Whitehaven Marina Limited - Period Ending 2019-03-31

Company No: 06647450

Whitehaven Marina Limited

Filleted Unaudited Financial Statements

Year Ended

31 March 2019

BRETT PITTWOOD
Charterted Certified Accountants

 

Whitehaven Marina Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 7

Whitehaven Marina Limited

Company Information

Directors

G Phillips D R McKiernan M C Ward

Registered office

Suite 8 Bourne Gate 25 Bourne Valley Road Poole Dorset BH12 1DY

Accountants

Brett Pittwood Chartered Certified Accountants Suite 8 Bourne Gate 25 Bourne Valley Road Poole Dorset BH12 1DY

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Whitehaven Marina Limited

(Registration number: 06647450)
Balance Sheet as at 31 March 2019

	Note	2019 £	2018 £
Fixed assets
Tangible assets	4	172,403	186,403
Current assets
Stocks	5	4,030	2,914
Debtors	6	86,502	61,898
Cash at bank and in hand		193,889	138,140
		284,421	202,952
Creditors: Amounts falling due within one year	7	(404,990)	(354,739)
Net current liabilities		(120,569)	(151,787)
Total assets less current liabilities		51,834	34,616
Provisions for liabilities		(7,955)	(10,000)
Net assets		43,879	24,616
Capital and reserves
Called up share capital		1	1
Profit and loss account		43,878	24,615
Total equity		43,879	24,616

For the financial year ending 31 March 2019 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 16 December 2019 and signed on its behalf by:
 

G Phillips
Director

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Whitehaven Marina Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Suite 8
Bourne Gate
25 Bourne Valley Road
Poole
Dorset
BH12 1DY

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling which is the functional currency of the company. Monetary amounts are rounded to the nearest pound.

Revenue recognition

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 sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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Whitehaven Marina Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Leasehold land and buildings	15-30 years straight line
Plant and equipment	7-15 years straight line
Office equipment	3-7 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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Whitehaven Marina Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Financial instruments

Classification
Financial assets

Basic financial assets
Basic financial assets, which include trade debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial liabilities
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.

Basic financial liabilities
Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
 
 

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Whitehaven Marina Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 19 (2018 - 17).

4	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 April 2018	176,696	142,564	319,260
Additions	6,000	4,551	10,551
At 31 March 2019	182,696	147,115	329,811
Depreciation
At 1 April 2018	45,485	87,372	132,857
Charge for the year	8,615	15,936	24,551
At 31 March 2019	54,100	103,308	157,408
Carrying amount
At 31 March 2019	128,596	43,807	172,403
At 31 March 2018	131,211	55,192	186,403

Included within the net book value of land and buildings above is £128,596 (2018 - £131,211) in respect of long leasehold land and buildings.
 

5

Stocks

	2019 £	2018 £
Fuel for resale	4,030	2,914

6

Debtors

	2019 £	2018 £
Trade debtors	80,547	52,365
Prepayments	5,955	9,533
	86,502	61,898

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Whitehaven Marina Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

7

Creditors

Creditors: amounts falling due within one year

	2019 £	2018 £
Due within one year
Trade creditors	23,971	32,135
Berthing and other fees received in advance	253,807	218,448
Taxation and social security	49,941	43,109
Accruals and deferred income	23,624	29,208
Other creditors	53,647	31,839
	404,990	354,739

8	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £1,625,000 (2018 - £1,690,000) over a period of 25 years. £65,000 is payable within one year.

There is a contingent commitment for additional annual rent payable which is dependent on turnover achieved. Because turnover fluctuates each year ther is no accurate measure of the likely future costs and no provision is made for this in this financial commitments note.

9	Related party transactions

Summary of transactions with parent

Marina Projects Limited

 Management charges and professional fees included in administrative expenses of £84,594 were charged by the related party during the year.

At the balance sheet date the amount due to the parent company which is included in creditors totalled £36,394.

 The company's bank holds a fixed and floating charge covering the company's assets in support of borrowings by the parent company.
 

10	Parent and ultimate parent undertaking

The company's immediate parent is Marina Projects Limited, incorporated in England & Wales.

 

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