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Registered number: 04894646
TALL SHIPS RACES INTERNATIONAL LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2019
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TALL SHIPS RACES INTERNATIONAL LIMITED
COMPANY INFORMATION
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D Prothero (resigned 30 January 2019)
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E Corwin (appointed 22 September 2018)
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M Makowska (appointed 26 September 2018)
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Chartered Accountants and Statutory Auditor
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TALL SHIPS RACES INTERNATIONAL LIMITED
REGISTERED NUMBER: 04894646
BALANCE SHEET
AS AT 31 MARCH 2019
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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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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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................
G Brown
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The notes on pages 2 to 7 form part of these financial statements.
Page 1
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TALL SHIPS RACES INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
Tall Ships Races International Limited is a private company limited by share capital and incorporated in England and Wales. The address of the registered office and principal place of business is Charles House, Gosport Marina, Mumby Road, Gosport, Hampshire, PO12 1AH.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The following principal accounting policies have been applied:
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.
Following a review of the underlying cost profile related to these port fees throughout the period of our events, the Directors and Trustees of the parent company decided with the agreement of the Members to amend the income recognition profile on these long-term event contracts such that a lower percentage of the income is recognised in the preparation years and higher in the year of the event. This change resulted in a reduction in the current year income.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
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 costs to complete the contract can be measured reliably.
Investments in subsidiaries are measured at cost less accumulated impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Page 2
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TALL SHIPS RACES INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
2.Accounting policies (continued)
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 non-puttable 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.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income except when deferred in other comprehensive income as qualifying cash flow hedges.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Page 3
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TALL SHIPS RACES INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
2.Accounting policies (continued)
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Profit and Loss Account when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
Profits of the Company are paid to the ultimate parent company, Sail Training International, a registered charity, by way of gift aid.
The average monthly number of employees, excluding directors, during the year was 12 (2018: 12).
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Investments in subsidiary companies
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Amounts owed by group undertakings
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Prepayments and accrued income
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Page 4
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TALL SHIPS RACES INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Accruals and deferred income
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Charged to profit or loss
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Page 5
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TALL SHIPS RACES INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
9.Deferred taxation (continued)
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The deferred tax asset is made up as follows:
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Losses and other deductions
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Short term timing differences
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Allotted, called up and fully paid
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1 (2018 - 1) Ordinary Shares share of £1.00
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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 £44,172 (2018: £40,535). Contributions totalling £nil (2018: £2,843) were payable to the fund at the balance sheet date and are included in creditors.
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Related party transactions
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The Company is exempt from disclosing related party transactions with other 100% owned members of the group headed by Sail Training International by virtue of FRS102 section 33.1A.
During the year the Company recharged costs incurred on behalf of Sail Training International totalling £242,673 (2018: £277,737).
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The Company is a wholly owned subsidiary of Sail Training International.
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. Sail Training International is a company registered in England and Wales and a Charity registered with the Charities Commission. The financial statements for the parent are available from Charles House, Gosport Marina, Mumby Road, Gosport, Hampshire, PO12 1AH.
Page 6
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TALL SHIPS RACES INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
The auditors' report on the financial statements for the year ended 31 March 2019 was unqualified.
The audit report was signed on 4 November 2019 by Louise Hallsworth FCA (Senior Statutory Auditor) on behalf of James Cowper Kreston.
Page 7
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