REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 |
FOR |
NAZEING MARINA VILLAGE LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 |
FOR |
NAZEING MARINA VILLAGE LIMITED |
NAZEING MARINA VILLAGE LIMITED (REGISTERED NUMBER: 10769363) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 5 APRIL 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
NAZEING MARINA VILLAGE LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 5 APRIL 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ADMINISTRATIVE OFFICE: |
Jersey Limited |
Standard Bank House |
47 - 49 La Motte Street |
St Helier |
JE2 4SZ |
Jersey |
NAZEING MARINA VILLAGE LIMITED (REGISTERED NUMBER: 10769363) |
STATEMENT OF FINANCIAL POSITION |
5 APRIL 2023 |
2023 | 2022 |
Notes | £ | £ |
NON-CURRENT ASSETS |
Option | 3 |
CURRENT ASSETS |
Trade and other receivables | 4 |
Cash at bank | 5 |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Share capital | 8 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
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. |
NAZEING MARINA VILLAGE LIMITED (REGISTERED NUMBER: 10769363) |
STATEMENT OF FINANCIAL POSITION - continued |
5 APRIL 2023 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Investment Comprehensive Income has not been delivered. |
The financial statements on pages 4 to 12 were approved by the directors on the Board of Directors and authorised for issue on |
NAZEING MARINA VILLAGE LIMITED (REGISTERED NUMBER: 10769363) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 5 APRIL 2023 |
1. | ACCOUNTING POLICIES |
Summary of significant accounting policies |
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all of the years presented, unless otherwise stated. |
Basis for preparation |
The financial statements have been prepared under the assumption that the Company operated on a going concern basis. |
These Financial Statements have been prepared in accordance with the 'International Financial Reporting Standard for Small and Medium-sized Entities' (IFRS for SMEs). The financial statements have been prepared under the historical cost convention, except for investment properties which have been accounted for at fair value. |
The preparation of financial statements in conformity with the IFRS for SMEs requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Company's accounting policies. The significant areas involving a higher degree of judgement or complexity, or areas where assumptions and estimations is investment property. In determining the fair value, the valuer referred to current market conditions and recent sales transactions of similar properties. |
Cash and cash equivalents |
Cash and cash equivalents 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. |
Options |
The options are stated at cost less impairment. |
Loans and receivables |
Trade receivables, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment. A provision for impairment is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the loans and receivables. |
Equity, reserves and dividend payments |
Ordinary shares are classified as equity. |
Share premium includes any premiums received on issue of share capital. |
Property fair value reserves - comprise changes in fair value of investment properties. |
Retained earnings include all current and prior period retained profits. |
All transactions with owners of the parent are recorded separately within equity. |
Dividend distributions payable to equity shareholders are included in other liabilities when the dividends have been approved in a general meeting prior to the reporting date. |
Expenses |
Expenses are accounted for on an accruals basis. |
NAZEING MARINA VILLAGE LIMITED (REGISTERED NUMBER: 10769363) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 5 APRIL 2023 |
1. | ACCOUNTING POLICIES - continued |
Current and deferred tax |
The income tax expense or credit for the period is the tax payable on the current period's taxable income based on the applicable income tax rate, adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unusued tax losses. |
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted. |
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses. |
Deferred tax assets are recognised only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses. |
Current and deferred tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is recognised in other comprehensive income or directly in equity, respectively. |
2. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
3. | OPTION |
06.04.22 | 06.04.21 |
to | to |
05.04.23 | 05.04.22 |
GBP | GBP |
Opening balance at 6 April | 1,216,503 | - |
Deposit | - | 750,000 |
Adjustment - Termination of property service agreement | (425,000 | ) | - |
Capitalised subsequent expenditure | 152,960 | 466,503 |
Closing balance as at 5 April | 944,463 | 1,216,503 |
The Company entered into an Option Agreement on 14 July 2017 under which it was granted an option to acquire a freehold land at Nazeing Glassworks, Nazeing New Road, Broxbourne EN10 6SU. |
On 5 Nov 2021, the Company paid GBP425,000 to the promoter for the termination of the property services agreement which was capitalised into options. During the year 2022, the amount has been reclassified and recognised to profit and loss. |
4. | TRADE AND OTHER RECEIVABLES |
2023 | 2022 |
£ | £ |
Trade debtors |
Tax |
Prepayments |
NAZEING MARINA VILLAGE LIMITED (REGISTERED NUMBER: 10769363) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 5 APRIL 2023 |
5. | CASH AT BANK |
2023 | 2022 |
£ | £ |
Barclays Bank | 10,626 | 8,510 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts (see note 7) |
Accruals and deferred income |
Accrued expenses |
Promoter termination fees |
7. | LOANS |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on demand: |
i) West Thurrock Property Limited | 1,395,750 | 1,395,750 |
ii) West Thurrock Property Limited | 270,000 | 30,000 |
i) Interest bearing at 4.75% p.a above one month base rate, unsecured and repayable on demand |
ii) Interest free, unsecured and repayable on demand |
8. | SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary shares | £1 each | 1 | 1 |
NAZEING MARINA VILLAGE LIMITED (REGISTERED NUMBER: 10769363) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 5 APRIL 2023 |
9. | (LOSS)/PROFIT IS ATTRIBUTABLE TO: |
06.04.22 | 06.04.21 |
to | to |
05.04.23 | 05.04.22 |
GBP | GBP |
(Loss)/Profit is attributable to: |
Owner of the parent | (807,567 | ) | (33,974 | ) |
Non-controlling interests | (201,892 | ) | (8,494 | ) |
(1,009,459 | ) | (42,468 | ) |
Total comprehensive (loss)/income attributable to: |
Owners of the parent | (807,567 | ) | (33,974 | ) |
Non-controlling interests | (201,892 | ) | (8,494 | ) |
(1,009,459 | ) | (42,468 | ) |
10. | ULTIMATE CONTROLLING PARTY |
The immediate controlling party is West Thurrock Property Limited. As from 26 April 2023, the immediate controlling party changed from Standard Bank Offshore Trust Company Jersey Limited as trustee of The Excluded Sub-Fund of the St George's Settlement to the NS Bare Trust and Fairfield Property Limited (note 12). |
11. | NEGATIVE EQUITY |
(a) The lender, West Thurrock Limited has agreed not to demand full repayment of the loan unless the company is in a position to pay its debts. |
(b) The beneficial owner, NS Bare Trust has agreed to provide the Company with financial support to enable it to meet its debts as they become due in the normal course of business. |
12. | EVENTS AFTER THE REPORTING PERIOD |
Following the closure of The Excluded Sub-Fund of the St George's Settlement, legal title to the assets distributed to Mrs Natascha Salaman were held for her on 'bare trust' terms, known as the NS Bare Trust. |
The NS Bare Trust was established on 13 April 2023 and immediately upon The Excluded Sub-Fund of the St George's Settlement being wound up on 26 April 2023, Mrs Natascha Salaman directed Standard Bank Offshore Trust Company Jersey Ltd to hold the assets she had been appointed as part of the NS Bare Trust. |