Period from 17 November 2023 to
Registration number:
Lyonesse Shipping Company 3 Limited
Contents
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Balance Sheet |
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Notes to the Financial Statements |
Lyonesse Shipping Company 3 Limited
Balance Sheet
31 March 2025
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Note |
2025 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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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
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......................................... |
Company Registration Number: 15290682
Lyonesse Shipping Company 3 Limited
Notes to the Financial Statements
Period from 17 November 2023 to 31 March 2025
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General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
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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
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:
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Asset class |
Depreciation method and rate |
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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
• Short term trade and other debtors and creditors;
• Bank loans
All financial instruments are classified as basic.
Recognition and measurement
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.
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Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
Lyonesse Shipping Company 3 Limited
Notes to the Financial Statements
Period from 17 November 2023 to 31 March 2025
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Tangible assets |
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Ships |
Total |
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Cost or valuation |
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Additions |
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At 31 March 2025 |
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Depreciation |
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Charge for the period |
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At 31 March 2025 |
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Carrying amount |
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At 31 March 2025 |
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Debtors |
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2025 |
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Prepayments |
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Creditors |
Creditors: amounts falling due within one year
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Note |
2025 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts owed to group undertakings |
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Accruals |
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Creditors: amounts falling due after more than one year
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Note |
2025 |
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Due after one year |
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Loans and borrowings |
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Lyonesse Shipping Company 3 Limited
Notes to the Financial Statements
Period from 17 November 2023 to 31 March 2025
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2025 |
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Due after more than five years |
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After more than five years by instalments |
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- |
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Loans and borrowings |
Current loans and borrowings
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2025 |
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Bank borrowings |
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Non-current loans and borrowings
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2025 |
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Bank borrowings |
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Bank borrowings
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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
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Share capital |
Allotted, called up and fully paid shares
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2025 |
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No. |
£ |
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100 |
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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.
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Audit report |
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Parent and ultimate parent undertaking |
The company's immediate parent is
These financial statements are available upon request from
Hugh Town
St Mary's
Isles of Scilly
TR21 0LJ