Clyde Marina Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: SC155326 (Scotland)

Unaudited Financial Statements

for the Year Ended 30 September 2022

for

Clyde Marina Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

E H Martin

S Limb

SECRETARY:

A I Armstrong

REGISTERED OFFICE:

The Harbour

Ardrossan

Ayrshire

KA22 0DB

REGISTERED NUMBER:

SC155326 (Scotland)

ACCOUNTANTS:

Armstrongs Accounting Services Limited

7 Dunvegan Drive

Newton Mearns

Glasgow

G77 5EB

FIXED ASSETS

Tangible assets

4

1,218,926

1,247,009

CURRENT ASSETS

Stocks

2,150

2,075

Debtors

5

412,808

238,681

Cash at bank and in hand

168,699

329,553

583,657

570,309

CREDITORS

Amounts falling due within one year

6

497,883

495,564

NET CURRENT ASSETS

85,774

74,745

TOTAL ASSETS LESS CURRENT LIABILITIES

1,304,700

1,321,754

CREDITORS

Amounts falling due after more than one year

7

(142,498

)

(203,676

)

PROVISIONS FOR LIABILITIES

(20,262

)

(16,437

)

NET ASSETS

1,141,940

1,101,641

CAPITAL AND RESERVES

Called up share capital

180,000

180,000

Capital redemption reserve

-

(654,050

)

Fair value reserve

9

945,668

955,134

Retained earnings

16,272

620,557

SHAREHOLDERS' FUNDS

1,141,940

1,101,641

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 January 2023 and were signed on its behalf by:

E H Martin - Director

1.	STATUTORY INFORMATION

Clyde Marina Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Where the contract has only been partially completed at the balance sheet date turnover represents the value of the service provided to date based on a proportion of the total contract value.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

10% on cost and at varying rates on cost

Government grants

The company has adopted the accruals model for accounting for grants. Grants relating to revenue are recognised on a systematic basis over the period in which the related costs are recognised. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2021 - 8 ) .

4.	TANGIBLE FIXED ASSETS

North Ayrshire Council provided the company with a grant to upgrade the land at the South Shore Yard to a summer car park facility over which the Council will have exclusive occupation rights in the summer. There are no unfulfilled conditions attaching to the grant.

In keeping with company accounting policy the costs related to this project were reclassified from under construction to completed and depreciation applied in 2020.The grant has been classified as deferred income and is being introduced to the income statement on a systematic basis over ten years.

Cost or valuation at 30 September 2022 is represented by:

Plant and

machinery

etc

£

Valuation in 2014

1,078,730

Cost

1,458,914

2,537,644

If the Marina had not been revalued it would have been included at the following historical cost:

30.9.22

30.9.21

£

£

Cost

1,387,161

1,387,161

Aggregate depreciation

841,323

841,323

Value of land in freehold land and buildings

545,838

545,838

The Marina was valued on an open market basis on 18 September 2014 by GVA .

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.22

30.9.21

£

£

Trade debtors

143,925

142,753

Other debtors

268,883

95,928

412,808

238,681

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.22

30.9.21

£

£

Bank loans and overdrafts

51,010

97,300

Trade creditors

335,173

254,279

Taxation and social security

84,912

88,726

Other creditors

26,788

55,259

497,883

495,564

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.9.22

30.9.21

£

£

Bank loans

32,500

75,345

Other creditors

109,998

128,331

142,498

203,676

8.	SECURED DEBTS

The following secured debts are included within creditors:

30.9.22

30.9.21

£

£

Bank loans

83,510

172,645

On 1st April 2016 the Company granted a Floating Charge in favour of the Clydesdale Bank plc. The charge was granted over all sums due or to become due and all property and assets present and future of the company including uncalled capital.

9.

RESERVES

Fair

value

reserve

£

At 1 October 2021

955,134

Fair value reserve

(9,466

)

At 30 September 2022

945,668

In the year under review the decision was taken to apply £654,050 from the profit and loss reserve to extinguish the capital redemption reserve.

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Eric Martin, Director, has made advances to the company which are interest free and have no fixed repayment date. The amount outstanding at 30 September 2022 was £955 (2021 £1,196).

11.	RELATED PARTY DISCLOSURES

Mr E Martin and Mr Simon Limb are directors of Sunbird (UK) Limited and Sunbird International Motor Yachts Limited.

At 30 September 2022 Sunbird (UK) Limited owed £233,626 (2021 £41,746). There was no indebtedness as between the company and Sunbird International Motor Yachts Limited.

During the year to 30 September 2022 the company paid a management cost contribution to Sunbird (UK) Limited of £91,164 (2021 £121,307).

12.	ULTIMATE CONTROLLING PARTY

The company is controlled by the director E H Martin who owns 100% of the company's issued share capital.