2023-04-012024-03-312024-03-31false06968511Penzance Dry Dock (2009) 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Penzance Dry Dock (2009) Limited

Registered Number
06968511
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2024

Penzance Dry Dock (2009) Limited
Company Information
for the year from 1 April 2023 to 31 March 2024

Directors

MURPHY, Jamie Matthew
WOOD, Jonathan Ian

Company Secretary

WOOD, Jonathan Ian

Registered Address

Wills Bingley, St Denys House
East Hill
St. Austell
PL25 4TR

Registered Number

06968511 (England and Wales)
Penzance Dry Dock (2009) Limited
Balance Sheet as at
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets3141,774117,334
141,774117,334
Current assets
Stocks4139,59897,416
Debtors216,279201,551
Cash at bank and on hand14,07223,854
369,949322,821
Creditors amounts falling due within one year5(442,500)(414,238)
Net current assets (liabilities)(72,551)(91,417)
Total assets less current liabilities69,22325,917
Creditors amounts falling due after one year6(689,258)(186,625)
Net assets(620,035)(160,708)
Capital and reserves
Called up share capital11
Profit and loss account(620,036)(160,709)
Shareholders' funds(620,035)(160,708)
The financial statements were approved and authorised for issue by the Board of Directors on 24 September 2024, and are signed on its behalf by:
MURPHY, Jamie Matthew
Director
Registered Company No. 06968511
Penzance Dry Dock (2009) Limited
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Going concern
In preparing and approving these financial statements the Director has given due consideration to going concern risks, and in particular the impact of the Coronavirus pandemic. The pandemic led to widespread, profound economic shocks, and significantly curtailed the operational activities of the Company. In reaching a conclusion on the going concern assumption the Director considered and factored in the following matters: i) The previous owners of the Company, The Isles of Scilly Steamship Company Limited, are providing a loan facility which will assist the Company for the short term as the order book is filled. The Company has prepared budgets and cash flows to ensure it has sufficient access to funding to support its ongoing operations. ii) The Company continues to access the Governments Job Retention Scheme which has assisted with reducing the costs incurred by the Company during the year to 31 March 2021 and post year end. iii) The Company continues to implement various cost saving measures to minimise the cost base. iv) Operationally, various policies and procedures have been put in place to ensure the health and safety of the Companys employees and passengers. Clearly, in some areas this has given rise to a financial cost, but these steps are necessary and are being adopted by the vast majority of businesses across the UK. vi) There are business continuation plans in place to ensure that there is adequate cover for senior management should they become incapacitated. After due consideration of these factors the directors are satisfied that the Company will be able to operate within the available facilities and continue as a going concern for the foreseeable future - being a period no less than 12 months from the date of approval of these financial statements.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Employee benefits
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provisions are made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
Financial instruments
The company holds the following financial instruments: * Short term trade and other debtors and creditors; * Cash and bank balances. All financial instruments are classified as basic. The company has chosen to apply the recognition and measurement principles in FRS102. Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the companys obligations are discharged, expire or are cancelled. Except for bank loans, such instruments are initially measured at transaction price, including transaction costs,and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Government grants or assistance
Government grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets by equal annual installments. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.
2.Average number of employees

20242023
Average number of employees during the year2124
3.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Total

££££
Cost or valuation
At 01 April 2316,026132,23668,862217,124
Additions26,716--26,716
Revaluations-33,089-33,089
At 31 March 2442,742165,32568,862276,929
Depreciation and impairment
At 01 April 23-58,38741,40399,790
Charge for year-26,2129,15335,365
At 31 March 24-84,59950,556135,155
Net book value
At 31 March 2442,74280,72618,306141,774
At 31 March 2316,02673,84927,459117,334
4.Stocks

2024

2023

££
Work in progress42,5002,918
Other stocks97,09894,498
Total139,59897,416
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables144,742171,493
Bank borrowings and overdrafts65,00065,000
Taxation and social security111,12737,548
Other creditors109,697119,249
Accrued liabilities and deferred income11,93420,948
Total442,500414,238
6.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts158,960155,210
Other creditors530,29831,415
Total689,258186,625
7.Other commitments
The total amount of financial commitments not included in the balance sheet is £123,333 (2023 - £203,333). The company has an operating lease commitment in relation to the lease of the premises from which it operates. The committed rental charge is payable until August 2025.
8.Events after reporting date
Since 31st March 2024 the group/company has been awarded a grant of over £2m pounds. In addition Angel funding has been obtained. This has allowed the holding company to purchase the freehold property that the Dry Dock operates from. This has enabled the company to refit the yard and to modernise the facilities that the company operates from.
9.Related party transactions
The company has taken advantage of the exemption in FRS102.33 "Related Party Disclosures" from disclosing transactions with other wholly owned members of the group. The company's immediate parent is Linked Solutions SW Limited, incorporated in England and Wales. These financial statements are available upon request from Heather House Pensilva Liskeard PL14 5PJ On 8 July 2021, Isles of Scilly Steamship company Limited ceased to be the parent company of Penzance Dry Dock (2009) Limited with the ownership transferring to Linked Solutions SW Limited. As part of the change in ownership the intercompany loan outstanding at 8 July 2021 was waived. The Isles of Scilly Steamship Company Limited agreed to provide a new 3 year loan facility for Penzance Dry Dock (2009) Limited from the date of the sale. Despite this arrangement the facility was cancelled and repaid in July 22.
10.Exceptional items
EXCEPTIONAL ITEMS Intercompany loan write off: 31/03/2023 - £0 31/03/2024 - £0