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REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2018 |
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BRIGHTON MARINA RESIDENTIAL MANAGEMENT |
COMPANY LIMITED |
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REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2018 |
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FOR |
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BRIGHTON MARINA RESIDENTIAL MANAGEMENT |
COMPANY LIMITED |
BRIGHTON MARINA RESIDENTIAL MANAGEMENT |
COMPANY LIMITED (REGISTERED NUMBER: 02162914) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 3 |
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BRIGHTON MARINA RESIDENTIAL MANAGEMENT |
COMPANY LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants and Statutory Auditors |
Fifth Floor |
11 Leadenhall Street |
London |
EC3V 1LP |
BRIGHTON MARINA RESIDENTIAL MANAGEMENT |
COMPANY LIMITED (REGISTERED NUMBER: 02162914) |
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STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 3 |
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CURRENT ASSETS |
Debtors | 4 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 5 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 6 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 8 |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
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BRIGHTON MARINA RESIDENTIAL MANAGEMENT |
COMPANY LIMITED (REGISTERED NUMBER: 02162914) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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1. | STATUTORY INFORMATION |
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Brighton Marina Residential Management Company Limited is a
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in England and Wales. The company's registered number and registered office address can be found on the |
Company Information page. |
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2. | ACCOUNTING POLICIES |
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BASIS OF PREPARING THE FINANCIAL STATEMENTS |
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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). |
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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 £. |
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The following principal accounting policies have been applied: |
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CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
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 the 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. |
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The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are |
recognised in the period in which the estimates is revised. If the revision affects only that period or in the period of |
the revision and future periods if the revision affects both current and future periods. |
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TURNOVER |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Turnover represents amounts invoiced to tenants in respect of service charges under the tenancy agreement. |
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INVESTMENTS IN SUBSIDIARIES |
Investments in subsidiary undertakings are recognised at cost. |
BRIGHTON MARINA RESIDENTIAL MANAGEMENT |
COMPANY LIMITED (REGISTERED NUMBER: 02162914) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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2. | ACCOUNTING POLICIES - continued |
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FINANCIAL INSTRUMENTS |
The company only enters into basic financial instruments transactions that result in the recognition of financial |
assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties. |
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Financial assets that are measured at cost and amortized 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 recognized |
in profit or loss. |
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For financial assets measured at amortized 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. |
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For financial assets measured at cost less impairment, the impairment loss is measured as the difference between |
an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company |
would receive for the asset if it were to be sold at the reporting date. |
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Financial assets and liabilities are offset and the net amount reported in the statement of financial position when |
there is an enforceable right to set off the recognized amounts and there is an intention to settle on a net basis or to |
realise the asset and settle the liability simultaneously. |
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TAXATION |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the |
extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the statement of financial position date. |
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DEBTORS |
Short term debtors ae measured at transaction price, less any impairment. Loans receivable are measured initially |
at fair value, net of transaction costs, and are remeasured subsequently at amortised cost using the effective interest |
method, less any impairment. |
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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. |
BRIGHTON MARINA RESIDENTIAL MANAGEMENT |
COMPANY LIMITED (REGISTERED NUMBER: 02162914) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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3. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
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Cost |
At 1 January 2018 |
and 31 December 2018 |
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Net book value |
At 31 December 2018 |
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At 31 December 2017 |
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4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
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Reserve accounts held on Trust | 665,580 | 635,704 |
Prepayments and accrued income |
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Included within Reserve accounts held on Trust is an amount of £665,580 (2017 - £635,704) which is due after |
more than one year. |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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VAT | 48,883 | - |
Other creditors |
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Amounts (from)/due to tenants | (5,686 | ) | 31,024 |
Accruals and deferred income |
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6. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2018 | 2017 |
£ | £ |
Other creditors |
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BRIGHTON MARINA RESIDENTIAL MANAGEMENT |
COMPANY LIMITED (REGISTERED NUMBER: 02162914) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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7. | FUTURE EXPENDITURE FUND |
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2018 | 2017 |
£ | £ |
Balance at 1 January 2018 | 635,704 | 519,899 |
Interest net of administration expenses | (4,288 | ) | (3,165 | ) |
Net funds utilised in the year | 34,164 | 118,970 |
Balance at 31 December 2018 | 665,580 | 635,704 |
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Under the terms of certain leases, the company may collect contributions for future expenditure. This is held by the |
company until the expenditure is undertaken by the company. |
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8. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2018 | 2017 |
value: | £ | £ |
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Ordinary A | £1 | 2 | 2 |
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Ordinary B | £1 | 986 | 986 |
988 | 988 |
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9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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10. | RELATED PARTY DISCLOSURES |
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The company received finance from Brighton Marina Residential Trust in the sum of £27,802 (2017 - £113,498), |
all of which was outstanding at the year end is included in creditors. |
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11. | ULTIMATE CONTROLLING PARTY |
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The controlling party is Brighton Marina Village Estate Company Partnership LLP. |
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The ultimate controlling parties are RA Goodall and ICG Longbow Development (Brighton) Ltd by virtue of their |
shareholding in Brighton Marina Group Ltd. |
BRIGHTON MARINA RESIDENTIAL MANAGEMENT |
COMPANY LIMITED (REGISTERED NUMBER: 02162914) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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12. | AMOUNTS (FROM)/DUE TO TENANTS |
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2018 | 2017 |
£ | £ |
Boardwalk restaurants | (5,686 | ) | 31,024 |
Net amounts due to tenants | (5,686 | ) | 31,024 |
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Amounts due to tenants is included in creditors due within one year. |