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Financial Statements |
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for the Year Ended 31 December 2020 |
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for |
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BROOM MARINE GROUP LIMITED |
REGISTERED NUMBER:
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Financial Statements |
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for the Year Ended 31 December 2020 |
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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 2020 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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BROOM MARINE GROUP LIMITED |
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Company Information |
for the year ended 31 December 2020 |
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Director: |
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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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Balance Sheet |
31 December 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
Fixed assets |
Investments | 4 |
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Current assets |
Debtors | 5 |
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Cash in hand |
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Creditors |
Amounts falling due within one year | 6 |
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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 | 7 |
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Share premium |
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Retained earnings | ( |
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Shareholders' funds |
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In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
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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 2020 |
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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 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. |
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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 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. |
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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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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 2020 |
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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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The average number of employees during the year was NIL (2019 - NIL). |
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4. | Fixed asset investments |
Shares in |
group |
undertakings |
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Cost |
At 1 January 2020 |
and 31 December 2020 |
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Provisions |
At 1 January 2020 |
and 31 December 2020 | 71,017 |
Net book value |
At 31 December 2020 |
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At 31 December 2019 |
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5. | Debtors: amounts falling due within one year |
2020 | 2019 |
£ | £ |
Amounts owed by group undertakings |
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Other debtors |
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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 2020 |
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6. | Creditors: amounts falling due within one year |
2020 | 2019 |
£ | £ |
Amounts owed to group undertakings |
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Other creditors |
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7. | Called up share capital |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
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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8. | Disclosure under Section 444(5B) of the Companies Act 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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9. | 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 £882,732 (2019: £1,025,154). |
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10. | 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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11. | 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. |