Company registration number 07940922 (England and Wales)
FAIRHAVEN SHIPPING COMPANY (UK) LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
FAIRHAVEN SHIPPING COMPANY (UK) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
FAIRHAVEN SHIPPING COMPANY (UK) LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 1 -
30 November 2023
31 May 2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
3,667,554
3,500,000
Current assets
Debtors
5
393,339
300,891
Cash at bank and in hand
14,878
43,515
408,217
344,406
Creditors: amounts falling due within one year
6
(250,565)
(78,282)
Net current assets
157,652
266,124
Total assets less current liabilities
3,825,206
3,766,124
Creditors: amounts falling due after more than one year
7
(642,500)
(676,216)
Provisions for liabilities
9
(694,831)
(694,831)
Net assets
2,487,875
2,395,077
Capital and reserves
Called up share capital
200
200
Revaluation reserve
10
2,084,493
2,084,493
Profit and loss reserves
403,182
310,384
Total equity
2,487,875
2,395,077

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved and signed by the director and authorised for issue on 1 December 2024
Mr D Rogers
Director
Company registration number 07940922 (England and Wales)
FAIRHAVEN SHIPPING COMPANY (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 2 -
1
Accounting policies
Company information

Fairhaven Shipping Company (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 15, Falmouth Wharves, North Parade, Falmouth, Cornwall, TR11 2TF.

1.1
Reporting period

Following the previous accounting period, the decision was made to extend the current accounting period from 31 May 2023 to 30 November 2023. As such, the 2023 accounting period runs from 1 June 2022 to 30 November 2023. This decision was made on a commercial basis to ensure the accounts showed a fair view of the company's performance.

1.2
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 £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Marine Asset Management Limited. These consolidated financial statements are available from its registered office: Unit 15 Falmouth Wharves, North Parade, Falmouth, Cornwall, United Kingdom, TR11 2TF.

1.3
Turnover

Turnover represents rent receivable and cargo fees net of VAT.

 

Turnover is recognised in the period in which it is earned.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

FAIRHAVEN SHIPPING COMPANY (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 3 -

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.

 

Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.

 

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity ; such gains and loss es are recognised in profit or loss.

1.5
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.

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.

1.6
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.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

FAIRHAVEN SHIPPING COMPANY (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred taxation is provided in full in respect of all timing differences that have originated but not reversed at the balance sheet date, where transactions or events that result in either an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date

 

Deferred tax is measured at the average tax rates that are expected to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date. The deferred tax balance has not been discounted.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Freehold land and buildings

Freehold land and buildings are measured at open market value by the director, being their fair value at each reporting date. Determining the open market value of freehold land and buildings requires an estimation of their market value compared with sales values of similar properties in the area.

3
Employees

The company currently has only the one director.

 

The average monthly number of persons (including directors) employed by the company during the year was:

 

 

2023
2022
Number
Number
Total
1
1
FAIRHAVEN SHIPPING COMPANY (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 5 -
4
Tangible fixed assets
Land and buildings
£
Cost or valuation
At 1 June 2022
3,500,000
Additions
167,554
At 30 November 2023
3,667,554
Depreciation and impairment
At 1 June 2022 and 30 November 2023
-
0
Carrying amount
At 30 November 2023
3,667,554
At 31 May 2022
3,500,000

Land and buildings with a carrying amount of £3,500,000 were revalued on 30 June 2016. The directors have continued to operate on the basis that the value has not materially changed since this valuation.

 

The revaluation surplus is disclosed in note 10.

 

Land and buildings are carried at valuation. If land and buildings were measured using the cost model, the

carrying amounts would have been approximately £720,676 (2022 - £720,676) excluding additions of £167,554 made in 2023 accounting period.

5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
12,393
12,696
Amounts owed by group undertakings
28,600
91,381
Other debtors
94,567
-
0
Prepayments and accrued income
257,779
196,814
393,339
300,891
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
8
10,199
41,806
Trade creditors
42,664
20,980
Amounts owed to group undertakings
105,439
-
0
Dividends payable
-
0
6,800
Other creditors
3,613
3,723
Accruals and deferred income
88,650
4,973
250,565
78,282
FAIRHAVEN SHIPPING COMPANY (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 6 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
-
0
33,716
Other creditors
642,500
642,500
642,500
676,216
8
Loans and overdrafts
2023
2022
£
£
Long term loan
642,500
642,500
Bank loans
10,199
75,522
652,699
718,022
Payable within one year
10,199
41,806
Payable after one year
642,500
676,216

The bank loan is secured on the assets of the company. The bank loan is repayable within five years.

 

The other long term loan is secured on the property 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
2023
2022
Balances:
£
£
Revaluations
694,831
694,831
There were no deferred tax movements in the period.

The deferred tax liability represents the potential tax payable if the property was ever sold. The potential tax liability is based on the fair value of the property as reflected in the accounts.

FAIRHAVEN SHIPPING COMPANY (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 7 -
10
Revaluation reserve
2023
2022
£
£
At the beginning of the period
2,084,493
2,251,252
Deferred tax on revaluation of tangible assets
-
(166,759)
At the end of the period
2,084,493
2,084,493
11
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Shona Godefroy
Statutory Auditor:
Westcotts (SW) LLP
12
Related party transactions

The company has taken advantage of the exemption in section 33 of FRS 102 from disclosing transactions or balances between wholly owned group entities.

 

As at 30 November 2023, the company had monies owed to them of £94,567 (2022: £0) from companies where the director holds an interest.

 

During the period, the company incurred costs of £150,000 (2022: £167,000) from companies where the director holds an interest.

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