Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-01-01falseTravel Agency and Tour Operator1321falsetruefalse 00989609 2023-01-01 2023-12-31 00989609 2022-01-01 2022-12-31 00989609 2023-12-31 00989609 2022-12-31 00989609 2022-01-01 00989609 c:Director1 2023-01-01 2023-12-31 00989609 d:FurnitureFittings 2023-01-01 2023-12-31 00989609 d:FurnitureFittings 2023-12-31 00989609 d:FurnitureFittings 2022-12-31 00989609 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 00989609 d:ComputerSoftware 2023-12-31 00989609 d:ComputerSoftware 2022-12-31 00989609 d:CurrentFinancialInstruments 2023-12-31 00989609 d:CurrentFinancialInstruments 2022-12-31 00989609 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 00989609 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 00989609 d:ShareCapital 2023-12-31 00989609 d:ShareCapital 2022-12-31 00989609 d:ShareCapital 2022-01-01 00989609 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 00989609 d:RetainedEarningsAccumulatedLosses 2023-12-31 00989609 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 00989609 d:RetainedEarningsAccumulatedLosses 2022-12-31 00989609 d:RetainedEarningsAccumulatedLosses 2022-01-01 00989609 c:FRS102 2023-01-01 2023-12-31 00989609 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 00989609 c:FullAccounts 2023-01-01 2023-12-31 00989609 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 00989609 2 2023-01-01 2023-12-31 00989609 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 00989609









MUNDY CRUISING LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
MUNDY CRUISING LIMITED
REGISTERED NUMBER: 00989609

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
 6 
2,270,113
2,195,941

Cash at bank and in hand
 7 
1,744,006
1,743,049

  
4,014,119
3,938,990

Creditors: amounts falling due within one year
 8 
(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

  

Net assets
  
1,640,968
1,613,658


Capital and reserves
  

Called up share capital 
  
50,000
50,000

Profit and loss account
  
1,590,968
1,563,658

  
1,640,968
1,613,658


Page 1

 
MUNDY CRUISING LIMITED
REGISTERED NUMBER: 00989609
    
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 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.




E B Lonsdale
Director

The notes on pages 4 to 11 form part of these financial statements.

Page 2

 
MUNDY CRUISING LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
50,000
1,983,324
2,033,324


Comprehensive income for the year

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



At 1 January 2023
50,000
1,563,658
1,613,658


Comprehensive income for the year

Profit for the year
-
127,310
127,310


Contributions by and distributions to owners

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


At 31 December 2023
50,000
1,590,968
1,640,968


The notes on pages 4 to 11 form part of these financial statements.

Page 3

 
MUNDY CRUISING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

As disclosed in the Director's Report, the principal activity of the Company 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 00989609. 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 management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors and management continue to monitor and review the Company’s financial position, including its budgets and forecasts, to assess the potential financial impact of any slowdown in trading and its impact on the liquidity of the business. This on-going analysis enables the Company's directors and management to have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable 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.

Page 4

 
MUNDY CRUISING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

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 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'.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company 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.

 
2.5

Operating leases: the Company 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.

 
2.6

Interest income

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

Page 5

 
MUNDY CRUISING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

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.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Company in independently administered funds.

 
2.9

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.

 
2.10

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.

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.

Page 6

 
MUNDY CRUISING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

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.

 
2.12

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.

 
2.13

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.

 
2.14

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.

  
2.15

Cash flow statement

The company, being a member of a group where the parent prepares consolidated financial statements which are publicly available, is exempt from the requirement to draw up a cash flow statement in accordance with FRS 102.

 
2.16

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:


        2023
        2022
            No.
            No.







Administrative
6
10



Sales and retail
7
11

13
21

Page 7

 
MUNDY CRUISING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Intangible assets




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 8

 
MUNDY CRUISING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





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 9

 
MUNDY CRUISING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors

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 Company's bankers, Lloyds Bank plc, to ring-fence elements of the Company'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.


7.


Cash and cash equivalents

2023
2022
£
£

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

1,744,006
1,743,049



8.


Creditors: Amounts falling due within one year

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.


9.


Contingent liabilities

At 31 December 2023, there were contingent liabilities outstanding in respect of counter indemnities and guarantees given by the group, in the normal course of business, to the group's bond obligors in respect of Association of British Travel Agents ("ABTA") bonds amounting to £282,875 (2022: £1,157,303).

Page 10

 
MUNDY CRUISING 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 parent undertaking of this company is Lonsdale 1L Limited, which owns the entire issued share capital of the Company.
The ultimate controlling parties are the directors, E B Lonsdale and M P Lonsdale, by virtue of their combined ownership of the entire issued share capital of the parent company.

 
Page 11