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REGISTERED NUMBER: 04894646 (England and Wales)
























FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

TALL SHIPS RACES INTERNATIONAL LIMITED

TALL SHIPS RACES INTERNATIONAL LIMITED (REGISTERED NUMBER: 04894646)

CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 March 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


TALL SHIPS RACES INTERNATIONAL LIMITED

COMPANY INFORMATION
For The Year Ended 31 March 2024







DIRECTORS: J R Arends
E Corwin
A James
R Mimbacas
J Van Der Burg
B J Western
Dr V J Harten-Ash


SECRETARY: A James


REGISTERED OFFICE: Unit 9 Cooperage Green
Royal Clarence Yard
Weevil Lane
Gosport
Hampshire
PO12 1FY


REGISTERED NUMBER: 04894646 (England and Wales)


AUDITORS: TC Group
1st Floor
Ocean Village Innovation Centre
Ocean Way
Southampton
Hampshire
SO14 3JZ


SOLICITORS: Paris Smith
1 London Road
Southampton
SO15 2AE

TALL SHIPS RACES INTERNATIONAL LIMITED (REGISTERED NUMBER: 04894646)

BALANCE SHEET
31 March 2024

2024 2023
Notes £    £   
CURRENT ASSETS
Debtors 4 103,113 199,068
Cash at bank and in hand 1,759,791 1,253,871
1,862,904 1,452,939
CREDITORS
Amounts falling due within one year 5 741,231 1,049,403
NET CURRENT ASSETS 1,121,673 403,536
TOTAL ASSETS LESS CURRENT LIABILITIES 1,121,673 403,536

CREDITORS
Amounts falling due after more than one
year

6

529,599

240,443
NET ASSETS 592,074 163,093

CAPITAL AND RESERVES
Called up share capital 8 1 1
Retained earnings 592,073 163,092
SHAREHOLDERS' FUNDS 592,074 163,093

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 November 2024 and were signed on its behalf by:





A James - Director


TALL SHIPS RACES INTERNATIONAL LIMITED (REGISTERED NUMBER: 04894646)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 March 2024


1. STATUTORY INFORMATION

Tall Ships Races International Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 £.

Going concern
The directors have considered all available information regarding current and future factors that could impact Tall Ships Races International Limited and have concluded it is appropriate to prepare the financial statements on a going concern basis.

During 2023 the company ran two tall ships events which addressed the backlog from the pandemic. These two events have delivered a significant surplus facilitating the rebuilding of the reserves. The reduced cost base has been maintained through 2023 and ensures the organisation remains flexible as we emerge from these uncertain times.

Looking ahead the position for Tall Ships Races International Limited over the next five years looks positive. The Tall Ships Races are fully contracted for 2024, 2025 and 2026 with a minimum of 5 ports in each. It is anticipated Tall Ships Races International Limited will generate a surplus in each of the next 3 years which will be gift aided to the parent to ensure reserves continue to grow over the period, and that the Group as a whole attain level 3 of the reserves policy enabling an investment in a combination of bursaries and infrastructure to the tune of £250k over the five-year period.

Revenue
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The host ports for each event contract with the Company up to four years before the race takes place and make annual payments on account. The Company is engaged in planning and marketing activity throughout the four year period for each race. Accordingly the Company recognises the income as part of the port fees received in each of the years leading up to the race, the balance being taken in the year the race is held.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- The amount of revenue can be measured reliably;

- it is probable that the Company will receive the consideration due under the contract;

- the stage of completion of the contract at the end of the reporting period can be measured reliably; and

- the costs incurred and the cost to complete the contract can be measured reliably.

TALL SHIPS RACES INTERNATIONAL LIMITED (REGISTERED NUMBER: 04894646)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Short term debtors and creditors are measured at the transaction price. Other financial instruments, including loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than the financial instrument's legal form.

Financial assets and liabilities are offset and 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Gift aid
Gift Aid payments to the parent charity, Sail Training International Limited , are recognised when they are approved by the directors and are presented as distributions within the Statement of Changes in Equity.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 7 ) .

TALL SHIPS RACES INTERNATIONAL LIMITED (REGISTERED NUMBER: 04894646)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2024


4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 53,239 165,823
Amounts owed by group undertakings 8,156 8,049
Other debtors 30,138 -
VAT - 5,454
Prepayments 11,580 19,742
103,113 199,068

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 19,347 25,290
Corporation tax 5,387 5,387
Social security and other taxes 6,240 -
VAT 4,691 -
Accruals and deferred income 705,566 1,018,726
741,231 1,049,403

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Accruals and deferred income 529,599 240,443

7. TAXATION

During the year profits of £581,853 were made within Tall Ships Races International Limited resulting in a tax charge of £145,463. Since the profits in their entirety will be paid through gift aid to Sail Training International within 9 months of the year end, a claim has been made under s199 CTA 2010 for the gift aid payment to be attributed to the accounting period ended 31 March 2024 resulting in no tax liability being shown in the 31 March 2024 financial statements.

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1 Ordinary £1 1 1

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Richard Gillespie FCCA (Senior Statutory Auditor)
for and on behalf of TC Group

10. RELATED PARTY DISCLOSURES

The company is exempt from disclosing related party transactions with over 100% owned members of the group headed by Sail Training International by virtue of FRS102 Section 33.1A.

TALL SHIPS RACES INTERNATIONAL LIMITED (REGISTERED NUMBER: 04894646)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2024


11. PENSION COMMITMENTS

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £15,675 (2023: £16,591). There were no outstanding contributions (2023: £Nil) payable to the fund at the balance sheet date.

12. CONTROLLING PARTY

The company is wholly owned subsidiary of Sail Training International, a company registered in England and Wales and a Charity registered with the Charity Commission.

The parent of both the smallest and largest group for which group accounts including the Company are prepared is Sail Training International, which is the ultimate parent company. The financial statements for the parent are available from Unit 9 Cooperage Green, Royal Clarence Yard, Weevil Lane, Gosport, Hampshire, PO12 1FY.