| Ventnor Marina Limited |
| Registered number: |
06377573 |
| Balance Sheet |
| as at 30 September 2017 |
|
| Notes |
|
|
2017 |
|
|
2016 |
| £ |
£ |
| Fixed assets |
| Intangible assets |
3 |
|
|
94,084 |
|
|
128,296 |
| Tangible assets |
4 |
|
|
3,253,367 |
|
|
3,261,125 |
|
|
|
|
3,347,451 |
|
|
3,389,421 |
|
| Current assets |
| Stocks |
|
|
4,875 |
|
|
5,794 |
| Debtors |
5 |
|
36,842 |
|
|
82,717 |
| Cash at bank and in hand |
|
|
43,694 |
|
|
6,959 |
|
|
|
85,411 |
|
|
95,470 |
|
| Creditors: amounts falling due within one year |
6 |
|
(639,903) |
|
|
(600,148) |
|
| Net current liabilities |
|
|
|
(554,492) |
|
|
(504,678) |
|
| Total assets less current liabilities |
|
|
|
2,792,959 |
|
|
2,884,743 |
|
| Creditors: amounts falling due after more than one year |
7 |
|
|
(5,621,164) |
|
|
(5,899,077) |
|
| Net liabilities |
|
|
|
(2,828,205) |
|
|
(3,014,334) |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
2 |
|
|
2 |
| Profit and loss account |
|
|
|
(2,828,207) |
|
|
(3,014,336) |
|
| Shareholders' funds |
|
|
|
(2,828,205) |
|
|
(3,014,334) |
|
|
|
|
|
|
|
|
| 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 |
|
| Ventnor Marina 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 the ultimate parent undertaking, who in turn has the support of its ultimate controlling party. |
|
|
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. |
|
|
Goodwill |
|
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of 12.5 years. |
|
|
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: |
|
|
Plant and machinery |
4% to 33% straight line |
|
Freehold property |
2% 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. |
|
|
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 |
4 |
|
5 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Intangible fixed assets |
£ |
|
Goodwill: |
|
|
Cost |
|
At 1 October 2016 |
2,200,000 |
|
At 30 September 2017 |
2,200,000 |
|
|
|
|
|
|
|
|
|
|
Amortisation |
|
At 1 October 2016 |
2,071,704 |
|
Provided during the year |
34,212 |
|
At 30 September 2017 |
2,105,916 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 30 September 2017 |
94,084 |
|
At 30 September 2016 |
128,296 |
|
|
|
|
|
|
|
|
|
|
Goodwill is being written off in equal annual instalments over its estimated economic life of 12.5 years. |
|
|
| 4 |
Tangible fixed assets |
|
|
|
|
Land and buildings |
|
Plant and machinery etc |
|
Total |
| £ |
£ |
£ |
|
Cost |
|
At 1 October 2016 |
3,149,696 |
|
312,848 |
|
3,462,544 |
|
Additions |
3,768 |
|
7,988 |
|
11,756 |
|
At 30 September 2017 |
3,153,464 |
|
320,836 |
|
3,474,300 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 October 2016 |
41,703 |
|
159,716 |
|
201,419 |
|
Charge for the year |
7,427 |
|
12,087 |
|
19,514 |
|
At 30 September 2017 |
49,130 |
|
171,803 |
|
220,933 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 30 September 2017 |
3,104,334 |
|
149,033 |
|
3,253,367 |
|
At 30 September 2016 |
3,107,993 |
|
153,132 |
|
3,261,125 |
|
|
| 5 |
Debtors |
2017 |
|
2016 |
| £ |
£ |
|
|
Trade debtors |
22,029 |
|
65,084 |
|
Other debtors |
14,813 |
|
17,633 |
|
|
|
|
|
|
36,842 |
|
82,717 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due within one year |
2017 |
|
2016 |
| £ |
£ |
|
|
Trade creditors |
53,240 |
|
99,162 |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
268,430 |
|
221,608 |
|
Other taxes and social security costs |
19,046 |
|
17,150 |
|
Other creditors |
299,187 |
|
262,228 |
|
|
|
|
|
|
639,903 |
|
600,148 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Creditors: amounts falling due after one year |
2017 |
|
2016 |
| £ |
£ |
|
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
5,621,164 |
|
5,899,077 |
|
|
|
|
|
|
|
|
|
|
| 8 |
Other financial commitments |
2017 |
|
2016 |
| £ |
£ |
|
|
Total future minimum payments under non-cancellable operating leases |
|
41,857 |
|
39,000 |
|
|
|
|
|
|
|
|
|
|
| 9 |
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. |
|
|
| 10 |
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. |
|
|
| 11 |
Other information |
|
|
Ventnor Marina Limited is a private company limited by shares and incorporated in England. |
|
Registered office: |
Place of business: |
|
Birdham Pool Marina |
Ventnor Marina |
|
Birdham |
Calcutt Lane |
|
Chichester |
Stockton |
|
West Sussex |
Rugby |
|
PO20 7BG |
Warwickshire |
|
|
CV23 8HY |
