REGISTERED NUMBER: SC059313 (Scotland)

Unaudited Financial Statements for the Year Ended 30th November 2025

for

Caley Cruisers Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Directors:

A Callanan

J M Hogan

J W Hogan

Registered office:

Caley Marina

Canal Road

Inverness

IV3 8NF

Registered number:

SC059313 (Scotland)

Accountants:

Frame Kennedy

4th Floor Metropolitan House

31-33 High Street

Inverness

Inverness-shire

IV1 1HT

Fixed assets

Tangible assets

4

3,796,784

4,154,817

Investments

5

11,800

11,800

3,808,584

4,166,617

Current assets

Stocks

852,970

906,263

Debtors

6

1,531,052

749,403

Cash at bank

607,616

1,291,518

2,991,638

2,947,184

Creditors

Amounts falling due within one year

7

953,447

1,261,921

Net current assets

2,038,191

1,685,263

Total assets less current liabilities

5,846,775

5,851,880

Creditors

Amounts falling due after more than one year

8

(3,524

)

(3,915

)

Provisions for liabilities

(496,433

)

(617,354

)

Net assets

5,346,818

5,230,611

Capital and reserves

Called up share capital

57,750

57,750

Revaluation reserve

9

936,081

936,081

Capital redemption reserve

52,250

52,250

Retained earnings

4,300,737

4,184,530

Shareholders' funds

5,346,818

5,230,611

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th November 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th November 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 19th August 2026 and were signed on its behalf by:

J M Hogan - Director

1.	Statutory information

Caley Cruisers Limited is a private company limited by shares incorporated in Scotland. The company's registered number and registered office address can be found on the Company information page.

2.	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, modified to include the revaluation of certain tangible fixed assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Tangible fixed assets are initially measures at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold buildings

2% straight line

Plant and machinery

20% reducing balance

Computer equipment

25% straight line

Motor vehicles

25% reducing balance

Hire boats

5% reducing balance

Guide boats

not depreciated

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 the profit and loss account.

Tangible assets whose fair value can be measured reliably are held under the revaluation model abd are carried at a revalued amount, being the fair value at the date of valuation less any subsequent accumulated impairment losses. The directors believe that a policy of not providing depreciation on Guide boats is appropriate on the basis that these assets have been revalued and the estimated residual values are not materially different from their carrying amounts.

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity.

Stocks

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments

The company has elected to apply the provisions of Section 11 "Basic Financial Instruments" and Section 12 "Other FInancial Instrument Issues" of FRS102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

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. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting end date.

Basic financial liabilities

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measures at amortised cost using the effective interest method.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern

The directors continue to adopt the going concern basis of accounting in preparing the financial statements. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

3.	Employees and directors

The average number of employees during the year was 35 (2024 - 38 ) .

4.	Tangible fixed assets

Fixtures

Freehold

Plant and

and

property

machinery

fittings

Totals

£

£

£

£

Cost

At 1st December 2024

1,561,588

4,358,600

353,750

6,273,938

Additions

-

215,735

-

215,735

Disposals

-

(440,048

)

-

(440,048

)

At 30th November 2025

1,561,588

4,134,287

353,750

6,049,625

Depreciation

At 1st December 2024

111,621

2,007,500

-

2,119,121

Charge for year

20,155

162,470

-

182,625

Eliminated on disposal

-

(48,905

)

-

(48,905

)

At 30th November 2025

131,776

2,121,065

-

2,252,841

Net book value

At 30th November 2025

1,429,812

2,013,222

353,750

3,796,784

At 30th November 2024

1,449,967

2,351,100

353,750

4,154,817

Included in cost of land and buildings is freehold land of £ 543,310 (2024 - £ 543,310 ) which is not depreciated.

Included within plant and machinery are two boats that were revalued in June 2019 by an independent third party on an open market basis at a combined amount of £353,750. The directors are satisfied this is a correct reflection of the carrying value of these assets at the company's year end.

Included within land and buildings are buildings which have been revalued by an independent third party surveyor on an open market basis on 26 April 2021 at a combined amount of £985,000. The directors are satisfied that this a correct reflection of the carrying value of these assets at the company's year end.

If revalued assets were stated on a historical cost basis rather than a fair value basis, the total amounts included would have been as follows:

2023

2022

£

£

Cost

805,101

805,101

Accumulated depreciation

(490,794

)

(482,223

)

Carrying value

314,307

322,878

5.	Fixed asset investments

Interest

in joint

venture

£

Cost

At 1st December 2024

and 30th November 2025

11,800

Net book value

At 30th November 2025

11,800

At 30th November 2024

11,800

Joint ventures

Details of the company's joint ventures at 30 November 2025 are as follows:

Name of Joint venture

Registered office

Nature of business

Class of shares

% Held

Inverness Marina Limited

Scotland

Operation of private marina

Ordinary

50.00

The aggregate capital and reserves and the result for the year of the joint venture noted above was as follows:

Name of Joint venture

Profit/(loss)

Capital and reserves

£

£

Inverness Marina Limited

183,126

432,624

The financial statements of Inverness Marina Limited are made up to 30 September each year.

6.

Debtors: amounts falling due within one year

2025

2024

£

£

Trade debtors

153,212

285,502

Other debtors

1,377,840

463,901

1,531,052

749,403

7.

Creditors: amounts falling due within one year

2025

2024

£

£

Bank loans and overdrafts

-

260,000

Trade creditors

480,929

564,431

Taxation and social security

208,494

180,580

Other creditors

264,024

256,910

953,447

1,261,921

8.

Creditors: amounts falling due after more than one year

2025

2024

£

£

Other creditors

3,524

3,915

9.

Reserves

Revaluation

reserve

£

At 1st December 2024

and 30th November 2025

936,081

10.	Other financial commitments

At the reporting date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases of £42,375 (2024 : £46,875).

11.	Related party disclosures

During the year the company made sales to a related party entity under common control of £60,000 (2024 : £60,000). The company also made an interest free loan to this company which is repayable on demand and the balance on this loan at 30 November 2025 was £385,770 (2024: £364,770). The company also made an interest free loan, repayable on demand, to another related party entity under common control of £900,000 which remained outstanding at 30 November 2025.