REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Strategic Report, Report of the Director and |
|
Financial Statements |
|
for the Year Ended 31 December 2021 |
|
for |
|
BROOM MARINE GROUP LIMITED |
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Strategic Report, Report of the Director and |
|
Financial Statements |
|
for the Year Ended 31 December 2021 |
|
for |
|
BROOM MARINE GROUP LIMITED |
BROOM MARINE GROUP LIMITED (REGISTERED NUMBER: 07183315) |
|
Contents of the Financial Statements |
for the year ended 31 December 2021 |
|
|
|
|
|
|
|
|
|
|
Page |
|
Company Information | 1 |
|
Strategic Report | 2 |
|
Report of the Director | 3 |
|
Report of the Independent Auditors | 4 |
|
Income Statement | 7 |
|
Balance Sheet | 8 |
|
Statement of Changes in Equity | 9 |
|
Notes to the Financial Statements | 10 |
|
BROOM MARINE GROUP LIMITED |
|
Company Information |
for the year ended 31 December 2021 |
|
|
|
|
|
|
|
Director: |
|
|
|
|
|
|
Registered office: |
|
|
|
|
|
|
|
|
|
|
Registered number: |
|
|
|
|
|
|
Auditors: |
|
Juniper House |
Warley Hill Business Park |
The Drive |
Brentwood |
Essex |
CM13 3BE |
BROOM MARINE GROUP LIMITED (REGISTERED NUMBER: 07183315) |
|
Strategic Report |
for the year ended 31 December 2021 |
|
|
The director presents his strategic report for the year ended 31 December 2021. |
|
The principal activities of the Company during the year continued to be that of a holding company. |
|
Review of business |
The company had minimal activity in the year, generating no revenue, no gross profit and reporting a loss before taxation of £107,537 (2020 - £2,030). Although the company balance sheet is in a small liability position of £1,999 the directors are optimistic that the performance of the company's subsidiary undertakings will improve in the medium term. |
|
Principal risks and uncertainties |
Covid-19 has challenged the business and the directors are mindful of the general economic risk to the core activities of the company's subsidiaries as many people's 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. |
|
In the first half of FY21 the Covid-19 lockdown had a significant impact on the marine companies as boating holidays were cancelled due to government restrictions. However, management acted quickly in reducing expenditure and utilising government support, mitigating the impact to the best of its ability. The demand for boating holidays following the release of lockdown was very strong with utilisation rates high throughout the summer. |
|
Financial 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). |
|
On behalf of the board: |
|
|
|
|
|
|
|
|
|
BROOM MARINE GROUP LIMITED (REGISTERED NUMBER: 07183315) |
|
Report of the Director |
for the year ended 31 December 2021 |
|
|
The director presents his report with the financial statements of the company for the year ended 31 December 2021. |
|
Principal activity |
The principal activity of the company in the year under review was that of a holding company. |
|
Dividends |
No dividends will be distributed for the year ended 31 December 2021. |
|
Director |
|
|
Statement of director's responsibilities |
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
|
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to: |
|
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
|
The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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. |
|
Statement as to disclosure of information to auditors |
So far as the director is 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 he 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. |
|
Auditors |
The auditors, Haines Watts Essex LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
|
On behalf of the board: |
|
|
|
|
|
|
|
|
|
Report of the Independent Auditors to the Members of |
Broom Marine Group Limited |
|
|
Opinion |
We have audited the financial statements of Broom Marine Group Limited (the 'company') for the year ended 31 December 2021 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). |
|
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 December 2021 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. |
|
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. |
|
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
|
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
|
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. |
|
Other information |
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
|
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. |
|
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 this gives rise to a material misstatement in the financial statements themselves. 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. |
|
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Broom Marine Group Limited |
|
|
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 Director. |
|
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: |
- | 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 director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
|
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
|
In preparing the financial statements, the director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. |
|
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. |
|
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
|
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. |
|
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We discussed with the Directors the policies and procedures in place regarding compliance with laws and regulations. We discussed amongst the audit team the identified laws and regulations, and remained alert to any indications of non-compliance. |
|
During the audit we focussed on laws and regulations which could reasonably be expected to give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006, UK tax legislation and various environmental legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. |
|
Our procedures in relation to fraud included but were not limited to: inquires of management whether they have any knowledge of any actual, suspected or alleged fraud, and discussions amongst the audit team regarding risk of fraud such as opportunities for fraudulent manipulation of financial statements. We determined that the principal risks related to posting manual journal entries to manipulate financial performance and management bias through judgements in accounting estimates. We also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. |
|
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
|
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. |
Report of the Independent Auditors to the Members of |
Broom Marine Group Limited |
|
|
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. |
|
|
|
|
|
for and on behalf of
|
Juniper House |
Warley Hill Business Park |
The Drive |
Brentwood |
Essex |
CM13 3BE |
|
|
BROOM MARINE GROUP LIMITED (REGISTERED NUMBER: 07183315) |
|
Income Statement |
for the year ended 31 December 2021 |
|
2021 | 2020 |
Notes | £ | £ |
|
Turnover |
|
|
|
Administrative expenses |
|
|
Operating loss and |
Loss before taxation | ( |
) | ( |
) |
|
Tax on loss | 6 |
|
|
Loss for the financial year | ( |
) | ( |
) |
BROOM MARINE GROUP LIMITED (REGISTERED NUMBER: 07183315) |
|
Balance Sheet |
31 December 2021 |
|
2021 | 2020 |
Notes | £ | £ | £ | £ |
Fixed assets |
Investments | 7 |
|
|
|
Current assets |
Debtors | 8 |
|
|
Cash in hand |
|
|
|
|
Creditors |
Amounts falling due within one year | 9 |
|
|
Net current (liabilities)/assets | ( |
) |
|
Total assets less current liabilities | ( |
) |
|
|
Capital and reserves |
Called up share capital | 10 |
|
|
Share premium | 11 |
|
|
Retained earnings | 11 | ( |
) | ( |
) |
Shareholders' funds | ( |
) |
|
|
The financial statements were approved by the director and authorised for issue on
|
|
|
|
|
|
|
|
BROOM MARINE GROUP LIMITED (REGISTERED NUMBER: 07183315) |
|
Statement of Changes in Equity |
for the year ended 31 December 2021 |
|
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
|
Balance at 1 January 2020 |
|
( |
) |
|
|
|
Changes in equity |
Total comprehensive income | - | ( |
) | - | ( |
) |
Balance at 31 December 2020 |
|
( |
) |
|
|
|
Changes in equity |
Total comprehensive income | - | ( |
) | - | ( |
) |
Balance at 31 December 2021 |
|
( |
) |
|
( |
) |
BROOM MARINE GROUP LIMITED (REGISTERED NUMBER: 07183315) |
|
Notes to the Financial Statements |
for the year ended 31 December 2021 |
|
|
1. | Statutory information |
|
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. |
|
2. | Accounting policies |
|
Basis of preparing the financial statements |
|
|
Going concern |
The financial statements have been prepared on a going concern basis. The directors have reviewed and considered relevant information, including the annual budgets and forecasts of the group in making their assessment. In particular, in response to the COVID-19 pandemic, the directors have taken into account the impact on their business of COVID-19, alongside the measures that they have taken to mitigate the impact. |
|
The company meets its day to day working capital requirements through support from fellow group undertakings. |
|
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 given the measures that have been undertaken to mitigate the current adverse conditions, and the current resources available, the directors have concluded that they can continue to adopt the going concern basis in preparing the financial statements. |
|
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": |
|
• | the requirements of Section 7 Statement of Cash Flows. |
|
Preparation of consolidated financial statements |
The financial statements contain information about Broom Marine Group Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, M Scott Property Group Limited, UK. |
|
Significant judgements and estimates |
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. |
|
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. |
|
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. |
|
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost less any provision for impairment. |
BROOM MARINE GROUP LIMITED (REGISTERED NUMBER: 07183315) |
|
Notes to the Financial Statements - continued |
for the year ended 31 December 2021 |
|
|
2. | Accounting policies - continued |
|
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. |
|
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. |
|
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts. |
|
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. |
|
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. |
|
3. | Employees and directors |
|
There were no staff costs for the year ended 31 December 2021 nor for the year ended 31 December 2020. |
|
The average number of employees during the year was NIL (2020 - NIL). |
|
4. | Directors' emoluments |
2021 | 2020 |
£ | £ |
Directors' remuneration |
|
|
|
5. | Exceptional items |
2021 | 2020 |
£ | £ |
Intercompany balance write off | (105,128 | ) | - |
|
This relates to intercompany loans that were written off in the year. |
|
6. | Taxation |
|
Analysis of the tax charge |
No liability to UK corporation tax arose for the year ended 31 December 2021 nor for the year ended 31 December 2020. |
BROOM MARINE GROUP LIMITED (REGISTERED NUMBER: 07183315) |
|
Notes to the Financial Statements - continued |
for the year ended 31 December 2021 |
|
|
7. | Fixed asset investments |
Shares in |
group |
undertakings |
£ |
Cost |
At 1 January 2021 |
and 31 December 2021 |
|
Provisions |
At 1 January 2021 |
and 31 December 2021 | 71,017 |
Net book value |
At 31 December 2021 |
|
At 31 December 2020 |
|
|
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
|
|
Registered office: UK |
Nature of business:
|
% |
Class of shares: | holding |
|
|
|
|
Registered office: UK |
Nature of business:
|
% |
Class of shares: | holding |
|
|
|
|
Registered office: |
Nature of business:
|
% |
Class of shares: | holding |
|
|
|
8. | Debtors: amounts falling due within one year |
2021 | 2020 |
£ | £ |
Amounts owed by group undertakings |
|
|
VAT |
|
|
|
|
|
9. | Creditors: amounts falling due within one year |
2021 | 2020 |
£ | £ |
Amounts owed to group undertakings |
|
|
Accruals and deferred income |
|
|
|
|
BROOM MARINE GROUP LIMITED (REGISTERED NUMBER: 07183315) |
|
Notes to the Financial Statements - continued |
for the year ended 31 December 2021 |
|
|
10. | Called up share capital |
|
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
|
Ordinary shares | £1 | 95,000 | 95,000 |
|
Ordinary A shares | £1 | 23,750 | 23,750 |
118,750 | 118,750 |
|
11. | Reserves |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
|
At 1 January 2021 | ( |
) |
|
(13,212 | ) |
Deficit for the year | ( |
) | ( |
) |
At 31 December 2021 | ( |
) |
|
(120,749 | ) |
|
12. | Contingent liabilities |
|
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 £611,677 (2020: 882,732). |
|
13. | Related party disclosures |
|
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. |
|
14. | Ultimate controlling party |
|
The ultimate controlling party is M Scott. |
|
The ultimate parent company is M Scott Property Group Limited, a company incorporated in the UK. |