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REGISTERED NUMBER: SC059313 (Scotland)















Unaudited Financial Statements for the Year Ended 30th November 2024

for

Caley Cruisers Limited

Caley Cruisers Limited (Registered number: SC059313)

Contents of the Financial Statements
for the year ended 30th November 2024










Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


Caley Cruisers Limited

Company Information
for the year ended 30th November 2024







Directors: A Callanan
J M Hogan
E M Hogan
J W Hogan





Secretary: E M Hogan





Registered office: Caley Marina
Canal Road
Inverness
IV3 8NF





Registered number: SC059313 (Scotland)





Accountants: Frame Kennedy
4th Floor Metropolitan House
31-33 High Street
Inverness
IV1 1HT

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Caley Cruisers Limited


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Caley Cruisers Limited for the year ended 30th November 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts.

This report is made solely to the Board of Directors of Caley Cruisers Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Caley Cruisers Limited and state those matters that we have agreed to state to the Board of Directors of Caley Cruisers Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Caley Cruisers Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Caley Cruisers Limited. You consider that Caley Cruisers Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Caley Cruisers Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Frame Kennedy
4th Floor Metropolitan House
31-33 High Street
Inverness
IV1 1HT


16th May 2025

Caley Cruisers Limited (Registered number: SC059313)

Balance Sheet
30th November 2024

2024 2023
Notes £    £    £   
Fixed assets
Tangible assets 4 4,154,817 3,844,060
Investments 5 11,800 11,800
4,166,617 3,855,860

Current assets
Stocks 906,263 922,919
Debtors 6 749,403 714,228
Cash at bank 1,291,518 738,305
2,947,184 2,375,452
Creditors
Amounts falling due within one year 7 1,261,921 969,231
Net current assets 1,685,263 1,406,221
Total assets less current liabilities 5,851,880 5,262,081

Creditors
Amounts falling due after more than one
year

8

(3,915

)

(4,350

)

Provisions for liabilities (617,354 ) (552,129 )
Net assets 5,230,611 4,705,602

Capital and reserves
Called up share capital 57,750 57,750
Revaluation reserve 9 936,081 936,081
Capital redemption reserve 52,250 52,250
Retained earnings 4,184,530 3,659,521
Shareholders' funds 5,230,611 4,705,602

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th November 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th November 2024 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.

Caley Cruisers Limited (Registered number: SC059313)

Balance Sheet - continued
30th November 2024


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16th May 2025 and were signed on its behalf by:





J M Hogan - Director


Caley Cruisers Limited (Registered number: SC059313)

Notes to the Financial Statements
for the year ended 30th November 2024


1. Statutory information

Caley Cruisers Limited is a private company limited by shares incorporated in Scotland. 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, modified to include the revaluation of certain tangible fixed assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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

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:

Freehold buildings2% straight line
Plant and machinery20% reducing balance
Computer equipment25% straight line
Motor vehicles25% reducing balance
Hire boats5% reducing balance
Guide boatsnot depreciated

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 the profit and loss account.

Tangible assets whose fair value can be measured reliably are held under the revaluation model abd are carried at a revalued amount, being the fair value at the date of valuation less any subsequent accumulated impairment losses. The directors believe that a policy of not providing depreciation on Guide boats is appropriate on the basis that these assets have been revalued and the estimated residual values are not materially different from their carrying amounts.

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Caley Cruisers Limited (Registered number: SC059313)

Notes to the Financial Statements - continued
for the year ended 30th November 2024


2. Accounting policies - continued

Financial instruments
The company has elected to apply the provisions of Section 11 "Basic Financial Instruments" and Section 12 "Other FInancial Instrument Issues" of FRS102 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.

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. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting end date.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are initially measured at transaction price and are subsequently carried at amortised cost, using the effective interest method. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measures at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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
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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Caley Cruisers Limited (Registered number: SC059313)

Notes to the Financial Statements - continued
for the year ended 30th November 2024


2. Accounting policies - continued

Going concern
The directors continue to adopt the going concern basis of accounting in preparing the financial statements. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

3. Employees and directors

The average number of employees during the year was 38 (2023 - 44 ) .

4. Tangible fixed assets
Fixtures
Freehold Plant and and
property machinery fittings Totals
£    £    £    £   
Cost
At 1st December 2023 1,561,588 4,223,944 353,750 6,139,282
Additions - 1,119,867 - 1,119,867
Disposals - (985,211 ) - (985,211 )
At 30th November 2024 1,561,588 4,358,600 353,750 6,273,938
Depreciation
At 1st December 2023 91,256 2,203,966 - 2,295,222
Charge for year 20,365 149,136 - 169,501
Eliminated on disposal - (345,602 ) - (345,602 )
At 30th November 2024 111,621 2,007,500 - 2,119,121
Net book value
At 30th November 2024 1,449,967 2,351,100 353,750 4,154,817
At 30th November 2023 1,470,332 2,019,978 353,750 3,844,060

Included in cost of land and buildings is freehold land of £ 543,310 (2023 - £ 543,310 ) which is not depreciated.

Caley Cruisers Limited (Registered number: SC059313)

Notes to the Financial Statements - continued
for the year ended 30th November 2024


4. Tangible fixed assets - continued

Included within plant and machinery are two boats that were revalued in June 2019 by an independent third party on an open market basis at a combined amount of £353,750. The directors are satisfied this is a correct reflection of the carrying value of these assets at the company's year end.

Included within land and buildings are buildings which have been revalued by an independent third party surveyor on an open market basis on 26 April 2021 at a combined amount of £985,000. The directors are satisfied that this a correct reflection of the carrying value of these assets at the company's year end.

If revalued assets were stated on a historical cost basis rather than a fair value basis, the total amounts included would have been as follows:

20232022
£   £   

Cost805,101805,101
Accumulated depreciation(490,794)(482,223)
Carrying value314,307322,878

5. Fixed asset investments
Interest
in joint
venture
£   
Cost
At 1st December 2023
and 30th November 2024 11,800
Net book value
At 30th November 2024 11,800
At 30th November 2023 11,800

Caley Cruisers Limited (Registered number: SC059313)

Notes to the Financial Statements - continued
for the year ended 30th November 2024


5. Fixed asset investments - continued

Joint ventures

Details of the company's joint ventures at 30 November 2024 are as follows:


Name of Joint venture

Registered office

Nature of business
Class of
shares

% Held

Inverness Marina
Limited

Scotland

Operation of private marina

Ordinary

50.00

The aggregate capital and reserves and the result for the year of the joint venture noted above was as follows:

Name of Joint venture Profit/(loss) Capital and reserves
£ £
Inverness Marina Limited 161,520 449,498

The financial statements of Inverness Marina Limited are made up to 30 September each year.

6. Debtors: amounts falling due within one year
2024 2023
£    £   
Trade debtors 285,502 460,466
Other debtors 463,901 253,762
749,403 714,228

7. Creditors: amounts falling due within one year
2024 2023
£    £   
Bank loans and overdrafts 260,000 -
Trade creditors 564,431 625,333
Taxation and social security 180,580 56,754
Other creditors 256,910 287,144
1,261,921 969,231

8. Creditors: amounts falling due after more than one year
2024 2023
£    £   
Other creditors 3,915 4,350

9. Reserves
Revaluation
reserve
£   
At 1st December 2023
and 30th November 2024 936,081

Caley Cruisers Limited (Registered number: SC059313)

Notes to the Financial Statements - continued
for the year ended 30th November 2024


10. Other financial commitments

At the reporting date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases of £46,875 (2023 : £51,376).

11. Related party disclosures

During the year the company made sales to a related party entity in which a director had control of £60,000 (2023 : £144,000). The company also made an interest free loan to this company which is repayable on demand and the balance on this loan at 30 November 2024 was £364,770 (2023: £63,925).