Company Registration No. SC245820 (Scotland)
CRUISE LOCH NESS LTD.
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
PAGES FOR FILING WITH REGISTRAR
CRUISE LOCH NESS LTD.
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
CRUISE LOCH NESS LTD.
BALANCE SHEET
AS AT
31 MARCH 2017
31 March 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,235,668
713,104
Investments
4
-
14,000
1,235,668
727,104
Current assets
Stocks
7,257
3,746
Debtors
5
314,132
267,879
Cash at bank and in hand
221,934
147,581
543,323
419,206
Creditors: amounts falling due within one year
6
(629,299)
(263,869)
Net current (liabilities)/assets
(85,976)
155,337
Total assets less current liabilities
1,149,692
882,441
Creditors: amounts falling due after more than one year
7
(90,619)
(115,837)
Provisions for liabilities
Deferred tax liability
144,987
115,693
(144,987)
(115,693)
Net assets
914,086
650,911
Capital and reserves
Called up share capital
8
1,000
1,000
Profit and loss reserves
913,086
649,911
Total equity
914,086
650,911
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
CRUISE LOCH NESS LTD.
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2017
31 March 2017
- 2 -
For the financial year ended 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006
relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 10 November 2017 and are signed on its behalf by:
R MacKenzie
Director
Company Registration No. SC245820
CRUISE LOCH NESS LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
- 3 -
1
Accounting policies
Company information
Cruise Loch Ness Ltd.
(SC245820)
is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
Clava House, Cradlehall Business Park, Inverness, IV2 5GH. The business operates from Knockburnie, Fort Augustus, PH32 4BD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
These financial statements for the year ended 31 March 2017
are the
first
financial statements of Cruise Loch Ness Ltd. prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 April 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Turnover
Turnover represents amounts receivable for goods and services net of vat and trade discounts.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Tenants improvements
15% reducing balance
Landing Jetty
15% reducing balance
Office Equipment
15 - 33% reducing balance
Motor vehicles
25% reducing balance
Boats
4% reducing balance & 2-10% straight line
Asset in course of construction
Not depreciated
1.4
Fixed asset investments
Fixed asset investments are stated at cost less provision for diminution in value.
1.5
Impairment of fixed 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.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
CRUISE LOCH NESS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 4 -
1.7
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks
,
and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 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 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.
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third 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 rate method
. Financial liabilities classified as payable within one year are not amortised.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
CRUISE LOCH NESS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 5 -
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years 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 credited in the profit and loss account, except when it relates to items charged 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 liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The costs of short-term employee benefits
,
including t
he cost of any unused holiday entitlement
,
are
recognised in the period in which the employee’s services are received.
1.12
Retirement benefits
During the year, the company made pension contributions to the
defined contribution schemes of the
director
s
and certain employees. Contributions payable are charged to the profit and loss account in the year they are payable.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 14 (2016 - 12).
CRUISE LOCH NESS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 6 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Asset in course of construction
Total
£
£
£
£
Cost
At 1 April 2016
-
906,631
80,288
986,919
Additions
2,430
16,618
575,579
594,627
At 31 March 2017
2,430
923,249
655,867
1,581,546
Depreciation and impairment
At 1 April 2016
-
273,815
-
273,815
Depreciation charged in the year
704
71,359
-
72,063
At 31 March 2017
704
345,174
-
345,878
Carrying amount
At 31 March 2017
1,726
578,075
655,867
1,235,668
At 31 March 2016
-
632,816
80,288
713,104
Included above are assets under construction totalling £655,867 which are not depreciated.
4
Fixed asset investments
2017
2016
£
£
Investments
-
14,000
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 April 2016
14,000
Disposals
(14,000)
At 31 March 2017
-
Carrying amount
At 31 March 2017
-
At 31 March 2016
14,000
CRUISE LOCH NESS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 7 -
5
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
3,653
12,880
Corporation tax recoverable
18,373
18,373
Other debtors
260,570
209,573
Prepayments and accrued income
31,536
27,053
314,132
267,879
6
Creditors: amounts falling due within one year
2017
2016
Notes
£
£
Bank loans and overdrafts
322,970
35,102
Trade creditors
63,673
45,863
Corporation tax
51,702
67,097
Other taxation and social security
7,999
7,257
Other creditors
16,603
23,945
Accruals and deferred income
166,352
84,605
629,299
263,869
The bank overdraft and loans totalling £322,970 (2016 - £35,102) are secured by way of a fixed charge over the assets of the company.
7
Creditors: amounts falling due after more than one year
2017
2016
£
£
Bank loans
90,619
115,837
The bank loan totalling £90,619 (2016 - £115,837) is secured by way of a fixed charge over the assets of the company.
Amounts included above which fall due after five years are as follows:
Payable by instalments
2,507
39,317
8
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
1,000 Ordinary shares of £1 each
1,000
1,000
CRUISE LOCH NESS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 8 -
9
Capital commitments
Amounts contracted for but not provided in the financial statements:
2017
2016
£
£
Acquisition of tangible fixed assets
592,500
1,135,250
10
Events after the reporting date
After the year end the directors were paid dividends of £120,000.
11
Directors' transactions
During the year the directors were paid dividends of £120,000 (2016 - £100,000).
Interest free loans have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
R MacKenzie
-
193,491
132,976
(143,435)
183,032
193,491
132,976
(143,435)
183,032