Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312024-05-292023-12-312024-05-29a luxury cruise operator2023-01-01false1614falsetruefalse 10184331 2023-01-01 2023-12-31 10184331 2022-01-01 2022-12-31 10184331 2023-12-31 10184331 2022-12-31 10184331 2022-01-01 10184331 1 2023-01-01 2023-12-31 10184331 1 2022-01-01 2022-12-31 10184331 5 2023-01-01 2023-12-31 10184331 5 2022-01-01 2022-12-31 10184331 d:Director5 2023-01-01 2023-12-31 10184331 e:Buildings e:ShortLeaseholdAssets 2023-01-01 2023-12-31 10184331 e:Buildings e:ShortLeaseholdAssets 2023-12-31 10184331 e:Buildings e:ShortLeaseholdAssets 2022-12-31 10184331 e:ComputerEquipment 2023-01-01 2023-12-31 10184331 e:ComputerEquipment 2023-12-31 10184331 e:ComputerEquipment 2022-12-31 10184331 e:ComputerEquipment e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10184331 e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10184331 e:CurrentFinancialInstruments 2023-12-31 10184331 e:CurrentFinancialInstruments 2022-12-31 10184331 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 10184331 e:CurrentFinancialInstruments e:WithinOneYear 2022-12-31 10184331 e:ShareCapital 2023-12-31 10184331 e:ShareCapital 2022-12-31 10184331 e:ShareCapital 2022-01-01 10184331 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 10184331 e:RetainedEarningsAccumulatedLosses 2023-12-31 10184331 e:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 10184331 e:RetainedEarningsAccumulatedLosses 2022-12-31 10184331 e:RetainedEarningsAccumulatedLosses 2022-01-01 10184331 d:FRS102 2023-01-01 2023-12-31 10184331 d:Audited 2023-01-01 2023-12-31 10184331 d:FullAccounts 2023-01-01 2023-12-31 10184331 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 10184331 d:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 10184331 2 2023-01-01 2023-12-31 10184331 e:AcceleratedTaxDepreciationDeferredTax 2023-12-31 10184331 e:AcceleratedTaxDepreciationDeferredTax 2022-12-31 10184331 e:TaxLossesCarry-forwardsDeferredTax 2023-12-31 10184331 e:TaxLossesCarry-forwardsDeferredTax 2022-12-31 10184331 f:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 10184331









AMAWATERWAYS LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
AMAWATERWAYS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AMAWATERWAYS LIMITED
UNDER SECTION 449 OF THE COMPANIES ACT 2006
 

Opinion


We have audited the financial statements of Amawaterways Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 1

 
AMAWATERWAYS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AMAWATERWAYS LIMITED (CONTINUED)
UNDER SECTION 449 OF THE COMPANIES ACT 2006


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' Report has been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 2

 
AMAWATERWAYS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AMAWATERWAYS LIMITED (CONTINUED)
UNDER SECTION 449 OF THE COMPANIES ACT 2006


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- We exercise professional judgment and maintain professional skepticism throughout the audit;
- We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the deliberate override of internal control;
- We obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of internal control;
- We evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made;
- We assess the risk of management override of controls, including testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business;
- We review the scope of the Company's compliance with its regulator, the Civil Aviation Authority ("CAA"), and its membership of The Association of British Travel Agents ("ABTA") and sample test relevant documentation to assess this and the effectiveness of its control environment;
- We request and review the minutes of management meetings, and assess any matters identified not already provided for or disclosed that may materially impact the financial statements;
- We conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the entity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the entity to cease to continue as a going concern.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 3

 
AMAWATERWAYS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AMAWATERWAYS LIMITED (CONTINUED)
UNDER SECTION 449 OF THE COMPANIES ACT 2006


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





M S Caldicott ACA FCCA CTA (Senior Statutory Auditor)
  
for and on behalf of
White Hart Associates (London) Limited
 
Chartered Accountants and Statutory Auditors
  
2nd Floor, Nucleus House
2 Lower Mortlake Road
Richmond
TW9 2JA

29 May 2024
Page 4

 
AMAWATERWAYS LIMITED
REGISTERED NUMBER: 10184331

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 6 
16,954
14,105

  
16,954
14,105

Current assets
  

Debtors: amounts falling due within one year
 7 
750,904
218,073

Cash at bank and in hand
 8 
6,168,877
2,972,069

  
6,919,781
3,190,142

Creditors: amounts falling due within one year
 9 
(7,950,486)
(6,138,941)

Net current liabilities
  
 
 
(1,030,705)
 
 
(2,948,799)

Total assets less current liabilities
  
(1,013,751)
(2,934,694)

  

Net liabilities
  
(1,013,751)
(2,934,694)


Capital and reserves
  

Called up share capital 
  
30,000
30,000

Profit and loss account
  
(1,043,751)
(2,964,694)

  
(1,013,751)
(2,934,694)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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 29 May 2024.




J Thomson
Director

The notes on pages 8 to 16 form part of these financial statements.

Page 5

 
AMAWATERWAYS 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
30,000
(3,466,407)
(3,436,407)


Comprehensive income for the year

Profit for the year
-
501,713
501,713



At 1 January 2023
30,000
(2,964,694)
(2,934,694)


Comprehensive income for the year

Profit for the year
-
1,920,943
1,920,943


At 31 December 2023
30,000
(1,043,751)
(1,013,751)


The notes on pages 8 to 16 form part of these financial statements.

Page 6

 
AMAWATERWAYS LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
1,920,943
501,713

Adjustments for:

Depreciation of tangible assets
6,284
4,542

Interest received
(46,568)
(2,651)

Taxation charge
(336,515)
-

Increase in debtors
(196,317)
(82,511)

Increase/(decrease) in creditors
335,383
(247,485)

Increase in amounts owed to groups
1,476,162
1,570,417

Net cash generated from operating activities

3,159,372
1,744,025


Cash flows from investing activities

Purchase of tangible fixed assets
(9,132)
(13,901)

Interest received
46,568
2,651

Net cash from investing activities

37,436
(11,250)


Net increase in cash and cash equivalents
3,196,808
1,732,775

Cash and cash equivalents at beginning of year
2,972,069
1,239,294

Cash and cash equivalents at the end of year
6,168,877
2,972,069


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
6,168,877
2,972,069

6,168,877
2,972,069


The notes on pages 8 to 16 form part of these financial statements.

Page 7

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

1.


General information

Amawaterways Limited is a private company, limited by shares, incorporated in the United Kingdom, registration number 10184331. The registered office is Suite A, Abbots Place, Walnut Tree Close, Guildford, Surrey, GU1 4RW. 

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The Directors and management meet regularly during the year and continue to review the Company's financial position, budgets and forecasts in order to assess current performance and future requirements and also neutralise the potential financial impact from any significant downturn in trading.
As a result of these reviews and forecasts, and specifically with the continuing support of the parent company, the Company's directors and management 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. This is also supported by the continued strong performance seen so far in early 2024, with the Company remaining well placed to meet and service the additional volume.
Consequently, the directors believe that it is still appropriate to apply the going concern basis for the foreseeable future.

 
2.3

Revenue

Turnover represents the value, net of value added tax and discounts, of travel arrangements provided to customers, recognised on a date of departure basis.

Page 8

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

2.Accounting policies (continued)

 
2.4

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:

Leasehold improvements
-
Over 3 years
Computer and office equipment
-
Over 3 years

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.

 
2.5

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.

 
2.6

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.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

Page 9

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

2.Accounting policies (continued)

 
2.7

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of Financial Position 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
 
Page 10

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

2.Accounting policies (continued)


2.7
Financial instruments (continued)


Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.8

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.

Page 11

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

2.Accounting policies (continued)

 
2.9

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'.

 
2.10

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.

 
2.11

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.

 
2.12

Interest income

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

Page 12

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

2.Accounting policies (continued)

 
2.13

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.14

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, the directors are required to make judgments, 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 estimates are recognised in the period in which the estimates are 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.

Page 13

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

4.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
11,500
10,750


5.


Employees

The average monthly number of employees, including directors, during the year was 16 (2022 - 14).


6.


Tangible fixed assets





Short-term leasehold property
Computer and office equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
99,574
40,094
139,668


Additions
-
9,132
9,132



At 31 December 2023

99,574
49,226
148,800



Depreciation


At 1 January 2023
95,663
29,900
125,563


Charge for the year on owned assets
1,505
4,778
6,283



At 31 December 2023

97,168
34,678
131,846



Net book value



At 31 December 2023
2,406
14,548
16,954



At 31 December 2022
3,911
10,194
14,105

Page 14

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

7.


Debtors

2023
2022
£
£


Other debtors
77,316
44,103

Prepayments and accrued income
337,073
173,970

Deferred taxation
336,515
-

750,904
218,073


Included in prepayments and accrued income is the sum of £252,337 (2022: £109,987) which relates to advance supplier payments for bookings departing from 1 January 2024 onwards.


8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
6,168,877
2,972,069

6,168,877
2,972,069



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Payments received on account
1,261,842
1,023,999

Trade creditors
113,133
94,592

Amounts owed to group undertakings
6,195,093
4,718,931

Other taxation and social security
26,942
19,683

Accruals and deferred income
353,476
281,736

7,950,486
6,138,941


The payments received on account of £1,261,842 (2022: £1,023,999) relate to advance customer receipts for bookings departing from 1 January 2024 onwards.
Also, included in amounts owed to group undertakings is a loan amounting to £1,880,000 (2022:  £1,880,000) that is subject to subordinated undertakings given to the Civil Aviation Authority and the Association of British Travel Agents, which cannot be repaid without their prior written consent. 

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

10.


Deferred taxation




2023


£






Charged to profit or loss
336,515



At end of year
336,515

The deferred tax asset is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(4,238)
-

Tax losses carried forward
340,753
-

336,515
-


11.


Contingent liabilities

At 31 December 2023, there were contingent liabilities in respect of counter indemnities given, in the normal course of business, in relation to Association of British Travel Agents ('ABTA') bonds, by the Company amounting to £363,467 (2022: £500,853).
Additionally, as a requirement of the Company's ABTA membership, Amawaterways LLC, the parent company, has entered into an unlimited deed of guarantee over the Company.
Further, the Company's ultimate holding company, Amawaterways S.C.S., has provided a guarantee in favour of Amawaterways Limited, totalling £3,534,642, to the Civil Aviation Authority for the purposes of renewing the Company's trading licences. 


12.


Pension commitments

The Company operates a defined contributions 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 £33,190 (2022: £27,858). Contributions totalling £Nil (2022: £Nil) were payable to the fund at the reporting date and are included in creditors.


13.


Controlling party

The whole of the Company's issued share capital is owned by Amawaterways LLC, a company registered in the United States of America. The financial statements will be consolidated into the parent company's financial statements and copies can be obtained from Amawaterways LLC, 4500 Park Granada, Calabasas, CA 91302, USA.

 
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