REGISTERED NUMBER: 04894646 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

TALL SHIPS RACES INTERNATIONAL LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J R Arends

A James

J Van Der Burg

B J Western

Dr V J Harten-Ash

J M Dignan

SECRETARY:

A James

REGISTERED OFFICE:

Unit 9 Cooperage Green

Royal Clarence Yard

Weevil Lane

Gosport

Hampshire

PO12 1FY

REGISTERED NUMBER:

04894646 (England and Wales)

AUDITORS:

TC Group

Suite 4

2nd Floor

New Kings Court

Eastleigh

SO53 3LG

SOLICITORS:

Paris Smith

1 London Road

Southampton

SO15 2AE

CURRENT ASSETS

Debtors

4

89,886

103,113

Cash at bank and in hand

1,225,535

1,759,791

1,315,421

1,862,904

CREDITORS

Amounts falling due within one year

5

761,539

741,231

NET CURRENT ASSETS

553,882

1,121,673

TOTAL ASSETS LESS CURRENT LIABILITIES

553,882

1,121,673

CREDITORS

Amounts falling due after more than one year

6

280,800

529,599

NET ASSETS

273,082

592,074

CAPITAL AND RESERVES

Called up share capital

7

1

1

Retained earnings

273,081

592,073

SHAREHOLDERS' FUNDS

273,082

592,074

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 September 2025 and were signed on its behalf by:

A James - Director

1.	STATUTORY INFORMATION

Tall Ships Races International Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The directors have considered all available information regarding current and future factors that could impact Tall Ships Races International Limited and have concluded it is appropriate to prepare the financial statements on a going concern basis.

During 2024 the company ran the Tall Ships Races in the Baltic Sea which addressed the final backlog from the pandemic. For the first time the Tall Ships Races had six host cities participating. The event helped deliver a significant surplus of £260k which in due course will be transferred to the Charity in the form of Gift Aid.

The reduced cost base has been maintained through 2024 and ensures the organisation remains lean but maintains the required expertise and bandwidth to deliver world class events.

Looking ahead the position for Tall Ships Races International Limited over the next five years looks positive. The Tall Ships Races are fully contracted for 2025 and 2026 with 5 ports in each. It is anticipated Tall Ships Races International Limited will generate a surplus in each of the next 2 years which will be gift aided to the parent to ensure reserves continue to grow over the period, and that the Group as a whole attain level 3 of the reserves policy.

Revenue

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The host ports for each event contract with the Company up to four years before the race takes place and make annual payments on account. The Company is engaged in planning and marketing activity throughout the four year period for each race. Accordingly the Company recognises the income as part of the port fees received in each of the years leading up to the race, the balance being taken in the year the race is held.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- The amount of revenue can be measured reliably;

- it is probable that the Company will receive the consideration due under the contract;

- the stage of completion of the contract at the end of the reporting period can be measured reliably; and;

- the costs incurred and the cost to complete the contract can be measured reliably.

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Short term debtors and creditors are measured at the transaction price. Other financial instruments, including loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than the financial instrument's legal form.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Gift aid

Gift Aid payments to the parent charity, Sail Training International Limited, are recognised when they are approved by the directors and are presented as distributions within the Statement of Changes in Equity.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2024 - 7 ) .

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

3,273

53,239

Amounts owed by group undertakings

51,575

8,156

Other debtors

16,623

30,138

VAT

3,588

-

Prepayments

14,827

11,580

89,886

103,113

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

10,880

19,347

Corporation tax

-

5,387

Social security and other taxes

5,617

6,240

VAT

-

4,691

Accruals and deferred income

745,042

705,566

761,539

741,231

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Accruals and deferred income

280,800

529,599

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

1

Ordinary

£1

1

1

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Richard Gillespie FCCA (Senior Statutory Auditor)

for and on behalf of TC Group

9.	RELATED PARTY DISCLOSURES

The company is exempt from disclosing related party transactions with over 100% owned members of the group headed by Sail Training International by virtue of FRS102 Section 33.1A.

10.	PENSION COMMITMENTS

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £15,467 (2024: £15,675). There were no outstanding contributions (2024: £Nil) payable to the fund at the balance sheet date.

11.	CONTROLLING PARTY

The company is wholly owned subsidiary of Sail Training International, a company registered in England and Wales and a Charity registered with the Charity Commission.

The parent of both the smallest and largest group for which group accounts including the Company are prepared is Sail Training International, which is the ultimate parent company. The financial statements for the parent are available from Unit 9 Cooperage Green, Royal Clarence Yard, Weevil Lane, Gosport, Hampshire, PO12 1FY.