Company Registration No. 02363622 (England and Wales)
ROYAL DOCKS MANAGEMENT AUTHORITY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
PAGES FOR FILING WITH REGISTRAR
ROYAL DOCKS MANAGEMENT AUTHORITY LIMITED
COMPANY INFORMATION
Directors
D Bridge
P Creed
R Dasgupta
R Fiaz
A Fitzgerald
D Miles
S Powell
J Rees
P M Marshall
Secretary
S Derben
Company number
02363622
Registered office
Pierhead
King George V Lock
Fishguard Way
London
E16 2RG
Auditors
Harwood Hutton Limited
22 Wycombe End
Beaconsfield
Buckinghamshire
HP9 1NB
ROYAL DOCKS MANAGEMENT AUTHORITY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
ROYAL DOCKS MANAGEMENT AUTHORITY LIMITED
BALANCE SHEET
AS AT
31 MARCH 2021
31 March 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
4
88,422
102,868
Current assets
Debtors
5
352,581
173,733
Cash at bank and in hand
2,247,801
2,227,158
2,600,382
2,400,891
Creditors: amounts falling due within one year
6
(2,530,612)
(2,341,239)
Net current assets
69,770
59,652
Total assets less current liabilities
158,192
162,520
Provisions for liabilities
(10,988)
(15,316)
Net assets
147,204
147,204
Capital and reserves
Called up share capital
7
1,000
1,000
Other reserves
146,204
146,204
Total equity
147,204
147,204
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 8 July 2021 and are signed on its behalf by:
P Creed
Director
Company Registration No. 02363622
ROYAL DOCKS MANAGEMENT AUTHORITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
- 2 -
1
Accounting policies
Company information
Royal Docks Management Authority Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Pierhead, King George V Lock, Fishguard Way, London, E16 2RG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are pre
sent
ed in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Service charges are accounted for on a receivable basis and are charged according to budgeted expenditure for the accounting period, approved by the board. Under-recovery of service charges is recorded as debtors and over-recovery of service charges is shown as creditors.
Other rental income is also accounted for on a receivable basis and charged according to the contractually agreed rate over the accounting period.
Revenue from mooring fees, whether incurred directly by clients or recharged to tenants responsible for the building projects undertaken at the docks, is recognised at the point the fees are incurred.
The company also recognises revenue from a number of other sources, such as events, hospitality and vessel maintenance. Other revenue is accounted for on a receivable basis.
1.3
Tangible fixed assets
Tangible fixed assets
are measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Plant and machinery
25% on a straight line basis
Fixtures, fittings & equipment
33% on a straight line basis
Computer equipment
33% on a straight line basis
Motor vehicles
25% on a straight line basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
ROYAL DOCKS MANAGEMENT AUTHORITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 3 -
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ”Basic Financial Instruments” to all of its financial instruments.
Financial instruments are recognised in the company’s balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Short term debtors and cash and bank balances are measured at transaction price less any provision for impairment.
Basic financial liabilities
Short term creditors are measured at transaction price.
1.5
Taxation
The tax expense represents the sum of the tax currently payable
.
Current tax
The company is a non-profit making organisation and therefore the company is not subject to Corporation Tax on the surplus or deficit arising from mutual trading for its members. Corporation Tax is only applicable to profits or losses arising on commercial activities and on investment income. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.7
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.8
Government grants
In response to COVID-19, the UK Government announced a number of initiatives for businesses to assist with cashflow. The company has received financial assistance under the Coronavirus Job Retention Scheme and the amount received has been recognised in the profit and loss account within other operating income.
1.9
This represents allocations of
excess
service charges
and other activities
towards the future cost of repairs and maintenance.
ROYAL DOCKS MANAGEMENT AUTHORITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 4 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
16
15
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2020
370,407
Additions
25,361
At 31 March 2021
395,768
Depreciation and impairment
At 1 April 2020
267,539
Depreciation charged in the year
39,807
At 31 March 2021
307,346
Carrying amount
At 31 March 2021
88,422
At 31 March 2020
102,868
ROYAL DOCKS MANAGEMENT AUTHORITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 5 -
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
346,625
166,116
Other debtors
5,956
7,617
352,581
173,733
6
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
190,848
150,957
Corporation tax
23,082
6,410
Other taxation and social security
82,464
16,647
Other creditors
2,234,218
2,167,225
2,530,612
2,341,239
A contingent liability arises in respect of the requirement to refurbish the King George V Lock and additional assets in accordance with the lease provisions. The cost of such refurbishment is not yet agreed, but is anticipated to be in the region of £4,000,000 over the next 8 years for the King George V lock and in the region of £3,000,000 for additional assets over the same period.
Included within other creditors is a surplus of £1,948,573 (2020 - £1,773,942) available for set-off against this and other future expenditure.
7
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
999
999
999
999
Special share of £1 each
1
1
1
1
1,000
1,000
1,000
1,000
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Adam Stronach.
The auditor was Harwood Hutton Limited.