The directors present the strategic report for the year ended 31 March 2026.
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.
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.
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.
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.
On behalf of the board
The directors present their annual report and financial statements for the year ended 31 March 2026.
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.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
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.
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.
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.
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.
This report has been prepared in accordance with the provisions applicable to groups and companies entitled to the medium-sized company exemptions.
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 United Kingdom 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.
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).
Basis for 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
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
The information given in the strategic report and the directors' report 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.
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.
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.
As permitted by section 408 of the Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £nil.
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.
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.
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 amounts 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.
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 group.
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.
At the time of approving the financial statements, the directors have a reasonable expectation that the group and parent company have adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
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 recovered.
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.
Equity investments 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.
In 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.
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.
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.
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, 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.
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.
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.
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, 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 payments 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.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
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.
The tax expense represents the sum of the tax currently payable and deferred 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 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.
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.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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 leased asset are consumed.
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.
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.
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.
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.
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 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.
Turnover is wholly attributable to activities undertaken in the United Kingdom.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2025 - 2).
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:
In addition to the amount charged to the income statement, the following amounts relating to tax have been recognised directly in other comprehensive income:
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 assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:
Details of the company's subsidiaries at 31 March 2026 are as follows:
Registered office addresses (all UK unless otherwise indicated):
1 - Midland House, 2 Poole Road, Bournemouth, BH2 5QY
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.
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
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.
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.
The revaluation reserve represents the cumulative effects of revaluations of freehold land and buildings which are revalued to fair value at each reporting date.
The profit and loss reserves represents the cumulative realised profits or losses net of dividends paid and other adjustments.
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:
The directors' loans are interest free, unsecured and repayable on demand.
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 2026 the rental charge amounted to £300,000 (2025: £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.