Company No: 01968530 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	477,135		499,875
Investment property	4	1,591,088		1,591,088
		2,068,223		2,090,963
Current assets
Stocks		1,923		784
Debtors	5	32,890		42,863
Investments	6	105		105
Cash at bank and in hand		383,908		334,320
		418,826		378,072
Creditors: amounts falling due within one year	7	( 199,920)		( 240,055)
Net current assets		218,906		138,017
Total assets less current liabilities		2,287,129		2,228,980
Provision for liabilities		( 15,628)		( 19,078)
Net assets		2,271,501		2,209,902
Capital and reserves
Called-up share capital	8	10		10
Profit and loss account		2,271,491		2,209,892
Total shareholders' funds		2,271,501		2,209,902

For the financial year ending 28 February 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Marine Sports Limited (registered number: 01968530) were approved and authorised for issue by the Board of Directors on 13 November 2025. They were signed on its behalf by:

C E Gadsdon Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Marine Sports Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Lowin House, Tregolls Road, Truro, TR1 2NA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	50 years straight line
Plant and machinery	25 % reducing balance
Vehicles	20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value.

Financial instruments

The company holds the following financial instruments

• Short term trade and other debtors and creditors
• Cash and bank balances.

All financial instruments are classified as basic.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	3		3

3. Tangible assets

	Land and buildings		Plant and machinery		Vehicles		Total
	£		£		£		£
Cost
At 01 March 2024	562,030		543,138		56,229		1,161,397
Additions	0		1,024		0		1,024
Disposals	0		0		( 13,500)		( 13,500)
At 28 February 2025	562,030		544,162		42,729		1,148,921
Accumulated depreciation
At 01 March 2024	115,453		523,689		22,380		661,522
Charge for the financial year	8,945		5,005		8,012		21,962
Disposals	0		0		( 11,698)		( 11,698)
At 28 February 2025	124,398		528,694		18,694		671,786
Net book value
At 28 February 2025	437,632		15,468		24,035		477,135
At 29 February 2024	446,577		19,449		33,849		499,875

4. Investment property

	Investment property
	£
Valuation
As at 01 March 2024	1,591,088
As at 28 February 2025	1,591,088

There has been no valuation of the investment property by an independent valuer. The valuation of the property was made by the directors.

5. Debtors

	2025		2024
	£		£
Trade debtors	5,080		6,730
Corporation tax	0		11,284
Other debtors	27,810		24,849
	32,890		42,863

6. Current asset investments

	2025		2024
	£		£
Other investments – at cost less impairment	105		105

7. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	3,182		8,151
Taxation and social security	26,525		5,509
Other creditors	170,213		226,395
	199,920		240,055

8. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
40 Ordinary shares of £ 0.25 each	10		10