Company Registration No. 02850257 (England and Wales)
BLUE FUNNEL CRUISES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2017
PAGES FOR FILING WITH REGISTRAR
BLUE FUNNEL CRUISES LTD
COMPANY INFORMATION
Directors
Mr L M Rayment
Mrs K J Rayment
Secretary
Mrs J Brine
Company number
02850257
Registered office
Ferry House
Ocean Village
Southampton
Hampshire
SO14 3FJ
Accountants
HJS Chartered Accountants
12-14 Carlton Place
Southampton
Hampshire
England
SO15 2EA
BLUE FUNNEL CRUISES LTD
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 10
BLUE FUNNEL CRUISES LTD
STATEMENT OF FINANCIAL POSITION
AS AT
30 SEPTEMBER 2017
30 September 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Property, plant and equipment
4
825,334
1,207,995
Current assets
Inventories
4,500
6,600
Trade and other receivables
5
489,675
403,765
Cash and cash equivalents
190,125
15,524
684,300
425,889
Current liabilities
6
(168,613)
(137,320)
Net current assets
515,687
288,569
Total assets less current liabilities
1,341,021
1,496,564
Non-current liabilities
7
(122,731)
(159,355)
Provisions for liabilities
(156,813)
(238,074)
Net assets
1,061,477
1,099,135
Equity
Called up share capital
8
588,107
588,107
Other reserves
185,800
185,800
Retained earnings
287,570
325,228
Total equity
1,061,477
1,099,135
BLUE FUNNEL CRUISES LTD
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
30 SEPTEMBER 2017
30 September 2017
- 2 -
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 30 September 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 member has 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 6 June 2018 and are signed on its behalf by:
Mr L M Rayment
Director
Company Registration No. 02850257
BLUE FUNNEL CRUISES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2017
- 3 -
1
Accounting policies
Company information
Blue Funnel Cruises Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Ferry House, Ocean Village, Southampton, Hampshire, SO14 3FJ.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
These financial statements for the year ended 30 September 2017
are the
first
financial statements of Blue Funnel Cruises 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 October 2015. An explanation of how transition to FRS 102 has affected the reported financial position and financial performance is given in note 11.
1.2
Revenue
Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT
.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from transportation of passengers is recognised once completed and economic benefit will inflow which can be reliably measured.
1.3
Property, plant and equipment
Property, plant and equipment
are initially measured 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:
Plant and machinery (boats)
Nil
Fixtures, fittings & equipment
20% straight line
Motor vehicles
20% straight line
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 profit or loss
.
Boats are not depreciated on the basis that they have a long useful economic life and a high residual value, rendering depreciation immaterial. Assets are reviewed on an annual basis for signs of impairment and any adjustment made via the depreciation charge where required.
BLUE FUNNEL CRUISES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2017
1
Accounting policies
(Continued)
- 4 -
1.4
Impairment of non-current assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets.
A provision is made for any impairment loss and taken to the profit and loss account.
1.5
Inventories
Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.
Inventories held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company
only enters into Basic financial instrument transactions
.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally 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.
Basic financial assets
Basic financial assets, which include trade and other receivables 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.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
1.8
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.
BLUE FUNNEL CRUISES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2017
1
Accounting policies
(Continued)
- 5 -
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in the tax assessments.
Unrelieved tax losses and other 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.
The company's liability for current and deferred tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
BLUE FUNNEL CRUISES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2017
- 6 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The following judgements (apart from those involving estimates) have had the most significant
effect on amounts recognised in the financial statements.
Impairment testing of ships, including the assessment of useful life and scrap value
Significant accounting estimates and assessments regarding ships include the depreciation of the ship's
cost price on the basis of the expected useful life of its component elements; the ship's expected maximum
useful life, its scrap value and impairment test. The expected useful life of ships and their scrap values are
reviewed and estimated at least once a year. Impairment tests are also carried out when there is any
indication of impairment.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 14 (2016 - 10).
4
Property, plant and equipment
Plant and machinery (boats)
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 October 2016
1,409,355
54,196
17,400
1,480,951
Additions
163,780
3,595
-
167,375
Disposals
(628,561)
-
-
(628,561)
At 30 September 2017
944,574
57,791
17,400
1,019,765
Depreciation and impairment
At 1 October 2016
216,219
42,815
13,920
272,954
Depreciation charged in the year
-
11,558
3,480
15,038
Eliminated in respect of disposals
(93,561)
-
-
(93,561)
At 30 September 2017
122,658
54,373
17,400
194,431
Carrying amount
At 30 September 2017
821,916
3,418
-
825,334
At 30 September 2016
1,193,134
11,381
3,480
1,207,995
BLUE FUNNEL CRUISES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2017
- 7 -
5
Trade and other receivables
2017
2016
Amounts falling due within one year:
£
£
Trade receivables
17,858
120,014
Amounts owed by group undertakings
244,195
-
Other receivables
207,727
261,386
Prepayments and accrued income
19,895
22,365
489,675
403,765
6
Current liabilities
2017
2016
Notes
£
£
Bank loans and overdrafts
44,512
52,400
Trade payables
13,102
19,937
Corporation tax
66,245
11,809
Other taxation and social security
3,571
6,558
Other payables
12,616
36,508
Accruals and deferred income
28,567
10,108
168,613
137,320
7
Non-current liabilities
2017
2016
Notes
£
£
Bank loans and overdrafts
122,731
159,355
The long-term bank loan is secured by fixed charges over the assets of the company.
8
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
588,107 Ordinary of £1 each
588,107
588,107
588,107
588,107
BLUE FUNNEL CRUISES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2017
- 8 -
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2017
2016
£
£
82,500
99,000
10
Related party transactions
Blue Funnel Cruises has taken advantage of exemptions not to disclose transactions with wholly owned group companies.
At the balance sheet date, the company owed its director, Mr L Rayment, £150 (2016: £150).
Solent & Wightline Cruises Limited
Mr L M Rayment is a director and shareholder holding indirect control of 45%.
Included within debtors at the balance sheet date was an amount due to the related party of £204,739 (2016: £260,748)
11
Reconciliations on adoption of FRS 102
Reconciliations and descriptions of the effect of the transition to FRS 102 on; (i) equity at the date of transition to FRS 102; (ii) equity at the end of the comparative period; and (iii) profit or loss for the comparative period reported under previous UK GAAP are given below.
Reconciliation of equity
At 1 October 2015
At 30 September 2016
Previous UK GAAP
Effect of
transition
FRS 102
Previous UK GAAP
Effect of
transition
FRS 102
Notes
£
£
£
£
£
£
Fixed assets
Property, plant and equipment
-
-
-
1,207,995
-
1,207,995
Current assets
Inventories
-
-
-
6,600
-
6,600
Trade and other receivables
-
-
-
403,765
-
403,765
Bank and cash
-
-
-
15,524
-
15,524
-
-
-
425,889
-
425,889
BLUE FUNNEL CRUISES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2017
11
Reconciliations on adoption of FRS 102
(Continued)
- 9 -
Creditors due within one year
Borrowings
-
-
-
(52,550)
-
(52,550)
Taxation
-
-
-
(18,367)
-
(18,367)
Other payables
-
-
-
(66,403)
-
(66,403)
-
-
-
(137,320)
-
(137,320)
Net current assets
-
-
-
288,569
-
288,569
Total assets less current liabilities
-
-
-
1,496,564
-
1,496,564
Creditors due after one year
Borrowings
-
-
-
(159,355)
-
(159,355)
Provisions for liabilities
Deferred tax
-
-
-
(238,074)
-
(238,074)
Net assets
-
-
-
1,099,135
-
1,099,135
Equity
Share capital
-
-
-
588,107
-
588,107
Revaluation reserve
a
-
(185,800)
(185,800)
185,800
(185,800)
-
Other reserves
a
-
185,800
185,800
-
185,800
185,800
Profit and loss
-
-
-
325,228
-
325,228
Total equity
-
-
-
1,099,135
-
1,099,135
Reconciliation of loss for the financial period
Year ended 30 September 2016
Previous UK GAAP
Effect of
transition
FRS 102
Notes
£
£
£
Revenue
644,507
-
644,507
Cost of sales
(448,718)
-
(448,718)
Gross profit
195,789
-
195,789
Administrative expenses
(219,835)
-
(219,835)
Finance costs
(7,653)
-
(7,653)
Taxation
(6,604)
-
(6,604)
Loss for the financial period
(38,303)
-
(38,303)
BLUE FUNNEL CRUISES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2017
11
Reconciliations on adoption of FRS 102
(Continued)
- 10 -
Notes to reconciliations on adoption of FRS 102
a - Revaluation reserve
The revaluation reserve has been restated as an other reserve under retained earnings.
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Mrs K J Rayment
Mrs J Brine
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