Registered number
07722453
Oundle Marina Village Limited
Filleted Accounts
31 March 2024
Oundle Marina Village Limited
Registered number: 07722453
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 6,014,702 5,968,522
6,014,702 5,968,522
Current assets
Stocks 41,672 46,672
Debtors 4 91,177 48,273
Cash at bank and in hand 53,606 137,244
186,455 232,189
Creditors: amounts falling due within one year 5 (1,021,745) (1,217,925)
Net current liabilities (835,290) (985,736)
Total assets less current liabilities 5,179,412 4,982,786
Provisions for liabilities (921,339) (906,282)
Net assets 4,258,073 4,076,504
Capital and reserves
Called up share capital 100 100
Profit and loss account 4,257,973 4,076,404
Shareholders' funds 4,258,073 4,076,504
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr A D Beeson
Director
Approved by the board on 12 August 2024
Oundle Marina Village Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% on reducing balance
Fixtures and fittings 15% on reducing balance
Computer equipment 25% on cost
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 4
3 Tangible fixed assets
Freehold property Plant and machinery Fixtures and fittings Computer equipment Total
£ £ £ £ £
Cost
At 1 April 2023 5,950,000 63,284 10,680 5,203 6,029,167
Additions - 320 - 320
Surplus on revaluation 50,000 - - 50,000
At 31 March 2024 6,000,000 63,604 10,680 5,203 6,079,487
Depreciation
At 1 April 2023 - 49,836 8,381 2,428 60,645
Charge for the year - 2,862 345 933 4,140
At 31 March 2024 - 52,698 8,726 3,361 64,785
Net book value
At 31 March 2024 6,000,000 10,906 1,954 1,842 6,014,702
At 31 March 2023 5,950,000 13,448 2,299 2,775 5,968,522
Cost or valuation at 31 March 2024 is represented by:
Freehold property Plant and machinery Fixtures and fittings Computer equipment Total
Valuation in 2015 1,418,473 1,418,473
Valuation in 2016 1,242,250 1,242,250
Valuation in 2017 1,219,869 1,219,869
Valuation in 2021 (108,000) (108,000)
Valuation in 2022 (50,217) (50,217)
Valuation in 2024 50,000 50,000
Cost 2,227,625 63,604 10,680 5,203 2,307,112
6,000,000 63,604 10,680 5,203 6,079,487
4 Debtors 2024 2023
£ £
Trade debtors 35,557 32,687
Other debtors 55,620 15,586
91,177 48,273
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 7,115 3,148
Taxation and social security costs 65,162 49,546
Other creditors 949,468 1,165,231
1,021,745 1,217,925
6 Pension commitments
The company contributes to a defined contribution scheme for its employees. At the balance sheet date there were outstanding contributions of £221 (2023: £442). This amount is included within other creditors
7 Other information
Oundle Marina Village Limited is a private company limited by shares and incorporated in England. Its registered office is:
2 Cobblestone Yard
Bath Row
Stamford
PE9 2RD
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