Tall Ships Races International Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 04894646 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

TALL SHIPS RACES INTERNATIONAL LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J R Arends

E Corwin

A James

R Mimbacas

R A Snouck Hurgronje

J Van Der Burg

B J Western

SECRETARY:

A James

REGISTERED OFFICE:

Charles House

Mumby Road

Gosport

Hampshire

PO12 1AH

REGISTERED NUMBER:

04894646 (England and Wales)

AUDITORS:

TC Group

1st Floor

Ocean Village Innovation Centre

Ocean Way

Southampton

Hampshire

SO14 3JZ

SOLICITORS:

Paris Smith

1 London Road

Southampton

SO15 2AE

CURRENT ASSETS

Debtors

4

199,068

125,938

Cash at bank and in hand

1,253,871

1,341,523

1,452,939

1,467,461

CREDITORS

Amounts falling due within one year

5

1,049,403

675,547

NET CURRENT ASSETS

403,536

791,914

TOTAL ASSETS LESS CURRENT LIABILITIES

403,536

791,914

CREDITORS

Amounts falling due after more than one year

6

240,443

675,393

NET ASSETS

163,093

116,521

CAPITAL AND RESERVES

Called up share capital

7

1

1

Retained earnings

163,092

116,520

SHAREHOLDERS' FUNDS

163,093

116,521

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 26 October 2023 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 statement on a going concern basis.

Post the global pandemic Tall Ships Races International Limited have restructured the cost base in such a way that it can be far more flexible in these uncertain times. As demonstrated in this year's financial statements it was possible to generate a surplus from organising one Tall ships race that consisted of four host ports. The surplus enabled a gift aid payment to be made to the Charity.

Looking forward contracts are in place for the next four editions in 2023,2024, 2025 and 2026 and all will have five host ports apart from 2024 which will have six. In addition to this 2023 will see the postponed 2020 Tall Ships Race take place which will provide additional income.

The surplus created over this four-year period will enable the reserves to be rebuilt to the level set out in the reserves policy and charitable activities to be undertaken.

Based on this review and taken together with existing financing facilities the directors believe that the financial statements have been prepared appropriately using the going concern basis.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 7 (2022 - 7 ) .

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

165,823

72,567

Amounts owed by group undertakings

8,049

7,143

VAT

5,454

5,518

Prepayments

19,742

40,710

199,068

125,938

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade creditors

25,290

50,639

Corporation tax

5,387

7,889

Other creditors

-

3,554

Accruals and deferred income

1,018,726

613,465

1,049,403

675,547

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Accruals and deferred income

240,443

675,393

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

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 £16,591 (2022: £20,637). There were no outstanding contributions (2022: £Nil) payable to the fund at the balance sheet date.

11.	CONTROLLING PARTY

The company is wholly owned subsidiary of Sail 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 Charles House, Gosport Marina, Mumby Road, Gosport, Hampshire, PO12 1AH.