Silverfin false false 31/12/2024 01/01/2024 31/12/2024 L A English 24/10/2012 G K Royle 14/05/2015 T H Smithies 21/02/2001 D A B Stoyle 18/05/2011 17 July 2025 The principal activity of the Company during the financial year was the operation of inland water passenger transport and associated activities. 04164670 2024-12-31 04164670 bus:Director1 2024-12-31 04164670 bus:Director2 2024-12-31 04164670 bus:Director3 2024-12-31 04164670 bus:Director4 2024-12-31 04164670 2023-12-31 04164670 core:CurrentFinancialInstruments 2024-12-31 04164670 core:CurrentFinancialInstruments 2023-12-31 04164670 core:Non-currentFinancialInstruments 2024-12-31 04164670 core:Non-currentFinancialInstruments 2023-12-31 04164670 core:ShareCapital 2024-12-31 04164670 core:ShareCapital 2023-12-31 04164670 core:RetainedEarningsAccumulatedLosses 2024-12-31 04164670 core:RetainedEarningsAccumulatedLosses 2023-12-31 04164670 core:LandBuildings 2023-12-31 04164670 core:PlantMachinery 2023-12-31 04164670 core:Vehicles 2023-12-31 04164670 core:FurnitureFittings 2023-12-31 04164670 core:LandBuildings 2024-12-31 04164670 core:PlantMachinery 2024-12-31 04164670 core:Vehicles 2024-12-31 04164670 core:FurnitureFittings 2024-12-31 04164670 core:DeferredTaxation 2024-12-31 04164670 core:DeferredTaxation 2023-12-31 04164670 core:OtherProvisionsContingentLiabilities 2024-12-31 04164670 core:OtherProvisionsContingentLiabilities 2023-12-31 04164670 bus:OrdinaryShareClass1 2024-12-31 04164670 2024-01-01 2024-12-31 04164670 bus:FilletedAccounts 2024-01-01 2024-12-31 04164670 bus:SmallEntities 2024-01-01 2024-12-31 04164670 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 04164670 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 04164670 bus:Director1 2024-01-01 2024-12-31 04164670 bus:Director2 2024-01-01 2024-12-31 04164670 bus:Director3 2024-01-01 2024-12-31 04164670 bus:Director4 2024-01-01 2024-12-31 04164670 core:PlantMachinery core:BottomRangeValue 2024-01-01 2024-12-31 04164670 core:PlantMachinery core:TopRangeValue 2024-01-01 2024-12-31 04164670 core:Vehicles core:BottomRangeValue 2024-01-01 2024-12-31 04164670 core:Vehicles core:TopRangeValue 2024-01-01 2024-12-31 04164670 core:FurnitureFittings core:BottomRangeValue 2024-01-01 2024-12-31 04164670 core:FurnitureFittings core:TopRangeValue 2024-01-01 2024-12-31 04164670 2023-01-01 2023-12-31 04164670 core:LandBuildings 2024-01-01 2024-12-31 04164670 core:PlantMachinery 2024-01-01 2024-12-31 04164670 core:Vehicles 2024-01-01 2024-12-31 04164670 core:FurnitureFittings 2024-01-01 2024-12-31 04164670 core:Non-currentFinancialInstruments 2024-01-01 2024-12-31 04164670 bus:OrdinaryShareClass1 2024-01-01 2024-12-31 04164670 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 04164670 (England and Wales)

KING HARRY STEAM FERRY COMPANY LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

KING HARRY STEAM FERRY COMPANY LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

KING HARRY STEAM FERRY COMPANY LIMITED

BALANCE SHEET

As at 31 December 2024
KING HARRY STEAM FERRY COMPANY LIMITED

BALANCE SHEET (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 1,098,447 1,147,039
1,098,447 1,147,039
Current assets
Stocks 4 69,099 0
Debtors 5 66,970 52,806
Cash at bank and in hand 200,618 438,978
336,687 491,784
Creditors: amounts falling due within one year 6 ( 368,734) ( 309,102)
Net current (liabilities)/assets (32,047) 182,682
Total assets less current liabilities 1,066,400 1,329,721
Creditors: amounts falling due after more than one year 7 ( 245,680) ( 266,154)
Provision for liabilities 8 ( 241,464) ( 215,402)
Net assets 579,256 848,165
Capital and reserves
Called-up share capital 9 446,000 445,000
Profit and loss account 133,256 403,165
Total shareholders' funds 579,256 848,165

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of King Harry Steam Ferry Company Limited (registered number: 04164670) were approved and authorised for issue by the Board of Directors on 17 July 2025. They were signed on its behalf by:

D A B Stoyle
Director
KING HARRY STEAM FERRY COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
KING HARRY STEAM FERRY COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

King Harry Steam Ferry Company Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Lowin House, Tregolls Road, Truro, TR1 2NA, United Kingdom.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery 5 - 20 years straight line
Vehicles 3 - 3 years straight line
Fixtures and fittings 4 - 10 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method.

The cost of direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances.

All financial instruments are classified as basic.

Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are
subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received,
after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 12 15

3. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 January 2024 265,340 2,989,570 60,843 208,847 3,524,600
Additions 0 5,103 21,000 1,827 27,930
Disposals 0 ( 610) 0 0 ( 610)
At 31 December 2024 265,340 2,994,063 81,843 210,674 3,551,920
Accumulated depreciation
At 01 January 2024 0 2,137,818 34,753 204,990 2,377,561
Charge for the financial year 0 61,114 11,596 3,812 76,522
Disposals 0 ( 610) 0 0 ( 610)
At 31 December 2024 0 2,198,322 46,349 208,802 2,453,473
Net book value
At 31 December 2024 265,340 795,741 35,494 1,872 1,098,447
At 31 December 2023 265,340 851,752 26,090 3,857 1,147,039

4. Stocks

2024 2023
£ £
Stocks 69,099 0

5. Debtors

2024 2023
£ £
Trade debtors 12,355 12,999
Other debtors 54,615 39,807
66,970 52,806

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 41,345 17,603
Taxation and social security 122,317 137,531
Other creditors 205,072 153,968
368,734 309,102

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Other creditors 245,680 266,154

There are no amounts included above in respect of which any security has been given by the small entity.

8. Provision for liabilities

2024 2023
£ £
Deferred tax 112,447 139,802
Other provisions 129,017 75,600
241,464 215,402

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
446,000 Ordinary shares of £ 1.00 each (2023: 445,000 shares of £ 1.00 each) 446,000 445,000

10. Related party transactions

Other related party transactions

2024 2023
£ £
Cornwall Ferries Ltd 8,559 1,575

During the year, Cornwall Ferries Limited made various transactions with King Harry Steam Ferry Company Limited (KHF).

In total the company made purchases from CFL of £36,418 (2023: £32,046); and made sales to CFL of £31,765 (2023: £32,254)

At the balance sheet date the amount due to CFL was £8,559 (2023: £1,575). In addition, the Company made a further net purchases amounting to £5,481