CYC CHARTERING LIMITED

Company Registration Number:
12118970 (England and Wales)

Unaudited statutory accounts for the year ended 30 September 2023

Period of accounts

Start date: 1 July 2023

End date: 30 September 2023

CYC CHARTERING LIMITED

Contents of the Financial Statements

for the Period Ended 30 September 2023

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

CYC CHARTERING LIMITED

Directors' report period ended 30 September 2023

The directors present their report with the financial statements of the company for the period ended 30 September 2023

Principal activities of the company

The Company charters the vessel, Chantella.

Additional information

The Company was incorporated on 24 July 2019 and has traded since August 2019. The Directors have now chosen to file Accounts on a quarterly basis for 2023 due to regulatory requirements.



Directors

The director shown below has held office during the whole of the period from
1 July 2023 to 30 September 2023

Henry Hume-Kendall


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
7 November 2023

And signed on behalf of the board by:
Name: Henry Hume-Kendall
Status: Director

CYC CHARTERING LIMITED

Profit And Loss Account

for the Period Ended 30 September 2023

30 September 2023 30 June 2023


£

£
Turnover: 207,009 54,100
Cost of sales: ( 121,560 ) ( 68,307 )
Gross profit(or loss): 85,449 (14,207)
Administrative expenses: ( 6,440 ) ( 4,716 )
Operating profit(or loss): 79,009 (18,923)
Interest payable and similar charges: ( 7,301 ) ( 5,028 )
Profit(or loss) before tax: 71,708 (23,951)
Tax: 0 0
Profit(or loss) for the financial year: 71,708 (23,951)

CYC CHARTERING LIMITED

Balance sheet

As at 30 September 2023

Notes 30 September 2023 30 June 2023


£

£
Fixed assets
Tangible assets: 3 1,816,274 1,816,274
Total fixed assets: 1,816,274 1,816,274
Current assets
Debtors: 4 0 19,700
Cash at bank and in hand: 13,978 24,351
Total current assets: 13,978 44,051
Creditors: amounts falling due within one year: 5 ( 58,779 ) ( 153,873 )
Net current assets (liabilities): (44,801) (109,822)
Total assets less current liabilities: 1,771,473 1,706,452
Creditors: amounts falling due after more than one year: 6 ( 1,970,590 ) ( 1,977,277 )
Total net assets (liabilities): (199,117) (270,825)
Capital and reserves
Called up share capital: 119 119
Profit and loss account: (199,236 ) (270,944 )
Total Shareholders' funds: ( 199,117 ) (270,825)

The notes form part of these financial statements

CYC CHARTERING LIMITED

Balance sheet statements

For the year ending 30 September 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 7 November 2023
and signed on behalf of the board by:

Name: Henry Hume-Kendall
Status: Director

The notes form part of these financial statements

CYC CHARTERING LIMITED

Notes to the Financial Statements

for the Period Ended 30 September 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover represents vessel booking income, net of any brokerage payable, for charters arising in the accounting period excluding any APA, Advance Provisioning Allowance, which is set off against the relevant expenditure.

    Tangible fixed assets depreciation policy

    The vessel, the motoryacht Chantella, was acquired for a valuation of £1.5million payable net as at 31 August 2019. It is considered to have a current value of a minimum of £1.5million. Accordingly, the vessel is not depreciated.

    Valuation information and policy

    All figures are now stated in Euros rather than £GBP. The exchange rate at 30 September 2023 amounted to Euros 1.152288 to GBP£1, at 30 June 2023 amounted to Euros1.16 to GBP£1, at 31 March 2023 amounted to Euros1.134322 to GBP£1 and at 31 December 2022 amounted to Euros1.125565 to GBP£1 compared to Euros1.188943 to GBP£1 at 1 January 2022.

    Other accounting policies

    COViD - Additional costs for 2021 and 2022 As a result of COViD restrictions, additional costs arose of approx. Euros40,000 paid and expensed in the current year, 2023 which relate to 2022 rather than the current accounting period.

CYC CHARTERING LIMITED

Notes to the Financial Statements

for the Period Ended 30 September 2023

  • 2. Employees

    30 September 2023 30 June 2023
    Average number of employees during the period 4 4

    The number of employees varies due to the seasonal nature of the trade.

CYC CHARTERING LIMITED

Notes to the Financial Statements

for the Period Ended 30 September 2023

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 July 2023 1,816,274 1,816,274
Additions
Disposals
Revaluations
Transfers
At 30 September 2023 1,816,274 1,816,274
Depreciation
At 1 July 2023
Charge for year
On disposals
Other adjustments
At 30 September 2023
Net book value
At 30 September 2023 1,816,274 1,816,274
At 30 June 2023 1,816,274 1,816,274

Additional annual expenditure of Euros53,373 has been expensed due to the refit carried out in Autumn 2022/Winter 2023 prior to the start of the 2023 summer season. The vessel, the motoryacht Chantella, was acquired from Chantella Charter Company Limited, a Company registered in Malta controlled by Simon Hume-Kendall for a valuation of £1.5million payable net of any existing liabilities (mainly as a result of the major vessel refit) as at the date of the Asset Purchase Agreement, namely 27 August 2019. It is considered to have a current value of a minimum of £1.5million. Accordingly, the vessel is not depreciated for the time being.

CYC CHARTERING LIMITED

Notes to the Financial Statements

for the Period Ended 30 September 2023

4. Debtors

30 September 2023 30 June 2023
£ £
Trade debtors 0 19,700
Total 0 19,700

The prepayment related to money paid on account to the boat yard for the vessel refit prior to the start of the Summer 2023 season.

CYC CHARTERING LIMITED

Notes to the Financial Statements

for the Period Ended 30 September 2023

5. Creditors: amounts falling due within one year note

30 September 2023 30 June 2023
£ £
Bank loans and overdrafts 27,003 50,000
Taxation and social security 217 0
Accruals and deferred income 31,559 103,873
Total 58,779 153,873

Income in advance amounts to Euros0 as at 30 September 2023, Euros 94,373 as at 30 June 2023, Euros 71,113 as at 31 March 2023 and Euros 38,373 as at 31 December 2022. Additional annual expenditure of Euros53,373 has been expensed due to the refit carried out in Autumn 2022/Winter 2023 prior to the start of the 2023 summer season.

CYC CHARTERING LIMITED

Notes to the Financial Statements

for the Period Ended 30 September 2023

6. Creditors: amounts falling due after more than one year note

30 September 2023 30 June 2023
£ £
Bank loans and overdrafts 170,343 171,193
Other creditors 1,800,247 1,806,084
Total 1,970,590 1,977,277

Other creditors are a loan from Simon Hume-Kendall amounting to Euros 1,800,247 as at 30 September 2023 with no set repayment terms. This excludes the annual Chantella insurance of £GBP16,716; Euros 18,914, which is repayable to Simon Hume-Kendall during 2023 in two (or more) instalments of £GBP8,358 the first of which was repaid on 7 March 2023 with a further £4,719 repaid in June 2022; the balance of Euros has been repaid on 11 July 2023 including accrued interest; so this has been fully repaid. A loan from a connected company loan facility of Euros170,343 at 30 September 2023, Euros 171,193 at 30 June 2023, Euros167,601 at 31 March 2023, Euros167,234 at 31 December 2022, is shown as a Bank loan. Interest is payable monthly at the rate of Euros 1,712. The interest charged on a monthly basis is paid up to date as at the approval date of these accounts.