Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31truetruetruetruetruetruefalsePatio Hotels (UK) LimitedDLT Capital Group (International) Limited2023-01-01Sea and coastal passanger water transport66truetruefalse 07604590 2023-01-01 2023-12-31 07604590 2022-01-01 2022-12-31 07604590 2023-12-31 07604590 2022-12-31 07604590 2022-01-01 07604590 c:Director1 2023-01-01 2023-12-31 07604590 c:RegisteredOffice 2023-01-01 2023-12-31 07604590 d:Buildings d:LongLeaseholdAssets 2023-01-01 2023-12-31 07604590 d:Buildings d:LongLeaseholdAssets 2023-12-31 07604590 d:Buildings d:LongLeaseholdAssets 2022-12-31 07604590 d:PlantMachinery 2023-01-01 2023-12-31 07604590 d:CurrentFinancialInstruments 2023-12-31 07604590 d:CurrentFinancialInstruments 2022-12-31 07604590 d:Non-currentFinancialInstruments 2023-12-31 07604590 d:Non-currentFinancialInstruments 2022-12-31 07604590 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 07604590 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 07604590 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 07604590 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 07604590 d:ShareCapital 2023-12-31 07604590 d:ShareCapital 2022-12-31 07604590 d:RevaluationReserve 2023-12-31 07604590 d:RevaluationReserve 2022-12-31 07604590 d:RetainedEarningsAccumulatedLosses 2023-12-31 07604590 d:RetainedEarningsAccumulatedLosses 2022-12-31 07604590 c:FRS102 2023-01-01 2023-12-31 07604590 c:Audited 2023-01-01 2023-12-31 07604590 c:FullAccounts 2023-01-01 2023-12-31 07604590 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07604590 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 07604590 4 2023-01-01 2023-12-31 07604590 5 2023-01-01 2023-12-31 07604590 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 07604590 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 07604590 d:TaxLossesCarry-forwardsDeferredTax 2023-12-31 07604590 d:TaxLossesCarry-forwardsDeferredTax 2022-12-31 07604590 d:OtherDeferredTax 2023-12-31 07604590 d:OtherDeferredTax 2022-12-31 07604590 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure
Registered Number:07604590













DLT YACHTING LIMITED






FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2023

 
DLT YACHTING LIMITED
 

COMPANY INFORMATION


Director
D Tamman 




Registered number
07604590



Registered office
70 Portland Place

London

W1B 1NP




Independent auditors
Anderson Anderson & Brown Audit LLP

Kingshill View

Prime Four Business Park

Kingswells

Aberdeen

AB15 8PU





 
DLT YACHTING LIMITED
 

CONTENTS



Page
Director's responsibilities statement
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 12

 
DLT YACHTING LIMITED
 

DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

The director is responsible for preparing the Director's report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:

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

make judgments and accounting estimates that are reasonable and prudent;


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

The director is 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 him to ensure that the financial statements comply with the Companies Act 2006He is 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 1
 

 
DLT YACHTING LIMITED

REGISTERED NUMBER:07604590

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
Restated 2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
8,287,587
8,366,996

  
8,287,587
8,366,996

Current assets
  

Debtors: amounts falling due within one year
 5 
5,076
277

  
5,076
277

Creditors: amounts falling due within one year
 6 
(43,025)
(97,567)

Net current liabilities
  
 
 
(37,949)
 
 
(97,290)

Total assets less current liabilities
  
8,249,638
8,269,706

Creditors: amounts falling due after more than one year
 7 
(10,945,487)
(10,132,272)

Provisions for liabilities
  

Deferred tax
 8 
(188,435)
(174,000)

  
 
 
(188,435)
 
 
(174,000)

Net liabilities
  
(2,884,284)
(2,036,566)


Capital and reserves
  

Called up share capital 
  
100
100

Revaluation reserve
  
488,539
520,989

Profit and loss account
  
(3,372,923)
(2,557,655)

  
(2,884,284)
(2,036,566)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

Page 2
 

 
DLT YACHTING LIMITED

REGISTERED NUMBER:07604590

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

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




D Tamman
Director

Date: 24 September 2024

The notes on pages 4 to 12 form part of these financial statements.
Page 3
 

 
DLT YACHTING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

DLT Yachting Limited (the company) is a limited company incorporated in the United Kingdom.  The address of its principal place of business is 70 Portland Place, London, England, W1B 1NP. 
The principal activity of the company during the year was the construction of a yacht which was completed during the year.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of DLT Capital Limited as at 31 December 2023 and these financial statements may be obtained from 70 Portland Place, London, England, W1B 1NP.

 
2.3

Going concern

The company has net liabilities of £2,884,284.  The company has no bank debt but included within creditors are loans from group companies with a value of £10,945,487 (see Note 8). The related parties have given an undertaking to the company that such loans will not be called to the detriment of third party creditor. The ultimate shareholders have confirmed that they will continue to provide support to meet ongoing monthly expenditure and to support the company for the foreseeable future and for at least the next 12 month period.  The going concern assumption is based on the continuing support of related parties.  Without such an undertaking, the company would be unable to continue as a going concern.

Page 4
 

 
DLT YACHTING LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

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:

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.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

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 balance sheet 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 balance sheet 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 balance sheet date.

 
2.7

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

Page 5
 

 
DLT YACHTING LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant & machinery
-
10 years

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.

 
2.9

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6
 

 
DLT YACHTING LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Page 7
 

 
DLT YACHTING LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.13
Financial instruments (continued)


Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Average number of employees

The average monthly number of employees, including directors, during the year was 6 (2022 - 6).

Page 8
 

 
DLT YACHTING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Plant & machinery

£



Cost or valuation


At 1 January 2023
8,366,996


Additions
326,507



At 31 December 2023

8,693,503



Depreciation


Charge for the year on owned assets
405,916



At 31 December 2023

405,916



Net book value



At 31 December 2023
8,287,587



At 31 December 2022
8,366,996

Cost or valuation at 31 December 2023 is as follows:

Plant and machinery
£


At cost
7,998,514
At valuation:

2020
694,989



8,693,503

If the plant and machinery had not been included at valuation they would have been included under the historical cost convention as follows:

2023
2022
£
£



Cost
7,998,514
7,540,147

Accumulated depreciation
(373,466)
-

Net book value
7,625,048
7,540,147

Page 9
 

 
DLT YACHTING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
100
100

Other debtors
4,976
177

5,076
277



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other creditors
43,025
97,567

43,025
97,567



7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Amounts owed to group undertakings
10,945,487
10,132,272

10,945,487
10,132,272


Page 10
 

 
DLT YACHTING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Deferred taxation




2023
2022


£

£






At beginning of year
174,000
132,000


Charged to profit or loss
(14,435)
(42,000)



At end of year
188,435
174,000

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
23,521
-

Tax losses carried forward
(9,086)
-

Revaluation of assets
174,000
174,000

188,435
174,000


9.


Prior year adjustment

A prior year adjustment has been processed to capitalise items wrongly expensed in the prior year.


10.


Related party transactions

               
Related Party    Transaction  £  £
DLT International (UK)   Loan   212,002   
Limited, a company    Interest
Under common control   Loan   601,213 (10,945,487)


11.


Controlling party

The company's immediate parent undertaking is Patio Hotels (UK) Limited.
The ultimate parent undertaking is DLT Capital Group (International) Limited, a company incorporated in Gibraltar.

Page 11
 

 
DLT YACHTING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

In their report, the auditors emphasised the following matter without qualifying their report:

We draw attention to note 2.3 in the financial statements, which indicates that the company has net liabilities as at 31 December 2023. As stated in note 2.3, these events or conditions, along with the other matters as set forth in note 2.3, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
IIn 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. Our evaluation of the directors' assessment of the Company's ability to continue to adopt the going concern basis of accounting included confirmation of continued support from related parties to enable the company to meet its ongoing monthly expenditure for the foreseeable future and at least the next 12 months.

The audit report was signed on 25 September 2024 by Derek Mair (Senior statutory auditor) on behalf of Anderson Anderson & Brown Audit LLP.


Page 12