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Registered number: 12908716
CROWN SIGHTSEEING LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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CROWN SIGHTSEEING LIMITED
COMPANY INFORMATION
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Chartered Accountants & Statutory Auditors
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CROWN SIGHTSEEING LIMITED
CONTENTS
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Independent Auditors' Report
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Statement of Profit or Loss and Other Comprehensive Income
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Company Statement of Financial Position
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Statement of Changes in Equity
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Notes to the Financial Statements
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Detailed Profit and Loss Account and Summaries
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CROWN SIGHTSEEING LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
Crown Sightseeing Limited is an open-top tour bus operator based in central London. It was formed as a tripartite joint venture and launched in London in May of 2021.
In its third full year of trading, the business has confirmed its role as a high-quality tourist attraction showcasing London’s historic and evolving cityscape.
Its partnerships, with Stagecoach London as bus service provider and marketing and sales specialists City Sightseeing Worldwide and Grupo Julià, are strong and have proved to be a successful model to deliver and promote its services with high customer satisfaction.
Financial key performance indicators
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Crown Sightseeing Limited has again increased its turnover year-on-year. This year’s revenue of £15.7m delivered a profit before tax of £1.2m whilst demonstrating growth in the size of the fleet, the number of staff on books, and in the market share the company has managed to accomplish against long-established businesses.
Principal risks and uncertainties
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1. The London open top sightseeing market has continued to attract more competition. Whilst operating in a healthy competitive market is welcome, it does come with operational problems as road and bus stop space become congested.
2. Global political upheaval has an impact on tourism and current world events make this a real and current threat. However, the business’s operating model means it can swiftly and efficiently rescale its operations to take account of these threats.
3. As the capital of one of the world’s leading economies, London is often the site of legitimate and peaceful protest. However, these large-scale marches often trigger wide-scale road closures, which affect the ability to operate bus services, with an inevitable impact on ridership and revenue.
This report was approved by the board and signed on its behalf.
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CROWN SIGHTSEEING LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
Directors' responsibilities statement
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The directors are responsible for preparing the Strategic Report, Directors' Report and the financial statements, in accordance with applicable law.
Company law requires the directors to prepare financial statements for each financial year. Under that law they have elected to prepare the financial statements in accordance with International Financial Reporting Standards (IFRS) in conformity with the requirements of the Companies Act 2006.
Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing the financial statements, the directors are required to:
∙select suitable accounting policies and then apply them consistently;
∙make judgements and estimates that are reasonable and prudent;
∙state whether they have been prepared in accordance with IFRS in conformity with the requirements of the Companies Act 2006, subject to any material departures disclosed and explained in the financial statements;
∙assess the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and
∙use the going concern basis of accounting unless they either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Company and to prevent and detect fraud and other irregularities.
The nature of the Company's operations and principal activities is that of attractions and sight seeing bus tour operators.
The profit for the year, after taxation, amounted to £882,824 (2023 - £1,577,595).
Dividends amounting to £999,999 (2023: £1,998,000 were declared) were paid during the financial year.
The directors who served during the year were:
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CROWN SIGHTSEEING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
After three years of impressive growth since the business was established, it has secured a strong market share and has sufficient fleet and staff to serve that market. During 2025 it plans to retire some of its older buses, starting a longer-term pattern of fleet renewal with its bus operating partner Stagecoach London. Crown Sightseeing will continue to look for opportunities to expand its network of routes and products.
The Company is cash generative and wholly self-funding. Investment in additional/replacement buses and the conversions thereof will be funded by Stagecoach Bus Holdings Limited as part of the joint venture’s contractual arrangements for Stagecoach London to provide both vehicles and drivers at commercial rates.
Disclosure of information to auditors
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Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and
∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Small companies' exemption note
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In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
There have been no significant events affecting the Company since the year end.
The auditors, Xeinadin Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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CROWN SIGHTSEEING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CROWN SIGHTSEEING LIMITED
We have audited the financial statements of Crown Sightseeing Limited for the year ended 31 December 2024 which comprise the Statement of Profit or Loss and Other Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies set out on pages 16 - 20. The financial reporting framework that has been applied in their preparation is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom.
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 profit for the year then ended;
∙have been properly prepared in accordance with IFRSs as adopted by the United Kingdom; and
∙have been prepared in accordance with the requirements of the Companies Act 2006.
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.
Conclusions relating to going concern
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In forming our opinion, we have considered the adequacy of the disclosures made in the financial statements concerning Company's ability to continue as a going concern. The Company reported a profit for the year ended 31 December 2024, and as of that date, the Company's current assets exceeded its current liabilities.
The financial statements do not include any adjustments that would result from a failure to continue as a going concern.
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:
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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CROWN SIGHTSEEING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CROWN SIGHTSEEING LIMITED (CONTINUED)
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
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In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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CROWN SIGHTSEEING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CROWN SIGHTSEEING LIMITED (CONTINUED)
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 Strategic Report or 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.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement on page 2, 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:
∙Enquiry of management and those charged with governance around actual and potential litigation and
claims;
∙Enquiry of management and those charged with governance to identify any instances of non-compliance
with laws and regulations;
∙Reviewing minutes of meetings of those charged with governance;
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
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CROWN SIGHTSEEING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CROWN SIGHTSEEING LIMITED (CONTINUED)
∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.
The potential effect of these laws and regulations on the financial statements varies considerably.
Firstly, the Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
Secondly, the Company is subject to many other laws and regulations where the consequence of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance the imposition of fines or litigation or the loss of the Company's license to operate. We identified the following areas as those most likely to have such an effect: health and safety including data protection laws,money laundering, employment law, compliance recognising the nature of the Company's activities. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
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.
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 or no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other tan the Company and the Company’s members, as a body, for our audit work, for this report, or for the opinions we have formed.
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CROWN SIGHTSEEING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CROWN SIGHTSEEING LIMITED (CONTINUED)
Ian Palmer FCA (Senior Statutory Auditor)
for and on behalf of
Xeinadin Audit Limited
Chartered Accountants
Statutory Auditor
8th Floor
Becket House
36 Old Jewry
London
EC2R 8DD
29 September 2025
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CROWN SIGHTSEEING LIMITED
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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Total comprehensive income
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The notes on pages 16 to 32 form part of these financial statements.
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CROWN SIGHTSEEING LIMITED
REGISTERED NUMBER: 12908716
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
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Property, plant and equipment
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Trade and other receivables
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Cash and cash equivalents
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Trade and other liabilities
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CROWN SIGHTSEEING LIMITED
REGISTERED NUMBER: 12908716
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024
Issued capital and reserves
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The Company's profit for the year was £882,824 (2023: £1,577,595).
The financial statements on pages 9 to 32 were approved and authorised for issue by the board of directors on 29 September 2025 and were signed on its behalf by:
The notes on pages 16 to 32 form part of these financial statements.
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CROWN SIGHTSEEING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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Total comprehensive income for the year
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Contributions by and distributions to owners
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Total contributions by and distributions to owners
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The notes on pages 16 to 32 form part of these financial statements.
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CROWN SIGHTSEEING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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Comprehensive income for the year
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Total comprehensive income for the year
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Contributions by and distributions to owners
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Total contributions by and distributions to owners
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The notes on pages 16 to 32 form part of these financial statements.
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CROWN SIGHTSEEING LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
Cash flows from operating activities
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Depreciation of property, plant and equipment
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Amortisation of intangible fixed assets
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Movements in working capital:
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Decrease/(increase) in trade and other receivables
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(Decrease)/increase in trade and other payables
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Cash generated from operations
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Net cash from operating activities
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Cash flows from investing activities
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Purchases of property, plant and equipment
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Net cash used in investing activities
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Cash flows from financing activities
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Dividends paid to the holders of the parent
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Net cash used in financing activities
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Net (decrease)/increase in cash and cash equivalents
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Cash and cash equivalents at the beginning of year
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Cash and cash equivalents at the end of the year
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The notes on pages 16 to 32 form part of these financial statements.
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CROWN SIGHTSEEING LIMITED
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Significant accounting policies
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Functional and presentation currency
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Accounting estimates and judgements
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Operating expenses and auditors' remuneration
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Employee benefit expenses
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Finance income and expense
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Property, plant and equipment
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Trade and other receivables
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Related party transactions
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Notes supporting statement of cash flows
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CROWN SIGHTSEEING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1.Significant Accounting policies
The Company has a positive working capital position at the period end. Having considered this, the directors are confident that the Company will continue to receive support from its shareholders for a period of at least twelve months from the signing of the financial statements.
On this basis the directors consider it appropriate to prepare the financial statements on a going concern basis.
Revenue is measured at the fair value of the consideration received or receivable. Revenue is shown net of value-added tax,returns, rebates and discounts.
When the outcome of a transaction involving the rendering of services can be estimated reliably, revenue associated with the transaction is recognised by reference to the stage of completion of the transaction at the end of the reporting period. The outcome of a transaction can be estimated reliably when all the following conditions are satisfied:
• the amount of revenue can be measured reliably; and
• it is probable that the economic benefits associated with the transaction will flow to the entity; and
• the stage of completion of the transaction at the end of the reporting period can be measured reliably; and
• the costs incurred for the transaction and the costs to complete the transaction can be measured reliably.
When the outcome of transactions involving the rendering of services cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
Sale of Sightseeing Bus Tour Services
The company's revenue is predominantly derived from the sale of attractions and City Sightseeing bus tour services based in Central London.Revenue with customers for the supply of these services at a point in time is recognised when the performance obligation is satisfied. Generally this is when the customer has redeemed the ticket or vouchers for the purchased tour services.
For indirect sales, revenue is recognised on the booking date or reservation date once tickets have been purchased by customers.
A lease is an agreement whereby the lessor conveys to the lessee in return for payment or series of payments the right of use an asset for an agreed period of time. A finance lease is a lease that transfers substantially all the risks and rewards incidental to ownership of an asset. Title may or may not eventually be transferred. An operating lease is a lease other than a finance lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases.
Lease payments under an operating lease are recognised as an expense on a straight-line basis over the lease term unless another systematic basis is more representative of the pattern of the benefit obtained.
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CROWN SIGHTSEEING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1.Significant Accounting policies (continued)
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.
Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation.
All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
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Current and Deferred Taxation
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The tax expense for the year comprises current and deferred tax. 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.
Income tax expense represents the sum of the tax currently payable and deferred tax.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position 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.
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CROWN SIGHTSEEING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1.Significant Accounting policies (continued)
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Property, plant and equipment
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Items of property, plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses.
If significant parts of an item of property, plant and equipment have different useful lives, then they are accounted for as separate items (major components) of property, plant and equipment. Any gain or loss on disposal of an item of property, plant and equipment is recognised in profit or loss. Subsequent expenditure is capitalised only if it is probable that the future economic benefits associated with the expenditure will flow to the Company.
Depreciation is provided on all other items of property, plant and equipment so as to write off their carrying value over their expected useful economic lives. It is provided at the following range:
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Years, straight line method
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Other property, plant and equipment
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Years, straight line method
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Intangible assets acquired separately
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Intangible assets with indefinite useful lives that are acquired separately are carried at cost less accumulated impairment losses. Amortisation is recognised in line with passenger numbers carried. The estimated useful life and amortisation method are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis.
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Amortisation in line with passenger numbers carried
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10 Years, straight line method
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Inventories are valued at the lower of cost and net realisable value Cost is based on the cost of purchase.Net realisable value represents the estimated selling price for inventories less all estimated costs of completion and costs necessary to make the sale.
Recognition and initial measurement
Trade receivables and debt securities issued are initially recognised when they originated. All other financial asset and financial liabilities are initially recognised when the company becomes a party to the contractual provisions of the instrument.
A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus, for an item not at fair value through the statement of profit and loss, transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price.
Classification and subsequent measurement
On initial recognition, a financial asset is classified as measured at: amortised cost; fair value through other comprehensive income – debt investment; fair value through other comprehensive income – equity investment; or fair value through the statement of profit and loss.
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CROWN SIGHTSEEING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1.Significant Accounting policies (continued)
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Financial instruments (continued)
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Financial assets are not reclassified subsequent to their initial recognition unless the Company changes its business model for managing financial assets in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model.
A financial asset is measured at amortised cost if it meets both of the following conditions:
• it is held within a business model whose objective is to hold assets to collect contractual cash flows; and
• its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
Financial assets are derecognised when the Company transfers the financial asset or when the contractual rights expire. Financial liabilities are derecognised when the obligation is discharged, cancelled, or expires.
Financial assets at amortised cost
These assets are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss.
Equity investments at fair value
These assets are subsequently measured at fair value. Dividends are recognised as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognised in other comprehensive income and are never reclassified to profit or loss.
Financial liabilities at amortised cost
Financial liabilities are classified as measured at amortised cost. Other financial liabilities are subsequently measured at amortised cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss.
Intra-group financial instruments
Where the Company enters into financial guarantee contracts to guarantee the indebtedness of other companies within its group, the Company considers these to be insurance arrangements and accounts for them as such. In this respect, the Company treats the guarantee contract as a contingent liability until such time as it becomes probable that the Company will be required to make a payment under the guarantee.
Impairment
The Company recognises loss allowances for expected credit losses on financial assets measured at amortised cost and contract assets (as defined in IFRS 15).
The Company measures loss allowances at an amount equal to lifetime expected credit losses, except for other debt securities and bank balances for which credit risk (i.e. the risk of default occurring over the expected life of the financial instrument) has not increased significantly since initial recognition which are measured as 12- month expected credit losses. Loss allowances for trade receivables and contract assets are always measured at an amount equal to lifetime expected credit losses.
When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating expected credit losses, the Company considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Company’s historical experience and informed credit assessment and including forward-looking information.
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CROWN SIGHTSEEING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1.Significant Accounting policies (continued)
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Financial instruments (continued)
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Other financial instruments
Derivatives, including forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured at their fair value, which is determined by comparison of the contracted rate to publicly available reference rates. Changes in the fair value of derivatives are recognised in the profit or loss.
Dividends are recognised when they become legally payable. In the case of interim dividends to equity shareholders, this is when declared by the directors. In the case of final dividends, this is when approved by the shareholders at the AGM.
Crown Sightseeing Limited (the 'Company') is limited by shares incorporated and domiciled in England and Wales, United Kingdom. The Company's registered office is at 120 Southampton Row, London, England, WC1B 5AB. The Company's principal activity is that of attractions and sight seeing bus tour operators.
The financial statements have been prepared in accordance with the UK-adopted International Financial Reporting Standard for small and medium-sized entities and as per requirements of the Companies Act 2006 (Collectively IFRSs).
In preparing these financial statements, management has made judgements, estimates and assumptions that affect the application of the Company accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively.
The areas where judgements and estimates have been made in preparing the financial statements and their effects are disclosed in note 5.
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CROWN SIGHTSEEING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
3.Basis of preparation (continued)
The financial statements have been prepared on the historical cost basis.
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3.2 Changes in accounting policies
i) New standards, interpretations and amendments effective from 1 January 2024
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The accounting policies adopted by the company to prepare its financial statements as of 31 December 2024 are in accordance with the International Financial Reporting Standard for small and medium-sized entities and as per requirements of the companies Act 2006, and consistent with those that were used for the preparation of the financial statements as of 31 December 2023
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Functional and presentation currency
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These financial statements are presented in pound sterling, which is the Company's functional currency. All amounts have been rounded to the nearest pound, unless otherwise indicated.
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Accounting estimates and judgements
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5.1 Judgement
In the application of the Company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are recognised to be relevant. Actual results may differ fro these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the Statement of Comprehensive Income in the period in which the estimate is revised where the revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.
Estimates and judgements were applied in accounting for depreciation for tangible assets, amortisation of intangible assets, revenue recognition,provisions, and accruals. The Company estimates amortisation of intangible asset for each period as a portion of cost of the asset, which depends on the passenger numbers carried each period.
Critical judgements
The Directors are of the view that there are no future critical judgements (apart from those involving estimates) in applying their accounting policies that have had significant effect on amounts recognised in these financial statements.
Key sources of estimation uncertainty
The Directors are of the view that there are no estimates or assumptions that have significant risk of causing a material adjustment to the carrying value of assets and liabilities.
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CROWN SIGHTSEEING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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The following is an analysis of the Company's revenue for the year from continuing operations:
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Revenue generated in the year arose in the United Kingdom.
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Operating expenses and auditors' remuneration
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Fees payable to the Company's auditors for the audit of the Company's financial statements
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Depreciation of Tangible Assets
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Amortisation of Intangible Assets
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Administrative expenses (excluding audit fees, depreciation and amortisation)
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Employee benefit expenses
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Employee benefit expenses (including directors) comprise:
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The monthly average number of persons, including the directors, employed by the Company during the year was as follows:
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CROWN SIGHTSEEING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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There were no directors paid by the Company in the year (2023: £Nil).
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Finance income and expense
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Recognised in profit or loss
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Total interest income arising from financial assets measured at amortised cost or FVOCI
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Net finance income/(expense) recognised in profit or loss
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CROWN SIGHTSEEING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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11.1 Income tax recognised in profit or loss
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Current tax on profits for the year
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Adjustments in respect of prior years
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Origination and reversal of timing differences
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Tax expense excluding tax on sale of discontinued operation and share of tax of equity accounted associates and joint ventures
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CROWN SIGHTSEEING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
11.Tax expense (continued)
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11.1 Income tax recognised in profit or loss (continued)
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The reasons for the difference between the actual tax charge for the year and the standard rate of corporation tax in the United Kingdom applied to profits for the year are as follows:
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Income tax expense (including income tax on associate, joint venture and discontinued operations)
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Profit before income taxes
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Tax using the Company's domestic tax rate of 25% (2023:23.52%)
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Adjustments to tax charge in respect of prior periods
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Non-taxable income less expenses not deductible for tax purposes, other than goodwill and impairment
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Transfer pricing adjustments
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Income not taxable for tax purposes
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Changes in tax rates and factors affecting the future tax charges
The rate of corporation tax has been increased from 19% to 25% with effect from 1 April 2023. Deferred tax assets and liabilities have therefore been remeasured at 25%.
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11.2 Deferred tax balances
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The following is the analysis of deferred tax assets/(liabilities) presented in the statement of financial position:
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CROWN SIGHTSEEING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Property, plant and equipment
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Recognised in profit or loss
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Interim dividend of £999,000 (2023:£1,998,000) per Ordinary share paid during the year.
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The directors are proposing a final dividend of £Nil (2023: £Nil) per share totalling £Nil (2023:£1).
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Property, plant and equipment
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Other property, plant and equipment
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CROWN SIGHTSEEING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
13.Property, plant and equipment (continued)
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Other property, plant and equipment
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Accumulated depreciation and impairment
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CROWN SIGHTSEEING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
14.Intangible assets (continued)
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Accumulated amortisation and impairment
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Impairment losses written back
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Charge for the year - owned
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Merchandise items for resale
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The carrying amount of inventories carried at fair value less costs to sell at 31 December 2024 is £1,909 (31 December 2023 - £1,547).
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CROWN SIGHTSEEING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Trade and other receivables
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Receivables from related parties
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Total financial assets other than cash and cash equivalents classified as loans and receivables
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Prepayments and accrued income
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Total trade and other receivables
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Payables to related parties
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Total financial liabilities, excluding loans and borrowings, classified as financial liabilities measured at amortised cost
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Other payables - tax and social security payments
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Total trade and other payables
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Other payable balance consists of advance from customers for the sale of City Sightseeing tour tickets amounting £127,762 (2023:89,351)
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CROWN SIGHTSEEING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Ordinary shares of £1.00 each
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Ordinary shares of £1.00 each
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At 1 January and 31 December
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Retained earnings
Retained earnings comprises all current and prior year retained profits and losses after deducting any distributions made to the company’s shareholders.
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The following table summarises the undiscounted lease payments payable after the reporting date.
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Between one and two years
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Total undiscounted lease payments
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CROWN SIGHTSEEING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Related party transactions
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21.1 Trading transactions
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During the year, the Company entered into the following trading transactions with related parties:
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Stagecoach Bus Holdings Ltd
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City Sightseeing London Limited
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The following balances were outstanding at the end of the reporting period:
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Amounts owed by related parties
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Amounts owed to related parties
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Stagecoach Bus Holdings Ltd
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City Sightseeing London Limited
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No expense has been recognised in the current or prior years for bad or doubtful debts in respect of the amounts owed by related parties. No guarantees have been given or received.
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All transactions were made on normal commercial terms and conditions and at market rates.
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CROWN SIGHTSEEING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The Company is subject to risks related to credit and liquidity within the framework of its business operations.
Credit risk
The Company’s principal financial assets are bank balances, cash and trade and inter-Group debtors which represent the Group’s maximum exposure to credit risk in relation to financial assets. Risk is managed through internal monitoring processes.
Liquidity risk
The Company uses its annual budget and planning process to predict and manage expected future liquidity. The liquidity forecast is reviewed and updated on a regular basis. All financial liabilities fall due in less than 12 months and hence there is no difference between their undiscounted future cash flow amount and their carrying value or fair value that they have been presented at within these financial statements.
The Company is owned jointly by London City Tour Limited, Stagecoach Bus Holdings Limited, and Unica Inv.Limited (formerly known as City Sightseeing London Limited)
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Notes supporting statement of cash flows
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Cash at bank available on demand
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Cash and cash equivalents in the statement of financial position
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Cash and cash equivalents in the statement of cash flows
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