Cropredy Marina Limited - Period Ending 2018-03-31

Registration number: 07572555

Cropredy Marina Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2018

mca business Ltd
Greenway House
Sugarswell Business Park
Shenington
Banbury
Oxon
OX15 6HW

Cropredy Marina Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3 to 4
Statement of Changes in Equity	5
Notes to the Financial Statements	6 to 12

Cropredy Marina Limited

Company Information

Director

Mr Michael Timothy Langer

Registration number

07572555

Registered office

Greenway House Sugarswell Bus Park Shenington Banbury OX15 6HW

Accountants

mca business Ltd Greenway House Sugarswell Business Park Shenington Banbury Oxon OX15 6HW

Page 1

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Cropredy Marina Limited
for the Year Ended 31 March 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Cropredy Marina Limited for the year ended 31 March 2018 as set out on pages 3 to 12 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Cropredy Marina Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Cropredy Marina Limited and state those matters that we have agreed to state to the Board of Directors of Cropredy Marina Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cropredy Marina Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Cropredy Marina Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Cropredy Marina Limited. You consider that Cropredy Marina Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Cropredy Marina Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

mca business Ltd
Greenway House
Sugarswell Business Park
Shenington
Banbury
Oxon
OX15 6HW

13 December 2018

Page 2

Cropredy Marina Limited

(Registration number: 07572555)
Balance Sheet as at 31 March 2018

	Note	2018 £	2017 £
Fixed assets
Tangible assets	3	1,224,181	1,292,692
Current assets
Stocks	4	4,887	3,962
Debtors	5	5,820	14,913
Cash at bank and in hand		42,569	127,097
		53,276	145,972
Creditors: Amounts falling due within one year	6	(511,066)	(552,632)
Net current liabilities		(457,790)	(406,660)
Total assets less current liabilities		766,391	886,032
Creditors: Amounts falling due after more than one year	6	(388,567)	(606,789)
Provisions for liabilities		(360)	(500)
Net assets		377,464	278,743
Capital and reserves
Called up share capital		1	1
Profit and loss account		377,463	278,742
Total equity		377,464	278,743

The notes on pages 6 to 12 form an integral part of these financial statements.

Page 3

Cropredy Marina Limited

(Registration number: 07572555)
Balance Sheet as at 31 March 2018

For the financial year ending 31 March 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 accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 12 December 2018
 

Mr Michael Timothy Langer

Director

The notes on pages 6 to 12 form an integral part of these financial statements.

Page 4

Cropredy Marina Limited

Statement of Changes in Equity for the Year Ended 31 March 2018

	Share capital £	Profit and loss account £	Total £
At 1 April 2016	1	136,089	136,090
Profit for the year	-	142,653	142,653
Total comprehensive income	-	142,653	142,653
At 31 March 2017	1	278,742	278,743

	Share capital £	Profit and loss account £	Total £
At 1 April 2017	1	278,742	278,743
Profit for the year	-	179,221	179,221
Total comprehensive income	-	179,221	179,221
Dividends	-	(80,500)	(80,500)
At 31 March 2018	1	377,463	377,464

The notes on pages 6 to 12 form an integral part of these financial statements.

Page 5

Cropredy Marina Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

1	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.

These financial statements are prepared in Sterling, which is the functional currency of the company. All monetary amounts are rounded to the nearest £.

Summary of disclosure exemptions

The financial statements present information about the company as an individual undertaking and not about. its group. The company has taken advantage of the exemptions provided by section 405 of the Companies Act 2006 not to prepare group accounts on the basis that its only subsidiary is dormant and not material..

Judgements and estimates

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be 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 in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

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.

Page 6

Cropredy Marina Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

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 tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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
Plant & Machinery	25% WDV
Office equipment	20% WDV
Leasehold property	20 years

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.

Page 7

Cropredy Marina Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Financial Instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company’s statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets are classified into specified categories. The classification depends on the nature and purpose of the financial assets and is determined at the time of recognition.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic Financial Assets
Basic financial assets which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs 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.

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 profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
 

Page 8

Cropredy Marina Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

Classification of 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, including trade and other payables, 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.

Debt Instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Impairment of Financial Assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of Financial Assets
Financial asserts are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
 

Other Financial Liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Derecognition of Financial Liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
 

Page 9

Cropredy Marina Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

2	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2017 - 4).

3	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Other tangible assets £	Total £
Cost or valuation
At 1 April 2017	1,537,889	776	5,424	1,544,089
At 31 March 2018	1,537,889	776	5,424	1,544,089
Depreciation
At 1 April 2017	247,695	407	3,295	251,397
Charge for the year	67,905	74	532	68,511
At 31 March 2018	315,600	481	3,827	319,908
Carrying amount
At 31 March 2018	1,222,289	295	1,597	1,224,181
At 31 March 2017	1,290,194	369	2,129	1,292,692

Included within the net book value of land and buildings above is £Nil (2017 - £Nil) in respect of freehold land and buildings and £1,222,289 (2017 - £1,290,194) in respect of long leasehold land and buildings.
 

4

Stocks

	2018 £	2017 £
Other inventories	4,887	3,962

Page 10

Cropredy Marina Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

5

Debtors

	2018 £	2017 £
Prepayments	5,820	10,705
Other debtors	-	4,208
	5,820	14,913

6

Creditors

Creditors: amounts falling due within one year

	Note	2018 £	2017 £
Due within one year
Bank loans and overdrafts	7	75,782	80,634
Trade creditors		13,194	25,669
Taxation and social security		18,776	583
Accruals and deferred income		247,910	202,268
Other creditors		155,404	243,478
		511,066	552,632

Creditors: amounts falling due after more than one year

	Note	2018 £	2017 £
Due after one year
Loans and borrowings	7	367,506	573,924
Other non-current financial liabilities		21,061	32,865
		388,567	606,789

Page 11

Cropredy Marina Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

7	Loans and borrowings

	2018 £	2017 £
Non-current loans and borrowings
Bank borrowings	367,506	573,924

	2018 £	2017 £
Current loans and borrowings
Bank borrowings	75,782	80,634

8	Share capital

Allotted, called up and fully paid shares

	2018		2017
	No.	£	No.	£
Ordinary shares of £1 each	1	1	1	1

9	Related party transactions

Other transactions with directors

Summary of transactions with other related parties

Crick Marina Limited
(Under Common Control)

During the year the company incurred expeniture totalling £111,500 from Crick Marina Limited.
Those transacrtions were carried out on an arms length basis, at full market value and under normal trading conditions. At the balance sheet date the amount due to Crick Marina Limited was £111,500 (2017 - £115,500).
 

Page 12