Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-31 2024-12-31 2024-01-01 1 false That of a transport provider to its holding company,Sunshine Cruise Holidays Limited, under the TOMS VAT Transport Company Scheme 1 false true 07642694 2024-01-01 2024-12-31 07642694 2023-01-01 2023-12-31 07642694 2024-12-31 07642694 2023-12-31 07642694 2023-01-01 07642694 c:Director2 2024-01-01 2024-12-31 07642694 d:ShareCapital 2024-01-01 2024-12-31 07642694 d:ShareCapital 2024-12-31 07642694 d:ShareCapital 2023-01-01 2023-12-31 07642694 d:ShareCapital 2023-12-31 07642694 d:ShareCapital 2023-01-01 07642694 c:FRS102 2024-01-01 2024-12-31 07642694 c:Audited 2024-01-01 2024-12-31 07642694 c:FullAccounts 2024-01-01 2024-12-31 07642694 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 07642694 c:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 iso4217:GBP xbrli:pure

Registered number: 07642694 SUNSHINE CRUISE HOLIDAYS TRANSPORT LIMITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 DECEMBER 2024
SUNSHINE CRUISE HOLIDAYS TRANSPORT LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SUNSHINE CRUISE HOLIDAYS TRANSPORT LIMITED UNDER SECTION 449 OF THE COMPANIES ACT 2006
Opinion
We have audited the financial statements of Sunshine Cruise Holidays Transport Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its result for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Material uncertainty related to going concern
In forming our opinion on the financial statements, which is not modified, we have considered the adequacy of the disclosure made in note 2.2 to the financial statements concerning the Company's ability to continue as a going concern. As explained in note 2.2, the recovery period following the pandemic has been economically challenging for the cruise industry and the Company, despite strong pent up consumer demand to recommence travelling. Rising costs and inflation have continued to affect the Company’s immediate and projected trading, profitability and liquidity. These economic impacts on the cruise industry and the losses sustained by the Company could jeopardise the Company's ability to continue as a going concern in the medium term. To mitigate this risk, the ultimate parent company, Dreamlines GmbH, raised financial support from shareholders along with substantial German Government-backed subsidies in previous years, however no such grants were received in 2024 and the parent company continued recharging appropriate percentages of shared centralised resources. The parent company has only been recompensed for these cross charges in accordance with the Permitted Payments Schedule (“PPS”) agreed with the Civil Aviation Authority (“CAA”), which maintains the required liquidity coverage for the ring-fenced regulated Group. The Group is subject to a ring-fencing arrangement with the CAA, meaning that any funds that flow out of the Group to other members of the group, including the parent company, must be part of the PPS agreed in advance or with the acquiescence of the CAA prior to payment. Page 1
SUNSHINE CRUISE HOLIDAYS TRANSPORT LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SUNSHINE CRUISE HOLIDAYS TRANSPORT LIMITED (CONTINUED) UNDER SECTION 449 OF THE COMPANIES ACT 2006 Material uncertainty related to going concern (continued) Dreamlines GmbH has provided financial support to the Company throughout the challenges faced in recent years and has confirmed that no cash will exit the ring-fenced Group in breach of the ring-fencing agreement. Dreamlines GmbH have signed a letter of comfort reflecting this and are committed to providing support to the Company as needed for at least the next 12 months. The financial statements have therefore been prepared on a going concern basis. In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the directors' assessment of the Company's ability to continue to adopt the going concern basis of accounting included obtaining and testing the Company's budgets and forecasts for the years ended 31 December 2025 and 31 December 2026, including reviewing the key assumptions behind these from the latest available information, both internal and external; reviewing the continuing steps taken by management to manage liquidity, control current costs, utilise government assistance and raise further finance, reviewing the Company's continued compliance and correspondence with its key regulator, the Civil Aviation Authority (CAA) and assessing any threat to the continuation of its Air Travel Organisers Licence (ATOL); reviewing the minutes of the regular Board meetings and performing an overall assessment of the Company's internal finance function and controls. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Directors' Report has been prepared in accordance with applicable legal requirements. Page 2
SUNSHINE CRUISE HOLIDAYS TRANSPORT LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SUNSHINE CRUISE HOLIDAYS TRANSPORT LIMITED (CONTINUED) UNDER SECTION 449 OF THE COMPANIES ACT 2006
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit; or ∙the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: - We exercise professional judgment and maintain professional scepticism throughout the audit; - We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the deliberate override of internal control; Page 3
SUNSHINE CRUISE HOLIDAYS TRANSPORT LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SUNSHINE CRUISE HOLIDAYS TRANSPORT LIMITED (CONTINUED) UNDER SECTION 449 OF THE COMPANIES ACT 2006 Auditors' responsibilities for the audit of the financial statements (continued) - We obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of internal control; - We evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made; - We assess the risk of management override of controls, including testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business; - We review the scope of the Company's compliance with The Package and Linked Travel Arrangements Regulations 2018 ("PTRs") and sample test relevant documentation to assess this and the effectiveness of its control environment; - We request and review the minutes of management meetings, and assess any matters identified not already provided for or disclosed that may materially impact the financial statements; - We review the Company's relationships with related parties and other group companies, identifying and disclosing transactions during the year and balances at year-end with such parties; - We conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the entity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the entity to cease to continue as a going concern. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report. Page 4
SUNSHINE CRUISE HOLIDAYS TRANSPORT LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SUNSHINE CRUISE HOLIDAYS TRANSPORT LIMITED (CONTINUED) UNDER SECTION 449 OF THE COMPANIES ACT 2006
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed. Ms N A Spoor FCA FCCA (Senior Statutory Auditor) for and on behalf of White Hart Associates (London) Limited Chartered Accountants and Statutory Auditors 2nd Floor, Nucleus House 2 Lower Mortlake Road Richmond TW9 2JA 15 July 2025 Page 5
SUNSHINE CRUISE HOLIDAYS TRANSPORT LIMITED REGISTERED NUMBER: 07642694 STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Current assets |  |  |  |  |
Cash at bank and in hand | 4 | 100 |  | 100 |
|  | 100 |  | 100 |
Total assets less current liabilities |  |  | 100 |  | 100
Net assets |  |  | 100 |  | 100
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 100 |  | 100
|  |  | 100 |  | 100
The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 15 July 2025.
................................................ A Ghasemi
Director
The notes on pages 8 to 12 form part of these financial statements. Page 6
SUNSHINE CRUISE HOLIDAYS TRANSPORT LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Total equity
| £ | £
At 1 January 2023 | 100 | 100
Total comprehensive income for the year | - | -
At 1 January 2024 | 100 | 100
Total comprehensive income for the year | - | -
At 31 December 2024 | 100 | 100
| The notes on pages 8 to 12 form part of these financial statements.
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SUNSHINE CRUISE HOLIDAYS TRANSPORT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
As disclosed in the Directors' Report, the principal activity of the Company in the year under review was that of a transport provider to its holding company, Sunshine Cruise Holidays Limited, under the TOMS VAT Transport Company Scheme. The Company is a private company limited by shares and is incorporated in England. The address of the Company's principal place of business and registered office is: Office 310 Third Floor, Manchester Digital World 1 Lowry Plaza, The Quays Salford M50 3UB 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies. The following principal accounting policies have been applied: Page 8
SUNSHINE CRUISE HOLIDAYS TRANSPORT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.2 | Going concern
Economic conditions in recent years have been economically challenging for the cruise industry and the Company, despite strong consumer demand for holidays. Rising costs and inflation have continued to affect the Company’s trading, profitability and liquidity. These issues, coupled with global economic instability, has necessitated that Company management and the directors continue to constantly review the Company’s financial position, as well as updating forecasts and taking action to mitigate their impact. This work has also enabled them to assess and plan for any potential impact of capital and liquidity requirements required by the Company's travel regulators. The Company benefits from the support provided by the German parent company, who received significant grants over the last few years to cover fixed centralised costs. However, in 2024 no such grants were received by the parent company and they continued recharging appropriate percentages of shared centralised resources. The parent company has only been recompensed for these cross charges in accordance with the Permitted Payments Schedule (“PPS”) agreed with the Civil Aviation Authority (“CAA”), which maintains the required liquidity coverage for the ring-fenced regulated Group. The Group is subject to a ring-fencing arrangement with the CAA, meaning that any funds that flow out of the Group to other members of the group, including the parent company, must be part of the PPS agreed in advance or with the acquiescence of the CAA prior to payment. Management has reviewed the performance of the Company compared to budgets, which was largely in line with expectations. However, the projected EBITDA was not achieved due to the unanticipated increase in costs for 2024. The budgets, including cash flow and liquidity analyses, have been prepared for the 18 months to 31 December 2026. After this review, the Board of the parent company have confirmed that no cash will exit the ring-fenced Group in breach of the ringfencing agreement. Dreamlines GmbH have signed a letter of comfort reflecting this and are committed to providing support to the Company as needed for at least the next 12 months. As a result, Group management and the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, being at least the following 12 months from the signing of these financial statements, and will take all reasonable commercial steps, including seeking further financing or support if required, to guarantee the Company’s ability to continue as a going concern. As a result, and with the Company continuing to receive the full support of its larger parent group, the directors believe that it is still appropriate to apply the going concern basis for the foreseeable future. Page 9
SUNSHINE CRUISE HOLIDAYS TRANSPORT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.3 | Taxation
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
| 2.4 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.5 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.6 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. Page 10
SUNSHINE CRUISE HOLIDAYS TRANSPORT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.7 | Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
3. | Employees
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2024 | 2023
|  |  | No. | No.
|  | Directors | 1 | 1
4. | Cash and cash equivalents
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Cash at bank and in hand | 100 | 100
|  | 100 | 100
5. | Related party transactions
| The Company has taken advantage of the exemption conferred in Financial Reporting Standard 8 from the requirement to disclose transactions with group companies on the basis that consolidated financials are prepared by the Company's parent company, Sunshine Cruise Holidays Limited. The consolidated financial statements are available at the parent company's registered office.
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SUNSHINE CRUISE HOLIDAYS TRANSPORT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
6. | Controlling party
The Company is a 100% owned subsidiary of Sunshine Cruise Holidays Limited, a company incorporated in England and Wales, whose registered office is situated at Office 515, Fifth Floor, Manchester Digital World, 1 Lowry Plaza, The Quays, Salford, M50 3UB The Company's ultimate holding company is Dreamlines GmbH, a company registered in Germany which owns all of the issued share capital of the immediate holding company. Copies of the financial statements of Dreamlines GmbH can be obtained from Hermannstraße 9, 20095 Hamburg, Germany.
7. | Immediate holding company guarantee
The Company holds a trade ATOL issued by the Civil Aviation Authority - number TRA9710457. One of the terms of the grant of the licence is that the immediate holding company, Sunshine Cruise Holidays Limited, provides the Civil Aviation Authority and the Company with an unlimited guarantee.
8. | Auditors' information
The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified. The audit report was signed on 15 July 2025 by Ms N A Spoor FCA FCCA (Senior Statutory Auditor) on behalf of White Hart Associates (London) Limited.
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