VAGA MARINE SERVICES CIC

Company limited by guarantee

Company Registration Number:
13794355 (England and Wales)

Unaudited statutory accounts for the year ended 31 December 2023

Period of accounts

Start date: 1 January 2023

End date: 31 December 2023

VAGA MARINE SERVICES CIC

Contents of the Financial Statements

for the Period Ended 31 December 2023

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes
Community Interest Report

VAGA MARINE SERVICES CIC

Directors' report period ended 31 December 2023

The directors present their report with the financial statements of the company for the period ended 31 December 2023

Principal activities of the company

The principal activity of the company is to support the development and enhancement of the River Wye in Hereford and its surrounding infrastructure and improve access to the public.



Directors

The director shown below has held office during the whole of the period from
1 January 2023 to 31 December 2023

Stephen Taylor


Secretary Helen Martin

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
13 September 2024

And signed on behalf of the board by:
Name: Stephen Taylor
Status: Director

VAGA MARINE SERVICES CIC

Profit And Loss Account

for the Period Ended 31 December 2023

2023 13 months to 31 December 2022


£

£
Turnover: 141,882 33,684
Cost of sales: ( 129,914 ) ( 6,511 )
Gross profit(or loss): 11,968 27,173
Administrative expenses: ( 11,968 ) ( 27,173 )
Operating profit(or loss): 0 0
Profit(or loss) before tax: 0 0
Profit(or loss) for the financial year: 0 0

VAGA MARINE SERVICES CIC

Balance sheet

As at 31 December 2023

Notes 2023 13 months to 31 December 2022


£

£
Current assets
Debtors: 3 18,701 0
Cash at bank and in hand: 12,260 10
Total current assets: 30,961 10
Creditors: amounts falling due within one year: 4 ( 30,961 ) ( 10 )
Net current assets (liabilities): 0 0
Total assets less current liabilities: 0 0
Total net assets (liabilities): 0 0
Members' funds
Profit and loss account: 0 0
Total members' funds: 0 0

The notes form part of these financial statements

VAGA MARINE SERVICES CIC

Balance sheet statements

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

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 13 September 2024
and signed on behalf of the board by:

Name: Stephen Taylor
Status: Director

The notes form part of these financial statements

VAGA MARINE SERVICES CIC

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover comprises grants receivable in accordance with the funding agreement with County of Herefordshire District Council date 10 January 2023. The company recognises grants receivable when it has incurred costs and submitted applications for draw down of the grant based on agreed project outputs and actual costs incurred and not prepaid including VAT.

    Tangible fixed assets depreciation policy

    The company does not own any assets and has not capitalised any costs or incurred depreciation to date.

    Other accounting policies

    Cash and cash equivalents comprise cash held on current account at a UK bank. The company is limited by guarantee and there is no share capital.

VAGA MARINE SERVICES CIC

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 2. Employees

    2023 13 months to 31 December 2022
    Average number of employees during the period 1 1

VAGA MARINE SERVICES CIC

Notes to the Financial Statements

for the Period Ended 31 December 2023

3. Debtors

2023 13 months to 31 December 2022
£ £
Prepayments and accrued income 18,701 0
Total 18,701 0

VAGA MARINE SERVICES CIC

Notes to the Financial Statements

for the Period Ended 31 December 2023

4. Creditors: amounts falling due within one year note

2023 13 months to 31 December 2022
£ £
Trade creditors 12,000
Other creditors 18,961 10
Total 30,961 10

COMMUNITY INTEREST ANNUAL REPORT

VAGA MARINE SERVICES CIC

Company Number: 13794355 (England and Wales)

Year Ending: 31 December 2023

Company activities and impact

The company was set up to lead and manage a project to develop the Wyeside area for the use by the communities of Hereford and to encourage tourism. This includes enhancing riverside pathways with lighting, power and a new access ramp and river craft crane which will improve access to the general public to an area of natural beauty. The work completed in the second year of the project included widening the riverside path, cutting back overhanging trees and bushes and installation of fencing. This has opened up the riverside pathway for more pleasant and easier access to the public and the disabled. We also installed two electric points for the use of the local sports clubs and a riverside festival. The CCTV installed last year is monitored by a third party and has also continued to make the area safe for users of the riverside path.

Consultation with stakeholders

The company's stakeholders are the County of Herefordshire District Council which has provided the funding for the project and the local partners impacted by the plans eg The Hereford Rugby Club, Sea cadets, Rowing club and local businesses trading on the river bank. Representatives from the latter serve on the company's management committee which holds periodic meetings and they are invited to be involved in all management decisions. The company's director provides regular updates and presentations to council representatives as requested. The company's director has attended meetings with other local partners who are involved in the wider Stronger Towns Fund projects so as to ensure that the work of each project will complement the others. The wider stakeholders are the community of Hereford and the general public who will benefit from the project. The company has communicated the improvement plans and the planning consultations are also publicly available.

Directors' remuneration

No remuneration was received

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
13 September 2024

And signed on behalf of the board by:
Name: Stephen Taylor
Status: Director