REGISTERED NUMBER: SC054414 (Scotland)

CRUISE LOCH LOMOND LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

I D Moore

S A Cordner

REGISTERED OFFICE:

The Boatyard

Tarbet

Loch Lomond

Arrochar

Dunbartonshire

G83 7DG

REGISTERED NUMBER:

SC054414 (Scotland)

ACCOUNTANTS:

Benham Conway & Co

16 Royal Crescent

Glasgow

G3 7SL

FIXED ASSETS

Intangible assets

4

26,017

34,689

Tangible assets

5

1,051,496

1,043,035

1,077,513

1,077,724

CURRENT ASSETS

Stocks

8,351

4,548

Debtors

6

72,589

61,607

Cash at bank

437,214

205,797

518,154

271,952

CREDITORS

Amounts falling due within one year

7

464,719

232,063

NET CURRENT ASSETS

53,435

39,889

TOTAL ASSETS LESS CURRENT LIABILITIES

1,130,948

1,117,613

CREDITORS

Amounts falling due after more than one year

8

(97,556

)

(362,353

)

PROVISIONS FOR LIABILITIES

(97,934

)

(86,218

)

ACCRUALS AND DEFERRED INCOME

(5,739

)

(7,652

)

NET ASSETS

929,719

661,390

CAPITAL AND RESERVES

Called up share capital

11,000

11,000

Share premium

2,500

2,500

Revaluation reserve

165,377

165,377

Retained earnings

750,842

482,513

SHAREHOLDERS' FUNDS

929,719

661,390

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 September 2025 and were signed on its behalf by:

S A Cordner - Director

I D Moore - Director

1.	STATUTORY INFORMATION

Cruise Loch Lomond Limited is a private company, limited by shares , registered 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 as modified by the revaluation of certain assets.

Turnover

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation. Amortisation is provided to write off the initial cost less residual value over 5 years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Land and buildings

-

33% on cost, 2% on cost and 0% on cost

Plant & machinery

-

25% on reducing balance, 20% on cost, 10% on cost and 2% on cost

Certain freehold property has not been depreciated as the directors consider it is maintained by a programme of repair and refurbishment such that the residual value is expected to be at least equal to cost. This approach is not in accordance with the Financial Reporting Standard 102 Section 1A or the Companies Act 2006.

Stocks

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

Financial instruments

Basic financial instruments, including trade and other payables, bank loans and other loans that are classified as debt, are initially recognised at transaction price and are subsequently carried at amortised cost, using the effective interest rate method.

Taxation

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

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts are capitalised in the balance sheet and depreciated over their estimated useful lives. The interest element of these obligations is charged to the profit and loss account over the relevant period using the effective interest rate method. The capital element of the future payments is treated as a liability. Rentals paid under operating leases are charged to the profit and loss account on a straightline basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme and makes contributions to the director's personal pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Government grants

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2023 - 29 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2024

and 31 December 2024

43,361

AMORTISATION

At 1 January 2024

8,672

Charge for year

8,672

At 31 December 2024

17,344

NET BOOK VALUE

At 31 December 2024

26,017

At 31 December 2023

34,689

5.	TANGIBLE FIXED ASSETS

Land and

Plant &

buildings

machinery

Totals

£

£

£

COST OR VALUATION

At 1 January 2024

665,246

759,228

1,424,474

Additions

-

31,937

31,937

Disposals

-

(168

)

(168

)

At 31 December 2024

665,246

790,997

1,456,243

DEPRECIATION

At 1 January 2024

18,234

363,205

381,439

Charge for year

3,400

20,076

23,476

Eliminated on disposal

-

(168

)

(168

)

At 31 December 2024

21,634

383,113

404,747

NET BOOK VALUE

At 31 December 2024

643,612

407,884

1,051,496

At 31 December 2023

647,012

396,023

1,043,035

The boat shed was valued on an open market basis on 9 December 2019 by DM Hall, Chartered Surveyors, which is considered to be fair value by the directors' at the balance sheet date.

At 31 December 2024 there is no potential capital gain arising on the disposal of the company's revalued boat shed. In the previous year there was also no potential gain arising.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

18,918

10,321

Other debtors

52,937

49,126

Tax recoverable

734

2,160

72,589

61,607

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans and overdrafts

253,052

55,919

Hire purchase contracts

-

2,034

Trade creditors

30,437

33,473

Taxation and social security

117,681

95,639

Other creditors

63,549

44,998

464,719

232,063

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans

97,556

362,353

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.24

31.12.23

£

£

Hire purchase contracts

-

2,034

Bank loans

350,608

418,272

350,608

420,306

The company's bankers have a bond and floating charge over the company's assets and fixed charges over certain assets in connection with facilities provided. Hire purchase creditors have security over related assets.

10.	OTHER FINANCIAL COMMITMENTS

At 31 December 2024 the company was committed to making total payments under non-cancellable operating leases of £36,347 (2023, £37,558).