Company Registration No. 00298174 (England and Wales)
KESWICK-ON-DERWENTWATER LAUNCH COMPANY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
KESWICK-ON-DERWENTWATER LAUNCH COMPANY LIMITED
COMPANY INFORMATION
Directors
Mrs CM Peet
Mrs M Duff
Mr DV Hodgson
Mr D Hodgson
Secretary
Mrs CM Peet
Company number
00298174
Registered office
29 Manor Park
Keswick
Cumbria
CA12 4AB
Auditor
Gibbons Chartered Accountants
Carleton House
136 Gray Street
Workington
Cumbria
CA14 2LU
KESWICK-ON-DERWENTWATER LAUNCH COMPANY LIMITED
CONTENTS
Page
Balance sheet
2
Notes to the financial statements
3 - 10
KESWICK-ON-DERWENTWATER LAUNCH COMPANY LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MAY 2023
- 1 -
2023
2022
Notes
£
£
Turnover
1,592,926
1,475,001
Cost of sales
(820,332)
(784,129)
Gross profit
772,594
690,872
Administrative expenses
(373,757)
(347,186)
Other operating income
1,150
21,039
Operating profit
399,987
364,725
Interest receivable and similar income
72
136
Interest payable and similar expenses
(1,549)
(1,492)
Amounts written off investments
-
(998)
Profit before taxation
398,510
362,371
Tax on profit
4
(79,015)
(87,997)
Profit for the financial year
319,495
274,374

The profit and loss account has been prepared on the basis that all operations are continuing operations.

KESWICK-ON-DERWENTWATER LAUNCH COMPANY LIMITED
BALANCE SHEET
AS AT
31 MAY 2023
31 May 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
493,369
488,031
Investments
6
2
2
493,371
488,033
Current assets
Stocks
7
27,972
30,889
Debtors
8
28,411
57,301
Cash at bank and in hand
1,062,563
802,490
1,118,946
890,680
Creditors: amounts falling due within one year
9
(154,342)
(186,914)
Net current assets
964,604
703,766
Total assets less current liabilities
1,457,975
1,191,799
Creditors: amounts falling due after more than one year
10
(20,833)
(34,359)
Provisions for liabilities
(106,453)
(102,764)
Net assets
1,330,689
1,054,676
Capital and reserves
Called up share capital
4,036
4,036
Revaluation reserve
11
52,465
54,175
Profit and loss reserves
12
1,274,188
996,465
Total equity
1,330,689
1,054,676

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 1 November 2023 and are signed on its behalf by:
Mr DV Hodgson
Director
Company Registration No. 00298174
KESWICK-ON-DERWENTWATER LAUNCH COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 3 -
1
Accounting policies
Company information

Keswick-on-Derwentwater Launch Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is 29 Manor Park, Keswick, Cumbria, CA12 4AB.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Revenue from hire of row boats and self drive boats is recognised on the day of sale as the service is provided immediately thereafter. Revenue from sale of launch journey tickets to the general public is generally recognised on the day of sale as they can not be purchased in advance. Income in advance for organised group bookings is deferred and recognised when the service has been performed.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
15% reducing balance basis
Plant and equipment
10 - 20% reducing balance basis
Motor vehicles
20% reducing balance basis
Fleet
2 - 12.5% straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

KESWICK-ON-DERWENTWATER LAUNCH COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 4 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

KESWICK-ON-DERWENTWATER LAUNCH COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

KESWICK-ON-DERWENTWATER LAUNCH COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 6 -
1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.13
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
25
25
4
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
75,326
79,296
Adjustments in respect of prior periods
-
0
(1,864)
Total current tax
75,326
77,432
KESWICK-ON-DERWENTWATER LAUNCH COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
4
Taxation
2023
2022
£
£
(Continued)
- 7 -
Deferred tax
Origination and reversal of timing differences
3,689
10,565
Total tax charge
79,015
87,997

In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2023
2022
£
£
Deferred tax arising on:
Revaluation reserves
-
2,295
5
Tangible fixed assets
Freehold land and buildings
Fleet
Plant and equipment
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 June 2022
67,780
1,237,460
324,046
13,500
1,642,786
Additions
-
0
53,911
7,900
25,750
87,561
Disposals
-
0
(6,560)
-
0
-
0
(6,560)
At 31 May 2023
67,780
1,284,811
331,946
39,250
1,723,787
Depreciation and impairment
At 1 June 2022
26,679
877,508
240,312
10,256
1,154,755
Depreciation charged in the year
166
64,521
11,737
5,799
82,223
Eliminated in respect of disposals
-
0
(6,560)
-
0
-
0
(6,560)
At 31 May 2023
26,845
935,469
252,049
16,055
1,230,418
Carrying amount
At 31 May 2023
40,935
349,342
79,897
23,195
493,369
At 31 May 2022
41,101
359,952
83,734
3,244
488,031

The Land and Buildings and Fleet classes of fixed assets are stated at a deemed cost based on a previous UK GAAP revaluation in use on the date of transition to FRS102. Had these classes of assets been measured on a historical cost basis the carrying amount would have been £1,435 (2022 - £1,600) and £320,514 (2022 - £335,718) respectively.

KESWICK-ON-DERWENTWATER LAUNCH COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 8 -
6
Fixed asset investments
2023
2022
£
£
Other investments other than loans
2
2
7
Stocks
2023
2022
£
£
Stocks
27,972
30,889
8
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
8,488
6,343
Other debtors
19,923
50,958
28,411
57,301
9
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
13,545
20,367
Trade creditors
12,737
18,704
Taxation and social security
91,159
87,737
Other creditors
36,901
60,106
154,342
186,914
10
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
20,833
34,359

The long-term loan is secured by a 1st legal charge over the workshop and landing stages located at Derwentwater, Keswick dated 16/04/2010, a 1st legal charge over the asset known as grant of rights over Lake Derwentwater dated 16/04/2010 and a letter of set-off dated 24/02/1995.

KESWICK-ON-DERWENTWATER LAUNCH COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 9 -
11
Revaluation reserve
2023
2022
£
£
At the beginning of the year
54,175
58,180
Deferred tax on revaluation of tangible assets
-
(2,295)
Transfer to retained earnings
(1,710)
(1,710)
At the end of the year
52,465
54,175
12
Profit and loss reserves
2023
2022
£
£
At the beginning of the year
996,465
742,260
Profit for the year
319,495
274,374
Dividends declared and paid in the year
(43,482)
(21,879)
Transfer from revaluation reserve
1,710
1,710
At the end of the year
1,274,188
996,465
13
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Hollie Stanger
Statutory Auditor:
Gibbons Chartered Accountants
Date of audit report:
2 November 2023
14
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Sales
Sales
2023
2022
£
£
Other related parties
4,456
3,967

During the year, as in previous years, a company of which Mr D V Hodgson (a director) and his spouse are sole directors and shareholders entered into an agreement with Keswick-on-Derwentwater Launch Company Limited to share printing costs. Keswick-on-Derwentwater Launch Company Limited settled the amount due and as a result the related party became indebted to it.

KESWICK-ON-DERWENTWATER LAUNCH COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
14
Related party transactions
(Continued)
- 10 -

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts due from related parties
£
£
Other related parties
4,456
3,967
15
Non-audit services provided by auditor

In common with many businesses of our size and nature we use our auditor to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

2023-05-312022-06-01false02 November 2023CCH SoftwareCCH Accounts Production 2023.300No description of principal activityThis audit opinion is unqualifiedMrs M DuffMr DV HodgsonMr D HodgsonMr D HodgsonMrs CM Peetfalse002981742022-06-012023-05-3100298174bus:CompanySecretaryDirector12022-06-012023-05-3100298174bus:Director12022-06-012023-05-3100298174bus:Director22022-06-012023-05-3100298174bus:Director32022-06-012023-05-3100298174bus:CompanySecretary12022-06-012023-05-3100298174bus:Director42022-06-012023-05-3100298174bus:RegisteredOffice2022-06-012023-05-31002981742021-06-012022-05-31002981742023-05-31002981742022-05-3100298174core:LandBuildingscore:OwnedOrFreeholdAssets2023-05-3100298174core:ConstructionInProgressAssetsUnderConstruction2023-05-3100298174core:PlantMachinery2023-05-3100298174core:MotorVehicles2023-05-3100298174core:LandBuildingscore:OwnedOrFreeholdAssets2022-05-3100298174core:ConstructionInProgressAssetsUnderConstruction2022-05-3100298174core:PlantMachinery2022-05-3100298174core:MotorVehicles2022-05-3100298174core:CurrentFinancialInstrumentscore:WithinOneYear2023-05-3100298174core:CurrentFinancialInstrumentscore:WithinOneYear2022-05-3100298174core:Non-currentFinancialInstrumentscore:AfterOneYear2023-05-3100298174core:Non-currentFinancialInstrumentscore:AfterOneYear2022-05-3100298174core:CurrentFinancialInstruments2023-05-3100298174core:CurrentFinancialInstruments2022-05-3100298174core:ShareCapital2023-05-3100298174core:ShareCapital2022-05-3100298174core:RevaluationReserve2023-05-3100298174core:RevaluationReserve2022-05-3100298174core:RetainedEarningsAccumulatedLosses2023-05-3100298174core:RetainedEarningsAccumulatedLosses2022-05-3100298174core:RevaluationReserve2022-05-3100298174core:RevaluationReserve2021-05-3100298174core:RetainedEarningsAccumulatedLosses2022-05-3100298174core:RetainedEarningsAccumulatedLosses2021-05-3100298174core:LandBuildingscore:OwnedOrFreeholdAssets2022-06-012023-05-3100298174core:PlantMachinery2022-06-012023-05-3100298174core:MotorVehicles2022-06-012023-05-3100298174core:Non-standardPPEClass2ComponentTotalPropertyPlantEquipment2022-06-012023-05-3100298174core:UKTax2022-06-012023-05-3100298174core:UKTax2021-06-012022-05-3100298174core:LandBuildingscore:OwnedOrFreeholdAssets2022-05-3100298174core:ConstructionInProgressAssetsUnderConstruction2022-05-3100298174core:PlantMachinery2022-05-3100298174core:MotorVehicles2022-05-31002981742022-05-3100298174core:ConstructionInProgressAssetsUnderConstruction2022-06-012023-05-3100298174core:WithinOneYear2023-05-3100298174core:WithinOneYear2022-05-3100298174core:Non-currentFinancialInstruments2023-05-3100298174core:Non-currentFinancialInstruments2022-05-3100298174core:RevaluationReserve2022-06-012023-05-3100298174core:RevaluationReserve2021-06-012022-05-3100298174core:OtherRelatedPartiescore:SaleOrPurchaseGoods2022-06-012023-05-3100298174core:OtherRelatedPartiescore:SaleOrPurchaseGoods2021-06-012022-05-3100298174bus:PrivateLimitedCompanyLtd2022-06-012023-05-3100298174bus:SmallCompaniesRegimeForAccounts2022-06-012023-05-3100298174bus:FRS1022022-06-012023-05-3100298174bus:Audited2022-06-012023-05-3100298174bus:FullAccounts2022-06-012023-05-31xbrli:purexbrli:sharesiso4217:GBP