REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 |
FOR |
SOUTHAMPTON INTERNATIONAL BOAT SHOW |
LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 |
FOR |
SOUTHAMPTON INTERNATIONAL BOAT SHOW |
LIMITED |
SOUTHAMPTON INTERNATIONAL BOAT SHOW |
LIMITED (REGISTERED NUMBER: 01247541) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
SOUTHAMPTON INTERNATIONAL BOAT SHOW |
LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST DECEMBER 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Statutory Auditor |
Fleming Court |
Leigh Road |
Eastleigh |
Southampton |
Hampshire |
SO50 9PD |
SOUTHAMPTON INTERNATIONAL BOAT SHOW |
LIMITED (REGISTERED NUMBER: 01247541) |
BALANCE SHEET |
31ST DECEMBER 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CREDITORS |
Amounts falling due after more than one year | 8 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The financial statements were approved by the Board of Directors and authorised for issue on |
SOUTHAMPTON INTERNATIONAL BOAT SHOW |
LIMITED (REGISTERED NUMBER: 01247541) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2024 |
1. | STATUTORY INFORMATION |
Southampton International Boat Show Limited is a |
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. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. |
The principal accounting policies are set out below. |
Going concern |
The company has made a profit after tax for the year of £671,160 (18 month period ended 31 December 2023: loss after tax of £1,404,330). This includes the recognition of intergroup loan waivers which gave rise to gains of £889,446. The company has net liabilities as at 31 December 2024 of £415,288 (31 December 2023: net liabilities of £1,086,448) and is reliant on the group headed by its parent company, British Marine Federation, for any additional support needed to meet its liability requirements and fund the working capital required for the company to trade in the foreseeable future. The directors have concluded that there are sufficient cash resources for the group to continue in operation and to meet the working capital requirements for the group and company for a period of not less than 12 months from the date of approval of these financial statements provided the overdraft facility is not required to be repaid at the current end date of 30th September 2025. The Directors expect that the bank will renew the overdraft facility at the current levels. Management continue to focus on reducing the reliance on the overdraft and rebuilding their cash reserves. As a result, the directors consider the company will be able to meet their liabilities as they fall due for a period of at least 12 months from the date of signing of the financial statements and therefore it is appropriate to prepare the financial statements on a going concern basis. |
The directors have obtained confirmation from the British Marine Federation that it will continue to ensure that cash is flowed around the group to ensure that each group company has appropriate cash resources available to ensure they can meet their liabilities as they fall due. |
The group forecasts assume that the overdraft facility (which is currently secured on group assets) will be renewed in September 2025. Management are in regular communication with their bank and do not expect any difficulties with the overdraft renewal process, however at the point of signing the financial statements do not have confirmation that the overdraft will be renewed and maintained at current levels. While the group forecasts indicate that the group should be able to continue to trade for at least 12 months from the date of these financial statements, should the overdraft not be renewed, or renewed at a significantly reduced level, then the group and company would need to seek alternative financing. |
The uncertainty surrounding the overdraft renewal gives rise to conditions that indicate a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern. The financial statements do not include any adjustment that would result should the going concern basis of preparation not be appropriate. In the event that this basis is not appropriate provisions may be required and assets may need to be written down to their recoverable amount. |
Reporting period |
The comparative figures presented for the period ended 31st December 2023 were for an 18 month period and as a result these comparatives are not entirely comparable with the 12 month period to 31st December 2024. |
SOUTHAMPTON INTERNATIONAL BOAT SHOW |
LIMITED (REGISTERED NUMBER: 01247541) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. |
Both event revenue and costs are recognised in the period in which the event has been completed. Deposits, relating to an event, received in advance are recorded as deferred income in the balance sheet. |
Insurance claim income is recognised in other income at the point of at which there is an unconditional right to receive the compensation. |
Intangible assets |
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. |
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity. |
Amortisation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases: |
Website costs - 25% straight line |
Tangible fixed assets |
Office fixtures and equipment | - |
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses. |
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, when 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. |
Basic financial assets |
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Basic financial liabilities |
Basic financial liabilities, including trade and other creditors, and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Equity instruments |
Equity instruments issued by the company are recorded at the fair value of proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
SOUTHAMPTON INTERNATIONAL BOAT SHOW |
LIMITED (REGISTERED NUMBER: 01247541) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Operating lease agreements |
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease. |
3. | AVERAGE NUMBER OF EMPLOYEES |
The average number of employees during the year was NIL (2023 - NIL). |
4. | INTANGIBLE FIXED ASSETS |
Website |
costs |
£ |
COST |
At 1st January 2024 |
and 31st December 2024 |
AMORTISATION |
At 1st January 2024 |
Amortisation for year |
At 31st December 2024 |
NET BOOK VALUE |
At 31st December 2024 |
At 31st December 2023 |
SOUTHAMPTON INTERNATIONAL BOAT SHOW |
LIMITED (REGISTERED NUMBER: 01247541) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2024 |
5. | TANGIBLE FIXED ASSETS |
Office |
fixtures |
and |
equipment |
£ |
COST |
At 1st January 2024 |
Additions |
At 31st December 2024 |
DEPRECIATION |
At 1st January 2024 |
Charge for year |
At 31st December 2024 |
NET BOOK VALUE |
At 31st December 2024 |
At 31st December 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
The amounts owed to group undertakings were trading balances which were unsecured, interest free and repayable on demand. |
A deferred tax asset has not been recognised of £173,131 (2023: 151,192) as there is uncertainty regarding the timing of the recovery against future taxable profits. |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
The amounts owed to group undertakings were trading balance which are unsecured, interest free and repayable on demand. |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Other creditors |
SOUTHAMPTON INTERNATIONAL BOAT SHOW |
LIMITED (REGISTERED NUMBER: 01247541) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2024 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
Other creditors represents 3% non-cumulative preference shares of £1 each. |
The preference shares carry the right to receive a fixed non-cumulative dividend at the rate of 3% per annum in priority to any dividend paid on the ordinary shares of the company. |
The preference shares carry the right to a return of capital on a winding up or to otherwise receive repayments of amounts paid up in priority to any payment in respect of the ordinary shares of the company. |
They do not carry the right to receive notice of or to attend and vote at any general meeting. |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 24,200 | 24,200 |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors report was unqualified. |
Material uncertainty related to going concern |
We draw attention to Note 2 in the financial statements, which indicates that the group and company may be adversely affected by the material uncertainty surrounding the ability of the group to retain its overdraft facility at its current level for a period of at least 12 months. As stated in the going concern accounting policy, these events or conditions, along with the other matters as set forth in the going concern accounting policy, indicate that a material uncertainty exists that may cast significant doubt on the group and company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter. |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Graham Taylor (Senior Statutory Auditor) |
for and on behalf of Langdowns DFK Limited |
11. | OTHER FINANCIAL COMMITMENTS |
The company is included in the group registration for VAT purposes and is therefore jointly and severally liable for all other participating group undertakings’ unpaid debts in this connection. The total liability for the VAT group is £142,788 at 31 December 2024 (31 December 2023: £43,806). |
The company is also party to a fixed and floating charge in respect of the British Marine Federation’s bank overdraft of £1,821,593 (31 December 2023: £2,057,298). |
Total future financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £50,000 (2023: £50,000). This amount is in relation to licence agreement commitments which are payable over the next 2 years. |
12. | RELATED PARTY DISCLOSURES |
The company has taken advantage of the exemptions provided by paragraph 1AC.35 of FRS 102 and has not disclosed transactions entered into between two or more members of a group, provided that any subsidiary undertaking which is party to the transaction is wholly owned by the group. |
No director, who is an exhibitor at the Southampton International Boat Show, received preferential rates or discounts for exhibiting at the show. All transactions with directors are on normal business terms. |
SOUTHAMPTON INTERNATIONAL BOAT SHOW |
LIMITED (REGISTERED NUMBER: 01247541) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2024 |
13. | PARENT COMPANY |
The immediate and ultimate parent company is British Marine Federation, a company limited by guarantee and registered in England and Wales. Its registered office address is Tagus House, 9 Ocean Way, Southampton, Hampshire SO14 3TJ. |
British Marine Federation prepares group financial statements, copies of which can be obtained from this company’s registered office. There is no overall controlling party. |