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REGISTERED NUMBER: 12799836 (England and Wales)




































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: Sarah Dennis
Dominic Jones
Matthew Patrick Sheldon
Jason Sexton



REGISTERED OFFICE: The National Museum of the Royal Navy
HM Naval Base PP66
Portsmouth
Hampshire
PO1 3NH



REGISTERED NUMBER: 12799836 (England and Wales)



SENIOR STATUTORY AUDITOR: Michael Cooper-Davis FCCA ACA



AUDITORS: Price Bailey LLP, Statutory Auditor
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 19,424 45,821
Debtors 4 4,403 44,961
Cash at bank 6,805 304,315
30,632 395,097
CREDITORS
Amounts falling due within one year 5 30,630 395,095
NET CURRENT ASSETS 2 2
TOTAL ASSETS LESS CURRENT
LIABILITIES

2

2

CAPITAL AND RESERVES
Called up share capital 7 2 2
SHAREHOLDERS' FUNDS 2 2

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 5th November 2024 and were signed on its behalf by:




Sarah Dennis - Director



Dominic Jones - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 891 1,657
VAT - 8,145
Prepayments and accrued income 331 331
4,403 44,961

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 2,572 201
Amounts owed to participating interests 2,275 298,040
VAT 20,033 -
Deferred income - 331
Accrued expenses 5,750 96,523
30,630 395,095

6. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.3.24 31.3.23
£    £   
Within one year 55,927 77,200
Between one and five years - 25,733
55,927 102,933

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
1 Ordinary A £1 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 128,590
Gift Aid (128,590 )
At 31st March 2024 -

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Michael Cooper-Davis FCCA ACA (Senior Statutory Auditor)
for and on behalf of Price Bailey LLP, Statutory Auditor

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