The Brighton Marina Estate Management Co - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 03279547 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

THE BRIGHTON MARINA ESTATE MANAGEMENT

COMPANY LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

Mrs G P Bennett

Mr A J Knight

Ms K A Sullivan

REGISTERED OFFICE:

Brighton Marina

Brighton

East Sussex

BN2 5UF

REGISTERED NUMBER:

03279547 (England and Wales)

AUDITORS:

Acuity Professional Partnership LLP

Unit 2.02

High Weald House

Glovers End

Bexhill

East Sussex

TN39 5ES

FIXED ASSETS

Tangible assets

4

5,578

11,166

CURRENT ASSETS

Debtors

5

463,775

469,542

Cash at bank

323,446

1,150,358

787,221

1,619,900

CREDITORS

Amounts falling due within one year

6

792,798

1,631,065

NET CURRENT LIABILITIES

(5,577

)

(11,165

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1

1

CAPITAL AND RESERVES

Called up share capital

7

1

1

SHAREHOLDERS' FUNDS

1

1

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 May 2023 and were signed on its behalf by:

Mrs G P Bennett - Director

Mr A J Knight - Director

1.	STATUTORY INFORMATION

The Brighton Marina Estate Management Company 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.

2.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

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. The financial statements have been prepared under the historical cost convention.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies).

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The following principal accounting policies have been applied:

TURNOVER

Turnover represents amounts invoiced to tenants in respect of service charges under the tenancy agreement.

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property - 10% straight line basis

Fixtures and fittings - 10% straight line basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

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 the Statement of Comprehensive Income.

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.

DEBTORS

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

CREDITORS

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

INTEREST INCOME

Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.

BORROWING COSTS

All borrowing costs are recognised in the Statement of Comprehensive Income in the year in which they are incurred.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

4.	TANGIBLE FIXED ASSETS

Fixtures

Long

and

leasehold

fittings

Totals

£

£

£

Cost

At 1 January 2022

and 31 December 2022

68,061

117,611

185,672

Depreciation

At 1 January 2022

68,061

106,445

174,506

Charge for year

-

5,588

5,588

At 31 December 2022

68,061

112,033

180,094

Net book value

At 31 December 2022

-

5,578

5,578

At 31 December 2021

-

11,166

11,166

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

290,764

442,365

Amounts owed by group undertakings

131,096

11,514

Other debtors

17,087

15,663

VAT

24,828

-

463,775

469,542

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

136,539

168,640

Amounts owed to group undertakings

5,303

4,586

VAT

-

22,875

Other creditors

341,187

1,045,116

Accruals and deferred income

309,769

389,848

792,798

1,631,065

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

1

Ordinary share

£1

1

1

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Rachel Taylor FCA (Senior Statutory Auditor)

for and on behalf of Acuity Professional Partnership LLP

9.	CONTROLLING PARTY

The controlling party is Brighton Marina Village Estate Company Partnership LLP.

The ultimate controlling parties are R A Goodall and ICG Longbow Development (Brighton) Ltd by virtue of their shareholding in Brighton Marina Group Ltd.