ACCOUNTS - Final Accounts preparation

Unaudited Financial Statements

River Bann Tours Ltd

For the year ended 31 December 2024

Registered number: NI666581


River Bann Tours Ltd

Company Information

Director	Cormac Diamond


Registered number	NI666581


Registered office	26b Station Road
	Magherafelt
	BT45 5DN


Accountants	Grant Thornton Advisors (NI) LLP
	Chartered Accountants
	12 - 15 Donegall Square West
	Belfast
	BT1 6JH


River Bann Tours Ltd

Contents

	Page
Accountants' report	1
Balance sheet	2 - 3
Notes to the financial statements	4 - 10

Independent Accountant's Report to the director of the unaudited financial statements of River Bann Tours Ltd for the year ended 31 December 2024

In order to assist you fulfil your duties under the Companies Act 2006, we have compiled the financial statements of River Bann Tours Ltd for the Year ended 31 December 2024, which comprise the Balance sheet and the related notes to the financial statements, including a summary of significant accounting policies, from the company's accounting records and from information and explanations you have given to us.

The financial statements have been prepared on the basis set out in the notes to the financial statements.

This report is made solely to the directors of River Bann Tours Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely that we might compile the financial statements that we have been engaged to compile, report to the company's directors that we have done so and state those matters that we have agreed to state to the directors of River Bann Tours Ltd, as a body, in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than River Bann Tours Ltd and its directors, as a body, for our work or for this report.

We have carried out this engagement in accordance with International Standard on Related Services 4410 (Revised) Compilation Engagements issued by the International Auditing and Assurance Standards Board (the ‘IAASB’’) and have complied with the ethical guidance laid down by the IESBA Code and Chartered Accountants Ireland relating to members undertaking the compilation of financial statements.

You have approved the financial statements for the Year ended 31 December 2024 and you have acknowledged on the Balance sheet as at 31 December 2024 your duty to ensure that River Bann Tours Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view in accordance with the Companies Act 2006. You consider that River Bann Tours Ltd is exempt from the statutory audit requirement for the Year ended 31 December 2024.

We have not been instructed to carry out an audit or review the financial statements of River Bann Tours Ltd. 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.

Grant Thornton Advisors (NI) LLP
Chartered Accountants 12 - 15 Donegall Square West Belfast BT1 6JH

Date: 29 September 2025

Page 1


River Bann Tours Ltd Registered number:NI666581

Balance sheet

As at 31 December 2024

		2024		2023
Note		£		£

Fixed assets
Tangible assets	5		210,572		239,036
			210,572		239,036
Current assets
Debtors: amounts falling due within one year	6	11,428		9,965
Cash at bank and in hand	7	24,735		5,105
		36,163		15,070
Creditors: amounts falling due within one year	8	(523,367)		(389,477)
Net current liabilities			(487,204)		(374,407)
Total assets less current liabilities			(276,632)		(135,371)

Net liabilities			(276,632)		(135,371)

Capital and reserves
Called up share capital	9	1	1
Profit and loss account	10	(276,633)	(135,372)
		(276,632)	(135,371)

Page 2


River Bann Tours Ltd Registered number:NI666581

Balance sheet (continued)

As at 31 December 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the Year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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 29 September 2025.

Cormac Diamond

Director

The notes on pages 4 to 10 form part of these financial statements.

Page 3


River Bann Tours Ltd

Notes to the financial statements

For the year ended 31 December 2024

1.	General information

River Bann Tours Ltd is a company limited by shares and incorporated in Northern Ireland. The registered office is 26b Station Road, Magherafelt BT45 5DN.
The principal activity of the company is inland passenger water transport.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 Company qualifies as a small company as defined by section 280A of the Act, in respect of the financial year and has applied the rules of the ‘Small Companies Regime’ in accordance with section 280C of the Act and section 1A of FRS 102.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The financial statements are presented in Sterling (£).

The following principal accounting policies have been applied:

2.2

Going concern

The company has made a loss of £141,261 (2023: £169,042) during the period, and has net liabilities of £276,632 as at 31 December 2024 (2023: £135,371). The company meets its working capital requirements through financial support from connected parties and is dependent on this continuing support. The director is confident the support will continue to be made available to allow the company to trade for the foreseeable future. On this basis these financial statements therefore continue to be prepared on the going concern basis.

Page 4


River Bann Tours Ltd

Notes to the financial statements

For the year ended 31 December 2024

2.Accounting policies (continued)

2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

Page 5


River Bann Tours Ltd

Notes to the financial statements

For the year ended 31 December 2024

2.Accounting policies (continued)

2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

2.6

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 balance sheet 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 balance sheet 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 balance sheet date.

2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 6


River Bann Tours Ltd

Notes to the financial statements

For the year ended 31 December 2024

2.Accounting policies (continued)

2.7

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery

10%

Straight Line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.8

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.

2.9

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.

2.10

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 7


River Bann Tours Ltd

Notes to the financial statements

For the year ended 31 December 2024

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:
a) Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on future investments, economic utilisation and the physical condition of the assets.

Employees

The average monthly number of employees, including directors, during the year was 1 (2023 - 1).

5.	Tangible fixed assets

		Plant and machinery
		£
	Cost or valuation
	At 1 January 2024	284,654
	At 31 December 2024	284,654
	Depreciation
	At 1 January 2024	45,617
	Charge for the Year on owned assets	28,465
	At 31 December 2024	74,082
	Net book value
	At 31 December 2024	210,572
	At 31 December 2023	239,036

Page 8


River Bann Tours Ltd

Notes to the financial statements

For the year ended 31 December 2024

Debtors

					2024	2023
					£	£


Other debtors	3,854	1,689
Called up share capital not paid	1	1
Prepayments and accrued income	7,573	8,275
	11,428	9,965

7.	Cash and cash equivalents
		2024	2023
		£	£

Cash at bank and in hand	24,735	5,105
	24,735	5,105

8.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Trade creditors	2,571	413
Amounts owed to connected companies	517,124	385,975
Other creditors	574	420
Accruals and deferred income	3,098	2,669
	523,367	389,477

9.	Share capital
		2024	2023
		£	£

Allotted, called up and partly paid

1 (2023 - 1) Ordinary share of £1.00	1	1

10.

Reserves

Profit and loss account

Include all current and prior period retained profits and losses.

Page 9


River Bann Tours Ltd

Notes to the financial statements

For the year ended 31 December 2024

11.

Related party transactions

In the year the company was advanced net funds of £44,066 from a company related by virtue of common director. At the balance sheet date the amount owed to the related party was £219,385 (2023 - £175,319). The loan is unsecured, interest free and repayable upon demand.
In the year the company was advanced net funds of £87,083 from a company related by virtue of common director. At the balance sheet date the amount owed to the related party was £297,739 (2023 - £210,656). The loan is unsecured, interest free and repayable upon demand.

12.	Controlling party

The company is controlled by the director.

Page 10