Company Registration Number 10333818 (England and Wales)
WIGHT SHIPYARD COMPANY LIMITED
ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2023
WIGHT SHIPYARD COMPANY LIMITED
COMPANY INFORMATION
Directors
Mr P Morton
Mr R P Joassard
Mr K M T Houlberg
Mr T D Mumford
(Appointed 1 January 2024)
Secretary
Brodies Secretarial Services Limited
Company number
10333818
Registered office
Kintyre House
70 High Street
Fareham
Hampshire
United Kingdom
PO16 7BB
Auditor
Alliott Wingham Limited
Kintyre House
70 High Street
Fareham
Hampshire
PO16 7BB
WIGHT SHIPYARD COMPANY LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 30
WIGHT SHIPYARD COMPANY LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the year ended 31 December 2023.

Review of the business

2023 accounts reflect a transitory year for Wight Shipyard Company Ltd, with:

 

 

However, between December 2023 and February 2024, the Company has signed 3 new commercial contracts for a total of 7 vessels to be built. This order book enables clear visibility and stability in the foreseen activity and the next 12-18 months, with some additional contract signatures expected in the coming months.

 

As planned, WSC now benefits from OCEA integration plan in production, planning, project management and finance so as to capitalize on the Group’s experience in developing a shipbuilding business that has seen sustained growth over the last 35 years.

 

Contingent asset

Wight Shipyard Company Limited have been in consultation with lawyers regarding a potential damage claim for a significant value. This potential proceed is not included within 2023 financial statements.

Principal risks and uncertainties

Shipbuilding is susceptible and very sensitive to fluctuations in the uncertain domestic and global shipping markets.  This has always been the case for WSC, but, now the business is part of a multi-national shipbuilding group, this risk has much reduced.  WSC can, and already has, benefited from spillover work from its parent.  Additional resilience comes from being part of a much larger, multi business unit group. 

 

Brexit continues to provide risk and opportunity as the nation seeks to establish new trade deals with new global partners.  OCEA Group’s already established customer base offers new avenues for British shipbuilding export from WSC. 

 

Changes to IR35 legislation continue to pose a risk to the business and individuals alike.  WSC has taken the necessary steps to comply with the legislation and, as it moves into its next stage of development, is reducing further its reliance on contractors and is increasing workforce resilience and stability.  In particular, the company has its apprenticeship scheme tap wide open with 26 apprentices currently on the books: a key investment in the future and in Isle of Wight careers.  Encouragingly over 90% of WSC’s apprentices succeed and stay on at the shipyard after their apprenticeship finishes. 

 

Price risk

The company retains some exposure to fluctuations in the cost of bought-in-goods and services due to the long-term contract nature of a substantial portion of its turnover.  This risk is reduced through securing pricing for bought-in-goods and services at the start of a project. 

 

Exchange rate risk

The company has some exposure to changes in foreign currency exchange rates as some customer contracts are non-sterling and, whilst labour is UK-based, certain bought-in-goods and services are non-Sterling purchases.  The company will continue to limit its exposure through obtaining foreign exchange rates, where it can, that cover contractual periods.

 

Credit risk

The Company’s credit risk relates primarily to its trade receivables. The company directly contracts with its customers who range from blue chip companies operating government contracts to small and medium sized entities in the commercial sector. The credit terms granted are proportional to risk profile and larger contracts are invoiced on a stage payment basis.

 

WIGHT SHIPYARD COMPANY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Cashflow and liquidity risk

The current cash position and short to medium cash flow forecasts are prepared and reviewed on a weekly basis to mitigate cash flow risk and predict any funding requirements, which are provided thanks to Group support.

Key performance indicators

The ongoing financial performance and financial position of the company are managed through a series of key performance indicators which focus on project performance, turnover, gross profit and EBITDA. All of these are periodically reviewed by the senior management team during the year.

Turnover for 2023 fell significantly to £10.0m (2022 (annualised): £20.7m) but the forecast is for this to increase significantly in 2024 and beyond, as new orders are received on the back of repeat business and new strategic relationships.

The business suffered a heavy loss for the reasons outlined above but is forecast to significantly improve in 2024, due to the adoption of well-established group methods and efficiencies.

On behalf of the board

Mr T D Mumford
Director
20 September 2024
WIGHT SHIPYARD COMPANY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the company continued to be that of the building, refitting and repairing ships and floating structures.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr P Morton
Mr R G Rowe
(Resigned 6 December 2023)
Mr R P Joassard
Mr K M T Houlberg
Mr T D Mumford
(Appointed 1 January 2024)
Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

WIGHT SHIPYARD COMPANY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
On behalf of the board
Mr T D Mumford
Director
20 September 2024
WIGHT SHIPYARD COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WIGHT SHIPYARD COMPANY LIMITED
- 5 -
Opinion

We have audited the financial statements of Wight Shipyard Company Limited (the 'company') for the year ended 31 December 2023 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Material uncertainty related to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

We draw attention to the profit and loss account within these financial statements, which indicates that the company made a significant loss before tax for the year of £7,206,363, including a gross loss of £3,845,084.

 

We also draw attention to the fact a deferred tax asset has been recognised in respect of the tax losses being carried forward to offset against future profits. Following discussions with the directors and reviewing their business plan for the next 3-5 years, we believe that should the company achieve its intended plan, the deferred tax asset will be realised.

 

These events or conditions, indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our opinion is not modified in respect of this matter.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

WIGHT SHIPYARD COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WIGHT SHIPYARD COMPANY LIMITED
- 6 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the Company that were contrary to applicable laws and regulations, including fraud. Our audit procedures were designed at Company and significant component levels to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involved deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

 

We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, financial reporting legislation, the Companies Act 2006 and UK tax legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and review of correspondence with external legal advisors.

 

WIGHT SHIPYARD COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WIGHT SHIPYARD COMPANY LIMITED
- 7 -

There are inherent limitations in the audit procedures described above and, the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to management bias in accounting estimates. We addressed the risk of management override of internal controls through testing journals, in particular any entries posted with unusual account combinations or posted by senior management. We evaluated whether there was evidence of bias by the Directors in accounting estimates that represented a risk of material misstatement due to fraud. We challenged assumptions and judgements made by management in their significant accounting estimates.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Mark Nolan FCA
Senior Statutory Auditor
For and on behalf of Alliott Wingham Limited
20 September 2024
Chartered Accountants
Statutory Auditor
Kintyre House
70 High Street
Fareham
Hampshire
PO16 7BB
WIGHT SHIPYARD COMPANY LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
Year
Period
ended
ended
31 December
31 December
2023
2022
as restated
Notes
£
£
Turnover
3
9,997,618
25,878,300
Cost of sales
(13,842,702)
(22,919,819)
Gross (loss)/profit
(3,845,084)
2,958,481
Administrative expenses
(3,398,730)
(3,264,319)
Other operating income
357,709
134,300
Operating loss
4
(6,886,105)
(171,538)
Interest receivable and similar income
8
40
242,835
Interest payable and similar expenses
9
(320,298)
(253,634)
Loss before taxation
(7,206,363)
(182,337)
Tax on loss
10
1,278,099
213,931
(Loss)/profit for the financial year
(5,928,264)
31,594
WIGHT SHIPYARD COMPANY LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
Year
Period
ended
ended
2023
2022
as restated
£
£
(Loss)/profit for the year
(5,928,264)
31,594
Other comprehensive income
-
-
Total comprehensive income for the year
(5,928,264)
31,594
WIGHT SHIPYARD COMPANY LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
11
2,951,000
-
0
Tangible assets
12
3,815,791
4,200,445
Investments
13
502,500
502,500
7,269,291
4,702,945
Current assets
Stocks
15
599,997
262,114
Debtors
16
6,675,160
8,529,543
Cash at bank and in hand
48,627
330,811
7,323,784
9,122,468
Creditors: amounts falling due within one year
17
(5,345,072)
(5,716,466)
Net current assets
1,978,712
3,406,002
Total assets less current liabilities
9,248,003
8,108,947
Creditors: amounts falling due after more than one year
18
(8,141,901)
(10,181,996)
Provisions for liabilities
Provisions
20
-
0
225,000
Deferred tax liability
21
219,148
228,944
(219,148)
(453,944)
Net assets/(liabilities)
886,954
(2,526,993)
Capital and reserves
Called up share capital
24
4,000,100
100
Other reserves
5,342,211
-
0
Profit and loss reserves
(8,455,357)
(2,527,093)
Total equity
886,954
(2,526,993)

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 20 September 2024 and are signed on its behalf by:
Mr T D Mumford
Director
Company registration number 10333818 (England and Wales)
WIGHT SHIPYARD COMPANY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
Share capital
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
As restated for the period ended 31 December 2022:
Balance at 30 September 2021
100
-
(2,558,687)
(2,558,587)
Period ended 31 December 2022:
Profit and total comprehensive income
-
-
31,594
31,594
Balance at 31 December 2022
100
-
(2,527,093)
(2,526,993)
Year ended 31 December 2023:
Loss and total comprehensive income
-
-
(5,928,264)
(5,928,264)
Issue of share capital
24
4,000,000
-
-
4,000,000
Other movements
-
5,342,211
-
5,342,211
Balance at 31 December 2023
4,000,100
5,342,211
(8,455,357)
886,954
WIGHT SHIPYARD COMPANY LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
2023
2022
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
30
(4,014,344)
2,012,116
Interest paid
-
0
(213,849)
Income taxes refunded
-
0
305,826
Net cash (outflow)/inflow from operating activities
(4,014,344)
2,104,093
Investing activities
Purchase of intangible assets
(2,951,000)
-
0
Purchase of tangible fixed assets
(298,698)
(3,841,283)
Proceeds from disposal of tangible fixed assets
-
0
85,545
Interest received
40
92,835
Other income received from investments
-
0
150,000
Net cash used in investing activities
(3,249,658)
(3,512,903)
Financing activities
Proceeds from issue of shares
4,000,000
-
0
Proceeds from borrowings
6,981,818
10,142,211
Repayment of borrowings
(4,000,000)
(8,517,718)
Net cash generated from financing activities
6,981,818
1,624,493
Net (decrease)/increase in cash and cash equivalents
(282,184)
215,683
Cash and cash equivalents at beginning of year
330,811
115,128
Cash and cash equivalents at end of year
48,627
330,811
WIGHT SHIPYARD COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
1
Accounting policies
Company information

Wight Shipyard Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is Kintyre House, 70 High Street, Fareham, Hampshire, United Kingdom, PO16 7BB.

1.1
Reporting period

The comparative figures in these financial statements reflect a period of 15 months, following an extension of the reporting date to 31 December 2022. This was so Wight Shipyard Company Limited's reporting date is aligned with the OCEA groups reporting date following the merger which took place during that period. This allows for easier financial and strategic planning as well as easier reporting, including consolidation within the group financial statements.

 

The comparative figures are not therefore not entirely comparable.

1.2
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.

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. The principal accounting policies adopted are set out below.

Wight Shipyard Company Limited is a wholly owned subsidiary of OCEA Holding S.A. and the results of Wight Shipyard Company Limited are included in the consolidated financial statements of Caliope Group which are available from Les Sables d'Olonne (85100), Quai de la Cabaude, France.

1.3
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

 

The shareholder demonstrated their engagement to invest in the company through capital increases so that total net assets at the reporting date are £886,954.

 

Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Management have determined that with the measures being put into place following the financial loss in this period and the previous year, and to address the ongoing impact of COVID-19 (Coronavirus), no material uncertainties exist that would need to be disclosed within the financial statements.

1.4
Turnover

Revenue from long term new build contracts is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business of boat building, refit and repair, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

WIGHT SHIPYARD COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -

Revenue from long term new build contracts is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Investment income is recognised when it is probable that the economic benefits will flow to the company and the amount can be measured reliably.

1.5
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Development costs
33% on cost
1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
22.5% reducing balance
Plant and equipment
15% reducing balance
Fixtures and fittings & Office equipment
25% reducing balance & 40% reducing balance
Motor vehicles
40% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.8
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

WIGHT SHIPYARD COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.9
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
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.

WIGHT SHIPYARD COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.12
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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.

WIGHT SHIPYARD COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
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. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.13
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.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

WIGHT SHIPYARD COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.16
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.

1.17
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.18
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.19
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

WIGHT SHIPYARD COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
1.20
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 directors are 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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Work in progress

Calculation of ongoing project work at the year end relies upon judgement as to when the profit will be realised, based on the stage of completion of each project.

Tangible Assets

Determining whether there are indicators of impairment of the company's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset.

Accrued & Deferred Income

Calculation of the amount of revenue to be recognised each year relies upon judgement based on the stage of completion of each project.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Property, plant and equipment

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Provision for onerous contracts

Provisions for onerous contracts are calculated by estimating the costs of certain projects based on the works still to be carried out under obligation of the contract and offset against the benefits due to be derived from those contracts.

WIGHT SHIPYARD COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
2
Judgements and key sources of estimation uncertainty
(Continued)
- 20 -
Bad debt provision

Bad debt provision is estimated based on an assessment of the company's ability to recover debts from it's trade customers, having taken into account the individual customers circumstances and previous history in terms of payment.

Valuation of joint venture

The investment in the joint venture is required to be assessed for impairment annually. This requires an estimation of the valuation of the company's share in the joint venture at each reporting date. The joint ventures reporting date is not co-terminus with Wight Shipyard Company Limited meaning information to establish a valuation is not as easy due to reliance on interim figures which may lack full accounting adjustments.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Building, repairs and refits of aluminium vessels
9,997,618
25,878,300
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
9,681,228
25,027,102
Europe
89,137
147,730
Rest of the World
227,253
703,468
9,997,618
25,878,300
2023
2022
£
£
Other revenue
Interest income
40
92,835
Grants received
340,770
27,012
4
Operating loss
2023
2022
Operating loss for the year is stated after charging/(crediting):
£
£
Exchange losses
7,858
148,969
Government grants
(340,770)
(27,012)
Fees payable to the company's auditor for the audit of the company's financial statements
11,960
11,750
Depreciation of owned tangible fixed assets
679,665
166,472
Loss/(profit) on disposal of tangible fixed assets
3,688
(28,374)
Operating lease charges
269,361
199,695
WIGHT SHIPYARD COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
11,960
11,750
6
Employees

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

2023
2022
Number
Number
Administration and manufacturing
112
62

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
4,260,383
3,197,025
Social security costs
399,203
309,681
Pension costs
189,706
129,176
4,849,292
3,635,882
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
173,437
191,139
Company pension contributions to defined contribution schemes
1,500
9,214
174,937
200,353
WIGHT SHIPYARD COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
40
56
Other interest income
-
0
92,779
Total interest revenue
40
92,835
Income from fixed asset investments
Income from participating interests - joint ventures
-
0
150,000
Total income
40
242,835
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
40
56
9
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
-
438
Other finance costs:
Other interest
320,298
253,196
320,298
253,634
10
Taxation
2023
2022
£
£
Current tax
Adjustments in respect of prior periods
-
0
(131,632)
Deferred tax
Origination and reversal of timing differences
(1,278,099)
(82,299)
Total tax credit
(1,278,099)
(213,931)
WIGHT SHIPYARD COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10
Taxation
(Continued)
- 23 -

The actual credit for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Loss before taxation
(7,206,363)
(182,337)
Expected tax credit based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
(1,369,209)
(34,644)
Tax effect of expenses that are not deductible in determining taxable profit
2,331
77
Permanent capital allowances in excess of depreciation
(384)
(50,400)
Depreciation on assets not qualifying for tax allowances
89,163
13,726
Research and development tax credit
-
0
(131,632)
Under/(over) provided in prior years
-
0
17,442
Dividend income
-
0
(28,500)
Taxation credit for the year
(1,278,099)
(213,931)
11
Intangible fixed assets
Development costs
£
Cost
At 1 January 2023
-
0
Additions
2,951,000
At 31 December 2023
2,951,000
Amortisation and impairment
At 1 January 2023 and 31 December 2023
-
0
Carrying amount
At 31 December 2023
2,951,000
At 31 December 2022
-
0
WIGHT SHIPYARD COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
12
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings & Office equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
2,828,700
1,670,637
53,822
45,748
4,598,907
Additions
124,160
170,139
-
0
4,400
298,699
Disposals
-
0
(7,855)
-
0
-
0
(7,855)
At 31 December 2023
2,952,860
1,832,921
53,822
50,148
4,889,751
Depreciation and impairment
At 1 January 2023
27,425
317,614
19,641
33,782
398,462
Depreciation charged in the year
440,151
218,022
13,240
8,252
679,665
Eliminated in respect of disposals
-
0
(4,167)
-
0
-
0
(4,167)
At 31 December 2023
467,576
531,469
32,881
42,034
1,073,960
Carrying amount
At 31 December 2023
2,485,284
1,301,452
20,941
8,114
3,815,791
At 31 December 2022
2,801,275
1,353,023
34,181
11,966
4,200,445
13
Fixed asset investments
2023
2022
Notes
£
£
Investments in joint ventures
14
502,500
502,500
14
Joint ventures

Details of the company's joint ventures at 31 December 2023 are as follows:

Name of undertaking
Registered office
Interest
% Held
held
Direct
Aluminium Marine Consultants Limited
United Kingdom
Ordinary shares
50.00
15
Stocks
2023
2022
£
£
Work in progress
599,997
262,114
WIGHT SHIPYARD COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
16
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,968,993
2,676,464
Amounts owed by group undertakings
194,558
-
0
Other debtors
272,522
859,845
Prepayments and accrued income
2,118,297
4,140,746
4,554,370
7,677,055
2023
2022
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 21)
2,120,790
852,488
Total debtors
6,675,160
8,529,543
17
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Trade creditors
451,895
2,173,137
Amounts owed to group undertakings
150,310
-
0
Taxation and social security
131,405
144,598
Deferred income
22
4,341,276
3,201,696
Other creditors
27,738
51,738
Accruals
242,448
145,297
5,345,072
5,716,466
18
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Other borrowings
19
8,141,901
10,181,996
19
Loans and overdrafts
2023
2022
£
£
Other loans
8,141,901
10,181,996
Payable after one year
8,141,901
10,181,996
WIGHT SHIPYARD COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
20
Provisions for liabilities
2023
2022
£
£
Warranty provision
-
225,000
Movements on provisions:
Warranty provision
£
At 1 January 2023
225,000
Reversal of provision
(225,000)
At 31 December 2023
-
21
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Balances:
£
£
£
£
Accelerated capital allowances
219,148
228,944
-
-
Tax losses
-
-
2,120,790
852,488
219,148
228,944
2,120,790
852,488
2023
Movements in the year:
£
Asset at 1 January 2023
(623,544)
Credit to profit or loss
(1,278,098)
Asset at 31 December 2023
(1,901,642)

The deferred tax asset set out above is only expected to partially reverse within 12 months and relates to the utilisation of tax losses against future expected profits of the same period. Likewise the deferred tax liability set out above is only expected to partially reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

The directors believe that the deferred tax asset in respect of tax losses will be utilised in the next 3 -5 years. Thus, they believe it remains appropriate to recognise a deferred tax asset.

WIGHT SHIPYARD COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
22
Deferred income
2023
2022
£
£
Arising from government grants
1,931,030
2,271,800
Other deferred income
2,410,246
929,896
4,341,276
3,201,696

The company received Government grant funding of £2,271,800 as part of the levelling up fund in relation to the acquisition of its new marine hoist and associated shipyard improvement works. The grant is being released to profit and loss over the useful lives of the assets it relates to. The amount remaining to be released to profit and loss is £1,931,030.

23
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
189,706
129,176

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

24
Share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
4,000,100 (2022: 100) Oridnary £1 shares of £1 each
4,000,100
100
25
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2022
£
£
Within one year
137,570
127,997
Between two and five years
550,280
511,990
In over five years
228,394
340,514
916,244
980,501
WIGHT SHIPYARD COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
26
Contingent Asset

Wight Shipyard Company Limited have been consultation with lawyers regarding a potential damages claim against one of their key suppliers which the directors believe will be successful. The damages claim would result in an estimated receipt of approximately £5,000,000. This potential receipt is not included within the financial statements.

27
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2023
2022
£
£
Aggregate compensation
234,256
154,713

Key management personnel are deemed to be the directors of the company and its CFO, as they have authority and responsibility for planning, directing and controlling the activities of the entity.

Transactions with related parties

During the year the company entered into the following transactions with related parties:

Purchases
Purchases
2023
2022
£
£
Entities over which the entity has control, joint control or significant influence
7,955
95,680
Key management personnel
14,668
-
Other related parties
119,069
235,623
Services received
Services provided
2023
2022
2023
2022
£
£
£
£
Entities with control, joint control or significant influence over the company
-
-
195,805
101,858
Key management personnel
-
-
-
222,920
Other related parties
161,660
185,952
265,794
276,623

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
8,141,901
10,181,996
WIGHT SHIPYARD COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
27
Related party transactions
(Continued)
- 29 -

Loans to the value of £17,163,814 have been provided by the parent company. £4,000,000 of the loan balance has been repaid in exchange for shares issued during the year. A further £5,342,211 has also been repaid in exchange for shares which were in the process of being issued at the reporting date. Interest of £320,298 had accrued on this loan at the reporting date. Therefore, the total due at the reporting date is £8,141,901.

 

There is currently no intention to recall this loan and further loans have been provided post reporting date.

28
Ultimate controlling party

The parent company is OCEA Holding S.A, a company registered in France. Their registered office is Les Sables d'Olonne (85100), Quai de la Cabaude.

 

OCEA Holding S.A. is part of the Caliope Group, of which Mr R P Joassard has ultimate control.

Mr R P Joassard is the ultimate controlling party, since 30 June 2022. There was no previous ultimate controlling party.

Wight Shipyard Company Limited results will be consolidated into the Caliope groups accounts.

29
Prior period adjustment

The deferred tax has been adjusted to reflect an R&D claim which was completed after the financial statements of the previous period were finalised. This reduced the amount of carried forward losses available for use in future.

30
Cash (absorbed by)/generated from operations
2023
2022
£
£
(Loss)/profit for the year after tax
(5,928,264)
31,594
Adjustments for:
Taxation credited
(1,278,099)
(213,931)
Finance costs
320,298
253,634
Investment income
(40)
(242,835)
Loss/(gain) on disposal of tangible fixed assets
3,688
(28,374)
Depreciation and impairment of tangible fixed assets
679,665
166,472
(Decrease)/increase in provisions
(225,000)
225,000
Movements in working capital:
(Increase)/decrease in stocks
(337,883)
718,405
Decrease/(increase) in debtors
3,122,685
(1,867,658)
(Decrease)/increase in creditors
(1,510,974)
1,132,175
Increase in deferred income
1,139,580
1,837,634
Cash (absorbed by)/generated from operations
(4,014,344)
2,012,116
WIGHT SHIPYARD COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 30 -
31
Analysis of changes in net debt
1 January 2023
Cash flows
Market value movements
31 December 2023
£
£
£
£
Cash at bank and in hand
330,811
(282,184)
-
48,627
Borrowings excluding overdrafts
(10,181,996)
1,719,797
320,298
(8,141,901)
(9,851,185)
1,437,613
320,298
(8,093,274)
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