Swale Marina Services Limited - Accounts to registrar (filleted) - small 18.2
Swale Marina Services Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2020 |
| FOR |
| SWALE MARINA SERVICES LIMITED |
| SWALE MARINA SERVICES LIMITED (REGISTERED NUMBER: 04404183) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2020 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 3 |
| Notes to the Financial Statements | 5 |
| SWALE MARINA SERVICES LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 MARCH 2020 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| BUSINESS ADDRESS: |
| REGISTERED NUMBER: |
| SWALE MARINA SERVICES LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 MARCH 2020 |
| ACCOUNTANTS: |
| Chartered Accountants |
| Bank Chambers |
| 1 Central Avenue |
| Sittingbourne |
| Kent |
| ME10 4AE |
| SWALE MARINA SERVICES LIMITED (REGISTERED NUMBER: 04404183) |
| STATEMENT OF FINANCIAL POSITION |
| 31 MARCH 2020 |
| 31.3.20 | 31.3.19 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 5 |
| Tangible assets | 6 |
| Investments | 7 |
| Investment property | 8 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 9 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 10 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
| CREDITORS |
| Amounts falling due after more than one year |
11 |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET LIABILITIES | ( |
) | ( |
) |
| SWALE MARINA SERVICES LIMITED (REGISTERED NUMBER: 04404183) |
| STATEMENT OF FINANCIAL POSITION - continued |
| 31 MARCH 2020 |
| 31.3.20 | 31.3.19 |
| Notes | £ | £ | £ | £ |
| CAPITAL AND RESERVES |
| Called up share capital | 12 |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| 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. |
| 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 |
| SWALE MARINA SERVICES LIMITED (REGISTERED NUMBER: 04404183) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2020 |
| 1. | STATUTORY INFORMATION |
| Swale Marina Services Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The company has the continuing support of its parent company to meet its day to day working capital requirements. |
| Preparation of consolidated financial statements |
| The financial statements contain information about Swale Marina Services Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
| 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 the Ship Inn and 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 |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| SWALE MARINA SERVICES LIMITED (REGISTERED NUMBER: 04404183) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2020 |
| 3. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Freehold property | - |
| Improvements to property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| Government grants |
| During the year the company received the following revenue based grant. |
| Coronavirus Job Retention Scheme (CJRS) to cover a portion of an employee's wages who was furloughed due to the coronavirus pandemic. The amount received totalled £1,370 and has been included in other income. |
| 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. |
| Stocks |
| Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
| SWALE MARINA SERVICES LIMITED (REGISTERED NUMBER: 04404183) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2020 |
| 3. | ACCOUNTING POLICIES - continued |
| 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. |
| SWALE MARINA SERVICES LIMITED (REGISTERED NUMBER: 04404183) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2020 |
| 3. | ACCOUNTING POLICIES - continued |
| 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. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
| 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. |
| The outbreak of COVID-19 which has taken place during the year ended 31 March 2020 has resulted in a pandemic causing extensive disruption across the globe. The Government enforced a lockdown from 23 March 2020. The company's activities, as with many businesses, have been impacted. The Government support via the Coronavirus Job Retention Scheme was sufficient to enable the company to continue through lockdown until a period where trade has commenced. |
| The company expects to continue to meet its operational needs, financial and regulatory obligations. The impact of COVID-19 is continuing to evolve at a fast pace, and therefore it is not practicable to quantify the potential financial impact on the company at the time of writing. |
| Accordingly the directors consider it appropriate to continue to adopt the going concern basis in preparing the financial statements. |
| SWALE MARINA SERVICES LIMITED (REGISTERED NUMBER: 04404183) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2020 |
| 3. | ACCOUNTING POLICIES - continued |
| 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 |
| 5. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 1 April 2019 |
| and 31 March 2020 |
| AMORTISATION |
| At 1 April 2019 |
| and 31 March 2020 |
| NET BOOK VALUE |
| At 31 March 2020 |
| At 31 March 2019 |
| SWALE MARINA SERVICES LIMITED (REGISTERED NUMBER: 04404183) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2020 |
| 6. | TANGIBLE FIXED ASSETS |
| Improvements |
| Freehold | to | Plant and |
| property | property | machinery |
| £ | £ | £ |
| COST |
| At 1 April 2019 |
| Additions |
| At 31 March 2020 |
| DEPRECIATION |
| At 1 April 2019 |
| Charge for year |
| At 31 March 2020 |
| NET BOOK VALUE |
| At 31 March 2020 |
| At 31 March 2019 |
| Fixtures |
| and | Motor | Computer |
| fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 April 2019 |
| Additions |
| At 31 March 2020 |
| DEPRECIATION |
| At 1 April 2019 |
| Charge for year |
| At 31 March 2020 |
| NET BOOK VALUE |
| At 31 March 2020 |
| At 31 March 2019 |
| SWALE MARINA SERVICES LIMITED (REGISTERED NUMBER: 04404183) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2020 |
| 6. | TANGIBLE FIXED ASSETS - continued |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Motor |
| vehicles |
| £ |
| COST |
| Additions |
| At 31 March 2020 |
| NET BOOK VALUE |
| At 31 March 2020 |
| 7. | FIXED ASSET INVESTMENTS |
| Other |
| investments |
| £ |
| COST |
| At 1 April 2019 |
| and 31 March 2020 |
| NET BOOK VALUE |
| At 31 March 2020 |
| At 31 March 2019 |
| 8. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 April 2019 |
| and 31 March 2020 |
| NET BOOK VALUE |
| At 31 March 2020 |
| At 31 March 2019 |
| SWALE MARINA SERVICES LIMITED (REGISTERED NUMBER: 04404183) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2020 |
| 9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.3.20 | 31.3.19 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Associated company loan | 37,039 | 37,039 |
| Directors' Current Accounts | - | 29 |
| Prepayments and accrued income |
| 10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.3.20 | 31.3.19 |
| £ | £ |
| Hire purchase contracts |
| Trade creditors |
| Other taxes and PAYE taxes |
| VAT | 14,369 | 14,988 |
| Other creditors |
| Parent Company Loan | 1,073,486 | 1,119,486 |
| Directors' Current Accounts | 2,071 | - |
| Accruals |
| 11. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.3.20 | 31.3.19 |
| £ | £ |
| Hire purchase contracts |
| 12. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.3.20 | 31.3.19 |
| value: | £ | £ |
| Ordinary | £1 | 1 | 1 |
| 13. | RELATED PARTY DISCLOSURES |
| At the balance sheet date Swale Marina Services Limited was owed £37,039 (2019 - £37,039) by Smedley Homes Limited. |
| At the balance sheet date there was a loan of £1,073,486 (2019 - £1,199,485) outstanding to P & JM Smedley Limited. |