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Registered number: 02974020 MSC CRUISES LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 DECEMBER 2025
MSC CRUISES LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
Introduction
The directors present their strategic report for the year ended 31 December 2025.
Business review
The UK operation continued to service the needs of its Swiss parent, assisting passengers to book Travel Services with MSC Cruises SA group. The company's turnover is based on full reimbursement of its expenses plus a cost-plus-based service fee disbursement. Increased turnover of £8,764,508 (2024: £7,376,539) reflected increased costs versus 2024, of which £356,323 (2024: £283,713) was the service fee. During 2025, demand for cruising continued to flourish, with increased ‘new to cruise’ customers in addition to a resilient and loyal ‘regular cruiser’ base. Against the continuing backdrop of geo-political issues affecting the Red Sea and Persian Gulf, the flexibility to re-position cruise ships underpinned the robustness of the business model in navigating challenging waters. The company exceeded its significantly higher targets for customer satisfaction, capitalising on industry leading, state-of-the-art hardware combined with several major programmes for colleagues designed to enhance a culture of customer-centricity. During 2025, the business maintained a high employee retention rate and continued to grow, taking advantage of access to a deeper local talent pool available in the company’s new surrounding area in Woking, Surrey. MSC Cruises Group continued to deliver its investment programme, with the addition to the fleet of MSC World America. MSC Cruises Ltd continued to engage with local communities through its sponsorship of Reuben’s Retreat, Alder Hey Hospital, and supporting Woking Borough Council in its charitable causes. The senior leadership team remains broadly unchanged, continuously engaging with partners, customers, colleagues, and the parent group to ensure business expectations are achieved. Professional advisors are engaged when prudent. Employee training and development continue to strengthen retention, engagement levels, and customer satisfaction. Systems, procedures, and management are assessed regularly and adapt quickly to changes in the legal and regulatory environment. Shareholders’ funds increased to £2,883,367 (2024: £2,641,897). Page 1
MSC CRUISES LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Principal risks and uncertainties
Competition and Market Supply The company monitors competition in its markets, both from existing operators and potential new entrants. Capacity changes resulting from the deployment of new ships or changes to itineraries are assessed and appropriate action taken in response. Regulatory The company monitors and complies with relevant legal requirements in respect of any relevant UK travel or consumer protection laws or regulations. Macro Economic Risk Geopolitical events such as war in the Persian Gulf continued to present challenges to the sector, however cruising is well positioned to adapt to many of the risks above by virtue of its global model, enabling rapid geographic re-deployment of resources to a wide diversity of source markets.
Financial key performance indicators
The Company’s key financial performance indicator during the year was as follows: 2025 202 4 Administration expenses £8,409,578 £7,097,528
Other key performance indicators
Customer satisfaction, cash conversion, internal controls and structural robustness to are monitored to ensure sustainable growth and optimal support to the parent group. This report was approved by the board on 29 June 2026 and signed on its behalf.
A S Campbell Director
Future developments
As noted in the Strategic Report, the business continues to follow its business plan whilst remaining adaptable to external risks. 2026 will see the LNG powered MSC World Asia and Explora III enter service.
Post balance sheet events
There have been no significant events affecting the company since the year end. Page 2
MSC CRUISES LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MSC CRUISES LIMITED UNDER SECTION 449 OF THE COMPANIES ACT 2006
Opinion
We have audited the financial statements of MSC Cruises Limited (the 'Company') for the year ended 31 December 2025, which comprise the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 31 December 2025 and of its profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to 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. 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. Page 3
MSC CRUISES LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MSC CRUISES LIMITED (CONTINUED) UNDER SECTION 449 OF THE COMPANIES ACT 2006
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the 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.
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; or ∙the directors were not entitled to prepare the financial statements in accordance with the small companies regime Page 4
MSC CRUISES LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MSC CRUISES LIMITED (CONTINUED) UNDER SECTION 449 OF THE COMPANIES ACT 2006
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out 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. Page 5
MSC CRUISES LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MSC CRUISES LIMITED (CONTINUED) UNDER SECTION 449 OF THE COMPANIES ACT 2006
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: - We exercise professional judgment and maintain professional scepticism throughout the audit; - We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the deliberate override of internal control; - We obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of internal control; - We evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made; - We assess the risk of management override of controls, including testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business; - We request and review the minutes of management meetings, and assess any matters identified not already provided for or disclosed that may materially impact the financial statements. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report. Page 6
MSC CRUISES LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MSC CRUISES LIMITED (CONTINUED) UNDER SECTION 449 OF THE COMPANIES ACT 2006
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed. M S Caldicott ACA FCCA CTA (Senior Statutory Auditor) for and on behalf of White Hart Associates (London) Limited Chartered Accountants and Statutory Auditors 2nd Floor, Nucleus House 2 Lower Mortlake Road Richmond TW9 2JA 29 June 2026 Page 7
MSC CRUISES LIMITED REGISTERED NUMBER: 02974020 BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 1,526,029 |  | 1,659,979
|  |  | 1,526,029 |  | 1,659,979
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 5 | 2,228,743 |  | 1,572,651 |
Cash at bank and in hand | 6 | 399,811 |  | 107,947 |
|  | 2,628,554 |  | 1,680,598 |
Creditors: amounts falling due within one year | 7 | (1,163,248) |  | (588,508) |
Net current assets |  |  | 1,465,306 |  | 1,092,090
Total assets less current liabilities |  |  | 2,991,335 |  | 2,752,069
Provisions for liabilities |  |  |  |  |
Deferred tax | 8 | (107,968) |  | (110,172) |
|  |  | (107,968) |  | (110,172)
Net assets |  |  | 2,883,367 |  | 2,641,897
Capital and reserves |  |  |  |  |
Called up share capital | 9 |  | 1,000,000 |  | 1,000,000
Profit and loss account |  |  | 1,883,367 |  | 1,641,897
|  |  | 2,883,367 |  | 2,641,897
The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 June 2026.
A S Campbell
Director
Page 8
MSC CRUISES LIMITED REGISTERED NUMBER: 02974020 BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2025 The notes on pages 12 to 21 form part of these financial statements. Page 9
MSC CRUISES LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 January 2024 | 1,000,000 | 1,468,024 | 2,468,024
Comprehensive income for the year |  |  |
Profit for the year | - | 173,873 | 173,873
Total comprehensive income for the year | - | 173,873 | 173,873
Total transactions with owners | - | - | -
At 1 January 2025 | 1,000,000 | 1,641,897 | 2,641,897
Comprehensive income for the year |  |  |
Profit for the year | - | 241,470 | 241,470
Total comprehensive income for the year | - | 241,470 | 241,470
Total transactions with owners | - | - | -
At 31 December 2025 | 1,000,000 | 1,883,367 | 2,883,367
| The notes on pages 12 to 21 form part of these financial statements.
Page 10
MSC CRUISES LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 241,470 | 173,873
Adjustments for: |  |
Depreciation of tangible assets | 283,846 | 45,300
Interest received | (1,397) | (4,702)
Taxation charge | 114,853 | 109,840
Decrease/(increase) in debtors | (31,264) | (97,047)
(Increase)/decrease in amounts owed by groups | (724,828) | 1,059,603
Increase in creditors | 583,689 | 164,785
(Decrease)/increase in amounts owed to groups | (26,006) | 54,897
Corporation tax paid | - | (152,000)
Net cash generated from operating activities | 440,363 | 1,354,549
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (149,896) | (1,624,679)
Interest received | 1,397 | 4,702
Net cash from investing activities | (148,499) | (1,619,977)
Net increase/(decrease) in cash and cash equivalents | 291,864 | (265,428)
Cash and cash equivalents at beginning of year | 107,947 | 373,375
Cash and cash equivalents at the end of year | 399,811 | 107,947
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 399,811 | 107,947
| 399,811 | 107,947
The notes on pages 12 to 21 form part of these financial statements.
Page 11
MSC CRUISES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
MSC Cruises Limited is a private company, limited by shares, registered in England. The Company's registered number is 02974020 and registered office address is 15th Floor, Export House, Cawsey Way, Woking, Surrey, GU21 6QX. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies. The following principal accounting policies have been applied:
| 2.2 | Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover represents reimbursable expenses incurred on behalf of the parent company, net of value added tax, together with an administration fee of 4% of the total expenses.
| 2.3 | 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. 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:
|  |  |  | Leasehold property | - | over the lease term
|  |  |  | Fixtures and fittings | - | 25% straight line
|  |  |  | Computer equipment | - | 33 1/3% 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. Page 12
MSC CRUISES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.4 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.5 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.
| 2.6 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.7 | 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'.
| 2.8 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. Page 13
MSC CRUISES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.9 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.10 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.11 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.12 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds. Page 14
MSC CRUISES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.13 | Current and deferred taxation
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 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.
3. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 5,169,388 | 4,761,892
| Social security costs | 643,180 | 468,003
| Cost of defined contribution scheme | 256,541 | 240,093
|  | 6,069,109 | 5,469,988
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Administration | 128 | 128
Page 15
MSC CRUISES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
4. | Tangible fixed assets
|  | Long-term leasehold property | Fixtures and fittings | Computer equipment | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 January 2025 | 1,219,833 | 293,677 | 190,309 | 1,703,819
| Additions | 54,931 | 2,780 | 92,185 | 149,896
| At 31 December 2025 | 1,274,764 | 296,457 | 282,494 | 1,853,715
| Depreciation |  |  |  |
| At 1 January 2025 | 20,331 | 12,159 | 11,350 | 43,840
| Charge for the year on owned assets | 123,503 | 73,825 | 86,518 | 283,846
| At 31 December 2025 | 143,834 | 85,984 | 97,868 | 327,686
| Net book value |  |  |  |
| At 31 December 2025 | 1,130,930 | 210,473 | 184,626 | 1,526,029
| At 31 December 2024 | 1,199,502 | 281,518 | 178,959 | 1,659,979
| The net book value of land and buildings may be further analysed as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Long leasehold | 1,130,930 | 1,199,502
|  | 1,130,930 | 1,199,502
Page 16
MSC CRUISES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
5. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts owed by group undertakings | 2,035,798 | 1,310,970
| Other debtors | 49,682 | 164,887
| Prepayments and accrued income | 143,263 | 96,794
|  | 2,228,743 | 1,572,651
6. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 399,811 | 107,947
|  | 399,811 | 107,947
7. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 377,162 | 59,077
| Amounts owed to group undertakings | 28,891 | 54,897
| Corporation tax | 17,057 | -
| Other taxation and social security | 16,902 | 21,917
| Other creditors | 42,388 | 350
| Accruals and deferred income | 680,848 | 452,267
|  | 1,163,248 | 588,508
Page 17
MSC CRUISES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
8. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (110,172)
| Charged to profit or loss | 2,204
| At end of year | (107,968)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (107,968) | (143,350)
| Tax losses carried forward | - | 33,178
|  | (107,968) | (110,172)
9. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 1,000,000 (2024 - 1,000,000) Ordinary shares of £1.00 each | 1,000,000 | 1,000,000
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MSC CRUISES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
10. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £256,541 (2024: £240,093). Contributions totalling to £41,336 (2024: £350) were payable to the fund at balance sheet date and are included in other creditors.
11. | Commitments under operating leases
| At 31 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 262,550 | 215,398
| Later than 1 year and not later than 5 years | 1,065,244 | 1,327,794
|  | 1,327,794 | 1,543,192
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MSC CRUISES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
12. | Related party transactions
|  | 2025 | 2024
|  | £ | £
| MSC Cruises SA (parent company) |  |
| The transactions below between the parent and MSC Cruises Limited occurred at arms length and the balance due from MSC Cruises SA is shown under debtors in Note 6 to the financial statements. |  |
| Administration charge to MSC Cruises SA | 273,240 | 223,927
| Amount outstanding from MSC Cruises SA at the balance sheet date | 2,026,143 | 1,307,303
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| MSC Cruise Management (UK) Limited (group company) |  |
| The transactions below between the fellow group undertaking and MSC Cruises Limited occurred at arms length and the balance due to MSC Cruise Management (UK) Limited is shown under creditors in Note 8 to the financial statements. |  |
| Amounts charged by MSC Cruise Management (UK) Limited | 127,997 | 392,499
| Amount outstanding (to)/from MSC Cruise Management (UK) Limited at the balance sheet date | (28,891) | (16,665)
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Explora SA (group company) |  |
| The transactions below between the fellow group undertaking and MSC Cruises Limited occurred at arms length and the balance due from Explora SA is shown under debtors in Note 6 to the financial statements. |  |
| Administration charge to Explora SA | 75,880 | 59,096
| Amount outstanding (to)/from Explora SA at the balance sheet date | 3,655 | (38,232)
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cisalpina Tours UK Ltd (group company) |  |
| The transactions below between the fellow group undertaking and MSC Cruises Limited occurred at arms length and the balance due from Cisalpina Tours UK Ltd is shown under debtors in Note 6 to the financial statements. |  |
| Administration charge to Cisalpina Tours UK Ltd | - | 690
| Amount outstanding from Cisalpina Tours UK Ltd at the balance sheet date | 6,000 | 3,667
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MSC CRUISES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
13. | Controlling party
The Company is a wholly owned subsidiary of MSC Cruises SA, a company registered in Switzerland. The ultimate parent company is MSC Mediterranean Shipping Company Holding SA, a company also registered in Switzerland.
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