Plymouth Waterfront Partnership Limited

Contents

Statement of Financial Position	1
Notes to the Unaudited Financial Statements	2 to 6

Plymouth Waterfront Partnership Limited

(Registration number: 07303310)
Statement of Financial Position as at 31 March 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	-	263
Current assets
Debtors	5	41,661	66,126
Cash at bank and in hand		88,842	117,457
		130,503	183,583
Creditors: Amounts falling due within one year	6	(22,790)	(18,712)
Net current assets		107,713	164,871
Net assets		107,713	165,134
Reserves
Income and expenditure account		107,713	165,134
Surplus		107,713	165,134

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 25 November 2025 and signed on its behalf by:
 

N B Buckland Director

Plymouth Waterfront Partnership 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:
1 Darklake View
Plymouth
Devon
PL6 7TL
United Kingdom

Principal activity

The principal activity of the company is that of a not for profit company to generate footfall and sales for businesses on the Plymouth waterfront. Also to provide relevant advice to individual businesses in the area of influence.

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.

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

Going concern

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

Plymouth Waterfront Partnership Limited

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

2	Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of contributions from businesses, local authorities and government bodies for the provision of services in the ordinary course of the company’s activities. All turnover is shown net of value added tax, returns, rebates and discounts.

BID levy income is recognised at the fair value of the consideration received or receivable for membership paid annually by all retailers in the BID area.

Membership income is recognised at the fair value of the consideration received or receivable from major local landlords.

Street trading income is recognised at the fair value of the consideration received or receivable from the local authority for street vendors.

UK Shared Prosperity Claim income is recognised at the fair value of the consideration received and receivable from local authorities.

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.

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
Fixtures & fittings	5 years straight line
Computer equipment	3 years straight line

Plymouth Waterfront Partnership Limited

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

2	Accounting policies (continued)

Impairment

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.

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.

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 13 (2024 - 14).

Plymouth Waterfront Partnership Limited

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

4	Tangible assets

	Fixtures and fittings £	Office equipment £	Total £
Cost or valuation
At 1 April 2024	5,640	1,808	7,448
At 31 March 2025	5,640	1,808	7,448
Depreciation
At 1 April 2024	5,640	1,545	7,185
Charge for the year	-	263	263
At 31 March 2025	5,640	1,808	7,448
Carrying amount
At 31 March 2025	-	-	-
At 31 March 2024	-	263	263

5

Debtors

	2025 £	2024 £
Trade debtors	-	5,122
Other debtors	16,042	11,355
Accrued income	25,619	49,649
	41,661	66,126

Plymouth Waterfront Partnership Limited

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

6

Creditors

Creditors: amounts falling due within one year

	2025 £	2024 £
Trade creditors	12,141	3,368
Taxation and social security	3,245	3,388
Accruals and deferred income	7,404	11,956
	22,790	18,712

7

Reserves

Income and expenditure account:

This reserve records retained earnings and accumulated deficits.

8	Related party transactions

Summary of transactions with parent

This company, which is limited by guarantee, is a subsidiary of Destination Plymouth Limited. During the year the company paid £22,000 (2024 ; £13,999) in respect of contributions to projects.

No remuneration is paid to any of the directors.