Year Ended
Registration number:
Mylor Yacht Harbour (Holding Company) Limited
Contents
Balance Sheet |
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Notes to the Financial Statements |
Mylor Yacht Harbour (Holding Company) Limited
Balance Sheet
30 September 2023
Note |
2023 |
2022 |
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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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Provisions for liabilities |
( |
( |
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Deferred government grants |
(417,957) |
(433,277) |
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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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Share premium reserve |
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Profit and loss account |
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Total equity |
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These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
N F Salter
Director
Company Registration Number: 03679386
Mylor Yacht Harbour (Holding Company) Limited
Notes to the Financial Statements
Year Ended 30 September 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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.
Going concern
The financial statements have been prepared on a going concern basis.
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 2023
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:
Asset class |
Depreciation method and rate |
Plant and machinery |
10-20 years straight line |
Fixtures, fittings and equipment |
10% reducing balance |
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.
Mylor Yacht Harbour (Holding Company) Limited
Notes to the Financial Statements
Year Ended 30 September 2023
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 October 2022 |
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Additions |
- |
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At 30 September 2023 |
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Depreciation |
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At 1 October 2022 |
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Charge for the year |
- |
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At 30 September 2023 |
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Carrying amount |
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At 30 September 2023 |
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At 30 September 2022 |
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Included within the net book value of land and buildings above is £5,886,161 (2022 - £5,886,161) in respect of freehold land and buildings and £131,175 (2022 - £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 2023
Investments |
2023 |
2022 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 October 2022 |
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At 30 September 2023 |
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Carrying amount |
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At 30 September 2023 |
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At 30 September 2022 |
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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 |
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2023 |
2022 |
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Subsidiary undertakings |
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Mylor Yacht Harbour
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Subsidiary undertakings |
Mylor Yacht Harbour Limited The principal activity of Mylor Yacht Harbour Limited is |
Mylor Yacht Harbour (Holding Company) Limited
Notes to the Financial Statements
Year Ended 30 September 2023
Debtors |
Note |
2023 |
2022 |
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Trade debtors |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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- |
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Prepayments |
- |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Trade creditors |
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- |
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Amounts due to group undertakings |
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Social security and other taxes |
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Outstanding defined contribution pension costs |
- |
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Other creditors |
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Accrued expenses |
- |
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Corporation tax |
41,766 |
52,770 |
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Deferred income |
- |
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Mylor Yacht Harbour (Holding Company) Limited
Notes to the Financial Statements
Year Ended 30 September 2023
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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- |
- |
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50 |
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- |
- |
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38,319 |
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38,369 |
- |
- |
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During the year there was a share reclassification. C and D ordinary shares were cancelled and ordinary shares were issued.
Ordinary shares have full capital and voting rights.
Ordinary C shares have full capital and voting rights but have no right to dividends.
Ordinary D shares have full rights to dividends but limited capital rights (limited to the issue price of such shares) and no voting rights.
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Provisions for liabilities |
Deferred tax |
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£ |
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At 1 October 2022 |
190,000 |
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Increase in provision during the year |
9,000 |
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At 30 September 2023 |
199,000 |
Mylor Yacht Harbour (Holding Company) Limited
Notes to the Financial Statements
Year Ended 30 September 2023
Deferred government grants |
2023 |
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£ |
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At 1 October 2022 |
433,277 |
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Government grants released to the profit and loss |
(15,320) |
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At 30 September 2023 |
417,957 |
Related party transactions |
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 (2022: £250).
Parent and ultimate parent undertaking |
The company's immediate parent is
The most senior parent entity producing publicly available financial statements is
Audit report |