Company registration number 04707306 (England and Wales)
MEDWAY WHARF MARINA
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
MEDWAY WHARF MARINA
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
MEDWAY WHARF MARINA (REGISTERED NUMBER: 04707306)
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
49,802
76,305
Current assets
Debtors
5
38,397
12,039
Cash at bank and in hand
61,735
33,397
100,132
45,436
Creditors: amounts falling due within one year
6
(70,177)
(34,048)
Net current assets
29,955
11,388
Total assets less current liabilities
79,757
87,693
Creditors: amounts falling due after more than one year
7
(1,223)
(12,874)
Provisions for liabilities
(2,698)
Net assets
78,534
72,121
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
78,434
72,021
Total equity
78,534
72,121
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 2023 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.
The 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.
MEDWAY WHARF MARINA (REGISTERED NUMBER: 04707306)
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 3 October 2023 and are signed on its behalf by:
Mrs S J Park
Director
MEDWAY WHARF MARINA
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
Medway Wharf Marina is a private company limited by shares incorporated in England and Wales. The registered office is 19-21 Swan Street, West Malling, Kent, ME19 6JU.
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 amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet 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.
1.3
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.
1.4
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:
Land and buildings Freehold
No depreciation provided
Plant and machinery
25% on reducing balance
Fixtures, fittings & equipment
25% on reducing balance
Motor vehicles
25% on reducing balance
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.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
MEDWAY WHARF MARINA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
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.
1.6
Government grants
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
4
4
MEDWAY WHARF MARINA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
30,000
Amortisation and impairment
At 1 April 2022 and 31 March 2023
30,000
Carrying amount
At 31 March 2023
At 31 March 2022
4
Tangible fixed assets
Land and buildings Freehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2022
10,302
21,795
91,656
16,550
140,303
Additions
235
292
527
Disposals
(16,550)
(19,404)
(14,800)
(50,754)
At 31 March 2023
10,302
5,480
72,544
1,750
90,076
Depreciation and impairment
At 1 April 2022
18,147
31,818
14,033
63,998
Depreciation charged in the year
190
12,743
226
13,159
Eliminated in respect of disposals
(13,427)
(10,271)
(13,185)
(36,883)
At 31 March 2023
4,910
34,290
1,074
40,274
Carrying amount
At 31 March 2023
10,302
570
38,254
676
49,802
At 31 March 2022
10,302
3,648
59,838
2,517
76,305
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
35,529
4,965
Other debtors
2,868
7,074
38,397
12,039
MEDWAY WHARF MARINA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
5
Debtors
(Continued)
- 6 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,222
9,398
Trade creditors
1,400
1,786
Taxation and social security
18,904
20,286
Other creditors
39,651
2,578
70,177
34,048
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
1,223
12,874
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
9
Financial commitments, guarantees and contingent liabilities
During a previous year, the company borrowed £50,000 from its bankers for a Bounce Back Loan. As part of this loan scheme, the UK government has guaranteed the advance and will pay the interest and fees due for the first 12 months.
10
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
8,710
14,200
The company received rent of £22,914 in the year (2022: £13,341).
MEDWAY WHARF MARINA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
11
Directors' transactions
On the 21st July 2022 the director repaid their previously overdrawn loan account of £3,000. At the 31st March 2023 the company owed its director £5,000.