| Wigrams Turn Marina Limited |
| Registered number: |
02797441 |
| Balance Sheet |
| as at 30 September 2018 |
|
| Notes |
|
|
2018 |
|
|
2017 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
3 |
|
|
5,229,999 |
|
|
2,438,526 |
|
| Current assets |
| Stocks |
|
|
22,084 |
|
|
18,031 |
| Debtors |
4 |
|
1,868,167 |
|
|
69,565 |
| Cash at bank and in hand |
|
|
22,607 |
|
|
60,636 |
|
|
|
1,912,858 |
|
|
148,232 |
|
| Creditors: amounts falling due within one year |
5 |
|
(499,770) |
|
|
(426,331) |
|
| Net current assets/(liabilities) |
|
|
|
1,413,088 |
|
|
(278,099) |
|
| Total assets less current liabilities |
|
|
|
6,643,087 |
|
|
2,160,427 |
|
|
| Provisions for liabilities |
|
|
|
(330,377) |
|
|
- |
|
| Net assets |
|
|
|
6,312,710 |
|
|
2,160,427 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
2,710,678 |
|
|
2,710,678 |
| Revaluation reserve |
6 |
|
|
2,449,064 |
|
|
- |
| Profit and loss account |
|
|
|
1,152,968 |
|
|
(550,251) |
|
| Shareholders' funds |
|
|
|
6,312,710 |
|
|
2,160,427 |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
| RJ Smith |
| Director |
| Approved by the board on 25 June 2019 |
|
| Wigrams Turn Marina Limited |
| Notes to the Accounts |
| for the year ended 30 September 2018 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
|
|
Revaluation of fixed assets |
|
The company carries land, buildings and pontoon assets at fair value, with changes in fair value being recognised in equity. The directors perform an assessment of fair value of these assets on an annual basis, with a formal valuation performed every three years. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Freehold buildings |
over 50 years |
|
Plant and machinery |
20% to 33% straight line |
|
|
Stocks |
|
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
|
| 2 |
Employees |
2018 |
|
2017 |
| Number |
Number |
|
|
Average number of persons employed by the company |
10 |
|
9 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
Land and buildings |
|
Plant and machinery etc |
|
Pontoons |
|
Total |
| £ |
£ |
£ |
£ |
|
Cost or valuation |
|
At 1 October 2017 |
2,438,200 |
|
543,537 |
|
- |
|
2,981,737 |
|
Additions |
38,634 |
|
9,019 |
|
- |
|
47,653 |
|
Reclassification |
- |
|
(462,937) |
|
462,937 |
|
- |
|
Surplus on revaluation |
2,059,204 |
|
- |
|
214,862 |
|
2,274,066 |
|
At 30 September 2018 |
4,536,038 |
|
89,619 |
|
677,799 |
|
5,303,456 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 October 2017 |
84,604 |
|
458,607 |
|
- |
|
543,211 |
|
Charge for the year |
8,393 |
|
27,228 |
|
- |
|
35,621 |
|
Reclassification |
- |
|
(412,379) |
|
412,379 |
|
- |
|
Surplus on revaluation |
(92,996) |
|
- |
|
(412,379) |
|
(505,375) |
|
At 30 September 2018 |
1 |
|
73,456 |
|
- |
|
73,457 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 30 September 2018 |
4,536,037 |
|
16,163 |
|
677,799 |
|
5,229,999 |
|
At 30 September 2017 |
2,353,596 |
|
84,930 |
|
- |
|
2,438,526 |
|
|
|
|
|
|
|
|
|
|
A professional valuation of the property was carried out by Savills after the year end for bank loan purposes. The above valuation was carried out by the directors at the year end, and has been based upon that professional valuation and the knowledge of the market, less costs of realisation. |
|
|
Freehold land, buildings and pontoons: |
2018 |
|
2017 |
| £ |
£ |
|
Historical cost |
2,939,771 |
|
2,901,137 |
|
Cumulative depreciation based on historical cost |
505,375 |
|
496,982 |
|
|
|
|
|
|
2,434,396 |
|
2,404,155 |
|
|
| 4 |
Debtors |
2018 |
|
2017 |
| £ |
£ |
|
|
Trade debtors |
77,217 |
|
42,448 |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
1,768,950 |
|
- |
|
Other debtors |
22,000 |
|
27,117 |
|
|
|
|
|
|
1,868,167 |
|
69,565 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due within one year |
2018 |
|
2017 |
| £ |
£ |
|
|
Trade creditors |
66,177 |
|
50,191 |
|
Taxation and social security costs |
26,557 |
|
18,114 |
|
Other creditors |
407,036 |
|
358,026 |
|
|
|
|
|
|
499,770 |
|
426,331 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Revaluation reserve |
2018 |
|
2017 |
| £ |
£ |
|
|
Gain on revaluation of tangible fixed assets |
2,779,441 |
|
- |
|
Deferred taxation arising on the revaluation of tangible fixed assets |
(330,377) |
|
- |
|
|
At 30 September 2018 |
2,449,064 |
|
- |
|
|
|
|
|
|
|
|
|
|
| 7 |
Contingent liabilities |
|
|
A intercompany cross guarantee and debenture have been given to the company's bankers as security on group companies' borrowing facilities by the company, Castle Marinas Limited, and the subsidiaries of Castle Marinas Limited.
The company has also given its bankers a legal charge over the company's marina.
The company has a loan agreement with Castle Marinas Limited in support of intragroup borrowings and loan facilities with its bankers and the Castlemore Securities FURBS scheme. In addition, the company has given a floating charge over all of the company's current and future assets to Castlemore Securities FURBS scheme as a guaranteed security in respect of financing facilities made available by Castlemore Securities FURBS scheme. |
|
|
| 8 |
Controlling party |
|
|
The company's ultimate parent company is Castle Marinas Limited. The company's ultimate controlling party is Castlemore Securities FURBS Scheme through its ownership in Castle Marinas Limited. |
|
|
| 9 |
Other information |
|
|
Wigrams Turn Marina Limited is a private company limited by shares and incorporated in England. |
|
Registered office: |
Place of buisness: |
|
Birdham Pool Marina |
Wigrams Turn Marina |
|
Birdham |
Shuckburgh Road |
|
Chichester |
Napton on the Hill |
|
West Sussex |
Southam |
|
PO20 7BG |
Warwickshire |
|
|
CV47 8NL |
