THE FALMOUTH PILOT CUTTER CIC

Company limited by guarantee

Company Registration Number:
10380561 (England and Wales)

Unaudited statutory accounts for the year ended 30 September 2024

Period of accounts

Start date: 1 October 2023

End date: 30 September 2024

THE FALMOUTH PILOT CUTTER CIC

Contents of the Financial Statements

for the Period Ended 30 September 2024

Balance sheet
Additional notes
Balance sheet notes
Community Interest Report

THE FALMOUTH PILOT CUTTER CIC

Balance sheet

As at 30 September 2024

Notes 2024 2023


£

£
Fixed assets
Intangible assets:   0 0
Tangible assets: 3 723,607 723,655
Investments:   0 0
Total fixed assets: 723,607 723,655
Current assets
Stocks:   0 0
Debtors: 4 3,508 10,337
Cash at bank and in hand: 33,871 37,039
Investments:   0 0
Total current assets: 37,379 47,376
Prepayments and accrued income: 0 0
Creditors: amounts falling due within one year: 5 ( 1,576,949 ) ( 1,544,597 )
Net current assets (liabilities): (1,539,570) (1,497,221)
Total assets less current liabilities: (815,963) ( 773,566)
Creditors: amounts falling due after more than one year:   0 0
Total net assets (liabilities): (815,963) (773,566)
Members' funds
Profit and loss account: (815,963) ( 773,566)
Total members' funds: ( 815,963) (773,566)

The notes form part of these financial statements

THE FALMOUTH PILOT CUTTER CIC

Balance sheet statements

For the year ending 30 September 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

The directors have chosen not to file a copy of the company's profit and loss account.

This report was approved by the board of directors on 16 June 2025
and signed on behalf of the board by:

Name: Mrs Joanna Powell
Status: Director

The notes form part of these financial statements

THE FALMOUTH PILOT CUTTER CIC

Notes to the Financial Statements

for the Period Ended 30 September 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of shipbuilding goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods. Turnover from the rendering of services is related to shipyard rental and chartering.

    Tangible fixed assets depreciation policy

    Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: - Leasehold land and buildings - 20% on reducing balance - Plant and equipment - 25% on reducing balance - Fixtures and fittings - 25% on reducing balance - Computer equipment - 25% on reducing balance - Charter vessels None - held at realisable value as listed for sale 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 surplus or deficit.

    Other accounting policies

    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 surplus or deficit, 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 surplus or deficit, 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. Financial instruments Financial assets - trade and other debtors are basic financial instruments and debt instruments measured at fair value through the Income Statement and are measured subsequently at amortised cost. Prepayments are not financial instruments. Cash comprises cash at bank, in hand and short term deposits with an original maturity date of three months or less. Cash at bank is measured at face value. Financial liabilities - trade creditors and other creditors are measured initially at fair value through the Income Statement and are measured subsequently at amortised cost. Finance costs are charged to the Income Statement over the term of the debt using the effective interest rate method so that the amount charged is at a constant rate on the carrying amount. Borrowing costs are not capitalised. Retirement benefits Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. Going concern The accounts have been prepared on the going concern basis. The directors have confirmed that they do not intend to withdraw their financial support for the business in the foreseeable future. They have an expectation that the assets will begin to generate significantly higher turnover in the future. The charter vessel owned by the company is also currently up for sale, but this is not expected to be sold in the forthcoming year and will instead be chartered for the season.

THE FALMOUTH PILOT CUTTER CIC

Notes to the Financial Statements

for the Period Ended 30 September 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 2 2

THE FALMOUTH PILOT CUTTER CIC

Notes to the Financial Statements

for the Period Ended 30 September 2024

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 October 2023 30,129 7,000 673 579 820,881 859,262
Additions 2,338 2,338
Disposals
Revaluations
Transfers
At 30 September 2024 30,129 9,338 673 579 820,881 861,600
Depreciation
At 1 October 2023 3,643 5,201 474 408 125,881 135,607
Charge for year 1,506 787 50 43 0 2,386
On disposals
Other adjustments
At 30 September 2024 5,149 5,988 524 451 125,881 137,993
Net book value
At 30 September 2024 24,980 3,350 149 128 695,000 723,607
At 30 September 2023 26,486 1,799 199 171 695,000 723,655

The charter vessel asset (presented within the motor vehicles asset class) is listed for sale at £695,000. The asset is therefore held in the financial statements at this impaired value.

THE FALMOUTH PILOT CUTTER CIC

Notes to the Financial Statements

for the Period Ended 30 September 2024

4. Debtors

2024 2023
£ £
Trade debtors 3,204
Other debtors 3,508 7,133
Total 3,508 10,337

THE FALMOUTH PILOT CUTTER CIC

Notes to the Financial Statements

for the Period Ended 30 September 2024

5. Creditors: amounts falling due within one year note

2024 2023
£ £
Trade creditors 2,366 6,662
Taxation and social security 305 491
Other creditors 1,574,278 1,537,444
Total 1,576,949 1,544,597

Since the entity's inception, Woodsell Limited (formerly Artysea Ltd), of which Mr B J Pain is a director, has helped to finance the construction of the charter vessel. As at the reporting date, £1,060,020 (2023 - £1,060,020) was owed to Woodsell Limited. No interest has been charged on this balance. This loan is considered repayable on demand. Working Sail Ltd, of which Mr L Powell and Mrs J Powell are directors have invoiced the reporting entity for services performed on its behalf. These invoices are raised on an ad-hoc basis, as the services are performed.

COMMUNITY INTEREST ANNUAL REPORT

THE FALMOUTH PILOT CUTTER CIC

Company Number: 10380561 (England and Wales)

Year Ending: 30 September 2024

Company activities and impact

The company has provided training in traditional wooden boat building and sailing skills. Benefits to the community include providing employment and keeping alive maritime heritage and traditional skills. The company has also hosted a number of students from local colleges for work experience training days, both in the Rhoda Mary Shipyard and on board the Pilot Cutter Pellew. The company has been working closely with a Falmouth-based ex-armed forces charity to develop a trip around Britain, as well as taking their clients and sponsors on sailing trips on board the Pilot Cutter Pellew.

Consultation with stakeholders

Stakeholders of the company include the Truro Harbour Authority and Cornwall Council, who have been consulted over the use of the quay at Newham Road and the accompanying boat yard. Another stakeholder is Falmouth Marine School who have been consulted over hosting three students for commercial work experience for Level 2 and Level 3 boat building and Level 2 marine engineering. The Turn to Starboard charity have been consulted when developing the sailing trip around Britain.

Directors' remuneration

During the year, total directors' remuneration of £36,000 was paid.

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
16 June 2025

And signed on behalf of the board by:
Name: Mrs Joanna Powell
Status: Director