REGISTERED NUMBER: |
BURTON WATERS MARINA LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Revaluation reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
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 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Land and buildings | - |
Plant and machinery etc | - |
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 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 February 2023 |
Additions |
At 31 January 2024 |
DEPRECIATION |
At 1 February 2023 |
Charge for year |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
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 |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts (see note 8) |
Trade creditors |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
Hire purchase contracts (see note 8) |
Other creditors |
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 |
Between one and five years |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank overdrafts |
Bank loans |
Hire purchase contracts | 90,772 | 110,508 |
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: | £ | £ |
Ordinary | £1 | 500 | 500 |
A Ordinary | £1 | 350 | 350 |
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). |