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Registered number: 00416850
Capeside Steamship Company Limited
Financial Statements
For The Year Ended 31 December 2024
Goringe Accountants Ltd
1650 Arlington Business Park
Theale
Reading
Berkshire
RG7 4SA
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—7
Page 1
Balance Sheet
Registered number: 00416850
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 47,712 60,933
47,712 60,933
CURRENT ASSETS
Debtors 5 1,403,269 988,629
Cash at bank and in hand 82,952 33,869
1,486,221 1,022,498
Creditors: Amounts Falling Due Within One Year 6 (43,431 ) (25,898 )
NET CURRENT ASSETS (LIABILITIES) 1,442,790 996,600
TOTAL ASSETS LESS CURRENT LIABILITIES 1,490,502 1,057,533
PROVISIONS FOR LIABILITIES
Deferred Taxation (340,933 ) (224,032 )
NET ASSETS 1,149,569 833,501
CAPITAL AND RESERVES
Called up share capital 8 25,000 25,000
Profit and Loss Account 1,124,569 808,501
SHAREHOLDERS' FUNDS 1,149,569 833,501
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
M M Newell
Director
K P Wadhams
Director
19/08/2025
The notes on pages 2 to 7 form part of these financial statements.
Page 1
Page 2
Notes to the Financial Statements
1. General Information
Capeside Steamship Company Limited is a private company, limited by shares, incorporated in England & Wales, registered number 00416850 . The registered office is Sixth Floor, 27 Queen Anne's Gate, London, SW1H 9BU.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The company’s sole customer, a group company, sold their final ship in 2018 and has since not replaced it. As a result, they require fewer services from the company. The directors have confirmed that the customer continues to use their agency services. The company is dependent on this arrangement in order to continue in operation and has received assurances from the group that this will continue for at least 12 months from the date of approval of these financial statements. As such, the directors consider the company will be a going concern for 12 months from the date of approval of these financial statements and the financial statements have been drawn up on a going concern basis.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 10% pa straight line
Plant & Machinery 20% pa straight line
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
Page 2
Page 3
2.6. Pensions
The company has obligations to pay pension benefits to certain employees. The cost of these benefits and the present value of the obligation depend on a number of factors, including; life expectancy, salary increases, asset valuations and the discount rate on corporate bonds. Management estimates these factors in determining the net pension obligation in the balance sheet. The assumptions reflect historical experience and current trends. For details of assumptions adopted, see note 13.
2.7. Provisions
Provisions are recognised when the company has a legal or constructive present obligation 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 reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 4)
4 4
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Total
£ £ £
Cost
As at 1 January 2024 113,120 31,109 144,229
As at 31 December 2024 113,120 31,109 144,229
Depreciation
As at 1 January 2024 56,137 27,159 83,296
Provided during the period 11,312 1,909 13,221
As at 31 December 2024 67,449 29,068 96,517
Net Book Value
As at 31 December 2024 45,671 2,041 47,712
As at 1 January 2024 56,983 3,950 60,933
5. Debtors
2024 2023
£ £
Due within one year
Other debtors 39,182 92,090
Deferred tax current asset 354 -
39,536 92,090
Due after more than one year
Defined benefit pension fund surplus 1,363,733 896,539
1,403,269 988,629
Page 3
Page 4
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 10,970 553
Other taxes and social security 13,049 12,906
Other creditors 19,412 12,439
43,431 25,898
7. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 January 2024 224,032 224,032
Additions 116,547 116,547
Balance at 31 December 2024 340,579 340,579
Addition in the year makes up of the following:
2024
£
Deferred tax on fixed asset
(354)
Deferred tax on pension scheme
340,933
image
340,579
image
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 25,000 25,000
9. Other Commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024 2023
£ £
Not later than one year 50,000 50,000
Later than one year and not later than five years 187,500 200,000
Later than five years - 37,500
237,500 287,500
Page 4
Page 5
10. Related Party Transactions
During the year the company had following transactions with Andros Compania Maritima S.A, a company which has common directors and shareholders with the ultimate controlling party, General Seaways Corporation, a company incorporated in Liberia:
2024
2023
£
£
Sales
420,000
420,000
Other income
200,000
-
The other income relates to additional funding contribution to cover pension scheme premium. 
11. Ultimate Parent Undertaking and Controlling Party
The company considers that the ultimate controlling party is General Seaways Corporation, a company incorporated in Liberia, by virtue of its 100% shareholding in Quindale Holdings Limited, a company incorporated in the British Virgin Islands. The directors understand that this company draws up consolidated accounts that are not publicly available.
The company considers that the immediate controlling party is Quindale Holdings Limited, a company incorporated in the British Virgin Islands, by virtue of its 100% shareholding.
12. Retirement benefit scheme
2024
£
2023
£
Defined contribution scheme
Charge to profit and loss in respect of defined contribution scheme           
15,371
image
14,983
image
At the balance sheet date there were no prepaid or outstanding contributions.
Defined benefit scheme
The company operates a pension scheme providing benefits based on final pensionable pay. The assets of the scheme are held separately from those of the company, being invested with Aviva Life & Pensions UK Limited.
Pension contributions are determined by a qualified actuary on the basis of roll forward method. The actuary was Carol Cole on behalf of Atkin Pensions. A full actuarial valuation was carried out at 31 December 2023 and updated to 31 December 2024. The main assumptions used by the actuary were:
2024
2023
% pa
% pa
Financial
Discount rate 
5.65
4.65
RPI inflation
3.05
3.05
Pensionable salary growth
3.60
3.55
Pension increases in payment
2.80
image
2.80
image
2024
2023
years
years
Mortality
Life expectancy (current age 60) 
-males
85.8
86.0
-females
88.6
image
88.7
image
...CONTINUED
Page 5
Page 6
Life expectancy (current age 40) 
-males
87.4
87.5
-females
90.1
image
90.2
image
The fair value of the scheme assets and the expected rate of return, the present value of the scheme liabilities and the resulting surplus are:
Capeside Steamship Company Ltd Pension Scheme 1978
2024
2023
£
£
Total market value of assets
2,288,733
1,893,539
Present value of scheme liabilities
925,000
image
997,000
image
Surplus in the scheme
1,363,733
896,539
Related deferred tax
(340,933)
image
(224,134)
image
Net pension surplus
1,022,800
image
672,405
image
An analysis of the movements in the surplus during the year are shown below:
2024
2023
£
£
Surplus brought forward
896,539
859,663
Total operating charge
9,000
2,000
Actuarial gain/(loss)
268,000
(153,000)
Contributions
190,194
image
187,876
image
Surplus carried forward
1,363,733
image
896,539
image
Changes in the present value of the defined benefit obligation are as follows:
2024
2023
£ 000
£ 000
Opening defined benefit obligation
997
960
Current service cost
34
35
Interest expense
47
43
Actuarial (gain)/loss
(153)
31
Benefits paid
-
image
(72)
image
Closing defined benefit obligation
925
image
997
image
Changes in the fair value of plan assets are as follows: 
2024
2023
£ 000
£ 000
Opening fair value of plan assets
1,894
1,820
Interest income
92
85
Contributions by employer
190
188
Return on scheme assets, excluding amounts included in interest expense or income
115
(122)
...CONTINUED
Page 6
Page 7
Administration fee paid from scheme assets
(2)
(5)
Benefits paid
-
image
(72)
image
Closing fair value of plan assets
2,289
image
1,894
image
 The major categories of plan assets as a percentage of total plan assets are as follows:
2024
2023
%
%
Unitised with-profits policy
100%
image
100%
image
No amounts were included in the fair value of plan assets for the company's own financial instruments or for any property occupied by or for any other assets used by the entity.
The company contributed £190,000 (2023 - £188,000) during the year to 31 December 2024 to the Capeside Steamship Company Limited 1978 Pension Scheme. Including the £60,000 paid in advance, the payments made for the year exceeded the amounts due. The scheme also paid expenses to ISIO of £8,400 which, under the Schedule of Contributions, should be paid by the employer. During the year under review on-going employer contributions were paid at 37.8% (2023 – 75.3%) of pensionable salaries, with no deficit funding (2023 – £99,500).
As per the full actuarial valuation carried out at 31st December 2023, the deficit on the technical provisions at the last valuation was surplus, so there is no requirement for deficit contributions.
Analysis of the amount charged to operating profit:
2024
2023
£ 000
£ 000
Current service cost
34
35
Interest expense
47
43
Interest income
(92)
(85)
Scheme administration expenses
2
image
5
image
Total recognised in profit and loss
(9)
image
(2)
image
Analysis of the amount recognised in statement of comprehensive income:
2024
2023
£ 000
£ 000
Return on scheme assets, excluding amounts included in interest expense / income
115
(122)
Remeasurement gain/(losses) on the defined benefit obligation
153
image
(31)
image
Remeasurement gain/(losses) recognised in other comprehensive income
268
image
(153)
image
13. Audit Information
The auditor's report on the accounts of Capeside Steamship Company Limited for the year ended 31 December 2024 was unqualified.
The auditor's report was signed by Lee Gardner FCA (Senior Statutory Auditor) for and on behalf of Vale and West Accountancy Services Limited , Statutory Auditor.
Vale and West Accountancy Services Limited
Victoria House
26 Queen Victoria Street
Reading
RG1 1TG
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