Company Registration No. 03003940 (England and Wales)
HARBOURSIDE MARINA LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
PAGES FOR FILING WITH REGISTRAR
HARBOURSIDE MARINA LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
HARBOURSIDE MARINA LIMITED
BALANCE SHEET
AS AT
31 MARCH 2018
31 March 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
923,703
912,109
Current assets
Stocks
15,310
13,101
Debtors
4
110,231
123,358
Cash at bank and in hand
41,487
196,452
167,028
332,911
Creditors: amounts falling due within one year
5
(300,390)
(347,466)
Net current liabilities
(133,362)
(14,555)
Total assets less current liabilities
790,341
897,554
Creditors: amounts falling due after more than one year
6
(314,592)
(426,210)
Provisions for liabilities
(67,286)
(21,351)
Net assets
408,463
449,993
Capital and reserves
Called up share capital
7
332,142
332,142
Share premium account
62,426
62,426
Capital redemption reserve
32,143
32,143
Profit and loss reserves
(18,248)
23,282
Total equity
408,463
449,993
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
HARBOURSIDE MARINA LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2018
31 March 2018
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 19 December 2018 and are signed on its behalf by:
D McNeil
Director
Company Registration No. 03003940
HARBOURSIDE MARINA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
- 3 -
1
Accounting policies
Company information
Harbourside Marina Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Alpha House, 4 Greek Street, Stockport, Cheshire, SK3 8AB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Marina Leasehold
Over the term of the lease
Plant and machinery
From 7.5% per annum straight line to 15% per annum reducing balance
Bar renewal
20% per annum, straight line
Motor vehicles
25% per annum, straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
HARBOURSIDE MARINA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 4 -
Recoverable amount is the higher of fair value less costs to sell and value in use.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost 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.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
Debtors
Debtors do not carry any interest and are stated at their nominal value.
Trade creditors
Trade creditors are not interest bearing and are stated at their nominal value.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
HARBOURSIDE MARINA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 36 (2017 - 20).
HARBOURSIDE MARINA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 6 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2017
561,347
1,204,110
1,765,457
Additions
-
101,072
101,072
At 31 March 2018
561,347
1,305,182
1,866,529
Depreciation and impairment
At 1 April 2017
78,664
774,684
853,348
Depreciation charged in the year
3,745
85,733
89,478
At 31 March 2018
82,409
860,417
942,826
Carrying amount
At 31 March 2018
478,938
444,765
923,703
At 31 March 2017
482,683
429,426
912,109
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
32,175
45,087
Other debtors
78,056
78,271
110,231
123,358
5
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
102,115
99,104
Trade creditors
106,143
112,609
Corporation tax
1,427
5,828
Other taxation and social security
12,294
26,455
Other creditors
78,411
103,470
300,390
347,466
HARBOURSIDE MARINA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 7 -
6
Creditors: amounts falling due after more than one year
2018
2017
£
£
Bank loans and overdrafts
95,592
197,210
Other creditors
219,000
229,000
314,592
426,210
7
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
6,642,840 Ordinary of 5p each
332,142
332,142
332,142
332,142