10
26 September 2024
false
false
false
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false
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false
true
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No description of principal activity
2023-01-01
Sage Accounts Production Advanced 2023 - FRS102_2023
2
2
2
65,204
384,661
449,865
xbrli:pure
xbrli:shares
iso4217:GBP
02596890
2023-01-01
2023-12-31
02596890
2023-12-31
02596890
2022-12-31
02596890
2022-01-01
2022-12-31
02596890
2022-12-31
02596890
2021-12-31
02596890
core:LandBuildings
core:OwnedOrFreeholdAssets
2022-12-31
02596890
core:LandBuildings
core:LongLeaseholdAssets
2022-12-31
02596890
core:PlantMachinery
2022-12-31
02596890
core:FurnitureFittings
2022-12-31
02596890
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-12-31
02596890
core:LandBuildings
core:LongLeaseholdAssets
2023-12-31
02596890
core:PlantMachinery
2023-12-31
02596890
core:FurnitureFittings
2023-12-31
02596890
core:DeferredTaxation
2023-01-01
2023-12-31
02596890
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-01-01
2023-12-31
02596890
core:LandBuildings
core:LongLeaseholdAssets
2023-01-01
2023-12-31
02596890
core:PlantMachinery
2023-01-01
2023-12-31
02596890
core:FurnitureFittings
2023-01-01
2023-12-31
02596890
core:WithinOneYear
2023-12-31
02596890
core:WithinOneYear
2022-12-31
02596890
core:AfterOneYear
2023-12-31
02596890
core:AfterOneYear
2022-12-31
02596890
core:LandBuildings
core:OwnedOrFreeholdAssets
2022-12-31
02596890
core:ShareCapital
2023-12-31
02596890
core:ShareCapital
2022-12-31
02596890
core:RetainedEarningsAccumulatedLosses
2023-12-31
02596890
core:RetainedEarningsAccumulatedLosses
2022-12-31
02596890
core:CostValuation
core:Non-currentFinancialInstruments
2023-12-31
02596890
core:Non-currentFinancialInstruments
2023-12-31
02596890
core:Non-currentFinancialInstruments
2022-12-31
02596890
core:LandBuildings
core:LongLeaseholdAssets
2022-12-31
02596890
core:PlantMachinery
2022-12-31
02596890
core:FurnitureFittings
2022-12-31
02596890
core:DeferredTaxation
2022-12-31
02596890
core:DeferredTaxation
2023-12-31
02596890
bus:Director1
2023-01-01
2023-12-31
02596890
bus:Director2
2023-01-01
2023-12-31
02596890
bus:SmallEntities
2023-01-01
2023-12-31
02596890
bus:Audited
2023-01-01
2023-12-31
02596890
bus:SmallCompaniesRegimeForAccounts
2023-01-01
2023-12-31
02596890
bus:PrivateLimitedCompanyLtd
2023-01-01
2023-12-31
02596890
bus:FullAccounts
2023-01-01
2023-12-31
02596890
core:CapitalReserve
2023-01-01
2023-12-31
02596890
core:AllSubsidiaries
2023-01-01
2023-12-31
COMPANY REGISTRATION NUMBER:
02596890
FILLETED FINANCIAL STATEMENTS |
|
YEAR ENDED 31 DECEMBER 2023
Statement of financial position |
1 to 2 |
|
|
Notes to the financial statements |
3 to 8 |
|
|
STATEMENT OF FINANCIAL POSITION |
|
31 December 2023
Fixed assets
Tangible assets |
6 |
|
11,876,856 |
11,117,591 |
Investments |
7 |
|
2 |
2 |
|
|
------------- |
------------- |
|
|
11,876,858 |
11,117,593 |
|
|
|
|
|
Current assets
Stocks |
12,688 |
|
5,831 |
Debtors |
8 |
222,929 |
|
137,381 |
Cash at bank and in hand |
34,071 |
|
185,029 |
|
--------- |
|
--------- |
|
269,688 |
|
328,241 |
|
|
|
|
|
Creditors: amounts falling due within one year |
9 |
3,309,846 |
|
2,095,528 |
|
------------ |
|
------------ |
Net current liabilities |
|
3,040,158 |
1,767,287 |
|
|
------------- |
------------- |
Total assets less current liabilities |
|
8,836,700 |
9,350,306 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
10 |
|
6,151,862 |
6,513,460 |
|
|
|
|
|
Provisions
Taxation including deferred tax |
11 |
|
449,865 |
65,204 |
|
|
------------ |
------------ |
Net assets |
|
2,234,973 |
2,771,642 |
|
|
------------ |
------------ |
|
|
|
|
|
Capital and reserves
Called up share capital |
|
10,000 |
10,000 |
Profit and loss account |
12 |
|
2,224,973 |
2,761,642 |
|
|
------------ |
------------ |
Shareholders funds |
|
2,234,973 |
2,771,642 |
|
|
------------ |
------------ |
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
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.
STATEMENT OF FINANCIAL POSITION (continued) |
|
31 December 2023
These financial statements were approved by the
board of directors
and authorised for issue on
26 September 2024
, and are signed on behalf of the board by:
Mr J A Maclean
Mr R E Melhuish
Company registration number:
02596890
NOTES TO THE FINANCIAL STATEMENTS |
|
YEAR ENDED 31 DECEMBER 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 98 Station Road, Sidcup, Kent, DA15 7BY, United Kingdom.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical costs basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through the statement of comprehensive income.
Debtors
Debtors are initially recorded at fair value and are assessed for impairment at each year end date. If any impairments exist the debtors are remeasured to the present value of the expected future cash inflows.
Creditors
Creditors are initially recorded at fair value and are then remeasured to the present value of the expected future cash outflows.
Statement of cash flows
The company has taken advantage of the small companies exemptions and not prepared a statement of cash flows.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
There are no significant estimates or assumptions made that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Revenue recognition
Revenue refers to the amounts earned from the Company's principal activity; marina ownership, operation and management. The revenue shown in the statement of comprehensive income represents amounts invoiced during the year, exclusive of Value Added Tax. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. All tangible assets are costs that relate to the marinas and the purchase of the marinas. There is no minimum cost value.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Plant & Machinery |
- |
3 Years Straight Line |
|
Fixtures & Fittings |
- |
3 Years Straight Line |
|
|
|
|
The residual value of the land and buildings is considered to be in excess of the cost and as such no depreciation have been charged on these.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in subsidiaries
Investments in subsidiaries are accounted for in accordance with the cost model and recorded at cost less any accumulated impairment losses. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
The stock is valued at the lower of cost and net realisable value on a first in first out basis.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Stock expenditure
Included in cost of sales is £232,947 (2022: £145,457), which represents the total cost of materials used during the period.
5.
Particulars of employees
The average number of persons employed by the company during the year amounted to
10
(2022:
10
).
6.
Tangible assets
|
Freehold property |
Leasehold property |
Plant and machinery |
Fixtures and fittings |
Total |
|
£ |
£ |
£ |
£ |
£ |
Cost/valuation |
|
|
|
|
|
At 1 January 2023 |
5,125,085 |
5,985,802 |
10,349 |
9,894 |
11,131,130 |
Additions |
38,311 |
677,915 |
– |
54,089 |
770,315 |
|
------------ |
------------ |
-------- |
-------- |
------------- |
At 31 December 2023 |
5,163,396 |
6,663,717 |
10,349 |
63,983 |
11,901,445 |
|
------------ |
------------ |
-------- |
-------- |
------------- |
Depreciation |
|
|
|
|
|
At 1 January 2023 |
– |
– |
10,269 |
3,270 |
13,539 |
Charge for the year |
– |
– |
80 |
10,970 |
11,050 |
|
------------ |
------------ |
-------- |
-------- |
------------- |
At 31 December 2023 |
– |
– |
10,349 |
14,240 |
24,589 |
|
------------ |
------------ |
-------- |
-------- |
------------- |
Carrying amount |
|
|
|
|
|
At 31 December 2023 |
5,163,396 |
6,663,717 |
– |
49,743 |
11,876,856 |
|
------------ |
------------ |
-------- |
-------- |
------------- |
At 31 December 2022 |
5,125,085 |
5,985,802 |
80 |
6,624 |
11,117,591 |
|
------------ |
------------ |
-------- |
-------- |
------------- |
|
|
|
|
|
|
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
|
Freehold property |
|
£ |
At 31 December 2023 |
|
Aggregate cost |
4,318,105 |
Aggregate depreciation |
– |
|
------------ |
Carrying value |
4,318,105 |
|
------------ |
|
|
At 31 December 2022 |
|
Aggregate cost |
4,279,794 |
Aggregate depreciation |
– |
|
------------ |
Carrying value |
4,279,794 |
|
------------ |
|
|
7.
Investments
|
Shares in participating interests |
|
£ |
Cost |
|
At 1 January 2023 and 31 December 2023 |
2 |
|
---- |
Impairment |
|
At 1 January 2023 and 31 December 2023 |
– |
|
---- |
|
|
Carrying amount |
|
At 31 December 2023 |
2 |
|
---- |
At 31 December 2022 |
2 |
|
---- |
|
|
The company owns 100% of the Ordinary Shares in Land & Water Special Projects Limited.
8.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
153,066 |
47,850 |
Other debtors |
69,863 |
89,531 |
|
--------- |
--------- |
|
222,929 |
137,381 |
|
--------- |
--------- |
|
|
|
9.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
469,520 |
193,539 |
Trade creditors |
157,502 |
357,503 |
Social security and other taxes |
72,233 |
11,708 |
Other creditors |
2,610,591 |
1,532,778 |
|
------------ |
------------ |
|
3,309,846 |
2,095,528 |
|
------------ |
------------ |
|
|
|
National Westminster Bank Plc has a debenture over all the assets of the company in addition to legal charges over Lower Foxhangers Farm Marina and Northwich Marina.
10.
Creditors:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
6,151,862 |
6,513,460 |
|
------------ |
------------ |
|
|
|
11.
Provisions
|
Deferred tax |
|
£ |
At 1 January 2023 |
65,204 |
Additions |
384,661 |
|
--------- |
At 31 December 2023 |
449,865 |
|
--------- |
|
|
12.
Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses. Included in the profit and loss reserves are non distributable amounts of £737,149.
13.
Summary audit opinion
The auditor's report dated
26 September 2024
was
unqualified
.
The senior statutory auditor was
Philip Benson Woodman FCCA
, for and on behalf of
Opass Billings Wilson & Honey LLP
.
14.
Related party transactions
At the year end the company owed £2,377,831 to MHJ Limited. Geomac Limited is related by the virtue that they are under the control of the same Directors being J A Maclean and R E Melhuish. At the year end the company owed £396 to Land & Water Plant Limited, £36,911 to Land and Water Group Limited and £37,361 to Land & Water Services Limited, the companies are related as they are both under the control of the same directors. During the year sales were made to MHJ Limited of £124,620 and purchases were made of £2,779, all transactions are at market value. During the year purchases were made to Land & Water Plant Limited of £1,918 During the year purchases were made to Land & Water Services Limited of £341,382 During the year sales were made to Land and Water Group Limited of £29,181 and purchases were made of £455,747.of which £141,468 relate to management charges payable. All loans were made interest free and are repayable on demand. All transactions are at market value.
15.
Ultimate controlling party
During the year the company was under control of R E Melhuish by virtue of his majority shareholding in Geomac Limited.