Muncaster Visitor Management Limited 31/03/2022 iXBRL

MUNCASTER VISITOR MANAGEMENT LIMITED - Company Information

23 31/03/2022 2022-03-31 true false false false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2021-04-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 03385229 2021-04-01 2022-03-31 03385229 2022-03-31 03385229 2021-03-31 03385229 2020-04-01 2021-03-31 03385229 2021-03-31 03385229 bus:RegisteredOffice 2021-04-01 2022-03-31 03385229 bus:LeadAgentIfApplicable 2021-04-01 2022-03-31 03385229 bus:Director1 2021-04-01 2022-03-31 03385229 bus:Director2 2021-04-01 2022-03-31 03385229 bus:Director3 2021-04-01 2022-03-31 03385229 bus:Director4 2021-04-01 2022-03-31 03385229 bus:Director5 2021-04-01 2022-03-31 03385229 bus:Director6 2021-04-01 2022-03-31 03385229 bus:Director8 2021-04-01 2022-03-31 03385229 bus:CompanySecretary1 2021-04-01 2022-03-31 03385229 core:NetGoodwill 2021-03-31 03385229 core:IntangibleAssetsOtherThanGoodwill 2021-03-31 03385229 core:NetGoodwill 2022-03-31 03385229 core:IntangibleAssetsOtherThanGoodwill 2022-03-31 03385229 core:PlantMachinery 2021-03-31 03385229 core:FurnitureFittingsToolsEquipment 2021-03-31 03385229 core:LandBuildings 2022-03-31 03385229 core:PlantMachinery 2022-03-31 03385229 core:FurnitureFittingsToolsEquipment 2022-03-31 03385229 core:MotorVehicles 2022-03-31 03385229 core:WithinOneYear 2022-03-31 03385229 core:WithinOneYear 2021-03-31 03385229 core:AfterOneYear 2021-03-31 03385229 core:ShareCapital 2022-03-31 03385229 core:ShareCapital 2021-03-31 03385229 core:RetainedEarningsAccumulatedLosses 2022-03-31 03385229 core:RetainedEarningsAccumulatedLosses 2021-03-31 03385229 core:NetGoodwill 2021-04-01 2022-03-31 03385229 core:IntangibleAssetsOtherThanGoodwill 2021-04-01 2022-03-31 03385229 core:LandBuildings 2021-04-01 2022-03-31 03385229 core:PlantMachinery 2021-04-01 2022-03-31 03385229 core:FurnitureFittingsToolsEquipment 2021-04-01 2022-03-31 03385229 core:MotorVehicles 2021-04-01 2022-03-31 03385229 core:NetGoodwill 2021-03-31 03385229 core:IntangibleAssetsOtherThanGoodwill 2021-03-31 03385229 core:PlantMachinery 2021-03-31 03385229 core:FurnitureFittingsToolsEquipment 2021-03-31 03385229 bus:SmallEntities 2021-04-01 2022-03-31 03385229 bus:AuditExemptWithAccountantsReport 2021-04-01 2022-03-31 03385229 bus:FullAccounts 2021-04-01 2022-03-31 03385229 bus:SmallCompaniesRegimeForAccounts 2021-04-01 2022-03-31 03385229 bus:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31 03385229 core:LeaseholdImprovements 2021-03-31 03385229 core:LeaseholdImprovements 2022-03-31 03385229 core:LeaseholdImprovements 2021-04-01 2022-03-31

Company registration number: 03385229

Muncaster Visitor Management Limited

Unaudited filleted financial statements

31 March 2022

Muncaster Visitor Management Limited

Contents

Directors and other information

Accountants report

Statement of financial position

Notes to the financial statements

Muncaster Visitor Management Limited

Directors and other information


Directors	P.E. Frost-Pennington
	G Smith	(Resigned 1st June 2021)
	I.A. Frost-Pennington
	P Manning	(Appointed 1st June 2021)
	J. Benson
	M. Burns
	C. MacKenzie


Secretary	I.A. Frost-Pennington


Company number	03385229


Registered office	Muncaster Castle
	Muncaster
	Ravenglass
	Cumbria
	CA18 1RQ


Accountants	Carson & Trotter
	Chartered Accountants
	123 Irish Street
	Dumfries
	DG1 2PE

Muncaster Visitor Management Limited

Report to the board of directors on the preparation of the

unaudited statutory financial statements of Muncaster Visitor Management Limited

Year ended 31st March 2022

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Muncaster Visitor Management Limited for the year ended 31st March 2022 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS , we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the board of directors of Muncaster Visitor Management Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Muncaster Visitor Management Limited and state those matters that we have agreed to state to the board of directors of Muncaster Visitor Management Limited as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Muncaster Visitor Management Limited and its board of directors as a body for our work or for this report.

It is your duty to ensure that Muncaster Visitor Management Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Muncaster Visitor Management Limited. You consider that Muncaster Visitor Management Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Muncaster Visitor Management Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Carson & Trotter

Chartered Accountants

123 Irish Street

Dumfries

DG1 2PE

18th July 2022

Muncaster Visitor Management Limited

Statement of financial position

31st March 2022

		2022		2021
	Note	£	£	£	£

Fixed assets
Intangible assets	5	225		285
Tangible assets	6	608,484		103,756
		_______		_______
			608,709		104,041

Current assets
Stocks		19,233		1,650
Debtors	7	128,380		130,159
Cash at bank and in hand		609,918		245,667
		_______		_______
		757,531		377,476
Creditors: amounts falling due
within one year	8	( 175,429)		( 434,302)
		_______		_______
Net current assets/(liabilities)			582,102		( 56,826)
			_______		_______
Total assets less current liabilities			1,190,811		47,215

Creditors: amounts falling due
after more than one year	9		-		( 43,333)
Accruals and deferred income			( 437,337)		-

			_______		_______
Net assets			753,474		3,882
			_______		_______

Capital and reserves
Called up share capital			2		2
Profit and loss account			753,472		3,880
			_______		_______
Shareholders funds			753,474		3,882
			_______		_______

For the year ending 31 March 2022 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 year in question in accordance with section 476;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

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 Section 1A of 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 income and retained earnings has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 18 July 2022 , and are signed on behalf of the board by:

P Manning

Director

Company registration number: 03385229

Muncaster Visitor Management Limited

Notes to the financial statements

Year ended 31st March 2022

1. General information

The company is a private company limited by shares, registered in England. The address of the registered office is Muncaster Castle, Muncaster Castle, Muncaster, Ravenglass, Cumbria, CA18 1RQ.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Exceptional items

Exceptional items are disclosed separately in the financial statements in order to provide further understanding of the financial performance of the entity. They are material items of income or expense that have been shown separately because of their nature or amount.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

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	-	straight line over 20 years
Patents	-	straight line over 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 are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

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 Refurbishment	-	3.33% straight line
Hawks and Owls	-	straight line over 5 years
Equipment	-	10% - 25% straight line
Ground Source Heat Pump	-	2% straight line

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 23 (2021: 17 ).

5. Intangible assets

	Goodwill	Other intangible assets	Total
	£	£	£
Cost
At 1st April 2021 and 31st March 2022	34,000	600	34,600
	_______	_______	_______
Amortisation
At 1st April 2021	34,000	315	34,315
Charge for the year	-	60	60
	_______	_______	_______
At 31st March 2022	34,000	375	34,375
	_______	_______	_______
Carrying amount
At 31st March 2022	-	225	225
	_______	_______	_______
At 31st March 2021	-	285	285
	_______	_______	_______

6. Tangible assets

	Leasehold Refurbishment	Plant and machinery	Fixtures, fittings and equipment	Motor vehicles	Ground Source Heat Pump	Total
	£	£	£	£	£	£
Cost
At 1st April 2021	-	31,131	308,638	-	68,493	408,262
Additions	575,349	5,992	17,458	5,798	-	604,597
	_______	_______	_______	_______	_______	_______
At 31st March 2022	575,349	37,123	326,096	5,798	68,493	1,012,859
	_______	_______	_______	_______	_______	_______
Depreciation
At 1st April 2021	-	19,079	282,317	-	3,111	304,507
Charge for the year	76,724	7,124	13,200	1,450	1,370	99,868
	_______	_______	_______	_______	_______	_______
At 31st March 2022	76,724	26,203	295,517	1,450	4,481	404,375
	_______	_______	_______	_______	_______	_______
Carrying amount
At 31st March 2022	498,625	10,920	30,579	4,348	64,012	608,484
	_______	_______	_______	_______	_______	_______
At 31st March 2021	-	12,052	26,321	-	65,382	103,755
	_______	_______	_______	_______	_______	_______

7. Debtors

	2022	2021
	£	£
Trade debtors	112,927	33,131
Other debtors	15,453	97,028
	_______	_______
	128,380	130,159
	_______	_______

8. Creditors: amounts falling due within one year

	2022	2021
	£	£
Bank loans and overdrafts	-	6,667
Trade creditors	64,360	46,536
Amounts owed to group undertakings and undertakings in which the company has a participating interest	-	365,228
Corporation tax	80,221	-
Social security and other taxes	26,627	7,281
Accruals	4,221	8,590
	_______	_______
	175,429	434,302
	_______	_______

9. Creditors: amounts falling due after more than one year

	2022	2021
	£	£
Bank loans and overdrafts	-	43,333
	_______	_______

10. Related party transactions

During the year service charges of £39,996 (2021: £28,000) were charged by the Muncaster Partnership, a partnership in which Mrs I.A. Frost-Pennington is a partner. At the year end the company owed £nil (2021:£33,600) to Muncaster Partnership.

During the year the company received management fees of £nil (2021: £196,419) from Third Millenium Muncaster Limited. During the year the loan of £365,228 from Third Millenium Muncaster Limited was written off when the company was dissolved.

During the year there were transactions with Mrs I.A Frost-Pennington's Estate. At the year end the company were owed by the estate £59,477 (2021: £28,800).

During the year there were transactions with Muncaster Estate LLP, a business which is run by Mr & Mrs Frost-Pennington. At the year end the company were owed £50,618 by the LLP, in 2021 the company owed £111 to the LLP.

During the year there were transactions with TYG Limited, a company in which Mr P.E. Frost- Pennington, Mrs I.A Frost-Pennington and Ms M Burns are directors. At the year end balance due to the company was £nil (2021: £2,825).

During the year the company paid £17,250 (2021: £2,650) to Margaret Burns, a director, for financial services.