CYC CHARTERING LIMITED

Company Registration Number:
12118970 (England and Wales)

Unaudited statutory accounts for the year ended 30 June 2024

Period of accounts

Start date: 1 April 2024

End date: 30 June 2024

CYC CHARTERING LIMITED

Contents of the Financial Statements

for the Period Ended 30 June 2024

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

CYC CHARTERING LIMITED

Directors' report period ended 30 June 2024

The directors present their report with the financial statements of the company for the period ended 30 June 2024

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 and 2024 due to regulatory requirements.



Directors

The director shown below has held office during the whole of the period from
1 April 2024 to 30 June 2024

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
20 August 2024

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 June 2024

30 June 2024 31 March 2024


£

£
Turnover: 73,366 11,200
Cost of sales: ( 65,340 ) ( 50,688 )
Gross profit(or loss): 8,026 (39,488)
Administrative expenses: ( 1,750 ) ( 2,400 )
Operating profit(or loss): 6,276 (41,888)
Interest payable and similar charges: ( 997 ) ( 5,213 )
Profit(or loss) before tax: 5,279 (47,101)
Profit(or loss) for the financial year: 5,279 (47,101)

CYC CHARTERING LIMITED

Balance sheet

As at 30 June 2024

Notes 30 June 2024 31 March 2024


£

£
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 2,171
Cash at bank and in hand: 22,021 8,287
Total current assets: 22,021 10,458
Creditors: amounts falling due within one year: 5 ( 145,296 ) ( 139,012 )
Net current assets (liabilities): (123,275) (128,554)
Total assets less current liabilities: 1,692,999 1,687,720
Creditors: amounts falling due after more than one year: 6 ( 1,979,221 ) ( 1,979,221 )
Total net assets (liabilities): (286,222) (291,501)
Capital and reserves
Called up share capital: 115 115
Profit and loss account: (286,337 ) (291,616 )
Total Shareholders' funds: ( 286,222 ) (291,501)

The notes form part of these financial statements

CYC CHARTERING LIMITED

Balance sheet statements

For the year ending 30 June 2024 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 20 August 2024
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 June 2024

  • 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 (Euros 1,816,274) payable net as at 31 August 2019. It is considered to have a current value of Euros 1,816,274, £1.5million and is valued for insurance purposes at Euros1.802million. On a forced sale Chantella would be worth considerably less, around Euros1-1.2million. Accordingly, the vessel is not depreciated for the time being.

    Valuation information and policy

    All figures are stated in Euros rather than £GBP. The exchange rate at 30 June 2024 amounted to Euros 1.180259 to £GBP1, at 31 March 2024 amounted to Euros 1.17089 to £GBP1, at 31 December 2023 amounted to Euros 1.1534 to £GBP1, at 30 September 2023 amounted to Euros 1.152288 to £GBP1, at 30 June 2023 amounted to Euros1.16 to £GBP1, at 31 March 2023 amounted to Euros 1.134322 to £GBP1 and at 31 December 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 2023 which relate to 2021 and 2022 rather than the accounting periods arising in 2023.

CYC CHARTERING LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2024

  • 2. Employees

    30 June 2024 31 March 2024
    Average number of employees during the period 4 3

    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 June 2024

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 April 2024 1,816,274 1,816,274
Additions
Disposals
Revaluations
Transfers
At 30 June 2024 1,816,274 1,816,274
Depreciation
At 1 April 2024
Charge for year
On disposals
Other adjustments
At 30 June 2024
Net book value
At 30 June 2024 1,816,274 1,816,274
At 31 March 2024 1,816,274 1,816,274

Additional annual expenditure of Euros30,960 has been expensed due to the vessel refit carried out in Winter 2024 prior to the start of the 2024 summer season. Additional annual expenditure of Euros53,373 had already been expensed due to the vessel 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 as at the date of the Asset Purchase Agreement, namely 27 August 2019. Chantella is considered to have a current value of £1.5million. On a forced sale Chantella would be worth considerably less, around Euros1-1.2million. It is considered to have a current value of Euros 1,816,274, £1.5million and is valued for insurance purposes at Euros1.802million. Accordingly, the vessel is not depreciated for the time being.A charge against the vessel, Chantella was registered at Companies House dated 15 March 2024.

CYC CHARTERING LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2024

4. Debtors

30 June 2024 31 March 2024
£ £
Trade debtors 0 2,171
Total 0 2,171
Debtors due after more than one year: 0 0

CYC CHARTERING LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2024

5. Creditors: amounts falling due within one year note

30 June 2024 31 March 2024
£ £
Bank loans and overdrafts 8,000 7,003
Taxation and social security 10,017 2,800
Accruals and deferred income 84,779 87,961
Other creditors 42,500 41,248
Total 145,296 139,012

Income in advance amounts to Euros42,926 as at 30 June 2024, Euros54,962 as at 31 March 2024, Euros20,000 as at 31 December 2023, 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 covering the vessel refit carried out in Autumn 2022/Winter 2023 has been expensed at the start of the 2023 summer season. The current refit has been expensed in Quarter 2, 2024.Brokers commission payable relating to the Summer Seasons of 2022 and 2023 of Euros 24,000 is disputed and is not included as a creditor nor included as an expense.APA not recovered from the charterer of Euros 11,000 relating to the Summer Season 2023 is not included as a debtor.

CYC CHARTERING LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2024

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

30 June 2024 31 March 2024
£ £
Bank loans and overdrafts 178,974 178,974
Other creditors 1,800,247 1,800,247
Total 1,979,221 1,979,221

Other creditors are a loan from Simon Hume-Kendall amounting to Euros 1,800,247 with no set repayment terms. A loan from a connected company of Euros178,974 as at 31 March 2024 and as at 30 June 2024 is shown above as a Bank loan; interest is no longer payable on this loan with no set repayment terms.