Company registration number 04930453 (England and Wales)
AQUAVISTA WATERSIDES LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
AQUAVISTA WATERSIDES LTD
COMPANY INFORMATION
Directors
S M De Polo
M S Wanless
R A Faith
(Appointed 7 November 2023)
Company number
04930453
Registered office
Sawley Marina
Long Eaton
Nottinghamshire
NG10 3AE
Auditor
MHA
Richard House
9 Winckley Square
Preston
United Kingdom
PR1 3HP
AQUAVISTA WATERSIDES LTD
CONTENTS
Page
Strategic report
1 - 5
Directors' report
6
Directors' responsibilities statement
7
Independent auditor's report
8 - 10
Statement of comprehensive income
11
Balance sheet
12
Notes to the financial statements
14 - 29
AQUAVISTA WATERSIDES LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -
The directors present the strategic report for the year ended 31 March 2024.
Principal activities
The principal activity of the Company is the operation of a portfolio of marinas and associated services in the United Kingdom.
Objective and strategy
Aquavista operates 29 marinas with over 5,000 moorings across England, making it the largest marina operator by number of locations across the UK. This was following the successful transfer of the trading assets & liabilities of the Castle Marinas Ltd Group over the past year.
The principal objective of the Company is the operation of these marinas and associated services to provide an excellent quality of experience for customers whilst maximising the returns for shareholders.
The key to achieving this is the recruitment and retention of a well-trained and motivated workforce supported by a strong brand and marketing message and investment in the marina infrastructure to improve its offering to customers and drive strong shareholder returns.
The Company operates a range of sites across the inland and coastal network and is the only large marina operator to offer planning approved residential moorings to its customers. We operate over 985 of these currently across 17 sites with plans to extend this offering further into other locations under the Group’s management.
The Group is focused on building on this industry leading platform to improve customer services through targeted capital investment to create long-term value. The business grew significantly following the acquisition of Castle Marinas in 2021 and this enlarged group of marinas, coupled with additional targeted investment has enabled the brand to offer greater benefits to all mooring customers through continued initiatives such as Explore 100 and our Moor Card. These strategic initiatives allow our annual contract holders access to a series of national and local commercial benefits that improve their mooring experience. This includes the ability to spend up to 100 nights away from their “home” berth at any of Aquavista’s other marinas across the network allowing our customers to make the most of life boating with us.
AQUAVISTA WATERSIDES LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Business review
The Company’s results comprise the trading activities for the year ended 31 March 2024.
The company’s results for the year show an operating profit of £5,169,000 (2023: £2,055,000), a profit for the year of £4,654,000 (2023: £1,239,000), and turnover of £22,522,000 (2023: £15,281,000). There were £1,510,000 (2023: £955,000) of exceptional costs mainly relating to the restructure of the business.
Trading for the Company has remained resilient. Management accounts show that average occupancy for the Group fell slightly by 1% from 84% to 83%, but revenue from moorings has increased by 48% (2023: 34%) from the prior year as a consequence of a full year trading of the Castle Marina sites that have now moved into the Aquavista portfolio.
The Company utilises a range of key performance indicators to manage the business, including total revenue, occupancy, profitability, and cash generation. The Company’s ultimate Group is headed by Aquavista Watersides Topco Ltd.
The revenue performance by each of the main business areas was:
2024 2023
£'000 £'000
Moorings (including hardstanding) 15,132 10,220
Brokerage fees 1,489 831
Retail 1,396 640
Other income 3.348 1,975
Floating homes 1,157 1,615
22,522 15,281
Other income includes revenue from marina services, property rents, caravan permits, storage, car parking and cost recoveries.
Overall income has increased by 47% (2023: 25%) mainly driven by moorings and the annualisation effect of the Castle Marina sites now being part of the Aquavista portfolio with an average of 84% of berths filled across the year for the Group.
Key movements on the Balance Sheet show:
A fairly flat position in our fixed assets to £26,275,000 (2023: £1,391,000 increase) reflecting a reduction on infrastructure spend offset by depreciation charges on our marina portfolio.
A decrease of £371,000 (2023: £1,229,000 increase) in stock being floating homes held for resale at the year end.
A decrease in cash held at the end of the period from £3,423,000 to £1,906,000 (2023: £631,000 increase).
AQUAVISTA WATERSIDES LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
Going concern
In order to form an assessment of the continued applicability of the going concern basis of preparation, the Directors have prepared trading and cash flow forecasts for the Company for a period of at least 12 months from the date of approval of the financial statements. The Directors have also received and reviewed the trading and cash flow forecasts and associated credit facilities of the Group, including the Group’s assessment of the recent and forecast future compliance with the associated covenants. These trading and cash flow forecast indicate the Group will be able to operate within the committed facilities and in full compliance with all associated covenants.
Given the ongoing economic and political uncertainty, particularly around inflation and interest rates, the Directors have also applied various sensitivities to the trading and cash flow forecasts. These scenarios confirm that the Group will be able to continue to operate and settle its liabilities as they fall due under all reasonably foreseeable scenarios. Should the potential future impacts be greater than the Directors predict, they would look to implement cost management and cash flow initiatives.
At 31 March 2024, the Company had net current liabilities of £69,602,000 (2023: £71,944,000). This includes amounts owed to Aquavista Watersides 2 Ltd, the parent company, of £55,489,000 (2023: £60,284,000) and to Project Belize Limited, the parent of Aquavista Watersides 2 Ltd, of £12,875,000 (2023: £12,338,000) which are repayable on demand. The Directors of Aquavista Watersides 2 Ltd and Project Belize Limited have confirmed, in writing, that they will not demand repayment of these loans if the funds are required to allow the Company to continue to trade. In addition, based upon review of the Group’s trading and cash flow forecast, the Directors are satisfied that the Cross Guarantee in respect of Group Borrowings (note 23) will not crystalise in the foreseeable future. Based on the above the Directors are satisfied that the Company will be able to continue as a going concern.
AQUAVISTA WATERSIDES LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
Principal risks and uncertainties
The Group’s operations are managed according to policies and procedures approved by the Board of Directors. The risks associated with the trade of Aquavista Waterside Ltd are summarised below.
Macro economy
The current year has seen interest rates being held at a high level to combat inflation, which is now falling. Anticipated reductions in interest rates are yet to occur. Whilst there appears to be no end to the war in Ukraine, the energy markets have started to settle, albeit at a much higher level than before and this still contributes to further pressure on the cost of living and cost to the business. Stability and reductions in inflation towards the Bank of England target rate will improve the outlook for the business and its customers.
Environment
The impact and trajectory of climate change remains uncertain and remains a potential threat to the business in the future.
Competition
The Company operates in a competitive environment with other Marinas in similar geographical locations. The actions and performance of a competitor can have an impact on the Company. Competitors’ pricing and strategies are kept under review and the Company strives to mitigate this risk by maintaining and improving customer service and investing in essential infrastructure to remain competitive.
Information systems
The Company’s activities are dependent upon the performance of a variety of software packages and the stability of the platforms upon which they are hosted. The Company has utilised off site hosting and have partnered with a specialist IT support company to provide comprehensive support and continues to invest internally and externally where necessary. This includes the Company’s systems continually carrying out penetration testing, and colleagues have annual mandatory cyber security training, which has resulted in the Group obtaining Cyber Essential Plus accreditation during the year.
Retention of key personnel
The retention of key personnel is a significant factor in the Company’s ability to meet its growth expectations. The Company’s employment policies, remuneration and benefits packages are regularly reviewed and are designed to be competitive.
AQUAVISTA WATERSIDES LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
Financial risk management
The Company's activities expose it to financial risks including credit risk, interest rate risk and liquidity risk.
Price risk
The Company is exposed to fluctuations in pricing of supplies and seeks to mitigate this wherever appropriate by making use of fixed-price contracts.
Credit risk
The Company's principal financial assets are bank balances and cash, trade debtors and other receivables. The Company's credit risk is primarily related to trade debtors. The amount shown in the Balance Sheet is net of allowances for doubtful receivables. The Company has no concentration of credit risk with the amounts due spread over many customers and is continuing to improve its processes around the management of this to further reduce its exposure.
Interest rate risk
The Company finances its operations through a mixture of retained profits and borrowings from its holding company, Aquavista Watersides 2 Ltd. Aquavista Watersides 2 Ltd had an interest rate cap in place to reduce its exposure to interest rate risk which ended in April 2024.
Liquidity risk
The Company has long-term loan facilities totalling £72.9m (2023: £70.3m) and undrawn short-term Revolving Credit Facilities totalling £4.4m through its parent company, Aquavista Watersides 2 Ltd. Future cashflows are closely monitored to manage cashflow and liquidity risk.
S M De Polo
Director
12 September 2024
AQUAVISTA WATERSIDES LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
The directors present their annual report and financial statements for the year ended 31 March 2024.
Results and dividends
The results for the year are set out on page 11.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
A Lloyd
(Resigned 31 December 2023)
R Sang
(Resigned 25 July 2023)
A J Saunders
(Resigned 31 August 2023)
S M De Polo
M S Wanless
R A Faith
(Appointed 7 November 2023)
Qualifying third party indemnity provisions
Throughout the year and up to the date of this report the Company maintained qualifying third party indemnity insurance for the Directors.
Post reporting date events
There have been no significant events affecting the Company since the year end.
Future developments
The directors do not anticipate any significant future changes to the activity of the Company.
Auditor
MHA were appointed as auditor to the company and in accordance with section 485 of Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
S M De Polo
Director
12 September 2024
AQUAVISTA WATERSIDES LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
AQUAVISTA WATERSIDES LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF AQUAVISTA WATERSIDES LTD
- 8 -
Opinion
We have audited the financial statements of Aquavista Watersides Ltd (the 'company') for the year ended 31 March 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
AQUAVISTA WATERSIDES LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF AQUAVISTA WATERSIDES LTD (CONTINUED)
- 9 -
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, is detailed below:
Enquiry of management, including directors, about any known or suspected instances of non-compliance with laws and regulations and fraud;
Challenging assumptions made by management in respect of accounting estimates and key judgements, in particular in relation to fixed asset impairment reviews, classification of loans to subsidiaries, leases and network access agreements;
Reviewing minutes of meetings of those charged with governance;
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business; and
Auditing the risk of fraud in revenue, including through the testing of income cut off at the period end and through sales transaction testing to provide comfort over revenue occurrence in the financial statements.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
AQUAVISTA WATERSIDES LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF AQUAVISTA WATERSIDES LTD (CONTINUED)
- 10 -
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Paul Spencer BSc (Hons) FCA
For and on behalf of MHA
12 September 2024
Chartered Accountants
Statutory Auditor
Richard House
9 Winckley Square
Preston
United Kingdom
PR1 3HP
MHA is a trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313).
AQUAVISTA WATERSIDES LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
2024
2023
Notes
£'000
£'000
Turnover
3
22,522
15,281
Cost of sales
(1,787)
(1,340)
Gross profit
20,735
13,941
Administrative expenses
(14,056)
(10,931)
Exceptional administrative expenses
4
(1,510)
(955)
Operating profit
5
5,169
2,055
Interest receivable and similar income
8
13
Interest payable and similar expenses
9
(860)
(557)
Profit before taxation
4,322
1,498
Tax on profit
10
332
(259)
Profit for the financial year
4,654
1,239
The profit and loss account has been prepared on the basis that all operations are continuing operations.
The notes on pages 14 to 29 are an integral part of the financial statements.
AQUAVISTA WATERSIDES LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 12 -
2024
2023
as restated (note 2)
Notes
£'000
£'000
£'000
£'000
Fixed assets
Goodwill
11
513
588
Other intangible assets
11
27
66
Total intangible assets
540
654
Tangible assets
12
26,275
26,228
Investments
13
60,083
57,886
86,898
84,768
Current assets
Stocks
15
1,454
1,825
Debtors
16
2,301
1,656
Cash at bank and in hand
1,906
3,423
5,661
6,904
Creditors: amounts falling due within one year
17
(75,263)
(78,848)
Net current liabilities
(69,602)
(71,944)
Total assets less current liabilities
17,296
12,824
Creditors: amounts falling due after more than one year
18
(8)
(8)
Provisions for liabilities
Deferred tax liability
19
653
835
(653)
(835)
Net assets
16,635
11,981
Capital and reserves
Called up share capital
21
2
2
Share premium account
11,159
11,159
Profit and loss reserves
5,474
820
Total equity
16,635
11,981
The financial statements were approved by the board of directors and authorised for issue on 12 September 2024 and are signed on its behalf by:
S M De Polo
Director
Company registration number 04930453 (England and Wales)
AQUAVISTA WATERSIDES LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
Share capital
Share premium account
Profit and loss reserves
Total
£'000
£'000
£'000
£'000
Balance at 1 April 2022
2
11,159
(419)
10,742
Year ended 31 March 2023:
Profit and total comprehensive income
-
-
1,239
1,239
Balance at 31 March 2023
2
11,159
820
11,981
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
4,654
4,654
Balance at 31 March 2024
2
11,159
5,474
16,635
AQUAVISTA WATERSIDES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
1
Accounting policies
Company information
Aquavista Watersides Ltd is a company incorporated and registered in England and Wales under the Companies Act 2006 and domiciled in the United Knigdom. The registered office is Sawley Marina, Long Eaton, Nottinghamshire, NG10 3AE.
1.1
Accounting convention
These financial statements have been prepared in accordance with United Kingdom Accounting Standards, including Financial Reporting Standard 102, "The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £'000.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purpose of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. the company has therefore taken advantage of the exemptions from the following disclosure requirements:
Section 7 'Statement of Cash Flows': Presentation of a statement cash flow and related notes and disclosures;
Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues: Interest income/expenses and net gain/losses for financial instruments not measure at fair value; basis of determining fair value; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 33 'Related Party Disclosures': Compensation for key management personnel
The financial statements of the company are consolidated in the financial statements of Aquavista Watersides Topco Ltd. These consolidated financial statements are available from its registered office, Sawley Marina, Long Eaton, Nottinghamshire, NG10 3AE.
1.2
Business combinations
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
AQUAVISTA WATERSIDES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 15 -
1.3
Going concern
In order to form an assessment of the continued applicability of the going concern basis of preparation, the Directors have prepared trading and cash flow forecasts for the Company for a period of at least 12 months from the date of approval of the financial statements. The Directors have also received and reviewed the trading and cash flow forecasts and associated credit facilities of the Group, including the Group’s assessment of the recent and forecast future compliance with the associated covenants. These trading and cash flow forecast indicate the Group will be able to operate within the committed facilities and in full compliance with all associated covenants.true
Given the ongoing economic and political uncertainty, particularly around inflation and interest rates, the Directors have also applied various sensitivities to the trading and cash flow forecasts. These scenarios confirm that the Group will be able to continue to operate and settle its liabilities as they fall due under all reasonably foreseeable scenarios. Should the potential future impacts be greater than the Directors predict, they would look to implement cost management and cash flow initiatives.
At 31 March 2024, the Company had net current liabilities of £69,602,000 (2023: £71,944,000). This includes amounts owed to Aquavista Watersides 2 Ltd, the parent company, of £55,489,000 (2023: £60,284,000) and to Project Belize Limited, the parent of Aquavista Watersides 2 Ltd, of £12,875,000 (2023: £12,338,000) which are repayable on demand. The Directors of Aquavista Watersides 2 Ltd and Project Belize Limited have confirmed, in writing, that they will not demand repayment of these loans if the funds are required to allow the Company to continue to trade. In addition, based upon review of the Group’s trading and cash flow forecast, the Directors are satisfied that the Cross Guarantee in respect of Group Borrowings (note 23) will not crystalise in the foreseeable future. Based on the above the Directors are satisfied that the Company will be able to continue as a going concern.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
Revenue invoiced in advance is held in deferred income until the service has been provided whilst revenue billed in arrears is included within accrued income.
1.5
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
AQUAVISTA WATERSIDES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -
1.6
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Website
20% straight line
1.7
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2.5% to 10% straight line
Leasehold land and buildings
2.5% to 10% straight line or for long leases the unexpired lease term
Plant and equipment
4% to 25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.8
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
Loans to subsidiaries are accounted for within fixed asset investments to reflect the long term nature and intention of the arrangement. They are repayable on demand and have been recognised at the undiscounted transaction amount.
1.9
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
AQUAVISTA WATERSIDES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 17 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.10
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost 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, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.11
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include deposits held at call with banks.
1.12
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
AQUAVISTA WATERSIDES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 18 -
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and other borrowings are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.
Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a consistent rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.13
Equity instruments
Equity instruments, including ordinary shares, issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.14
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
AQUAVISTA WATERSIDES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 19 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates and laws that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates and laws that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.15
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.16
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.17
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
1.18
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
AQUAVISTA WATERSIDES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 20 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Impairment of fixed assets
The Board has considered whether there are indicators of impairment of the company's investments in or loans to subsidiary undertakings, tangible fixed assets and intangible fixed assets. Factors taken into consideration in reaching such a decision include economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.
Operating lease classification
A number of marinas are held on long term leases. Judgement is made to classify these as operating leases and not finance leases. This is based on the assessment indicators in FRS102. Included within the indicators is a comparison between lease length and useful economic life. In estimating the useful economic life, management consider the age of other similar assets on the waterway network from which value is still being derived (e.g. docks) and lease terms on similar properties.
Classification of loan to subsidiaries
The Board consider the loans to subsidiaries to be a long arrangement, despite the legal form being repayable on demand. Hence it is considered appropriate to classify these loans as fixed asset investments. The comparative figures have been restated for the reclassification of loans to subsidiaries, amounting to £36,983,000, from debtors to fixed asset investments. There has been no impact on the company's net assets.
Network access agreements
Management has determined that the network access agreements are not classified as operating leases under accounting standards. Factors taken into consideration in reaching this decision include: the company does not control specific assets as the network infrastructure remains under the control of the network provider, and the company does not receive all economic benefits from the infrastructure as the provider retains significant rights. These agreements are right of access contracts with payments recognised as expenses when incurred.
AQUAVISTA WATERSIDES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 21 -
3
Turnover
2024
2023
£'000
£'000
Turnover analysed by class of business
Moorings (including hardstanding)
15,567
10,220
Brokerage fees
1,489
831
Retail
1,404
640
Other income
2,905
1,975
Floating homes
1,157
1,615
22,522
15,281
2024
2023
£'000
£'000
Turnover analysed by geographical market
United Kingdom
22,522
15,281
Other income includes revenue from marina services, property rents, caravan permits, storage, car parking and other recoveries.
4
Exceptional administrative expenses
2024
2023
£'000
£'000
Expenditure
Acquisition and integration costs
207
484
Abortive acquistion costs
102
471
Redundancy
975
-
Remedial costs
226
-
1,510
955
Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.
Acquisition and integration costs are in respect of the integration of the Castle Marinas business into the Aquavista Group.
Abortive acquisition costs are in respect of the acquisition of marinas which were subsequently aborted.
Redundancy costs are in respect of senior staff who left the business.
Remedial costs are final fixed costs relating to prior years delivered floating home sales.
AQUAVISTA WATERSIDES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 22 -
5
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£'000
£'000
Fees payable to the company's auditor for the audit of the company's financial statements
33
37
Depreciation of owned tangible fixed assets
1,194
1,430
Amortisation of intangible assets
114
107
Operating lease charges
461
231
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Operations
154
158
Support
36
38
Total
190
196
Their aggregate remuneration comprised:
2024
2023
£'000
£'000
Wages and salaries
4,349
4,474
Social security costs
433
432
Pension costs
259
227
5,041
5,133
7
Directors' remuneration
2024
2023
£'000
£'000
Remuneration for qualifying services
720
639
Company pension contributions to defined contribution schemes
57
78
Compensation for loss of office
10
787
717
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023 - 5).
AQUAVISTA WATERSIDES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
7
Directors' remuneration
(Continued)
- 23 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£'000
£'000
Remuneration for qualifying services
175
170
Company pension contributions to defined contribution schemes
16
24
8
Interest receivable and similar income
2024
2023
£'000
£'000
Interest income
Interest on bank deposits
13
9
Interest payable and similar expenses
2024
2023
£'000
£'000
Interest on financial liabilities measured at amortised cost:
Interest payable to group undertakings
860
557
10
Taxation
2024
2023
£'000
£'000
Current tax
UK corporation tax on profits for the current period
150
Adjustments in respect of prior periods
(149)
2
Total current tax
(149)
152
Deferred tax
Origination and reversal of timing differences
(46)
103
Changes in tax rates
33
Adjustment in respect of prior periods
(137)
(29)
Total deferred tax
(183)
107
Total tax (credit)/charge
(332)
259
AQUAVISTA WATERSIDES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
10
Taxation
(Continued)
- 24 -
The actual (credit)/charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£'000
£'000
Profit before taxation
4,322
1,498
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
1,081
285
Tax effect of expenses that are not deductible in determining taxable profit
188
284
Adjustments in respect of prior years
(286)
(27)
Group relief
(1,315)
(316)
Other reconciling items
33
Taxation (credit)/charge for the year
(332)
259
A UK corporation tax rate of 25% was announced in the Chancellor's Budget of 3 March 2021 and applied from 1 April 2023. Deferred tax has been calculated at this rate.
11
Intangible fixed assets
Goodwill
Website
Total
£'000
£'000
£'000
Cost
At 1 April 2023 and 31 March 2024
2,354
152
2,506
Amortisation and impairment
At 1 April 2023
1,766
86
1,852
Amortisation charged for the year
75
39
114
At 31 March 2024
1,841
125
1,966
Carrying amount
At 31 March 2024
513
27
540
At 31 March 2023
588
66
654
Goodwill arising on acquisition of marinas is being amortised over the directors' estimate of its useful life of 20 years from October 2011. This estimate is based on a variety of factors such as the expected use of the acquired business, the expected useful life of the cash generating units to which the goodwill is attributed and assumptions that market participants would consider in respect of similar businesses.
AQUAVISTA WATERSIDES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 25 -
12
Tangible fixed assets
Freehold land and buildings
Leasehold land and buildings
Assets under construction
Plant and equipment
Total
£'000
£'000
£'000
£'000
£'000
Cost
At 1 April 2023
17,876
17,525
1,956
37,357
Additions
152
94
802
192
1,240
Transfers
(68)
(144)
195
(17)
At 31 March 2024
17,960
17,475
997
2,148
38,580
Depreciation and impairment
At 1 April 2023
6,180
3,849
1,100
11,129
Depreciation charged in the year
589
422
183
1,194
Transfers
186
(204)
(18)
At 31 March 2024
6,955
4,067
1,283
12,305
Carrying amount
At 31 March 2024
11,005
13,408
997
865
26,275
At 31 March 2023
11,696
13,676
856
26,228
No depreciation is to be charged on the asset under construction until the asset is in use.
13
Fixed asset investments
2024
2023
as restated
Notes
£'000
£'000
Investments in subsidiaries
14
20,903
20,903
Loans to subsidiaries
14
39,180
36,983
60,083
57,886
AQUAVISTA WATERSIDES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
13
Fixed asset investments
(Continued)
- 26 -
Movements in fixed asset investments
Shares in subsidiaries
Loans to subsidiaries
Total
£'000
£'000
£'000
Cost or valuation
At 1 April 2023
20,903
36,983
57,886
Additions
-
2,197
2,197
At 31 March 2024
20,903
39,180
60,083
Carrying amount
At 31 March 2024
20,903
39,180
60,083
At 31 March 2023
20,903
36,983
57,886
14
Subsidiaries
Details of the company's subsidiaries at 31 March 2024 are as follows:
Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Indirect
Castles Marinas Limited
1
Marina operations and intermediate holding company
Ordinary
100.00
-
Birdham Pool Ltd
1
Marina operations
Ordinary
-
100.00
Clarence Marina Limited
1
Marina operations
Ordinary
-
100.00
Buckden Marina Ltd
1
Marina operations
Ordinary
-
100.00
Kings Bromley Marina Limited
1
Marina operations
Ordinary
-
100.00
Nottingham Castle Marina Limited
1
Marina operations
Ordinary
-
100.00
Ventnor Marina Limited
1
Marina operations
Ordinary
-
100.00
Wigrams Turn Marina Limited
1
Marina operations
Ordinary
-
100.00
Crick Marina Limited
1
Marina operations
Ordinary
-
100.00
Cropredy Marina Limited
1
Marina operations
Ordinary
-
100.00
Birdham Shipyard Ltd
1
Dormant
Ordinary
-
100.00
Castle Marinas One Limited
1
Marina operations
Ordinary
-
100.00
Castle Marinas Three Limited
1
Marina operations
Ordinary
-
100.00
Registered office addresses (all UK unless otherwise indicated):
1
Sawley Marina, Long Eaton, Nottinghamshire, NG10 3AE
15
Stocks
2024
2023
£'000
£'000
Finished goods and goods for resale
1,454
1,825
Stocks are stated after provision for impairment of £33,000 (2023 - £73,000)
AQUAVISTA WATERSIDES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 27 -
16
Debtors
2024
2023
as restated
Amounts falling due within one year:
£'000
£'000
Trade debtors
1,208
506
Other debtors
34
562
Prepayments and accrued income
1,059
588
2,301
1,656
Trade debtors are stated after provision for impairment of £205,000 (2023 - £100,000).
17
Creditors: amounts falling due within one year
2024
2023
£'000
£'000
Trade creditors
946
1,144
Amounts owed to group undertakings
68,364
72,622
Corporation tax
150
Other taxation and social security
526
109
Other creditors
150
188
Accruals and deferred income
5,277
4,635
75,263
78,848
Amounts owed to group undertakings are unsecured and repayable on demand.
18
Creditors: amounts falling due after more than one year
2024
2023
£'000
£'000
Other creditors
8
8
19
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£'000
£'000
Accelerated capital allowances
707
874
Other timing differences
(54)
(39)
653
835
AQUAVISTA WATERSIDES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
19
Deferred taxation
(Continued)
- 28 -
2024
Movements in the year:
£'000
Liability at 1 April 2023
835
Credit to profit or loss
(182)
Liability at 31 March 2024
653
The deferred tax liability set out above is expected to reverse within more than 12 months and relates to accelerated capital allowances that are expected to mature within the same period.
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£'000
£'000
Charge to profit or loss in respect of defined contribution schemes
259
227
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
Contributions totalling £29,000 (2023: £36,000) were payable to the fund at the balance sheet date.
21
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£'000
£'000
Issued and fully paid
Ordinary shares of £1 each
2,116
2,116
2
2
22
Reserves
Called up share capital
Called up share capital represents the nominal value of the shares issued.
Share premium account
The share premium account includes any premium received on issue of share capital.
Profit and loss account
The profit and loss account includes all current and prior period profits and losses, net of dividends and historic gift aid payments.
23
Financial commitments, guarantees and contingent liabilities
As at 31 March 2024, there were guarantees with group companies in respect of group borrowings which are secured by a fixed and floating charge over the properties of Aquavista Watersides Ltd, Castle Marinas Limited and its subsidiaries. At the year end date, the total drawn bank facilities over which a guarantee has been given were £72.9m (2023: £70.3m).
AQUAVISTA WATERSIDES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 29 -
24
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£'000
£'000
as restated
Within one year
227
235
Between two and five years
757
788
In over five years
13,188
12,709
14,172
13,732
Lease costs that fall due over five years consist of land and building leases across seven marinas.
Management has made significant judgements in determining that the licence agreements are considered operating leases under the applicable accounting standards. Therefore the disclosure note has been adjusted above and the 2023 comparatives restated.
25
Related party transactions
The company has taken advantage of the exemption conferred by Section 33 FRS102, namely from disclosing any transactions entered into between two or more members of the group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.
26
Ultimate controlling party
The immediate parent company of Aquavista Watersides Ltd is Aquavista Watersides 2 Ltd, a company incorporated in England and Wales with registered office at Sawley Marina, Long Eaton, Nottingham, NG10 3AE.
The ultimate parent company of Aquavista Watersides Ltd is Aquavista Topco Ltd, a company incorporated in England and Wales with registered office at Sawley Marina, Long Eaton, Nottingham, NG10 3AE.
The financial statements of the company are consolidated in the financial statements of Aquavista Watersides Topco Ltd, which is the smallest and largest company for which consolidated financial statements are prepared.
No party has a controlling beneficial interest in the Group.
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