Company registration number 04960934 (England and Wales)
COWES INTERNATIONAL CUP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
COWES INTERNATIONAL CUP LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
COWES INTERNATIONAL CUP LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
4
12,081
12,081
Creditors: amounts falling due within one year
5
(238,975)
(238,975)
Net current liabilities
(226,894)
(226,894)
Capital and reserves
Called up share capital
490
490
Profit and loss reserves
(227,384)
(227,384)
Total equity
(226,894)
(226,894)
COWES INTERNATIONAL CUP LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2023
30 November 2023
- 2 -

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved and signed by the director and authorised for issue on 29 August 2024
Mr G R M Hill
Director
Company Registration No. 04960934
COWES INTERNATIONAL CUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 3 -
1
Accounting policies
Company information

Cowes International Cup Limited is a private company limited by shares incorporated in England and Wales. The registered office is 21 Spindlewood Way, Oak Park, Marchwood, Southampton, Hampshire, United Kingdom, SO40 4JZ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Profit and loss account

The company has not traded during the year or the preceding financial period. During this time, the company received no income and incurred no expenditure and therefore no Profit and loss account is presented in these financial statements.

1.3
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.4
Financial instruments

The company only enters into Basic financial instrument transactions.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Classification of financial liabilities

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.

COWES INTERNATIONAL CUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.6
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.7
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount 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 these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
1
1
COWES INTERNATIONAL CUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 5 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
12,081
12,081
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
11,571
11,571
Trade creditors
20,514
20,514
Other creditors
206,890
206,890
238,975
238,975
6
Related party transactions

Mr Geoff Hill, a Director, is owed £206,281 at 30 November 2023 for repayment of loans to the company and a further £20,513.63 by means of expenses due from the company, including the cost of computer hardware and office furniture (which remains unpaid), and additional expenses (currently unqualified) incurred during financial years 2013/14 to 2016/17 (inclusive) but not claimed to date.

 

The current Director reported ex-director Mr Robert Catcher to the police during financial year 2005/06 for alleged theft from the company. He made suspicious payments from the company's bank accounts during financial years 2003/04 to 2005/06. The evidence is that these payments were for the benefit of him and those connected with him.

 

Such unexplained payments are shown as a debt and amount to an estimated minimum of £11,571 by the end of 2006/07.

 

For accounting purposes, the aforementioned benefits and payments by Mr Catcher are detailed as 'directors loans', without prejudice to the signatory’s view that they were unlawful inter alia under sections 334 & 458 of the Companies Act 1985 (as amended) and section 1(1) of the Theft Act 1968.

 

During 2006-07, there were receipts of £1,017.40 from recipients of unlawful payments, which were incorporated into the Director's loan account during 2006-07.

 

However, return of unlawful property by a third party does not mean that the original alleged offences did not occur. The true amount of alleged unauthorised payments made by Mr Catcher for the benefit of him and those connected with him remains an estimated minimum of £12,588.01, excluding the continuing effect these payments have had on bank charges and interest payable, which have not been calculated.

 

Substantial legal fees have been incurred inter alia as a result Mr Catcher's unauthorised use of company money. The company (with Mr Hill as guarantor) is meeting legal costs initially on behalf of Mr Catcher's alleged known victims. Full allowance for these fees is included in these financial statements and they will be apportioned between the parties and reclaimed if possible in due course.

 

Invoiced sums due from Sports Promotion Consultancy Limited, in which there is a commonality of interests, were written off in a previous financial but a share of legal fees referred to in the preceding paragraph still applies.

 

COWES INTERNATIONAL CUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 6 -
7
Directors' transactions

The following loan to directors subsisted during the year ended 30 November 2023:

 

R P Catcher

Balance outstanding at start of year             £11,571.00

Balance outstanding at end of year             £11,571.00

Maximum balance outstanding during year         £11,571.00

 

The above loan was unauthorised and unlawful. Mr Catcher was removed as a Director during the financial year 2005/06 but remains indebted to the company in this amount, which excludes accrued interest and costs arising from his conduct.

 

In addition to the above Mr R P Catcher owes the company £510 in respect of share capital forfeited on 22 December 2006.

                    

    G R M Hill     

    

Balance outstanding at start of year £206,281.00 Due from Company

Balance outstanding at end of year      £206,281.00 Due from Company

Maximum balance outstanding during year £206,281.00 Due from Company

Mr Hill has current expenses totalling £20,513.63 awaiting reimbursement from the company too. This amount is included within Trade Creditors.

 

 

2023-11-302022-12-01true29 August 2024CCH SoftwareCCH Accounts Production 2024.200No description of principal activityMr G R M Hillfalsefalse049609342022-12-012023-11-30049609342023-11-30049609342022-11-3004960934core:CurrentFinancialInstrumentscore:WithinOneYear2023-11-3004960934core:CurrentFinancialInstrumentscore:WithinOneYear2022-11-3004960934core:CurrentFinancialInstruments2023-11-3004960934core:CurrentFinancialInstruments2022-11-3004960934core:ShareCapital2023-11-3004960934core:ShareCapital2022-11-3004960934core:RetainedEarningsAccumulatedLosses2023-11-3004960934core:RetainedEarningsAccumulatedLosses2022-11-3004960934bus:Director12022-12-012023-11-30049609342021-12-012022-11-3004960934core:WithinOneYear2023-11-3004960934core:WithinOneYear2022-11-3004960934bus:EntityNoLongerTradingButTradedInPast2022-12-012023-11-3004960934bus:PrivateLimitedCompanyLtd2022-12-012023-11-3004960934bus:SmallCompaniesRegimeForAccounts2022-12-012023-11-3004960934bus:FRS1022022-12-012023-11-3004960934bus:AuditExemptWithAccountantsReport2022-12-012023-11-3004960934bus:FullAccounts2022-12-012023-11-30xbrli:purexbrli:sharesiso4217:GBP