CYC CHARTERING LIMITED

Company Registration Number:
12118970 (England and Wales)

Unaudited statutory accounts for the year ended 31 March 2025

Period of accounts

Start date: 11 March 2025

End date: 31 March 2025

CYC CHARTERING LIMITED

Contents of the Financial Statements

for the Period Ended 31 March 2025

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

CYC CHARTERING LIMITED

Directors' report period ended 31 March 2025

The directors present their report with the financial statements of the company for the period ended 31 March 2025

Principal activities of the company

The Company charters the vessel, Chantella.

Additional information

The Company was incorporated on 24 July 2019 and has traded since August 2019. The Directors have now chosen to file Accounts for 2024 and 2025 every quarter due to regulatory requirements.



Directors

The director shown below has held office during the whole of the period from
11 March 2025 to 31 March 2025

Henry Hume-Kendall


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
31 May 2025

And signed on behalf of the board by:
Name: Henry Hume-Kendall
Status: Director

CYC CHARTERING LIMITED

Profit And Loss Account

for the Period Ended 31 March 2025

31 March 2025 10 March 2025


£

£
Turnover: 16,000 0
Cost of sales: ( 11,352 ) ( 43,220 )
Gross profit(or loss): 4,648 (43,220)
Operating profit(or loss): 4,648 (43,220)
Interest payable and similar charges: ( 80 ) ( 153 )
Profit(or loss) before tax: 4,568 (43,373)
Profit(or loss) for the financial year: 4,568 (43,373)

CYC CHARTERING LIMITED

Balance sheet

As at 31 March 2025

Notes 31 March 2025 10 March 2025


£

£
Fixed assets
Tangible assets: 3 825,000 825,000
Total fixed assets: 825,000 825,000
Current assets
Debtors: 4 29,000 30,333
Cash at bank and in hand: 25,082 14,387
Total current assets: 54,082 44,720
Creditors: amounts falling due within one year: 5 ( 131,983 ) ( 134,477 )
Net current assets (liabilities): (77,901) (89,757)
Total assets less current liabilities: 747,099 735,243
Creditors: amounts falling due after more than one year: 6 ( 2,014,650 ) ( 2,007,362 )
Total net assets (liabilities): (1,267,551) (1,272,119)
Capital and reserves
Called up share capital: 115 115
Other reserves: (991,274) (991,274 )
Profit and loss account: (276,392 ) (280,960 )
Total Shareholders' funds: ( 1,267,551 ) (1,272,119)

The notes form part of these financial statements

CYC CHARTERING LIMITED

Balance sheet statements

For the year ending 31 March 2025 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.

This report was approved by the board of directors on 31 May 2025
and signed on behalf of the board by:

Name: Henry Hume-Kendall
Status: Director

The notes form part of these financial statements

CYC CHARTERING LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2025

  • 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

    The vessel, the motoryacht Chantella, was acquired for a valuation of £1.5million (Euros 1,816,274) payable net as at 31 August 2019. It is valued for insurance purposes at Euros1,802million. On a forced sale Chantella would be worth considerably less, around Euros825,000. Accordingly, the vessel has been revalued at Euros825,000 for the time being.

    Tangible fixed assets depreciation policy

    The vessel, the motoryacht Chantella, was acquired for a valuation of £1.5million (Euros 1,816,274) payable net as at 31 August 2019. It is valued for insurance purposes at Euros1,802million. On a forced sale Chantella would be worth considerably less, around Euros825,000. Accordingly, the vessel has been revalued at Euros825,000 for the time being.

    Valuation information and policy

    All figures are stated in Euros rather than £GBP. The exchange rate at 31 March 2025, 10 March 2025 and at 31 October 2024 amounted to approx. Euros1.19 to £GBP1, so this has been used in these Accounts.

CYC CHARTERING LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2025

  • 2. Employees

    31 March 2025 10 March 2025
    Average number of employees during the period 3 2

    The number of employees varies due to the seasonal nature of the trade.

CYC CHARTERING LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2025

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 11 March 2025 825,000 825,000
Additions
Disposals
Revaluations
Transfers
At 31 March 2025 825,000 825,000
Depreciation
At 11 March 2025
Charge for year
On disposals
Other adjustments
At 31 March 2025
Net book value
At 31 March 2025 825,000 825,000
At 10 March 2025 825,000 825,000

Annual expenditure of Euros30,960 has been expensed due to the vessel refit carried out in Winter 2024 prior to the start of the 2024 summer season. Annual expenditure of Euros53,373 had already been expensed due to the vessel refit carried out in Winter 2023 prior to the start of the 2023 summer season. The vessel, the motoryacht Chantella, was acquired from Chantella Charter Company Limited, a Company registered in Malta controlled by Simon Hume-Kendall, for a valuation of £1.5million payable net of any existing liabilities as at the date of the Asset Purchase Agreement, namely 27 August 2019. The vessel, the motoryacht Chantella, is valued for insurance purposes at Euros1.802million. On a forced sale Chantella would be worth considerably less, around Euros825,000. Accordingly, the vessel has been revalued at Euros825,000 for the time being. A charge against the vessel, Chantella was registered at Companies House dated 15 March 2024.

CYC CHARTERING LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2025

4. Debtors

31 March 2025 10 March 2025
£ £
Trade debtors 25,000 25,000
Prepayments and accrued income 4,000 5,333
Total 29,000 30,333

The annual Chantella vessel insurance has been paid in August 2024 in the sum of Euros16,000. A trade debtor of Euros 25,000 relating to a charter in September 2024 has not yet been received.

CYC CHARTERING LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2025

5. Creditors: amounts falling due within one year note

31 March 2025 10 March 2025
£ £
Trade creditors 32,707 34,707
Taxation and social security 0 574
Accruals and deferred income 15,179 15,179
Other creditors 84,097 84,017
Total 131,983 134,477

Income in advance amounted to Euros15,179 as at 10 and 31 March 2025 and Euros0 as at 31 October 2024. Brokers commission payable relating to the Summer Seasons of 2022 and 2023 of Euros 22,500 is disputed and is not included as a creditor nor included as an expense.

CYC CHARTERING LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2025

6. Creditors: amounts falling due after more than one year note

31 March 2025 10 March 2025
£ £
Bank loans and overdrafts 178,974 178,974
Other creditors 1,835,676 1,828,388
Total 2,014,650 2,007,362

A loan from a connected company of Euros178,974 is shown above as a Bank loan; interest is no longer payable on this loan with no set repayment terms. Other creditors are a loan from Simon Hume-Kendall amounting to Euros 1,800,247 as at 31 October 2024 with no interest payable and no set repayment terms; the further sums of Euros28,141 and Euros7,288 have been made available since then so the current balance is Euros1,828,388 at 10 March 2025 and Euros1,835,676 at 31 March 2025.