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COMPANY REGISTRATION NUMBER: 01161484
P.M.B. & S.C. LIMITED
Company Limited by Guarantee
Filleted Financial Statements
30 November 2023
P.M.B. & S.C. LIMITED
Company Limited by Guarantee
Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
6
1,289,560
1,356,584
Current assets
Stocks
11,659
10,654
Debtors
7
103,658
156,339
Cash at bank and in hand
1,337,975
1,095,646
------------
------------
1,453,292
1,262,639
Creditors: amounts falling due within one year
8
448,234
431,885
------------
------------
Net current assets
1,005,058
830,754
------------
------------
Total assets less current liabilities
2,294,618
2,187,338
------------
------------
Net assets
2,294,618
2,187,338
------------
------------
Capital and reserves
Other reserves
962,226
848,739
Profit and loss account
1,332,392
1,338,599
------------
------------
Members funds
2,294,618
2,187,338
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 17 February 2024 , and are signed on behalf of the board by:
Mr J Dwyer
Honorary Treasurer
Company registration number: 01161484
P.M.B. & S.C. LIMITED
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 30 November 2023
1. General information
The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is Ely Harbour, Ferry Road, Grangetown, Cardiff, CF11 0JL.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. The accounting treatment of the recognition of training revenue has been changed to be reflected on when the training course id delivered rather than on when the training is booked.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold Land and Buildings
-
2% straight line
Slipway and Pontoons
-
10% reducing balance
Fixtures and Fittings
-
10% or 20% reducing balance
Boats and Equipment
-
10%, 20% or 33.33% reducing balance
Compound and Car Park
-
10% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are stated at the lower of cost and net realisable value. Debentures - pontoon moorings Amounts received in respect of Debentures - pontoon moorings are accumulated in accordance with the resolution and amendment to the Memorandum and Articles of Association passed on the 15 May 1990.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Company limited by guarantee
The company is limited by guarantee.
The liability of each member is limited to £20 in the event of the company being wound-up.
5. Employee numbers
The average number of persons employed by the company during the year amounted to 18 (2022: 18 ).
6. Tangible assets
Freehold Land and Buildings
Slipway and Pontoons
Fixtures and fittings
Boats and Equipment
Compound and Car Park
Total
£
£
£
£
£
£
Cost
At 1 Dec 2022
1,091,065
1,624,795
177,905
818,001
138,831
3,850,597
Additions
16,500
6,634
31,532
54,666
Disposals
( 4,941)
( 2,229)
( 7,170)
------------
------------
---------
---------
---------
------------
At 30 Nov 2023
1,091,065
1,641,295
179,598
847,304
138,831
3,898,093
------------
------------
---------
---------
---------
------------
Depreciation
At 1 Dec 2022
479,817
1,241,442
151,236
515,508
106,010
2,494,013
Charge for the year
21,822
39,848
5,029
51,066
3,282
121,047
Disposals
( 4,444)
( 2,083)
( 6,527)
------------
------------
---------
---------
---------
------------
At 30 Nov 2023
501,639
1,281,290
151,821
564,491
109,292
2,608,533
------------
------------
---------
---------
---------
------------
Carrying amount
At 30 Nov 2023
589,426
360,005
27,777
282,813
29,539
1,289,560
------------
------------
---------
---------
---------
------------
At 30 Nov 2022
611,248
383,353
26,669
302,493
32,821
1,356,584
------------
------------
---------
---------
---------
------------
The company had capital commitments of £0 at 30 November 2023. (2022 - £0)
7. Debtors
2023
2022
£
£
Trade debtors
24,528
65,437
Other debtors
79,130
90,902
---------
---------
103,658
156,339
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
262,577
176,227
Social security and other taxes
6,572
8,136
Other creditors
179,085
247,522
---------
---------
448,234
431,885
---------
---------
Berthing fees are generally charged in advance for the year to the end of March. Traditionally this has been taken into revenue in the April at the beginning of the year, which can confuse income throughout the year and is not a true figure of earnings for the month. By spreading/ deferring the income over the months that they represent throughout the year they can be properly compared to the running costs for each month and give a true performance profit/loss figure for that month. Should a boat be sold or leave during the year the deferred income is adjusted accordingly giving a correct value for the relevant month. This deferred income is held as a deferred income in the balance sheet (in this case under creditors) and released each month into profit until the end of March, when the balance then becomes nil, ready for the new year's invoicing. The figure for deferred income in other creditors was £144,019.
9. Reserves
The other reserves of £962,226 are made up of Pontoon mooring debentures of £62,226 and a building reserve of £900,000, £800,000 of which was brought forward from last year with a further £100,000 transfered this year. The building reserve has been created to allocate and put aside an element of the reserves towards the planned clubhouse extension and renovation project.
10. Summary audit opinion
The auditor's report for the year dated 17 February 2024 was unqualified .
The senior statutory auditor was Laurence Cohen , for and on behalf of Gordon Down & Partners .