ

REGISTERED NUMBER:

02804677 (England and Wales)

AUDITORS:

Gibson Whitter Limited

Statutory Auditors

Larch House

Parklands Business Park

Denmead

Hampshire

PO7 6XP

The directors present their strategic report for the year ended 30 September 2025.

REVIEW OF BUSINESS

The company operates a retail chandlery business, both online and at a store in Port Solent.

Financial performance

In the year to 30 September 2025 sales have risen to £10,998,549 from £10,626,944 - an increase of 3.5%. This has mainly been due to inflationary price increases. Marine Electronics has done exceptionally well over this period, as key manufacturers were offering heavy discounts, which converted into good sales.

Our gross profit was up 4.2%, rising from £2,795,634 in 2024 to £2,913,418 in 2025, in line with the sales increase. Profit before tax was also up by £81,938 or 10.8%. We monitor gross and net profit margins throughout the year by preparing and reviewing monthly management information.

The company balance sheet shows that creditors amounts falling due after more than one year have continued to reduce in 2025, as the company continues to pay down the mortgage. The mortgage will be repaid in 2032.

The balance sheet and shareholder funds increased in the year to 30 September 2025 by £520,080 to £6,085,839 and a dividend of £100,000 paid to shareholders.

PRINCIPAL RISKS AND UNCERTAINTIES

Cyber Security

There are still ongoing cyber threats, though we have implemented our offsite cloud based back up upgrade which makes our website more secure from attack.

Economy

There is increased inflation on many of the products we sell. A lot of our commodities are oil based, such as paint and technical clothing, which are seeing significant increases and these are difficult to pass on to the end user. We continue to use our strong cash position to mitigate these increases, by buying in significant volume where possible.

Competitors

We are concerned about the increased number of suppliers selling direct to end users, now often giving significant discounts. We continue to work closely with our key suppliers to try and prevent this from happening. We continue to try and clear supplier end of line merchandise where possible.

Technology

It is important to continue to monitor emerging technologies such as AI.

Future outlook

We have worked on increasing the number of suppliers we are dealing with and will continue to increase our product range, particularly in lower cost general chandlery items, which tend to attain a higher margin. We have moved into the more general water sports market, whilst maintaining the sales level of products in our core sailing market.

We will work closely with our suppliers to clear any commercial closeout lines they have in 2026.

If any appropriate warehousing capacity becomes available in 2026 or 2027 we will look to purchase this with our surplus cash.

We will continue to look to increase margin by reviewing our price points and closely monitoring supplier price increases and reflecting that, where possible, with increased selling prices.

We will continue to look to improve our customer conversion rate on the website and encourage customers to increase their average purchase through targeted marketing campaigns and merchandising strategies in an effort to boost profits. We will be linking products on our website with relevant accessories and we are extending the marketing team by one FTE.

We will continue to closely monitor our Trustpilot reviews to ensure they do not drop below our 4.9 out of 5-star rating.

ON BEHALF OF THE BOARD:

Mr R Mitchell - Director

22 June 2026

The directors present their report with the financial statements of the company for the year ended 30 September 2025.

DIVIDENDS

An interim dividend of 50p per share on the Ordinary £1 shares was paid on 28 May 2025. The directors recommend that no final dividend be paid on these shares.

The total distribution of dividends for the year ended 30 September 2025 will be £100,000.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 October 2024 to the date of this report.

Mr B H Ellis

Mr R Mitchell

Ms S Bishop

Mr M Halsey

Mr K Mingay

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

Mr R Mitchell - Director

22 June 2026

Opinion

We have audited the financial statements of Marine Super Store Limited (the 'company') for the year ended 30 September 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of 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 the financial statements:

-	give a true and fair view of the state of the company's affairs as at 30 September 2025 and of its profit 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 opinion

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 Auditors' 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 opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' 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 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 directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

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

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

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

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are 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 directors determine 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 directors are responsible for assessing the 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

-

We obtained an understanding of the legal and regulatory framework in which the company operates. The key laws considered included the Companies Act 2006. We have corroborated our enquiries through review of Board minutes.

-

We have evaluated management incentives and opportunities for fraudulent manipulation of the financial statements including management override of controls and the application of revenue recognition at cut-off and considered that the principal risk was related to the posting of inappropriate journal entries to improve the result before tax for the year. We have addressed this by assessing journal entries as part of our planning audit approach

-

We have enquired of management and those charge with governance in respect of known or suspected instances of non-compliance with laws and regulations.

-

We have 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.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the 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 company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Gavin Whitter (Senior Statutory Auditor)

for and on behalf of Gibson Whitter Limited

Statutory Auditors

Larch House

Parklands Business Park

Denmead

Hampshire

PO7 6XP

22 June 2026

TURNOVER

3

10,998,549

10,626,944

Cost of sales

8,085,131

7,831,310

GROSS PROFIT

2,913,418

2,795,634

Administrative expenses

2,128,405

2,037,534

785,013

758,100

Gain/loss on revaluation of investments

37,323

-

OPERATING PROFIT

5

822,336

758,100

Income from fixed asset investments

4,787

-

Interest receivable and similar income

33,461

22,732

38,248

22,732

860,584

780,832

Interest payable and similar expenses

6

17,905

20,091

PROFIT BEFORE TAXATION

842,679

760,741

Tax on profit

7

222,599

201,787

PROFIT FOR THE FINANCIAL YEAR

620,080

558,954

PROFIT FOR THE YEAR

620,080

558,954

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

620,080

558,954

FIXED ASSETS

Tangible assets

9

1,137,627

1,229,788

Investments

10

441,452

-

1,579,079

1,229,788

CURRENT ASSETS

Stocks

11

4,537,263

4,233,225

Debtors

12

177,766

129,993

Cash at bank and in hand

1,543,728

1,487,619

6,258,757

5,850,837

CREDITORS

Amounts falling due within one year

13

1,351,698

1,052,694

NET CURRENT ASSETS

4,907,059

4,798,143

TOTAL ASSETS LESS CURRENT LIABILITIES

6,486,138

6,027,931

CREDITORS

Amounts falling due after more than one year

14

(338,775

)

(390,491

)

PROVISIONS FOR LIABILITIES

19

(61,524

)

(71,681

)

NET ASSETS

6,085,839

5,565,759

CAPITAL AND RESERVES

Called up share capital

20

200,000

200,000

Non-distributable reserve

27,992

-

Retained earnings

5,857,847

5,365,759

SHAREHOLDERS' FUNDS

6,085,839

5,565,759

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 22 June 2026 and were signed on its behalf by:

Mr R Mitchell - Director

Called up

share

Retained

Non-distributable

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 October 2023

200,000

4,906,805

-

5,106,805

Changes in equity

Dividends

-

(100,000

)

-

(100,000

)

Total comprehensive income

-

558,954

-

558,954

Balance at 30 September 2024

200,000

5,365,759

-

5,565,759

Changes in equity

Dividends

-

(100,000

)

-

(100,000

)

Total comprehensive income

-

592,088

27,992

620,080

Balance at 30 September 2025

200,000

5,857,847

27,992

6,085,839

Cash flows from operating activities

Cash generated from operations

1

814,540

708,993

Interest paid

(17,905

)

(20,091

)

Tax paid

(212,761

)

(131,161

)

Net cash from operating activities

583,874

557,741

Cash flows from investing activities

Purchase of tangible fixed assets

(15,339

)

(28,750

)

Purchase of fixed asset investments

(404,129

)

-

Interest received

33,461

22,732

Dividends received

4,787

-

Net cash from investing activities

(381,220

)

(6,018

)

Cash flows from financing activities

Loan repayments in year

(49,545

)

(47,359

)

Amount introduced by directors

3,000

2,750

Equity dividends paid

(100,000

)

(100,000

)

Net cash from financing activities

(146,545

)

(144,609

)

Increase in cash and cash equivalents

56,109

407,114

Cash and cash equivalents at beginning of year

2

1,487,619

1,080,505

Cash and cash equivalents at end of year

2

1,543,728

1,487,619

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

30.9.25

30.9.24

£

£

Profit before taxation

842,679

760,741

Depreciation charges

107,499

109,269

Loss on disposal of fixed assets

-

1,327

Gain on revaluation of fixed assets

(37,323

)

-

Finance costs

17,905

20,091

Finance income

(38,248

)

(22,732

)

892,512

868,696

Increase in stocks

(304,038

)

(28,638

)

Increase in trade and other debtors

(47,773

)

(20,772

)

Increase/(decrease) in trade and other creditors

273,839

(110,293

)

Cash generated from operations

814,540

708,993

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 September 2025

30.9.25

1.10.24

£

£

Cash and cash equivalents

1,543,728

1,487,619

Year ended 30 September 2024

30.9.24

1.10.23

£

£

Cash and cash equivalents

1,487,619

1,080,505

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.10.24

Cash flow

At 30.9.25

£

£

£

Net cash

Cash at bank and in hand

1,487,619

56,109

1,543,728

1,487,619

56,109

1,543,728

Debt

Debts falling due within 1 year

(49,545

)

(2,171

)

(51,716

)

Debts falling due after 1 year

(390,491

)

51,716

(338,775

)

(440,036

)

49,545

(390,491

)

Total

1,047,583

105,654

1,153,237

1.	STATUTORY INFORMATION

Marine Super Store Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are 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.

There are no judgements made by the directors in the application of these accounting policies that have a significant effect on the financial statements or estimates with a significant risk of material adjustment in the next year.

The following have been identified as areas that involve some degree of estimation but are not considered to be at significant risk of material adjustment:

-

Assumptions for valuations used in impairment testing

-

Inventory valuation and provision

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Freehold property

-

2% on cost

Improvements to property

-

20% on reducing balance and 10% on cost

Plant and machinery

-

33% on cost and 20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Land is not depreciated.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Stock is valued on an average cost basis.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments

Financial assets, other than investments and derivatives, are initially measured at transaction price (including transaction costs and subsequently held at amortised cost, less any impairment.

Financial liabilities and equity

Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than the financial instrument's legal form. Financial liabilities, excluding convertible debt and derivatives, are initially measured at transaction price (after deducting transaction costs) and subsequently held at amortised cost.

Investments

The investment portfolio has been valued at market value at the balance sheet date. The income statement includes the net gains and losses on investments arising on revaluation at the year end and on disposals throughout the year. Realised gains and losses on sales of investments are calculated as the difference between the sale proceeds and opening market value. Unrealised gains and losses represent the movement between market value.

Investment income is recognised on a receivable basis.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company which is marine product retailer.

An analysis if turnover by geographical market is given below:

30.9.25

30.9.24

£

£

United Kingdom

10,801,368

10,433,255

Outside the UK

197,181

193,689

10,998,549

10,626,944

4.	EMPLOYEES AND DIRECTORS

30.9.25

30.9.24

£

£

Wages and salaries

946,354

870,748

Social security costs

104,301

88,077

Other pension costs

167,037

167,269

1,217,692

1,126,094

The average number of employees during the year was as follows:

30.9.25

30.9.24

Shop and warehouse

17

16

Administration

4

4

Directors

5

5

26

25

30.9.25

30.9.24

£

£

Directors' remuneration

343,992

323,303

Directors' pension contributions to money purchase schemes

79,177

89,461

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

5

5

Information regarding the highest paid director is as follows:

30.9.25

30.9.24

£

£

Emoluments etc

96,737

99,738

Pension contributions to money purchase schemes

52,202

57,202

5.	OPERATING PROFIT

The operating profit is stated after charging:

30.9.25

30.9.24

£

£

Other operating leases

93,656

94,868

Depreciation - owned assets

107,500

109,269

Loss on disposal of fixed assets

-

1,327

Auditors' remuneration

5,000

8,000

Foreign exchange differences

5,340

3,556

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

30.9.25

30.9.24

£

£

Bank loan interest

17,905

20,091

7.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

30.9.25

30.9.24

£

£

Current tax:

UK corporation tax

232,756

212,762

Deferred tax

(10,157

)

(10,975

)

Tax on profit

222,599

201,787

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

30.9.25

30.9.24

£

£

Profit before tax

842,679

760,741

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

210,670

190,185

Effects of:

Expenses not deductible for tax purposes

299

2,507

Income not taxable for tax purposes

(1,197

)

-

Depreciation in excess of capital allowances

22,984

20,070

Movement in deferred tax

(10,157

)

(10,975

)

Total tax charge

222,599

201,787

8.

DIVIDENDS

30.9.25

30.9.24

£

£

Ordinary shares of £1 each

Final

100,000

100,000