Swale Marina Services Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04404183 (England and Wales)

SWALE MARINA SERVICES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

Page

Company Information

1

Statement of Financial Position

3

Notes to the Financial Statements

5

DIRECTORS:

Mr S R Smedley

Mr P Smedley

Mrs T Smedley

Mr G R Smedley

SECRETARY:

Mr S R Smedley

REGISTERED OFFICE:

Bank Chambers

1 Central Avenue

Sittingbourne

Kent

ME10 4AE

BUSINESS ADDRESS:

Swale Marina

Conyer Wharf

Conyer

TEYNHAM

ME9 9HN

REGISTERED NUMBER:

04404183 (England and Wales)

ACCOUNTANTS:

McCabe Ford Williams

Chartered Accountants

Bank Chambers

1 Central Avenue

Sittingbourne

Kent

ME10 4AE

FIXED ASSETS

Intangible assets

5

-

-

Tangible assets

6

505,128

552,511

Investments

7

100

100

Investment property

8

212,500

139,658

717,728

692,269

CURRENT ASSETS

Stocks

190,798

238,388

Debtors

9

72,957

61,337

Cash at bank and in hand

89,187

54,487

352,942

354,212

CREDITORS

Amounts falling due within one year

10

1,013,459

1,064,785

NET CURRENT LIABILITIES

(660,517

)

(710,573

)

TOTAL ASSETS LESS CURRENT LIABILITIES

57,211

(18,304

)

CREDITORS

Amounts falling due after more than one year

11

-

(25,258

)

PROVISIONS FOR LIABILITIES

(9,026

)

(4,163

)

NET ASSETS/(LIABILITIES)

48,185

(47,725

)

CAPITAL AND RESERVES

Called up share capital

12

1

1

Fair value reserve

13

20,122

-

Retained earnings

28,062

(47,726

)

SHAREHOLDERS' FUNDS

48,185

(47,725

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 18 October 2022 and were signed on its behalf by:

Mr S R Smedley - Director

1.	STATUTORY INFORMATION

Swale Marina Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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

Goodwill, being the amount paid in connection with the acquisition of a business in 2002, is being amortised evenly over its estimated useful life of five years.

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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

Straight line over 50 years

Improvements to property

-

10% on reducing balance

Plant and machinery

-

20% on cost

Fixtures and fittings

-

20% on cost

Motor vehicles

-

20% on reducing balance

Computer equipment

-

straight line over 3 years

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.

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.

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.

Accordingly the directors consider it appropriate to continue to adopt the going concern basis in preparing the financial statements.

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 7 (2021 - 7 ) .

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2021

and 31 March 2022

60,000

AMORTISATION

At 1 April 2021

and 31 March 2022

60,000

NET BOOK VALUE

At 31 March 2022

-

At 31 March 2021

-

6.	TANGIBLE FIXED ASSETS

Improvements

Freehold

to

Plant and

property

property

machinery

£

£

£

COST

At 1 April 2021

549,574

285,438

457,139

Additions

-

-

8,463

Disposals

-

-

-

At 31 March 2022

549,574

285,438

465,602

DEPRECIATION

At 1 April 2021

121,664

220,518

421,792

Charge for year

10,991

6,492

14,029

Eliminated on disposal

-

-

-

At 31 March 2022

132,655

227,010

435,821

NET BOOK VALUE

At 31 March 2022

416,919

58,428

29,781

At 31 March 2021

427,910

64,920

35,347

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 April 2021

72,565

36,720

7,855

1,409,291

Additions

-

-

-

8,463

Disposals

-

(36,720

)

-

(36,720

)

At 31 March 2022

72,565

-

7,855

1,381,034

DEPRECIATION

At 1 April 2021

72,213

12,738

7,855

856,780

Charge for year

352

-

-

31,864

Eliminated on disposal

-

(12,738

)

-

(12,738

)

At 31 March 2022

72,565

-

7,855

875,906

NET BOOK VALUE

At 31 March 2022

-

-

-

505,128

At 31 March 2021

352

23,982

-

552,511

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 April 2021

36,720

Disposals

(36,720

)

At 31 March 2022

-

DEPRECIATION

At 1 April 2021

12,738

Eliminated on disposal

(12,738

)

At 31 March 2022

-

NET BOOK VALUE

At 31 March 2022

-

At 31 March 2021

23,982

7.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 April 2021

and 31 March 2022

100

NET BOOK VALUE

At 31 March 2022

100

At 31 March 2021

100

8.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2021

139,658

Additions

48,000

Revaluations

24,842

At 31 March 2022

212,500

NET BOOK VALUE

At 31 March 2022

212,500

At 31 March 2021

139,658

Fair value at 31 March 2022 is represented by:

£

Valuation in 2022

24,842

Cost

187,658

212,500

Investment property was valued on an open market basis on 27 April 2022 by Harrisons, Chartered Surveyors .

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.22

31.3.21

£

£

Trade debtors

7,515

13,197

Associated company loan

52,039

37,039

Prepayments and accrued income

13,403

11,101

72,957

61,337

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.22

31.3.21

£

£

Hire purchase contracts

-

3,985

Trade creditors

19,402

21,741

Other taxes and PAYE taxes

17,349

30,635

VAT

19,230

7,797

Other creditors

50

50

Parent Company Loan

881,183

921,486

Directors' Current Accounts

1,571

2,071

Accruals

74,674

77,020

1,013,459

1,064,785

11.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.22

31.3.21

£

£

Hire purchase contracts

-

25,258

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.22

31.3.21

value:

£

£

1

Ordinary

£1

1

1

13.

RESERVES

Fair

value

reserve

£

Movement in revaluation

reserve

20,122

At 31 March 2022

20,122

14.	RELATED PARTY DISCLOSURES

At the balance sheet date Swale Marina Services Limited was owed £52,039 (2021 - £37,039) by Smedley Homes Limited.

At the balance sheet date there was a loan of £881,183 (2021 - £921,486) outstanding to P & JM Smedley Limited.