Medway Bridge Marina Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 00665065

Medway Bridge Marina Limited

Unaudited financial statements

31 December 2024

Medway Bridge Marina Limited

Statement of financial position

31 December 2024

	2024		2023
Note	£	£	£	£

Fixed assets

Intangible assets	5	1,767	3,175
Tangible assets	6	3,809,656	4,016,204
		-----------	-----------
		3,811,423	4,019,379

Current assets

Stocks		134,063	150,598
Debtors	7	163,331	90,184
Cash at bank and in hand		43,254	140
		---------	---------
		340,648	240,922

Creditors: Amounts falling due within one year	8	( 745,227)		( 1,223,917)
		---------		-----------
Net current liabilities			( 404,579)		( 982,995)
			-----------		-----------
Total assets less current liabilities			3,406,844		3,036,384

Creditors: Amounts falling due after more than one year	9		( 602,161)		( 193,587)

Provisions

Taxation including deferred tax	( 439,823)	( 431,385)
	-----------	-----------
Net assets	2,364,860	2,411,412
	-----------	-----------

Capital and reserves

Called up share capital	3,303	3,303
Revaluation reserve	1,848,196	1,848,196
Profit and loss account	513,361	559,913
	-----------	-----------
Shareholders funds	2,364,860	2,411,412
	-----------	-----------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

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

Medway Bridge Marina Limited

Statement of financial position (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 22 September 2025 , and are signed on behalf of the board by:

G G Billingsley

Director

Company registration number: 00665065

Medway Bridge Marina Limited

Notes to the financial statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 3 Manor Lane, Rochester, Kent, ME1 3HS.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	10% & 20% reducing balance and 10% straight line
Motor vehicles	-	25% reducing balance

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Average number of employees

The average number of employees during the year was 13 (2023: 12 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 January 2024 and 31 December 2024	14,088
	-------
Amortisation
At 1 January 2024	10,913
Charge for the year	1,408
	-------
At 31 December 2024	12,321
	-------
Carrying amount
At 31 December 2024	1,767
	-------
At 31 December 2023	3,175
	-------

6. Tangible assets

	Land and buildings	Plant and machinery	Motor vehicles	Total
	£	£	£	£
Cost
At 1 January 2024	3,680,000	721,998	76,970	4,478,968
Additions	–	136,930	19,995	156,925
Disposals	( 250,000)	( 32,881)	( 46,995)	( 329,876)
	-----------	---------	-------	-----------
At 31 December 2024	3,430,000	826,047	49,970	4,306,017
	-----------	---------	-------	-----------
Depreciation
At 1 January 2024	–	423,542	39,222	462,764
Charge for the year	–	64,602	4,271	68,873
Disposals	–	( 22,278)	( 12,998)	( 35,276)
	-----------	---------	-------	-----------
At 31 December 2024	–	465,866	30,495	496,361
	-----------	---------	-------	-----------
Carrying amount
At 31 December 2024	3,430,000	360,181	19,475	3,809,656
	-----------	---------	-------	-----------
At 31 December 2023	3,680,000	298,456	37,748	4,016,204
	-----------	---------	-------	-----------

Tangible assets held at valuation

The freehold property was revalued at 31 December 2024, based on a professional valuation of £2,730,000 in respect of the Marina plus a directors valuation of £700,000 in respect of the remainder of the property. Historic cost of the freehold property is £1,460,235.

7. Debtors

	2024	2023
	£	£
Trade debtors	25,486	2,572
Amounts owed by group undertakings and undertakings in which the company has a participating interest	64,486	64,486
Other debtors	73,359	23,126
	---------	-------
	163,331	90,184
	---------	-------

8. Creditors: Amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	211,460	700,428
Trade creditors	220,433	245,430
Social security and other taxes	132,277	106,393
Other creditors	181,057	171,666
	---------	-----------
	745,227	1,223,917
	---------	-----------

Included within bank loans and overdrafts is an amount of £136,317 (2023: £Nil) secured by way of a fixed and floating charge against the assets of the company.

In addition to the above security, the directors have provided a personal guarantee to secure bank loans totalling £180,327 (2023: £385,576).

Included within other creditors is an amount of £4,454 (2023: £4,293) which is secured against assets held in the company .

9. Creditors: Amounts falling due after more than one year

	2024	2023
	£	£
Bank loans and overdrafts	562,424	169,203
Other creditors	39,737	24,384
	---------	---------
	602,161	193,587
	---------	---------

Included within bank loans and overdrafts is an amount of £467,907 (2023: £nil) secured on the assets of the company.

In addition to the above security, the directors have provided a personal guarantee to secure bank loans totalling £543,557 (2023: £169,203).

Included within other creditors is an amount of £13,834 (2023: £24,384) which is secured against assets held in the company. Included within bank loans and overdrafts is an amount totalling £199,707 which is due for repayment by instalments after 5 years. Interest on the loan is chargeable at 2.83% above the Bank of England base rate. The loan is due to mature in 2031.

10. Directors' advances, credits and guarantees

Included within other debtors at the year end are directors' loan accounts totalling £33,195 (2023: £Nil). The maximum overdrawn balance during the year was £37,226. Interest of £115 (2023: £Nil) was charged at the official rate.