Navarino Services Limited - Filleted accounts


NAVARINO SERVICES LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2026



































Company Registration Number: 04821336

NAVARINO SERVICES LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026


CONTENTS									PAGES



Company information									1

Balance sheet									2 to 3

Notes to the financial statements									4 to 11

NAVARINO SERVICES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2026


DIRECTORS

C G W Codrington
N L Codrington
A M R Salter
R R Duff


SECRETARY

G A Salter


REGISTERED OFFICE

Navarino House
Unit 1D Network Point
Range Road
Witney
Oxon
OX29 0YN


COMPANY REGISTRATION NUMBER

04821336 England and Wales

NAVARINO SERVICES LIMITED

BALANCE SHEET
AS AT 31 MARCH 2026


	Notes	2026		2025
		£		£

FIXED ASSETS
Intangible assets	5		231,937		94,265
Tangible assets	6		65,076		82,186


			297,013		176,451

CURRENT ASSETS
Debtors	7	1,266,842		1,075,665
Cash at bank and in hand		1,150,658		1,133,900


		2,417,500		2,209,565

CREDITORS: Amounts falling due within one year	8	1,507,799		1,173,128
CREDITORS: Amounts falling due within one year


NET CURRENT ASSETS			909,701		1,036,437


TOTAL ASSETS LESS CURRENT LIABILITIES			1,206,714		1,212,888

Provisions for liabilities and charges			16,269		18,498


NET ASSETS			1,190,445		1,194,390


CAPITAL AND RESERVES
Called up share capital			100		100
Distributable profit and loss account			1,165,747		1,194,290
Capital contribution reserve			24,598		-


SHAREHOLDER'S FUNDS			1,190,445		1,194,390

NAVARINO SERVICES LIMITED

BALANCE SHEET
AS AT 31 MARCH 2026


These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.

For the financial year ended 31 March 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.

Members have not required the company to obtain an audit in accordance with section 476 of the Act.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.


Signed on behalf of the board of directors




A M R Salter						C G W Codrington
Director						Director

Date approved by the board: 19 August 2026

NAVARINO SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026


1	GENERAL INFORMATION

	Navarino Services Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:

	Navarino House
	Unit 1D Network Point
	Range Road
	Witney
	Oxon
	OX29 0YN

	The financial statements are presented in Sterling, which is the functional currency of the company.

2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

	Basis of preparation of financial statements

	These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.

	Revenue recognition

	Turnover is measured at the fair value of consideration received or receivable. It is recognised in respect of the provision of technology and distribution solutions to the hospitality sector as soon as there is a right to consideration and is determined by reference to the value of the work performed. Turnover is stated net of trade discounts and value added tax.

	The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.


	Intangible fixed assets

	Intangible fixed assets, other than goodwill, are stated at cost less accumulated amortisation and any accumulated impairment losses. It is amortised on a straight-line basis over its useful economic life of 7 years.

	Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. At acquisition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses.

	Goodwill amortisation is charged on a straight line basis so as to write off the cost of the asset, less its residual value assumed to be zero, over its useful economic life, which is estimated to be 18 years.

	If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new expectations.

NAVARINO SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026


2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)

	Tangible fixed assets

	Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.

	Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives.

	Leasehold property					Straight line basis at 10% per annum
	Office equipment and furniture					Reducing balance basis at 25% per annum
	Motor vehicles					Reducing balance basis at 25%, or in accordance with the finance agreements

	On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.

	Financial Instruments

	A financial asset or financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

	The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

	Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through the profit and loss account.

	Basic financial assets and financial liabilities are initially recognised at transaction price and measured at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction. They are subsequently carried at their amortised cost using the effective interest rate method, less any provision for impairment. If the effect of the time value of money is immaterial, they are measured at cost less impairment.

	Basic financial assets and liabilities which are measured at cost or amortised cost are reviewed for objective impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the profit and loss account immediately.

Any reversals of impairment are recognised in the profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset or liability which exceeds what the carrying amount would have been had the impairment loss not previously been recognised.


	Financing transactions are measured at the present value of the future receipts discounted at a market rate of interest. They are subsequently measured at amortised costs using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

NAVARINO SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026


2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)

	Impairment of non-financial assets

	At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.

	If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account.


	Debtors

	Short term debtors are measured at transaction price, less any impairment.

	Creditors

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

	Leases

	Leases are classified as finance leases when they transfer substantially all the risks and rewards of ownership of the leased assets to the company. Other leases that do not transfer substantially all the risks and rewards of ownership of the leased assets to the company are classified as operating leases.

	The company has entered into some hire purchase agreements for certain assets that include the option to purchase the items at the end of the lease term for a nominal amount, which is expected to be much lower than their fair value at that date. The hire purchase agreements have been classified as finance leases as it is reasonably certain that the option will be exercised.

	Assets held under finance leases are recognised in accordance with the company's policy for tangible fixed assets. The corresponding obligations to lessors under finance leases are treated in the balance sheet as a liability. The assets and liabilities under finance leases are recognised at amounts equal to the fair value of the assets, or if lower, the present value of minimum lease payments, determined at the inception of the lease.

	Minimum lease payments are apportioned between finance charges and the reduction in the outstanding liabilities using the effective interest method. The finance charge is allocated to each period during the lease so as to produce a constant rate of interest on the remaining balance of the liabilities. Finance charges are recognised in the profit and loss account.


	Payments applicable to operating leases are charged against profit on a straight line basis over the lease term.

NAVARINO SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026


2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)

	Taxation

	Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.

	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.

	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other taxable profits.

	Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

	Current and deferred tax assets and liabilities are not discounted.

	Foreign currencies

	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction.

	Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the rate of exchange prevailing at that date. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit or loss.


	Borrowing costs

	All borrowing costs are recognised in the profit and loss account in the period in which they are incurred.

	Provisions

	A provision for annual leave accrued by employees as a result of services rendered in the current period, and which employees are entitled to carry forward and use is recognised. The provision is measured at the salary cost payable for the period of absence.

	Pensions

	The company operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pension costs and other post-retirement benefits is the amount payable in the year. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments in the balance sheet.

NAVARINO SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026


2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)

	Employee benefits

	Short term employee benefits are recognised as an expense in the period in which they are incurred.

	Research and development

Expenditure on research is written off against profits in the year in which it is incurred and development costs are capitalised and then amortised over their useful economic life, estimated as 7 years.


3	CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

	No significant accounting estimates and judgements have had to be made by the directors in preparing these financial statements.

4	EMPLOYEES

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

				2026	2025
	Average number of employees			28	27


5	INTANGIBLE FIXED ASSETS
		Goodwill	Development costs		Total
		£		£	£
	Cost
	At 1 April 2025	39,949		94,265	134,214

	Additions	-		162,065	162,065


	At 31 March 2026	39,949		256,330	296,279


	Accumulated amounts written off
	At 1 April 2025	39,949		-	39,949

	Charge for year	-		24,393	24,393


	At 31 March 2026	39,949		24,393	64,342


	Net book value
	At 1 April 2025	-		94,265	94,265


	At 31 March 2026	-		231,937	231,937

NAVARINO SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026


6	TANGIBLE ASSETS
		Leasehold property	Office equipment and furniture		Motor vehicles	Total
		£		£	£	£
	Cost
	At 1 April 2025	81,938		241,144	176,391	499,473

	Additions	-		11,606	-	11,606

	Disposals	-		(1,758)	-	(1,758)


	At 31 March 2026	81,938		250,992	176,391	509,321


	Accumulated depreciation and impairments
	At 1 April 2025	73,746		172,676	170,865	417,287

	Charge for year	8,192		17,824	1,382	27,398

	Disposals	-		(440)	-	(440)


	At 31 March 2026	81,938		190,060	172,247	444,245


	Net book value
	At 1 April 2025	8,192		68,468	5,526	82,186


	At 31 March 2026	-		60,932	4,144	65,076


7	DEBTORS
					2026	2025
					£	£
	Trade debtors				1,061,769	903,220
	Prepayments and accrued income				129,051	133,068
	Other debtors				76,022	39,377


					1,266,842	1,075,665


8	CREDITORS: Amounts falling due within one year
					2026	2025
					£	£
	Trade creditors				313,166	252,408
	Taxation and social security				659,286	487,745
	Accruals and deferred income				510,984	405,934
	Other creditors				24,363	27,041


					1,507,799	1,173,128

NAVARINO SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026


9	CONTINGENCIES AND COMMITMENTS

	Other Commitments

	Amounts falling due under operating leases:				2026	2025
					£	£
	In less than one year				46,000	46,000
	In more than one but less than five years				7,667	53,667


					53,667	99,667


10	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

	The following directors' advances, credits and guarantees took place during the year:

		Balance at 1 April 2025	Amounts advanced	Amounts repaid	Amounts written off or waived	Balance at 31 March 2026
		£	£	£	£	£
	C G W & N L Codrington	403	958	450	-	911

	This advance is interest free and repayable on demand.

NAVARINO SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026

11	RELATED PARTY TRANSACTIONS

	The company has claimed exemptions from reporting disclosure of related party transactions with the following wholly owned group members:

	Navarino Group Limited	Parent undertaking

	During the year, the following transactions with related parties took place:

	C E Codrington
	Participator		2026	2025
			£	£
	Advances to participator		186	-


	W Codrington
	Participator		2026	2025
			£	£
	Advances to participator		468	-


12	SHARE BASED PAYMENTS

	The company operates an equity settled share based payment plan for certain employees using the Enterprise Management Incentive (EMI) scheme framework.

	Each employee in the scheme has been awarded an option to acquire ordinary shares in the company's parent company over a vesting period. The conditions of the agreement require the employee to remain employed by the company throughout this period and options can only be exercised upon a change of ownership of the company. The maximum term of the options is 10 years from the grant date.


	Brought forward	Additions	Exercised	Lapsed	Carried Forward
Quantity	56,500	10,000	-	-	66,500
Average exercise price (£)	1.00	2.63	-	-	1.27

During the year, the company operated an equity-settled share option scheme under the EMI framework. Options were granted to eligible employees. The fair value at the date of grant has been measured using the Black-Scholes option pricing model. The amount recognised as an expense in relation to EMI options during the period was £24,598 (2025: £Nil). The cumulative amount recognised in the capital contribution reserve at 31 March 2026 was £24,598 (2025: £Nil).