Mylor Yacht Harbour Limited 00709427 false 2023-10-01 2024-09-30 2024-09-30 The principal activity of the company is that of operating a yacht harbour providing a full range of services for the care and restoration of yachts and motor boats including marina berthing, lay-up and storage. In addition the company provides a comprehensive boat maintenance service covering new builds, refits and marine electrics Digita Accounts Production Advanced 6.30.9574.0 true false true 00709427 2023-10-01 2024-09-30 00709427 2024-09-30 00709427 bus:Consolidated 2024-09-30 00709427 core:RetainedEarningsAccumulatedLosses 2024-09-30 00709427 core:ShareCapital 2024-09-30 00709427 core:CurrentFinancialInstruments 2024-09-30 00709427 core:CurrentFinancialInstruments core:WithinOneYear 2024-09-30 00709427 core:Non-currentFinancialInstruments 2024-09-30 00709427 core:Non-currentFinancialInstruments core:AfterOneYear 2024-09-30 00709427 core:OtherPropertyPlantEquipment 2024-09-30 00709427 bus:SmallEntities 2023-10-01 2024-09-30 00709427 bus:Audited 2023-10-01 2024-09-30 00709427 bus:FilletedAccounts 2023-10-01 2024-09-30 00709427 bus:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 00709427 bus:RegisteredOffice 2023-10-01 2024-09-30 00709427 bus:Director3 2023-10-01 2024-09-30 00709427 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 00709427 core:OtherPropertyPlantEquipment 2023-10-01 2024-09-30 00709427 core:PlantMachinery 2023-10-01 2024-09-30 00709427 1 2023-10-01 2024-09-30 00709427 countries:EnglandWales 2023-10-01 2024-09-30 00709427 2023-09-30 00709427 core:OtherPropertyPlantEquipment 2023-09-30 00709427 2022-10-01 2023-09-30 00709427 2023-09-30 00709427 core:RetainedEarningsAccumulatedLosses 2023-09-30 00709427 core:ShareCapital 2023-09-30 00709427 core:CurrentFinancialInstruments 2023-09-30 00709427 core:CurrentFinancialInstruments core:WithinOneYear 2023-09-30 00709427 core:Non-currentFinancialInstruments 2023-09-30 00709427 core:Non-currentFinancialInstruments core:AfterOneYear 2023-09-30 00709427 core:OtherPropertyPlantEquipment 2023-09-30 iso4217:GBP xbrli:pure

Mylor Yacht Harbour Limited

Annual Report and Financial Statements
Year Ended 30 September 2024

Registration number: 00709427

 

Mylor Yacht Harbour Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 7

 

Mylor Yacht Harbour Limited

Balance Sheet

30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

965,011

930,457

Current assets

 

Stocks

5

296,881

346,394

Debtors

6

457,787

606,549

Cash at bank and in hand

 

622,314

289,054

 

1,376,982

1,241,997

Creditors: Amounts falling due within one year

7

(1,397,807)

(1,219,448)

Net current (liabilities)/assets

 

(20,825)

22,549

Total assets less current liabilities

 

944,186

953,006

Creditors: Amounts falling due after more than one year

7

(142,500)

(332,500)

Provisions for liabilities

10

(213,000)

(197,000)

Net assets

 

588,686

423,506

Capital and reserves

 

Called up share capital

40,450

40,450

Profit and loss account

548,236

383,056

Total equity

 

588,686

423,506

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 19 February 2025 and signed on its behalf by:
 

.........................................
N F Salter
Director

Company Registration Number: 00709427

 

Mylor Yacht Harbour Limited

Notes to the Financial Statements

Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Mylor Yacht Harbour
Mylor
FALMOUTH
Cornwall
TR11 5UF

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover represents the amounts (excluding value added tax) derived from the provision of services for the care and restoration of yachts and motor boats. This includes marina berthing, moorings, lay-up and storage. Where contracts straddle the year end an element is recognised as deferred income in current liabilities.

Turnover also represents the amounts (excluding value added tax) recognised when the company fulfils its contractual obligations when undertaking shipwright and engineering services such as new builds, refits and marine electrics.

Government grants

Government grants are credited to deferred income. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Mylor Yacht Harbour Limited

Notes to the Financial Statements

Year Ended 30 September 2024

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

10-20 years straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of work in progress 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, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Mylor Yacht Harbour Limited

Notes to the Financial Statements

Year Ended 30 September 2024

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 46 (2023 - 47).

 

Mylor Yacht Harbour Limited

Notes to the Financial Statements

Year Ended 30 September 2024

4

Tangible assets

Plant and machinery
£

Total
£

Cost or valuation

At 1 October 2023

3,016,758

3,016,758

Additions

214,554

214,554

At 30 September 2024

3,231,312

3,231,312

Depreciation

At 1 October 2023

2,086,301

2,086,301

Charge for the year

180,000

180,000

At 30 September 2024

2,266,301

2,266,301

Carrying amount

At 30 September 2024

965,011

965,011

At 30 September 2023

930,457

930,457

5

Stocks

2024
£

2023
£

Work in progress

90,521

74,821

Consumables and goods for resale

206,360

271,573

296,881

346,394

6

Debtors

2024
 £

2023
 £

Trade debtors

260,002

522,134

Amounts due from group undertakings

106,128

1,140

Prepayments

91,657

83,275

457,787

606,549

 

Mylor Yacht Harbour Limited

Notes to the Financial Statements

Year Ended 30 September 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
 £

2023
 £

Due within one year

 

Loans and borrowings

8

190,000

190,000

Trade creditors

 

198,510

182,854

Amounts due to group undertakings

11

-

12,819

Social security and other taxes

 

70,679

110,774

Outstanding defined contribution pension costs

 

12,042

10,763

Other creditors

 

47,984

122,907

Accrued expenses

 

140,127

42,672

Corporation tax

198,839

62,336

Deferred income

 

539,626

484,323

 

1,397,807

1,219,448

Due after one year

 

Loans and borrowings

8

142,500

332,500

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

190,000

190,000

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

142,500

332,500

Bank borrowings are secured by way of a first legal charge over the land and buildings, and a unlimited debenture incorporating a fixed and floating charge over the group's assets.

 

Mylor Yacht Harbour Limited

Notes to the Financial Statements

Year Ended 30 September 2024

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £541,644 (2023 - £572,348). The company has operating lease commitments in relation to the lease of certain areas from which it operates and office equipment. The majority of the financial commitments are in relation to leases up to September 2036.

Also included in financial commitments are capital commitments of £7,192 (2023: £nil) for the purchase of fixed assets.

10

Provisions for liabilities

Deferred tax

£

At 1 October 2023

197,000

Increase in provision during the year

16,000

At 30 September 2024

213,000

11

Related party transactions

Included within trade debtors at the year end are amounts totalling £2,799 due from directors for services provided by the company.

12

Parent and ultimate parent undertaking

The company's immediate parent is Mylor Yacht Harbour (Holding Company) Limited, incorporated in England and Wales.

 The ultimate parent is Mylor Harbour Limited, incorporated in England and Wales.
  These financial statements are available upon request from Registrar of Companies, Crown Way, Cardiff, CF14 3UZ

13

Audit report

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report was Thomas Roach FCA , who signed for and on behalf of PKF Francis Clark on 21 February 2025.