Swansea Drydocks Limited
Directors' report and financial statements
Year ended 31 December 2023
Company registration number:
Swansea Drydocks Limited
Directors' report and financial statements
Contents | Page |
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Directors and other information | 1 |
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Directors' report | 2 |
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Statement of directors' responsibilities in respect of the directors' report and the financial statements | 4 |
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Independent auditor's report to the members of Swansea Drydocks Limited | 5 |
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Profit and loss account and other comprehensive income | 9 |
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Balance sheet | 10 |
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Statement of changes in equity | 11 |
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Notes to the financial statements | 12 |
Swansea Drydocks Limited
Directors and other information
Directors | |
| Joseph O Nelson |
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Secretary | |
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Registered office | |
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| Wales |
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Independent auditor | |
| Chartered Accountants |
| 1 Stokes Place |
| St. Stephen's Green |
| Dublin 2 |
| Ireland |
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Bankers | |
| Leicester |
| Leicestershire |
| United Kingdom |
| LE87 2BB |
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Solicitors | |
| 70 Sir John Rogerson's Quay |
| Dublin 2 |
| Ireland |
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Company registration number | 06925673 |
Swansea Drydocks Limited
Directors' report
The directors present their directors' report with the financial statements of the Company for the year ended 31 December 2023.
Principal activities
The principal activity of the Company is marine repair and recycling. The directors are satisfied with the result recorded for the year.
Review of business
The results for the Company for the year ended 31 December 2023 and the balance sheet at that date are set out on pages 10 and 11 respectively.
Dividends
The directors do not recommend the payment of a dividend (2022: £Nil).
Directors
The directors and secretary who served during the year and subsequent to year end date are as follows:
James A Tyrrell
Joseph O Nelson (also secretary)
Iain J Shirley
In accordance with the Articles of Association, the directors are not required to retire by rotation.
Strategic report
In preparing the directors' report, the directors have taken the small companies exemption under Section 412(B) of the Companies Act 2006 (Strategic and Directors' Report) Regulations 2013, not to prepare a strategic report for presentation with these financial statements.
Post balance sheet events
There have been no significant events affecting the Company since the year end.
Disclosure of information to auditor
The directors who held office at the date of approval of this directors' report confirm that, so far as they are each aware, there is no relevant audit information of which the Company's auditor is unaware; and each director has taken all the steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
Political and charitable donations
The Company made no political or charitable donations during the year.
Swansea Drydocks Limited
Directors' report (continued)
Independent auditor
In accordance with Section 487 of the Companies Act 2006, the auditor KPMG, Chartered Accountants, will continue in office.
On behalf of the board
James A Tyrrell | |
Director |
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| Prince Of Wales Drydocks |
| Port Tennant |
| Swansea |
| SA1 1LY |
Swansea Drydocks Limited
Statement of directors' responsibilities in respect of the directors' report and the financial statements
The directors are responsible for preparing the directors' report [strategic 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 they have elected to prepare the financial statements in accordance with FRS 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 year. In preparing these financial statements, the directors are required to:
• | select suitable accounting policies and then apply them consistently; |
• | make judgements and estimates that are reasonable and prudent; |
• | state whether applicable Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
• | assess the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and |
• | use the going concern basis of accounting unless they either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are responsible for such internal controls as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Company and to prevent and detect fraud and other irregularities.
On behalf of the board
James A Tyrrell | 23 September 2024 |
Director
Independent auditor's report to the members of Swansea Drydocks Limited
Report on the audit of the financial statements
Opinion
We have audited the financial statements of Swansea Drydocks Limited (“the Company”) for the year ended 30 December 2023 set out on pages 9 to 19, which comprise the profit and loss account and other comprehensive income, the balance sheet, the statement of changes in equity and related notes, including the summary of significant accounting policies set out in note 1. The financial reporting framework that has been applied in their preparation is UK Law and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.
In our opinion:
• | the financial statements give a true and fair view of the state of the Company's affairs as at 30 December 2023 and of its loss for the year then ended; |
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• | the financial statements have been properly prepared in accordance with FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland; and |
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• | the financial statements 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with ethical requirements that are relevant to our audit of financial statements in the UK, including the Financial Reporting Council (FRC)'s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
The directors have prepared the financial statements on the going concern basis as they do not intend to liquidate the Company or to cease its operations, and as they have concluded that the Company's financial position means that this is realistic. They have also concluded that there are no material uncertainties that could have cast significant doubt over its ability to continue as a going concern for at least a year from the date of approval of the financial statements (“the going concern period”).
In our evaluation of the directors' conclusions, we considered the inherent risks to the Company's business model and analysed how those risks might affect the Company's financial resources or ability to continue operations over the going concern period.
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 the date when the financial statements are authorised for issue.
Independent auditor's report to the members of Swansea Drydocks Limited (continued)
Report on the audit of the financial statements (continued)
Conclusions relating to going concern (continued)
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
However, as we cannot predict all future events or conditions and as subsequent events may result in outcomes that are inconsistent with judgements that were reasonable at the time they were made, the absence of reference to a material uncertainty in this auditor's report is not a guarantee that the Company will continue in operation.
Detecting irregularities including fraud
We identified the areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements and risks of material misstatement due to fraud, using our understanding of the entity's industry, regulatory environment and other external factors and inquiry with the directors. In addition, our risk assessment procedures included: inquiring with the directors as to the Company's policies and procedures regarding compliance with laws and regulations and prevention and detection of fraud; inquiring whether the directors have knowledge of any actual or suspected noncompliance with laws or regulations or alleged fraud; inspecting the Company's regulatory and legal correspondence; and reading Board minutes.
We discussed identified laws and regulations, fraud risk factors and the need to remain alert among the audit team.
The Company is subject to laws and regulations that directly affect the financial statements including companies and financial reporting legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items, including assessing the financial statement disclosures and agreeing them to supporting documentation when necessary.
The Company is not subject to other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements.
Auditing standards limit the required audit procedures to identify non-compliance with these non-direct laws and regulations to inquiry of the directors and inspection of regulatory and legal correspondence, if any. These limited procedures did not identify actual or suspected non-compliance.
We assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. As required by auditing standards, we performed procedures to address the risk of management override of controls. On this audit we do not believe there is a fraud risk related to revenue recognition. We did not identify any additional fraud risks.
Independent auditor's report to the members of Swansea Drydocks Limited (continued)
Report on the audit of the financial statements (continued)
Detecting irregularities including fraud (continued)
In response to risk of fraud, we also performed procedures including: identifying journal entries to test based on risk criteria and comparing the identified entries to supporting documentation; evaluating the business purpose of significant unusual transactions; assessing significant accounting estimates for bias; and assessing the disclosures in the financial statements.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed noncompliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.
In addition, as with any audit, there remains a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
Other information
The directors are responsible for the other information presented in the Annual Report together with the financial statements. The other information comprises the information included in the strategic report and the directors' report. The financial statements and our auditor's report thereon do not comprise part of the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except as explicitly stated below, any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether, based on our financial statements audit work, the information therein is materially misstated or inconsistent with the financial statements or our audit knowledge. Based solely on that work we have not identified material misstatements in the other information.
Opinions on other matters prescribed by the Companies Act 2006
Based solely on our work on the other information undertaken during the course of the audit:
• | we have not identified material misstatements in the directors' report or the strategic report; |
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• | in our opinion, the information given in the directors' report is consistent with the financial statements; |
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• | in our opinion, the directors' report have been prepared in accordance with the Companies Act 2006. |
Independent auditor's report to the members of Swansea Drydocks Limited (continued)
Report on the audit of the financial statements (continued)
Matters on which we are required to report by exception
Under the Companies Act 2006 we are required 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 |
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• | the financial statements are not in agreement with the accounting records and returns; or |
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• | certain disclosures of directors' remuneration specified by law are not made; or |
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• | we have not received all the information and explanations we require for our audit[.]/[; or |
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• | the directors were entitled to take advantage of the small companies exemption from the requirement to prepare a strategic report. |
We have nothing to report in these respects.
Respective responsibilities and restrictions on use
Responsibilities of directors for the financial statements
As explained more fully in the directors' responsibilities statement set out on page 4, the directors are responsible for: the preparation of the financial statements including being satisfied that they give a true and fair view; such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error; 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 they either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud, other irregularities or error, and to issue an opinion in an auditor's report. 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, other irregularities 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.
A fuller description of our responsibilities is provided on the FRC's website at www.frc.org.uk/auditorsresponsibilities.
Independent auditor's report to the members of Swansea Drydocks Limited (continued)
Respective responsibilities and restrictions on use (continued)
The purpose of our audit work and to whom we owe our responsibilities
Our report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of KPMG, Statutory Auditor
Chartered Accountants
1 Stokes Place
St. Stephen's Green
Ireland
Swansea Drydocks Limited
Profit and loss account and other comprehensive income
for the year ended 31 December 2023
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Turnover |
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Cost of sales |
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Gross profit/(loss) |
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Administrative expenses |
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Operating loss | 3 | ( | ( |
Interest payable and similar charges |
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Loss on ordinary activities before taxation |
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Tax on loss on ordinary activities |
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Loss for the financial year |
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There are no items of comprehensive income in the financial year or preceding financial year other than those dealt with in the profit and loss account. Accordingly no statement of other comprehensive income has been prepared.
Swansea Drydocks Limited
Balance sheet
as at 31 December 2023
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Fixed assets |
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Tangible assets | 4 | ||
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Current assets |
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Stocks | 5 | ||
Debtors | 6 | ||
Cash at bank and in hand |
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Current assets |
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Creditors: amounts falling due within one year | 7 | ( | ( |
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Net current assets |
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Creditors: amounts falling due after one year | 8 | ( | ( |
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Total net liabilities |
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Capital and reserves |
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Called up share capital | 9 | ||
Profit and loss account |
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Shareholders' deficit |
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The notes form part of these financial statements.
The financial statements were approved by
James A Tyrrell
Director
Company registered number: 06925673
Swansea Drydocks Limited
Statement of changes in equity
for the year ended 31 December 2023
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Balance at 31 December 2021 | ( | ( | |
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Total comprehensive loss for the year | - | ( | ( |
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Balance at | ( | ( | |
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Total comprehensive loss for the year | - | ( | ( |
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Balance at 31 December 2023 | ( | ( |
The accompanying notes form an integral part of the financial statements.
Swansea Drydocks Limited
Notes
to the financial statements
1 Accounting policies
Swansea Drydocks Limited (“the Company”) is a private limited company incorporated, domiciled and registered in the
The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these financial statements.
Judgements made by the directors, in the application of these accounting policies that have significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year are discussed in note 15.
The financial statements are prepared on the historical cost basis.
The Company has availed of the exemption contained in Section 1A of FRS 102 and a result has elected not to prepare a cashflow.
Going concern
The Company had net current liabilities at 31 December 2023. The directors have prepared the financial statements on a going concern basis as they have received confirmation from the Company's parent that it will provide sufficient support to the Company to allow it to satisfy its obligations as they fall due for a period of at least one year from the date of approval of the financial statements.
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Swansea Drydocks Limited
Notes (continued)
1 Accounting policies (continued)
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
Tangible fixed assets
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following basis:
• | Land and buildings leasehold | - | |
• | Plant and machinery | - | 5% to |
• | Fixtures, fittings and equipment | - | 10% to |
• | Computer equipment | - | 20% to |
• | Motor vehicles | - |
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is credited or charged to profit and loss.
Foreign currency
Transactions in foreign currencies are translated to the Company's functional currency at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the reporting date are retranslated to the functional currency at the foreign exchange rate ruling at that date. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are retranslated to the functional currency at foreign exchange rates ruling at the dates the fair value was determined. Foreign exchange differences arising on translation are recognised in the profit and loss account except for differences arising on the retranslation of qualifying cash flow hedges and items which are fair valued with changes taken to other comprehensive income, which are recognised in other comprehensive income.
Swansea Drydocks Limited
Notes (continued)
1 Accounting policies (continued)
Classification of financial instruments issued by the Company
In accordance with FRS 102.22, financial instruments issued by the Company are treated as equity only to the extent that they meet the following two conditions:
(a) | they include no contractual obligations upon the Company to deliver cash or other financial assets or to exchange financial assets or financial liabilities with another party under conditions that are potentially unfavourable to the Company; and |
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(b) | where the instrument will or may be settled in the entity's own equity instruments, it is either a non-derivative that includes no obligation to deliver a variable number of the entity's own equity instruments or is a derivative that will be settled by the entity exchanging a fixed amount of cash or other financial assets for a fixed number of its own equity instruments. |
To the extent that this definition is not met, the proceeds of issue are classified as a financial liability. Where the instrument so classified takes the legal form of the entity's own shares, the amounts presented in these financial statements for called up share capital and share premium account exclude amounts in relation to those shares.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the principle and includes expenditure incurred in acquiring the stocks, production or conversion costs and other costs in bringing them to their existing location and condition.
Basic financial instruments
Trade and other debtors/creditors
Trade and other debtors are recognised initially at transaction price plus attributable transaction costs. Trade and other creditors are recognised initially at transaction price less attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument.
Swansea Drydocks Limited
Notes (continued)
1 Accounting policies (continued)
Impairment excluding stocks and deferred tax assets
Financial assets (including trade and other debtors)
A financial asset not carried at fair value through profit or loss is assessed at each reporting date to determine whether there is objective evidence that it is impaired. A financial asset is impaired if objective evidence indicates that a loss event has occurred after the initial recognition of the asset, and that the loss event had a negative effect on the estimated future cash flows of that asset that can be estimated reliably.
An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference between its carrying amount and the present value of the estimated future cash flows discounted at the asset's original effective interest rate. For financial instruments measured at cost less impairment an impairment is calculated as the difference between its carrying amount and the best estimate of the amount that the entity would receive for the asset if it were to be sold at the reporting date. Interest on the impaired asset continues to be recognised through the unwinding of the discount. Impairment losses are recognised in profit or loss. When a subsequent event causes the amount of impairment loss to decrease, the decrease in impairment loss is reversed through profit or loss.
Taxation
Tax on the profit or loss for the period comprises current and deferred tax. Tax is recognised in the profit and loss account except to the extent that it relates to items recognised directly in equity or other comprehensive income, in which case it is recognised directly in equity or other comprehensive income.
Current tax is the expected tax payable or receivable on the taxable income or loss for the period, using tax rates enacted or substantively enacted at the balance sheet date.
Swansea Drydocks Limited
Notes (continued)
2 Staff numbers and costs
The average number of people engaged by the Company during the year was as follows:
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Employees |
3 Loss on ordinary activities before taxation
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The loss has been arrived at after charging the following: |
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Depreciation of tangible fixed assets | ||
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Auditor's remuneration | - | - |
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Directors' remuneration | - | - |
4 Tangible assets
| Land and buildings | Plant and machinery | Fixtures and fittings | Office equipment | Motor vehicles | Total |
| £ | £ | £ | £ | £ | £ |
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Cost |
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At 1 January 2023 | ||||||
Additions | - | - | - | - | ||
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At 31 December 2023 | ||||||
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Depreciation |
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At 1 January 2023 | ||||||
Charge for year | ||||||
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At 31 December 2023 | ||||||
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Net book value |
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At 31 December 2023 | ||||||
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At 31 December 2022 |
Swansea Drydocks Limited
Notes (continued)
5 Stock
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| £ | £ |
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Consumables |
Stock is made up of materials which are used in the day-to-day activities of the Company in relation to marine repair and recycling. The write down of stocks to net realisable value amount to £Nil (2022: £Nil).
6 Debtors
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| £ | £ |
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Trade debtors | ||
Amounts due from group companies | ||
Prepayments and accrued income | ||
Other debtors | ||
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Amounts due from related companies are unsecured and non-interest bearing.
7 Creditors: amounts falling due within one year
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| £ | £ |
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Other creditors | ||
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8 Creditors: amounts falling due after one year
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| £ | £ |
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Amounts due to group companies |
Amounts due to related companies are unsecured and non-interest bearing.
Swansea Drydocks Limited
Notes (continued)
9 Called up share capital
| 2023 | 2022 |
| £ | £ |
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Allotted, called up and fully paid |
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A ordinary shares of £1 | 5,680,456 | 5,680,456 |
B | 1 | 1 |
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The B ordinary shares have no right to participate in any dividend of the Company.
On a return of surplus assets of the Company, such assets shall be applied initially to A ordinary shares up to £10m per share and then pari passu to A ordinary and B ordinary shares.
10 Financial instruments
Carrying amount of financial instruments
The carrying amounts of the financial assets and liabilities include:
| 2023 | 2022 |
| £ | £ |
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Assets measured at amortised cost | ||
Liabilities measured at amortised cost | ( | ( |
11 Related party transactions
During the year, the Company provided services of £
The directors are availing of the exemption available under FRS 102 Section 33.1.A Related Party Disclosures, not to disclose details of transactions with other wholly owned fellow group undertakings.
12 Group membership
During the prior year the Parent Company of the Company changed from Arklow Shipping UC to
The ultimate controlling party of Lancar Unlimited as at 30 December 2023 was Sedanley One UC of which James S. Tyrrell and Sheila M. Tyrell are directors.
The ultimate beneficial owner of Lancar Unlimited is the Judy Limited Partnership.
Swansea Drydocks Limited
Notes (continued)
13 Commitments and contingencies
There are no material commitments or contingencies at 31 December 2023.
14 Post balance sheet events
There have been no significant events affecting the Company since the year end.
15 Accounting estimates and judgements
Key sources of estimation uncertainty
In the ordinary process of applying the Company's accounting policies, which are described in note 1, management has made judgements that have an effect on the amounts recognised in the financial statements.
Tangible assets
At each reporting date, the Company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Recoverable amount is the higher of fair value less costs to sell and value in use.
16 Approval of financial statements
These financial statements were approved by the board on 23 September 2024.