Company Registration No. SC245820 (Scotland)
CRUISE LOCH NESS LTD.
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
PAGES FOR FILING WITH REGISTRAR
CRUISE LOCH NESS LTD.
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
CRUISE LOCH NESS LTD.
BALANCE SHEET
AS AT 31 MARCH 2021
31 March 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,885,777
1,986,798
Current assets
Stocks
2,300
3,260
Debtors
4
389,346
519,022
Cash at bank and in hand
398,342
248,743
789,988
771,025
Creditors: amounts falling due within one year
5
(316,566)
(389,438)
Net current assets
473,422
381,587
Total assets less current liabilities
2,359,199
2,368,385
Creditors: amounts falling due after more than one year
6
(805,533)
(686,984)
Provisions for liabilities
(190,364)
(199,107)
Net assets
1,363,302
1,482,294
Capital and reserves
Called up share capital
7
1,000
1,000
Profit and loss reserves
1,362,302
1,481,294
Total equity
1,363,302
1,482,294
CRUISE LOCH NESS LTD.
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2021
31 March 2021
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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 13 January 2022 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 2021
- 3 -
1
Accounting policies
Company information
Cruise Loch Ness Ltd. is a
private
company
limited by shares
incorporated in
Scotland
.
The registered office is
Clava House, Cradlehall Business Park, INVERNESS, IV2 5GH.
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.
1.2
Turnover
Turnover represents amounts receivable for goods and services net of vat and trade discounts. Turnover is recognised on the accruals basis.
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
Over life of lease
Plant and machinery
15% reducing balance
Office equipment
15 - 33% reducing balance
Motor vehicles
25% reducing balance
Boats
4% reducing balance & 2-10% straight line
1.4
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.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
1.6
Cash at bank and in hand
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.
1.7
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.
CRUISE LOCH NESS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 4 -
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.
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.
1.8
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.
1.9
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.
1.10
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.
1.11
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.
CRUISE LOCH NESS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 5 -
1.12
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants are recognised in accordance with the performance model.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
15
18
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2020
133,458
2,239,947
2,373,405
Additions
21,044
21,044
Disposals
(30,300)
(30,300)
At 31 March 2021
133,458
2,230,691
2,364,149
Depreciation and impairment
At 1 April 2020
8,494
378,113
386,607
Depreciation charged in the year
7,762
107,413
115,175
Eliminated in respect of disposals
(23,410)
(23,410)
At 31 March 2021
16,256
462,116
478,372
Carrying amount
At 31 March 2021
117,202
1,768,575
1,885,777
At 31 March 2020
124,964
1,861,834
1,986,798
CRUISE LOCH NESS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 6 -
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
19,091
Corporation tax recoverable
50,019
50,019
Other debtors
312,263
398,957
Prepayments and accrued income
27,064
50,955
389,346
519,022
5
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
103,154
99,436
Trade creditors
16,751
74,516
Corporation tax
61,634
58,307
Other taxation and social security
2,582
11,665
Other creditors
37,564
1,212
Accruals and deferred income
94,881
144,302
316,566
389,438
The bank loans totalling £103,154 (2020 - £99,436) are secured by way of fixed and floating charges over the assets of the company.
6
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans
805,533
686,984
The bank loans totalling £805,533 (2020 - £686,984) are secured by way of fixed and floating charges over the assets of the company.
Creditors which fall due after five years are as follows:
2021
2020
£
£
Payable by instalments
223,019
283,020
7
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
CRUISE LOCH NESS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 7 -
8
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
R Mackenzie
-
335,595
135,427
(185,691)
285,331
D Mackenzie
-
5,617
-
(5,617)
-
341,212
135,427
(191,308)
285,331
Interest free loans have been granted by the company to its directors as follows: