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Registered number: 01422153
















SAILPORT PLC




ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024


































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SAILPORT PLC

 
COMPANY INFORMATION


DIRECTORS
D W Crouch (Chairman) 
C Bush (Managing Director) 
T J Banks 
R W Shapland 
R D C West 
J A Williams 
P A Giblett (appointed 17 January 2024)




COMPANY SECRETARY
Sarah Lyons (appointed 23 January 2024)



REGISTERED NUMBER
01422153



REGISTERED OFFICE
Salt Quay House
4 North East Quay

Plymouth

Devon

PL4 0BN




TRADING ADDRESS
Mayflower Marina

Richmond Walk

Plymouth

Devon

PL1 4LS






INDEPENDENT AUDITORS
Bishop Fleming LLP
Chartered Accountants & Statutory Auditors

Salt Quay House

4 North East Quay

Sutton Harbour

Plymouth

PL4 0BN






SAILPORT PLC


CONTENTS



Page
Strategic report
 
1 - 3
Directors' report
 
4 - 7
Directors' responsibilities statement
 
8
Independent auditors' report
 
9 - 12
Statement of income and retained earnings
 
13
Statement of financial position
 
14
Statement of cash flows
 
15
Analysis of net debt
 
16
Notes to the financial statements
 
17 - 29



SAILPORT PLC

 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
INTRODUCTION
 
Sailport Plc is a public limited company incorporated in the United Kingdom. The registered office is:
Salt Quay House
4 North East Quay
Sutton Harbour
Plymouth
PL4 0BN

BUSINESS REVIEW
 
The Directors are pleased to announce that Sailport Plc has achieved very satisfactory results for the year ended 31 March 2024 with a profit before tax of £162k (2023: £160k). 
Total annual turnover was flat at £2.145m (2023: £2.148m) mainly due to a decrease in visitor berthing income and fuel sales although total berthing income increased by £92k (8%) (2023: £17k (1.5%)).
Term berthing (contracts of 4 to 12 months) increased by £104k (11%) which was above expectations given that contract berthing rates had been uplifted by only 7.5%. However, visitor berthing income fell by £12k (6%) mainly due to the inclement weather last July and August which also had a consequential impact on fuel sales and certain other marina services. Overall, notwithstanding the inclement weather, the demand for berths was strong and the marina maintained a high level of berth occupancy. 
Fuel sales (petrol and diesel) decreased by 12.6% but the associated fuel costs decreased by 13.4% with the result that the gross profit margin on fuel sales (gross profit as a percentage of sales) increased to 15.3% and resulted in a gross profit on fuel of £90k, a decrease of £8k compared to the previous year (2023: £98k). The decrease in fuel sales was a result of two main factors. The poor weather conditions last July and August, the height of the boating season, resulted in lower activity by both our own berth-holders and visiting boats. In late October 2023 the marina’s fuel facilities suffered water damage and as a consequence we could not supply diesel during November. However, the Company was able to make a successful insurance claim for £27k of which £7k was in respect of business interruption for loss of profit on fuel sales.
Operating profit margin (operating profit as a percentage of turnover) for the year was 6.9% (2023: 7.4%). Operating profit (£149k) fell by £9k compared to 2023 but this was after an increase in depreciation of £31k (due to the Company’s continued investment in tangible fixed assets) and increased staff salary costs of £35k. Against a backdrop of significant cost inflation the Board remains satisfied that it has a disciplined cost management system and a resilient business model.
The Board is determined to continue to maintain, upgrade and improve Sailport’s infrastructure. Revenue expenditure on pontoon maintenance increased 11.5% to £197k. Capital expenditure of £406k included £250k for E and H pontoons and £88k for an upgrade of the Ladies’ toilets. All of this capital expenditure was financed from the Company’s reserves. 
Surplus cash is placed in monthly interest-bearing accounts and this year due to an increase in the Bank of England interest rates, interest receivable increased by £11k.
Profit after tax amounted to £110k. No dividend is proposed this year as the Board were able to uplift the shareholders’ allowance to £558 from £492.
At the year end the Company had cash of £794k and bank overdraft facilities of £150k, none of which had been drawn down at 31 March 2024. Cash flow was strong during the year and the Board is satisfied that the Company’s balance sheet is robust, and the Company remains a going concern. 
Looking forward, total berthing income in the first three months of the new financial year was broadly in line with management expectations and occupancy rates remained high. The last few years have proved challenging: the pandemic followed by surging inflation and a “cost of living crisis” created a great deal of uncertainty, but the Board remains confident that Sailport is well positioned with a strong brand and a sound financial base from which to go forward. 

Page 1


SAILPORT PLC


STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

PRINCIPAL RISKS AND UNCERTAINTIES
 
The current economic and business environment in which the Company operates gives rise to risks and uncertainties, not all of which are within the Company’s control and not all of which are known at any one time. Nevertheless, the Company has established certain risk management procedures to mitigate their impact. The principal risks which could adversely affect the financial position of Sailport or impact its ability to meet its strategic objectives are set out below, together with the mitigating factors or the actions which the Company has undertaken.
Risk 1 
Changing demographics and the consequent potential decline of boat ownership together with uncertain economic conditions and the adverse impact on disposable incomes may negatively affect the Company’s annual and visitor berthing income.
Mitigation – Competitive pricing, the continued upgrading of the marina’s facilities, good customer service, marketing, membership of TransEurope Marinas and the offer of a cruising credit for eligible berth-holder absences are all designed to help mitigate this risk.
Risk 2
Storm and tidal surge damage or fire damage.
Mitigation – The risk is mitigated by the Company’s pro-active response to its monitoring of weather conditions coupled with its policy of upgrading and maintaining its infrastructure. This is backed up by comprehensive insurance cover plus the training and experience of its competent staff.
Risk 3
The success of the Company depends heavily on its ability to recruit and retain employees who are competent and share the Company’s values. Some of our long serving, more senior employees have recently retired or are approaching retirement, and it is imperative that the Company recruits and retains new, high calibre employees in a tight labour market. 
Mitigation - The Board has ensured that the salaries of its staff remain competitive within the local marina industry. The Company pays above the statutory minimum as a contribution towards the staff pension scheme and offers a comprehensive, non-contributory healthcare policy and life assurance benefit. There are annual performance reviews to ensure any staff issues are identified and dealt with and a Long Service award scheme is in place to promote staff retention. The Company’s policy of close liaison between senior management and staff also aids in fostering good, professional working relationships. 
Risk 4
Failure to identify and manage its health and safety obligations could result in injury to employees and other stakeholders. This could expose the Company to significant disruption, financial liabilities, and reputational damage.
Mitigation – The Company is fully aware of its statutory duties regarding health and safety and its objective is that there should be no incidents causing injury or ill health arising from its activities at Mayflower Marina. Health and safety is an agenda item at every Board meeting and the Managing Director’s monthly report to the Board includes details of any accidents, incidents (including near misses), safety inspections and training. A strong safety culture is promoted with a focus on continuous improvement and relevant training is provided to both new and existing staff. This is supported by effective health and safety communications, detailed investigations into both actual and potential incidents and the sharing of lessons to help to prevent recurrence. 
 
Page 2


SAILPORT PLC


STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024


Risk 5
Pollution resulting in environmental damage is a risk for the marine industry at large and in particular for a marina like ours which is proximate to a National Marine Park, Marine Conservation Zones, an Area of Special Protection plus Sites of Special Scientific Interest.
Mitigation – The risk is mitigated by electronic gauging, leak protection, wet stock monitoring, staff training and the Company’s continued investment in maintenance and renewals. 
Risk 6
An example of a risk previously considered to be highly unlikely is the spread of a disease. Recent experience has shown the potential for something like this to have far-reaching and unexpected consequences for our business. Further waves of the Covid 19 pandemic cannot be ruled out and could result in fundamental changes in the market for marina berthing with downward pressure on berthing fees in the longer term. 
Mitigation – This will depend on the nature of the event, its impact, and the reaction to it by the Government, berth-holders, business, and others. 

FINANCIAL KEY PERFORMANCE INDICATORS
 
The Company uses the following key performance indicators to measure the operational and strategic performance of the business:
 
Growth in berthing income – the Board’s aim is to maintain and grow its berthing income which is its primary source of income within the constraints of the current site.
 
Operating profit margin – this helps the Board to assess its strategy in increasing turnover whilst maintaining its strict control over costs.

OTHER KEY PERFORMANCE INDICATORS
 
The Company uses the holding of a Gold Anchor Award and feedback from its customers to measure and assess the quality of its facilities and services, such feedback being shared with staff.

DIRECTORS' STATEMENT OF COMPLIANCE WITH DUTY TO PROMOTE THE SUCCESS OF THE COMPANY
 
Under section 172 (1) (a) to (f) of the Companies Act 2006, Directors of UK companies have a duty to promote the success of their Company for the benefit of the members as a whole. In line with guidance issued by the Financial Reporting Council, this statement concentrates on matters that are of strategic importance to the Company. The following describes how the Directors have taken wider stakeholders’ needs into account whilst performing their duties in the year.  


This report was approved by the board and signed on its behalf.



D W Crouch (Chairman)
Director

Date: 15 August 2024

Page 3


SAILPORT PLC

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The Directors present their report and the financial statements for the year ended 31 March 2024.

PRINCIPAL ACTIVITY

The Company’s principal activity is the operation of a marina.

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £109,979 (2023: £132,635).

A dividend of £20,400 was paid during the year (2023: £20,400).
The Directors have recommended that no dividend is paid in the year to 31 March 2025.

DIRECTORS

The Directors who served during the year were:

D W Crouch (Chairman) 
C Bush (Managing Director) 
T J Banks 
R W Shapland 
R D C West 
J A Williams 
P A Giblett (appointed 17 January 2024)

FUTURE DEVELOPMENTS

There are no major developments planned at the present time.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

The Board remains alert to the importance of how the Company’s long-term success relies, amongst other things, on its good relations with a wide range of stakeholders. During the year, the Company actively engaged and sought feedback in a variety of ways; these included social events, “one to one” meetings, conversations, and the Managing Director’s friendly “open door policy” which is available to all stakeholders. 

The Directors regard those listed below as the Company’s principal stakeholder groups:
 
Our customers – shareholders, berth-holders, tenants and visitors 
Our staff
Our suppliers
Page 4


SAILPORT PLC
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Our customers 

1. Our shareholders 
Most of our shareholders are also berth-holders and therefore eligible to attend berth-holders’ social events where there is an opportunity to talk to Directors on an informal basis. The Annual General Meeting also gives our shareholders an opportunity to raise questions / issues with the Directors both formally in the meeting and informally afterwards. Shareholders are also encouraged to contact the Managing Director, Chairman of the Board, or any of the non-executive Directors at any time during the year with any issues which they wish to raise.
2. Our berth-holders
Our berth-holders are our biggest source of revenue income, contributing the major part of our income stream. As well as the communication means described above, berth-holders receive a regular newsletter, an annual handbook and can access our social media. 
In May we held our annual ‘Berth-holders’ Breakfast’ meeting. In August we took a party of berth-holders out on a ferry to watch the National Firework Display, and in September our ‘Fish & Chip’ river cruise took place as usual.
Each of these social events attracted more than 80 berth-holders. We also gave away 180 Special Guest Tickets for the Southampton Boat Show to our berth-holders. 
3. Our tenants
Our tenants provide services and facilities for our berth-holders and are important to our business, contributing 2.2% of our total income. Consequently, we strive to ensure that tenants’ rents are fair and affordable and that where repairs or maintenance are needed, the work is carried out as promptly as possible. Last August, our tenants, berth-holders and employees were all invited to watch the National Fireworks Display at sea from boats purposely hired for the evening by Sailport. In August, the long-standing tenancy of M & G Marine ended due to the retirement of the tenants. This has given Sailport the opportunity to demolish the old building and to raise the ground level to that commensurate with the rest of the yard thus increasing yard capacity for storage and lessening the likelihood of flooding. It also presents an opportunity to accommodate new tenants, albeit in portable accommodation.
4. Our visitors
Our visitors provide an important revenue stream to the marina, not just in berthing fees, but in fuel sales and ancillary services. Furthermore, their ‘visitor spend’ helps support the tenanted businesses on site, particularly Jolly Jacks and the Chandlery.
To encourage visitors to Mayflower Marina we offer a competitive visitor tariff for daily, weekly, monthly, and flexible berthing. We host a number of rallies during the year and offer discounts against our visitor rates to encourage participation.
 
5. Our staff

The commitment, skills and experience of our staff are integral to the Company’s long-term success and all staff play an essential role in supporting the Company’s business and in demonstrating the Company’s values. The recruitment and retention of high calibre employees is fundamental to the success of our Company, which depends heavily on the quality of our customer service.  Our staff are a prized asset of our Company and staff retention is crucial. It is important that Sailport is perceived as an “employer of choice” and provides an environment in which our staff are happy to work.  
The Managing Director holds frequent “Tool Box” talks with staff and these cover a diverse range of subjects but have a strong focus on Health and Safety. All staff have easy access and regular engagement with senior management. 

The following are examples of actions taken to promote good business relations with our staff:
 
Salary levels commensurate with other south west marinas. To reflect the impact of inflation, all of our staff received a pay increase of at least 7.5% with the senior bosuns receiving 9.5%.  
Page 5


SAILPORT PLC
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Regular training. The Company made significant investment in staff training for both its longer-term employees and its new employees. The courses were wide ranging and included boat handling, boat lifting, safety management, personal survival, fire warden and fuel spill awareness. 
Private healthcare scheme, including dental and optical cover is eligible to all employees who have more than one year of service.
A non-contributory life assurance scheme is offered to all staff. 
A pension contribution by the Company that exceeds the statutory minimum payable by the employer. 
A salary sacrifice scheme is offered enabling employees to top up pension contributions and includes the employer’s national insurance contribution on the salary sacrificed.
An additional day’s holiday is awarded to employees for every 5 years of service. 
A long service award for those of our employees who achieve 20 years of service. 
 
6. Our suppliers
Our suppliers are diverse; queries raised by them are dealt with promptly and fairly and payments to suppliers are made within the agreed terms and conditions. 
The impact of the Company's operations on the environment and the local community
The Company is aware of its environmental responsibilities and seeks to conduct marina activities in an environmentally sustainable manner. The Company obtains best practice advice from The Yacht Harbour Association and the Green Blue (a joint environmental programme created by the Royal Yachting Association and British Marine, the over-arching trade body representing the UK’s marine industry). It also uses SWMAS (South West Manufacturing Advisory Service) to help monitor the Company’s carbon footprint. We started using HVO (synthetic diesel) for our shore side plant which is 90% better for the environment than conventional diesel. Furthermore, the decision to offer only metered electricity (which is cost neutral as we recharge at cost) has resulted in a reduction of 25% in our offshore electrical consumption which is an environmental win. We continue to generate solar PV and solar thermal energy which reduces costs and our carbon footprint. Since installation we have saved 5,254kg of carbon dioxide emissions which is the equivalent of planting 318 trees. 
Regarding its responsibility to the community, Sailport leases a cabin at a heavily discounted rate to the Horizons Sailing Trust, a charity which offers personal development opportunities through sail training to underprivileged youths and children. The Company also offers concessions to other charities e.g. the Sea Cadets, the Mayflower Offshore Rowing Club and free berthing to the RNLI should one of their boats need a temporary berth.     


Page 6


SAILPORT PLC
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
GOING CONCERN

Sailport generated a profit after tax of £109,979 in the year ended 31 March 2024 (2023: £132,635) and at the year end the Company had net current liabilities of £151,043 and net assets of £4,727,616. Cash at the year-end was £794,131 and there were undrawn bank overdraft facilities of £150,000 and no outstanding loans. Consequently, the Directors are confident that Sailport will have sufficient funds to continue to meet its liabilities as they fall due for at least twelve months from the date of approval of this report and therefore have prepared the financial statements on a going concern basis.  

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are Directors at the time when this Directors' report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company's auditors are unaware, and
the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information

POST BALANCE SHEET EVENTS

There were no post balance sheet events.

AUDITORS

The auditorsBishop Fleming LLPwill be proposed for reappointment in accordance with section 489 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 






Sarah Lyons
Company Secretary

Date: 15 August 2024

Salt Quay House
4 North East Quay
Plymouth
Devon
PL4 0BN

Page 7


SAILPORT PLC

 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

The Directors are responsible for preparing the Strategic report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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:

select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Page 8


SAILPORT PLC

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SAILPORT PLC
OPINION


We have audited the financial statements of Sailport Plc (the 'Company') for the year ended 31 March 2024, which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position, the Statement of Cash Flows and the related notes, including a summary of significant accounting policiesThe 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:


give a true and fair view of the state of the Company's affairs as at 31 March 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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.


CONCLUSIONS RELATING 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.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, 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 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 Auditors' 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.


Page 9


SAILPORT PLC
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SAILPORT PLC (CONTINUED)

OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
 

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


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


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:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


RESPONSIBILITIES OF DIRECTORS
 

As explained more fully in the Directors' responsibilities statement set out on page 8, 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.


Page 10


SAILPORT PLC
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SAILPORT PLC (CONTINUED)

AUDITORS' 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 Auditors' 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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
 
We have considered the nature of the industry and sector, control environment, and financial performance;
We have considered the results of enquiries with management and the Directors in relation to their own identification and assessment of the risks of irregularities within the entity; and
We have reviewed the documentation of key processes and controls and performed walkthroughs of transactions to confirm that the systems are operating in line with documentation.
 
As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the highest area of risk to be in relation to revenue recognition, with a particular risk in relation to year-end cut-off and deferred income calculations. In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override.
We have also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, FRS 102 and UK tax legislation.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company’s ability to operate or avoid a material penalty. These included data protection legislation, health and safety regulations, hazardous waste regulations, employment law and the Environmental Protection Act.
Our procedures to respond to risks identified included the following:

Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
Enquiring of management in relation to actual and potential claims or litigation;
Performing analytical procedures to identify unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
Reviewing board meeting minutes;
Performing detailed transactional testing and proof in totals in relation to the recognition of revenue with a particular focus around the year-end cut off and the deferred income element; and
In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in accounting estimates are indicative of potential bias; and evaluating the business rationale of significant transactions that are unusual or outside the normal course of business.

We also communicated identified laws and regulations and potential fraud risks to all members of the engagement team and remained alert to possible indicators of fraud or non-compliance with laws and regulations throughout the audit.
 
Page 11


SAILPORT PLC
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SAILPORT PLC (CONTINUED)

As a result of the inherent limitations of an audit, there is a risk that not all irregularities, including a material misstatement in the financial statements or non-compliance with regulation, will be detected by us. This risk increases the further removed compliance with a law and regulation is from the events and transactions reflected in the financial statements, given we will be less likely to be aware of it, or should the irregularity occur as a result of fraud rather than a one-off error, as this may involve intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' 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 2006Our 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 Auditors' 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.






Robert Davey FCA (Senior statutory auditor)
for and on behalf of
Bishop Fleming LLP
Chartered Accountants
Statutory Auditors
Salt Quay House
4 North East Quay
Sutton Harbour
Plymouth
PL4 0BN

22 August 2024
Page 12


SAILPORT PLC

 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

  

Turnover
 3 
2,144,351
2,147,862

Cost of sales
  
(503,555)
(579,974)

GROSS PROFIT
  
1,640,796
1,567,888

Administrative expenses
  
(1,491,980)
(1,411,968)

Other operating income
 4 
-
2,455

OPERATING PROFIT
 5 
148,816
158,375

Interest receivable and similar income
  
13,220
1,929

PROFIT BEFORE TAX
  
162,036
160,304

Tax on profit
 9 
(52,057)
(27,669)

PROFIT AFTER TAX
  
109,979
132,635

  

  

Retained earnings at the beginning of the year
  
3,947,677
3,835,442

Profit for the year
  
109,979
132,635

Dividends declared and paid
 10 
(20,400)
(20,400)

RETAINED EARNINGS AT THE END OF THE YEAR
  
4,037,256
3,947,677

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of income and retained earnings.



The notes on pages 17 to 29 form part of these financial statements.

Page 13


SAILPORT PLC
REGISTERED NUMBER:01422153

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

FIXED ASSETS
  

Tangible assets
 11 
5,508,809
5,290,275

Investments
 12 
108
108

  
5,508,917
5,290,383

CURRENT ASSETS
  

Stocks
 13 
54,104
60,897

Debtors: amounts falling due within one year
 14 
188,100
150,190

Cash at bank and in hand
  
794,131
922,353

  
1,036,335
1,133,440

Creditors: amounts falling due within one year
 15 
(1,187,378)
(1,211,881)

NET CURRENT LIABILITIES
  
 
 
(151,043)
 
 
(78,441)

TOTAL ASSETS LESS CURRENT LIABILITIES
  
5,357,874
5,211,942

PROVISIONS FOR LIABILITIES
  

Deferred tax
 16 
(627,528)
(569,843)

Other provisions
 17 
(2,730)
(4,062)

  
 
 
(630,258)
 
 
(573,905)

NET ASSETS
  
4,727,616
4,638,037


CAPITAL AND RESERVES
  

Called up share capital 
 18 
489,600
489,600

Share premium account
 19 
200,760
200,760

Profit and loss account
 19 
4,037,256
3,947,677

  
4,727,616
4,638,037


The financial statements were approved and authorised for issue by the Board and were signed on its behalf by: 





D W Crouch (Chairman)
Director

Date: 15 August 2024

The notes on pages 17 to 29 form part of these financial statements.

Page 14


SAILPORT PLC


STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
£
£

CASH FLOWS FROM OPERATING ACTIVITIES

Profit for the financial year
109,979
132,635

ADJUSTMENTS FOR:

Depreciation of tangible assets
171,895
140,714

(Profit)/loss on disposal of tangible assets
(17,095)
211

Interest received
(13,220)
(1,929)

Taxation charge
52,057
27,669

Decrease/(increase) in stocks
6,793
(30,330)

(Increase)/decrease in debtors
(32,282)
20,946

(Decrease)/increase in creditors
(12,825)
184,606

(Decrease) in provisions
(1,332)
(1,332)

Corporation tax (paid)
(11,678)
(27,477)

NET CASH GENERATED FROM OPERATING ACTIVITIES

252,292
445,713


CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of tangible fixed assets
(406,334)
(447,726)

Sale of tangible fixed assets
33,000
-

Interest received
13,220
1,929

NET CASH FROM INVESTING ACTIVITIES

(360,114)
(445,797)

CASH FLOWS FROM FINANCING ACTIVITIES

Repayment of loans
-
(91,667)

Dividends paid
(20,400)
(20,400)

NET CASH USED IN FINANCING ACTIVITIES
(20,400)
(112,067)

(DECREASE) IN CASH AND CASH EQUIVALENTS
(128,222)
(112,151)

Cash and cash equivalents at beginning of year
922,353
1,034,504

CASH AND CASH EQUIVALENTS AT THE END OF YEAR
794,131
922,353


CASH AND CASH EQUIVALENTS AT THE END OF YEAR COMPRISE:

Cash at bank and in hand
794,131
922,353

794,131
922,353


The notes on pages 17 to 29 form part of these financial statements.

Page 15


SAILPORT PLC


ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2024




At 1 April 2023
Cash flows
At 31 March 2024
£

£

£

Cash at bank and in hand

922,353

(128,222)

794,131



922,353
(128,222)
794,131

The notes on pages 17 to 29 form part of these financial statements.

Page 16


SAILPORT PLC

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


GENERAL INFORMATION

Sailport Plc is a public limited Company incorporated in England and Wales. The registered office is Salt Quay House, 4 North East Quay, Plymouth, Devon, PL4 0BN. The principal place of business is Mayflower Marina, Richmond Walk, Plymouth, Devon, PL1 4LS. 

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are prepared in sterling which is the functional currency of the Company.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

EXEMPTION FROM PREPARING CONSOLIDATED FINANCIAL STATEMENTS

The Company is exempt from the requirement to prepare consolidated financial statements as all of its subsidiaries are required to be excluded from consolidation by section 402 of the Companies Act 2006.

 
2.3

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 17


SAILPORT PLC

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.ACCOUNTING POLICIES (continued)


2.3
REVENUE (CONTINUED)

Revenue recognition - income from berthing is received in advance and recognised in the Statement of Income in the period that the customer occupies the berth. There is therefore a significant amount of income deferred at each year end.

 
2.4

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method or on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
2% straight line
Pontoons
-
4% straight line
Plant and machinery / Equipment
-
20% reducing balance or 25% / 33% straight line
Marina launch / Dory
-
20% reducing balance
Boat hoist
-
5% straight line
Hoist dock and fuel point
-
6.7% / 20% straight line
Concrete breakwater
-
2% straight line
Property improvements
-
10% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

OPERATING LEASES: THE COMPANY AS LESSEE

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 18


SAILPORT PLC

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.ACCOUNTING POLICIES (continued)

 
2.7

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.8

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

 
2.9

GOVERNMENT GRANTS

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the Statement of Income and Retained Earnings at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in provisions.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

 
2.10

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 19


SAILPORT PLC

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.ACCOUNTING POLICIES (continued)

 
2.11

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.12

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 20


SAILPORT PLC

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


TURNOVER

£2,097,745 (2023: £2,099,199) of turnover is attributable to the provision of marina services with the remaining £46,606 (2023: £48,663) being attributable to rental income received.
All turnover arose within the United Kingdom.


4.


OTHER OPERATING INCOME

2024
2023
£
£

Other grants receivable
-
2,455



5.


OPERATING PROFIT

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
171,895
140,714

Other operating lease rentals
52,758
52,758

Defined contribution pension cost
47,239
36,025


6.


AUDITORS' REMUNERATION

2024
2023
£
£

Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements
13,750
12,500


 
FEES PAYABLE TO THE COMPANY'S AUDITOR AND ITS ASSOCIATES IN RESPECT OF:

Taxation compliance services
1,200
1,100

Page 21


SAILPORT PLC

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


EMPLOYEES

Staff costs, including Directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
564,535
533,066

Social security costs
42,978
38,958

Cost of defined contribution scheme
50,155
39,012

657,668
611,036


The average monthly number of employees, including the Directors, during the year was as follows:


        2024
        2023
            No.
            No.







Marina general
15
16



Administration
11
13

26
29


8.


DIRECTORS' REMUNERATION

2024
2023
£
£

Directors' emoluments
125,371
120,235

Company contributions to defined contribution pension schemes
24,040
14,841

149,411
135,076


During the year retirement benefits were accruing to 1 Director (2023: 1) in respect of defined contribution pension schemes.

All Directors who have authority and responsibility for planning, directing and controlling the activities of the Company are considered to be key management personnel.

Page 22


SAILPORT PLC

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


TAXATION


2024
2023
£
£

CORPORATION TAX


Current tax on profits for the year
-
11,734

Adjustments in respect of previous periods
(5,628)
-


TOTAL CURRENT TAX
(5,628)
11,734

DEFERRED TAX


Origination and reversal of timing differences
57,685
15,935

TOTAL DEFERRED TAX
57,685
15,935


TAXATION ON PROFIT ON ORDINARY ACTIVITIES
52,057
27,669

FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is higher than (2023: lower than) the standard rate of corporation tax in the UK of 25% (2023: 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
162,036
160,304


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023: 19%)
40,509
30,458

EFFECTS OF:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
1,965
714

Capital allowances for year in excess of depreciation
7,767
(7,327)

Losses carried back
7,406
-

Adjustments to tax charge in respect of prior periods
(5,628)
-

Other timing differences leading to an increase (decrease) in taxation
38
-

Remeasurement of deferred tax for changes in tax rates leading to an increase (decrease) in the tax charge
-
3,824

TOTAL TAX CHARGE FOR THE YEAR
52,057
27,669


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There were no factors that may affect future tax charges.

Page 23


SAILPORT PLC

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


DIVIDENDS

The following dividends were paid in the year at £50 per ordinary share:

2024
2023
£
£


Dividends
20,400
20,400


11.


TANGIBLE FIXED ASSETS





Freehold property
Plant & machinery / equipment
Marina launches / dive boat
Hoist dock / fuel point / boat hoist
Pontoons / concrete breakwater
Total

£
£
£
£
£
£



COST


At 1 April 2023
3,426,999
640,959
13,786
286,528
2,833,016
7,201,288


Additions
88,089
67,755
-
-
250,490
406,334


Disposals
-
(7,336)
-
-
(62,705)
(70,041)



At 31 March 2024

3,515,088
701,378
13,786
286,528
3,020,801
7,537,581



DEPRECIATION


At 1 April 2023
58,117
525,256
13,442
255,954
1,058,244
1,911,013


Charge for the year on owned assets
33,211
52,115
69
8,332
78,168
171,895


Disposals
-
(7,336)
-
-
(46,800)
(54,136)



At 31 March 2024

91,328
570,035
13,511
264,286
1,089,612
2,028,772



NET BOOK VALUE



At 31 March 2024
3,423,760
131,343
275
22,242
1,931,189
5,508,809



At 31 March 2023
3,368,882
115,703
344
30,574
1,774,772
5,290,275

Page 24


SAILPORT PLC

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

12.


FIXED ASSET INVESTMENTS





Investments in subsidiary companies

£



COST


At 1 April 2023
108



At 31 March 2024
108





SUBSIDIARY UNDERTAKINGS


The following were subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

The Plymouth International Marina Limited
The Mayflower Marina, Richmond Walk, Plymouth, Devon, PL1 4LS
Dormant Company
Ordinary
100%
The Plymouth Marina Limited
The Mayflower Marina, Richmond Walk, Plymouth, Devon, PL1 4LS
Dormant Company
Ordinary
100%
The Plymouth Yacht Marina Limited
The Mayflower Marina, Richmond Walk, Plymouth, Devon, PL1 4LS
Dormant Company
Ordinary
100%
The Mayflower International Yacht Marina Limited
The Mayflower Marina, Richmond Walk, Plymouth, Devon, PL1 4LS
Dormant Company
Ordinary
100%
Solemeasure Limited
The Mayflower Marina, Richmond Walk,  Plymouth, Devon, PL1 4LS
Dormant Company
Ordinary
100%

The aggregate of the share capital and reserves as at 31 March 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings was as follows:

Name
Aggregate of share capital and reserves
£

The Plymouth International Marina Limited
2

The Plymouth Marina Limited
2

The Plymouth Yacht Marina Limited
2

The Mayflower International Yacht Marina Limited
2

Solemeasure Limited
-

Page 25


SAILPORT PLC

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

13.


STOCKS

2024
2023
£
£

Raw materials and consumables
32,137
43,947

Finished goods and goods for resale
21,967
16,950

54,104
60,897



14.


DEBTORS

2024
2023
£
£


Trade debtors
99,525
88,897

Other debtors
39,295
16,735

Prepayments and accrued income
49,280
44,558

188,100
150,190



15.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Trade creditors
141,559
204,069

Corporation tax
56
11,734

Other taxation and social security
12,383
11,143

Other creditors
11,491
4,026

Accruals and deferred income
1,021,889
980,909

1,187,378
1,211,881



16.


DEFERRED TAXATION




2024


£






At beginning of year
569,843


Charged to profit or loss
57,685



AT END OF YEAR
627,528

Page 26


SAILPORT PLC

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
16.DEFERRED TAXATION (CONTINUED)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
518,763
461,009

Tax on rolled over capital gains
109,219
109,219

Short term timing differences
(454)
(385)

627,528
569,843


17.


PROVISIONS




Government grants

£





At 1 April 2023
4,062


Utilised in year
(1,332)



AT 31 MARCH 2024
2,730


18.


SHARE CAPITAL

2024
2023
£
£
AUTHORISED



800 (2023: 800) Ordinary shares of £1,200.00 each
960,000
960,000

ALLOTTED, CALLED UP AND FULLY PAID



408 (2023: 408) Ordinary shares of £1,200.00 each
489,600
489,600



19.


RESERVES

Share premium account

This reserve records the amount above the nominal value received for shares sold, less transaction costs.

Profit and loss account

This reserve includes all current and prior period retained profits and losses.

Page 27


SAILPORT PLC

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

20.


CONTINGENT LIABILITIES

The Company's bankers, Barclays Bank Plc hold unlimited cross guarantees for the respective bank borrowings of Sailport Plc.


21.


PENSION COMMITMENTS

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £47,239 (2023: £36,025). Contributions totalling £3,101 (2023: £2,521) were payable to the fund at the reporting date.


22.


COMMITMENTS UNDER OPERATING LEASES

At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
52,758
52,758

Later than 1 year and not later than 5 years
208,568
209,326

Later than 5 years
676,000
728,000

937,326
990,084

The Company is party to a lease with the Duchy of Cornwall which entitles use of specific portions of foreshore and fundus within the river Tamar. The rental payments are £54,600 per annum and the lease term expires in 2042.


23.


RELATED PARTY TRANSACTIONS

During the year a Director received discounted berthing. The total amount paid by the Director was £4,110 relating to 2 berths (2023: £554, 1 berth). At the year end the Company was owed £Nil (2023: £Nil) by the Director.
All Shareholders have the opportunity to receive discounted berthing. During the year Directors who are also shareholders received discounted berthing dependant on the number of shares they held. 
The total amount paid by the Directors was £6,473 (2023: £4,530). At the year end the Company was owed £Nil (2023: £Nil) by the Directors.
During the year the Company paid a dividend to all shareholders, including Directors who are also shareholders, at a rate of £50 per share. 
Key management personnel
All Directors who have authority and responsibility for planning, directing and controlling the activities of the Company are considered to be key management personnel. Total compensation in respect of these individuals is disclosed in note 8.

Page 28


SAILPORT PLC

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

24.


CONTROLLING PARTY

Due to the wide spread of share ownership there is no ultimate controlling party.

 
Page 29