REGISTERED NUMBER: SC411646 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

ELIZABETH G CHARTERS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R B Barlow

A R Sanders

Mrs E J Fairbairns

J S F Fairbairns

REGISTERED OFFICE:

37 Portland Road

KILMARNOCK

Ayrshire

KA1 2DJ

REGISTERED NUMBER:

SC411646 (Scotland)

ACCOUNTANTS:

Gilmour Hamilton LLP

Chartered Accountants

37 Portland Road

KILMARNOCK

Ayrshire

KA1 2DJ

FIXED ASSETS

Intangible assets

3

-

-

Tangible assets

4

920,664

878,460

920,664

878,460

CURRENT ASSETS

Stocks

13,470

16,398

Debtors

5

26,886

16,137

Cash at bank

608,463

536,079

648,819

568,614

CREDITORS

Amounts falling due within one year

6

501,513

456,272

NET CURRENT ASSETS

147,306

112,342

TOTAL ASSETS LESS CURRENT LIABILITIES

1,067,970

990,802

CREDITORS

Amounts falling due after more than one year

7

(525,299

)

(524,689

)

PROVISIONS FOR LIABILITIES

(67,085

)

(65,884

)

NET ASSETS

475,586

400,229

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

475,486

400,129

SHAREHOLDERS' FUNDS

475,586

400,229

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 May 2026 and were signed on its behalf by:

R B Barlow - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in pounds sterling which is the functional currency of the company, rounded to the nearest pound.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Turnover

Turnover, which is stated net of value added tax, represents amounts invoiced to third parties for goods and services supplied during the year. Income from cruises,chartering and related sales is recognised when service has been supplied. Deposits and payments received in advance of cruise dates are treated deferred income and included in other creditors.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of the business in 2012, has been fully amortised in prior periods.

Tangible fixed assets

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

Plant and machinery etc

-

25% on reducing balance, 20% on cost and 5% on cost

Stocks

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

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the income statement on a straight-line basis over the period of the lease.

Assets acquired under finance lease are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.

Employee benefits

When the employees have rendered service to the company, short term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

Contributions payable to defined contribution pension schemes are charged to the income statement in the period to which they relate.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2024 - 6 ) .

3.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2025

and 31 December 2025

10,000

AMORTISATION

At 1 January 2025

and 31 December 2025

10,000

NET BOOK VALUE

At 31 December 2025

-

At 31 December 2024

-

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2025

1,527,417

Additions

140,238

At 31 December 2025

1,667,655

DEPRECIATION

At 1 January 2025

648,957

Charge for year

98,034

At 31 December 2025

746,991

NET BOOK VALUE

At 31 December 2025

920,664

At 31 December 2024

878,460

Included in plant and machinery etc are assets with a net book value of £26,203 held under finance lease agreements.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Other debtors

26,886

16,137

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Finance leases

4,036

-

Trade creditors

2,033

1,573

Taxation and social security

21,683

39,369

Other creditors

473,761

415,330

501,513

456,272

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Finance leases

23,023

-

Other creditors

502,276

524,689

525,299

524,689

2025

2024

£

£

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Preference shares

50,000

50,000

Repayable by instalments

Other loans

-

42,005

8.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Other loans

586,862

594,432

Finance leases

27,059

-

613,921

594,432

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

NIL

Ordinary shares of £1

£1

-

100

700

Ordinary Shares of 10p

10p

70

-

300

Ordinary A Shares of 10p

10p

30

-

100

100

On 28 March 2025, each Ordinary share of £1 was reclassified to 70 Ordinary shares of 10p and 30 Ordinary A shares of 10p. The Ordinary shares of 10p and Ordinary A shares of 10p have equal rights but may receive different amounts of dividend.

10.	OTHER FINANCIAL COMMITMENTS

At 31st December 2025, the company had future commitments under operating leases totalling £4,524 (2024 - £9,048)

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2025 and 31 December 2024:

2025

2024

£

£

R B Barlow

Balance outstanding at start of year

-

-

Amounts advanced

31,680

-

Amounts repaid

(31,680

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

The above loan was unsecured and repayable on demand. Interest at 2.25%, totalling £101 was paid for the period after the loan exceeded £10,000.