Dartford International Ferry Terminal (Operating) Limited - Period Ending 2022-12-31

Dartford International Ferry Terminal (Operating) Limited

Contents

Company Information	1
Director's Report	2
Statement of Income and Retained Earnings	3
Statement of Financial Position	4 to 5
Notes to the Unaudited Financial Statements	6 to 9

Dartford International Ferry Terminal (Operating) Limited

Company Information

Director

B Dove-Seymour

Registered office

130 Shaftesbury Avenue 2nd Floor London W1D 5EU

Accountants

Brebners Chartered Accountants 130 Shaftesbury Avenue London W1D 5AR

Dartford International Ferry Terminal (Operating) Limited

Director's Report for the Year Ended 31 December 2022

The director presents his report and the financial statements for the year ended 31 December 2022.

Directors of the company

The directors who held office during the year were as follows:

P Grout (ceased 6 April 2023)

B Dove-Seymour

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the Board on 17 May 2023 and signed on its behalf by:




 

.........................................
B Dove-Seymour
Director

Dartford International Ferry Terminal (Operating) Limited

Statement of Income and Retained Earnings
for the Year Ended 31 December 2022

	Note	2022 £	2021 £
Turnover		11,541	599,218
Cost of sales		(9,385)	(63,643)
Gross profit		2,156	535,575
Administrative expenses		(825,313)	(650,286)
Operating loss		(823,157)	(114,711)
Other interest receivable and similar income		796,222	195,005
(Loss)/profit before tax	4	(26,935)	80,294
Taxation		(155,669)	1,799,829
(Loss)/profit for the financial year		(182,604)	1,880,123
Retained earnings brought forward		46,290,733	44,410,610
Dividends paid		(12,500,000)	-
Retained earnings carried forward		33,608,129	46,290,733

Dartford International Ferry Terminal (Operating) Limited

Statement of Financial Position as at 31 December 2022

	Note	2022 £	2021 £
Fixed assets
Tangible assets	5	-	22,734,280
Current assets
Debtors	6	33,714,307	25,969,107
Cash at bank and in hand		4,367	1,519
		33,718,674	25,970,626
Creditors: Amounts falling due within one year	7	(10,545)	(132,532)
Net current assets		33,708,129	25,838,094
Total assets less current liabilities		33,708,129	48,572,374
Provisions for liabilities		-	(2,181,641)
Net assets		33,708,129	46,390,733
Capital and reserves
Called up share capital		100,000	100,000
Retained earnings		33,608,129	46,290,733
Shareholders' funds		33,708,129	46,390,733

For the financial year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Dartford International Ferry Terminal (Operating) Limited

Statement of Financial Position as at 31 December 2022

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Approved and authorised by the director on 17 May 2023
 

.........................................

B Dove-Seymour

Director

Company registration number: 02368138

Dartford International Ferry Terminal (Operating) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

The principal activity of the company is that of property investment.

2	Accounting policies

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 any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Going concern

The company had net assets at 31 December 2022 amounting to £33,708,129 and has no significant fixed overheads.

Having made sufficient enquiries, and based upon the above, the directors have a reasonable expectation that the company has adequate resources to continue operating in the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable in respect of rental income received in the ordinary course of the company's activities.Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises rental income evenly over the period of the licence or agreement.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Dartford International Ferry Terminal (Operating) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position 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 than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Port infrastructure	3-30 years straight line
Furniture, fittings and equipment	3-5 years straight line

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable
expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value
are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Dartford International Ferry Terminal (Operating) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

3	Staff numbers

The average number of persons employed by the company during the year, was 0 (2021 - 0).

4	Loss/profit before tax

Arrived at after charging/(crediting)

	2022 £	2021 £
Depreciation expense	447	27,963

5	Tangible assets

	Freehold investment property £	Port infrastructure £	Furniture, fittings and equipment  £	Properties under construction  £	Total £
Cost or fair value
At 1 January 2022	22,079,762	16,724	33,881	642,523	22,772,890
Transfers	642,523	-	-	(642,523)	-
Disposals	(22,722,285)	(16,724)	(33,881)	-	(22,772,890)
At 31 December 2022	-	-	-	-	-
Depreciation
At 1 January 2022	-	5,858	32,752	-	38,610
Charge for the year	-	221	226	-	447
Eliminated on disposal	-	(6,079)	(32,978)	-	(39,057)
At 31 December 2022	-	-	-	-	-
Carrying amount
At 31 December 2022	-	-	-	-	-
At 31 December 2021	22,079,762	10,866	1,129	642,523	22,734,280

Dartford International Ferry Terminal (Operating) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

6

Debtors

	2022 £	2021 £
Trade debtors	6,322	18,311
Other debtors	33,707,985	25,950,796
	33,714,307	25,969,107

7

Creditors

Creditors: amounts falling due within one year

	2022 £	2021 £
Trade creditors	4,054	45,841
Taxation and social security	-	79,013
Other creditors	6,491	7,678
	10,545	132,532

8	Related party transactions

In accordance with FRS 102 paragraph 1AC.35, exemption is taken not to disclose transactions in the year or amounts falling due between group undertakings where 100% of the voting rights are controlled within the group.