14skipper Posted February 1, 2016 Report Share Posted February 1, 2016 Talking over the weekend to a employee of BWML,seems that there is a lot of "housekeeping" going on in the offices of various marinas. Rumour Has it and it is only a rumour that there is a possibility of some of the marinas being sold off. It is well known that overall they are a loss maker,but some of them do make a good profit Diglis Basin/Limehouse being two of them and are carrying the loss makers. It is not known if true which ones maybe sold off,the loss makers or the money makers. 14Skipper Link to comment Share on other sites More sharing options...
jenlyn Posted February 1, 2016 Report Share Posted February 1, 2016 Hmmmm. Geoff whyatt not settled in then? Link to comment Share on other sites More sharing options...
Athy Posted February 1, 2016 Report Share Posted February 1, 2016 It is well known that overall they are a loss maker. This surprises me. Where do you get that impression from? The only one which I have regularly visited is Sawley, which looked very much a thriving concern at the time of my visits. Link to comment Share on other sites More sharing options...
alan_fincher Posted February 1, 2016 Report Share Posted February 1, 2016 The only one which I have regularly visited is Sawley, which looked very much a thriving concern at the time of my visits. Nah! Sawley has never been the same since it lost its car park ornament! Photo elsewhere on forum, but also provided by Matt Parrott. Link to comment Share on other sites More sharing options...
Pennie Posted February 1, 2016 Report Share Posted February 1, 2016 wow how long ago was that? Link to comment Share on other sites More sharing options...
RLWP Posted February 1, 2016 Report Share Posted February 1, 2016 Last Tuesday? Richard Link to comment Share on other sites More sharing options...
Guest Posted February 1, 2016 Report Share Posted February 1, 2016 When we moored at Lemonroyd a few years back now it was always pretty full (though it is a small marina) and the staffing wasn't exactly huge in numbers (1) but efficient. So things have either changed there too or their loss making is happening elsewhere (Back office functions perhaps?) Link to comment Share on other sites More sharing options...
Athy Posted February 1, 2016 Report Share Posted February 1, 2016 Nah! Sawley has never been the same since it lost its car park ornament! Photo elsewhere on forum, but also provided by Matt Parrott. So that was your Sickle? I used to go to Sawley fairly often when we lived in Heanor (2000 - 2006) and do remember a couple of boats on dry land, one was a wooden craft not far from the chandlery, I assume that Sickle was nearer to the road? I do remember that the marina had a pub with one of the most contrived names I've ever seen (The Plank And Leggit - there are no tunnels for miles!). Link to comment Share on other sites More sharing options...
b0atman Posted February 1, 2016 Report Share Posted February 1, 2016 admin ? a marina is a gold mine contents (boaters) look after themselves comfortably run them with 2 people Link to comment Share on other sites More sharing options...
Alan de Enfield Posted February 1, 2016 Report Share Posted February 1, 2016 I believe the C&RT accounts to show that BWML are loss making - however numbers can be 'massaged'. I used to run a large, very profitable division of a multi-national company - on paper it showed year on year break-even, and even occasional losses. Its surprising how 'intercompany transfer pricing' and 'head office charges' can adjust the true figures so the 'benefits' are in the most advantageous place. In our BWML marina there is a 'supervisor' who is the day to day 'hands on' person, then there is an 'Area Manager' who has 4 marinas for which she is responsible : Sawley, Kings, Whixall and Diglis Marinas Link to comment Share on other sites More sharing options...
dor Posted February 1, 2016 Report Share Posted February 1, 2016 I believe the C&RT accounts to show that BWML are loss making - however numbers can be 'massaged'. I used to run a large, very profitable division of a multi-national company - on paper it showed year on year break-even, and even occasional losses. Its surprising how 'intercompany transfer pricing' and 'head office charges' can adjust the true figures so the 'benefits' are in the most advantageous place. In our BWML marina there is a 'supervisor' who is the day to day 'hands on' person, then there is an 'Area Manager' who has 4 marinas for which she is responsible : Sawley, Kings, Whixall and Diglis Marinas I believe there was a bit of fuss made a few years ago when BW were accused of some creative accounting practices over BWML. Link to comment Share on other sites More sharing options...
NilesMI Posted February 1, 2016 Report Share Posted February 1, 2016 I'm looking at the most recent Trustee's Annual Report & Accounts (2014-5) So BWML contributed, net, £1.4m of income to CRT during 2014-5, so strictly speaking, it is not lossmaking. Within that, there may well be marinas which are making a loss, being carried by the more profitable ones. Link to comment Share on other sites More sharing options...
Allan(nb Albert) Posted February 1, 2016 Report Share Posted February 1, 2016 I believe there was a bit of fuss made a few years ago when BW were accused of some creative accounting practices over BWML. I believe the C&RT accounts to show that BWML are loss making - however numbers can be 'massaged'. I used to run a large, very profitable division of a multi-national company - on paper it showed year on year break-even, and even occasional losses. Its surprising how 'intercompany transfer pricing' and 'head office charges' can adjust the true figures so the 'benefits' are in the most advantageous place. In our BWML marina there is a 'supervisor' who is the day to day 'hands on' person, then there is an 'Area Manager' who has 4 marinas for which she is responsible : Sawley, Kings, Whixall and Diglis Marinas I'm looking at the most recent Trustee's Annual Report & Accounts (2014-5) So BWML contributed, net, £1.4m of income to CRT during 2014-5, so strictly speaking, it is not lossmaking. Within that, there may well be marinas which are making a loss, being carried by the more profitable ones. That's where the creative accounting comes in ... BWML actually made an operating loss of £877,642 in 2014/15. It has also written off over a £1m in assets over the last couple of years. Link to comment Share on other sites More sharing options...
NilesMI Posted February 1, 2016 Report Share Posted February 1, 2016 (edited) Writing off assets will affect BWML's balance sheet. It will not necessarily make it a loss. Would be interested to see where you found the figure for BWML's operating loss. Creative accounting is one thing. A wholly owned subsidiary making a loss on their own (audited??) account, but contributing a profit to the parent company is beyond "creative". Edit: The document I was looking at is this one Edited February 1, 2016 by NilesMI Link to comment Share on other sites More sharing options...
Allan(nb Albert) Posted February 1, 2016 Report Share Posted February 1, 2016 (edited) Writing off assets will affect BWML's balance sheet. It will not necessarily make it a loss. Would be interested to see where you found the figure for BWML's operating loss. Creative accounting is one thing. A wholly owned subsidiary making a loss on their own (audited??) account, but contributing a profit to the parent company is beyond "creative". Edit: The document I was looking at is this one Writing off assets suggests that CaRT's investment in BWML is diminished. The figures for BWML's loss are taken from the P&L account (page 8) of its audited accounts filed at companies house. I would suggest that looking at them will show why BWML made a loss but CaRT shows a profit. Edited February 1, 2016 by Allan(nb Albert) Link to comment Share on other sites More sharing options...
NilesMI Posted February 1, 2016 Report Share Posted February 1, 2016 Assuming you are referring to the 2014-5 accounts, page 8 shows BWML making a small operating profit of £149,286. This was offset by a net loss from writing down of assets and a large Gift Aid payment of £1,090,000. This in turn resulted in BWML making a net loss, before tax of £947,735, and after reclaiming tax paid the previous year, a loss after tax of £877,642, the number you have cited. This is a declared loss, not an operating loss. And.... the Gift Aid was a one-off payment to BWML's parent company, CaRT. So in CaRT's accounts it would naturally appear as income. Gift Aid is the most appropriate, tax efficient way of BWML "donating" money to CaRT. Plus, for BWML, making a loss on paper in 2014-5, enables it to reclaim taxes on profits decalred in previous years. This is just tax efficient accounting. In 2014-5, BWML was a net contributor to CaRT's income. 1 Link to comment Share on other sites More sharing options...
Mike Todd Posted February 1, 2016 Report Share Posted February 1, 2016 I believe the C&RT accounts to show that BWML are loss making - however numbers can be 'massaged'. I used to run a large, very profitable division of a multi-national company - on paper it showed year on year break-even, and even occasional losses. Its surprising how 'intercompany transfer pricing' and 'head office charges' can adjust the true figures so the 'benefits' are in the most advantageous place. In our BWML marina there is a 'supervisor' who is the day to day 'hands on' person, then there is an 'Area Manager' who has 4 marinas for which she is responsible : Sawley, Kings, Whixall and Diglis Marinas Similar for the GU ones (we use Packet Boat) We have just received a letter about the next price increases and the (minor) improvements they hope to make this year. I'd have thought that it would be quite hard to make much of a loss on the current account but it needs a more detailed scrutiny of the accounts to see whether any loss is down to capital charges. Link to comment Share on other sites More sharing options...
Mike Todd Posted February 1, 2016 Report Share Posted February 1, 2016 Writing off assets will affect BWML's balance sheet. It will not necessarily make it a loss. Would be interested to see where you found the figure for BWML's operating loss. Creative accounting is one thing. A wholly owned subsidiary making a loss on their own (audited??) account, but contributing a profit to the parent company is beyond "creative". Edit: The document I was looking at is this one p81 states for BWML 2015 net income before other : £0.9 M Assets £13.3M 2014 net income before other : £0.6 M Assets £14.0 M I haven't dredged (!) through all of the document but this could be said to state a 50% increase in operating profit but a drop in the underlying asset value. The latter, which influences the overall position, could arise for all sorts of reasons which are probably not revealed elsewhere in the account but might include re-valuations (physical assets dropped in market value or financial assets dropped in their listed value) If my very simple maths is right that looks like a gross return of over 6% on capital employed - not that bad in current climate, surely? Link to comment Share on other sites More sharing options...
Allan(nb Albert) Posted February 1, 2016 Report Share Posted February 1, 2016 (edited) p81 states for BWML 2015 net income before other : £0.9 M Assets £13.3M 2014 net income before other : £0.6 M Assets £14.0 M I haven't dredged (!) through all of the document but this could be said to state a 50% increase in operating profit but a drop in the underlying asset value. The latter, which influences the overall position, could arise for all sorts of reasons which are probably not revealed elsewhere in the account but might include re-valuations (physical assets dropped in market value or financial assets dropped in their listed value) If my very simple maths is right that looks like a gross return of over 6% on capital employed - not that bad in current climate, surely? You appear to be reading CaRT's accounts not BWML's. BWML came about because of complaints of unfair trading from the trade. To aid transparency, the requirement was to invest only via share purchase and that any profit should not be retained but returned as dividend 'in year' (gift aid is now used as it is more tax efficient). In practice this has rarely happened. If we use BWML's accounts and take gift aid and tax out of the equation then the profits over the last two years were £142k on £13.4m (2014/1515) and 147k on £12.3m (2013/14) - that's just over 1% rather than 6%. For comparison, back in 2007 it was £452k on £3.3m (13%). However, this profit was not returned to BW 'in year'. Really, CaRT should have started selling off its marinas when it was found that its plan to 'expand by acquisition' was failing. However, the promoter of that plan and director responsible for BWML was none other than financial director, Philip Ridal. As such, we have seen some creative accounting in CaRT's accounts that does not bear scrutiny in BWML's accounts! However, Philip Ridal has left together with most of the old ex-BW directors and ex-BW Trustees that can be associated with the decision to buy up ailing marinas and develop them for residential use. As someone who has advocated CaRT selling off its marinas for a number of years, I hope the rumour is true. Quite simply, BWML's returns are too low and investment elsewhere will bring better returns. Edited February 1, 2016 by Allan(nb Albert) Link to comment Share on other sites More sharing options...
14skipper Posted March 11, 2016 Author Report Share Posted March 11, 2016 And so it begins ! https://canalrivertrust.org.uk/news-and-views/news/improvements-planned-at-goytre-wharf Link to comment Share on other sites More sharing options...
David Mack Posted March 11, 2016 Report Share Posted March 11, 2016 So where are these marinas being advertised to prospective purchasers? Link to comment Share on other sites More sharing options...
Alan de Enfield Posted March 11, 2016 Report Share Posted March 11, 2016 Confidentially to people registered with the agents. Link to comment Share on other sites More sharing options...
DHutch Posted March 11, 2016 Report Share Posted March 11, 2016 And so it begins ! https://canalrivertrust.org.uk/news-and-views/news/improvements-planned-at-goytre-wharf Indeed, I saw the email about that a few days ago. Daniel Link to comment Share on other sites More sharing options...
Odana Posted March 12, 2016 Report Share Posted March 12, 2016 Confidentially to people registered with the agents. And how do people find out who the agents are? It is frustrating when all this appears to be secret for a select few. We live in a CRT mooring (not bwml) and I live in fear of one day finding I've been sold off to a private operator without having been offered a chance to buy ourselves. Link to comment Share on other sites More sharing options...
Alan de Enfield Posted March 12, 2016 Report Share Posted March 12, 2016 And how do people find out who the agents are? It is frustrating when all this appears to be secret for a select few. We live in a CRT mooring (not bwml) and I live in fear of one day finding I've been sold off to a private operator without having been offered a chance to buy ourselves. Some 10 years ago, having taken early retirement we were looking to buy a Marina, doing an internet / Google search revealed several for sale, we found Hermitage marina at Earith was for sale, but was sold before we could visit. We were moored at Whixhall Marina and on discussion with the owners found they were looking to get out, so started negotiations, but, then BWML 'gazumped us' and secured it - they did then spend some £1m to upgrade it which we probably would have struggled to do after purchase, so maybe it was for the best. Most agents will require a confidentiality agreement signed before information is provided - obviously leaking out the information can result in a loss of confidence and concerns about the business - "rocking the boat" so to speak. Here is one of the agents we use (who are currently selling Braidbar Boats) http://www.robertsonsurveyors.co.uk/property/braidbar-boats-ltd-clone/ At £950 it looks very reasonable for a house and business with those facilities. Link to comment Share on other sites More sharing options...
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