Castle Marinas Limited - Filleted accounts

Castle Marinas Limited - Filleted accounts

CASTLE MARINAS LIMITED - Company Information

Print Friendly Version

Castle Marinas Limited
Registered number: 05686351
Balance Sheet
as at 30 September 2017
Notes 2017 2016
£ £
Fixed assets
Tangible assets 3 8,308 3,477
Investments 4 16,708,575 16,708,575
16,716,883 16,712,052
Current assets
Debtors 5 5,333,027 5,639,831
Cash at bank and in hand 31,588 7,656
5,364,615 5,647,487
Creditors: amounts falling due within one year 6 (3,366,867) (4,268,121)
Net current assets 1,997,748 1,379,366
Total assets less current liabilities 18,714,631 18,091,418
Creditors: amounts falling due after more than one year 7 (26,683,353) (28,012,333)
Net liabilities (7,968,722) (9,920,915)
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account (7,969,722) (9,921,915)
Shareholders' funds (7,968,722) (9,920,915)
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 20 June 2018
Castle Marinas Limited
Notes to the Accounts
for the year ended 30 September 2017
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).
Going concern
The directors consider the company to be a going concern as it has the support of its ultimate controlling party who have confirmed its loan is not due for repayment within 12 months from the approval date of these financial statements, in accordance with the loan agreement. It also has the continued support of its bankers following a new bank loan agreement signed in December 2013.
Group accounts
The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertaking comprise a small sized group. The company has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group accounts.
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.
Tangible fixed assets
Tangible fixed assets are measured at cost 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:
Furniture and fittings 20% straight line
Office equipment 33% straight line
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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.
Interest rate swaps
The company has used an interest rate swap to economically hedge risks associated with interest rate fluctuations. The company does not hold or issue derivatives for trading purposes. Such instruments are measured at fair value on the date on which a contract is entered into and are subsequently remeasured at fair value. Interest rate swaps are recognised as current and non-current based on the maturity profile of the associated cash flows. Any gains or losses arising from changes in fair value are taken to the Profit and Loss Account.
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2017 2016
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2016 9,631
Additions 7,197
At 30 September 2017 16,828
Depreciation
At 1 October 2016 6,154
Charge for the year 2,366
At 30 September 2017 8,520
Net book value
At 30 September 2017 8,308
At 30 September 2016 3,477
4 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 October 2016 16,708,575
At 30 September 2017 16,708,575
5 Debtors 2017 2016
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 5,107,589 5,456,288
Other debtors 225,438 183,543
5,333,027 5,639,831
Amounts due after more than one year included above 5,107,589 5,456,288
6 Creditors: amounts falling due within one year 2017 2016
£ £
Interest rate swaps 370,555 499,271
Bank loans and overdrafts 600,000 550,000
Prepaid bank loan fees (41,845) (37,138)
Trade creditors 39,555 27,068
Amounts owed to group undertakings and undertakings in which the company has a participating interest 2,379,088 3,210,270
Other taxes and social security costs 19,306 18,441
Other creditors 208 209
3,366,867 4,268,121
7 Creditors: amounts falling due after one year 2017 2016
£ £
Interest rate swaps 741,110 1,497,812
Bank loans 18,500,000 19,100,000
Prepaid bank loan fees (83,691) (111,413)
Related party loans 7,525,934 7,525,934
26,683,353 28,012,333
8 Interest rate swaps
Interest rate swaps are derivative financial instruments used to manage the company's interest rate exposure. These are shown in the balance sheet as follows:
Movement in
Fair Value Profit and Loss Fair Value
2016 Account 2017
£ £ £
Creditors due within one year 499,271 (128,716) 370,555
Creditors due after one year 1,497,812 (756,702) 741,110
Fair value of interest rate swaps 1,997,083 (885,418) 1,111,665
The notional value of the interest rate swap at 30 September 2017 was £17,190,000 the maturity date is 28 August 2020. The fair value is based on prices confirmed by the company's bank.
9 Loans 2017 2016
£ £
Creditors include:
Secured bank loans 19,100,000 19,650,000
10 Pension commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension charge amounted to £2,440 (2016 £1,717). There were no outstanding or prepaid contributions at either the beginning or end of the financial year.
11 Contingent liabilities
An intercompany cross guarantee and debenture have been given to the company's bankers as security on group companies' borrowing facilities by Castle Marinas Limited and its subsidiary companies.

The subsidiary companies of Castle Marinas Limited have 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, Castle Marinas Limited 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.
12 Related party transactions 2017 2016
£ £
Castlemore Securities FURBS Scheme
Controlling party
Amount due from (to) the related party (6,825,934) (6,825,934)
JG Whateley
Director
Amount due from (to) the related party (700,000) (700,000)
13 Controlling party
The directors consider the controlling party is Castlemore Securities FURBS Scheme through its majority shareholding in the company.
14 Other information
Castle Marinas Limited is a private company limited by shares and incorporated in England. Its registered office is:
Birdham Pool Marina
Birdham
Chichester
West Sussex
PO20 7BG
15 Reconciliations on adoption of FRS 102 1A
For all periods up to and including the year ended 30 September 2016, the company prepared its financial statements in accoprdance with previously extant United Kingdom generally accepted accounting practice (UK GAAP). These financial statements, for the year ended 30 September 2017 are the first the company has prepared in accordance with FRS 102 1A.

In preparing these financial statements, the company has started from an opening balance sheet as at 30 September 2015, the company's date of transition to FRS 102 1A, and made those changes in accounting policies and other restatements required for the first-time adoption of FRS102 1A. The principal adjustments made by the company in restating its balance sheet as at 1 October 2015 prepared under previously extant UK GAAP and it's previously published UK GAAP financial statements for the year ended 30 September 2016 are included below.
15 Reconciliations on adoption of FRS 102 1A (continued)
£
Reconciliation of equity at 1 October 2015
Equity under former UK GAAP (6,854,723)
Recognition of interest rate swap fair value (1,561,820)
Equity under FRS 102 1A (8,416,543)
Reconciliation of equity at 30 September 2016
Equity under former UK GAAP (7,923,832)
Recognition of interest rate swap fair value (1,997,083)
Equity under FRS 102 1A (9,920,915)
Reconciliation of profit and loss account for the year ended 30 September 2016
Loss under former UK GAAP (1,069,109)
Fair value losses on interest rate swaps (435,263)
Equity under FRS 102 1A (1,504,372)
Castle Marinas Limited 05686351 false 2016-10-01 2017-09-30 2017-09-30 VT Final Accounts March 2018 RJ Smith No description of principal activity 05686351 2015-10-01 2016-09-30 05686351 core:WithinOneYear 2016-09-30 05686351 core:AfterOneYear 2016-09-30 05686351 core:ShareCapital 2016-09-30 05686351 core:RetainedEarningsAccumulatedLosses 2016-09-30 05686351 2016-10-01 2017-09-30 05686351 bus:PrivateLimitedCompanyLtd 2016-10-01 2017-09-30 05686351 bus:AuditExemptWithAccountantsReport 2016-10-01 2017-09-30 05686351 bus:Director40 2016-10-01 2017-09-30 05686351 1 2016-10-01 2017-09-30 05686351 2 2016-10-01 2017-09-30 05686351 core:PlantMachinery 2016-10-01 2017-09-30 05686351 countries:England 2016-10-01 2017-09-30 05686351 bus:FRS102 2016-10-01 2017-09-30 05686351 bus:FullAccounts 2016-10-01 2017-09-30 05686351 2017-09-30 05686351 core:WithinOneYear 2017-09-30 05686351 core:AfterOneYear 2017-09-30 05686351 core:ShareCapital 2017-09-30 05686351 core:RetainedEarningsAccumulatedLosses 2017-09-30 05686351 core:PlantMachinery 2017-09-30 05686351 2016-09-30 05686351 core:PlantMachinery 2016-09-30 iso4217:GBP xbrli:pure