Company registration number 07812688 (England and Wales)
CRUISE CONNECTIONS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
CRUISE CONNECTIONS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
CRUISE CONNECTIONS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
58,483
65,793
Investments
4
2,000
2,000
60,483
67,793
Current assets
Debtors
6
148,238
151,745
Cash at bank and in hand
5,825
2,125
154,063
153,870
Creditors: amounts falling due within one year
7
(125,689)
(123,887)
Net current assets
28,374
29,983
Net assets
88,857
97,776
Capital and reserves
Called up share capital
8
81,474
81,474
Profit and loss reserves
7,383
16,302
Total equity
88,857
97,776

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 26 July 2024 and are signed on its behalf by:
Miss J L Bedlow
Director
Company Registration No. 07812688
CRUISE CONNECTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Cruise Connections Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1st Floor, 111 High Street, Cheltenham, Gloucestershire, United Kingdom, GL50 1DW.

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.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

Cruise Connections Limited is a wholly owned subsidiary of JGH Group Limited and the results of Cruise Connections Limited are included in the consolidated financial statements of JGH Group Limited which are publicly available. JGH Group Limited is a company registered in England and Wales. The company's registered office is the same as Cruise Connections Limited.

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose related party transactions with wholly owned subsidiaries within the group.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

Turnover represents the net commission receivable, without recourse, from the sale of cruises during the year (exclusive of value added tax), recognised on departure.

CRUISE CONNECTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Development costs
5 years
1.6
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.7
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.

1.8
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.

CRUISE CONNECTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
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.

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.

1.9
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.10

Payments received on account

Payments received on account in creditors represents deposits and full payments received from customers prior to the commencement date of the tour.

2
Employees

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

2023
2022
Number
Number
Total
3
3
CRUISE CONNECTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
3
Intangible fixed assets
Goodwill
Other
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
146,205
108,814
255,019
Amortisation and impairment
At 1 January 2023
80,412
108,814
189,226
Amortisation charged for the year
7,310
-
0
7,310
At 31 December 2023
87,722
108,814
196,536
Carrying amount
At 31 December 2023
58,483
-
0
58,483
At 31 December 2022
65,793
-
0
65,793
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
2,000
2,000
5
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Address
Class of
% Held
shares held
Direct
Cruise Offers Limited
1
Ordinary
100.00

Registered office addresses (all UK unless otherwise indicated):

1
1st Floor, 111 High Street, Cheltenham, Gloucestershire, GL50 1DW
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
146,353
150,995
Other debtors
1,885
750
148,238
151,745

Amounts owed by group undertakings are unsecured, interest free, have no fixed repayment date and are repayable on demand.

CRUISE CONNECTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
-
0
603
Amounts owed to group undertakings
112,449
112,449
Taxation and social security
-
0
163
Other creditors
13,240
10,672
125,689
123,887

Amounts owed to group undertakings are unsecured, interest free, have no fixed repayment date and are repayable on demand.

8
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
30,000 Ordinary shares of £1 each
30,000
30,000
Preference share capital
Issued and fully paid
51,474 Redeemable preference shares of £1 each
51,474
51,474
Preference shares classified as equity
51,474
51,474
Total equity share capital
81,474
81,474

Written consent is required from ABTA in order to redeem the Preference Shares.

9
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:
Robert Hull
Statutory Auditor:
Azets Audit Services
10
Financial commitments, guarantees and contingent liabilities

As at 31 December 2023, a bond to the value of £25,000 (2022: £25,000) was in place with ABTA Limited, which ultimately protects the deposits made by customers for non-ATOL licensable travel. The bond is guaranteed by insurance policies provided by Travel & General Insurance Services Limited.

 

As at 31 December 2023, the company had total contingencies and commitments of £Nil (2022: £Nil).

CRUISE CONNECTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
11
Related party transactions

The smallest group of which Cruise Connections Limited is a member and for which group accounts are prepared is headed by JGH Group Limited, a company registered in England and Wales, with its registered office of 1st Floor, 111 High Street, Cheltenham, Gloucestershire, GL50 1DW.

 

The largest group of which Cruise Connections Limited is a member and for which group accounts are prepared is headed by JGH Topco Limited, a company registered in England and Wales, with its registered office of 1st Floor, 111 High Street, Cheltenham, Gloucestershire, GL50 1DW.

12
Parent company

The immediate parent company is Omega Holidays Group Limited, a company incorporated and registered in England and Wales.

The ultimate parent company is JGH Topco Limited, a company incorporated and registered in England and Wales.

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