Company registration number 13173481 (England and Wales)
MILFORD WATERFRONT RESORT LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
MILFORD WATERFRONT RESORT LIMITED
COMPANY INFORMATION
Directors
Mr J B Chitty
Mr R M Ryan
Mr R N Sawyer
Company number
13173481
Registered office
Gorsewood Drive
Hakin
Milford Haven
Pembrokeshire
SA73 3EP
Auditor
UHY Hacker Young
Bradbury House
Mission Court
Newport
Gwent
United Kingdom
NP20 2DW
MILFORD WATERFRONT RESORT LIMITED
CONTENTS
Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 5
Profit and loss account
6
Balance sheet
7
Statement of changes in equity
8
Notes to the financial statements
9 - 18
MILFORD WATERFRONT RESORT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -
The directors present their annual report and financial statements for the year ended 31 December 2024.
Principal activities
The principal activity of the company continued to be that of a hotel owner and operating company.
On 24 May 2024, the company acquired the 100% shareholding in St. Bride's Spa Hotel Limited and the On The Shore Restaurants Limited. Subsequently on 31 December 2024, the trade, assets and certain liabilities of St. Bride's Spa Hotel Limited and On The Shore Restaurants Limited were transferred to the company.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr J B Chitty
Mr R M Ryan
Mr R N Sawyer
Qualifying third party indemnity provisions
The company and its parent has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.
Auditor
UHY Hacker Young were appointed as auditor to the company and in accordance with section 485 of the 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.
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mr J B Chitty
Director
24 July 2025
MILFORD WATERFRONT RESORT LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
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 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; and
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.
MILFORD WATERFRONT RESORT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MILFORD WATERFRONT RESORT LIMITED
- 3 -
Opinion
We have audited the financial statements of Milford Waterfront Resort Limited (the 'company') for the year ended 31 December 2024 which comprise the profit and loss account, 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 December 2024 and of its loss 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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the directors' report has been prepared in accordance with applicable legal requirements.
MILFORD WATERFRONT RESORT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MILFORD WATERFRONT RESORT LIMITED (CONTINUED)
- 4 -
Matters on which we are required to report by exception
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 directors' report. 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 directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and from the requirement to prepare a strategic report.
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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the relevant sector;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
MILFORD WATERFRONT RESORT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MILFORD WATERFRONT RESORT LIMITED (CONTINUED)
- 5 -
To address the risk of fraud through management bias and override of controls, we:
performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial statements, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
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.
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.
Mr John Griffiths (Senior Statutory Auditor)
For and on behalf of UHY Hacker Young, Statutory Auditor
Chartered Accountants
Newport
Gwent
United Kingdom
24 July 2025
MILFORD WATERFRONT RESORT LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
2024
2023
Notes
£
£
Turnover
4,650,448
4,481,832
Cost of sales
(2,746,625)
(2,528,083)
Gross profit
1,903,823
1,953,749
Administrative expenses
(1,493,855)
(1,584,506)
Operating profit
409,968
369,243
Interest receivable and similar income
232
Interest payable and similar expenses
4
(1,452,445)
(815,413)
Loss before taxation
(1,042,245)
(446,170)
Tax on loss
5
65,019
(1,137,566)
Loss for the financial year
(977,226)
(1,583,736)
The profit and loss account has been prepared on the basis that all operations are continuing operations.
MILFORD WATERFRONT RESORT LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 7 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
7
3,027,326
Tangible assets
8
29,108,002
12,051,864
Investments
9
17,986,289
50,121,617
12,051,864
Current assets
Stocks
76,883
41,413
Debtors
11
339,693
108,314
Cash at bank and in hand
1,139,103
583,944
1,555,679
733,671
Creditors: amounts falling due within one year
12
(52,750,196)
(13,785,647)
Net current liabilities
(51,194,517)
(13,051,976)
Total assets less current liabilities
(1,072,900)
(1,000,112)
Creditors: amounts falling due after more than one year
13
(812,329)
Provisions for liabilities
(1,166,631)
(1,074,522)
Net liabilities
(3,051,860)
(2,074,634)
Capital and reserves
Called up share capital
14
10
10
Profit and loss reserves
(3,051,870)
(2,074,644)
Total equity
(3,051,860)
(2,074,634)
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 24 July 2025 and are signed on its behalf by:
Mr J B Chitty
Director
Company registration number 13173481 (England and Wales)
MILFORD WATERFRONT RESORT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2023
10
(490,908)
(490,898)
Year ended 31 December 2023:
Loss and total comprehensive income
-
(1,583,736)
(1,583,736)
Balance at 31 December 2023
10
(2,074,644)
(2,074,634)
Year ended 31 December 2024:
Loss and total comprehensive income
-
(977,226)
(977,226)
Balance at 31 December 2024
10
(3,051,870)
(3,051,860)
MILFORD WATERFRONT RESORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
1
Accounting policies
Company information
Milford Waterfront Resort Limited is a private company limited by shares incorporated in England and Wales. The registered office is Gorsewood Drive, Hakin, Milford Haven, Pembrokeshire, SA73 3EP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 £.
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 purposes 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 exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; 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 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Milford Haven Port Authority. These consolidated financial statements are available from its registered office, Gorsewood Drive, Milford Haven, Pembrokeshire, SA73 3EP.
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.
Milford Waterfront Resort Limited is a wholly owned subsidiary of Milford Haven Port Authority and the results of Milford Waterfront Resort Limited are included in the consolidated financial statements of Milford Haven Port Authority which are available from Gorsewood Drive, Milford Haven, Pembrokeshire, SA73 3EP.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
MILFORD WATERFRONT RESORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 10 -
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. This comprises hotel room income and restaurant and bar income. Turnover is recognised in the period which it is earned. All turnover is derived in the United Kingdom.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated 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 50 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.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
50 years straight line
Plant and equipment
2 - 25 years straight line
Fixtures and fittings
10 years 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.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities 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.
1.7
Stocks
Stocks include food and beverage for the hotel industry and are stated at cost. Provision is made of obsolete, slow-moving or defective items where appropriate. Stock is issued on the First In First Out (FIFO) basis.
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.
MILFORD WATERFRONT RESORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 11 -
1.8
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.
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 preference shares that are classified as debt, 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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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 that have been enacted or substantively enacted by the reporting end date.
MILFORD WATERFRONT RESORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -
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 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.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
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.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
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 leases asset are consumed.
1.13
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
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.
MILFORD WATERFRONT RESORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 13 -
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Depreciation
The company exercises judgement to determine useful lives and residual values of tangible fixed assets. The assets are depreciated down to their residual values over their estimated useful lives.
Useful economic life of goodwill
The directors are required to estimate the useful economic life of goodwill in order to determine appropriate amortisation rates. This requires significant assumptions to be made. Changes in these underlying assumptions could have a significant impact on the carrying value.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
33
50
4
Interest payable and similar expenses
2024
2023
£
£
Interest payable and similar expenses includes the following:
Interest payable to group undertakings
1,452,445
815,413
5
Taxation
2024
2023
£
£
Deferred tax
Origination and reversal of timing differences
(65,019)
(8,398)
Changes in tax rates
(528)
Adjustment in respect of prior periods
1,146,492
Total deferred tax
(65,019)
1,137,566
MILFORD WATERFRONT RESORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
6
Transfer of trade and assets from other group companies
On 24 May 2024, the company acquired St. Bride's Spa Hotel Limited and On The Shore Restaurants Limited for £21,925,125 (see note 9).
During the year, on 31 December 2024, the trade of group companies St. Bride's Spa Hotel Limited and On The Shore Restaurants Limited were transferred to the company.
Certain assets and liabilities of these group companies were also transferred to the company on 31 December 2024. The purchase price for the trade and assets with book value of £6,135,774 was £15,712,000. Liabilities of £839,929 (relating to deferred grants) were transferred at book value in exchange for intercompany debt. Assets and liabilities transferred were as follows:
St. Bride's Spa Hotel Limited
On The Shore Restaurants Limited
Total
£
£
£
Tangible fixed asseets
5,013,165
81,605
5,094,770
Stock
52,817
15,852
68,669
Trade debtors
(27,890)
-
(27,890)
Other debtors
167,876
7,402
175,278
Prepayments
24,582
4,141
28,723
Cash
669,419
126,805
796,224
Deferred grants
(839,929)
-
(839,929)
5,060,040
235,805
5,295,845
Following the hive up of trade and assets, part of the original cost of investment was transferred to fixed assets and goodwill representing the fair value of assets and trade acquired.
7
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2024
Transfer from cost of investment following hive up
3,027,326
At 31 December 2024
3,027,326
Amortisation and impairment
At 1 January 2024 and 31 December 2024
Carrying amount
At 31 December 2024
3,027,326
At 31 December 2023
MILFORD WATERFRONT RESORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
7
Intangible fixed assets
(Continued)
- 15 -
During 2024, the company acquired the St. Bride's Hotel and Marina Restaurant in Saundersfoot. Amortisation of goodwill be over 50 years in line with the assets it relates to. No amortisation was recognised in the year due to the transfer of assets happening on 31 December 2024.
8
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2024
11,619,356
1,138,746
12,758,102
Additions
1,788,000
106,183
1,894,183
Transfer on hive up
13,793,305
877,691
14,670,996
Transfer from cost of investment following hive up
911,510
-
911,510
At 31 December 2024
28,112,171
2,122,620
30,234,791
Depreciation and impairment
At 1 January 2024
401,049
305,189
706,238
Depreciation charged in the year
232,387
188,164
420,551
At 31 December 2024
633,436
493,353
1,126,789
Carrying amount
At 31 December 2024
27,478,735
1,629,267
29,108,002
At 31 December 2023
11,218,307
833,557
12,051,864
9
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
17,986,289
MILFORD WATERFRONT RESORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
9
Fixed asset investments
(Continued)
- 16 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024
-
Additions
21,925,125
Transfer on hive up
(3,938,836)
At 31 December 2024
17,986,289
Carrying amount
At 31 December 2024
17,986,289
At 31 December 2023
-
On 24 May 2024, the company acquired St. Bride's Spa Hotel and Marina Restaurant which encapsulated 100 percent of the issued capital of St. Bride's Spa Hotel Limited and On The Shore Restaurants Limited and associated properties.
10
Subsidiaries
Details of the company's subsidiaries at 31 December 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
St. Bride's Spa Hotel Limited
United Kingdom
Ordinary
100.00
On The Shore Restaurants Limited
United Kingdom
Ordinary
100.00
11
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
(3,682)
13,222
Other debtors
343,375
94,948
339,693
108,170
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset
144
Total debtors
339,693
108,314
MILFORD WATERFRONT RESORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
12
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
190,947
191,061
Amounts owed to group undertakings
48,686,267
13,238,433
Taxation and social security
19,074
Other creditors
3,872,982
337,079
52,750,196
13,785,647
Included within amounts owed to group undertakings, is an amount owed to the parent company for an intercompany loan to build the hotel. The loan is unsecured, bears interest at 1.5% per annum above the base rate of the Bank of England, and is repayable on demand.
13
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
812,329
14
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10
10
10
10
Ordinary shares rank equally for voting purposes, for any dividend declared and for distributions made on winding up.
15
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
2,856
MILFORD WATERFRONT RESORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
16
Related party transactions
The company has taken advantage of the exemption, under the terms of FRS 102, Section 33.1A, from disclosing related party transactions with wholly owned subsidiaries within the group.
At the year end, the company owed £18,385,200 to St. Bride's Spa Hotel Limited, its subsidiary company.
At the year end, the company owed £1,729,599 to On The Shore Restaurants Limited, its subsidiary company.
At the year end, the company owed £28,571,468 to Milford Haven Port Authority, its parent entity.
17
Parent company
The immediate and ultimate parent company and ultimate controlling party is Milford Haven Port Authority, a public trust port authority set up as an independent statutory body by Act of Parliament in 1958. The registered address of Milford Haven Port Authority is Gorsewood Drive, Milford Haven, Pembrokeshire, SA73 3EP.
The smallest and largest group of which the company is a member and for which group financial statements are drawn up is that headed by Milford Haven Port Authority.
Copies of the consolidated financial statements of Milford Haven Port Authority are available from the company's registered office: Gorsewood Drive, Milford Haven, Pembrokeshire, SA73 3EP.
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