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REGISTERED NUMBER: 10535430 (England and Wales)


























UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

JAMES WATT MARINA LIMITED

JAMES WATT MARINA LIMITED (REGISTERED NUMBER: 10535430)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


JAMES WATT MARINA LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Mr M C Ward
Mr D R McKiernan
Mr M J Hough
Mr J K Houlgrave





REGISTERED OFFICE: Universal Marina
Crableck Lane
Sarisbury Green
Southampton
Hampshire
SO31 7ZN





REGISTERED NUMBER: 10535430 (England and Wales)






JAMES WATT MARINA LIMITED (REGISTERED NUMBER: 10535430)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 718,634 661,539

CURRENT ASSETS
Stocks 12,849 6,440
Debtors 5 214,711 121,299
Cash at bank and in hand 383,179 169,288
610,739 297,027
CREDITORS
Amounts falling due within one year 6 503,226 335,107
NET CURRENT ASSETS/(LIABILITIES) 107,513 (38,080 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

826,147

623,459

PROVISIONS FOR LIABILITIES 102,072 70,020
NET ASSETS 724,075 553,439

CAPITAL AND RESERVES
Called up share capital 50,000 50,000
Retained earnings 674,075 503,439
724,075 553,439

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 July 2024 and were signed on its behalf by:





Mr D R McKiernan - Director


JAMES WATT MARINA LIMITED (REGISTERED NUMBER: 10535430)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

James Watt Marina 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.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Sale of Goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

Tangible fixed assets
All fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Leasehold 30 - 60 years straight line
Plant & machinery 5 - 12 years straight line
Computer equipment 3 - 5 years straight line
Fixture and fittings 7 years straight line

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 Statement of Income and Retained Earnings, 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.

JAMES WATT MARINA LIMITED (REGISTERED NUMBER: 10535430)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2023 - 19 ) .

4. TANGIBLE FIXED ASSETS
Long Plant and Computer
leasehold machinery equipment Totals
£    £    £    £   
COST
At 1 April 2023 636,897 134,599 18,233 789,729
Additions 32,348 58,186 1,301 91,835
At 31 March 2024 669,245 192,785 19,534 881,564
DEPRECIATION
At 1 April 2023 65,284 46,119 16,787 128,190
Charge for year 13,046 20,838 856 34,740
At 31 March 2024 78,330 66,957 17,643 162,930
NET BOOK VALUE
At 31 March 2024 590,915 125,828 1,891 718,634
At 31 March 2023 571,613 88,480 1,446 661,539

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 177,754 50,912
Other debtors 36,957 70,387
214,711 121,299

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 33,213 45,085
Taxation and social security 98,977 13,722
Other creditors 371,036 276,300
503,226 335,107

JAMES WATT MARINA LIMITED (REGISTERED NUMBER: 10535430)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 93,000 93,000
Between one and five years 372,000 372,000
In more than five years 4,448,500 4,541,500
4,913,500 5,006,500

8. PARENT UNDERTAKING AND CONTROLLING PARTY

The company's immediate and parent undertaking is Marina Projects Limited. Marina Projects Limited is incorporated in England & Wales. Its registered office is Universal Marina, Crableck Lane, Sarisbury Green, Southampton, SO31 7ZN. The controlling party is Marina Projects Limited which controls 60% of the shares of James Watt Marina Limited.