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REGISTERED NUMBER: 07268682 (England and Wales)












MARINA UNITED LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 OCTOBER 2023






MARINA UNITED LTD (REGISTERED NUMBER: 07268682)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 10

MARINA UNITED LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2023







DIRECTORS: Z Dai
Miss B Dai
Miss F Y Kam
K Thomas
Mrs L Ferrier





SECRETARY: Z Dai





REGISTERED OFFICE: C/O Bevan Buckland LLP
Ground Floor, Cardigan House
Swansea
SA7 9LA





REGISTERED NUMBER: 07268682 (England and Wales)





ACCOUNTANTS: Bevan Buckland LLP
Ground Floor Cardigan House
Castle Court
Swansea Enterprise Park
Swansea
SA7 9LA

MARINA UNITED LTD (REGISTERED NUMBER: 07268682)

BALANCE SHEET
31 OCTOBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 2 2
Tangible assets 5 2,413,529 2,417,024
Investments 6 - -
2,413,531 2,417,026

CURRENT ASSETS
Stocks 3,000 3,000
Debtors 7 127,915 121,530
Cash at bank and in hand 170,039 313,482
300,954 438,012
CREDITORS
Amounts falling due within one year 8 418,591 436,188
NET CURRENT (LIABILITIES)/ASSETS (117,637 ) 1,824
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,295,894

2,418,850

CREDITORS
Amounts falling due after more than one year 9 (1,251,446 ) (1,620,300 )

PROVISIONS FOR LIABILITIES (52,411 ) (43,403 )
NET ASSETS 992,037 755,147

CAPITAL AND RESERVES
Called up share capital 200 200
Retained earnings 991,837 754,947
SHAREHOLDERS' FUNDS 992,037 755,147

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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.

MARINA UNITED LTD (REGISTERED NUMBER: 07268682)

BALANCE SHEET - continued
31 OCTOBER 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 4 March 2024 and were signed on its behalf by:





Miss F Y Kam - Director


MARINA UNITED LTD (REGISTERED NUMBER: 07268682)

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

1. STATUTORY INFORMATION

Marina United Ltd 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the Company's accounting policies the director is required to make judgements, estimates and assumptions about the carrying amounts of assets and libation's 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 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.

In the process of applying the Company's accounting policies the Director does not consider there to be judgements that would have a significant effect on the amounts recognised in the financial statements.

Turnover
Turnover represents gross value of services provided and is recognised on an accruals basis.

Income received for student accommodation and for residential fees for the nursing home are recognised over the period of room occupation.

Goodwill
Goodwill, being an amount paid in connection with the acquisition of a business in 2011, was considered to be impaired in 2014 and fully written off.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being being held at cost and are not amortised.

MARINA UNITED LTD (REGISTERED NUMBER: 07268682)

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

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - 1% on cost
Improvements to property - 1% on cost
Plant and Machinery - 20% on cost
Fixtures and fittings - 25% reducing balance
Motor vehicles - 20% on cost
Computer equipment - 33% on cost

Freehold land is not depreciated.

Cost comprises the purchase price of the asset and expenditure directly attributable to the acquisition of the item.

A fixed asset is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. 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 the income statement.

Impairment of fixed assets
The company performs impairment testing where there are any indicators of impairment. Impairment is calculated as the difference between the carrying value and the recoverable value of the asset. Recoverable value is the higher of net realisable value and estimated value in use at the date the impairment loss is recognised. Value in use represents the present value of expected future discounted cash flows. If incurred, impairment is recognised immediately in the income statement.

Where an impairment loss subsequently reverses, the carrying value of the asset is increased to the revised estimate of the recoverable amount, but so that the increased carrying value does not exceed the carrying value that would have been determined if no impairment loss had been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately as a credit to the income statement.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

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

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

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.

MARINA UNITED LTD (REGISTERED NUMBER: 07268682)

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

2. ACCOUNTING POLICIES - continued

Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measures or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Functional and Presentational currency
The functional and presentational currency is £ sterling.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 73 (2022 - 65 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 November 2022
and 31 October 2023 184,997 2 184,999
AMORTISATION
At 1 November 2022
and 31 October 2023 184,997 - 184,997
NET BOOK VALUE
At 31 October 2023 - 2 2
At 31 October 2022 - 2 2

MARINA UNITED LTD (REGISTERED NUMBER: 07268682)

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

5. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property Machinery
£    £    £   
COST
At 1 November 2022 1,801,143 1,701,281 169,613
Additions - - 20,479
Disposals - - -
At 31 October 2023 1,801,143 1,701,281 190,092
DEPRECIATION
At 1 November 2022 125,415 993,841 149,736
Charge for year 12,212 17,013 8,362
Eliminated on disposal - - -
At 31 October 2023 137,627 1,010,854 158,098
NET BOOK VALUE
At 31 October 2023 1,663,516 690,427 31,994
At 31 October 2022 1,675,728 707,440 19,877

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 November 2022 138,228 64,380 2,768 3,877,413
Additions 5,403 13,033 - 38,915
Disposals - (64,380 ) - (64,380 )
At 31 October 2023 143,631 13,033 2,768 3,851,948
DEPRECIATION
At 1 November 2022 124,390 64,380 2,627 1,460,389
Charge for year 3,646 1,086 91 42,410
Eliminated on disposal - (64,380 ) - (64,380 )
At 31 October 2023 128,036 1,086 2,718 1,438,419
NET BOOK VALUE
At 31 October 2023 15,595 11,947 50 2,413,529
At 31 October 2022 13,838 - 141 2,417,024

Included in the cost of freehold property is land of £580,000 which is not depreciated.

MARINA UNITED LTD (REGISTERED NUMBER: 07268682)

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

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 November 2022
and 31 October 2023 10,100
PROVISIONS
At 1 November 2022
and 31 October 2023 10,100
NET BOOK VALUE
At 31 October 2023 -
At 31 October 2022 -

The £10,000 and £100 investments in Marina Private Nursing Home Limited and Marina Investment Holdings Limited respectively were deemed to be fully impaired as a result of negative reserves and no longer being considered cash generating units.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 34,872 30,881
Amounts owed by group undertakings 836 835
Other debtors 92,207 89,814
127,915 121,530

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 187,000 170,030
Hire purchase contracts 3,815 -
Trade creditors 116 4,366
Taxation and social security 88,282 62,192
Other creditors 139,378 199,600
418,591 436,188

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 824,657 888,500
Hire purchase contracts 6,358 -
Other creditors 420,431 731,800
1,251,446 1,620,300

Amounts falling due in more than five years:

Repayable by instalments
Bank loans 76,658 208,380

MARINA UNITED LTD (REGISTERED NUMBER: 07268682)

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

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 1,011,657 1,058,530

The company's banker Barclays Bank Plc holds the following securities:

Two mortgages dated 20/11/2013 by way of fixed charges over the company's land and buildings.

Mortgage dated 2/09/2013 by the way of fixed charges over the leasehold property known as Creswell buildings, Burrows place, Maritime quarter, Swansea registered at HM Land Registry with freehold title number WA572521.

Additional mortgage dated 2/09/2013 by the way of charges over the leasehold property known as Gloucester Place, Swansea registered at HM Lang Registry with freehold title number WA72982.

All assets debenture dated 15/09/2011 securing all monies due and liabilities due to the company.

First legal charge over all property known as the Old Vicarage Nursing Home, Swansea registered at HM Land Registry with freehold title number WA163532, dated 21/10/2011 given by the company.

11. RELATED PARTY DISCLOSURES

Included within other creditors due more than one year is a balance of £420,431 (2022: £731,800) due to the directors.

12. ULTIMATE CONTROLLING PARTY

Miss B Dai is considered to be the ultimate controlling party by virtue of her 70% share holding of the issued share capital.

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
MARINA UNITED LTD

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Marina United Ltd for the year ended 31 October 2023 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Marina United Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Marina United Ltd and state those matters that we have agreed to state to the Board of Directors of Marina United Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Marina United Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Marina United Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Marina United Ltd. You consider that Marina United Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Marina United Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Bevan Buckland LLP
Ground Floor Cardigan House
Castle Court
Swansea Enterprise Park
Swansea
SA7 9LA


4 March 2024