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REGISTERED NUMBER:
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Strategic Report, |
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Report of the Directors and |
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Financial Statements |
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for the Year Ended 31 December 2018 |
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for |
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BROOM MARINE GROUP LIMITED |
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REGISTERED NUMBER:
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Strategic Report, |
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Report of the Directors and |
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Financial Statements |
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for the Year Ended 31 December 2018 |
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for |
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BROOM MARINE GROUP LIMITED |
BROOM MARINE GROUP LIMITED (REGISTERED NUMBER: 07183315) |
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Contents of the Financial Statements |
for the year ended 31 December 2018 |
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Page |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Directors | 3 |
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Report of the Independent Auditors | 4 |
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Income Statement | 6 |
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Other Comprehensive Income | 7 |
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Balance Sheet | 8 |
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Statement of Changes in Equity | 9 |
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Notes to the Financial Statements | 10 |
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BROOM MARINE GROUP LIMITED |
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Company Information |
for the year ended 31 December 2018 |
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Directors: |
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Registered office: |
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Registered number: |
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Auditors: |
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Coopers House |
65a Wingletye Lane |
Hornchurch |
Essex |
RM11 3AT |
BROOM MARINE GROUP LIMITED (REGISTERED NUMBER: 07183315) |
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Strategic Report |
for the year ended 31 December 2018 |
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The directors present their strategic report for the year ended 31 December 2018. |
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Introduction |
The principal activities of the Company during the year continued to be that of a holding company. |
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Business review |
The company had minimal activity in the year, generating no revenue, no gross profit and reporting a small loss before |
taxation of £2,130. The company balance sheet remains positive and the directors are optimistic that the performance |
of the company's subsidiary undertakings will improve in the medium term. |
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Principal risks and uncertainties |
The directors are mindful of the general economic risk to the core activities of the company's subsidiaries as many |
peoples disposable income continues to stagnate or decline. The directors feel that continuing to offer quality service |
and good value will ensure customers continue to be attracted and retained. |
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Financial key performance indicators |
The directors believe that the key financial performance indicators are those that communicate the financial |
performance and strength of the Company as a whole, these being turnover, gross profit and loss / profit before tax (all |
noted above). |
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This report was approved by the board and signed on its behalf. |
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On behalf of the board: |
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BROOM MARINE GROUP LIMITED (REGISTERED NUMBER: 07183315) |
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Report of the Directors |
for the year ended 31 December 2018 |
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The directors present their report with the financial statements of the company for the year ended 31 December 2018. |
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Principal activity |
The principal activity of the company in the year under review was that of a holding company. |
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Dividends |
No dividends will be distributed for the year ended 31 December 2018. |
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Directors |
The directors shown below have held office during the whole of the period from 1 January 2018 to the date of this |
report. |
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Statement of directors' responsibilities |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial |
statements in accordance with applicable law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. Under that law the |
directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted |
Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting |
Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the |
directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the |
state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial |
statements, the directors are required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company
will continue in business. |
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The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the |
company's transactions and disclose with reasonable accuracy at any time the financial position of the company and |
enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible |
for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of |
fraud and other irregularities. |
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Statement as to disclosure of information to auditors |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies |
Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to |
have taken as a director in order to make himself aware of any relevant audit information and to establish that the |
company's auditors are aware of that information. |
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Auditors |
The auditors, Haines Watts Essex LLP, will be proposed for re-appointment at the forthcoming Annual General |
Meeting. |
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On behalf of the board: |
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Report of the Independent Auditors to the Members of |
Broom Marine Group Limited |
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Opinion |
We have audited the financial statements of Broom Marine Group Limited (the 'company') for the year ended |
31 December 2018 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement |
of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. |
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom |
Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the |
UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
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In our opinion the financial statements: |
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give a true and fair view of the state of the company's affairs as at 31 December 2018 and of its loss for the year
then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. |
Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the |
financial statements section of our report. We are independent of the company in accordance with the ethical |
requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, |
and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit |
evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
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Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to |
you where: |
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the directors' use of the going concern basis of accounting in the preparation of the financial statements is not
appropriate; or |
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the directors have not disclosed in the financial statements any identified material uncertainties that may cast
significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in the |
Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the |
Auditors thereon. |
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Our opinion on the financial statements does not cover the other information and, except to the extent otherwise |
explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
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In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing |
so, consider whether the other information is materially inconsistent with the financial statements or our knowledge |
obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or |
apparent material misstatements, we are required to determine whether there is a material misstatement in the |
financial statements or a material misstatement of the other information. If, based on the work we have performed, we |
conclude that there is a material misstatement of this other information, we are required to report that fact. We have |
nothing to report in this regard. |
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Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
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the information given in the Strategic Report and the Report of the Directors for the financial year for which the
financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal
requirements. |
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Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the |
audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
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We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to |
you if, in our opinion: |
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from
branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Report of the Independent Auditors to the Members of |
Broom Marine Group Limited |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are |
responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, |
and for such internal control as the directors determine necessary to enable the preparation of financial statements that |
are free from material misstatement, whether due to fraud or error. |
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In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a |
going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of |
accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic |
alternative but to do so. |
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Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from |
material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. |
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with |
ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and |
are considered material if, individually or in the aggregate, they could reasonably be expected to influence the |
economic decisions of users taken on the basis of these financial statements. |
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A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting |
Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
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Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the |
Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those |
matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent |
permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's |
members as a body, for our audit work, for this report, or for the opinions we have formed. |
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for and on behalf of
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Coopers House |
65a Wingletye Lane |
Hornchurch |
Essex |
RM11 3AT |
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BROOM MARINE GROUP LIMITED (REGISTERED NUMBER: 07183315) |
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Income Statement |
for the year ended 31 December 2018 |
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Period |
1/12/16 |
Year ended | to |
31/12/18 | 31/12/17 |
Notes | £ | £ |
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Turnover |
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Administrative expenses |
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Operating (loss)/profit | ( |
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Impairment of investment | 5 |
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(Loss)/profit before taxation | ( |
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Tax on (loss)/profit | 6 |
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(Loss)/profit for the financial year | ( |
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BROOM MARINE GROUP LIMITED (REGISTERED NUMBER: 07183315) |
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Other Comprehensive Income |
for the year ended 31 December 2018 |
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Period |
1/12/16 |
Year ended | to |
31/12/18 | 31/12/17 |
Notes | £ | £ |
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(Loss)/profit for the year | ( |
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Other comprehensive income | - | - |
Total comprehensive income for the year | ( |
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BROOM MARINE GROUP LIMITED (REGISTERED NUMBER: 07183315) |
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Balance Sheet |
31 December 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
Fixed assets |
Investments | 7 |
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Current assets |
Debtors | 8 |
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Cash in hand |
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Creditors |
Amounts falling due within one year | 9 |
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Net current assets |
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Total assets less current liabilities |
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Capital and reserves |
Called up share capital | 10 |
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Share premium | 11 |
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Retained earnings | 11 | ( |
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Shareholders' funds |
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The financial statements were approved by the Board of Directors on
by: |
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BROOM MARINE GROUP LIMITED (REGISTERED NUMBER: 07183315) |
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Statement of Changes in Equity |
for the year ended 31 December 2018 |
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Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
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Balance at 1 December 2016 |
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Changes in equity |
Total comprehensive income | - |
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Balance at 31 December 2017 |
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Changes in equity |
Total comprehensive income | - | ( |
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Balance at 31 December 2018 |
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BROOM MARINE GROUP LIMITED (REGISTERED NUMBER: 07183315) |
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Notes to the Financial Statements |
for the year ended 31 December 2018 |
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1. | Statutory information |
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Broom Marine Group Limited is a private company, limited by shares, registered in England and Wales. The |
company's registered number is 07183315 and registered office address is Broom Boats, Riverside, Brundall, |
Norwich, Norfolk, NR13 5PX. |
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2. | Accounting policies |
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Basis of preparing the financial statements |
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Going concern |
The company meets its day to day working capital requirements through bank loans and support from fellow |
group undertakings. The loans from Group undertakings of £200,000 are expected to continue for the |
foreseeable future. |
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Based upon the ongoing support of group companies, the directors are confident that the company has |
sufficient resources and facilities to meet its liabilities as they fall due and have accordingly prepared the |
financial statements on the going concern basis. |
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Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemption in preparing these financial |
statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of |
Ireland": |
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• | the requirements of Section 7 Statement of Cash Flows. |
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Key source of estimation, uncertainty and judgement |
The preparation of financial statements in conformity with generally accepted accounting practice requires |
management to make estimates and judgement that affect the reported amounts of assets and liabilities as well |
as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of |
revenues and expenses during the reporting period. |
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There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is |
carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are |
as accurate as possible, there remains a risk that the provisions do not match the level of debts which |
ultimately prove to be uncollectable. |
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There is also estimation uncertainty in calculating deferred tax liability due to temporary timing differences. |
Unrelieved tax losses and other deferred tax assets are only 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. |
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Turnover |
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and |
the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or |
receivable, excluding discounts, rebates, Value Added Tax and other sales taxes. The following criteria must |
also be met before revenue is recognised: |
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Rendering of services |
Revenue from a contract to provide services is recognised in the period in which the services are provided in |
accordance with the stage of completion of the contract when all of the following conditions are satisfied: |
- the amount of revenue can be measured reliably; |
- it is probable that the company will receive the consideration due under the contract; |
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and |
- the costs incurred and the costs to complete the contract can be measured reliably. |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost less any provision for impairment. |
BROOM MARINE GROUP LIMITED (REGISTERED NUMBER: 07183315) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2018 |
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2. | Accounting policies - continued |
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Financial instruments |
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a |
party to the contractual provisions of the instrument. |
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Trade and other debtors and creditors are classified as basic financial instruments and measured at initial |
recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the |
effective interest rate method. A provision is established when there is objective evidence that the company will |
not be able to collect all amounts due. |
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Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank |
and bank overdrafts. |
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Financial liabilities and equity instruments issued by the company are classified in accordance with the |
substance of the contractual arrangements entered into and the definitions of a financial liability and an equity |
instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company |
after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds |
received, net of direct issue costs. |
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Exceptional items |
Exceptional items are transactions that fall within the ordinary activities of the company but are presented |
separately due to their size or incidence. |
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3. | Employees and directors |
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There were no staff costs for the year ended 31 December 2018 nor for the period ended 31 December 2017. |
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4. | Directors' emoluments |
Period |
1/12/16 |
Year ended | to |
31/12/18 | 31/12/17 |
£ | £ |
Directors' remuneration |
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5. | Exceptional items |
Period |
1/12/16 |
Year ended | to |
31/12/18 | 31/12/17 |
£ | £ |
Impairment of investment |
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6. | Taxation |
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Analysis of the tax charge |
No liability to UK corporation tax arose for the year ended 31 December 2018 nor for the period ended |
31 December 2017. |
BROOM MARINE GROUP LIMITED (REGISTERED NUMBER: 07183315) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2018 |
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7. | Fixed asset investments |
Shares in |
group |
undertakings |
£ |
Cost |
At 1 January 2018 |
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Disposals | ( |
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At 31 December 2018 |
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Provisions |
At 1 January 2018 |
and 31 December 2018 | 71,017 |
Net book value |
At 31 December 2018 |
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At 31 December 2017 |
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The company's investments at the Balance Sheet date in the share capital of companies include the following: |
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Registered office: UK |
Nature of business:
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% |
Class of shares: | holding |
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Registered office: UK |
Nature of business:
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% |
Class of shares: | holding |
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Registered office: |
Nature of business:
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% |
Class of shares: | holding |
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8. | Debtors: amounts falling due within one year |
2018 | 2017 |
£ | £ |
Amounts owed by group undertakings |
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Other debtors |
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9. | Creditors: amounts falling due within one year |
2018 | 2017 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Accruals and deferred income |
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BROOM MARINE GROUP LIMITED (REGISTERED NUMBER: 07183315) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2018 |
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10. | Called up share capital |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2018 | 2017 |
value: | £ | £ |
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Ordinary shares | £1 | 95,000 | 95,000 |
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Ordinary A shares | £1 | 23,750 | 23,750 |
118,750 | 118,750 |
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11. | Reserves |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
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At 1 January 2018 | ( |
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(7,052 | ) |
Deficit for the year | ( |
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At 31 December 2018 | ( |
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(9,182 | ) |
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12. | Contingent liabilities |
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The company supports a cross guarantee for the bank with respect to Broom Boats Limited. The value of the |
guarantee at the year end was £1,062,396 (2017: £1,145,275). |
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13. | Related party disclosures |
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The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party |
transactions with wholly owned subsidiaries within the group. |
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14. | Ultimate controlling party |
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The ultimate controlling party is M Scott. |
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The ultimate parent company is M Scott Property Group Limited, a company incorporated in the UK. |