Tollesbury Marina Limited (Formerly Tollesbury Cruising Club Limited) Filleted accounts for Companies House (small and micro)

TOLLESBURY MARINA LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 00996247

Tollesbury Marina Limited (Formerly Tollesbury Cruising Club Limited)

Filleted Unaudited Financial Statements

31 January 2018

Tollesbury Marina Limited (Formerly Tollesbury Cruising Club Limited)

Statement of Financial Position

31 January 2018

	2018		2017
Note	£	£	£

Fixed assets

Tangible assets	5		31,082	28,223

Current assets

Stocks		6,500	5,500
Debtors	6	63,661	55,824
Cash at bank and in hand		10,905	1,323
		--------	--------
		81,066	62,647

Creditors: amounts falling due within one year	7	62,886		46,385
		--------		--------
Net current assets			18,180	16,262
			--------	--------
Total assets less current liabilities			49,262	44,485

Creditors: amounts falling due after more than one year	8	3,449	–
		--------	--------
Net assets		45,813	44,485
		--------	--------

Capital and reserves

Called up share capital	9	78	78
Profit and loss account		45,735	44,407
		--------	--------
Shareholders funds		45,813	44,485
		--------	--------

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 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 comprehensive income has not been delivered.

For the year ending 31 January 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Tollesbury Marina Limited (Formerly Tollesbury Cruising Club Limited)

Statement of Financial Position (continued)

31 January 2018

These financial statements were approved by the board of directors and authorised for issue on 4 July 2018 , and are signed on behalf of the board by:

J. C. L. Goldie
Director

Company registration number: 00996247

Tollesbury Marina Limited (Formerly Tollesbury Cruising Club Limited)

Notes to the Financial Statements

Year ended 31 January 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Yacht Harbour, Tollesbury, Maldon, Essex, CM9 8SE.

2. Statement of compliance

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

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis.

Revenue recognition

Turnover represents the invoiced value of subscriptions and cash generated from bar and restaurant takings.

Income tax

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

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

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:

Tennis Courts	-	10% straight line
Fixtures and Fittings	-	12.5 % straight line
Motor vehicles	-	20% straight line
Swimming Pool	-	10% straight line
Club House	-	10% and 20% straight line

Impairment of fixed assets

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.

Stocks

The basis of valuation, which is consistent with previous years, is at cost price.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 9 (2017: 5 ).

5. Tangible assets

	Tennis court	Fixtures and fittings	Motor vehicles	Swimming pool	Club house	Total
	£	£	£	£	£	£
Cost
At 1 Feb 2017	22,307	63,897	–	25,501	25,551	137,256
Additions	–	4,835	9,540	–	–	14,375
Disposals	–	( 20,199)	–	–	–	( 20,199)
	--------	--------	-------	--------	--------	---------
At 31 Jan 2018	22,307	48,533	9,540	25,501	25,551	131,432
	--------	--------	-------	--------	--------	---------
Depreciation
At 1 Feb 2017	20,299	46,792	–	24,062	17,880	109,033
Charge for the year	2,008	5,372	1,908	721	1,508	11,517
Disposals	–	( 20,200)	–	–	–	( 20,200)
	--------	--------	-------	--------	--------	---------
At 31 Jan 2018	22,307	31,964	1,908	24,783	19,388	100,350
	--------	--------	-------	--------	--------	---------
Carrying amount
At 31 Jan 2018	–	16,569	7,632	718	6,163	31,082
	--------	--------	-------	--------	--------	---------
At 31 Jan 2017	2,008	17,105	–	1,439	7,671	28,223
	--------	--------	-------	--------	--------	---------

6. Debtors

	2018	2017
	£	£
Trade debtors	–	500
Prepayments and accrued income	144	–
Other debtors	63,517	55,324
	--------	--------
	63,661	55,824
	--------	--------

7. Creditors: amounts falling due within one year

	2018	2017
	£	£
Trade creditors	11,244	6,476
Accruals and deferred income	2,363	9,492
Corporation tax	–	32
Social security and other taxes	2,316	953
Obligations under finance leases and hire purchase contracts	1,954	–
Director loan accounts	33,067	23,082
Other creditors	11,942	6,350
	--------	--------
	62,886	46,385
	--------	--------

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

	2018	2017
	£	£
Obligations under finance leases and hire purchase contracts	3,449	–
	-------	----

9. Called up share capital

Authorised share capital

	2018		2017
	No.	£	No.	£
Ordinary shares of £ 0.25 each	400	100	400	100
	----	----	----	----

Issued, called up and fully paid

	2018		2017
	No.	£	No.	£
Ordinary shares of £ 0.25 each	310	78	310	78
	----	----	----	----

10. Related party transactions

The directors are designated members of TM Marina LLP (Formerly Tollesbury Marina LLP), which provides management services and boatyard facilities to the company. During the year TM Marina LLP was recharged £ 41,400 (2017 - £ 34,500 ) for subscriptions which were due to Tollesbury Marina Limited. The company also received £35,000 (2017 - £25,000) from TM Marina LLP in respect of directors time. At the year end the company was owed £ 63,117 (2017 - £ 55,324 ) by TM Marina LLP, under normal commercial terms. At the year end the company owed a director £ 33,067 (2017 - £ 23,082 ) by way of a directors loan account.