Company Registration No. 16067591 (England and Wales)
Lesney Holdings Limited
Annual report and
group financial statements
for the year ended 31 March 2026
Lesney Holdings Limited
Company information
Directors
M Mandy
J N J Smith
N J J Smith
Company number
16067591
Registered office
Midland House
2 Poole Road
Bournemouth
Dorset
BH2 5QY
Auditor
Saffery LLP
Midland House
2 Poole Road
Bournemouth
Dorset
BH2 5QY
Lesney Holdings Limited
Contents
Page
Strategic report
1 - 3
Directors' report
4 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 10
Income statement
11
Group statement of comprehensive income
12
Group statement of financial position
13
Company statement of financial position
14
Group statement of changes in equity
15
Company statement of changes in equity
16
Group statement of cash flows
17
Notes to the financial statements
18 - 34
Lesney Holdings Limited
Strategic report
For the year ended 31 March 2026
1

The directors present the strategic report for the year ended 31 March 2026.

Introduction

This is the first reporting period of the company and its newly formed group. On 17 December 2024, as part of a group reconstruction, Lesney Holdings Limited became the parent undertaking of Salterns Marina Limited by issuing 305,751 ordinary shares in exchange for the entire issued share capital of Salterns Marina Limited. The company has only acted as a holding entity since that date with no other activity undertaken directly.

The reconstruction did not result in a substantive change in the ultimate controlling parties of the business. Accordingly, the group reconstruction has been accounted for using merger accounting. Under merger accounting, the assets and liabilities of the combining entities are included at their existing book values and no goodwill is recognised. The consolidated financial statements have been presented as if the entities had been combined throughout the current and comparative periods. Comparative amounts therefore reflect the results and financial position of the group headed by Salterns Marina Limited prior to the reconstruction.

On 8 November 2024 the company also incorporated a new directly owned subsidiary, Lesney Property Holdings Limited. A commercial property was acquired on 23 May 2025 for the purpose of being utilised within the group's wider trading activities. The property is rented by Lesney Property Holdings Limited, by way of a formal licence, to the trading subsidiary of the group.

The trading activity of the pre-existing company, Salterns Marina Limited, has continued unchanged throughout the current and comparative period.

Review of the trading activities of the group (applying merger accounting)

From its location in Poole Harbour, Europe's largest natural harbour, Salterns Marina's operations include 285 marina berths, 75 swinging moorings, jetski storage - both afloat and ashore - and associated boatyard facilities. Salterns Marina is one of the premier marinas in the UK and prides itself on carrying this high level of quality and service across all lines of its business. Salterns constantly monitors its interaction with customers to ensure it maintains these high standards. To achieve this, the company is focussed on recruiting and retaining highly skilled, well trained staff and also provides appropriate training and development programmes.

Alongside this, through its Golden Arrow Marine division, the company provides marine engineering services, boat and engine sales and service repair facilities both to the UK and international markets. The UK superyacht and small commercial marine market has a value of about £1.1bn and supports a workforce of over 7,000 people. With a team of highly trained engineers and various dealerships including Volvo, BRP, Torqeedo, ABT TRAC, MAN, Honda, Yamaha and Sealegs amongst others, Golden Arrow Marine is well placed to service this market and meet the wide variety of marine customer needs. Golden Arrow Marine is also constantly investing in new skill through its marine engineering apprenticeship scheme.

Lesney Holdings Limited
Strategic report (continued)
For the year ended 31 March 2026
2
Principal risks and uncertainties

The company's management continue to ensure that they are aware of and anticipate risks to the company's growth and performance. The main areas of risk and uncertainty as identified by management are set out below along with mitigating action:

a) Weather and seasonal patterns

The leisure industry can be significantly affected by weather and seasons. The company's strategy is to ensure, as far as practicable, that its range of products and services are structured to minimise any adverse impact due to weather conditions.

b) Consumer spending and economic conditions

The leisure marine market is sensitive to many economic factors including interest rates, property prices, inflation and foreign exchange rates, all of which affect consumer spending. The company's products and services have traditionally been aimed at the more affluent end of the market, which is less sensitive to some of these factors. However, the strategy of sourcing products appealing to a wider range of customers, including commercial and industrial, will help reduce the negative impact of adverse economic conditions.

c) Competition

The company is aware of the highly competitive nature of the market and this underlines the importance of providing high levels of efficient customer service satisfaction, the best range of products and employing and retaining highly skilled, well trained staff.

Development and performance

As reported in the company’s profit and loss account, revenue has fallen by 16.8% from £33,998,550 to £28,279,045. Cost of sales has also fallen by 19.7% from £25,389,088 to £20,378,470. This has led to an operating profit of £555,930 (2025: £1,603,236).

Financial position at the reporting date

The balance sheet shows that the net assets at the year end have increased from £6,533,090 to £7,018,247.

Key performance indicators

Management have identified a number of KPI's which it monitors constantly to ensure that any problems are spotted early and dealt with effectively. They are as follows:

2026 2025

Sales growth % -16.8% 44%

Gross profit % inc staff costs 27.9% 25.3%

Gross profit % exc staff costs 34.7% 40.6%

Operating profit/sales % 2.0% 4.7%

Sales per employee £254,766 £303,558

Staff numbers 111 112

Management monitor a number of KPIs to assess business performance. The reduction in revenue reflects the absence of a significant one-off contract in the prior year and is not indicative of underlying trading performance. Despite lower turnover, gross profit margins improved and the company remained profitable, with staffing levels broadly unchanged, which management considers to be a satisfactory result for the year.

Lesney Holdings Limited
Strategic report (continued)
For the year ended 31 March 2026
3

On behalf of the board

M Mandy
Director
6 August 2026
Lesney Holdings Limited
Directors' report
For the year ended 31 March 2026
4

The directors present their annual report and financial statements for the year ended 31 March 2026.

Principal activities

The company was incorporated on 8 November 2024 and, following a group reconstruction on 1 7 December 2024, became the parent company of Salterns Marina Limited. The principal activity of the company is that of a holding company, while the principal activity of the group continues to be the management and development of Salterns Marina and the provision of associated marine services.

Results and dividends

The results for the year are set out on page 11.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

M Mandy
J N J Smith
N J J Smith
Financial risk management
Liquidity risk

The group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the group has sufficient liquid resources to meet the operating needs of the business.

Interest rate risk

The group is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow interest rate risk on floating rate loans. The directors monitor the overall level of borrowings and interest costs to limit any adverse effects on the financial performance of the group.

Credit risk

Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Auditor

Saffery LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Strategic report

The true group has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of Sch. 7.7.

Lesney Holdings Limited
Directors' report (continued)
For the year ended 31 March 2026
5
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to groups and companies entitled to the medium-sized company exemptions.

On behalf of the board
M Mandy
Director
6 August 2026
Lesney Holdings Limited
Directors' responsibilities statement
For the year ended 31 March 2026
6

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company 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 group and parent company, and of the profit or loss of the group 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;

- state whether applicable U nited K ingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent 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 group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Lesney Holdings Limited
Independent auditor's report
To the members of Lesney Holdings Limited
7
Opinion

We have audited the financial statements of Lesney Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2026 which comprise the group income statement, the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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 group's and the parent company's affairs as at 31 March 2026 and of the group's 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and parent 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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.

Lesney Holdings Limited
Independent auditor's report (continued)
To the members of Lesney Holdings Limited
8

Opinions on other matters prescribed by the Companies Act 2006

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

- T he information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- The strategic report and the directors' report 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 group and the parent company and their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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

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

- the parent company 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 directors' r esponsibilities s tatement, 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 is 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 group's and parent 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 group or parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor's report 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.

Lesney Holdings Limited
Independent auditor's report (continued)
To the members of Lesney Holdings Limited
9

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the group and parent company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the group and parent company by discussions with directors and by updating our understanding of the sector in which the group and parent company operates.

Laws and regulations of direct significance in the context of the group and parent company include The Companies Act 2006 and UK Tax legislation.

Audit response to risks identified

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of group and parent company financial statement disclosures. We reviewed the parent company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the parent company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above 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 would become aware of it. Also, 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 or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

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

Lesney Holdings Limited
Independent auditor's report (continued)
To the members of Lesney Holdings Limited
10
Roger Wareham (Senior Statutory Auditor)
For and on behalf of Saffery LLP
Statutory Auditors
Midland House
2 Poole Road
Bournemouth
Dorset
BH2 5QY
6 August 2026
Lesney Holdings Limited
Group income statement
For the year ended 31 March 2026
11
2026
2025
Notes
£
£
Turnover
3
28,279,045
33,998,550
Cost of sales
(20,378,470)
(25,389,088)
Gross profit
7,900,575
8,609,462
Administrative expenses
(7,387,659)
(7,046,618)
Other operating income
43,014
40,392
Operating profit
4
555,930
1,603,236
Interest receivable and similar income
7
2,946
56,001
Interest payable and similar expenses
8
(299,828)
(282,593)
Profit before taxation
259,048
1,376,644
Tax on profit
9
(93,016)
(409,183)
Profit for the financial year
22
166,032
967,461
Profit for the financial year is all attributable to the owners of the parent company.

The income statement has been prepared on the basis that all operations are continuing operations.

During the period the company was incorporated as part of a group reconstruction to introduce a new holding company under a share for share exchange transaction. The income statement has been prepared using merger accounting and is as if the new holding company has been in existence throughout both the current and prior periods. Further information is given in the strategic report regarding the group restructuring. A consolidated income statement from the date of incorporation of the new holding company has not been included as the company was dormant until it took control of the group and therefore would not impact the consolidated position.

Lesney Holdings Limited
Group statement of comprehensive income
For the year ended 31 March 2026
12
2026
2025
£
£
Profit for the year
166,032
967,461
Other comprehensive income
Revaluation of tangible fixed assets
425,500
-
0
Tax relating to other comprehensive income
(106,375)
-
0
Other comprehensive income for the year
319,125
-
0
Total comprehensive income for the year
485,157
967,461
Total comprehensive income for the year is all attributable to the owners of the parent company.
Lesney Holdings Limited
Group statement of financial position
As at 31 March 2026
13
2026
2025
Notes
£
£
£
£
Fixed assets
Tangible assets
11
5,623,278
4,091,601
5,623,278
4,091,601
Current assets
Stocks
14
3,684,877
4,085,386
Debtors
15
8,721,492
7,697,458
Cash at bank and in hand
175,438
475,444
12,581,807
12,258,288
Creditors: amounts falling due within one year
16
(6,181,260)
(5,924,391)
Net current assets
6,400,547
6,333,897
Total assets less current liabilities
12,023,825
10,425,498
Creditors: amounts falling due after more than one year
17
(4,607,448)
(3,553,375)
Provisions for liabilities
Deferred tax liability
19
398,130
339,033
(398,130)
(339,033)
Net assets
7,018,247
6,533,090
Capital and reserves
Called up share capital
21
305,752
305,752
Revaluation reserve
22
520,644
201,519
Profit and loss reserves
22
6,191,851
6,025,819
Total equity
7,018,247
6,533,090
The financial statements were approved by the board of directors and authorised for issue on 6 August 2026 and are signed on its behalf by:
06 August 2026
N J J Smith
Director
Company registration number 16067591 (England and Wales)
Lesney Holdings Limited
Company statement of financial position
As at 31 March 2026
31 March 2026
14
2026
Notes
£
£
Fixed assets
Investments
12
306,052
Current assets
-
Creditors: amounts falling due within one year
16
(300)
Net current liabilities
(300)
Net assets
305,752
Capital and reserves
Called up share capital
21
305,752

As permitted by section 408 of the Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £nil.

The financial statements were approved by the board of directors and authorised for issue on 6 August 2026 and are signed on its behalf by:
06 August 2026
N J J Smith
Director
Company registration number 16067591 (England and Wales)
Lesney Holdings Limited
Group statement of changes in equity
For the year ended 31 March 2026
15
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2024
305,752
201,519
5,058,358
5,565,629
Year ended 31 March 2025:
Profit and total comprehensive income
-
-
967,461
967,461
Balance at 31 March 2025
305,752
201,519
6,025,819
6,533,090
Year ended 31 March 2026:
Profit for the year
-
-
166,032
166,032
Other comprehensive income:
Revaluation of tangible fixed assets
-
425,500
-
425,500
Tax relating to other comprehensive income
-
(106,375)
-
0
(106,375)
Total comprehensive income
-
319,125
166,032
485,157
Balance at 31 March 2026
305,752
520,644
6,191,851
7,018,247
Lesney Holdings Limited
Company statement of changes in equity
For the year ended 31 March 2026
16
Share capital
Notes
£
Balance at 8 November 2024
-
0
Period ended 31 March 2026:
Profit and total comprehensive income for the year
-
Issue of share capital
21
305,752
Balance at 31 March 2026
305,752
Lesney Holdings Limited
Group statement of cash flows
For the year ended 31 March 2026
17
2026
2025
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
965,787
972,674
Interest paid
(299,828)
(282,593)
Income taxes paid
(476,685)
(362,569)
Net cash inflow from operating activities
189,274
327,512
Investing activities
Purchase of tangible fixed assets
(1,715,077)
(600,807)
Proceeds from disposal of tangible fixed assets
198,894
7,500
Interest received
2,946
7,947
Net cash used in investing activities
(1,513,237)
(585,360)
Financing activities
Proceeds from new bank loans
1,300,000
-
Repayment of bank loans
(196,088)
(164,292)
Directors' loan account movement
(79,955)
(119,797)
Net cash generated from/(used in) financing activities
1,023,957
(284,089)
Net decrease in cash and cash equivalents
(300,006)
(541,937)
Cash and cash equivalents at beginning of year
475,444
1,017,381
Cash and cash equivalents at end of year
175,438
475,444
Lesney Holdings Limited
Notes to the group financial statements
For the year ended 31 March 2026
18
1
Accounting policies
Company information

Lesney Holdings Limited (“the company”) is a private company limited by shares incorporated in England and Wales. The registered office is Midland House, 2 Poole Road, Bournemouth, Dorset, BH2 5QY.

The group consists of Lesney Holdings Limited and all of its subsidiaries.

1.1
Reporting period

The current financial period is for a period longer than 12 months period as the company was incorporated on 8 November 2024.

The company became the parent company of the group on 17 December 2024 when it issued 305,751 Ordinary shares in exchange for the entire issued share capital of Salterns Marina Limited. Accordingly, as explained in note 1.3, the group is presented as though the current group structure had always been in existence. As a result, under merger accounting, the consolidated financial statements reflect the results of the group for the years ended 31 March 2026 and 31 March 2025.

1.2
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties at fair value. The principal accounting policies adopted are set out below.

1.3
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

On 17 December 2024, as part of a group reconstruction, Lesney Holdings Limited became the parent undertaking of Salterns Marina Limited by issuing 305,751 ordinary shares in exchange for the entire issued share capital of Salterns Marina Limited. The reconstruction did not result in a substantive change in the ultimate controlling parties of the business. Accordingly, the group reconstruction has been accounted for using merger accounting. Under merger accounting, the assets and liabilities of the combining entities are included at their existing book values and no goodwill is recognised. The consolidated financial statements have been presented as if the entities had been combined throughout the current and comparative periods. Comparative amounts therefore reflect the results and financial position of the group headed by Salterns Marina Limited prior to the reconstruction.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

Lesney Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 March 2026
1
Accounting policies (continued)
19
1.4
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Lesney Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 March 2026. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.5
Going concern

A t the time of approving the financial statements, t he directors have a reasonable expectation that the group and parent company ha ve adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.6
Revenue

Revenue represents the net amount invoiced to customers in respect of sales, fees and subscriptions excluding value added tax.

Boat brokerage income represents commission receivable when acting as agent and the gross sales value of boats where acting as principal. These are both net of VAT and trade discounts.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recover ed.

1.7
Intangible fixed assets - goodwill

Goodwill arising on the acquisition of trade and assets etc represents the excess of the fair value of the consideration over the fair value of the identifiable assets and liabilities acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is between 5 and 7.5 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

Lesney Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 March 2026
1
Accounting policies (continued)
20
1.8
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold buildings
2% straight line
Leasehold building costs
2.5-10% straight line
Fixtures, fittings and equipment
10-20% straight line
Motor vehicles
20% straight line

Freehold property is carried at revalued amount, being fair value at the date of revaluation less subsequent depreciation and impairment.

Revaluations are performed with sufficient regularity to ensure that the carrying amount does not differ materially from fair value at the reporting date.

Revaluation increases are recognised in other comprehensive income and accumulated in the revaluation reserve, except to the extent that they reverse a revaluation decrease of the same asset previously recognised in profit or loss.

Revaluation decreases are recognised in other comprehensive income to the extent of any existing revaluation reserve for that asset, with any excess recognised in profit or loss.

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 recognised in the income statement.

1.9
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Lesney Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 March 2026
1
Accounting policies (continued)
21

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.11
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.12
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.13
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and 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 debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Lesney Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 March 2026
1
Accounting policies (continued)
22
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of 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 group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.14
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.15
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Lesney Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 March 2026
1
Accounting policies (continued)
23
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.16
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.

1.17
Retirement benefits

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

1.18
Leases
As lessee

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

As lessor

When the group acts as a lessor, a lease is classified as a finance lease whenever it transfers substantially all the risks and rewards of ownership of the underlying asset to the lessee, either at the end of the lease term or for the major part of the economic life of the asset. All other leases are classified as operating leases. If an arrangement contains both lease and non-lease components, the group allocates the consideration in the contract to the two elements.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

Lesney Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 March 2026
1
Accounting policies (continued)
24
1.19
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the group’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.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Valuation of freehold property

Freehold property is revalued to fair value annually. These valuations are conducted by the directors who have formed their opinion based on previous independent valuation carried out and the current market price of properties in the local area. As this represents a significant proportion of the group's gross assets, any uncertainty regarding any of the assumptions made can have a material impact on the value of the property.

Stock provision

Stock is valued based on cost and the value is adjusted to the extent that management considers that the cost cannot be recovered due to obsolescence or other factors. In order to determine the level of provision, management reviews stock ageing reports to identify slow moving items and estimates their future demand and sales. In the event of a sudden decrease in demand for the product or a higher incidence of stock obsolescence, the provision will need to be increased.

3
Turnover
2026
2025
£
£
Turnover analysed by class of business
Marine engineering and boat repairs
12,065,184
12,008,827
Watercraft and vehicle sales
12,918,841
18,420,481
Marina and associated income
2,723,861
2,887,973
Chandlery income
571,159
681,269
28,279,045
33,998,550

Turnover is wholly attributable to activities undertaken in the United Kingdom.

Lesney Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 March 2026
25
4
Operating profit
2026
2025
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses
20,855
12,252
Fees payable to the group's auditor for the audit of the group's financial statements
35,000
25,000
Fees payable to the group's auditor for non-audit services
8,000
5,000
Depreciation of tangible fixed assets
486,488
412,533
(Profit)/loss on disposal of tangible fixed assets
(76,482)
39,669
Operating lease charges
537,759
607,422
5
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2026
2025
2026
Number
Number
Number
Office, management and clerical
70
67
-
Management and non clerical
41
45
-
Total
111
112
0

Their aggregate remuneration comprised:

Group
Company
2026
2025
2026
£
£
£
Wages and salaries
4,553,095
4,419,503
-
0
Social security costs
593,827
427,469
-
Pension costs
391,222
337,043
-
0
5,538,144
5,184,015
-
0
6
Directors' remuneration
2026
2025
£
£
Remuneration for qualifying services
856,852
622,313
Company pension contributions to defined contribution schemes
50,800
48,765
907,652
671,078
Lesney Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 March 2026
6
Directors' remuneration (continued)
26

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2025 - 2).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2026
2025
£
£
Remuneration for qualifying services
523,821
368,145
7
Interest receivable and similar income
2026
2025
£
£
Interest income
Interest on bank deposits
2,946
7,856
Other interest income
-
48,145
Total income
2,946
56,001
8
Interest payable and similar expenses
2026
2025
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
299,828
282,593
9
Taxation
2026
2025
£
£
Current tax
UK corporation tax on profits for the current period
114,245
323,161
Adjustments in respect of prior periods
26,049
45,356
Total current tax
140,294
368,517
Deferred tax
Origination and reversal of timing differences
(47,278)
40,666
Total tax charge
93,016
409,183
Lesney Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 March 2026
9
Taxation (continued)
27

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2026
2025
£
£
Profit before taxation
259,048
1,376,644
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2025: 25.00%)
64,762
344,161
Tax effect of expenses that are not deductible in determining taxable profit
10,186
14,442
Adjustments in respect of prior years
26,049
45,357
Depreciation add back
121,622
103,129
Capital allowances
(63,205)
(147,847)
Movement in deferred tax
(47,278)
40,666
Loss/(profit) on disposal of fixed assets
(19,120)
9,275
Taxation charge
93,016
409,183

In addition to the amount charged to the income statement, the following amounts relating to tax have been recognised directly in other comprehensive income:

2026
2025
£
£
Deferred tax arising on:
Revaluation of property
106,375
-
10
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 April 2025 and 31 March 2026
158,999
Amortisation and impairment
At 1 April 2025 and 31 March 2026
158,999
Carrying amount
At 31 March 2026
-
0
At 31 March 2025
-
0
The company had no intangible fixed assets at 31 March 2026.
Lesney Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 March 2026
28
11
Tangible fixed assets
Group
Freehold buildings
Leasehold building costs
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 April 2025
2,907,369
762,566
3,022,647
634,860
7,327,442
Additions
1,302,347
-
0
329,540
83,190
1,715,077
Disposals
-
0
-
0
(180,017)
(44,320)
(224,337)
Revaluation
425,500
-
0
-
0
-
0
425,500
At 31 March 2026
4,635,216
762,566
3,172,170
673,730
9,243,682
Depreciation and impairment
At 1 April 2025
81,202
583,180
2,198,711
372,748
3,235,841
Depreciation charged in the year
84,018
22,411
301,665
78,394
486,488
Eliminated in respect of disposals
-
0
-
0
(57,605)
(44,320)
(101,925)
At 31 March 2026
165,220
605,591
2,442,771
406,822
3,620,404
Carrying amount
At 31 March 2026
4,469,996
156,975
729,399
266,908
5,623,278
At 31 March 2025
2,826,167
179,386
823,936
262,112
4,091,601
The company had no tangible fixed assets at 31 March 2026.

The directors have valued the freehold property as at 31 March 2026 at fair value using available market data, and with reference to the latest available formal valuation report.

The following asse t s are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

2026
2025
£
£
Group
Cost
4,186,528
2,884,181
Accumulated depreciation
(401,414)
(317,396)
Carrying value
3,785,114
2,566,785
Lesney Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 March 2026
29
12
Fixed asset investments
Group
Company
2026
2025
2026
Notes
£
£
£
Investments in subsidiaries
13
-
0
-
0
306,052
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 8 November 2024
-
Additions
306,052
At 31 March 2026
306,052
Carrying amount
At 31 March 2026
306,052
At 31 March 2025
-
13
Subsidiaries

Details of the company's subsidiaries at 31 March 2026 are as follows:

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Indirect
Salterns Marina Limited
1
Trading
Ordinary
100.00
-
Lesney IP Limited
1
Dormant
Ordinary
100.00
-
Lesney Property Holdings Limited
1
Trading
Ordinary
100.00
-
Golden Arrow Technologies Limited
1
Dormant
Ordinary
100.00
-
Poole Marina Ltd
1
Dormant
Ordinary
0
100.00
Salterns Brokerage Limited
1
Dormant
Ordinary
0
100.00
Salterns Chandlery Ltd
1
Dormant
Ordinary
0
100.00
Salterns Marine Ltd
1
Dormant
Ordinary
0
100.00
Golden Arrow Marine Ltd
1
Dormant
Ordinary
0
100.00

Registered office addresses (all UK unless otherwise indicated):

1 - Midland House, 2 Poole Road, Bournemouth, BH2 5QY

Lesney Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 March 2026
30
14
Stocks
Group
Company
2026
2025
2026
£
£
£
Work in progress
175,925
282,517
-
Finished goods and goods for resale
3,508,952
3,802,869
-
0
3,684,877
4,085,386
-
15
Debtors
Group
Company
2026
2025
2026
Amounts falling due within one year:
£
£
£
Trade debtors
2,074,100
1,443,122
-
0
Corporation tax recoverable
1,244,751
1,188,333
-
0
Other debtors
4,742,107
4,601,323
-
0
Prepayments and accrued income
660,534
464,680
-
0
8,721,492
7,697,458
-
16
Creditors: amounts falling due within one year
Group
Company
2026
2025
2026
Notes
£
£
£
Bank loans
18
161,461
111,622
-
0
Trade creditors
2,533,040
1,843,873
-
0
Corporation tax payable
170,663
450,636
-
0
Other taxation and social security
141,663
111,379
-
0
Accruals and deferred income
3,174,433
3,406,881
300
6,181,260
5,924,391
300
17
Creditors: amounts falling due after more than one year
Group
Company
2026
2025
2026
Notes
£
£
£
Bank loans and overdrafts
18
4,607,448
3,553,375
-
0
Amounts included above which fall due after five years are as follows:
Payable by instalments
3,847,934
2,998,089
-
Lesney Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 March 2026
31
18
Loans and overdrafts
Group
Company
2026
2025
2026
£
£
£
Bank loans
4,768,909
3,664,997
-
0
Payable within one year
161,461
111,622
-
0
Payable after one year
4,607,448
3,553,375
-
0

The bank facilities are secured by way of a fixed and floating charge over the underlying assets of the company.

The bank loans are secured by legal charge over the company's freehold property and assets of the group, and are repayable in 240, 240 and 228 monthly instalments with the final repayment being due in October 2042, January 2045 and March 2045 respectively.

Interest is payable on the bank loans at base rate plus 2.65% per annum.

19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2026
2025
Group
£
£
Accelerated capital allowances
227,757
275,035
Revaluations
170,373
63,998
398,130
339,033
The company has no deferred tax assets or liabilities.
Group
Company
2026
2026
Movements in the year:
£
£
Liability at 1 April 2025
339,033
-
Credit to profit or loss
(47,278)
-
Charge to other comprehensive income
106,375
-
Liability at 31 March 2026
398,130
-
Lesney Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 March 2026
32
20
Retirement benefit schemes
2026
2025
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
391,222
337,043

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

21
Share capital
Group and company
2026
2026
Ordinary share capital
Number
£
Issued and fully paid
Ordinary Shares of £1 each
305,752
305,752

The ordinary shares have attached to them full voting, dividend and capital distribution rights.

On the date of incorporation, 8 November 2024, 1 Ordinary share was issued at a consideration of £1 per share.

On 17 December 2024 305,751 Ordinary shares were issued in exchange for the entire share capital in Salterns Marina Limited.

22
Reserves
Revaluation reserve

The revaluation reserve represents the cumulative effects of revaluations of freehold land and buildings which are revalued to fair value at each reporting date.

Profit and loss reserves

The profit and loss reserves represents the cumulative realised profits or losses net of dividends paid and other adjustments.

23
Operating lease commitments
As lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2026
2025
2026
£
£
£
Within 1 year
345,863
321,020
-
Years 2-5
506,693
477,413
-
852,556
798,433
-
Lesney Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 March 2026
33
24
Directors' transactions

The directors' loans are interest free, unsecured and repayable on demand.

Loans
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Loan to director
-
2,224,643
98,098
-
2,322,741
Loan to director
-
27,849
-
(18,143)
9,706
2,252,492
98,098
(18,143)
2,332,447
25
Related party transactions

The company has taken advantage of the exemption available in FRS 102 Section 33 from the requirement to disclose transactions with group companies on the grounds that the company wholly owns the subsidiaries within the group.

During the year the group advanced loans to Trusts in which a director is a beneficiary of £215,561 (2025: £136,222). Monies received from these Trusts in repayment of loans during the year was £300,000 (2025: £175,000). During the year the group paid expenses on behalf of the Trust of £171,648 (2025: £245,509). As at the year end the group was owed by these Trusts £1,441,456 (2025: £1,354,247). The Trust loans are interest free, unsecured and repayable on demand. No provisions have been recognised during the year against these amounts (2025: £nil).

The group trades from premises owned by Trusts in which a director is a beneficiary. These Trusts lease the premises to the group and for the year ended 31 March 202 6 the rental charge amounted to £300,000 (20 25: £300,000).

At the year end, the balance owed from companies under common control was £40,181 (2025: £39,292).

At the year end, the balance owed from a family member of a director was £nil (2025: £5,569).

The group considers key management personnel to only include the directors of the company.

26
Controlling party

The ultimate controlling parties are the trustees of the L C Smith Children's Settlement by virtue of their shareholding in the parent entity.

Lesney Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 March 2026
34
27
Cash generated from group operations
2026
2025
£
£
Profit after taxation
166,032
967,461
Adjustments for:
Taxation charged
93,016
409,183
Finance costs
299,828
282,593
Investment income
(2,946)
(56,001)
(Gain)/loss on disposal of tangible fixed assets
(76,482)
39,669
Depreciation and impairment of tangible fixed assets
486,488
412,533
Movements in working capital:
Decrease/(increase) in stocks
400,509
(398,882)
(Increase)/decrease in debtors
(887,661)
236,844
Increase/(decrease) in creditors
487,003
(920,726)
Cash generated from operations
965,787
972,674
28
Analysis of changes in net debt - group
1 April 2025
Cash flows
31 March 2026
£
£
£
Cash at bank and in hand
475,444
(300,006)
175,438
Borrowings excluding overdrafts
(3,664,997)
(1,103,912)
(4,768,909)
(3,189,553)
(1,403,918)
(4,593,471)
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