British Marine Federation Group’s overall net assets reduced by nearly 42% for the year ending 31 December 2024. The group made a loss after tax of nearly £360,000.
The accounts for the period show earnings before interest, taxes, depreciation, and amortisation (EBITDA) was £98,048. For the prior period the EBITA was £1,285,779.
In the prior year, British Marine extended its year end to cover an 18-month period from 1 July 2022 to 31 December 2023 to align with the calendar year end and with the trading rhythm of the business.
The trading results within the prior period’s accounts contain the results of two Southampton International Boat Shows and 18 months of income and expenditure.
The current year contains the result of one Southampton International Boat Show and 12-months of income and expenditure.
Net assets
For the 2024 year, overall net assets for the group reduced by 41.92% to £497,505. In 2023, the net assets were £856,530.
Turnover in the current period has reduced by £6,045,613 largely due to revenue from only one boat show in the year compared to two boat shows being recorded in the 18-month period to 31 December 2023.
The group made a loss after tax of £359,025 – for the period ended 31 December 2023, there was a profit of £124,845.
Turnover for the 12 months ending 31 December 2024 was £7,462,081; turnover for the prior 18-month period was £13,507,694.
Operating loss
Operating expenses for the 2024 period were £8,059,437, down from £13,313,043 and the operating loss was £228,832, down from £912,581.
The loss for the 2024 financial year was £359,025, in the prior period there was a rofit of £124,845.
During the 2024 period, the turnover from Southampton Boat Show was £5,589,579 with turnover from membership activities standing at £1,872,502.
The directors’ remuneration was £297,005 with directors’ pension contributions £17,850 and the highest paid director’s emolument was £188,038.
During the period British Marine earned rental income of £186,603 with its investment property valued at £2,904,000 as at 31 December 2024. The property was let on a ten-year lease in November 2022.
Trade debtors
The Group’s trade debtors amounted to £292,899 at the end of 2024. In the 2023 period, trade debtors were £261,194.
Bank overdrafts of £1,821,593 (2023: £2,057,297) are secured by a fixed and floating charge over the group’s assets.
The current overdraft facility is due to be renewed in September 2025 with British Marine management stating that it continues to focus on reducing the reliance on the overdraft and rebuilding cash reserves.
Outstanding commitments
At the reporting period end date, the group had outstanding commitments for future minimum lease payments under non-cancellable operating lease of £109,464 due within a year and £313,209 due between one and five years.
In addition, at the reporting period end date, the group had contracted with tenants to receive the following minimum lease payments of £89,284 due within a year, £1,066,300 due between one and five years and £710,441 due in over five years.
British Marine’s membership level is circa 1,300 members across multiple sectors with Southampton Boat Show the key revenue generator.
