Ynys Mon Windfarm Vessels Limited 07776928 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is the hire of vessels. Digita Accounts Production Advanced 6.30.9574.0 true false true 07776928 2023-04-01 2024-03-31 07776928 2024-03-31 07776928 bus:OrdinaryShareClass1 2024-03-31 07776928 core:RetainedEarningsAccumulatedLosses 2024-03-31 07776928 core:ShareCapital 2024-03-31 07776928 core:CurrentFinancialInstruments 2024-03-31 07776928 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 07776928 core:Non-currentFinancialInstruments 2024-03-31 07776928 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 07776928 core:OtherPropertyPlantEquipment 2024-03-31 07776928 bus:SmallEntities 2023-04-01 2024-03-31 07776928 bus:Audited 2023-04-01 2024-03-31 07776928 bus:FullAccounts 2023-04-01 2024-03-31 07776928 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 07776928 bus:RegisteredOffice 2023-04-01 2024-03-31 07776928 bus:CompanySecretaryDirector1 2023-04-01 2024-03-31 07776928 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 07776928 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 07776928 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 07776928 1 2023-04-01 2024-03-31 07776928 countries:EnglandWales 2023-04-01 2024-03-31 07776928 2023-03-31 07776928 core:OtherPropertyPlantEquipment 2023-03-31 07776928 2022-04-01 2023-03-31 07776928 2023-03-31 07776928 bus:OrdinaryShareClass1 2023-03-31 07776928 core:RetainedEarningsAccumulatedLosses 2023-03-31 07776928 core:ShareCapital 2023-03-31 07776928 core:CurrentFinancialInstruments 2023-03-31 07776928 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 07776928 core:Non-currentFinancialInstruments 2023-03-31 07776928 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 07776928 core:OtherPropertyPlantEquipment 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 07776928

Ynys Mon Windfarm Vessels Limited

Filleted Financial Statements

for the Year Ended 31 March 2024

 

Ynys Mon Windfarm Vessels Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 8

 

Ynys Mon Windfarm Vessels Limited

Company Information

Director

M B Gould

Company secretary

M B Gould

Registered office

Newry Beach Yard
Newry Beach
Holyhead
LL65 1YB

Auditors

Aston Hughes Limited
Chartered Accountants and Statutory Auditors
Selby Towers
29 Princes Drive
Colwyn Bay
Conwy
LL29 8PE

 

Ynys Mon Windfarm Vessels Limited

(Registration number: 07776928)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

3,710,361

4,032,303

Current assets

 

Debtors

6

7,353,889

7,347,119

Cash at bank and in hand

 

1,622

405

 

7,355,511

7,347,524

Creditors: Amounts falling due within one year

7

(17,701,969)

(15,007,170)

Net current liabilities

 

(10,346,458)

(7,659,646)

Total assets less current liabilities

 

(6,636,097)

(3,627,343)

Creditors: Amounts falling due after more than one year

7

-

(3,443,467)

Net liabilities

 

(6,636,097)

(7,070,810)

Capital and reserves

 

Called up share capital

10

1

1

Retained earnings

(6,636,098)

(7,070,811)

Shareholders' deficit

 

(6,636,097)

(7,070,810)

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 director on 26 July 2024
 

.........................................
M B Gould
Company secretary and director

 

Ynys Mon Windfarm Vessels Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Newry Beach Yard
Newry Beach
Holyhead
LL65 1YB
Wales

These financial statements were authorised for issue by the director on 26 July 2024.

2

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

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 26 July 2024 was Gareth Lowe BSc ACA, who signed for and on behalf of Aston Hughes Limited.

.........................................

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2023 - 0).

4

Operating profit

Arrived at after charging/(crediting)

2024
 £

2023
 £

Depreciation expense

321,942

331,514

Profit on disposal of property, plant and equipment

-

(288,337)

5

Tangible assets

Other property, plant and equipment
£

Total
£

Cost or valuation

At 1 April 2023

10,725,351

10,725,351

At 31 March 2024

10,725,351

10,725,351

Depreciation

At 1 April 2023

6,693,048

6,693,048

Charge for the year

321,942

321,942

At 31 March 2024

7,014,990

7,014,990

Carrying amount

At 31 March 2024

3,710,361

3,710,361

At 31 March 2023

4,032,303

4,032,303

 

Ynys Mon Windfarm Vessels Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

-

17,230

Amounts owed by related parties

7,329,889

7,329,889

Other debtors

 

24,000

-

   

7,353,889

7,347,119

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

8

3,443,467

3,507,094

Amounts owed to group undertakings and undertakings in which the company has a participating interest

14,232,064

11,370,346

Accruals and deferred income

 

26,438

129,730

 

17,701,969

15,007,170


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
£

Due after one year

 

Loans and borrowings

8

-

3,443,467

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

8

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

-

3,443,467

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
£

Current loans and borrowings

Bank borrowings

3,443,467

3,507,094

9

Parent and ultimate parent undertaking

The company's immediate parent is Holyhead Boatyard Limited, incorporated in England and Wales.

 The most senior parent entity producing publicly available financial statements is Holyhead Boatyard Limited. These financial statements are available upon request from Companies House

 The ultimate controlling party is Holyhead Boatyard Limited.

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

10

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1