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Mylor Yacht Harbour (Holding Company) Limited

Annual Report and Financial Statements
Year Ended 30 September 2023

Registration number: 03679386

 

Mylor Yacht Harbour (Holding Company) Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 8

 

Mylor Yacht Harbour (Holding Company) Limited

Balance Sheet

30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

6,110,343

6,081,880

Investments

5

42,433

42,433

 

6,152,776

6,124,313

Current assets

 

Debtors

6

14,721

64,619

Cash at bank and in hand

 

66

5,253

 

14,787

69,872

Creditors: Amounts falling due within one year

7

(966,509)

(495,057)

Net current liabilities

 

(951,722)

(425,185)

Total assets less current liabilities

 

5,201,054

5,699,128

Provisions for liabilities

10

(199,000)

(190,000)

Deferred government grants

11

(417,957)

(433,277)

Net assets

 

4,584,097

5,075,851

Capital and reserves

 

Called up share capital

38,369

38,369

Share premium reserve

49,463

49,463

Profit and loss account

4,496,265

4,988,019

Total equity

 

4,584,097

5,075,851

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 7 February 2024 and signed on its behalf by:
 

.........................................

N F Salter

Director

Company Registration Number: 03679386

 

Mylor Yacht Harbour (Holding Company) Limited

Notes to the Financial Statements

Year Ended 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Mylor Yacht Harbour
Mylor
FALMOUTH
Cornwall
TR11 5UF

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover represents the amounts (excluding value added tax) derived from the provision of management services to the group in respect of the assets operated by the group subsidiaries.

Turnover also represents amounts (excluding value added tax) derived from the provision of holiday letting services and rental of various properties on the Mylor Yacht Harbour site.

Rental income is also recognised through turnover on an accruals basis.

Government grants

Government grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Mylor Yacht Harbour (Holding Company) Limited

Notes to the Financial Statements

Year Ended 30 September 2023

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Land and buildings are depreciated straight line at 2% per annum.

Given that land and buildings are continually maintained the directors are of the opinion that their residual value is not less than net book value and therefore no depreciation charge arises in the year.

Depreciation is charged so as to write off the cost of assets, other than land and buildings under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

10-20 years straight line

Fixtures, fittings and equipment

10% reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress 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. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

Mylor Yacht Harbour (Holding Company) Limited

Notes to the Financial Statements

Year Ended 30 September 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2022 - 10).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 October 2022

7,001,070

151,081

7,152,151

Additions

-

37,090

37,090

At 30 September 2023

7,001,070

188,171

7,189,241

Depreciation

At 1 October 2022

983,734

86,537

1,070,271

Charge for the year

-

8,627

8,627

At 30 September 2023

983,734

95,164

1,078,898

Carrying amount

At 30 September 2023

6,017,336

93,007

6,110,343

At 30 September 2022

6,017,336

64,544

6,081,880

Included within the net book value of land and buildings above is £5,886,161 (2022 - £5,886,161) in respect of freehold land and buildings and £131,175 (2022 - £131,175) in respect of long leasehold land and buildings.
 

 

Mylor Yacht Harbour (Holding Company) Limited

Notes to the Financial Statements

Year Ended 30 September 2023

5

Investments

2023
£

2022
£

Investments in subsidiaries

42,433

42,433

Subsidiaries

£

Cost or valuation

At 1 October 2022

42,433

At 30 September 2023

42,433

Carrying amount

At 30 September 2023

42,433

At 30 September 2022

42,433

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Mylor Yacht Harbour Limited

Mylor Yacht Harbour
FALMOUTH
Cornwall
TR11 5UF

Ordinary shares

100%

100%

Subsidiary undertakings

Mylor Yacht Harbour Limited

The principal activity of Mylor Yacht Harbour Limited is that of operating a yacht harbour providing a full range of services for the care and restoration of yachts and motor boats including marina berthing, lay-up and storage. In addition the company provides a comprehensive boat maintenance service covering new builds, refits and marine electrics.

 

Mylor Yacht Harbour (Holding Company) Limited

Notes to the Financial Statements

Year Ended 30 September 2023

6

Debtors

Note

2023
£

2022
£

Trade debtors

 

1,872

50,595

Amounts owed by group undertakings and undertakings in which the company has a participating interest

12

12,819

-

Prepayments

 

-

1,165

Other debtors

 

30

12,859

 

14,721

64,619

7

Creditors

Creditors: amounts falling due within one year

Note

2023
 £

2022
 £

Due within one year

 

Trade creditors

 

1,184

-

Amounts due to group undertakings

 

831,700

277,071

Social security and other taxes

 

27,911

31,410

Outstanding defined contribution pension costs

 

-

7,423

Other creditors

 

63,948

78,966

Accrued expenses

 

-

3,154

Corporation tax

41,766

52,770

Deferred income

 

-

44,263

 

966,509

495,057

 

Mylor Yacht Harbour (Holding Company) Limited

Notes to the Financial Statements

Year Ended 30 September 2023

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares C of £0.05 each

-

-

1,000

50

Ordinary shares D of £0.05 each

-

-

766,374

38,319

Ordinary shares of £0.05 each

767,374

38,369

-

-

 

767,374

38,369

767,374

38,369

During the year there was a share reclassification. C and D ordinary shares were cancelled and ordinary shares were issued.

Ordinary shares have full capital and voting rights.

Ordinary C shares have full capital and voting rights but have no right to dividends.

Ordinary D shares have full rights to dividends but limited capital rights (limited to the issue price of such shares) and no voting rights.

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £110,000 (2022 - £115,000). The company had an operating lease commitment in relation to the lease of certain land from which it operates.

10

Provisions for liabilities

Deferred tax

£

At 1 October 2022

190,000

Increase in provision during the year

9,000

At 30 September 2023

199,000

 

Mylor Yacht Harbour (Holding Company) Limited

Notes to the Financial Statements

Year Ended 30 September 2023

11

Deferred government grants

2023

£

At 1 October 2022

433,277

Government grants released to the profit and loss

(15,320)

At 30 September 2023

417,957

12

Related party transactions

Summary of transactions with other related parties


O Graffy is a director of the company and director and joint shareholder of Digital Dry Dock Ltd.

During the year the company provided services to Digital Dry Dock Ltd amounting to £3,250. At the balance sheet date the amount due from the related company was £250 (2022: £250).

13

Parent and ultimate parent undertaking

The company's immediate parent is Mylor Harbour Limited, incorporated in England and Wales.

 The most senior parent entity producing publicly available financial statements is Mylor Harbour Limited . These financial statements are available upon request from Registrar of Companies, Crown Way, Cardiff, CF14 3UZ

 

14

Audit report

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report was Thomas Roach FCA, who signed for and on behalf of PKF Francis Clark on 7 March 2024.