Company registration number 04164464 (England and Wales)
FALMOUTH MARITIME LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
FALMOUTH MARITIME LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
FALMOUTH MARITIME LTD
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
716,869
700,951
Investments
4
300,110
300,110
1,016,979
1,001,061
Current assets
Debtors
5
308,890
226,630
Cash at bank and in hand
167,419
251,096
476,309
477,726
Creditors: amounts falling due within one year
6
(60,444)
(45,811)
Net current assets
415,865
431,915
Total assets less current liabilities
1,432,844
1,432,976
Creditors: amounts falling due after more than one year
7
(124,305)
(141,433)
Provisions for liabilities
(103,780)
(99,801)
Net assets
1,204,759
1,191,742
Capital and reserves
Called up share capital
10
259
259
Share premium account
29,960
29,960
Non-distributable profits reserve
298,687
298,687
Distributable profit and loss reserves
875,853
862,836
Total equity
1,204,759
1,191,742
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
FALMOUTH MARITIME LTD
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 22 October 2024 and are signed on its behalf by:
N J Offord
Director
Company Registration No. 04164464
FALMOUTH MARITIME LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information
Falmouth Maritime Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Maritime Buildings, Falmouth Road, Falmouth, Cornwall, United Kingdom, TR10 8AD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents the total invoice value, excluding value added tax, of management fees invoiced during the period.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Leasehold property is carried at its deemed cost as at the date of transition to FRS102 and is not depreciated on the basis that the carrying amount approximates residual value.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Leasehold property
- not depreciated
Plant and equipment
- 10% on cost
Fixtures and fittings
- 5% on cost
Computer equipment
- 50% on cost
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 or loss.
FALMOUTH MARITIME LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Fixed asset investments
Interests in subsidiaries and associates are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
1.6
Impairment of fixed assets
At each reporting period end 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
FALMOUTH MARITIME LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
FALMOUTH MARITIME LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 6 -
1.11
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
1
3
Tangible fixed assets
Leasehold property
Plant and equipment
Fixtures and fittings
Computer equipment
Total
£
£
£
£
£
Cost or valuation
At 1 May 2023
700,000
151,771
1,673
853,444
Additions
16,745
857
1,231
18,833
At 30 April 2024
700,000
168,516
857
2,904
872,277
Depreciation and impairment
At 1 May 2023
151,771
722
152,493
Depreciation charged in the year
2,034
157
724
2,915
At 30 April 2024
153,805
157
1,446
155,408
Carrying amount
At 30 April 2024
700,000
14,711
700
1,458
716,869
At 30 April 2023
700,000
951
700,951
The leasehold property is carried at deemed cost. If the asset was measured using the cost model, the carrying amount would be as follows:
2024
2023
£
£
Cost
301,751
301,751
FALMOUTH MARITIME LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
300,110
300,110
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
6,861
1,001
Amounts owed by group undertakings
63,796
64,501
Other debtors
28,971
2,037
99,628
67,539
2024
2023
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
209,262
159,091
Total debtors
308,890
226,630
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
20,389
20,389
Trade creditors
99
Taxation and social security
13,281
23,476
Other creditors
26,675
1,946
60,444
45,811
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
124,305
141,433
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
42,751
59,879
FALMOUTH MARITIME LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
8
Loans and overdrafts
2024
2023
£
£
Bank loans
144,694
161,822
Payable within one year
20,389
20,389
Payable after one year
124,305
141,433
The bank loan is secured by a mortgage over the leasehold property and a fixed and floating charge over the assets and undertaking of the company.
9
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
4,217
238
Leasehold property
99,563
99,563
103,780
99,801
2024
Movements in the year:
£
Liability at 1 May 2023
99,801
Charge to profit or loss
3,979
Liability at 30 April 2024
103,780
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary of £1 each
160
160
160
160
B Ordinary of £1 each
1
1
1
1
Ordinary of £1 each
98
98
98
98
259
259
259
259
FALMOUTH MARITIME LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 9 -
11
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
13,861
12
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
At 30 April 2024 N Offord, a director, owed the company £6,000 (2023: £5,000). During the year the company advanced a further £16,000 to N Offord and repayments of £15,000 were made. Amounts owed by directors are non-interest bearing and repayable on demand.
At 30 April 2024 J Harvey, a director, was owed £13,023 (2023: £3,023) by the company. Amounts owed to directors are non-interest bearing and payable on demand.
The company was paid managment fees of £68,243 (2023: £66,441) by an associated company, Falmouth Boatyard Ltd. The company also advanced a loan of £50,000 and charged £171 of interest to Falmouth Boatyard Ltd (2023: £nil). At the balance sheet date the company was owed £69,773 (2023: £nil) by Falmouth Boatyard Ltd, as disclosed within Debtors. Included within this balance is a loan receivable of £50,171 (including £171 accrued interest). The loan is repayable on or before May 2025 with interest due at 5% per annum. Other amounts owed by Falmouth Boatyard Ltd are non-interest bearing and repayable on demand.