REGISTERED NUMBER: 04404183 (England and Wales)

SWALE MARINA SERVICES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

Page

Company Information

1

Statement of Financial Position

3

Notes to the Financial Statements

5

DIRECTORS:

Mr S R Smedley

Mrs T Smedley

Mr G R Smedley

Mr P Smedley

SECRETARY:

Mr S R Smedley

REGISTERED OFFICE:

Building 1063

Cornforth Drive

Kent Science Park

Sittingbourne

Kent

ME9 8PX

BUSINESS ADDRESS:

Swale Marina

Conyer Wharf

Conyer

TEYNHAM

ME9 9HN

REGISTERED NUMBER:

04404183 (England and Wales)

ACCOUNTANTS:

McCabe Ford Williams

Chartered Accountants

Building 1063

Cornforth Drive

Kent Science Park

Sittingbourne

Kent

ME9 8PX

FIXED ASSETS

Intangible assets

5

-

-

Tangible assets

6

162,649

102,135

Investment property

7

1,205,801

1,204,391

1,368,450

1,306,526

CURRENT ASSETS

Stocks

8,861

6,618

Debtors

8

85,484

86,093

Cash at bank and in hand

37,074

112,243

131,419

204,954

CREDITORS

Amounts falling due within one year

9

913,338

987,033

NET CURRENT LIABILITIES

(781,919

)

(782,079

)

TOTAL ASSETS LESS CURRENT LIABILITIES

586,531

524,447

PROVISIONS FOR LIABILITIES

80,564

64,904

NET ASSETS

505,967

459,543

CAPITAL AND RESERVES

Called up share capital

10

1

1

Fair value reserve

11

153,548

153,707

Retained earnings

352,418

305,835

SHAREHOLDERS' FUNDS

505,967

459,543

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2026.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2026 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 October 2026 and were signed on its behalf by:

Mr S R Smedley - Director

1.	STATUTORY INFORMATION

Swale Marina Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The company has the continuing support of its parent company to meet its day to day working capital requirements.

Significant judgements and estimates

In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered 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 to which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are the depreciation charges that are calculated with reference to the useful economic life of fixed assets.

Turnover

Turnover represents sales of food and drink at Swale Marina club house excluding value added tax and sales of invoiced goods and services excluding value added tax at Swale Marina. Where a sale represents an agreement for bearthing which lasts for a number of months the sale is recognised on a straight line basis over the bearthing period.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2002, has been fully amoritsed evenly over its estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

10% on reducing balance

Plant and machinery

-

20% on cost

Fixtures and fittings

-

20% on cost

Computer equipment

-

straight line over 3 years

Investment property

Investment property is shown at most recent valuation, Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. Investment property under construction is shown at cost to date with revaluation upon completion.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

The company enters into basic financial instruments 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 and loans to related parties.

a) Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

b) Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand.

c) Impairment of financial assets

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

d) Trade and other creditors

Debt instruments like loans and other accounts payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable within one year, typically trade payables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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 future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern

As stated above the company has the continuing support of its parent company to meet its day to day working capital requirements. In addition to this the Marina now has an established long term customer base who occupy the majority of the marina's bearthing capacity.

Accordingly the directors consider it appropriate to continue to adopt the going concern basis in preparing the financial statements.

Impairment of non-financial assets

At each reporting date non-financial assets not carried at fair value, like plant 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 profit and loss.

Inventories are also assessed for impairment at each reporting date. Each item of inventory is compared to the last sold date and an impairment loss recognised on a percentage basis in profit and loss.

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 profit and loss.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2025 - 7 ) .

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2025

and 31 March 2026

60,000

AMORTISATION

At 1 April 2025

and 31 March 2026

60,000

NET BOOK VALUE

At 31 March 2026

-

At 31 March 2025

-

6.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

Computer

property

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 April 2025

285,438

550,383

24,799

7,855

868,475

Additions

-

88,382

14,991

1,497

104,870

Disposals

-

(9,566

)

-

(1,686

)

(11,252

)

At 31 March 2026

285,438

629,199

39,790

7,666

962,093

DEPRECIATION

At 1 April 2025

242,844

491,442

24,199

7,855

766,340

Charge for year

4,259

36,148

2,263

499

43,169

Eliminated on disposal

-

(8,379

)

-

(1,686

)

(10,065

)

At 31 March 2026

247,103

519,211

26,462

6,668

799,444

NET BOOK VALUE

At 31 March 2026

38,335

109,988

13,328

998

162,649

At 31 March 2025

42,594

58,941

600

-

102,135

7.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2025

1,204,391

Additions

1,410

At 31 March 2026

1,205,801

NET BOOK VALUE

At 31 March 2026

1,205,801

At 31 March 2025

1,204,391

Fair value at 31 March 2026 is represented by:

£

Valuation in 2022

24,842

Valuation in 2023

(24,842

)

Valuation in 2024

204,942

Cost

1,000,859

1,205,801

Investment property was valued on an open market basis on 23 November 2024 by the directors .

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.26

31.3.25

£

£

Trade debtors

12,201

6,758

Other debtors

12,367

19,640

Associated company loan

54,539

54,039

Prepayments and accrued income

6,377

5,656

85,484

86,093

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.26

31.3.25

£

£

Trade creditors

7,423

28,623

Other taxes and PAYE taxes

7,431

34,652

VAT

12,673

16,326

Other creditors

50

67

Parent Company Loan

541,664

555,183

Directors' Current Accounts

41,571

41,571

Accruals

302,526

310,611

913,338

987,033

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.26

31.3.25

value:

£

£

1

Ordinary

£1

1

1

11.

RESERVES

Fair

value

reserve

£

At 1 April 2025

153,707

Movement in revaluation

reserve

(159

)

At 31 March 2026

153,548

12.	RELATED PARTY DISCLOSURES

At the balance sheet date Swale Marina Services Limited was owed £54,539 (2025 - £54,039) by Smedley Homes Limited.

At the balance sheet date there was a loan of £541,664 (2025 - £555,183) outstanding to P & JM Smedley Limited.

There is an unlimited intercompany cross guarantee by and between P & JM Smedley Limited and Swale Marina Services Limited in respect of bank faculties.

At the balance sheet date there is £14,467 (2025: £14,467) included in deferred income relating to Smedley Homes Limited

Included in trade debtors are amounts due from the following

P & JM Smedley Limited - £6,096

Included in trade creditors are amounts due to the following

Smedley Homes Limited - £6,790

13.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is P & JM Smedley Limited.