Company No: SC245820 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	1,762,796		1,802,292
		1,762,796		1,802,292
Current assets
Stocks		10,047		5,276
Debtors	4	2,050,028		716,990
Cash at bank and in hand		789,429		1,508,889
		2,849,504		2,231,155
Creditors: amounts falling due within one year	5	( 893,043)		( 894,583)
Net current assets		1,956,461		1,336,572
Total assets less current liabilities		3,719,257		3,138,864
Creditors: amounts falling due after more than one year	6	( 205,104)		( 289,225)
Provision for liabilities	7	( 227,936)		( 223,409)
Net assets		3,286,217		2,626,230
Capital and reserves
Called-up share capital	8	1,000		1,000
Profit and loss account		3,285,217		2,625,230
Total shareholders' funds		3,286,217		2,626,230

For the financial year ending 31 March 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Cruise Loch Ness Ltd. (registered number: SC245820) were approved and authorised for issue by the Board of Directors on 03 December 2025. They were signed on its behalf by:

Ronald Mackenzie Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Cruise Loch Ness Ltd. (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Clava House, Cradlehall Business Park, Inverness, IV2 5GH, United Kingdom.

The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover represents amounts receivable for goods and services net of vat and trade discounts. Turnover is recognised on the accrual basis.

Employee benefits

Short term benefits
The costs of short-term employee benefits, including the cost of any unused holiday entitlement, are recognised in the period in which the employee's services are received.

Defined contribution schemes
During the year, the company made pension contributions to the defined contribution scheme of the directors and certain employees. Contributions payable are charged to the profit and loss account in the year they are payable.

Taxation

Current tax
The tax currently payable is based on the taxable profit for the year. Taxable profit differ from net profits as reported in the profit and loss account because it excludes items of income or expenses that are taxable or deductible in other year and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or creditor in the profit and loss account, except when it relates to items charge or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabiltiies and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements	18 years straight line
Plant and machinery	15 % reducing balance
Vehicles	25 % reducing balance
Tools and equipment	10 years straight line
Office equipment	15 - 33 % reducing balance

The tools and equipment category is made up of the boats, these are depreciated at 4% reducing balance and 10% straight line. Plant and machinery is depreciated at 10% straight line or 15% reducing balance.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

At each reporting period end date, the company reviews the carrying amounts of its fixed assets to determine whether there is any indication that those assets have suffered an impairment loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price and are subsequently carried at amortised cost using the effective interest rates method. Financial liabilities classified as payable within on year are not amortised.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grant will be received.

Government grants are recognised on accordance with the performance model. A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant goes not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant before the recognition criteria are satisfied is recognised as a liability.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	18		14

3. Tangible assets

	Leasehold improve- ments		Plant and machinery		Vehicles		Tools and equipment		Office equipment		Total
	£		£		£		£		£		£
Cost
At 01 April 2024	149,358		206,736		161,120		1,977,723		140,473		2,635,410
Additions	0		76,675		41,315		0		13,605		131,595
At 31 March 2025	149,358		283,411		202,435		1,977,723		154,078		2,767,005
Accumulated depreciation
At 01 April 2024	38,960		121,258		28,029		562,373		82,498		833,118
Charge for the financial year	8,298		25,399		41,019		73,907		22,468		171,091
At 31 March 2025	47,258		146,657		69,048		636,280		104,966		1,004,209
Net book value
At 31 March 2025	102,100		136,754		133,387		1,341,443		49,112		1,762,796
At 31 March 2024	110,398		85,478		133,091		1,415,350		57,975		1,802,292

4. Debtors

	2025		2024
	£		£
Trade debtors	119,793		111,418
Corporation tax	406,629		144,588
Other debtors	1,523,606		460,984
	2,050,028		716,990

5. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans	65,056		106,810
Trade creditors	18,461		40,925
Taxation and social security	503,491		470,942
Obligations under finance leases and hire purchase contracts	10,754		10,764
Other creditors	295,281		265,142
	893,043		894,583

The bank loans totalling £65,056 (2024 - £106,810) are secured by way of fixed and floating charges over the assets of the company.

The obligations under hire purchase contract included within other creditors totalling £10,754 (2024 -£10,764) are secured over the assets which the agreement relates to.

6. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Bank loans	196,125		269,492
Obligations under finance leases and hire purchase contracts	8,979		19,733
	205,104		289,225

The bank loans totalling £196,125 (2024 - £269,492) are secured by way of fixed and floating charges over the assets of the company.

The obligation under hire purchase contracts included within other creditors totalling £8,979 (2024 - £19,733) are secured over the assets which the agreement relates to.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

	2025		2024
	£		£
Bank loans (secured / repayable by instalments)	0		18,013

7. Provision for liabilities

	2025		2024
	£		£
Deferred tax	227,936		223,409

8. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
1,000 Ordinary shares of £ 1.00 each	1,000		1,000

9. Related party transactions

Transactions with the entity's directors

	2025		2024
	£		£
Director loan 1	921,515		369,183
Director loan 2	505,970		81,880

The above loans were unsecured, interest free and have no fixed terms of repayment. Both of the above balances are amounts that the directors owe to the company.

Loan 1 - Amounts Advanced - £788,675
Loan 1 - Amounts Repaid - £236,343

Loan 2 - Amounts Advanced - £660,112
Loan 2 - Amounts Repaid - £236,022