Company No:
Contents
Note | 31.12.2021 | 31.12.2020 | ||
£ | £ | |||
Fixed assets | ||||
Intangible assets | 3 |
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Tangible assets | 4 |
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Investments | 5 |
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5,114,347 | 5,586,633 | |||
Current assets | ||||
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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311,763 | 331,383 | |||
Creditors | ||||
Amounts falling due within one year | 7 | (
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Net current liabilities | (2,449,138) | (2,547,270) | ||
Total assets less current liabilities | 2,665,209 | 3,039,363 | ||
Creditors | ||||
Amounts falling due after more than one year | 8 | (
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Provision for liabilities | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 9 |
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Profit and loss account |
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Total shareholder's funds |
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Directors' responsibilities:
The financial statements of Jacobite Cruises Limited (registered number:
F Newton
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.
Jacobite Cruises Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Dochgarroch Lock, Dochgarroch, Inverness, IV3 8JG, United Kingdom.
The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.
The directors have considered the principal risks and uncertainties which include the current economic downturn due to Covid-19 and adverse effect on the results for the year ending 31 December 2021. During the period, the company has taken full advantage of all Covid-19 support measures available to the sector. Post year end the company has secured significant bookings for the 2022 summer season. Jacobite Cruises Limited have also gained a letter of support from some of the directors confirming they will guarantee that Jacobite Cruises Limited will be able to meet all of it's obligations as they fall due for at least 12 months from the date of signing of these financial statements.
After making enquiries, the directors have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Trademarks, patents and licences |
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Other intangible assets |
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Land and buildings |
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Plant and machinery |
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Vehicles |
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Fixtures and fittings |
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Other property, plant and equipment |
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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.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to the profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time patter in which economic benefits from the leases assets are consumed.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each Balance Sheet date and any impairment losses or reversal of impairment losses are recognised immediately in profit or loss.
Stocks 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 stocks 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.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
Year ended 31.12.2021 |
Period from 01.04.2020 to 31.12.2020 |
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Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Trademarks, patents and licences |
Other intangible assets | Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 January 2021 |
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Additions |
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At 31 December 2021 |
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Accumulated amortisation | |||||
At 01 January 2021 |
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Charge for the financial year |
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At 31 December 2021 |
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Net book value | |||||
At 31 December 2021 |
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At 31 December 2020 |
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Land and buildings | Plant and machinery | Vehicles | Fixtures and fittings | Other property, plant and equipment |
Total | ||||||
£ | £ | £ | £ | £ | £ | ||||||
Cost | |||||||||||
At 01 January 2021 |
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Additions |
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Disposals |
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At 31 December 2021 |
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Accumulated depreciation | |||||||||||
At 01 January 2021 |
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Charge for the financial year |
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Disposals |
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At 31 December 2021 |
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Net book value | |||||||||||
At 31 December 2021 |
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At 31 December 2020 |
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31.12.2021 | 31.12.2020 | ||
£ | £ | ||
Subsidiary undertakings |
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Other investments and loans |
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1,001 | 1,001 |
31.12.2021 | 31.12.2020 | ||
£ | £ | ||
Trade debtors |
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Other debtors |
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31.12.2021 | 31.12.2020 | ||
£ | £ | ||
Bank loans and overdrafts (secured) |
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Trade creditors |
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Amounts owed to Group undertakings |
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Other creditors |
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Corporation tax |
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Other taxation and social security |
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Obligations under finance leases and hire purchase contracts |
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Hire Purchase obligations under finance leases of £34,886 (2020 - £81,298) are secured over the assets to which they relate.
31.12.2021 | 31.12.2020 | ||
£ | £ | ||
Bank loans |
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Obligations under finance leases and hire purchase contracts |
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Other creditors |
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1,529,681 | 1,770,508 |
Hire purchase obligations under finance leases of £3,972 (2020 - £38,861) are secured over the assets to which they relate.
31.12.2021 | 31.12.2020 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Other financial commitments
31.12.2021 | 31.12.2020 | ||
£ | £ | ||
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Included above is £1,949,175 (2020 - £1,970,975) for 100 year leases expiring 2 April 2111.
Transactions with owners holding a participating interest in the entity
31.12.2021 | 31.12.2020 | ||
£ | £ | ||
Amounts owed to related parties | 172,097 | 241,117 |