Whitehaven Marina Limited - Period Ending 2017-03-31
Whitehaven Marina Limited - Period Ending 2017-03-31
Company No:
Whitehaven Marina Limited
Year Ended
31 March 2017
BRETT PITTWOOD
Chartered Accountants
Whitehaven Marina Limited
ACCOUNTS
Year ended 31 March 2017
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Directors and officers |
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Balance sheet |
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Notes to the financial statements |
Whitehaven Marina Limited |
Page 1 |
Directors and officers
Directors |
G Phillips D R McKiernan M C Ward |
Registered office |
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Accountants |
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Whitehaven Marina Limited |
Page 2 |
(Company No:
06647450
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Balance sheet
as at
31 March 2017
Note |
2017 |
2016 |
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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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( |
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Net current liabilities |
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( |
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Total assets less current liabilities |
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Provisions for liabilities |
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- |
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Net assets |
£ |
£ |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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£ |
£ |
For the financial year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
In accordance with the special provisions applicable to certain small companies able to take advantage of the small companies regime, the balance sheet and related notes have been prepared and delivered to the Registrar of Companies. Also in accordance with the special provisions applicable to small companies the profit and loss account and the director's report have not been delivered.
Approved and authorised by the
G Phillips
Director
Whitehaven Marina Limited |
Page 3 |
Notes to the financial statements
Year Ended 31 March 2017
General information |
The company is a private company limited by share capital incorporated in England & Wales.
The address of its registered office is:
England
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.
The financial statements are presented in sterling which is the functional currency of the company. Monetary amounts are rounded to the nearest pound.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred 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.
The current income 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 income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income 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.
Whitehaven Marina Limited |
Page 4 |
Notes to the financial statements
Year Ended 31 March 2017
Tangible assets
Tangible assets are stated in the statement of financial position 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
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Leasehold land and buildings |
15-30 years straight line |
Plant and equipment |
7-15 years straight line |
Office equipment |
3-7 years straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
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 inventories 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.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Whitehaven Marina Limited |
Page 5 |
Notes to the financial statements
Year Ended 31 March 2017
Financial instruments
Financial assets
Basic financial assets
Basic financial assets, which include trade debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in the or loss, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Summary of transactions with key management
The directors consider there are no other key management personnel other than the directors themselves.
Whitehaven Marina Limited |
Page 6 |
Notes to the financial statements
Year Ended 31 March 2017
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 April 2016 |
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Additions |
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At 31 March 2017 |
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Depreciation |
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At 1 April 2016 |
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Charge for the year |
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At 31 March 2017 |
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Net book value |
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At 31 March 2017 |
£ |
£ |
£ |
At 31 March 2016 |
£ |
£ |
£ |
Included within the net book value of land and buildings above is £137,888 (2016 - £140,644) in respect of long leasehold land and buildings.
Stocks |
2017 |
2016 |
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Finished goods and goods for resale |
£ |
£ |
Debtors |
2017 |
2016 |
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Trade debtors |
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Other debtors |
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- |
Prepayments |
5,968 |
5,568 |
£ |
£ |
Creditors |
Note |
2017 |
2016 |
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Due within one year |
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Trade creditors |
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Berthing and other fees received in advance |
247,098 |
253,443 |
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Amounts owed to group companies |
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Taxation and social security |
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Other creditors and accruals |
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£ |
£ |
Whitehaven Marina Limited |
Page 7 |
Notes to the financial statements
Year Ended 31 March 2017
Financial commitments, guarantees and contingencies |
The total amount of financial commitments not included in the balance sheet is £
There is a contingent commitment for a "Turnover rent" which is paid annually. As turnover fluctuates each year there is no way to provide an accurate measure of this.
Parent and ultimate parent undertaking |
The company's immediate parent is
Transition to FRS 102 |