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Company registration number: 01980680
Crown River Cruises Limited
Unaudited filleted financial statements
31 March 2024
Crown River Cruises Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Crown River Cruises Limited
Directors and other information
Directors Mr R A Prentice
Mr C G Newens
Secretary Mr R A Prentice
Company number 01980680
Registered office Crown River Cruises
Tower Pier
London
EC3N 4DT
Crown River Cruises Limited
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 467,937 524,348
Investments 6 400 400
_______ _______
468,337 524,748
Current assets
Debtors 7 907,540 823,368
Cash at bank and in hand 960,747 538,533
_______ _______
1,868,287 1,361,901
Creditors: amounts falling due
within one year 8 ( 392,516) ( 317,619)
_______ _______
Net current assets 1,475,771 1,044,282
_______ _______
Total assets less current liabilities 1,944,108 1,569,030
Creditors: amounts falling due
after more than one year 9 ( 12,498) ( 22,498)
Provisions for liabilities ( 116,984) ( 99,626)
_______ _______
Net assets 1,814,626 1,446,906
_______ _______
Capital and reserves
Called up share capital 102 102
Profit and loss account 1,814,524 1,446,804
_______ _______
Shareholders funds 1,814,626 1,446,906
_______ _______
For the year ending 31 March 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 03 January 2025 , and are signed on behalf of the board by:
Mr R A Prentice
Director
Company registration number: 01980680
Crown River Cruises Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Crown River Cruises, Tower Pier, London, EC3N 4DT.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover represents the invoiced value, net of Value Added Tax, of goods and services provided to customers.
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Pier and riverworks - 4 % straight line
Cruiser vessels - 5 % straight line
Fittings fixtures and equipment - 20 % straight line
Motor vehicles - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Long leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 April 2023 30,000 2,701,479 43,650 17,620 2,792,749
Additions - - - 27,230 27,230
Disposals - - - ( 17,620) ( 17,620)
_______ _______ _______ _______ _______
At 31 March 2024 30,000 2,701,479 43,650 27,230 2,802,359
_______ _______ _______ _______ _______
Depreciation
At 1 April 2023 28,800 2,184,057 42,329 13,215 2,268,401
Charge for the year 1,200 70,767 461 6,808 79,236
Disposals - - - ( 13,215) ( 13,215)
_______ _______ _______ _______ _______
At 31 March 2024 30,000 2,254,824 42,790 6,808 2,334,422
_______ _______ _______ _______ _______
Carrying amount
At 31 March 2024 - 446,655 860 20,422 467,937
_______ _______ _______ _______ _______
At 31 March 2023 1,200 517,422 1,321 4,405 524,348
_______ _______ _______ _______ _______
6. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 April 2023 and 31 March 2024 400 400
_______ _______
Impairment
At 1 April 2023 and 31 March 2024 - -
_______ _______
Carrying amount
At 31 March 2024 400 400
_______ _______
At 31 March 2023 400 400
_______ _______
7. Debtors
2024 2023
£ £
Trade debtors 14,656 3,512
Other debtors 654,028 568,386
_______ _______
668,684 571,898
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 10,000 10,002
Trade creditors 77,668 40,143
Amounts owed to group undertakings and undertakings in which the company has a participating interest ( 238,856) ( 251,470)
Corporation tax 276,903 238,000
Social security and other taxes 1,636 3,085
Other creditors 26,309 26,389
_______ _______
153,660 66,149
_______ _______
9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 12,498 22,498
_______ _______
10. Directors advances, credits and guarantees
Balance brought forward and o/standing Balance brought forward and o/standing
2024 2023
£ £
Mr R A Prentice 20,932 20,932
_______ _______
11. Related party transactions
During the year, the company provided services of £1,064,922 (2023: £548,419) to Circular Cruises Westminster, a joint venture in which the company is entitled to 50% of the profits or losses. As at the balance sheet date, the company was owed £552,544 (2023: £369,930) by Circular Cruises Westminster and was owed £238,856 (2023: £251,470) by Thames River Services Association.