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Registered number: 13555176









GILLINGHAM WATERFRONT LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 DECEMBER 2023

 
GILLINGHAM WATERFRONT LTD
REGISTERED NUMBER: 13555176

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 6 
4,206,603
4,255,833

  
4,206,603
4,255,833

Current assets
  

Debtors: amounts falling due within one year
 7 
18,641
13,746

Cash at bank and in hand
 8 
10,928
20,861

  
29,569
34,607

Creditors: amounts falling due within one year
 9 
(4,745,416)
(4,587,652)

Net current liabilities
  
 
 
(4,715,847)
 
 
(4,553,045)

Total assets less current liabilities
  
(509,244)
(297,212)

  

Net liabilities
  
(509,244)
(297,212)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(509,344)
(297,312)

  
(509,244)
(297,212)


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




T I Gabriel
Director
Page 1

 
GILLINGHAM WATERFRONT LTD
REGISTERED NUMBER: 13555176
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023


Date: 15 August 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
GILLINGHAM WATERFRONT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

1.


General information

Gillingham Waterfront Ltd is a company limited by shares and incorporated in England & Wales under the Companies Act 2006. The address of the registered office is given on the Company information page.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The company meets its day to day working capital requirements through shareholders loans & ultimately the support of the directors. The directors intend to continue their support of the company and will provide additional funding when required. The directors thus have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Therefore, the going concern basis of accounting has been adopted in preparing the financial statements

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
GILLINGHAM WATERFRONT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
No depreciation
Plant and machinery
-
5 Year straight-line
Fixtures and fittings
-
5 Year straight-line
Office equipment
-
5 Year straight-line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 4

 
GILLINGHAM WATERFRONT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. The nature of estimation means the actual outcomes could differ from those estimates.


4.


Employees

2023
2022
£
£

Wages and salaries
287,452
75,425

Social security costs
17,932
6,336

Cost of defined contribution scheme
5,685
1,658

311,069
83,419


The average monthly number of employees, including directors, during the period was 14 (2022 - 7).


5.


Tax losses carried forwards

The company has unused losses for tax to carry forward of £657,705 (2022: £495,703). No deferred tax asset has been recognised in these accounts due to the uncertainty of future revenues.






Page 5

 
GILLINGHAM WATERFRONT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

6.


Tangible fixed assets





Freehold property
Plant and machinery
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
4,058,000
9,750
240,000
778
4,308,528


Additions
-
1,095
-
-
1,095



At 31 December 2023

4,058,000
10,845
240,000
778
4,309,623



Depreciation


At 1 January 2023
-
650
52,000
45
52,695


Charge for the period on owned assets
-
2,169
48,000
156
50,325



At 31 December 2023

-
2,819
100,000
201
103,020



Net book value



At 31 December 2023
4,058,000
8,026
140,000
577
4,206,603



At 31 December 2022
4,058,000
9,100
188,000
733
4,255,833

Page 6

 
GILLINGHAM WATERFRONT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

7.


Debtors

2023
2022
£
£


Trade debtors
1,577
650

Prepayments and accrued income
17,064
13,096

18,641
13,746



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
10,928
20,861

10,928
20,861



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
236,739
134,583

Amounts owed to group undertakings
4,298,900
4,298,900

Other taxation and social security
13,127
2,719

Other creditors
150,000
150,000

Accruals and deferred income
46,650
1,450

4,745,416
4,587,652



10.


Related party transactions

In creditors is an amount of £4,297,900 (2022: £4,297,900) due to Gillingham Marina Holdings Ltd, the parent company. Also in creditors is an amount of £1,000 (2022: £1,000) due to Gillingham Marina Management Ltd which is a group company. These amounts have interest of 0% and are repayable on demand.
In trade creditors there is an amount of £215,865 (2022: £114,816) due to Gillingham Marina Management Ltd, and an amount of £1,287 (2022: £1,103) due to Gillingham Marina Ltd.
In Other creditors there is an amount of £150,000 (2022: £150,000) due to a director. There is interest of 0% charged on this amount and it is repayable on demand.

Page 7

 
GILLINGHAM WATERFRONT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

11.


Controlling party

The ultimate controlling party of the company is Gary Beckwith, the director.

 
Page 8