ACCOUNTS - Final Accounts

Commitments under operating leases

At 30 September 2018 the Company had future minimum lease payments under non-cancellable operating leases as follows:

CRUISING EXCURSIONS LIMITED - Company Information

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Registered number: 07567208

CRUISING EXCURSIONS LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2018

CRUISING EXCURSIONS LIMITED

REGISTERED NUMBER: 07567208

BALANCE SHEET

AS AT 30 SEPTEMBER 2018

		2018		2017
Note		£		£

Fixed assets
Intangible assets	4		108,547		130,914
Tangible assets	5		15,933		11,047
Investments	6		1		1
			124,481		141,962
Current assets
Debtors: amounts falling due within one year	7	400,321		320,734
Cash at bank and in hand		2,561,344		1,709,225
		2,961,665		2,029,959
Creditors: amounts falling due within one year	8	(1,290,419)		(1,053,448)
Net current assets			1,671,246		976,511
Total assets less current liabilities			1,795,727		1,118,473
Provisions for liabilities
Deferred tax	9	(23,169)		(27,773)
			(23,169)		(27,773)
Net assets			1,772,558		1,090,700

Capital and reserves
Called up share capital	10	1,370	1,370
Share premium account	11	579,255	579,255
Capital redemption reserve		17	17
Profit and loss account	11	1,191,916	510,058
		1,772,558	1,090,700

Page 1

CRUISING EXCURSIONS LIMITED

REGISTERED NUMBER: 07567208

BALANCE SHEET (CONTINUED)

AS AT 30 SEPTEMBER 2018

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

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.

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 profit and loss account 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 3 December 2018.

D Mooney

Director

The notes on pages 5 to 14 form part of these financial statements.

Page 2

CRUISING EXCURSIONS LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 SEPTEMBER 2018

	Called up share capital	Share premium account	Capital redemption reserve	Profit and loss account	Total equity
	£	£	£	£	£
At 1 October 2017	1,370	579,255	17	510,058	1,090,700
Comprehensive income for the year
Profit for the year	-	-	-	681,858	681,858
Other comprehensive income for the year	-	-	-	-	-
Total comprehensive income for the year	-	-	-	681,858	681,858
Total transactions with owners	-	-	-	-	-
At 30 September 2018	1,370	579,255	17	1,191,916	1,772,558

The notes on pages 5 to 14 form part of these financial statements.

Page 3

CRUISING EXCURSIONS LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 SEPTEMBER 2017

	Called up share capital	Share premium account	Capital redemption reserve	Profit and loss account	Total equity
	£	£	£	£	£
At 1 October 2016	1,370	579,255	17	27,620	608,262
Comprehensive income for the year
Profit for the year	-	-	-	482,438	482,438
Other comprehensive income for the year	-	-	-	-	-
Total comprehensive income for the year	-	-	-	482,438	482,438
Total transactions with owners	-	-	-	-	-
At 30 September 2017	1,370	579,255	17	510,058	1,090,700

The notes on pages 5 to 14 form part of these financial statements.

Page 4

CRUISING EXCURSIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2018

1.	General information

Cruising Excursions Limited is a private company limited by shares and incorporated in England. Its registered office is: 2nd Floor, Nucleus House, 2 Lower Mortlake Road, Richmond TW9 2JA.

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

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 the Profit and Loss Account 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 Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Profit and Loss Account within 'other operating income'.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised on departure date basis.

Page 5

CRUISING EXCURSIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2018

2.Accounting policies (continued)

2.4

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

2.5

Interest income

Interest income is recognised in the Profit and Loss Account using the effective interest method.

2.6

Finance costs

Finance costs are charged to the Profit and Loss Account 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.

2.7

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 the Profit and Loss Account 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 6

CRUISING EXCURSIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2018

2.Accounting policies (continued)

2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

The estimated useful lives range as follows:

Software development

years

2.10

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.

Page 7

CRUISING EXCURSIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2018

2.Accounting policies (continued)

2.10

Tangible fixed assets (continued)

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:

				Fixtures and fittings	-	20%
				Office equipment	-	20%

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 the Profit and Loss Account.

2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and Loss Account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

2.12

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.

2.13

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.

2.14

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.

Page 8

CRUISING EXCURSIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2018

2.Accounting policies (continued)

2.15

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Profit and Loss Account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

2.16

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Employees

The average monthly number of employees, including the directors, during the year was as follows:

	2018	2017
	No.	No.

Average number of employees	44	42

Page 9

CRUISING EXCURSIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2018

4.	Intangible assets

		Software devel.
		£
	Cost
	At 1 October 2017	157,249
	Additions	10,623
	At 30 September 2018	167,872
	Amortisation
	At 1 October 2017	26,335
	Charge for the year	32,990
	At 30 September 2018	59,325
	Net book value
	At 30 September 2018	108,547
	At 30 September 2017	130,914

Page 10

CRUISING EXCURSIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2018

5.	Tangible fixed assets

	Fixtures and fittings	Office equipment	Total
	£	£	£
Cost or valuation
At 1 October 2017	5,562	9,555	15,117
Additions	5,151	3,391	8,542
At 30 September 2018	10,713	12,946	23,659
Depreciation
At 1 October 2017	1,208	2,862	4,070
Charge for the year on owned assets	1,414	2,242	3,656
At 30 September 2018	2,622	5,104	7,726
Net book value
At 30 September 2018	8,091	7,842	15,933
At 30 September 2017	4,354	6,693	11,047

6.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 October 2017	1
	At 30 September 2018	1

	Net book value
	At 30 September 2018	1
	At 30 September 2017	1

Page 11

CRUISING EXCURSIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2018

Debtors

					2018	2017
					£	£


Trade debtors	333,353	259,706
Other debtors	17,305	17,068
Prepayments and accrued income	49,663	43,960
	400,321	320,734

8.	Creditors: Amounts falling due within one year
		2018	2017
		£	£

Trade creditors	387,770	343,917
Corporation tax	154,765	34,957
Other taxation and social security	70,307	80,611
Other creditors	11,209	16,015
Accruals and deferred income	666,368	577,948
	1,290,419	1,053,448

Included in accruals and deferred income is the sum of £524,863 ( 2017: £442,102) in advance receipts from customers who have not yet had their excursions.

9.	Deferred taxation

	2018	2017
	£	£

At beginning of year	(27,773)	3,808
Charged to profit or loss	4,604	(31,581)
At end of year	(23,169)	(27,773)

Page 12

CRUISING EXCURSIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2018

9.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:
	2018	2017
	£	£

Accelerated capital allowances	(27,773)	3,808
Tax losses carried forward	4,604	(31,581)
	(23,169)	(27,773)

10.	Share capital
		2018	2017
		£	£

Allotted, called up and fully paid

1,370 (2017 - 1,370) Ordinary shares of £1.00 each	1,370	1,370

11.

Reserves

Share premium account

Share premium is the amount by which the amount received by the company for a share issue exceeds its
nominal value.

Profit and loss account

The profit and loss account represents the net distributable reserves of the company at the date of the statement of financial position.

12.	Share based payments
	On 13 July 2016 a share option was granted to a director, Ms S J Fairbanks. The option enabled the director to purchase 28 ordinary shares of £1 each at an exercise price of £101 per share. This option had not been exercised at 30 September 2018.

13.	Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held seperately from those of the company in an independently administered fund. The pension charge represents contributions payable by the company to the fund and amounted to £6,331 (2017 : £3,574).

Page 13

CRUISING EXCURSIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2018

Not later than 1 year	12,584	15,948
Later than 1 year and not later than 5 years	-	12,584
	12,584	28,532

15.

Related party transactions

Cruising Excursions Transport Limited (CETL): The company owns the entire share capital in CETL. The company paid for transport services to CETL during the year amounting to £6,150,361 (2017: £5,525,404). There were no amounts outstanding at the year end. During the year CETL paid management fees to the company amounting to £2,648,856 (2017 : £2,282,107). There were no amounts outstanding at the year end.
John Wimbleton Consulting Limited (JWCL): Mr J C Wimbleton, a director and shareholder in the company is also a director and shareholder in JWCL. The company paid for consultancy services provided during the year amounting to £33,816 (2017 - £33,820). There was an amount of £3,382 outstanding at the year end (2017 : £3,382).

16.	Controlling party

In the opinion of the directors there is no ultimate controlling party.

Page 14