Company Registration No. 03003940 (England and Wales)
Harbourside Marina Limited
Unaudited accounts
for the year ended 31 March 2023
Harbourside Marina Limited
Unaudited accounts
Contents
Harbourside Marina Limited
Company Information
for the year ended 31 March 2023
Directors
Chloe Alexandra Beard
David McNeil
Company Number
03003940 (England and Wales)
Registered Office
12 Greenway Farm
Bath Road
Wick
Bristol
BS30 5RL
United Kingdom
Harbourside Marina Limited
Statement of financial position
as at 31 March 2023
Tangible assets
732,386
758,192
Cash at bank and in hand
20,643
64,186
Creditors: amounts falling due within one year
(265,456)
(304,742)
Net current liabilities
(141,381)
(168,437)
Total assets less current liabilities
591,005
589,755
Creditors: amounts falling due after more than one year
(373,182)
(326,761)
Net assets
217,823
262,994
Called up share capital
332,142
332,142
Share premium
62,426
62,426
Capital redemption reserve
32,143
32,143
Profit and loss account
(208,888)
(163,717)
Shareholders' funds
217,823
262,994
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 1 February 2024 and were signed on its behalf by
Chloe Alexandra Beard
Director
Company Registration No. 03003940
Harbourside Marina Limited
Notes to the Accounts
for the year ended 31 March 2023
Harbourside Marina Limited is a private company, limited by shares, registered in England and Wales, registration number 03003940. The registered office is 12 Greenway Farm, Bath Road, Wick, Bristol, BS30 5RL, United Kingdom.
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
Over the term of the lease
Plant & machinery
From 7.5% per annum straight line to 15% per annum reducing balance
Motor vehicles
25% per annum, straight line
Fixtures & fittings
20% per annum, straight line
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.
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the
directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Harbourside Marina Limited
Notes to the Accounts
for the year ended 31 March 2023
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.
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.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Cash and cash equivalents 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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
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.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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.
Harbourside Marina Limited
Notes to the Accounts
for the year ended 31 March 2023
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
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 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.
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Tangible fixed assets
Land & buildings
Plant & machinery
Total
Cost or valuation
At cost
At cost
At 1 April 2022
625,023
1,387,799
2,012,822
At 31 March 2023
625,023
1,401,030
2,026,053
At 1 April 2022
102,324
1,152,306
1,254,630
Charge for the year
3,968
35,069
39,037
At 31 March 2023
106,292
1,187,375
1,293,667
At 31 March 2023
518,731
213,655
732,386
At 31 March 2022
522,699
235,493
758,192
Amounts falling due within one year
Trade debtors
40,312
7,627
Accrued income and prepayments
17,073
17,998
Other debtors
16,827
17,274
Amounts falling due after more than one year
Other debtors
29,220
29,220
Harbourside Marina Limited
Notes to the Accounts
for the year ended 31 March 2023
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Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
44,260
34,193
Trade creditors
139,598
143,623
Taxes and social security
(8,455)
59,836
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Creditors: amounts falling due after more than one year
2023
2022
Taxes and social security
32,864
39,375
Loans from directors
279,031
252,482
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Post balance sheet events
An adjustment has been made to the prior year to reduce the tax debtor recognised from £50,794 to £16,827 - an added expense to the profit and loss account of £33,967. This adjustment arose due to late adjustments to capital allowances.
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Average number of employees
During the year the average number of employees was 12 (2022: 13).