Registration number:
Ynys Mon Windfarm Vessels Limited
for the Year Ended 31 March 2024
Ynys Mon Windfarm Vessels Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Ynys Mon Windfarm Vessels Limited
Company Information
Director |
M B Gould |
Company secretary |
M B Gould |
Registered office |
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Auditors |
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Ynys Mon Windfarm Vessels Limited
(Registration number: 07776928)
Balance Sheet as at 31 March 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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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 current liabilities |
( |
( |
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Total assets less current liabilities |
( |
( |
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Creditors: Amounts falling due after more than one year |
- |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
( |
( |
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Shareholders' deficit |
( |
( |
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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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Ynys Mon Windfarm Vessels Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Wales
These financial statements were authorised for issue by the
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.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
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.
Summary of disclosure exemptions
In accordance with FRS 102, the company has taken advantage of the exemptions from the following disclosure requirements:
- Section 33 'Related Party Disclosures' - Compensation for key management personnel, and the disclosure exemptions from paragraph 33.1A from disclosing transactions entered into between two or more members of a group.
Going concern
The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information including budgets and future cashflows in making their assessment. Based on these assessments the directors have concluded there is a reasonable expectation that the group and company have adequate resources to continue in operational existence for the foreseeable future.
Ynys Mon Windfarm Vessels Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Audit report
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Revenue recognition
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 sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
- The amount of revenue can be reliably measured and;
- It is probable that future economic benefits will flow to the entity.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is provided on all tangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful econnmic life as follows;
Asset class |
Depreciation method and rate |
Other property, plant and equipment |
15-26 years |
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.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Ynys Mon Windfarm Vessels Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Critical accounting judgements and key sources of estimation uncertainty
In the application of the Company’s accounting policies which are described in note 2, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from those estimates.
Assessment of the carrying value of vessels
As a result of the uncertainty caused by the Covid pandemic, an impairment review was carried out on the vessel values based on value in use. The directors consider that the vessel values are very prudently based and no write down of asset values are required in the current year. However directors will continue to monitor the position closely.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Operating profit |
Arrived at after charging/(crediting)
2024 |
2023 |
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Depreciation expense |
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Profit on disposal of property, plant and equipment |
- |
( |
Tangible assets |
Other property, plant and equipment |
Total |
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Cost or valuation |
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At 1 April 2023 |
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At 31 March 2024 |
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Depreciation |
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At 1 April 2023 |
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Charge for the year |
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At 31 March 2024 |
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Carrying amount |
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At 31 March 2024 |
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At 31 March 2023 |
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Ynys Mon Windfarm Vessels Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Debtors |
Current |
Note |
2024 |
2023 |
Trade debtors |
- |
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Amounts owed by related parties |
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Other debtors |
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- |
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Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Bank loans and overdrafts |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Accruals and deferred income |
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Creditors include bank loans and overdrafts which are secured of £3,507,094 (2022 - £3,507,094).
Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Creditors include bank loans and overdrafts which are secured of £3,443,467 (2022 - £7,950,560).
Ynys Mon Windfarm Vessels Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Loans and borrowings |
2024 |
2023 |
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Non-current loans and borrowings |
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Bank borrowings |
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The bank loan is denominated in Sterling with an interest rate of 5.11% fixed and with a final end date of March 2025.
The bank loans, other loans, and bank overdrafts are secured against the assets of the Company.
Other commitments
There is a composite banking arrangement, under the terms of the agreement and the guarantees the bank is authorised to allow set-off for interest purposes and in certain circumstances to claim credit balances and apply them in reduction of liabilities including debits balances within the composite accounting arrangement.
There are cross-corporate guarantees securing the liabilities owed by Holyhead Towing Company Limited, Holyhead Marine Services Limited, Turbine Transfers Limited and Ynys Mon Windfarm Vessels Limited to Barclays Bank and ABN AMRO Based Finance NV. Holyhead Towing Cyprus Ltd guarantees the other Group companies’ obligations to ABN AMRO Asset Based Finance NV.
2024 |
2023 |
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Current loans and borrowings |
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Bank borrowings |
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Parent and ultimate parent undertaking |
The company's immediate parent is
The most senior parent entity producing publicly available financial statements is
The ultimate controlling party is
The address of Holyhead Boatyard Limited is:
Newry Beach Yard
Newry Beach
Holyhead
Ynys Mon Windfarm Vessels Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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1 |
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1 |