Company No: 04261239 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	4	57,811		69,267
		57,811		69,267
Current assets
Debtors	5	2,309,673		2,286,733
Cash at bank and in hand		1,993,745		1,716,779
		4,303,418		4,003,512
Creditors: amounts falling due within one year	6	( 1,156,947)		( 1,168,140)
Net current assets		3,146,471		2,835,372
Total assets less current liabilities		3,204,282		2,904,639
Provision for liabilities	7	( 13,948)		( 16,684)
Net assets		3,190,334		2,887,955
Capital and reserves
Called-up share capital	8	600,002		600,002
Profit and loss account		2,590,332		2,287,953
Total shareholder's funds		3,190,334		2,887,955

For the financial year ending 31 March 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has 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 Dart Marina Limited (registered number: 04261239) were approved and authorised for issue by the Board of Directors on 31 October 2025. They were signed on its behalf by:

Paul Downing 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

Dart Marina 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 Dart Marina, Sandquay Road, Dartmouth, TQ6 9PH, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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 £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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 Statement of Financial Position 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 current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill

5 years straight line

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Plant and machinery	5 - 40 years straight line
Fixtures and fittings	4 - 15 years straight line
Computer equipment	4 years straight line

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 Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

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

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	7		8

3. Intangible assets

	Goodwill		Total
	£		£
Cost
At 01 April 2024	260,574		260,574
At 31 March 2025	260,574		260,574
Accumulated amortisation
At 01 April 2024	260,574		260,574
At 31 March 2025	260,574		260,574
Net book value
At 31 March 2025	0		0
At 31 March 2024	0		0

4. Tangible assets

	Plant and machinery		Fixtures and fittings		Computer equipment		Total
	£		£		£		£
Cost
At 01 April 2024	417,667		155,301		10,276		583,244
Additions	0		0		4,203		4,203
At 31 March 2025	417,667		155,301		14,479		587,447
Accumulated depreciation
At 01 April 2024	365,633		141,784		6,560		513,977
Charge for the financial year	10,949		2,703		2,007		15,659
At 31 March 2025	376,582		144,487		8,567		529,636
Net book value
At 31 March 2025	41,085		10,814		5,912		57,811
At 31 March 2024	52,034		13,517		3,716		69,267

5. Debtors

	2025		2024
	£		£
Trade debtors	149,040		136,328
Amounts owed by related parties	2,119,238		2,128,024
Prepayments	41,395		22,381
	2,309,673		2,286,733

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	37,628		48,172
Amounts owed to related parties	0		8
Accruals and deferred income	849,315		843,746
Taxation and social security	265,844		271,862
Other creditors	4,160		4,352
	1,156,947		1,168,140

7. Deferred tax

	2025		2024
	£		£
At the beginning of financial year	( 16,684)		( 17,650)
Credited to the Statement of Income and Retained Earnings	2,736		966
At the end of financial year	( 13,948)		( 16,684)

8. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
120,002 Ordinary shares of £ 1.00 each	120,002		120,002
480,000 Preference shares of £ 1.00 each	480,000		480,000
	600,002		600,002

9. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

	2025		2024
	£		£
Unpaid contributions due to the fund (inc. in other creditors)	993		872

10. Related party transactions

Transactions with owners holding a participating interest in the entity

	2025		2024
	£		£
Amounts owed by companies under common control	2,128,024		2,128,024

During the year, a loan facility was made available to a company under common control. The Loan facility was denominated in New Zealand dollars for an amount up to NZ$ 3,000,000. During the year a total of £1,750,00 (2024: £1,000,000) was drawn down from this facility and interest was accrued on these amounts of £37,731 (2024: £25,095). At the year end this full amount was still owed to the company. The loan facility has a 12 month repayment from the date of issue with an interest rate of 3%. A new loan facility was agreed in February 2025 for a maximum drawdown of NZ $5,000,000 with an interest rate of 3.5%. No drawdowns had occurred before the year end for this new loan agreement.

11. Events after the Balance Sheet date

A new loan facility was agreed with a company under common control in February 2025 for a maximum drawdown of NZ $5,000,000. No drawdowns have occurred before the year end.