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REGISTERED NUMBER: 01132553 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Woods River Cruises Limited

Woods River Cruises Limited (Registered number: 01132553)

Contents of the Financial Statements
for the Year Ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Woods River Cruises Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: K Burroughs
W Woods
T Woods
J Woods
A Woods





SECRETARY: J Woods





REGISTERED OFFICE: Woods Quay
Victoria Embankment
London
WC2N 6AY





REGISTERED NUMBER: 01132553 (England and Wales)





ACCOUNTANTS: Harrison North
Adam House, 7-10 Adam Street
London
WC2N 6AA

Woods River Cruises Limited (Registered number: 01132553)

Balance Sheet
31 December 2023

31.12.23 31.12.22
as restated
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 21,931,825 18,931,526

CURRENT ASSETS
Debtors 5 1,143,247 862,196
Cash at bank 766,204 1,340,258
1,909,451 2,202,454
CREDITORS
Amounts falling due within one year 6 3,186,392 3,596,328
NET CURRENT LIABILITIES (1,276,941 ) (1,393,874 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

20,654,884

17,537,652

CREDITORS
Amounts falling due after more than
one year

7

(2,044,380

)

(2,798,102

)

PROVISIONS FOR LIABILITIES (3,916,011 ) (2,247,582 )
NET ASSETS 14,694,493 12,491,968

Woods River Cruises Limited (Registered number: 01132553)

Balance Sheet - continued
31 December 2023

31.12.23 31.12.22
as restated
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 159,613 159,613
Share premium 60,881 60,881
Revaluation reserve 9 6,662,036 4,499,115
Capital redemption reserve 11,184 11,184
Retained earnings 7,800,779 7,761,175
14,694,493 12,491,968

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 September 2024 and were signed on its behalf by:





T Woods - Director


Woods River Cruises Limited (Registered number: 01132553)

Notes to the Financial Statements
for the Year Ended 31 December 2023


1. STATUTORY INFORMATION

Woods River Cruises Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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.

Turnover comprises revenue recognised by the Company on completion of the client booked events.

Revenue in relation to catering and entertainment are recognised exclusive of Value Added Tax and trade discounts.

Woods River Cruises Limited (Registered number: 01132553)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued

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 provided on the following basis:

Improvement to long-term leasehold property - 15% straight line
Other boats - 10% - 25% straight line
Motor vehicles - 25% straight line
Fixtures and fittings - 33% - 50% straight line
Prestigious passenger vessels - nil
Pontoons - 10% 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 the Statement of Income and Retained Earnings.

No depreciation is charged on the Company's prestigious passenger boats because, based upon past experience with these and similar vessels going back many years , the directors consider that the boats' economic useful lives are so long , and their residual values are so high that depreciation is immaterial. The boats are revalued on a regular basis by an independent third party.

No depreciation is charged on the Company's largest recently built asset which came into use in the year because the directors consider its useful life so long and the residual value so high that depreciation is immaterial. The asset was revalued in December 2020 by an independent third party.

Revaluation of tangible fixed assets

Individual passenger vessels and pontoons are carried at current year value at fair value at that date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the Statement of Financial Position date.

Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Woods River Cruises Limited (Registered number: 01132553)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in the Statement of Income and Retained Earnings.

Woods River Cruises Limited (Registered number: 01132553)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and other debtors and creditors and loans.

(i) Financial assets

Basic financial assets, including trade and other debtors are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market value of interest.

Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities

Basic financial liabilities, including accruals and trade creditors, 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 receipts discounted at a market rate of interest.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

(iii) Offsetting

Financial assets and liabilities are offset and 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.


Woods River Cruises Limited (Registered number: 01132553)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued
Current and deferred taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Operating leases: the company as lessee
Rentals paid under operating leases are charged to the Statement of Income and Retained Earnings on a straight line basis over the lease term.

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 and 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.

Borrowing costs
All borrowing costs are recognised in the Statement of Income and Retained Earnings in the year in which they are incurred.

Woods River Cruises Limited (Registered number: 01132553)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2022 - 24 ) .

4. TANGIBLE FIXED ASSETS
Passenger Fixtures Assets
boats and and under
pontoons fittings construction Totals
£    £    £    £   
COST OR VALUATION
At 1 January 2023 19,509,936 192,687 293,278 19,995,901
Additions 124,170 9,500 42,500 176,170
Revaluations 2,883,895 - - 2,883,895
At 31 December 2023 22,518,001 202,187 335,778 23,055,966
DEPRECIATION
At 1 January 2023 898,811 165,564 - 1,064,375
Charge for year 49,213 10,553 - 59,766
At 31 December 2023 948,024 176,117 - 1,124,141
NET BOOK VALUE
At 31 December 2023 21,569,977 26,070 335,778 21,931,825
At 31 December 2022 18,611,125 27,123 293,278 18,931,526

Woods River Cruises Limited (Registered number: 01132553)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


4. TANGIBLE FIXED ASSETS - continued

The largest vessel owned by the company was revalued on 8 April 2024 by Marmus Marine Consultants & Surveyors at a value of £10M the value at which it is currently being held on the Statement of Financial Position as at 31 December 2023. The directors believe this to be a fair market value as at 31 December 2023.

One of the pontoons owned by the company was revalued on 14 August 2009 by CP Heath, Marine Consultany, on an existing use basis.

Another vessel owned by the company was revalued on 18 September 2020, by Marmus Marine Consultants & Surveyors at a value of over £150K higher than the value at which it is currently being held on the Statement of Financial Position as at 31 December 2023.

Another vessel owned by the company was revalued on 22 September 2020, by Marmus Marine Consultants & Surveyors at a value of over £230K higher than the value at which it is currently being held on the Statement of Financial Position as at 31 December 2023.

The largest and most recently built asset which came into use during the year was revalued on 7 October 2020, by Marmus Marine Consultants & Surveyors at a value of £10.5M the value at which it is currently being held on the Statement of Financial Position as at 31 December 2023
. The directors believe this is still a fair market value.

Cost or valuation at 31 December 2023 is represented by:

Passenger Fixtures Assets
boats and and under
pontoons fittings construction Totals
£    £    £    £   
Valuation in 2015 1,812,232 - - 1,812,232
Valuation in 2021 3,383,895 - - 3,383,895
Valuation in 2023 2,883,895 - - 2,883,895
Cost 14,437,978 202,187 335,778 14,975,943
22,518,000 202,187 335,778 23,055,965

** TOTAL SHOWN ON CLIENT SCREEN - REVALUATION ANALYSIS - DOES NOT AGREE TO TOTAL OF FIXED ASSET 'COST' ACCOUNT HELD AT END OF YEAR IN RESPECT OF
PASSENGER BOATS AND PONTOONS

'COST' ACCOUNT TOTAL
Cost/valuation b/f 19,509,936

Woods River Cruises Limited (Registered number: 01132553)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


4. TANGIBLE FIXED ASSETS - continued
Additions 124,170
Revaluations 2,883,895
22,518,001

CLIENT SCREEN TOTAL = 22,518,000


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE
YEAR
31.12.23 31.12.22
as restated
£    £   
Trade debtors 677,336 361,752
Other debtors 465,911 500,444
1,143,247 862,196

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE
YEAR
31.12.23 31.12.22
as restated
£    £   
Bank loans and overdrafts 312,906 312,906
Trade creditors 405,398 656,988
Taxation and social security - 25,117
Other creditors 2,468,088 2,601,317
3,186,392 3,596,328

Woods River Cruises Limited (Registered number: 01132553)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE
THAN ONE YEAR
31.12.23 31.12.22
as restated
£    £   
Bank loans 1,368,870 1,681,775
Other creditors 675,510 1,116,327
2,044,380 2,798,102

8. SECURED DEBTS

At 31st December 2023 a debenture existed dated 15th May 2018 in favour of Clydesdale Bank Plc charging all assets not individually charged by others. Further charges were registered by Clydesdale Bank PLC in April 2022 and October 2022 against one small vessel and a small passenger vessel respectively.

There is an outstanding charge against one of the passenger vessels that was registered in March 2019 by Shawbrook Bank Limited.

At 31st December 2023 a further charge existed which was registered in April 2020 by Lombard North Central Plc against one passenger vessel and three pontoons.

9. RESERVES
Revaluation
reserve
£   
At 1 January 2023 4,499,115
Revaluation during the year 2,162,921

At 31 December 2023 6,662,036