Port Marine Management Limited - Period Ending 2018-12-31
Port Marine Management Limited - Period Ending 2018-12-31
Registration number:
Port Marine Management Limited
(A company limited by guarantee)
for the Year Ended 31 December 2018
Chartered Accountants
St Matthew's House
Quays Office Park
Conference Avenue
Portishead
Bristol
BS20 7LZ
Port Marine Management Limited
Contents
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Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Financial Statements |
Port Marine Management Limited
Company Information
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Directors |
Mr Arthur George Terry Mr Nigel Christopher Ashton Steven James Roche |
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Company secretary |
Liberata UK Limited |
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Registered office |
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Accountants |
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Page 1 |
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Port Marine Management Limited
for the Year Ended 31 December 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Port Marine Management Limited for the year ended 31 December 2018 as set out on pages 3 to 6 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of Port Marine Management Limited, as a body, in accordance with the terms of our engagement letter dated 21 March 2014. Our work has been undertaken solely to prepare for your approval the accounts of Port Marine Management Limited and state those matters that we have agreed to state to the Board of Directors of Port Marine Management Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Port Marine Management Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Port Marine Management Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Port Marine Management Limited. You consider that Port Marine Management Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Port Marine Management Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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Chartered Accountants
Quays Office Park
Conference Avenue
Portishead
Bristol
BS20 7LZ
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Page 2 |
Port Marine Management Limited
(Registration number: 05134951)
Balance Sheet as at 31 December 2018
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Note |
2018 |
2017 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net assets/(liabilities) |
- |
- |
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Capital and reserves |
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Total equity |
- |
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For the financial year ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Director
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Page 3 |
Port Marine Management Limited
Notes to the Financial Statements for the Year Ended 31 December 2018
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General information |
The company is a company limited by guarantee, incorporated in England, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £10 towards the assets of the company in the event of liquidation.
The address of its registered office is:
These financial statements were authorised for issue by the
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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.
Accounting convention
The Financial Statements have been prepared in accordance with the provisions of the agreements between Port Marine Management Limited, Avon Wildlife Trust and Persimmon Homes and on the accruals basis.
Tax on bank interest received
Interest earned on service charge monies held on deposit is subject to income tax at 20%.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Company status
The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £10 towards the assets of the company in the event of liquidation. At the balance sheet date there were 2,578 members (2017 - 2,651 members).
Bank
Service charge monies are held in trust on behalf of the residents at the Co-operative Bank, 16 St Stephens Street, Bristol, BS1 1JR.
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Page 4 |
Port Marine Management Limited
Notes to the Financial Statements for the Year Ended 31 December 2018
Turnover
The above reflects the service charges levy which is calculated and invoiced each year to residents, landlords, housing associations and developers during the financial year. During both the year ended 31 December 2017 and 31 December 2018 no service charges were receivable. The company is presently taking steps to engineer a members' voluntary liquidation..
Revenue recognition
Income represents contributions receivable from the lessees. The company raises service charge invoices to the residents, housing associations and developers in advance and makes an appropriate deferred income adjustment in respect of unexpired service charge amounts as at the accounting period end.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Trade debtors
Trade debtors are service charges amounts receivable from residents, landlords, housing associations and developers.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
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Page 5 |
Port Marine Management Limited
Notes to the Financial Statements for the Year Ended 31 December 2018
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Debtors |
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2018 |
2017 |
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Trade debtors |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
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Note |
2018 |
2017 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Accruals and deferred income |
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Other creditors |
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Loans and borrowings |
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2018 |
2017 |
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Current loans and borrowings |
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Bank overdrafts |
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Related party transactions |
Summary of transactions with other related parties
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Page 6 |