English Holiday Cruises Limited 05207004 false 2023-09-01 2024-08-31 2024-08-31 The principal activity of the company is inland passenger water transport, hotel accommodation and the sale of food and drink. Digita Accounts Production Advanced 6.30.9574.0 true true 05207004 2023-09-01 2024-08-31 05207004 2024-08-31 05207004 core:AcceleratedTaxDepreciationDeferredTax 2024-08-31 05207004 core:ProvisionsDeferredTax 2024-08-31 05207004 core:RevaluationPlantEquipmentDeferredTax 2024-08-31 05207004 core:CurrentFinancialInstruments 2024-08-31 05207004 core:CurrentFinancialInstruments core:WithinOneYear 2024-08-31 05207004 core:Non-currentFinancialInstruments 2024-08-31 05207004 core:Non-currentFinancialInstruments core:AfterOneYear 2024-08-31 05207004 core:MoreThanFiveYears 1 2024-08-31 05207004 core:FurnitureFittingsToolsEquipment 2024-08-31 05207004 core:LandBuildings 2024-08-31 05207004 core:PlantMachinery 2024-08-31 05207004 bus:SmallEntities 2023-09-01 2024-08-31 05207004 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 05207004 bus:FilletedAccounts 2023-09-01 2024-08-31 05207004 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 05207004 bus:RegisteredOffice 2023-09-01 2024-08-31 05207004 bus:Director1 2023-09-01 2024-08-31 05207004 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 05207004 core:Goodwill 2023-09-01 2024-08-31 05207004 core:Buildings 2023-09-01 2024-08-31 05207004 core:ComputerEquipment 2023-09-01 2024-08-31 05207004 core:FurnitureFittingsToolsEquipment 2023-09-01 2024-08-31 05207004 core:LandBuildings 2023-09-01 2024-08-31 05207004 core:OfficeEquipment 2023-09-01 2024-08-31 05207004 core:ShipsBoats 2023-09-01 2024-08-31 05207004 countries:EnglandWales 2023-09-01 2024-08-31 05207004 2023-08-31 05207004 core:FurnitureFittingsToolsEquipment 2023-08-31 05207004 core:LandBuildings 2023-08-31 05207004 2022-09-01 2023-08-31 05207004 2023-08-31 05207004 core:AcceleratedTaxDepreciationDeferredTax 2023-08-31 05207004 core:ProvisionsDeferredTax 2023-08-31 05207004 core:RevaluationPlantEquipmentDeferredTax 2023-08-31 05207004 core:CurrentFinancialInstruments 2023-08-31 05207004 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 05207004 core:Non-currentFinancialInstruments 2023-08-31 05207004 core:Non-currentFinancialInstruments core:AfterOneYear 2023-08-31 05207004 core:MoreThanFiveYears 1 2023-08-31 05207004 core:FurnitureFittingsToolsEquipment 2023-08-31 05207004 core:LandBuildings 2023-08-31 05207004 core:PlantMachinery 2023-08-31 iso4217:GBP xbrli:pure

Registration number: 05207004

Prepared for the registrar

English Holiday Cruises Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2024

 

English Holiday Cruises Limited

(Registration number: 05207004)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,252,480

1,254,021

Current assets

 

Stocks

5

9,645

10,545

Debtors

6

58,667

25,199

Cash at bank and in hand

 

670,693

358,348

 

739,005

394,092

Creditors: Amounts falling due within one year

8

(520,257)

(318,577)

Net current assets

 

218,748

75,515

Total assets less current liabilities

 

1,471,228

1,329,536

Creditors: Amounts falling due after more than one year

8

(130,753)

(100,750)

Deferred tax liabilities

10

(172,387)

(175,191)

Net assets

 

1,168,088

1,053,595

Capital and reserves

 

Called up share capital

33,750

33,750

Share premium reserve

22,725

22,725

Revaluation reserve

339,188

339,188

Retained earnings

772,425

657,932

Shareholders' funds

 

1,168,088

1,053,595

For the financial year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 21 November 2024 and signed on its behalf by:
 


R A Clements
Director

 

English Holiday Cruises Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when: the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

 

English Holiday Cruises Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Tax

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

The current corporation 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 taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer equipment

33% reducing balance

Fixtures and fittings

10/20/33% straight line

Office equipment

20% straight line

Vessel

5% straight line

Buildings

2% straight line

Amortisation

Asset class

Amortisation method and rate

Goodwill

15 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

English Holiday Cruises Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2023 - 9).

 

English Holiday Cruises Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

 

4

Tangible assets

Land and buildings
£

Plant, equipment, furniture & fixtures
 £

Total
£

Cost or valuation

At 1 September 2023

595,383

1,018,591

1,613,974

Additions

-

45,153

45,153

At 31 August 2024

595,383

1,063,744

1,659,127

Depreciation

At 1 September 2023

7,981

351,972

359,953

Charge for the year

9,281

37,413

46,694

At 31 August 2024

17,262

389,385

406,647

Carrying amount

At 31 August 2024

578,121

674,359

1,252,480

At 31 August 2023

587,402

666,619

1,254,021

Included within the net book value of land and buildings above is £578,121 (2023 - £587,402) in respect of freehold land and buildings.
 

Revaluation

No independent valuation of the company's vessel and associated fixtures and fittings has been carried out since 28 February 2022, however, the directors’ have considered current market values of similar vessels and are satisfied that there has been no change in the fair value, as such no depreciation has been charged on the vessel during the year.

Had this class of asset been measured on a historical cost basis, the carrying amount would have been £189,650 (2023 - £182,750).

 

5

Stocks

2024
£

2023
£

Raw materials and consumables

9,645

10,545

 

6

Debtors

2024
£

2023
£

Trade debtors

994

-

Prepayments

42,121

15,046

Other debtors

15,552

10,153

58,667

25,199

 

7

Cash and cash equivalents

Cash and cash equivalents include amounts held in Trust / Escrow totalling £348,212. Amounts held in Trust / Escrow are restricted cash held separately. These amounts are held as a financial guarantee for the company’s travel licenses and for the protection of monies collected from passengers.

 

English Holiday Cruises Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

 

8

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

46,115

39,000

Trade creditors

 

28,473

34,664

Accruals and deferred income

 

351,077

185,968

Other creditors

 

7,800

7,800

Social security and other taxes

 

2,967

5,335

Corporation tax liability

 

83,125

45,003

Outstanding defined contribution pension costs

 

700

807

 

520,257

318,577

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

130,753

100,750

2024
£

2023
£

After more than five years by instalments

49,803

-

-

-

The £100,750 (£39,000 due within one year and £61,750 due after one year) represent a Coronavirus Business Interruption Loan Scheme which is guaranteed by the UK Government.

 

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

4,800

-

Bank overdrafts

2,315

-

Other borrowings

39,000

39,000

46,115

39,000

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

69,003

-

Other borrowings

61,750

100,750

130,753

100,750

 

English Holiday Cruises Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

 

10

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Accelerated tax depreciation

59,390

Provisions

(66)

Revaluation of equipment

113,063

172,387

2023

Liability
£

Accelerated tax depreciation

62,204

Provisions

(76)

Revaluation of equipment

113,063

175,191

 

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £7,706 (2023 - £Nil).