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Financial Statements |
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for the Year Ended 31 October 2021 |
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for |
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Waverley Excursions Limited |
REGISTERED NUMBER:
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Financial Statements |
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for the Year Ended 31 October 2021 |
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for |
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Waverley Excursions Limited |
Waverley Excursions Limited (Registered number: SC070945) |
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Contents of the Financial Statements |
for the Year Ended 31 October 2021 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Waverley Excursions Limited |
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Company Information |
for the Year Ended 31 October 2021 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants |
Statutory Auditor |
73 Union Street |
Greenock |
PA16 8BG |
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BANKERS: |
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23 Sauchiehall Street |
Glasgow |
G2 3AD |
Waverley Excursions Limited (Registered number: SC070945) |
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Balance Sheet |
31 October 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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CURRENT ASSETS |
Stocks | 6 |
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Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS/(LIABILITIES) |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
9 |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
Waverley Excursions Limited (Registered number: SC070945) |
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Balance Sheet - continued |
31 October 2021 |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Waverley Excursions Limited (Registered number: SC070945) |
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Notes to the Financial Statements |
for the Year Ended 31 October 2021 |
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1. | STATUTORY INFORMATION |
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Waverley Excursions Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Going Concern |
The company operates paddle steamer Waverley on behalf of its parent company, Waverley Steam Navigation Co, Limited (WSN) and carries out commercial activities on board and from the company office under the terms of a renewable Service Agreement. WSN owns the ship and reimburses the company for operational and winter refit costs. The directors have confidence in the ability of WSN to continue to fulfil the Service Agreement taking account of donated funds. The directors therefore continue to adopt the going concern basis of accounting. |
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Consolidation |
The company and its subsidiary comprise a small group. The company has therefore taken advantage of the exemptions provided by Section 398 of the Companies Act 2006 not to prepare group accounts. These financial statements present information about the company and not about the group. |
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Revenue recognition |
Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax. |
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Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. |
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Tangible fixed assets |
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Equipment for vessels | - |
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Computer equipment | - |
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate or if there is an indication of significant change since the last reporting date. |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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Stocks |
Stocks are stated at the lower of cost and estimated selling price. Cost includes all costs of purchase and other costs incurred in bringing the stock to its present location and condition. |
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When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amounts of any write downs to stock to net realisable value and all losses of stocks are recognised as an expense in the period in which the write down or loss occurs. |
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Waverley Excursions Limited (Registered number: SC070945) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 October 2021 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
The tax expense for the year comprises current and deferred tax. |
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The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The liability for current tax is calculated using tax rates and laws that have been enacted or substantively enacted by the end of the reporting period. |
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Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are recognised for all taxable timing differences. Deferred tax assets are recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount for deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recoverd. |
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Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or asset realised, based on tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period. |
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Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively. |
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Debtors |
Trade and other debtors are recognised at the settlement amount due after any discounts offered. |
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Cash at Bank and in Hand |
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. |
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Creditors |
Creditors are recognised where the charity has a present obligation resulting from a past event that will result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are recognised at their settlement amount after allowing for any discounts. |
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Financial Instruments |
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of loans which are subsequently measured at amortised cost using the effective interest method. |
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Pension costs and other post-retirement benefits |
Some of the company's employees are members of a multi-employer funded defined benefit scheme. As the scheme is multi-employer the company is unable to identify their own share of the schemes assets and liabilities, so in accordance with paragraphs 28.13 and 28.13A of FRS102 the entity shall account for the scheme as if it was a defined contribution scheme with contributions accounted for when payable. Where the company has entered into an agreement with the multi-employer plan that determines how a deficit will be funded the group shall recognise a liability for the contributions payable that arise from the agreement with the resulting expense in profit or loss. The company shall measure its liability on a discounted present value basis.The company shall determine the rate used to discount the future payments by reference to market yields at the reporting date on high quality corporate bonds. The currency and term of the corporate bonds shall be consistent with the currency and estimated period of the future payments. |
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Payments are also made to a defined contribution pension scheme for some employees which are accounted for when payable. |
Waverley Excursions Limited (Registered number: SC070945) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 October 2021 |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Equipment |
for | Computer |
vessels | equipment | Totals |
£ | £ | £ |
COST |
At 1 November 2020 |
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Disposals | ( |
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At 31 October 2021 |
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DEPRECIATION |
At 1 November 2020 |
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Eliminated on disposal | ( |
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At 31 October 2021 |
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NET BOOK VALUE |
At 31 October 2021 |
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At 31 October 2020 |
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5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
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COST |
At 1 November 2020 |
and 31 October 2021 |
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NET BOOK VALUE |
At 31 October 2021 |
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At 31 October 2020 |
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Waverley Excursions Ltd owns 100% of the Ordinary £1 shares issued in Waverley Excursions Guernsey (2015) Ltd, a company incorporated in Guernsey. The principal activity of the company is the provision of seafarers and crew shipping services. |
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Waverley Excursions Guernsey (2015) Ltd made a loss of £30 for the year ended 31st October 2021 (2020 - £Nil) and its capital and reserves at 31 October 2021 were in deficit by £29 (2020 - £1). |
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6. | STOCKS |
2021 | 2020 |
£ | £ |
Souvenir shop stock |
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Bar and catering stock | 4,175 | 2,286 |
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Waverley Excursions Limited (Registered number: SC070945) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 October 2021 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Other debtors |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2021 | 2020 |
£ | £ |
Amounts owed to group undertakings |
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10. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2021 | 2020 |
£ | £ |
Within one year |
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Between one and five years |
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11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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12. | CAPITAL COMMITMENTS |
2021 | 2020 |
£ | £ |
Contracted but not provided for in the |
financial statements |
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13. | RELATED PARTY DISCLOSURES |
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The company is a wholly owned subsidiary of Waverley Steam Navigation Co. Limited (Registered in Scotland), 36 Lancefield Quay, Glasgow from which copies of group accounts may be obtained. |
Waverley Excursions Limited (Registered number: SC070945) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 October 2021 |
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14. | ULTIMATE CONTROLLING PARTY |
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The Paddle Steamer Preservation Society holds the majority shareholding in Waverley Steam Navigation Company Limited and is therefore the ultimate controlling party. |