REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
TALL SHIPS RACES INTERNATIONAL LIMITED |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
1st Floor |
Ocean Village Innovation Centre |
Ocean Way |
Southampton |
Hampshire |
SO14 3JZ |
SOLICITORS: |
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 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
6 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
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 |
Amounts owed by group undertakings |
Other debtors |
VAT |
Prepayments |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Corporation tax |
Social security and other taxes |
VAT | 4,691 | - |
Accruals and deferred income |
6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Accruals and deferred income |
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: | £ | £ |
Ordinary | £1 | 1 | 1 |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
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. |