| REGISTERED NUMBER: |
| MARINA UNITED LTD |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED |
| 31 OCTOBER 2025 |
| REGISTERED NUMBER: |
| MARINA UNITED LTD |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED |
| 31 OCTOBER 2025 |
| MARINA UNITED LTD (REGISTERED NUMBER: 07268682) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 OCTOBER 2025 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Chartered Accountants' Report | 10 |
| MARINA UNITED LTD |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 OCTOBER 2025 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Ground Floor Cardigan House |
| Castle Court |
| Swansea Enterprise Park |
| Swansea |
| SA7 9LA |
| MARINA UNITED LTD (REGISTERED NUMBER: 07268682) |
| BALANCE SHEET |
| 31 OCTOBER 2025 |
| 2025 | 2024 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| Investments | 6 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 7 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| MARINA UNITED LTD (REGISTERED NUMBER: 07268682) |
| BALANCE SHEET - continued |
| 31 OCTOBER 2025 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| MARINA UNITED LTD (REGISTERED NUMBER: 07268682) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 OCTOBER 2025 |
| 1. | STATUTORY INFORMATION |
| Marina United Ltd is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Critical accounting judgements and key sources of estimation uncertainty |
| In the application of the Company's accounting policies the director is required to make judgements, estimates and assumptions about the carrying amounts of assets and libation's 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 which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
| In the process of applying the Company's accounting policies the Director does not consider there to be judgements that would have a significant effect on the amounts recognised in the financial statements. |
| Turnover |
| Turnover represents gross value of services provided and is recognised on an accruals basis. |
| Income received for student accommodation and for residential fees for the nursing home are recognised over the period of room occupation. |
| Goodwill |
| Goodwill, being an amount paid in connection with the acquisition of a business in 2011, was considered to be impaired in 2014 and fully written off. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Patents and licences are being being held at cost and are not amortised. |
| MARINA UNITED LTD (REGISTERED NUMBER: 07268682) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2025 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Freehold property | - |
| Improvements to property | - |
| Plant and Machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| Freehold land is not depreciated. |
| Cost comprises the purchase price of the asset and expenditure directly attributable to the acquisition of the item. |
| A fixed asset is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. 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 credited or charged to the income statement. |
| Impairment of fixed assets |
| The company performs impairment testing where there are any indicators of impairment. Impairment is calculated as the difference between the carrying value and the recoverable value of the asset. Recoverable value is the higher of net realisable value and estimated value in use at the date the impairment loss is recognised. Value in use represents the present value of expected future discounted cash flows. If incurred, impairment is recognised immediately in the income statement. |
| Where an impairment loss subsequently reverses, the carrying value of the asset is increased to the revised estimate of the recoverable amount, but so that the increased carrying value does not exceed the carrying value that would have been determined if no impairment loss had been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately as a credit to the income statement. |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost less any provision for impairment. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| 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. |
| 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. |
| MARINA UNITED LTD (REGISTERED NUMBER: 07268682) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2025 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| Debtors |
| Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. |
| Cash at bank and in hand |
| Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. |
| Creditors and provisions |
| Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measures or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. |
| Functional and Presentational currency |
| The functional and presentational currency is £ sterling. |
| 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Other |
| intangible |
| Goodwill | assets | Totals |
| £ | £ | £ |
| COST |
| At 1 November 2024 |
| and 31 October 2025 |
| AMORTISATION |
| At 1 November 2024 |
| and 31 October 2025 |
| NET BOOK VALUE |
| At 31 October 2025 |
| At 31 October 2024 |
| MARINA UNITED LTD (REGISTERED NUMBER: 07268682) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2025 |
| 5. | TANGIBLE FIXED ASSETS |
| Improvements |
| Freehold | to | Plant and |
| property | property | Machinery |
| £ | £ | £ |
| COST |
| At 1 November 2024 |
| Additions |
| At 31 October 2025 |
| DEPRECIATION |
| At 1 November 2024 |
| Charge for year |
| At 31 October 2025 |
| NET BOOK VALUE |
| At 31 October 2025 |
| At 31 October 2024 |
| Fixtures |
| and | Motor | Computer |
| fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 November 2024 |
| Additions |
| At 31 October 2025 |
| DEPRECIATION |
| At 1 November 2024 |
| Charge for year |
| At 31 October 2025 |
| NET BOOK VALUE |
| At 31 October 2025 |
| At 31 October 2024 |
| Included in the cost of freehold property is land of £580,000 which is not depreciated. Included within motor vehicles are HPs with a netbook value of £3,995 (2024: £9,229). |
| 6. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 November 2024 |
| and 31 October 2025 |
| PROVISIONS |
| At 1 November 2024 |
| and 31 October 2025 | 10,100 |
| NET BOOK VALUE |
| At 31 October 2025 |
| At 31 October 2024 |
| MARINA UNITED LTD (REGISTERED NUMBER: 07268682) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2025 |
| 6. | FIXED ASSET INVESTMENTS - continued |
| The £10,000 and £100 investments in Marina Private Nursing Home Limited and Marina Investment Holdings Limited respectively were deemed to be fully impaired as a result of negative reserves and no longer being considered cash generating units. |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Bank loans |
| Hire purchase contracts |
| Other creditors |
| 10. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2025 | 2024 |
| £ | £ |
| Bank loans |
| The company's banker Barclays Bank Plc holds the following securities: |
| Two mortgages dated 20/11/2013 by way of fixed charges over the company's land and buildings. |
| Mortgage dated 2/09/2013 by the way of fixed charges over the leasehold property known as Creswell buildings, Burrows place, Maritime quarter, Swansea registered at HM Land Registry with freehold title number WA572521. |
| Additional mortgage dated 2/09/2013 by the way of charges over the leasehold property known as Gloucester Place, Swansea registered at HM Lang Registry with freehold title number WA72982. |
| All assets debenture dated 15/09/2011 securing all monies due and liabilities due to the company. |
| First legal charge over all property known as the Old Vicarage Nursing Home, Swansea registered at HM Land Registry with freehold title number WA163532, dated 21/10/2011 given by the company. |
| 11. | RELATED PARTY DISCLOSURES |
| Included within creditors there is a balance of £53 (2024: £153,779) due to the directors. |
| During the year, and inter-company debt of £134,568 (2024 £nil) with Marina Overseas Investment (Holding) Limited |
| MARINA UNITED LTD (REGISTERED NUMBER: 07268682) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2025 |
| 12. | ULTIMATE CONTROLLING PARTY |
| Miss B Dai is considered to be the ultimate controlling party by virtue of her 70% share holding of the issued share capital. |
| CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
| ON THE UNAUDITED FINANCIAL STATEMENTS OF |
| MARINA UNITED LTD |
| The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Marina United Ltd for the year ended 31 October 2025 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us. |
| As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
| This report is made solely to the Board of Directors of Marina United Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Marina United Ltd and state those matters that we have agreed to state to the Board of Directors of Marina United Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Marina United Ltd and its Board of Directors, as a body, for our work or for this report. |
| It is your duty to ensure that Marina United Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Marina United Ltd. You consider that Marina United Ltd is exempt from the statutory audit requirement for the year. |
| We have not been instructed to carry out an audit or a review of the financial statements of Marina United Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
| Ground Floor Cardigan House |
| Castle Court |
| Swansea Enterprise Park |
| Swansea |
| SA7 9LA |