Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-12-31false22023-01-01false2No description of principal activitytrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03641341 2023-01-01 2023-12-31 03641341 2022-01-01 2022-12-31 03641341 2023-12-31 03641341 2022-12-31 03641341 2022-01-01 03641341 c:Director1 2023-01-01 2023-12-31 03641341 d:FurnitureFittings 2023-01-01 2023-12-31 03641341 d:ShareCapital 2023-12-31 03641341 d:ShareCapital 2022-01-01 2022-12-31 03641341 d:ShareCapital 2022-12-31 03641341 d:ShareCapital 2022-01-01 03641341 d:CapitalRedemptionReserve 2023-12-31 03641341 d:CapitalRedemptionReserve 2022-01-01 2022-12-31 03641341 d:CapitalRedemptionReserve 2022-12-31 03641341 d:CapitalRedemptionReserve 2022-01-01 03641341 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 03641341 d:RetainedEarningsAccumulatedLosses 2023-12-31 03641341 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 03641341 d:RetainedEarningsAccumulatedLosses 2022-12-31 03641341 d:RetainedEarningsAccumulatedLosses 2022-01-01 03641341 c:FRS102 2023-01-01 2023-12-31 03641341 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 03641341 c:FullAccounts 2023-01-01 2023-12-31 03641341 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03641341 d:Subsidiary1 2023-01-01 2023-12-31 03641341 d:Subsidiary1 1 2023-01-01 2023-12-31 03641341 c:Consolidated 2023-12-31 03641341 c:ConsolidatedGroupCompanyAccounts 2023-01-01 2023-12-31 03641341 2 2023-01-01 2023-12-31 03641341 6 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 03641341









LONSDALE 1L LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
LONSDALE 1L LIMITED
REGISTERED NUMBER: 03641341

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
1,364
10,071

  
1,364
10,071

Current assets
  

Debtors: amounts falling due within one year
 7 
2,270,113
2,195,941

Cash at bank and in hand
 8 
1,744,006
1,743,049

  
4,014,119
3,938,990

Creditors: amounts falling due within one year
 9 
(2,374,515)
(2,335,403)

Net current assets
  
 
 
1,639,604
 
 
1,603,587

Total assets less current liabilities
  
1,640,968
1,613,658

Provisions for liabilities
  

Net assets
  
1,640,968
1,613,658


Capital and reserves
  

Called up share capital 
  
240,000
240,000

Capital redemption reserve
  
325,000
325,000

Profit and loss account
  
1,075,968
1,048,658

Equity attributable to owners of the parent Company
  
1,640,968
1,613,658


Page 1

 
LONSDALE 1L LIMITED
REGISTERED NUMBER: 03641341
    
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 consolidated 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 on 26 June 2024.



Mrs Edwina Lonsdale
Director

The notes on pages 6 to 15 form part of these financial statements.

Page 2

 
LONSDALE 1L LIMITED
REGISTERED NUMBER: 03641341

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 6 
890,114
890,114

  
890,114
890,114

  

Total assets less current liabilities
  
 
890,114
 
890,114

  

  

Net assets
  
890,114
890,114


Capital and reserves
  

Called up share capital 
  
240,000
240,000

Capital redemption reserve
  
325,000
325,000

Profit for the year
  

Other changes in the profit and loss account

  


Profit and loss account
  
325,114
325,114

  
890,114
890,114


The directors consider that the Company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 consolidated 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 on 26 June 2024.


Mrs Edwina Lonsdale
Director

The notes on pages 6 to 15 form part of these financial statements.

Page 3

 
LONSDALE 1L LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
240,000
325,000
1,468,324
2,033,324


Comprehensive income for the year

Loss for the year
-
-
(419,666)
(419,666)



At 1 January 2023
240,000
325,000
1,048,658
1,613,658


Comprehensive income for the year

Profit for the year
-
-
127,310
127,310

Dividends: Equity capital
-
-
(100,000)
(100,000)


At 31 December 2023
240,000
325,000
1,075,968
1,640,968


The notes on pages 6 to 15 form part of these financial statements.

Page 4

 
LONSDALE 1L LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
240,000
325,000
325,114
890,114
Total comprehensive income for the year
-
-
-
-



At 1 January 2023
240,000
325,000
325,114
890,114


Comprehensive income for the year

Profit for the year
-
-
100,000
100,000


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(100,000)
(100,000)


At 31 December 2023
240,000
325,000
325,114
890,114


The notes on pages 6 to 15 form part of these financial statements.

Page 5

 
LONSDALE 1L LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

As disclosed in the Director's Report, the company acts as a holding company and the principal activity of the Group in the year under review was that of tour operators and general passenger and travel agents, concentrating on the luxury cruising market.
The Company is a private company limited by shares and is incorporated in England and Wales with registration number 03641341. The principal place of business is 48/49 Russell Square, London, WC1B 4JP.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
The consolidated financial statements present the results of the Company and its own subsidiaries (“the Lonsdale 1L Limited”) as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In statement of Financial Position, the acquiree’s identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 6

 
LONSDALE 1L LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Going concern

The Group's directors and management have a reasonable expectation that the Company has adequate resources to continue in operational existence for theforeseeable future, being at least the following 12 months from the signing of these financial statements.
As a result, the directors believe that it is still appropriate to apply the going concern basis for the foreseeable future.

 
2.4

Foreign currency translation

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 profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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.
Rendering of services
Turnover represents the gross sale value to customers of cruises, air tickets and other sundy related services and it is recognised in the period in which the departure date of the cruise occurs.

Page 7

 
LONSDALE 1L LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Operating leases: the Group as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.

 
2.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Development Costs
Development costs relating to software is being amortised on a straight line basis over a five year period.

Page 8

 
LONSDALE 1L LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The Group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Group. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
10-25% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable 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.

 
2.14

Cash and cash equivalents

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.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.16

Financial instruments

The Group 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
Page 9

 
LONSDALE 1L LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.16
Financial instruments (continued)

third parties, loans to related parties and investments in ordinary shares.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Administrative
6
10
2
2



Sales and retail
7
11
-
-

13
21
2
2

Page 10

 
LONSDALE 1L LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Intangible assets

Group and Company





Software development

£



Cost


At 1 January 2023
91,100



At 31 December 2023

91,100



Amortisation


At 1 January 2023
91,100



At 31 December 2023

91,100



Net book value



At 31 December 2023
-



At 31 December 2022
-



Page 11

 
LONSDALE 1L LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets

Group






Fixtures and fittings

£



Cost or valuation


At 1 January 2023
332,685



At 31 December 2023

332,685



Depreciation


At 1 January 2023
322,614


Charge for the year on owned assets
8,707



At 31 December 2023

331,321



Net book value



At 31 December 2023
1,364



At 31 December 2022
10,071

Page 12

 
LONSDALE 1L LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
890,114



At 31 December 2023
890,114





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Mundy Cruising Ltd
2nd Floor, Nucleus House, 2 lower Mortlake Road, Richmond, TW9 2JA
Ordinary
100%

The aggregate of the share capital and reserves as at 31 December 2023 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit

Mundy Cruising Ltd

1,640,968
127,310

Page 13

 
LONSDALE 1L LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Debtors

Group
Group
2023
2022
£
£


Trade debtors
79,641
27,845

Other debtors
393,349
471,390

Prepayments and accrued income
1,797,123
1,696,706

2,270,113
2,195,941


Included in other debtors above, is a security deposit amounting to £375,000 (2022: £375,000), given to the Group's bankers, Lloyds Bank plc, to ring-fence elements of the Group's banking facilities.
Included in prepayments and accrued income above is the sum of £1,718,313 (2022: £1,649,165) which relates to advance suppliers payments for bookings departing from 1 January 2024 onwards.


8.


Cash and cash equivalents

Group
Group
2023
2022
£
£

Cash at bank and in hand
1,744,006
1,743,049

1,744,006
1,743,049



9.


Creditors: Amounts falling due within one year

Group
Group
2023
2022
£
£

Trade creditors
55,417
32,347

Other taxation and social security
77,911
33,849

Other creditors
102,557
29,757

Accruals and deferred income
2,138,630
2,239,450

2,374,515
2,335,403


Included in accruals and deferred income above is the sum of £2,121,796 (2022: £2,210,918) which relates to advance customer receipts for bookings departing from 1 January 2024 onwards.

Page 14

 
LONSDALE 1L LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

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 £19,468 (2022: £48,890).
Contributions totalling £2,557 (2022: £29,757) were payable to the fund at the balance sheet date and are included in creditors.


11.


Controlling party

The ultimate controlling parties are the directors, Mrs Edwina Londsdale and Mr Matthew Lonsdale, by virtue of their combined ownership of the entire issued share capital of the company.

 
Page 15