IRIS Accounts Production v24.2.0.383 04131218 Board of Directors 1.2.23 31.1.24 31.1.24 false true false false true false Ordinary 1.00000 A Ordinary 1.00000 B Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh041312182023-01-31041312182024-01-31041312182023-02-012024-01-31041312182022-01-31041312182022-02-012023-01-31041312182023-01-3104131218ns15:EnglandWales2023-02-012024-01-3104131218ns14:PoundSterling2023-02-012024-01-3104131218ns10:Director12023-02-012024-01-3104131218ns10:PrivateLimitedCompanyLtd2023-02-012024-01-3104131218ns10:SmallEntities2023-02-012024-01-3104131218ns10:AuditExempt-NoAccountantsReport2023-02-012024-01-3104131218ns10:SmallCompaniesRegimeForDirectorsReport2023-02-012024-01-3104131218ns10:SmallCompaniesRegimeForAccounts2023-02-012024-01-3104131218ns10:FullAccounts2023-02-012024-01-3104131218ns10:OrdinaryShareClass12023-02-012024-01-3104131218ns10:OrdinaryShareClass22023-02-012024-01-3104131218ns10:OrdinaryShareClass32023-02-012024-01-3104131218ns10:Director22023-02-012024-01-3104131218ns10:Director32023-02-012024-01-3104131218ns10:Director42023-02-012024-01-3104131218ns10:CompanySecretary12023-02-012024-01-3104131218ns10:RegisteredOffice2023-02-012024-01-3104131218ns5:CurrentFinancialInstruments2024-01-3104131218ns5:CurrentFinancialInstruments2023-01-3104131218ns5:Non-currentFinancialInstruments2024-01-3104131218ns5:Non-currentFinancialInstruments2023-01-3104131218ns5:ShareCapital2024-01-3104131218ns5:ShareCapital2023-01-3104131218ns5:RevaluationReserve2024-01-3104131218ns5:RevaluationReserve2023-01-3104131218ns5:RetainedEarningsAccumulatedLosses2024-01-3104131218ns5:RetainedEarningsAccumulatedLosses2023-01-3104131218ns5:LandBuildings2023-02-012024-01-3104131218ns5:PlantMachinery2023-02-012024-01-3104131218ns5:LandBuildings2023-01-3104131218ns5:PlantMachinery2023-01-3104131218ns5:LandBuildings2024-01-3104131218ns5:PlantMachinery2024-01-3104131218ns5:LandBuildings2023-01-3104131218ns5:PlantMachinery2023-01-3104131218ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-01-3104131218ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-01-3104131218ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-01-3104131218ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-01-3104131218ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-01-3104131218ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-01-3104131218ns5:HirePurchaseContracts2024-01-3104131218ns5:HirePurchaseContracts2023-01-3104131218ns5:Secured2024-01-3104131218ns5:Secured2023-01-3104131218ns10:OrdinaryShareClass12024-01-3104131218ns10:OrdinaryShareClass22024-01-3104131218ns10:OrdinaryShareClass32024-01-31
REGISTERED NUMBER: 04131218 (England and Wales)















BURTON WATERS MARINA LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024






BURTON WATERS MARINA LIMITED (REGISTERED NUMBER: 04131218)






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




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 6


BURTON WATERS MARINA LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTORS: M P Cox
A J Cox
A J Haigh
Mrs M J Cox





SECRETARY: Mrs M J Cox





REGISTERED OFFICE: Burton Waters Marina Limited
Burton Lane End
Burton Waters
Lincoln
Lincolnshire
LN1 2WN





REGISTERED NUMBER: 04131218 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
4 Henley Way
Doddington Road
Lincoln
Lincolnshire
LN6 3QR

BURTON WATERS MARINA LIMITED (REGISTERED NUMBER: 04131218)

STATEMENT OF FINANCIAL POSITION
31 JANUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,190,888 1,277,846

CURRENT ASSETS
Stocks 3,787,711 3,062,351
Debtors 5 206,429 532,879
Cash at bank and in hand 36,059 47,948
4,030,199 3,643,178
CREDITORS
Amounts falling due within one year 6 3,112,670 2,618,756
NET CURRENT ASSETS 917,529 1,024,422
TOTAL ASSETS LESS CURRENT LIABILITIES 2,108,417 2,302,268

CREDITORS
Amounts falling due after more than one year 7 (431,150 ) (473,542 )

PROVISIONS FOR LIABILITIES (204,589 ) (220,908 )
NET ASSETS 1,472,678 1,607,818

CAPITAL AND RESERVES
Called up share capital 10 1,000 1,000
Revaluation reserve 593,519 605,148
Retained earnings 878,159 1,001,670
SHAREHOLDERS' FUNDS 1,472,678 1,607,818

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 August 2024 and were signed on its behalf by:





A J Cox - Director


BURTON WATERS MARINA LIMITED (REGISTERED NUMBER: 04131218)

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

1. STATUTORY INFORMATION

Burton Waters 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 as modified by the revaluation of certain assets.

Turnover
Turnover represents the fair value of the consideration received or receivable for the provision of boat repairs and the retail of boats, chandlery and brokerage arrangements, net of discounts and sale taxes. Turnover is recognised when it is probable that the economic benefits associated with a transaction will flow to the company and the amount of turnover and associated costs can be measured reliably.

Commissions receivable from boat transactions are included in other operating income when the associated boat transactions have been completed.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - 2% on cost
Plant and machinery etc - 25% on cost, 25% on reducing balance and 20% on cost

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Long leasehold property was valued at £950,000 on 14 January 2014. The valuation was undertaken by Christie & Co, a RICS registered valuer, on an open market basis. An amount equal to the excess of the annual depreciation charge on revalued assets over the notional historic cost depreciation charge on those assets is transferred annually from the revaluation reserve to retained earnings.

Stocks
Stocks and work in progress are valued at the lower of cost and estimated selling price less costs to complete and sell. Cost is calculated using the first in first out basis. Provision is made for damaged, obsolete and slow moving items.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

BURTON WATERS MARINA LIMITED (REGISTERED NUMBER: 04131218)

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

2. ACCOUNTING POLICIES - continued

Foreign currencies
Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction.

Monetary assets and liabilities denominated in a foreign currency at the financial reporting date are translated using the closing rate.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial position. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the income statement over the relevant period. The capital element if the future payments is treated as a liability.

Rentals paid under operating leases are charged to income statement 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 Income Statement in the period to which they relate.

Revaluation reserve
The aggregate surplus on re-measurement of long leasehold property , net of associated deferred tax, is transferred to a separate non-distributable revaluation reserve in order to assist with the identification of profits available for distribution.

Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2023 - 28 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 February 2023 1,057,301 594,122 1,651,423
Additions - 17,346 17,346
At 31 January 2024 1,057,301 611,468 1,668,769
DEPRECIATION
At 1 February 2023 164,541 209,036 373,577
Charge for year 17,979 86,325 104,304
At 31 January 2024 182,520 295,361 477,881
NET BOOK VALUE
At 31 January 2024 874,781 316,107 1,190,888
At 31 January 2023 892,760 385,086 1,277,846

BURTON WATERS MARINA LIMITED (REGISTERED NUMBER: 04131218)

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

4. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31 January 2024 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2014 861,391 - 861,391
Cost 195,910 611,468 807,378
1,057,301 611,468 1,668,769

If long leasehold property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 88,609 88,609
Aggregate depreciation 33,469 31,992

Value of land in freehold land and buildings 55,140 56,617

Long leasehold property was valued on an open market basis on 14 January 2014 by Christie & Co .


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 59,642 220,858
Other debtors 146,787 312,021
206,429 532,879

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 809,591 770,610
Hire purchase contracts (see note 8) 18,902 19,736
Trade creditors 461,379 314,008
Taxation and social security 163,057 171,737
Other creditors 1,659,741 1,342,665
3,112,670 2,618,756

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 321,104 335,827
Hire purchase contracts (see note 8) 71,870 90,772
Other creditors 38,176 46,943
431,150 473,542

BURTON WATERS MARINA LIMITED (REGISTERED NUMBER: 04131218)

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

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2024 2023
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 247,687 265,820

8. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 18,902 19,736
Between one and five years 71,870 90,772
90,772 110,508


9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 793,788 755,545
Bank loans 336,907 350,892
Hire purchase contracts 90,772 110,508
1,221,467 1,216,945

The bank overdrafts are secured by a debenture and a first charge on the leasehold property and by personal guarantees given by Mr M P Cox, Mr A J Cox and Mr A J Haigh.

The hire purchase liability is secured on the related asset.

The stocking plan advances are secured on the related stock boat assets.

Market rates of interest are payable on the debt instruments.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
500 Ordinary £1 500 500
350 A Ordinary £1 350 350
150 B Ordinary £1 150 150
1,000 1,000

11. OTHER FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies which are not included in the statement of financial position amount to £2,417,755 (2023: £2,515,914).