Swansea Drydocks Limited

 

Directors' report and financial statements

 

Year ended 31 December 2023

 

 

 

 

 

 

 

Company registration number: 06925673

Swansea Drydocks Limited

 

Directors' report and financial statements

 

Contents

Page

 

 

Directors and other information

1

 

 

Directors' report

2

 

 

Statement of directors' responsibilities in respect of the directors' report and the financial statements

4

 

 

Independent auditor's report to the members of Swansea Drydocks Limited

5

 

 

Profit and loss account and other comprehensive income

9

 

 

Balance sheet

10

 

 

Statement of changes in equity

11

 

 

Notes to the financial statements

12

 

Swansea Drydocks Limited

 

Directors and other information

 

Directors

James A Tyrrell

 

Joseph O Nelson

 

Iain J Shirley

 

 

Secretary

Joseph O Nelson

 

 

Registered office

Prince Of Wales Drydocks

 

Port Tennant

 

Swansea

 

SA1 1LY

 

Wales

 

 

Independent auditor

KPMG

 

Chartered Accountants

 

1 Stokes Place

 

St. Stephen's Green

 

Dublin 2

 

Ireland

 

 

Bankers

Barclays Bank UK

 

Leicester

 

Leicestershire

 

United Kingdom

 

LE87 2BB

 

 

Solicitors

Matheson

 

70 Sir John Rogerson's Quay

 

Dublin 2

 

Ireland

 

 

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

23 September 2024

Director

 

 

 

 

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;

 

 

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

 

 

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;

 

 

in our opinion, the information given in the directors' report is consistent with the financial statements;

 

 

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

 

 

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[.]/[; or

 

 

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.

 

 

 

 

Ryan McCarthy (Senior Statutory Auditor)

24 September 2024

for and on behalf of KPMG, Statutory Auditor

Chartered Accountants

1 Stokes Place

St. Stephen's Green

Dublin 2

Ireland

Swansea Drydocks Limited

 

Profit and loss account and other comprehensive income

for the year ended 31 December 2023

 

 

Note

2023

2022

 

 

£

£

 

 

 

 

Turnover

 

3,248,375

2,766,499

Cost of sales

 

(2,982,502)

(3,070,038)

 

 

 

 

Gross profit/(loss)

 

265,873

(303,539)

Administrative expenses

 

(421,731)

(348,683)

 

 

 

 

Operating loss

3

(155,858)

(652,222)

Interest payable and similar charges

 

-

-

 

 

 

 

Loss on ordinary activities before taxation

 

(155,858)

(652,222)

Tax on loss on ordinary activities

 

-

-

 

 

 

 

Loss for the financial year

 

(155,858)

(652,222)

 

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

 

 

Note

2023

2022

 

 

£

£

 

 

 

 

Fixed assets

 

 

 

Tangible assets

4

1,238,545

1,448,408

 

 

 

 

Current assets

 

 

 

Stocks

5

175,182

159,603

Debtors

6

346,154

352,999

Cash at bank and in hand

 

233,246

60,203

 

 

 

 

Current assets

 

754,582

572,805

 

 

 

 

Creditors: amounts falling due within one year

7

(214,042)

(306,270)

 

 

 

 

Net current assets

 

540,540

266,535

 

 

 

 

Creditors: amounts falling due after one year

8

(3,801,350)

(3,581,350)

 

 

 

 

Total net liabilities

 

(2,022,265)

(1,866,407)

 

 

 

 

Capital and reserves

 

 

 

Called up share capital

9

5,680,457

5,680,457

Profit and loss account

 

(7,702,722)

(7,546,864)

 

 

 

 

Shareholders' deficit

 

(2,022,265)

(1,866,407)

 

The notes form part of these financial statements.

 

The financial statements were approved by the board of directors on 23 September 2024 and were signed on its behalf by:

 

 

 

 

James A Tyrrell

Director

 

Company registered number: 06925673

Swansea Drydocks Limited

 

Statement of changes in equity

for the year ended 31 December 2023

 

 

Called up

Profit and

 

 

share capital

loss account

Total equity

 

£

£

£

 

 

 

 

Balance at 31 December 2021

5,680,457

(6,894,642)

(1,214,185)

 

 

 

 

Total comprehensive loss for the year

-

(652,222)

(652,222)

 

 

 

 

Balance at 31 December 2022

5,680,457

(7,546,864)

(1,866,407)

 

 

 

 

Total comprehensive loss for the year

-

(155,858)

(155,858)

 

 

 

 

Balance at 31 December 2023

5,680,457

(7,702,722)

(2,022,265)

 

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 UK. The registered number of the Company is 06925673 and the address of its registered office is Prince Of Wales Drydocks, Port Tennant, Swansea, SA1 1LY, Wales.

 

These financial statements were prepared in accordance with the provisions of Section 1A Small Entities of Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (“FRS 102”), issued in March 2018. There have been no material departures from that standard. The presentation currency of these financial statements is Sterling.

 

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.

true

 

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

-

Over the period of the lease

Plant and machinery

-

5% to 33% straight line

Fixtures, fittings and equipment

-

10% to 25% straight line

Computer equipment

-

20% to 33% straight line

Motor vehicles

-

20% straight line

 

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

 

 

(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:

 

 

2023

2022

 

 

 

Employees

18

22

 

3     Loss on ordinary activities before taxation

 

 

2023

2022

 

£

£

 

 

 

The loss has been arrived at after charging the following:

 

 

Depreciation of tangible fixed assets

214,863

202,795

 

 

 

Auditor's remuneration

-

-

 

 

 

Directors' remuneration

-

-

 

4     Tangible assets

 

 

Land and buildings

Plant and machinery

Fixtures and fittings

Office equipment

Motor vehicles

Total

 

£

£

£

£

£

£

 

 

 

 

 

 

 

Cost

 

 

 

 

 

 

At 1 January 2023

1,880,247

1,216,417

240,982

142,940

92,330

3,572,916

Additions

-

5,000

-

-

-

5,000

 

 

 

 

 

 

 

At 31 December 2023

1,880,247

1,221,417

240,982

142,940

92,330

3,577,916

 

 

 

 

 

 

 

Depreciation

 

 

 

 

 

 

At 1 January 2023

1,105,225

659,569

147,722

141,207

70,785

2,124,508

Charge for year

102,832

85,782

18,538

1,098

6,613

214,863

 

 

 

 

 

 

 

At 31 December 2023

1,208,057

745,351

166,260

142,305

77,398

2,339,371

 

 

 

 

 

 

 

Net book value

 

 

 

 

 

 

At 31 December 2023

672,190

476,066

74,722

635

14,932

1,238,545

 

 

 

 

 

 

 

At 31 December 2022

775,022

556,848

93,260

1,733

21,545

1,448,408

Swansea Drydocks Limited

 

Notes (continued)

 

5     Stock

 

 

2023

2022

 

£

£

 

 

 

Consumables

175,182

159,603

 

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

 

 

2023

2022

 

£

£

 

 

 

Trade debtors

25,025

18,590

Amounts due from group companies

6,214

74,513

Prepayments and accrued income

123,510

70,736

Other debtors

191,405

189,160

 

 

 

 

346,154

352,999

 

Amounts due from related companies are unsecured and non-interest bearing.

 

7     Creditors: amounts falling due within one year

 

 

2023

2022

 

£

£

 

 

 

Trade creditors

167,499

233,944

Other creditors

46,543

72,326

 

 

 

 

214,042

306,270

 

8     Creditors: amounts falling due after one year

 

 

2023

2022

 

£

£

 

 

 

Amounts due to group companies

3,801,350

3,581,350

 

Amounts due to related companies are unsecured and non-interest bearing.

 

Swansea Drydocks Limited

 

Notes (continued)

 

9     Called up share capital

 

 

2023

2022

 

£

£

 

 

 

Allotted, called up and fully paid

 

 

A ordinary shares of £1

5,680,456

5,680,456

B ordinary shares of £1

1

1

 

 

 

 

5,680,457

5,680,457

 

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

 

£

£

 

 

 

Assets measured at amortised cost

579,400

413,202

Liabilities measured at amortised cost

(4,015,392)

(3,887,620)

 

11     Related party transactions

 

During the year, the Company provided services of £1,190,736 (2022: £2,305,127) to related companies.

 

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 Lancar Unlimited as a result of group restructuring. There was no change in the ultimate controlling party and beneficial ownership. The Company is a subsidiary of Lancar Unlimited and its results are included in the consolidated financial statements of that company.

 

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.