REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
FOR |
PORTSMOUTH HISTORIC DOCKYARD |
OPERATIONS LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
FOR |
PORTSMOUTH HISTORIC DOCKYARD |
OPERATIONS LIMITED |
PORTSMOUTH HISTORIC DOCKYARD |
OPERATIONS LIMITED (REGISTERED NUMBER: 12799836) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
PORTSMOUTH HISTORIC DOCKYARD |
OPERATIONS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST MARCH 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
24 Old Bond Street |
London |
W1S 4AP |
PORTSMOUTH HISTORIC DOCKYARD |
OPERATIONS LIMITED (REGISTERED NUMBER: 12799836) |
BALANCE SHEET |
31ST MARCH 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 7 |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
PORTSMOUTH HISTORIC DOCKYARD |
OPERATIONS LIMITED (REGISTERED NUMBER: 12799836) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
1. | STATUTORY INFORMATION |
Portsmouth Historic Dockyard Operations Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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 Statement of Income and Retained Earnings, 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. |
Basic financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, where there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
The company's financial assets and liabilities consist of other debtors, other creditors, and accrued expenses. The fair value of these items approximates their carrying value due to their short term value. Unless otherwise noted, the company is not exposed to significant interest, foreign exchange or credit risks arising from these instruments. |
Expenditure and liabilities |
Expenditure is recognised on an accruals basis. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Agency funds |
Portsmouth Historic Dockyard Operations Limited is a joint venture between The Mary Rose Trust and NMRN Operations and is responsible for the collection and distribution of ticketing income for the destination Portsmouth Historic Dockyard on behalf of the joint venture partners. A summary of the agency fund activity for the year is shown in note 4. These balances are excluded from the accounts. |
PORTSMOUTH HISTORIC DOCKYARD |
OPERATIONS LIMITED (REGISTERED NUMBER: 12799836) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Distribution of profits |
The company has a policy of paying gift aid of an amount up to the taxable profits each year to the members. In line with ICAEW Technical Release 'Tech16/14BL', the company treats these donations as a distribution of reserves and it is paid either pre year end, or within 9 months of the year end. The board are responsible for formally agreeing the amount distributed each year. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Amounts owed by participating interests | 3,181 | 34,828 |
Other debtors |
VAT |
Prepayments and accrued income |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Trade creditors |
Amounts owed to participating interests | 2,275 | 298,040 |
VAT | 20,033 | - |
Deferred income |
Accrued expenses |
6. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.3.24 | 31.3.23 |
£ | £ |
Within one year |
Between one and five years |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.24 | 31.3.23 |
value: | £ | £ |
Ordinary A | £1 | 1 | 1 |
Ordinary B | £1 | 1 | 1 |
2 | 2 |
PORTSMOUTH HISTORIC DOCKYARD |
OPERATIONS LIMITED (REGISTERED NUMBER: 12799836) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
8. | RESERVES |
Retained |
earnings |
£ |
Profit for the year |
Gift Aid | ( |
) |
At 31st March 2024 |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | RELATED PARTY DISCLOSURES |
Included within debtors are balances totalling £3,181 (2023: £34,827) owing by the members of the Joint Venture. |
Included within creditors are balances totalling £2,275 (2023: £298,040) owed to the members of the Joint Venture |