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Lyonesse Shipping Company 1 Limited

Annual Report and Financial Statements
Period from 16 November 2023 to 31 March 2025

Registration number: 15290226

 

Lyonesse Shipping Company 1 Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 7

 

Lyonesse Shipping Company 1 Limited

Balance Sheet

31 March 2025

Note

2025
£

Fixed assets

 

Tangible assets

4

14,025,777

Current assets

 

Debtors

5

109

Creditors: Amounts falling due within one year

6

(7,578,148)

Net current liabilities

 

(7,578,039)

Total assets less current liabilities

 

6,447,738

Creditors: Amounts falling due after more than one year

6

(6,451,250)

Net liabilities

 

(3,512)

Capital and reserves

 

Called up share capital

8

100

Profit and loss account

(3,612)

Shareholders' deficit

 

(3,512)

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: 15290226

 

Lyonesse Shipping Company 1 Limited

Notes to the Financial Statements

Period from 16 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.

Going concern

In preparing and approving these financial statements the Board have given due consideration to going concern risks.

The company continues to be supported financially by its parent company, Isles of Scilly Steamship Company Limited, via an intercompany loan and the parent company has committed to continue this support for the foreseeable future. There is a letter of support from the group and the company is dependant on this support.

After due consideration of these factors the directors are satisfied that the company will be able to operate within the available facilities and continue as a going concern for the foreseeable future - being a period no less than 12 months from the date of approval of these financial statements.

 

Lyonesse Shipping Company 1 Limited

Notes to the Financial Statements

Period from 16 November 2023 to 31 March 2025

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.

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, other assets under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Ships

Straight line over the life of the ship

Assets under construction

Not depreciated

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 1 Limited

Notes to the Financial Statements

Period from 16 November 2023 to 31 March 2025

Financial instruments

Classification
The company holds the following financial instruments:

• Short term other debtors and creditors; and
• 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.


 

3

Staff numbers

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

 

Lyonesse Shipping Company 1 Limited

Notes to the Financial Statements

Period from 16 November 2023 to 31 March 2025

4

Tangible assets

Assets under construction
 £

Total
£

Cost or valuation

Additions

14,025,777

14,025,777

At 31 March 2025

14,025,777

14,025,777

Carrying amount

At 31 March 2025

14,025,777

14,025,777

5

Debtors

2025
£

Prepayments

109

109

6

Creditors

Creditors: amounts falling due within one year

2025
£

Due within one year

Amounts owed to group undertakings

7,573,728

Accruals

4,420

7,578,148

Creditors: amounts falling due after more than one year

Note

2025
£

Due after one year

 

Loans and borrowings

7

6,451,250

2025
£

Due after more than five years

After more than five years by instalments

1,854,350

-

 

Lyonesse Shipping Company 1 Limited

Notes to the Financial Statements

Period from 16 November 2023 to 31 March 2025

7

Loans and borrowings

Non-current loans and borrowings

2025
£

Bank borrowings

6,451,250

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 in 2033 . The carrying amount at period end is £6,451,250.

The repayments are based on a 20-year cashflow with a balloon payment falling due in 2033 that the Company intends to refinance.

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 2 Limited, Lyonesse Shipping Company 3 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 2033.

Bank loans and overdrafts after five years

The carrying value of the loan at period end is due to be repaid by 2033. The loan attracts interest at 3.1% above the Bank of England base rate.

8

Share capital

Allotted, called up and fully paid shares

2025

No.

£

Ordinary shares of £1 each

100

100

   

9

Commitments

Capital commitments and guarantees

The company has entered into a contract with shipbuilder, Piriou, to build a vessel. The total amount contracted for but not provided in the financial statements was £18,338,992.

The total amount of guarantees not included in the balance sheet is £7,015,357. The bank borrowings of other group companies, Lyonesse Shipping Company 2 Limited and Lyonesse Shipping Company 3 Limited, are secured by a floating charge on the assets of the Company.

 

Lyonesse Shipping Company 1 Limited

Notes to the Financial Statements

Period from 16 November 2023 to 31 March 2025

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