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Registration number: 03705919

Meadow Farm Marina Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Meadow Farm Marina Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Meadow Farm Marina Ltd

Company Information

Directors

N. L. A. Hinsley

J. A. Hinsley

Company secretary

J. A. Hinsley

Registered office

Westwood House
78 Loughborough Road
Quorn
Loughborough
Leicestershire
LE12 8DX

Accountants

Robert Whowell & Partners LLP
Chartered Accountants
Westwood House
78 Loughborough Road
Quorn
Loughborough
Leicestershire
LE12 8DX

 

Meadow Farm Marina Ltd

(Registration number: 03705919)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

1

1

Tangible assets

5

5,502,964

5,359,054

 

5,502,965

5,359,055

Current assets

 

Stocks

6

530,642

324,860

Debtors

7

661,652

305,625

Cash at bank and in hand

 

197,345

1,022,815

 

1,389,639

1,653,300

Creditors: Amounts falling due within one year

8

(1,123,748)

(1,490,642)

Net current assets

 

265,891

162,658

Total assets less current liabilities

 

5,768,856

5,521,713

Creditors: Amounts falling due after more than one year

8

(545,789)

(600,265)

Provisions for liabilities

(737,735)

(724,627)

Net assets

 

4,485,332

4,196,821

Capital and reserves

 

Called up share capital

9

1

1

Capital redemption reserve

1

1

Revaluation reserve

2,723,141

2,723,141

Retained earnings

1,762,189

1,473,678

Shareholders' funds

 

4,485,332

4,196,821

 

Meadow Farm Marina Ltd

(Registration number: 03705919)
Balance Sheet as at 31 December 2023

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 29 August 2024 and signed on its behalf by:
 

.........................................
N. L. A. Hinsley
Director

 

Meadow Farm Marina Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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:
Westwood House
78 Loughborough Road
Quorn
Loughborough
Leicestershire
LE12 8DX

These financial statements were authorised for issue by the Board on 29 August 2024.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Departures from Companies Act requirements

It is considered that the residual value and life of the freehold property is such that depreciation would be immaterial. The directors perform annual impairment reviews in accordance with the requirements of the Financial Reporting Standard 102 to ensure that the recoverable amount is not lower than the carrying value.

No depreciation is provided in respect of freehold property. This treatment conflicts with the Companies Act 2006 which requires all properties to be depreciated.

The effect of not departing from the Companies Act 2006 would be to reduce the reported profit for the year by depreciation. The amount of depreciation cannot reasonably be quantified because depreciation is only one of many factors reflected in the annual valuation and the amounts which might otherwise have been shown cannot be separately identified or quantified.

 

Meadow Farm Marina Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, 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.

The current income 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 in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

Not depreciated

Fixtures, fittings and equipment

15% reducing balance

Plant and machinery

20% reducing balance

 

Meadow Farm Marina Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors 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 debtor.

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 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 the profit and loss account.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Meadow Farm Marina Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 4).

 

Meadow Farm Marina Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

1

1

At 31 December 2023

1

1

Carrying amount

At 31 December 2023

1

1

At 31 December 2022

1

1

5

Tangible assets

Freehold property
£

Fixtures, fittings and equipment
 £

Plant and machinery
 £

Total
£

Cost or valuation

At 1 January 2023

5,124,693

135,197

365,156

5,625,046

Additions

98,183

7,214

89,310

194,707

Disposals

-

-

(6,600)

(6,600)

At 31 December 2023

5,222,876

142,411

447,866

5,813,153

Depreciation

At 1 January 2023

-

91,540

174,452

265,992

Charge for the year

-

7,421

40,019

47,440

Eliminated on disposal

-

-

(3,243)

(3,243)

At 31 December 2023

-

98,961

211,228

310,189

Carrying amount

At 31 December 2023

5,222,876

43,450

236,638

5,502,964

At 31 December 2022

5,124,693

43,657

190,704

5,359,054

 

Meadow Farm Marina Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Stocks

2023
£

2022
£

Finished goods and goods for resale

530,642

324,860

7

Debtors

Current

2023
£

2022
£

Trade debtors

658,740

302,279

Prepayments

2,912

3,346

 

661,652

305,625

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

10

47,000

744,800

Trade creditors

 

412,831

496,559

Taxation and social security

 

14,017

14,889

Accruals and deferred income

 

40,030

18,550

Other creditors

 

609,870

215,844

 

1,123,748

1,490,642


Creditors include bank loans which are secured of £47,000 (2022 - £744,800).

 

Meadow Farm Marina Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

545,789

600,265

Creditors include bank loans which are secured of £545,789 (2022 - £600,265).

Creditors include bank loans repayable by instalments of £355,789 (2022 - £420,265) due after more than five years.

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

         

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

545,789

600,265

2023
£

2022
£

Current loans and borrowings

Bank borrowings

47,000

744,800

11

Related party transactions

Summary of transactions with other related parties

During the year the directors have received dividends amounting to £30,000 (2022 - £109,000).