Saltwater Shores Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

1. General Information

Saltwater Shores Limited is a private company, limited by shares, incorporated in England & Wales, registered number 16010953 . The registered office and principal place of business is Abersoch Land And Sea, Royal Garage, Abersoch, LL53 7AH.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and include the revaluation of investment properties in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The principal accounting policies adopted are set out below

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 £.

Reporting period

The current period covered by these financial statements is 14 months and 22 days. This is because the Company was incorporated on 10 October 2024 and subsequently extended its financial year end to align with that of other companies within the Group. As a result, the subsequent financial statements, including the related notes, will not be entirely comparable with the current period financial statements.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose related party transactions with wholly owned subsiaries within the group.

Preparation of consolidated financial statements

The financial statements contain information about Saltwater Shores Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

2.2. Investment Properties

All investment properties are carried at fair value determined on the basis of a valuation carried out by the directors who have deemed the properties to be accurately valued at the reporting date. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.

2.3. Financial Instruments

Financial liabilities

Financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument and are initially measured at the fair value of the consideration received, net of transaction costs that are directly attributable to the issue of the financial liability, in accordance with Section 11 of FRS 102.

Borrowings are subsequently measured at amortised cost using the effective interest method. The effective interest method allocates interest expense and directly attributable transaction costs over the expected life of the borrowing at a constant periodic rate on the carrying amount of the liability.

Transaction costs, including arrangement fees, broker fees, legal fees and due diligence costs that are directly attributable to obtaining the borrowing, are deducted from the initial carrying amount of the financial liability and are recognised as part of finance costs over the term of the loan using the effective interest method.

Borrowings are derecognised when the contractual obligations are discharged, cancelled or expire.

Finance costs

Finance costs comprise contractual interest payable together with the amortisation of transaction costs recognised using the effective interest method. Finance costs are recognised in profit or loss over the period to which they relate.

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Saltwater Shores Limited

Notes to the Financial Statements (continued)

For the Period 10 October 2024 to 31 December 2025

2.4. Taxation

Income tax expense represents deferred tax.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Deferred tax is recognised in profit or loss for the period, except when it relates to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax is recognised in other comprehensive income or directly in equity respectively.

2.5. Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less accumulated impairment losses.

A subsidiary is an entity controlled by the company. 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 date, the Company considers whether there are any indicators that the carrying value of the investment may be impaired. Where such indicators exist, the carrying amount of the investment is reviewed and any impairment loss is recognised in profit or loss.

2.6. Trade and other debtors

Trade and other debtors are initially recognised at fair value and therefore stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except for where the effect of discounting would be considered immaterial, in which case they are stated at cost less impairment losses for bad and doubtful debts.

2.7. Trade and other creditors

Trade and other creditors are initially recognised at fair value and therefore stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

2.8. Cash and cash equivalents

Bank borrowings are included within creditors.

3. Average Number of Employees

Average number of employees, including directors, during the period was: 3

4. Investment Property

	31 December 2025
	£
Fair Value
As at 10 October 2024	-
Additions	1,100,924
Revaluations	1,239,276

As at 31 December 2025	2,340,200

If investment property had been accounted for under historical cost accounting rules, the amounts would be:

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Saltwater Shores Limited

Notes to the Financial Statements (continued)

For the Period 10 October 2024 to 31 December 2025

	31 December 2025
	£
Cost	1,100,924

5. Investments

	Subsidiaries
	£
Cost or Valuation
As at 10 October 2024	-
Additions	937,749

As at 31 December 2025	937,749

Provision
As at 10 October 2024	-

As at 31 December 2025	-

Net Book Value
As at 31 December 2025	937,749

As at 10 October 2024	-

The following were subsidiary undertakings of the company:

Name of undertaking Country Class of shares Holding Principal activity

Abersoch Marine and Charter Limited England and Wales Ordinary 100% Sale and repairs of boats

Saltwater Shores Properties Limited England and Wales Ordinary 100% Dormant

The registered office and principal place of business of Abersoch Marine and Charter Limited is Royal Garage, Pwllheli, United Kingdom, LL53 7AH and the financial year end is 31 December 2025.

The registered office and principal place of business of Saltwater Shores Properties is Abersoch Land And Sea, Royal Garage, Abersoch, United Kingdom, LL53 7AH and the financial year end is 31 December 2026.

6. Debtors

	31 December 2025
	£
Due within one year
Amounts owed by group undertakings	145,241

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Saltwater Shores Limited

Notes to the Financial Statements (continued)

For the Period 10 October 2024 to 31 December 2025

7. Creditors: Amounts Falling Due Within One Year

	31 December 2025
	£
Bank loans and overdrafts	57,876
Amounts owed to group undertakings	100
Other creditors	761,421

	819,397

Included in other creditors is a loan owing to a Director of £705,697; this loan is interest free and repayable on demand.

8. Creditors: Amounts Falling Due After More Than One Year

	31 December 2025
	£
Bank loans	1,467,934

9. Secured Creditors

Of the creditors the following amounts are secured.

Borrowings totalling £1,525,810 are secured by a loan with Dbw Investments (3) Limited against the property and assets of the company, including a fixed and floating charge.

10. Share Capital

	31 December 2025
Allotted, called up and fully paid	£
200 Ordinary Shares of £ 1.00 each	200
10 Ordinary A shares of £ 1.00 each	10

	210


Shares issued during the period:	£
200 Ordinary Shares of £ 1.00 each	200
10 Ordinary A shares of £ 1.00 each	10

	210

11. Controlling Party

The company's controlling party is Mrs V Cliff by virtue of her ownership of 76% of the issued share capital in the company.

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		31 December 2025
	Notes	£	£
FIXED ASSETS
Investment Properties	4		2,340,200
Investments	5		937,749

			3,277,949
CURRENT ASSETS
Debtors	6	145,241

		145,241
Creditors: Amounts Falling Due Within One Year	7	(819,397 )

NET CURRENT ASSETS (LIABILITIES)			(674,156 )

TOTAL ASSETS LESS CURRENT LIABILITIES			2,603,793

Creditors: Amounts Falling Due After More Than One Year	8		(1,467,934 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(309,819 )

NET ASSETS			826,040

CAPITAL AND RESERVES
Called up share capital	10		210
Other reserves			929,457
Profit and Loss Account			(103,627 )

SHAREHOLDERS' FUNDS			826,040