ACCOUNTS - Final Accounts preparation

Registered number: 01045776

DART PLEASURE CRAFT LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2025

DART PLEASURE CRAFT LIMITED

REGISTERED NUMBER:01045776

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	5		1,975,319		2,165,334
Investments	6		1,388		1,388
			1,976,707		2,166,722
Current assets
Stocks	7	125,516		104,066
Debtors: amounts falling due within one year	8	3,424,354		2,944,826
Cash at bank and in hand	9	31,335		38,631
		3,581,205		3,087,523
Creditors: amounts falling due within one year	10	(678,785)		(679,519)
Net current assets			2,902,420		2,408,004
Total assets less current liabilities			4,879,127		4,574,726
Provisions for liabilities
Deferred tax	11	(416,003)		(451,226)
Net assets			4,463,124		4,123,500

Capital and reserves
Called up share capital	12		1,000		1,000
Capital redemption reserve			13,500		13,500
Profit and loss account			4,448,624		4,109,000
			4,463,124		4,123,500

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 June 2026.

J R Jones

Director

The notes on pages 2 to 9 form part of these financial statements.

Page 1

DART PLEASURE CRAFT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.	GENERAL INFORMATION

Dart Pleasure Craft Limited is a private company limited by shares and incorporated in England and Wales, its registered office is Queens Park Station, Torbay Road, Paignton, Devon, TQ4 6AF. The Company number is 01045776. The Company's principal activity during the year was inland passenger water transport.

2.ACCOUNTING POLICIES

2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

2.2

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.3

GOING CONCERN

The group remains in a strong financial position at the date of this report with cash reserves around £1,000,000 in December 2025. The directors believe that the group has sufficient resources to continue operating for at least 12 months from the date of approval of this report. Accordingly, the financial statements have been drawn up on the basis that the group is a going concern.

Page 2

DART PLEASURE CRAFT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.ACCOUNTING POLICIES (CONTINUED)

2.4

OPERATING LEASES: THE COMPANY AS LESSEE

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

2.5

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

2.6

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

2.7

EXCEPTIONAL ITEMS

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

2.8

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

DART PLEASURE CRAFT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.ACCOUNTING POLICIES (CONTINUED)

2.8

TANGIBLE FIXED ASSETS (CONTINUED)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

				Specialised buildings	-	Over 50 years
				Leasehold property	-	Over the period of the lease
				Moorings	-	Over 20 years
				Plant and machinery	-	Over 10 or 4 years
				Motor vessels	-	Over the shorter of 25 years or the period of the lease
				Office equipment	-	Over 4 years
				Buses	-	Over 10 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.9

IMPAIRMENT OF FIXED ASSETS AND GOODWILL

Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

2.10

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

2.11

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.12

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 4

DART PLEASURE CRAFT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.ACCOUNTING POLICIES (CONTINUED)

2.13

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.14

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3.	JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Key Accounting Estimates and Assumptions

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. Management do not consider there to be estimates or assumptions that pose a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities with the next financial year, other than those detailed below:

Value of motor vessels

Motor vessels are depreciated over 25 years to their residual values that have been estimated using market data, age and condition. The directors consider the adequacy of the residual values annually, and update these as necessary. Costs of repair and maintenance of the vessels are expensed each year, unless the works are substantial where they are reviewed by management for capitalisation.

4.

EMPLOYEES

The average monthly number of employees, including directors, during the year was 44 (2024: 44).

Page 5

		DART PLEASURE CRAFT LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

5.

TANGIBLE FIXED ASSETS

		Land and buildings	Plant and equipment	Motor vehicles	Motor vessels	Other assets	Total
		£	£	£	£	£	£
	COST OR VALUATION
	At 1 January 2025	578,003	1,715,487	216,156	2,327,138	191,899	5,028,683
	Additions	-	110,889	14,752	-	-	125,641
	At 31 December 2025	578,003	1,826,376	230,908	2,327,138	191,899	5,154,324
	DEPRECIATION
	At 1 January 2025	390,994	940,858	166,442	1,193,278	171,777	2,863,349
	Charge for the year on owned assets	13,355	98,151	21,398	4,835	8,962	146,701
	Impairment charge	-	-	-	168,955	-	168,955
	At 31 December 2025	404,349	1,039,009	187,840	1,367,068	180,739	3,179,005
	NET BOOK VALUE
	At 31 December 2025	173,654	787,367	43,068	960,070	11,160	1,975,319
	At 31 December 2024	187,009	774,629	49,714	1,133,860	20,122	2,165,334

Included within the net book value of land and buildings above is £129,350 (2024: £129,350) in respect of freehold land and buildings and £53,316 (2024: £57,659) in respect of short leasehold land and buildings.

Page 6

DART PLEASURE CRAFT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

6.	FIXED ASSET INVESTMENTS

		Investments in subsidiary companies
		£
	COST OR VALUATION
	At 1 January 2025	1,388
	At 31 December 2025	1,388

	NET BOOK VALUE
	At 31 December 2025	1,388
	At 31 December 2024	1,388

7.	STOCKS
					2025	2024
					£	£

	Stock	125,516	104,066
		125,516	104,066

8.

DEBTORS

					2025	2024
					£	£


	Trade debtors	57,231	4,470
	Amounts owed by group undertakings	3,245,619	2,836,625
	Other debtors	22,690	15,626
	Prepayments and accrued income	98,814	88,105
		3,424,354	2,944,826

Page 7

DART PLEASURE CRAFT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

9.	CASH AND CASH EQUIVALENTS
					2025	2024
					£	£

	Cash at bank and in hand	31,335	38,631
		31,335	38,631

10.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
					2025	2024
					£	£

	Trade creditors	75,223	24,118
	Amounts owed to group undertakings	549,248	549,248
	Corporation tax	24,108	78,803
	Other creditors	8,692	6,335
	Accruals and deferred income	21,514	21,015
		678,785	679,519

11.	DEFERRED TAXATION

		2025
		£

	At beginning of year	(451,226)
	Charged to profit or loss	35,223
	AT END OF YEAR	(416,003)

	The provision for deferred taxation is made up as follows:
					2025	2024
					£	£

	Accelerated capital allowances	(416,534)	(451,936)
	Short term timing differences	531	710
		(416,003)	(451,226)

Page 8

DART PLEASURE CRAFT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

12.	SHARE CAPITAL
					2025	2024
					£	£

		ALLOTTED, CALLED UP AND FULLY PAID

		4,000 (2024: 4,000) Ordinary shares of £0.25 each	1,000	1,000

13.	PENSION COMMITMENTS

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £40,741 (2024: £32,242). Contributions totalling £4,245 (2024: £2,840) were payable to the fund at the reporting date and are included in creditors.

14.	COMMITMENTS UNDER OPERATING LEASES
	At 31 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
					2025	2024
					£	£

	Not later than 1 year	64,396	64,396
	Later than 1 year and not later than 5 years	92,632	92,632
	Later than 5 years	393,686	416,844
		550,714	573,872

15.	CONTROLLING PARTY

The immediate parent undertaking is Dart Free Houses Limited. The company's registered office is Dart Valley Railway Ltd, Queens Park Station, Torbay Road, Paignton, Devon, TQ4 6AF.

The controlling party is Dart Valley Railway Ltd. The company's registered office is Dart Valley Railway Ltd, Queens Park Station, Torbay Road, Paignton, Devon, TQ4 6AF.

16.	AUDITORS' INFORMATION

The auditors' report on the financial statements for the year ended 31 December 2025 was unqualified.

The audit report was signed on 26 June 2026 by Mark Munro BA FCA (Senior statutory auditor) on behalf of Bishop Fleming Audit Limited.

Page 9