Mylor Yacht Harbour (Holding Company) Limited - Period Ending 2022-09-30
Mylor Yacht Harbour (Holding Company) Limited - Period Ending 2022-09-30
Year Ended
Registration number:
Mylor Yacht Harbour (Holding Company) Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Consolidated Profit and Loss Account and Statement of Retained Earnings |
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Consolidated Balance Sheet |
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Balance Sheet |
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Consolidated Statement of Changes in Equity |
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Statement of Changes in Equity |
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Consolidated Statement of Cash Flows |
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Notes to the Financial Statements |
Mylor Yacht Harbour (Holding Company) Limited
Company Information
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Directors |
R E Graffy D L Graffy N F Salter M L M Graffy O J M Graffy |
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Registered office |
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Bankers |
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Auditors |
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Mylor Yacht Harbour (Holding Company) Limited
Strategic Report
Year Ended 30 September 2022
The directors present their strategic report for the year ended 30 September 2022.
Principal activity
The principal activity of the group is the maintaining of property at Mylor Yacht Harbour. As the Holding Company of the group it is responsible for the provision of management services to the group in respect of the assets operated by the subsidiary. In addition to these management services it is also responsible for the rental of various properties on the site.
Fair review of the business
The Group has had another stable year of trading and these accounts provide a full and comprehensive review of the Group over the year.
Operating profit for the year was £969,918 compared to £1,057,966 in 2021.
Principal risks and uncertainties
The prinicipal risk that faces this company as a single entity and as a group, is the earnings before interest, tax and depreciation figure that it must sustain in order for the company to fulfill the covenants placed on it by the bank loan that was drawn down within the year.
Approved and authorised by the
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Mylor Yacht Harbour (Holding Company) Limited
Directors' Report
Year Ended 30 September 2022
The directors present their report and the for the year ended 30 September 2022.
Directors of the group
The directors who held office during the year were as follows:
Financial instruments
Objectives and policies
The company's principal financial instrument comprises of a bank loan of which £712,500 (2021: £902,500) is outstanding. The gearing of the company is however relatively low with the value of fixed assets, in the opinion of the directors, being well in excess of their book value in the accounts of £7,001,348.
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.
Price risk, credit risk, liquidity risk and cash flow risk
The Group is not very susceptible to price risk as it does not have to compete with anyone in the area with regards to its long term leases.
Cash flow is a risk, as the Group must repay the bank loan within 5 years. However this risk is managed accordingly.
Disclosure of information to the auditor
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Approved and authorised by the
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Mylor Yacht Harbour (Holding Company) Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Mylor Yacht Harbour (Holding Company) Limited
Independent Auditor's Report to the Members of Mylor Yacht Harbour (Holding Company) Limited
Opinion
We have audited the financial statements of Mylor Yacht Harbour (Holding Company) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2022, which comprise the Consolidated Profit and Loss Account and Statement of Retained Earnings, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the group's and the parent company's affairs as at 30 September 2022 and of the group's profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Mylor Yacht Harbour (Holding Company) Limited
Independent Auditor's Report to the Members of Mylor Yacht Harbour (Holding Company) Limited
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the parent company financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the group’s and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
Mylor Yacht Harbour (Holding Company) Limited
Independent Auditor's Report to the Members of Mylor Yacht Harbour (Holding Company) Limited
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Mylor Yacht Harbour (Holding Company) Limited
Independent Auditor's Report to the Members of Mylor Yacht Harbour (Holding Company) Limited
We obtained an understanding of the legal and regulatory frameworks that are applicable to the group at the planning stage of the audit. Firstly, the group is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related company legislation) and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Secondly, the group is subject to other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation or the loss of the group's ability to operate. In making this assessment we determined that the most significant elements of legislation include, environmental laws, employment laws and regulations and health and safety legislation.
• Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following:
• Enquiries of management regarding their knowledge of any non compliance with laws and regulations that could affect the financial statements. As part of these enquiries we also discussed with management whether there have been any known instances, allegations or suspicions of fraud, of which there were none.
• Considering the filings made at Companies House, and any omissions thereon of which there were none identified.
• Discussing with management compliance with health and safety legislation, as well as confirming if there have been any recent inspections from the environment agency which there were none.
• Reviewed group expenditure for any evidence of dispute or litigation with regulators, and there was none.
• Audited the risk of management override of controls, including reviewing journal entries and other adjustments for appropriateness, and evaluating the business rationale for significant transactions outside the normal course of business, of which there were none.
• Reviewed estimates and judgements made in the accounts for any indication of bias and challenged assumptions used by management in making the estimates.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls.
We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Mylor Yacht Harbour (Holding Company) Limited
Independent Auditor's Report to the Members of Mylor Yacht Harbour (Holding Company) Limited
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
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Lowin House
Tregolls Road
Cornwall
TR1 2NA
Mylor Yacht Harbour (Holding Company) Limited
Consolidated Statement of Income and Retained Earnings
Year Ended 30 September 2022
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Note |
2022 |
2021 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Other operating income |
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Operating profit |
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Interest payable and similar charges |
( |
( |
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(19,707) |
(10,143) |
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Profit before tax |
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Taxation |
( |
( |
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Profit for the financial year |
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Profit/(loss) attributable to: |
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Owners of the company |
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Retained earnings brought forward |
5,129,005 |
4,593,266 |
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Dividends paid |
( |
( |
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Retained earnings carried forward |
5,577,167 |
5,129,005 |
Mylor Yacht Harbour (Holding Company) Limited
Consolidated Balance Sheet
30 September 2022
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Note |
2022 |
2021 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
38,369 |
38,369 |
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Share premium reserve |
49,463 |
49,463 |
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Profit and loss account |
5,577,167 |
5,129,005 |
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Equity attributable to owners of the company |
5,664,999 |
5,216,837 |
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Shareholders' funds |
5,664,999 |
5,216,837 |
Approved and authorised by the
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Company Registration Number: 03679386
Mylor Yacht Harbour (Holding Company) Limited
Balance Sheet
30 September 2022
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Note |
2022 |
2021 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
38,369 |
38,369 |
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Share premium reserve |
49,463 |
49,463 |
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Profit and loss account |
4,988,019 |
4,576,879 |
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Shareholders' funds |
5,075,851 |
4,664,711 |
The company made a profit after tax for the financial year of £686,140 (2021 - profit of £695,472).
Approved and authorised by the
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Company Registration Number: 03679386
Mylor Yacht Harbour (Holding Company) Limited
Consolidated Statement of Changes in Equity
Year Ended 30 September 2022
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Share capital |
Share premium |
Profit and loss account |
Total |
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At 1 October 2021 |
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Profit for the year |
- |
- |
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Dividends |
- |
- |
( |
( |
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At 30 September 2022 |
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Share capital |
Share premium |
Profit and loss account |
Total |
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At 1 October 2020 |
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Profit for the year |
- |
- |
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Dividends |
- |
- |
( |
( |
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At 30 September 2021 |
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Mylor Yacht Harbour (Holding Company) Limited
Statement of Changes in Equity
Year Ended 30 September 2022
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Share capital |
Share premium |
Profit and loss account |
Total |
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At 1 October 2021 |
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Profit for the year |
- |
- |
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Dividends |
- |
- |
( |
( |
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At 30 September 2022 |
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Share capital |
Share premium |
Profit and loss account |
Total |
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At 1 October 2020 |
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Profit for the year |
- |
- |
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Dividends |
- |
- |
( |
( |
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At 30 September 2021 |
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Mylor Yacht Harbour (Holding Company) Limited
Consolidated Statement of Cash Flows
Year Ended 30 September 2022
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Note |
2022 |
2021 |
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Cash flows from operating activities |
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Profit for the year |
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Adjustments to cash flows from non-cash items |
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Depreciation and amortisation |
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Profit on disposal of tangible assets |
( |
( |
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Finance costs |
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Income tax expense |
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Working capital adjustments |
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Increase in stocks |
( |
( |
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Increase in trade debtors |
( |
( |
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Decrease in trade creditors |
( |
( |
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Increase/(decrease) in deferred income, including government grants |
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( |
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Cash generated from operations |
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Income taxes paid |
( |
( |
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Net cash flow from operating activities |
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Cash flows from investing activities |
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Acquisitions of tangible assets |
( |
( |
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Proceeds from sale of tangible assets |
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Net cash flows from investing activities |
( |
( |
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Cash flows from financing activities |
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Interest paid |
( |
( |
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Proceeds from bank borrowing draw downs |
( |
( |
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Dividends paid |
( |
( |
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Net cash flows from financing activities |
( |
( |
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Net (decrease)/increase in cash and cash equivalents |
( |
|
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Cash and cash equivalents at 1 October |
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Cash and cash equivalents at 30 September |
386,754 |
515,958 |
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Mylor Yacht Harbour (Holding Company) Limited
Notes to the Financial Statements
Year Ended 30 September 2022
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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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.
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 September 2022.
As a consolidated profit and loss account is published, a separate profit and loss account for the parent company is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006.
Mylor Yacht Harbour (Holding Company) Limited
Notes to the Financial Statements
Year Ended 30 September 2022
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
Revenue recognition
Turnover represents the amounts (excluding value added tax) derived from the provision of management services to the group in respect of the assets operated by the group subsidiaries.
Turnover also represents amounts (excluding value added tax) derived from the provision of holiday letting services and rental of various properties on the Mylor Yacht Harbour site.
Rental income is also recognised through turnover on an accruals basis.
Government grants
Government grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
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.
Mylor Yacht Harbour (Holding Company) Limited
Notes to the Financial Statements
Year Ended 30 September 2022
The current corporation 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.
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the balance sheet 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
Land and buildings are depreciated straight line at 2% per annum.
Given that land and buildings are continually maintained the directors are of the opinion that their residual value is not less than net book value and therefore no depreciation charge arises in the year.
Depreciation is charged so as to write off the cost of assets, other than land and buildings under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Fixtures, fittings and equipment |
10% reducing balance |
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Plant and machinery |
10-20 years straight line |
Investment property
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Mylor Yacht Harbour (Holding Company) Limited
Notes to the Financial Statements
Year Ended 30 September 2022
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
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 stocks 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.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Mylor Yacht Harbour (Holding Company) Limited
Notes to the Financial Statements
Year Ended 30 September 2022
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
|
Turnover |
The analysis of the group's Turnover for the year from continuing operations is as follows:
|
2022 |
2021 |
|
|
Rental and holiday let income |
|
|
|
Rendering of services |
|
|
|
|
|
The analysis of the group's Turnover for the year by market is as follows:
|
2022 |
2021 |
|
|
UK |
|
|
Mylor Yacht Harbour (Holding Company) Limited
Notes to the Financial Statements
Year Ended 30 September 2022
|
Other operating income |
The analysis of the group's other operating income for the year is as follows:
|
2022 |
2021 |
|
|
Government grants |
|
|
|
Miscellaneous other operating income |
|
|
|
|
|
|
Operating profit |
Arrived at after charging/(crediting)
|
2022 |
2021 |
|
|
Depreciation expense |
|
|
|
Profit on disposal of property, plant and equipment |
( |
( |
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2022 |
2021 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
|
|
The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:
|
2022 |
2021 |
|
|
Administration and support |
|
|
|
Other departments |
|
|
|
|
|
Mylor Yacht Harbour (Holding Company) Limited
Notes to the Financial Statements
Year Ended 30 September 2022
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2022 |
2021 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
215,728 |
177,702 |
|
Auditor's remuneration |
|
2022 |
2021 |
|
|
Audit of these financial statements |
3,720 |
3,550 |
|
Other fees to auditors |
||
|
All other non-audit services |
|
|
|
Interest payable and similar expenses |
|
2022 |
2021 |
|
|
Interest on bank overdrafts and borrowings |
|
|
|
Interest expense on other finance liabilities |
|
|
|
|
|
|
Taxation |
Tax charged/(credited) in the profit and loss account
|
2022 |
2021 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
UK corporation tax adjustment to prior periods |
|
( |
|
170,049 |
173,084 |
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
|
|
|
Tax expense in the income statement |
|
|
Mylor Yacht Harbour (Holding Company) Limited
Notes to the Financial Statements
Year Ended 30 September 2022
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2021 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2022 |
2021 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Deferred tax expense relating to changes in tax rates or laws |
|
|
|
Increase in UK and foreign current tax from adjustment for prior periods |
|
- |
|
Tax decrease from effect of capital allowances and depreciation |
( |
( |
|
Total tax charge |
|
|
Deferred tax
Group
Deferred tax assets and liabilities
|
2022 |
Liability |
|
Capital allowances in excess of depreciation |
|
|
|
|
2021 |
Liability |
|
Capital allowances in excess of depreciation |
|
|
|
Company
Deferred tax assets and liabilities
|
2022 |
Liability |
|
Capital allowances in excess of depreciation |
|
|
|
|
2021 |
Liability |
|
Capital allowances in excess of depreciation |
|
|
|
Mylor Yacht Harbour (Holding Company) Limited
Notes to the Financial Statements
Year Ended 30 September 2022
|
Tangible assets |
Group
|
Land and buildings |
Furniture, fittings and equipment |
Plant and machinery |
Total |
|
|
Cost or valuation |
||||
|
At 1 October 2021 |
|
|
|
|
|
Additions |
- |
|
|
|
|
Disposals |
- |
- |
( |
( |
|
At 30 September 2022 |
|
|
|
|
|
Depreciation |
||||
|
At 1 October 2021 |
|
|
|
|
|
Charge for the year |
- |
|
|
|
|
Eliminated on disposal |
- |
- |
( |
( |
|
At 30 September 2022 |
|
|
|
|
|
Carrying amount |
||||
|
At 30 September 2022 |
|
|
|
|
|
At 30 September 2021 |
|
|
|
|
Included within the net book value of land and buildings above is £5,886,161 (2021 - £5,886,161) in respect of freehold land and buildings, £131,175 (2021 - £131,175) in respect of long leasehold land and buildings.
Mylor Yacht Harbour (Holding Company) Limited
Notes to the Financial Statements
Year Ended 30 September 2022
Company
|
Land and buildings |
Furniture, fittings and equipment |
Total |
|
|
Cost or valuation |
|||
|
At 1 October 2021 |
|
|
|
|
Additions |
- |
|
|
|
At 30 September 2022 |
|
|
|
|
Depreciation |
|||
|
At 1 October 2021 |
|
|
|
|
Charge for the year |
- |
|
|
|
At 30 September 2022 |
|
|
|
|
Carrying amount |
|||
|
At 30 September 2022 |
|
|
|
|
At 30 September 2021 |
|
|
|
Included within the net book value of land and buildings above is £5,886,161 (2021 - £5,886,161) in respect of freehold land and buildings and £131,175 (2021 - £131,175) in respect of long leasehold land and buildings.
|
Investments |
Company
|
2022 |
2021 |
|
|
Investments in subsidiaries |
|
|
|
Subsidiaries |
£ |
|
Cost or valuation |
|
|
At 1 October 2021 |
|
|
Provision |
|
|
Carrying amount |
|
|
At 30 September 2022 |
|
|
At 30 September 2021 |
|
Mylor Yacht Harbour (Holding Company) Limited
Notes to the Financial Statements
Year Ended 30 September 2022
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
2022 |
2021 |
|||
|
Subsidiary undertakings |
||||
|
|
Mylor Yacht Harbour
|
|
|
|
|
Subsidiary undertakings |
|
Mylor Yacht Harbour Limited The principal activity of Mylor Yacht Harbour Limited is |
|
Stocks |
|
Group |
Company |
|||
|
2022 |
2021 |
2022 |
2021 |
|
|
Raw materials and consumables |
|
|
- |
- |
|
Work in progress |
|
|
- |
- |
|
|
|
- |
- |
|
Mylor Yacht Harbour (Holding Company) Limited
Notes to the Financial Statements
Year Ended 30 September 2022
|
Debtors |
|
Group |
Company |
|||
|
Current |
2022 |
2021 |
2022 |
2021 |
|
Trade debtors |
|
|
|
|
|
Other debtors |
|
|
|
|
|
Prepayments |
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
Group |
Company |
|||
|
2022 |
2021 |
2022 |
2021 |
|
|
Cash on hand |
|
|
|
|
|
Cash at bank |
|
|
|
|
|
|
|
|
|
|
|
Bank overdrafts |
- |
( |
- |
( |
|
Cash and cash equivalents in statement of cash flows |
386,754 |
515,958 |
5,253 |
1,220 |
|
Creditors |
|
Group |
Company |
||||
|
Note |
2022 |
2021 |
2022 |
2021 |
|
|
Due within one year |
|||||
|
Loans and borrowings |
|
|
- |
|
|
|
Trade creditors |
|
|
- |
|
|
|
Amounts due to group undertakings |
- |
- |
|
|
|
|
Corporation tax |
168,649 |
177,751 |
52,770 |
55,658 |
|
|
Social security and other taxes |
|
|
|
|
|
|
Outstanding defined contribution pension costs |
|
|
|
|
|
|
Other creditors |
|
|
|
|
|
|
Accrued expenses |
|
|
|
|
|
|
Deferred income |
|
|
|
|
|
|
|
|
|
|
||
Mylor Yacht Harbour (Holding Company) Limited
Notes to the Financial Statements
Year Ended 30 September 2022
|
Group |
Company |
||||
|
Note |
2022 |
2021 |
2022 |
2021 |
|
|
Due after one year |
|||||
|
Loans and borrowings |
|
|
- |
- |
|
|
Deferred government grants |
|
|
|
|
|
|
958,124 |
1,175,820 |
433,277 |
448,597 |
||
Mylor Yacht Harbour (Holding Company) Limited
Notes to the Financial Statements
Year Ended 30 September 2022
|
Loans and borrowings |
|
Group |
Company |
|||
|
2022 |
2021 |
2022 |
2021 |
|
|
Current loans and borrowings |
||||
|
Bank borrowings |
|
|
- |
- |
|
Bank overdrafts |
- |
|
- |
|
|
|
|
- |
|
|
|
Group |
Company |
|||
|
2022 |
2021 |
2022 |
2021 |
|
|
Non-current loans and borrowings |
||||
|
Bank borrowings |
|
|
- |
- |
|
Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £
Contributions totalling £
|
Share capital |
Allotted, called up and fully paid shares
|
2022 |
2021 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
50.00 |
|
50.00 |
|
|
|
38,318.70 |
|
38,318.70 |
|
|
|
|
|
|
|
Parent and ultimate parent undertaking |
The ultimate controlling party is
Mylor Yacht Harbour (Holding Company) Limited
Notes to the Financial Statements
Year Ended 30 September 2022
|
Related party transactions |
Company
Summary of transactions with key management
R & D Graffy have a directors' loan balance outstanding at the year end which is disclosed within other creditors £7,508 (2021: £5,289)
Summary of transactions with other related parties
During the year the company provided services to Digital Dry Dock Ltd amounting to £3,250. At the balance sheet date the amount due from the related company was £250 (2021: £0).