Company No:
Contents
Note | 2021 | 2020 | ||
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Fixed assets | ||||
Intangible assets | 4 |
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Tangible assets | 5 |
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Investments | 6 |
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525,295 | 645,594 | |||
Current assets | ||||
Stocks | 7 |
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Debtors | 8 |
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Cash at bank and in hand |
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520,260 | 406,803 | |||
Creditors | ||||
Amounts falling due within one year | 9 | (
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Net current assets | 329,769 | 336,783 | ||
Total assets less current liabilities | 855,064 | 982,377 | ||
Creditors | ||||
Amounts falling due after more than one year | 10 | (
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Provisions for liabilities | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 11 |
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Share premium account |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Cornwall Ferries Limited (registered number:
D Stoyle
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Cornwall Ferries Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Lowin House, Tregolls Road, Truro, TR1 2NA, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities
Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.
Goodwill |
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Plant and machinery |
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Vehicles |
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Fixtures and fittings |
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Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
2021 | 2020 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Goodwill | Total | ||
£ | £ | ||
Cost | |||
At 01 January 2021 |
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At 31 December 2021 |
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Accumulated amortisation | |||
At 01 January 2021 |
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At 31 December 2021 |
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Net book value | |||
At 31 December 2021 |
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At 31 December 2020 |
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Plant and machinery | Vehicles | Fixtures and fittings | Total | ||||
£ | £ | £ | £ | ||||
Cost | |||||||
At 01 January 2021 |
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Additions |
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Disposals | (
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At 31 December 2021 |
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Accumulated depreciation | |||||||
At 01 January 2021 |
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Charge for the financial year |
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Disposals | (
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At 31 December 2021 |
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Net book value | |||||||
At 31 December 2021 |
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At 31 December 2020 |
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Investments in subsidiaries
2021 | |
£ | |
Cost | |
At 01 January 2021 |
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At 31 December 2021 |
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Carrying value at 31 December 2021 |
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Carrying value at 31 December 2020 |
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Investments in shares
Name of entity | Registered office | Nature of business | Class of shares |
Ownership 31.12.2021 |
Ownership 31.12.2020 |
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2 Ferry Cottages, Feock, Truro, Cornwall, TR3 6QJ | Dormant |
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2 Ferry Cottages, Feock, Truro, Cornwall, TR3 6QJ | Dormant |
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2 Ferry Cottages, Feock, Truro, Cornwall, TR3 6QJ | Dormant |
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2021 | 2020 | ||
£ | £ | ||
Stocks |
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2021 | 2020 | ||
£ | £ | ||
Trade debtors |
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Other debtors |
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2021 | 2020 | ||
£ | £ | ||
Bank loans |
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Trade creditors |
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Other creditors |
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Corporation tax |
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Other taxation and social security |
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2021 | 2020 | ||
£ | £ | ||
Bank loans |
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Other creditors |
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74,425 | 241,808 |
2021 | 2020 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Other related party transactions
2021 | 2020 | ||
£ | £ | ||
King Harry Steam Ferry Company Limited | 5,441 | 671 |
During the year, King Harry Steam Ferry Company Limited (KHF) made various transactions with Cornwall Ferries Limited.
In total the company made purchases from KHF of £116,587 (2020: £31,056); and made sales to KHF of £26,000 (2020: £29,563). .
At the balance sheet date the amount due from KHF was £5,441 (2020: £671).
The loan is provided on an interest free basis and is repayable on demand.