Silverfin false 31/12/2021 31/12/2021 01/01/2021 L A English 17/05/2012 T D Light 27/01/2003 A P Polglase 14/05/2015 T H Smithies 27/01/2003 D Stoyle 18/05/2011 15 August 2022 The principal activity of the Company during the financial year was the operation of inland water transportation and associated activities. 04648205 2021-12-31 04648205 bus:Director1 2021-12-31 04648205 bus:Director2 2021-12-31 04648205 bus:Director3 2021-12-31 04648205 bus:Director4 2021-12-31 04648205 bus:Director5 2021-12-31 04648205 2020-12-31 04648205 core:CurrentFinancialInstruments 2021-12-31 04648205 core:CurrentFinancialInstruments 2020-12-31 04648205 core:Non-currentFinancialInstruments 2021-12-31 04648205 core:Non-currentFinancialInstruments 2020-12-31 04648205 core:ShareCapital 2021-12-31 04648205 core:ShareCapital 2020-12-31 04648205 core:SharePremium 2021-12-31 04648205 core:SharePremium 2020-12-31 04648205 core:RetainedEarningsAccumulatedLosses 2021-12-31 04648205 core:RetainedEarningsAccumulatedLosses 2020-12-31 04648205 core:Goodwill 2020-12-31 04648205 core:Goodwill 2021-12-31 04648205 core:PlantMachinery 2020-12-31 04648205 core:Vehicles 2020-12-31 04648205 core:FurnitureFittings 2020-12-31 04648205 core:PlantMachinery 2021-12-31 04648205 core:Vehicles 2021-12-31 04648205 core:FurnitureFittings 2021-12-31 04648205 core:CostValuation 2020-12-31 04648205 core:CostValuation 2021-12-31 04648205 bus:OrdinaryShareClass1 2021-12-31 04648205 2021-01-01 2021-12-31 04648205 bus:FullAccounts 2021-01-01 2021-12-31 04648205 bus:SmallEntities 2021-01-01 2021-12-31 04648205 bus:AuditExemptWithAccountantsReport 2021-01-01 2021-12-31 04648205 bus:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 04648205 bus:Director1 2021-01-01 2021-12-31 04648205 bus:Director2 2021-01-01 2021-12-31 04648205 bus:Director3 2021-01-01 2021-12-31 04648205 bus:Director4 2021-01-01 2021-12-31 04648205 bus:Director5 2021-01-01 2021-12-31 04648205 core:Goodwill core:BottomRangeValue 2021-01-01 2021-12-31 04648205 core:Goodwill core:TopRangeValue 2021-01-01 2021-12-31 04648205 core:Goodwill 2021-01-01 2021-12-31 04648205 core:PlantMachinery core:BottomRangeValue 2021-01-01 2021-12-31 04648205 core:PlantMachinery core:TopRangeValue 2021-01-01 2021-12-31 04648205 core:Vehicles core:TopRangeValue 2021-01-01 2021-12-31 04648205 core:FurnitureFittings core:BottomRangeValue 2021-01-01 2021-12-31 04648205 core:FurnitureFittings core:TopRangeValue 2021-01-01 2021-12-31 04648205 2020-01-01 2020-12-31 04648205 core:PlantMachinery 2021-01-01 2021-12-31 04648205 core:Vehicles 2021-01-01 2021-12-31 04648205 core:FurnitureFittings 2021-01-01 2021-12-31 04648205 core:Subsidiary1 2021-01-01 2021-12-31 04648205 core:Subsidiary1 1 2021-01-01 2021-12-31 04648205 core:Subsidiary1 1 2020-01-01 2020-12-31 04648205 core:Subsidiary2 2021-01-01 2021-12-31 04648205 core:Subsidiary2 1 2021-01-01 2021-12-31 04648205 core:Subsidiary2 1 2020-01-01 2020-12-31 04648205 core:Subsidiary3 2021-01-01 2021-12-31 04648205 core:Subsidiary3 1 2021-01-01 2021-12-31 04648205 core:Subsidiary3 1 2020-01-01 2020-12-31 04648205 core:Non-currentFinancialInstruments 2021-01-01 2021-12-31 04648205 bus:OrdinaryShareClass1 2021-01-01 2021-12-31 04648205 bus:OrdinaryShareClass1 2020-01-01 2020-12-31 iso4217:GBP xbrli:pure decimalUnit xbrli:shares

Company No: 04648205 (England and Wales)

CORNWALL FERRIES LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2021
Pages for filing with the registrar

CORNWALL FERRIES LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2021

Contents

CORNWALL FERRIES LIMITED

BALANCE SHEET

As at 31 December 2021
CORNWALL FERRIES LIMITED

BALANCE SHEET (continued)

As at 31 December 2021
Note 2021 2020
£ £
Fixed assets
Intangible assets 4 2 2
Tangible assets 5 525,290 645,589
Investments 6 3 3
525,295 645,594
Current assets
Stocks 7 7,000 7,000
Debtors 8 131,605 49,838
Cash at bank and in hand 381,655 349,965
520,260 406,803
Creditors
Amounts falling due within one year 9 ( 190,491) ( 70,020)
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 ( 74,425) ( 241,808)
Provisions for liabilities ( 95,577) ( 111,433)
Net assets 685,062 629,136
Capital and reserves
Called-up share capital 11 348,000 348,000
Share premium account 156,600 156,600
Profit and loss account 180,462 124,536
Total shareholders' funds 685,062 629,136

For the financial year ending 31 December 2021 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Cornwall Ferries Limited (registered number: 04648205) were approved and authorised for issue by the Director on 15 August 2022. They were signed on its behalf by:

D Stoyle
Director
CORNWALL FERRIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2021
CORNWALL FERRIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2021
1. Accounting policies

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.

General information and basis of accounting

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 £.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

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

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 5 - 6 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is [number] years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Plant and machinery 4 - 6 years straight line
Vehicles 4 years straight line
Fixtures and fittings 4 - 6 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
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.

Fixed asset investments

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.

Stocks

The cost of direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediatley in profit or loss.

Financial instruments

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

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

2. Employees

2021 2020
Number Number
Monthly average number of persons employed by the Company during the year, including directors 25 25

3. Dividends on equity shares

4. Intangible assets

Goodwill Total
£ £
Cost
At 01 January 2021 293,442 293,442
At 31 December 2021 293,442 293,442
Accumulated amortisation
At 01 January 2021 293,440 293,440
At 31 December 2021 293,440 293,440
Net book value
At 31 December 2021 2 2
At 31 December 2020 2 2

5. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £
Cost
At 01 January 2021 1,167,747 16,797 85,881 1,270,425
Additions 27,585 0 10,801 38,386
Disposals ( 116,667) 0 0 ( 116,667)
At 31 December 2021 1,078,665 16,797 96,682 1,192,144
Accumulated depreciation
At 01 January 2021 524,347 16,797 83,692 624,836
Charge for the financial year 45,137 0 2,953 48,090
Disposals ( 6,074) 0 0 ( 6,074)
At 31 December 2021 563,412 16,797 86,645 666,854
Net book value
At 31 December 2021 515,253 0 10,037 525,290
At 31 December 2020 643,400 0 2,189 645,589

6. Fixed asset investments

Investments in subsidiaries

2021
£
Cost
At 01 January 2021 3
At 31 December 2021 3
Carrying value at 31 December 2021 3
Carrying value at 31 December 2020 3

Investments in shares

Name of entity Registered office Nature of business Class of
shares
Ownership
31.12.2021
Ownership
31.12.2020
Ponsharden Services Limited 2 Ferry Cottages, Feock, Truro, Cornwall, TR3 6QJ Dormant Ordinary 100.00% 100.00%
St Mawes Ferry Company Limited 2 Ferry Cottages, Feock, Truro, Cornwall, TR3 6QJ Dormant Ordinary 100.00% 100.00%
Enterprise Boats Limited 2 Ferry Cottages, Feock, Truro, Cornwall, TR3 6QJ Dormant Ordinary 100.00% 100.00%

7. Stocks

2021 2020
£ £
Stocks 7,000 7,000

8. Debtors

2021 2020
£ £
Trade debtors 87,846 9,495
Other debtors 43,759 40,343
131,605 49,838

9. Creditors: amounts falling due within one year

2021 2020
£ £
Bank loans 37,350 0
Trade creditors 11,313 13,795
Other creditors 86,480 42,525
Corporation tax 49,262 7,315
Other taxation and social security 6,086 6,385
190,491 70,020

10. Creditors: amounts falling due after more than one year

2021 2020
£ £
Bank loans 69,462 225,000
Other creditors 4,963 16,808
74,425 241,808

There are no amounts included above in respect of which any security has been given by the small entity.

11. Called-up share capital

2021 2020
£ £
Allotted, called-up and fully-paid
348,000 Ordinary shares of £ 1.00 each (2020: - shares of £ 1.00 each) 348,000 348,000

12. Related party transactions

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.