Period from 16 November 2023 to
Registration number:
Lyonesse Shipping Company 1 Limited
Contents
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Balance Sheet |
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Notes to the Financial Statements |
Lyonesse Shipping Company 1 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 liabilities |
( |
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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' deficit |
( |
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: 15290226
Lyonesse Shipping Company 1 Limited
Notes to the Financial Statements
Period from 16 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.
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
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:
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Asset class |
Depreciation method and rate |
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Ships |
Straight line over the life of the ship |
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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
• Short term other debtors and creditors; and
• 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.
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Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
Lyonesse Shipping Company 1 Limited
Notes to the Financial Statements
Period from 16 November 2023 to 31 March 2025
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Tangible assets |
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Assets under construction |
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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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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2025 |
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Due within one year |
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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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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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- |
Lyonesse Shipping Company 1 Limited
Notes to the Financial Statements
Period from 16 November 2023 to 31 March 2025
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Loans and borrowings |
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 repayments are based on a 20-year cashflow with a balloon payment falling due in 2033 that the Company intends to refinance.
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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.
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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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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 £
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
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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