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21 August 2025
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07421297
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07421297
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07421297
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07421297
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2024-06-30
07421297
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2023-07-01
2024-06-30
07421297
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2023-06-30
07421297
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07421297
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07421297
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2024-06-30
07421297
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2023-06-30
07421297
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2024-06-30
07421297
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2024-06-30
COMPANY REGISTRATION NUMBER:
07421297
|
Caprice Chartering Company Limited |
|
|
Filleted Financial Statements |
|
|
Caprice Chartering Company Limited |
|
|
Statement of Financial Position |
|
30 June 2024
Fixed assets
|
Tangible assets |
5 |
|
326,144 |
400,087 |
|
|
|
|
|
Current assets
|
Debtors |
6 |
4,912 |
|
25,940 |
|
Cash at bank and in hand |
27,242 |
|
9,318 |
|
-------- |
|
-------- |
|
32,154 |
|
35,258 |
|
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
(
3,298,003) |
|
(
3,151,214) |
|
------------ |
|
------------ |
|
Net current liabilities |
|
(
3,265,849) |
(
3,115,956) |
|
|
------------ |
------------ |
|
Total assets less current liabilities |
|
(
2,939,705) |
(
2,715,869) |
|
|
|
|
|
Provisions
|
Taxation including deferred tax |
|
(
41,983) |
(
51,646) |
|
|
------------ |
------------ |
|
Net liabilities |
|
(
2,981,688) |
(
2,767,515) |
|
|
------------ |
------------ |
|
|
|
|
Capital and reserves
|
Called up share capital |
8 |
|
1 |
1 |
|
Profit and loss account |
9 |
|
(
2,981,689) |
(
2,767,516) |
|
|
------------ |
------------ |
|
Shareholder deficit |
|
(
2,981,688) |
(
2,767,515) |
|
|
------------ |
------------ |
|
|
|
|
|
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.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the
board of directors
and authorised for issue on
11 August 2025
, and are signed on behalf of the board by:
|
Mr E M Cresswell |
|
|
Director |
|
|
|
Company registration number:
07421297
|
Caprice Chartering Company Limited |
|
|
Notes to the Financial Statements |
|
Year ended 30 June 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 10 Orange Street, Haymarket, London, WC2H 7DQ.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
In the opinion of the director, the company remains a going concern as it has the continuing financial and operational support of the parent company, Maclean Cresswell Associates Limited, and is expected to be able to meet its day to day trading obligations for the foreseeable future, being not less than one year from the date of approval of these financial statements. As such, the financial statements have been prepared on the going concern basis. In forming this opinion, the director has undertaken a review of the future cash flow needs of the business and of its future trading revenues from the existing charter business and the additional Baycruiser charters expected in the summer of 2025. The company is reliant on the continuing financial support of the parent company and the director has reviewed the financial resources within the parent and considers the company to be profitable, generating sufficient cash reserves from which the requisite level of support can be made. The director does not expect the parent company to seek repayment of the group debt within a period of one year from the date of approval of these financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, including amounts receivable for yacht chartering services provided during the period, stated net of discounts and of Value Added Tax. Revenue from yacht chartering is recognised in accordance with each charter agreement and generally when the charter itself falls within the accounting period.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
|
Yacht, Baycruiser and Tender |
- |
10 or 15 years straight line |
|
Fixtures and equipment |
- |
3 years straight line |
|
Motor vehicles |
- |
25% per annum reducing balance |
|
Technical equipment |
- |
3 years straight line |
|
|
|
|
Impairment of fixed assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2023:
2
).
5.
Tangible assets
|
Yacht, Baycruiser and Tender |
Fixtures and equipment |
Motor vehicles |
Technical equipment |
Total |
|
£ |
£ |
£ |
£ |
£ |
|
Cost |
|
|
|
|
|
|
At 1 July 2023 and 30 June 2024 |
1,217,462 |
135,678 |
1,914 |
3,857 |
1,358,911 |
|
------------ |
--------- |
------- |
------- |
------------ |
|
Depreciation |
|
|
|
|
|
|
At 1 July 2023 |
818,877 |
134,234 |
1,856 |
3,857 |
958,824 |
|
Charge for the year |
72,484 |
1,444 |
15 |
– |
73,943 |
|
------------ |
--------- |
------- |
------- |
------------ |
|
At 30 June 2024 |
891,361 |
135,678 |
1,871 |
3,857 |
1,032,767 |
|
------------ |
--------- |
------- |
------- |
------------ |
|
Carrying amount |
|
|
|
|
|
|
At 30 June 2024 |
326,101 |
– |
43 |
– |
326,144 |
|
------------ |
--------- |
------- |
------- |
------------ |
|
At 30 June 2023 |
398,585 |
1,444 |
58 |
– |
400,087 |
|
------------ |
--------- |
------- |
------- |
------------ |
|
|
|
|
|
|
6.
Debtors
|
2024 |
2023 |
|
£ |
£ |
|
Trade debtors |
– |
7,553 |
|
Other debtors |
4,912 |
18,387 |
|
------- |
-------- |
|
4,912 |
25,940 |
|
------- |
-------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
|
Trade creditors |
19,797 |
10,127 |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
3,260,160 |
3,119,361 |
|
Other creditors |
18,046 |
21,726 |
|
------------ |
------------ |
|
3,298,003 |
3,151,214 |
|
------------ |
------------ |
|
|
|
8.
Called up share capital
Issued, called up and fully paid
|
2024 |
2023 |
|
No. |
£ |
No. |
£ |
|
Ordinary shares of £ 1 each |
1 |
1 |
1 |
1 |
|
---- |
---- |
---- |
---- |
|
|
|
|
|
9.
Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
10.
Summary audit opinion
The auditor's report dated
21 August 2025
was
unqualified
, however, the auditor drew attention to the following by way of emphasis.
We draw attention to Note 3 to the financial statements which explains the directors assessment of going concern and the reliance placed on the continuing availability of financial and operational support from the group, to enable the company to meet its future cash flow needs. Our opinion is not modified in respect of this matter.
The senior statutory auditor was
Mark Richardson
, for and on behalf of
Moore Kingston Smith LLP
.
11.
Director's advances, credits and guarantees
Throughout the year the company was in receipt of a short term advance from the directors. At the balance sheet date the amount owing and included in Other creditors was £8,398 (2023: £8,398).
12.
Related party transactions
Throughout the period, the company remained indebted to its parent company, MacLean Cresswell Associates Limited, in respect of an interest free advance. At the period end date, the balance outstanding was £3,260,160 (2023: £3,119,361). Group debts are considered repayable on demand and carry no interest charge.
Aside from the above there were no further related party transactions or balances noted for disclosure as required by Financial Reporting Standard 102, Section 1A.
13.
Controlling party
Throughout the year, the company's parent undertaking was
Maclean Cresswell Associates Limited
, a company registered in England, whose accounts can be obtained from, Registrar of Companies, Companies House, Crown Way, Cardiff, CF14 3UZ. Maclean Cresswell Associates Limited is controlled by Mr E M Cresswell
, by virtue of his controlling interest in the share capital of this company, and therefore, he is the ultimate controlling party of Caprice Chartering Company Limited
. In the post balance sheet period No Horizon Ltd, a company registered in England, was introduced as the ultimate parent undertaking. This company is controlled by Mr E M Cresswell who remains the ultimate controlling party.