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REGISTERED NUMBER: 04404183 (England and Wales)















SWALE MARINA SERVICES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023






SWALE MARINA SERVICES LIMITED (REGISTERED NUMBER: 04404183)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Company Information 1

Statement of Financial Position 3

Notes to the Financial Statements 5


SWALE MARINA SERVICES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: Mr S R Smedley
Mr P Smedley
Mrs T Smedley
Mr G R Smedley





SECRETARY: Mr S R Smedley





REGISTERED OFFICE: Building 1063
Cornforth Drive
Kent Science Park
Sittingbourne
Kent
ME9 8PX





BUSINESS ADDRESS: Swale Marina
Conyer Wharf
Conyer
TEYNHAM
ME9 9HN





REGISTERED NUMBER: 04404183 (England and Wales)






SWALE MARINA SERVICES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







ACCOUNTANTS: McCabe Ford Williams
Chartered Accountants
Building 1063
Cornforth Drive
Kent Science Park
Sittingbourne
Kent
ME9 8PX

SWALE MARINA SERVICES LIMITED (REGISTERED NUMBER: 04404183)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 528,199 505,128
Investments 7 100 100
Investment property 8 590,281 212,500
1,118,580 717,728

CURRENT ASSETS
Stocks 6,017 190,798
Debtors 9 76,942 72,957
Cash at bank and in hand 46,167 89,187
129,126 352,942
CREDITORS
Amounts falling due within one year 10 1,129,379 1,013,459
NET CURRENT LIABILITIES (1,000,253 ) (660,517 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

118,327

57,211

PROVISIONS FOR LIABILITIES 15,760 9,026
NET ASSETS 102,567 48,185

CAPITAL AND RESERVES
Called up share capital 11 1 1
Fair value reserve 12 - 20,122
Retained earnings 102,566 28,062
SHAREHOLDERS' FUNDS 102,567 48,185

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

SWALE MARINA SERVICES LIMITED (REGISTERED NUMBER: 04404183)

STATEMENT OF FINANCIAL POSITION - continued
31 MARCH 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 October 2023 and were signed on its behalf by:





Mr S R Smedley - Director


SWALE MARINA SERVICES LIMITED (REGISTERED NUMBER: 04404183)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

Swale Marina Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The company has the continuing support of its parent company to meet its day to day working capital requirements.

Preparation of consolidated financial statements
The financial statements contain information about Swale Marina Services Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Significant judgements and estimates
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered 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 to which the estimate 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. The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are the depreciation charges that are calculated with reference to the useful economic life of fixed assets.

Turnover
Turnover represents sales of food and drink at the Ship Inn and Swale Marina club house excluding value added tax and sales of invoiced goods and services excluding value added tax at Swale Marina. Where a sale represents an agreement for bearthing which lasts for a number of months the sale is recognised on a straight line basis over the bearthing period.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2002, has been fully amoritsed evenly over its estimated useful life of five years.

SWALE MARINA SERVICES LIMITED (REGISTERED NUMBER: 04404183)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - Straight line over 50 years
Improvements to property - 10% on reducing balance
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost
Computer equipment - straight line over 3 years

Investment property
Investment property is shown at most recent valuation, Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. Investment property under construction is shown at cost to date with revaluation upon completion.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

SWALE MARINA SERVICES LIMITED (REGISTERED NUMBER: 04404183)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

3. ACCOUNTING POLICIES - continued

Financial instruments

The company enters into basic financial instruments 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 and loans to related parties.

a) Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

b) Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.

c) Impairment of financial assets
Financial assets that are measured at cost and amortised 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 recognised in profit or loss.

For financial assets measured at amortised 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.

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.

d) Trade and other creditors
Debt instruments like loans and other accounts payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable within one year, typically trade payables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

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 recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


SWALE MARINA SERVICES LIMITED (REGISTERED NUMBER: 04404183)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

3. ACCOUNTING POLICIES - continued
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.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
As stated above the company has the continuing support of its parent company to meet its day to day working capital requirements. In addition to this the Marina now has an established long term customer base who occupy the majority of the marina's bearthing capacity.

Accordingly the directors consider it appropriate to continue to adopt the going concern basis in preparing the financial statements.

SWALE MARINA SERVICES LIMITED (REGISTERED NUMBER: 04404183)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

3. ACCOUNTING POLICIES - continued

Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like plant and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.

Inventories are also assessed for impairment at each reporting date. Each item of inventory is compared to the last sold date and an impairment loss recognised on a percentage basis in profit and loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit and loss.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 7 ) .

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 60,000
AMORTISATION
At 1 April 2022
and 31 March 2023 60,000
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 -

SWALE MARINA SERVICES LIMITED (REGISTERED NUMBER: 04404183)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

6. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 April 2022 549,574 285,438 465,602
Additions - - 59,448
At 31 March 2023 549,574 285,438 525,050
DEPRECIATION
At 1 April 2022 132,655 227,010 435,821
Charge for year 10,887 5,843 20,411
At 31 March 2023 143,542 232,853 456,232
NET BOOK VALUE
At 31 March 2023 406,032 52,585 68,818
At 31 March 2022 416,919 58,428 29,781

Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 April 2022 72,565 7,855 1,381,034
Additions 800 - 60,248
At 31 March 2023 73,365 7,855 1,441,282
DEPRECIATION
At 1 April 2022 72,565 7,855 875,906
Charge for year 36 - 37,177
At 31 March 2023 72,601 7,855 913,083
NET BOOK VALUE
At 31 March 2023 764 - 528,199
At 31 March 2022 - - 505,128

SWALE MARINA SERVICES LIMITED (REGISTERED NUMBER: 04404183)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

7. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 April 2022
and 31 March 2023 100
NET BOOK VALUE
At 31 March 2023 100
At 31 March 2022 100

8. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022 212,500
Additions 402,623
Revaluations (24,842 )
At 31 March 2023 590,281
NET BOOK VALUE
At 31 March 2023 590,281
At 31 March 2022 212,500

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2022 24,842
Valuation in 2023 (24,842 )
Cost 590,281
590,281

Investment property was valued on an open market basis on 27 April 2022 by Harrisons, Chartered Surveyors .

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 10,855 7,515
Associated company loan 52,039 52,039
Prepayments and accrued income 14,048 13,403
76,942 72,957

SWALE MARINA SERVICES LIMITED (REGISTERED NUMBER: 04404183)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade creditors 17,095 19,402
Other taxes and PAYE taxes 22,896 17,349
VAT 17,130 19,230
Other creditors 50 50
Parent Company Loan 780,183 881,183
Directors' Current Accounts 1,571 1,571
Accruals 290,454 74,674
1,129,379 1,013,459

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: £    £   
1 Ordinary £1 1 1

12. RESERVES
Fair
value
reserve
£   
At 1 April 2022 20,122
Movement in revaluation
reserve (20,122 )

At 31 March 2023 -

13. RELATED PARTY DISCLOSURES

At the balance sheet date Swale Marina Services Limited was owed £52,039 (2022 - £52,039) by Smedley Homes Limited.

At the balance sheet date there was a loan of £780,183 (2022 - £881,183) outstanding to P & JM Smedley Limited.