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Registration number: 07277342

Destination Plymouth Limited
(A company limited by guarantee)
Unaudited Filleted Financial Statements
for the Year Ended 31 March 2025

Destination Plymouth Limited

Contents

Statement of Financial Position | 1
Notes to the Unaudited Financial Statements | 2 to 9

Destination Plymouth Limited

(Registration number: 07277342)
Statement of Financial Position as at 31 March 2025

| Note | 2025 £ | (As restated) 2024 £
Fixed assets |  |  |
Intangible assets | 4 | 267,837 | 11,509
Tangible assets | 5 | 1,067 | -
|  | 268,904 | 11,509
Current assets |  |  |
Debtors | 6 | 54,014 | 154,705
Cash at bank and in hand |  | 122,129 | 93,167
|  | 176,143 | 247,872
Creditors: Amounts falling due within one year | 7 | (382,043) | (93,193)
Net current (liabilities)/assets |  | (205,900) | 154,679
Net assets |  | 63,004 | 166,188
Reserves |  |  |
Income and expenditure account |  | 63,004 | 166,188
Surplus |  | 63,004 | 166,188

For the financial year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• | The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
• | The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 9 December 2025 and signed on its behalf by:

P Fieldsend-Danks Director

Destination Plymouth Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

1 | General information

The company is a company limited by guarantee, incorporated in England & Wales, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

The address of its registered office is:
Salt Quay House
4 North East Quay
Sutton Harbour
Plymouth
Devon
PL4 0BN
England and Wales

Principal activity

The principal activity of the company is that of a tourist board and destination management organisation.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.
These financial statements contain information about Destination Plymouth Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

The financial statements are prepared in sterling which is the functional currency of the entity.

Destination Plymouth Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

2 | Accounting policies (continued)

Going concern

The financial statements have been prepared on a going concern basis.

Prior period adjustments

An adjustment has been made in respect of the prior year to defer the income received in respect of the development of the Tourism Hub over the life of the intangible assets created. Income of £47,019 was received in 2023 and 2024 in respect of the project. Costs were incurred in 2023 and 2024 of £11,509 which were directly attributable to the creation of the Hub asset and have therefore been capitalised. The net effect on previous period reserves is to reduce them by £35,510.
Further details of the overall effect of the capitalisation of the Hub can be found in notes 4 and 7..

Destination Plymouth Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

2 | Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Core income is recognised at the fair value of the consideration received or receivable for 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.
Membership income and marketing income is recognised at the fair value of the consideration received or receivable for 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.
Cruise income is measured at the fair value of consideration as the company earns the right to the consideration by meeting performance criteria.
Research income is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business and is hown net of VAT and other sales related taxes. The fair value of consideration takes into accounts trade discounts, settlement discounts and volume rebates.
Conference income is recognised at the fair value of the consideration receive or receivable for 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.
National Marine Park income is measured at the fair value of consideration as the company earns the right to the consideration by meeting performance criteria.
UK Shared Prosperity Claim income is recognised at the fair value of consideration received or receivable from the local authority.
LEP Tourism income is recognised at the fair value of consideration received or receivable from HotSW LEP and His Majesty's Government Local Growth Fund. To the extent that the grant income has been utilsed in the creation of a new intangible asset, the funds have been deferred and will be released in line with the expected useful life of the asset created.
Grant income is measured at the fair value of consideration as the company earns the right to the consideration by meeting performance criteria.

Destination Plymouth Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

2 | Accounting policies (continued)

Tax

HMRC has assessed that the company is not liable to a Corporation Tax charge, as all activities are outside the definition of trading for the purposes of Corporation Tax.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Computer equipment | 5 years straight line
Fixtures, fittings and plant | 5 years straight line

Development costs

Internally developed software has been capitalised at cost and will be written off over the expected useful life of 10 years on a straight line basis.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class | Amortisation method and rate
Tourism Data Hub | straight line over 5 years
Branding, trademarks and website development | straight line over 10 years

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Destination Plymouth Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

2 | Accounting policies (continued)

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes 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.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2024 - 11).

Destination Plymouth Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

4 | Intangible assets

| Software development - Tourism Data Hub £ | Other Intangibles - Branding, trademarks and website development £ | Total £
Cost or valuation
At 1 April 2024 | 11,509 | - | 11,509
Revaluations | - | 60,000 | 60,000
Additions acquired | 258,664 | - | 258,664
At 31 March 2025 | 270,173 | 60,000 | 330,173
Amortisation
Amortisation charge | 56,336 | 6,000 | 62,336
At 31 March 2025 | 56,336 | 6,000 | 62,336
Carrying amount
At 31 March 2025 | 213,837 | 54,000 | 267,837
At 31 March 2024 | 11,509 | - | 11,509

Individually material intangible assets

Tourism Data Hub The carrying amount of this asset is £213,837 (2024 -£11,509) and the remaining amortisation period is 5 years (2024 - ). Following its completion, the work undertaken since 2022 on the creation of a Tourism Data Hub has been brought into the accounts as an intangible asset. The valuation has been achieved from a review of the actual costs associated with the technical construction of the platform.

Intangible assets carried at revalued amounts

The fair value of the company's Website, branding and trademarks was revalued on 31 March 2025. The value was calculated by reference to the cost of expenditure undertaken to generate the items indicated including legal fees of registering trademarks and software development expenditure. .

Destination Plymouth Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

5 | Tangible assets

| Office equipment £ | Total £
Cost or valuation
At 1 April 2024 | 28,971 | 28,971
Additions | 1,334 | 1,334
At 31 March 2025 | 30,305 | 30,305
Depreciation
At 1 April 2024 | 28,971 | 28,971
Charge for the year | 267 | 267
At 31 March 2025 | 29,238 | 29,238
Carrying amount
At 31 March 2025 | 1,067 | 1,067
At 31 March 2024 | - | -

6 | Debtors

| 2025 £ | 2024 £
Trade debtors | 21,710 | 131,188
Other debtors | 11,836 | 18,236
Prepayments | 20,468 | 5,281
| 54,014 | 154,705

Destination Plymouth Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

7 | Creditors

Creditors: amounts falling due within one year

| 2025 £ | (As restated) 2024 £
Due within one year |  |
Trade creditors | 5,334 | 52
Taxation and social security | 6,424 | 7,073
Accruals and deferred income | 299,642 | 47,019
Other creditors | 70,643 | 39,049
| 382,043 | 93,193

Accruals and deferred income includes £299,642 of income in respect of grants provided to support the creation of the Tourism Data Hub. Total income received for the capital element of the project was £374,553 with 1/5th of the income being recognised this year. The remaining balance of £299,642 is being deferred and released over the remaining 4 years of the amortisation period of the Hub expenditure. This will therefore release income to the Profit and loss account at a rate of £74,910 per year.

8 | Reserves

Income and expenditure account:
This reserve records retained surplus and accumulated deficits.

9 | Related party transactions

Plymouth City Council holds the subscriber share for Destination Plymouth and is therefore classed as the parent. During the year the company received £75,000 ( 2024 £75,000) in respect of contributions to its projects.
Destination Plymouth Limited holds the subscriber share of Plymouth Waterfront Partnership Limited and is therefore classed as the parent. During the year the company received £22,000 (2024 ; £13,999) in respect of contributions to projects.
No remuneration is paid to any of the directors.