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Company registration number:
SC350682
Shetland Tall Ships Ltd
Company limited by guarantee
Unaudited Filleted Abridged Financial Statements for the year ended
31 March 2024
Shetland Tall Ships Ltd
Report to the board of directors on the preparation of the unaudited statutory financial statements of Shetland Tall Ships Ltd
Year ended
31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the
abridged financial statements
of
Shetland Tall Ships Ltd
for the year ended
31 March 2024
which comprise the abridged income statement, abridged statement of financial position and related notes from the company’s accounting records and from information and explanations you have given me.
As a practising member of the Association of Chartered Certified Accountants, I am subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/​content/​dam/​ACCA_Global/​Members/​Doc/​rule/​2018-rulebook.pdf.
This report is made solely to the Board of Directors of
Shetland Tall Ships Ltd
, as a body. My work has been undertaken solely to prepare for your approval the
abridged financial statements
of
Shetland Tall Ships Ltd
and state those matters that I have agreed to state to the Board of Directors of
Shetland Tall Ships Ltd
, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/​content/​dam/​ACCA_Global/​Technical/​fact/​tf-163-jan-24.pdf. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than
Shetland Tall Ships Ltd
and its Board of Directors, as a body, for my work or for this report.
It is your duty to ensure that
Shetland Tall Ships Ltd
has kept adequate accounting records and to prepare statutory
abridged financial statements
that give a true and fair view of the assets, liabilities, financial position and surplus of
Shetland Tall Ships Ltd
. You consider that
Shetland Tall Ships Ltd
is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the abridged financial statements of Shetland Tall Ships Ltd. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory abridged financial statements.
Tregonning & Co Limited
Staney Brae
Dunrossness
Shetland
ZE2 9JG
United Kingdom
Date:
28 August 2024
Shetland Tall Ships Ltd
Abridged Statement of Financial Position
31 March 2024
20242023
££
Current assets    
Debtors
1,550
 
45,600
 
Cash at bank and in hand
280,683
 
372,098
 
282,233
 
417,698
 
Creditors: amounts falling due within one year
(282,233
)
(417,698
)
Net current liabilities -   -  
Total assets less current liabilities -   -  
Capital and reserves    
Income and expenditure account -   -  
Members funds -   -  
For the year ending
31 March 2024
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
  • The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476;
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements.
All of the members have consented to the preparation of the abridged statement of financial position and the abridged income statement for the year ended
31 March 2024
in accordance with Section 444(2A) of the Companies Act 2006.
These
abridged financial statements
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
abridged financial statements
were approved by the board of directors and authorised for issue on
4 September 2024
, and are signed on behalf of the board by:
M Bell
S Laurenson
DirectorDirector
Company registration number:
SC350682
Shetland Tall Ships Ltd
Notes to the Abridged Financial Statements
Year ended
31 March 2024

1 General information

The company is a private company limited by guarantee and is registered in Scotland. The address of the registered office is
Lerwick Port Authority
,
Albert Building
,
Lerwick
,
Shetland
,
ZE1 0LL
, United Kingdom.

2 Statement of compliance

These
abridged financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Grant Income

Grants are not recognised until there is reasonable assurance that the entity will comply with the conditions attaching to them and the grants will be received.
Grants are recognised using the accrual model and the performance model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in surplus or deficit. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in surplus or deficit.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in surplus or deficit immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in surplus or deficit immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4 Average number of employees

The average number of persons employed by the company during the year was
3
(2023:
3.00
).