Company registration number 02752960 (England and Wales)
THE CRUISE LINE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
PAGES FOR FILING WITH REGISTRAR
THE CRUISE LINE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
THE CRUISE LINE LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
4
34,761
34,322
Tangible assets
5
27,987
19,471
Investments
6
604,330
459,947
667,078
513,740
Current assets
Debtors
8
664,583
229,534
Cash at bank and in hand
1,288,767
1,545,585
1,953,350
1,775,119
Creditors: amounts falling due within one year
9
(1,101,736)
(918,426)
Net current assets
851,614
856,693
Total assets less current liabilities
1,518,692
1,370,433
Provisions for liabilities
(85,400)
-
0
Net assets
1,433,292
1,370,433
Capital and reserves
Called up share capital
10
50,000
50,000
Profit and loss reserves
1,383,292
1,320,433
Total equity
1,433,292
1,370,433

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 27 February 2025 and are signed on its behalf by:
Mr R Maclear
Director
Company registration number 02752960 (England and Wales)
THE CRUISE LINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -
1
Accounting policies
Company information

The Cruise Line Limited is a private company limited by shares incorporated in England and Wales. The registered office is Cruise Line House, 109-111, High Street, Hurstpierpoint, West Sussex, BN6 9PU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in Sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of other investments at fair value. The principal accounting policies adopted are set out below.

1.2
Prior period reclassification

During the current year, the directors reclassified software and website development costs that were previously separately disclosed in tangible fixed assets to intangible fixed assets, as this classification more appropriately reflects the nature of these assets. This reclassification has no impact on retained earnings or net assets.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Turnover represents amounts received for direct sales and commissions, net of VAT and trade discounts, and is recognised on the date of departure. Cancellation income has been accounted for based on original departure date.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software and websites
20% to 33% straight line
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

THE CRUISE LINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 3 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Property improvements
20% straight line
Fixtures and fittings
15% straight line
Office equipment
25% straight line
Motor vehicles
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Fixed asset investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

 

Listed investments and other investments with readily available market prices are measured at fair value with changes in fair value being recognised in profit or loss.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet 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, this includes net receipts and payments in advance for cruises.

THE CRUISE LINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including trade and other 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
8,000
5,250
THE CRUISE LINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 5 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was 20 (2023 - 17).

4
Intangible fixed assets
Software and websites
as restated
£
Cost
At 1 November 2023
132,127
Additions
12,570
Disposals
(56,369)
At 31 October 2024
88,328
Amortisation and impairment
At 1 November 2023
97,805
Amortisation charged for the year
12,131
Disposals
(56,369)
At 31 October 2024
53,567
Carrying amount
At 31 October 2024
34,761
At 31 October 2023
34,322
THE CRUISE LINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 6 -
5
Tangible fixed assets
Property improvements
Fixtures and fittings
Office equipment
Motor vehicles
Total
as restated
£
£
£
£
£
Cost
At 1 November 2023
11,179
49,616
230,506
9,300
300,601
Additions
-
0
484
16,303
-
0
16,787
Disposals
-
0
-
0
(212,015)
-
0
(212,015)
At 31 October 2024
11,179
50,100
34,794
9,300
105,373
Depreciation and impairment
At 1 November 2023
11,179
47,508
221,862
581
281,130
Depreciation charged in the year
-
0
567
5,379
2,325
8,271
Eliminated in respect of disposals
-
0
-
0
(212,015)
-
0
(212,015)
At 31 October 2024
11,179
48,075
15,226
2,906
77,386
Carrying amount
At 31 October 2024
-
0
2,025
19,568
6,394
27,987
At 31 October 2023
-
0
2,108
8,644
8,719
19,471
6
Fixed asset investments
2024
2023
£
£
Other investments other than loans
604,330
459,947
THE CRUISE LINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
6
Fixed asset investments
(Continued)
- 7 -
Movements in fixed asset investments
Shares in group undertakings
Share in participating interests
Other investments other than loans
Total
£
£
£
£
Cost or valuation
At 1 November 2023
32,010
125
459,822
491,957
Valuation changes
-
-
144,383
144,383
At 31 October 2024
32,010
125
604,205
636,340
Impairment
At 1 November 2023 & 31 October 2024
32,010
-
-
32,010
Carrying amount
At 31 October 2024
-
125
604,205
604,330
At 31 October 2023
-
125
459,822
459,947

Other investments other than loans represent gold and silver deposits held at market value. The original cost of these was £309,585 (2023 - £309,585).

7
Subsidiaries

Details of the company's subsidiaries at 31 October 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
The Cruise Line Limited (US)
USA
Dormant
Ordinary
100.00
SeaMoon Cruises Limited
Hong Kong
Dormant
Ordinary
15.00
Luxury Cruises Turizm Ve Ticaret Anonim Sirketi
Turkey
Dormant
Ordinary
51.00
Air Cruise (Holdings) Ltd
UK
Dormant
Ordinary
100.00
Lake Malawi Tourism Ltd
UK
Dormant
Ordinary
100.00
8
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
143,234
147,575
Other debtors
521,349
81,959
664,583
229,534

Included within other debtors is £450,484 (2023 - £1,154) owed from a director, which is interest free.

THE CRUISE LINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 8 -
9
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
32,728
35,790
Taxation and social security
62,311
137,543
Other creditors
1,006,697
745,093
1,101,736
918,426

Included within other creditors is £940,143 (2023 - £706,714) of net advanced receipts. Net advanced receipts can be analysed as follows:

 

10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
50,000
50,000
50,000
50,000
11
Non-distributable retained earnings

Retained earnings include £220,920 (2023 - £150,237) which is non distributable

12
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Tony Summers BA FCA
Statutory Auditor:
Sumer Audit
Date of audit report:
27 February 2025
Sumer Audit is the trading name of Sumer Auditco Limited
13
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
36,000
63,000
THE CRUISE LINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 9 -
14
Directors' transactions

Dividends totalling £95,000 (2023 - £85,000) were paid in the year in respect of shares held by the company's directors.

 

Advances or credits have been granted by the company to one of the directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Director's loan
-
1,154
476,104
(26,774)
450,484
1,154
476,104
(26,774)
450,484

Since the year end one of the directors has drawn a further £450,000 from the company.

15
Restricted cash

As at the year end £nil (2023 - £189,958) was held as restricted cash deposit balances with Ravenscroft Cash Management Limited in a Members Cell of ABTA Insurance PCC Ltd, in support of the company's ABTA membership. During the year the company released the restricted cash deposit held with Ravenscroft Cash Management Limited and arranged its ABTA bond via insurers.

 

2024-10-312023-11-01false27 February 2025CCH SoftwareCCH Accounts Production 2024.200No description of principal activityThis audit opinion is unqualifiedMr R MaclearMiss M GambrillMr I P BuckeridgeMr D SmithMr J MaclearMiss M S Gambrillfalsefalse027529602023-11-012024-10-31027529602024-10-31027529602023-10-3102752960core:ComputerSoftware2024-10-3102752960core:ComputerSoftware2023-10-3102752960core:LandBuildingscore:OwnedOrFreeholdAssets2024-10-3102752960core:FurnitureFittings2024-10-3102752960core:ComputerEquipment2024-10-3102752960core:MotorVehicles2024-10-3102752960core:LandBuildingscore:OwnedOrFreeholdAssets2023-10-3102752960core:FurnitureFittings2023-10-3102752960core:ComputerEquipment2023-10-3102752960core:MotorVehicles2023-10-3102752960core:CurrentFinancialInstrumentscore:WithinOneYear2024-10-3102752960core:CurrentFinancialInstrumentscore:WithinOneYear2023-10-3102752960core:CurrentFinancialInstruments2024-10-3102752960core:CurrentFinancialInstruments2023-10-3102752960core:ShareCapital2024-10-3102752960core:ShareCapital2023-10-3102752960core:RetainedEarningsAccumulatedLosses2024-10-3102752960core:RetainedEarningsAccumulatedLosses2023-10-3102752960bus:Director12023-11-012024-10-3102752960core:IntangibleAssetsOtherThanGoodwill2023-11-012024-10-3102752960core:ComputerSoftware2023-11-012024-10-3102752960core:LandBuildingscore:OwnedOrFreeholdAssets2023-11-012024-10-3102752960core:FurnitureFittings2023-11-012024-10-3102752960core:ComputerEquipment2023-11-012024-10-3102752960core:MotorVehicles2023-11-012024-10-31027529602022-11-012023-10-3102752960core:ComputerSoftware2023-10-3102752960core:ComputerSoftwarecore:ExternallyAcquiredIntangibleAssets2023-11-012024-10-3102752960core:LandBuildingscore:OwnedOrFreeholdAssets2023-10-3102752960core:FurnitureFittings2023-10-3102752960core:ComputerEquipment2023-10-3102752960core:MotorVehicles2023-10-31027529602023-10-3102752960core:Non-currentFinancialInstruments2023-10-3102752960core:WithinOneYear2024-10-3102752960core:WithinOneYear2023-10-3102752960bus:PrivateLimitedCompanyLtd2023-11-012024-10-3102752960bus:SmallCompaniesRegimeForAccounts2023-11-012024-10-3102752960bus:FRS1022023-11-012024-10-3102752960bus:Audited2023-11-012024-10-3102752960bus:Director22023-11-012024-10-3102752960bus:Director32023-11-012024-10-3102752960bus:Director42023-11-012024-10-3102752960bus:Director52023-11-012024-10-3102752960bus:CompanySecretary12023-11-012024-10-3102752960bus:FullAccounts2023-11-012024-10-31xbrli:purexbrli:sharesiso4217:GBP