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Lyonesse Shipping Company 3 Limited

Annual Report and Financial Statements
Period from 17 November 2023 to 31 March 2025

Registration number: 15290682

 

Lyonesse Shipping Company 3 Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 7

 

Lyonesse Shipping Company 3 Limited

Balance Sheet

31 March 2025

Note

2025
£

Fixed assets

 

Tangible assets

4

2,353,710

Current assets

 

Debtors

5

110

Creditors: Amounts falling due within one year

6

(711,353)

Net current liabilities

 

(711,243)

Total assets less current liabilities

 

1,642,467

Creditors: Amounts falling due after more than one year

6

(1,625,000)

Net assets

 

17,467

Capital and reserves

 

Called up share capital

8

100

Profit and loss account

17,367

Shareholders' funds

 

17,467

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 5 August 2025 and signed on its behalf by:
 

.........................................
Mr S Reid
Director

Company Registration Number: 15290682

 

Lyonesse Shipping Company 3 Limited

Notes to the Financial Statements

Period from 17 November 2023 to 31 March 2025

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Steamship House
Quay Street
Penzance
Cornwall
TR18 4BZ
United Kingdom

These financial statements were authorised for issue by the Board on 5 August 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The financial statements are prepared in pounds sterling which is the functional currency of the company.

Revenue recognition

Turnover represents charges for the leasing of the ships. Revenue is recognised in accordance with the terms of the underlying lease agreements and excludes Value Added Tax.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Lyonesse Shipping Company 3 Limited

Notes to the Financial Statements

Period from 17 November 2023 to 31 March 2025

Tax

Tax is recognised in the profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets less residual value, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Ships

Straight line over the life of the ship

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Lyonesse Shipping Company 3 Limited

Notes to the Financial Statements

Period from 17 November 2023 to 31 March 2025

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans

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.


 

Critical accounting judgements and estimation uncertainty
Management evaluate estimates and judgements on an annual basis, and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The key estimates applied by management are as outlined below:

Depreciation and useful economic lives of tangible assets (note 4)
Management have carefully considered the depreciation estimates applied on the tangible assets held by the company. This assessment is performed on an annual basis, and would be amended when necessary to reflect current estimates, based on technological advancements, future investments, economic utilisation and the physical condition of each asset.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 2.

 

Lyonesse Shipping Company 3 Limited

Notes to the Financial Statements

Period from 17 November 2023 to 31 March 2025

4

Tangible assets

Ships
£

Total
£

Cost or valuation

Additions

2,397,795

2,397,795

At 31 March 2025

2,397,795

2,397,795

Depreciation

Charge for the period

44,085

44,085

At 31 March 2025

44,085

44,085

Carrying amount

At 31 March 2025

2,353,710

2,353,710

5

Debtors

2025
£

Prepayments

110

110

6

Creditors

Creditors: amounts falling due within one year

Note

2025
£

Due within one year

 

Loans and borrowings

7

122,857

Trade creditors

 

6,924

Amounts owed to group undertakings

 

578,249

Accruals

 

3,323

 

711,353

Creditors: amounts falling due after more than one year

Note

2025
£

Due after one year

 

Loans and borrowings

7

1,625,000

 

Lyonesse Shipping Company 3 Limited

Notes to the Financial Statements

Period from 17 November 2023 to 31 March 2025

2025
£

Due after more than five years

After more than five years by instalments

1,133,571

-

7

Loans and borrowings

Current loans and borrowings

2025
£

Bank borrowings

122,857

Non-current loans and borrowings

2025
£

Bank borrowings

1,625,000

Bank borrowings

Lombard NatWest loan is denominated in GBP with a nominal interest rate of 3.1% above Bank of England base rate, and the final instalment is due on 21 June 2031. The carrying amount at period end is £1,747,857.

The loan is secured by a fixed charge on the asset the debt relates to and a floating charge of the assets in Lyonesse Shipping Company Limited, Lyonesse Shipping Company 1 Limited, Lyonesse Shipping Company 2 Limited, Isles of Scilly Steamship Company Limited, Isles of Scilly Shipping Company Limited, Isles of Scilly Skybus Limited, Island Carriers Limited and Land's End Airport Limited and is repayable by 2031.

Bank loans and overdrafts after five years

The carrying value of the loan at period end is due to be repaid by 21 June 2031. The loan attracts interest at 3.1% above the Bank of England base rate.

 

Lyonesse Shipping Company 3 Limited

Notes to the Financial Statements

Period from 17 November 2023 to 31 March 2025

8

Share capital

Allotted, called up and fully paid shares

2025

No.

£

Ordinary shares of £1 each

100

100

   

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of guarantees not included in the balance sheet is £11,718,750. The bank borrowings of other group companies, Lyonesse Shipping Company 1 Limited and Lyonesse Shipping Company 2 Limited, are secured by a floating charge on the assets of the Company.

10

Audit report

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report was Nicola Cornish BSc BFP FCA CTA, who signed for and on behalf of PKF Francis Clark on 8 August 2025.

11

Parent and ultimate parent undertaking

The company has taken advantage of the exemption in FRS102.33 "Related Party Disclosures" from disclosing transactions with other wholly owned members of the group.

 The company's immediate parent is Isles of Scilly Steamship Company Limited, incorporated in England and Wales.

  These financial statements are available upon request from
Hugh Town
St Mary's
Isles of Scilly
TR21 0LJ