Tollesbury Marina Limited Filleted accounts for Companies House (small and micro)

Tollesbury Marina Limited Filleted accounts for Companies House (small and micro)

TOLLESBURY MARINA LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 00996247
Tollesbury Marina Limited
Filleted Unaudited Financial Statements
31 March 2019
Tollesbury Marina Limited
Statement of Financial Position
31 March 2019
31 Mar 19
31 Jan 18
Note
£
£
£
Fixed assets
Intangible assets
5
167,658
–
Tangible assets
6
1,670,929
31,082
------------
--------
1,838,587
31,082
Current assets
Stocks
27,900
6,500
Debtors
7
42,867
63,661
Cash at bank and in hand
82,630
10,905
---------
--------
153,397
81,066
Creditors: amounts falling due within one year
8
420,412
62,886
---------
--------
Net current (liabilities)/assets
( 267,015)
18,180
------------
--------
Total assets less current liabilities
1,571,572
49,262
Creditors: amounts falling due after more than one year
9
567,190
3,449
------------
--------
Net assets
1,004,382
45,813
------------
--------
Capital and reserves
Called up share capital
10
950,250
78
Share premium account
571
–
Profit and loss account
53,561
45,735
------------
--------
Shareholders funds
1,004,382
45,813
------------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the period ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Tollesbury Marina Limited
Statement of Financial Position (continued)
31 March 2019
These financial statements were approved by the board of directors and authorised for issue on 8 August 2019 , and are signed on behalf of the board by:
J. C. L. Goldie
Director
Company registration number: 00996247
Tollesbury Marina Limited
Notes to the Financial Statements
Period from 1 February 2018 to 31 March 2019
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Yacht Harbour, Tollesbury, Maldon, Essex, CM9 8SE.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
Revenue recognition
Turnover represents the invoiced value of subscriptions and cash generated from bar and restaurant takings.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10 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 estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold improvements
-
10% straight line
Tennis Courts
-
10% straight line
Plant and machinery
-
20% reducing balance
Fixtures and Fittings
-
12.5% straight line
Motor vehicles
-
20% straight line
Swimming Pool
-
10% straight line
Club House
-
10% and 20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date .
Stocks
The basis of valuation, which is consistent with previous years, is at cost price.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 11 (2018: 9 ).
5. Intangible assets
Goodwill
£
Cost
Additions
–
Acquisitions through business combinations
170,500
---------
At 31 March 2019
170,500
---------
Amortisation
Charge for the period
2,842
---------
At 31 March 2019
2,842
---------
Carrying amount
At 31 March 2019
167,658
---------
At 31 January 2018
–
---------
6. Tangible assets
Property
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 February 2018
47,858
–
74,034
9,540
131,432
Additions
1,575,006
77,702
4,634
–
1,657,342
------------
--------
--------
-------
------------
At 31 March 2019
1,622,864
77,702
78,668
9,540
1,788,774
------------
--------
--------
-------
------------
Depreciation
At 1 February 2018
41,695
–
56,747
1,908
100,350
Charge for the period
1,905
6,584
6,780
2,226
17,495
------------
--------
--------
-------
------------
At 31 March 2019
43,600
6,584
63,527
4,134
117,845
------------
--------
--------
-------
------------
Carrying amount
At 31 March 2019
1,579,264
71,118
15,141
5,406
1,670,929
------------
--------
--------
-------
------------
At 31 January 2018
6,163
–
17,287
7,632
31,082
------------
--------
--------
-------
------------
7. Debtors
31 Mar 19
31 Jan 18
£
£
Trade debtors
34,006
–
Prepayments and accrued income
163
144
Other debtors
8,698
63,517
--------
--------
42,867
63,661
--------
--------
8. Creditors: amounts falling due within one year
31 Mar 19
31 Jan 18
£
£
Bank loans and overdrafts
30,201
–
Trade creditors
61,482
11,244
Accruals and deferred income
56,726
2,363
Corporation tax
202
–
Social security and other taxes
21,980
2,316
Obligations under finance leases and hire purchase contracts
12,564
1,954
Director loan accounts
52,556
33,067
Other creditors
184,701
11,942
---------
--------
420,412
62,886
---------
--------
Barclays bank Plc hold a charge over the assets of the company.
9. Creditors: amounts falling due after more than one year
31 Mar 19
31 Jan 18
£
£
Bank loans and overdrafts
536,132
–
Obligations under finance leases and hire purchase contracts
31,058
3,449
---------
-------
567,190
3,449
---------
-------
Barclays bank Plc hold a charge over the assets of the company.
Included within creditors: amounts falling due after more than one year is an amount of £416,333 (2018: £Nil) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
10. Called up share capital
Authorised share capital
31 Mar 19
31 Jan 18
No.
£
No.
£
Ordinary shares of £ 1 (2018 - £ 0.25) each
1,250
1,250.00
400
100.00
Redeemable preference shares of £ 1 each
949,000
949,000.00
–
–
---------
-------------
----
--------
950,250
950,250.00
400
100.00
---------
-------------
----
--------
Issued, called up and fully paid
31 Mar 19
31 Jan 18
No.
£
No.
£
Amounts presented in equity:
Ordinary shares of £ 1 (2018 - £ 0.25) each
1,250
1,250.00
310
77.50
-------
----------
----
-------
Amounts presented in liabilities:
Redeemable preference shares of £ 1 each
949,000
949,000.00
–
–
---------
-------------
----
----
During the period 690 £0.25 shares were issued and the 1,000 £0.25 shares were converted to 250 £1 shares. 1,000 £1 shares and 949,000 £1 redeemable preference shares were issued on 31 January 2019. The preference shares are redeemable at the behest of the company.
11. Related party transactions
The directors were designated members of TM Marina LLP, which provided management services and boatyard facilities to the company. On 31 January 2019 the business of TM Marina LLP was transferred to Tollesbury Marina Ltd. During the period TM Marina LLP was recharged £34,500 (2018 - £41,400) for subscriptions which were due to Tollesbury Marina Limited . The company also received £35,000 (2018 £35,000) from TM Marina LLP in respect of directors time. At the year end the company owed £61,310 to Tollesbury Cruising Club Limited, a company in which the director of Tollesbury Marina Limited is also a director. At the year end the company owed the director £52,556 (2018 - £33,067) by way of a directors loan account.