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Registered number: FC038565
ACL HOLDINGS (GUERNSEY) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Docusign Envelope ID: 59001BBD-2CB6-4350-B10F-797441BC89D5
ACL HOLDINGS (GUERNSEY) LIMITED
COMPANY INFORMATION
Directors
C Verhounig
L J Sinclair
F S Montgomery
S E M Higginson
T J A Durston
G A Wilson
E J C Kjellberg
Registered number: (Guernsey)
68957
Registered number (England and
Wales)
FC038565
Registered office
PO Box 286
Floor 2, Trafalgar Court
Les Banques
St Peter Port
Guernsey
GY1 4LY
Independent auditors
Xeinadin Audit Limited
Statutory Auditors & Chartered Accountants
Becket House
36 Old Jewry
London
EC2R 8DD
Docusign Envelope ID: 59001BBD-2CB6-4350-B10F-797441BC89D5
ACL HOLDINGS (GUERNSEY) LIMITED
CONTENTS
Page
Group Strategic Report
1 - 4
Directors' Report
5 - 8
Independent Auditors' Report
9 - 12
Consolidated Statement of Profit or Loss and Other Comprehensive Income
13
Consolidated Statement of Financial Position
14 - 15
Company Statement of Financial Position
16 - 17
Consolidated Statement of Changes in Equity
18
Company Statement of Changes in Equity
19
Consolidated Statement of Cash Flows
20 - 21
Company Statement of Cash Flows
22
Notes to the Consolidated Financial Statements
23 - 68
Docusign Envelope ID: 59001BBD-2CB6-4350-B10F-797441BC89D5
ACL HOLDINGS (GUERNSEY) LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The directors present their report and the financial statements for the year ended 31 March 2025.
Principal activity
The principal activity of the Company is that of a holding company. The principal activity of the Group is that of a
cruise line operator.
Introduction
Ambassador Cruise Line was founded in January 2021 as the first new British cruise line to launch in over a
decade and has successfully completed its third full fiscal year ending 31st March 2025 of providing no-fly,
affordable quality cruises.
Our purpose is to inspire and delight every guest to enjoy an authentic cruise experience effortlessly, and
sustainably. We blend traditional best practice and innovation to enhance the guest experience, whilst fostering a
welcoming atmosphere that creates a community between guests and crew, as the basis of our ever-growing
customer base .
Ambassador is built on six key values:
Wonderful Welcome – Small to mid-sized ships with welcoming crews, outstanding cuisine and amazing
entertainment.
Affordable Quality - An authentic and traditional cruise experience offering fantastically affordable quality
and price.
Voyages of Discovery - Access to remote places and hidden treasures across the globe.
Peace of Mind - Our health and safety standards and financial protection mean peace of mind is
guaranteed.
Sail with Friends - Meet like-minded people and make long-lasting friendships.
Sustainable & Ethical - Some of the most environmentally friendly ships afloat.
We offer an affordable quality proposition for guests who want a quality product and experience at an accessible
price point. We offer guests classic, mid-sized ships, traditional values, strong environmental credentials, high
service levels, professional entertainment, and quality cuisine on no-fly cruises that sail from UK ports. Our Feefo
customer rating is one of the highest in the industry.
The group consists of the holding company ACL Holdings (Guernsey) Ltd and its fully owned subsidiaries;
Ambassador Cruise Line Ltd, Ambassador Cruise Holidays Ltd, Wake Asset Co Ltd and CVI Group Ltd. ACL
Holdings (Guernsey) Ltd is fully owned by Wake Guernsey Limited. The ultimate holding company is Channel
HoldCo.
Ambassador Cruise Line launched its successful inaugural 2022/23 programme in June 2021 in under five
months from being founded. Ambience’s maiden voyage took place in April 2022 followed by our second ship,
Ambition, entering service in May 2023. Ambience’s homeport is London Tilbury whereas Ambition provides no-
fly sailings from six additional UK ports, including Newcastle, Dundee, Belfast, Liverpool, Bristol and Falmouth.
As such, Ambassador Cruise Line offers the most regional departures of any cruise line in the UK, making
cruising accessible to the entire UK population.
Prior to starting operation, both ships were refurbished and upgraded with sustainability being central to decision
making. As a consequence, our ships now operate in line with the highest environmental standards for cruise
ships (IMO Tier III) reducing their impact on the marine environment. Ambience and Ambition are in the top 15%
of the most environmentally sustainable ships allowing them to journey to some of Europe’s most untouched
corners including the breath-taking Norwegian World Heritage fjords which are not open to most of our
competitor’s who have not achieved the IMO Tier III standard. Our efforts and renovations also mean that we
have reduced nitrogen oxide emissions by approximately 95% and reduced our Sulphur oxide emissions by
80%. Additionally, we have installed new advanced wastewater treatment systems, new ballast water treatment
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ACL HOLDINGS (GUERNSEY) LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
systems and new biodigesters, all of which ensure that we protect the seas we sail upon and the ocean wildlife
around us.
Ambassador has formed a long-term strategic partnership with BSM (Bernhard Schulte Ship Management)
which operates and manages our ships; the Schulte Group was founded in 1893, owns and manages c700 ships
globally.
Ambassador Cruise Line was approved as a member by ABTA in October 2022 providing additional reassurance
for our guests who already enjoy full protection through our unique trust arrangements where their monies are
held prior sailing for their peace of mind.
Business review 2024/25 & Outlook 2025/26
Our third year of operation as a cruise line was a year of growth characterized by considerable increases in
passenger cruise days and higher occupancy which drove revenues up by over 40% and returned the business
to positive EBITDA. Ambience and Ambition jointly carried over 80,000 guests on 65 cruises to 124 destinations.
Our Lower Berth occupancy levels averaged 86%, while Cabin Occupancy averaged 94% with guest feedback
overwhelmingly positive and customer survey results showing that more than 93% of all guests would cruise
again with Ambassador and would recommend Ambassador to others.
The Group delivered a strong performance in the financial year, with total revenue increasing from £98.1 million
to £140.3 million. Notably, the business has returned to EBITDA profitability of £9.4 million under IFRS, after a
negative EBITDA of £13.9 million in the prior year, in line with internal forecasts and our three-year roadmap to
sustainable growth. The EBITDA under UK GAAP of negative £11.8 million in 2024 grew to positive EBITDA of
£10.6 million in 2025.
In the prior year, the Group successfully completed a bond issuance in the Norwegian Bond Market, which
refinanced existing third-party debt and included a tap facility to support future growth. In the current period, we
have demonstrated prudent and effective use of the proceeds, meeting all bond covenant obligations with
substantial headroom. This disciplined financial management has reinforced investor confidence and provided
assurance to stakeholders. This further reinforced our credibility with bondholders and strengthened stakeholder
confidence in our financial stewardship and expansion strategy.
Operationally, the October 2024 launch of the 2026/27 season was well received by both guests and trade
partners, demonstrating strong initial booking momentum. The Group succeeded in launching our 2027/28
season even earlier, in June 2025, which generated similar positive early sentiment and continued engagement
from key commercial stakeholders.
This year, we returned to profitability as both Ambience and Ambition operated for the full year on a range of
itineraries around Britain and Northern Europe, and further afield to the Mediterranean and Caribbean. We will
continue to invest in building Ambassador as the number one cruise company with the warmest welcome at sea.
Financial Key performance Indicators
2025
2024
£'000
£'000
Revenue
140,316
98,186
Operating Profit/Loss
537
(22,272)
Loss before tax
(9,498)
(33,367)
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ACL HOLDINGS (GUERNSEY) LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Non-financial Key Performance Indicators
2025
2024
Available Passenger Cruise days ('000)
1,052
911
Passenger Cruise days ('000)
900
719
Average Lower Berth Occupancy (%)
86%
79%
Average Cabin Occupancy (%)
94%
86%
Guest Carried ('000)
79.9
53.9
Principal risks and uncertainties
The Group faces geopolitical, macro-economic, operational and financial risks relating to its chosen activities.
The Group uses a thorough risk management approach for our in-house systems, processes and controls that
support the efficient and effective management of its operations. Business Continuity plans are in place to
ensure continuation of operations and disaster recovery of IT Systems in the event of an incident or failure. The
Group and its directors regularly monitor key business risks and review them quarterly with the Board.
Appropriate actions are taken to address any immediate risks and to mitigate future risks.
Geopolitical and macroeconomic risks include war or unrest in destination, pandemics, low consumer confidence
and inflation. The management closely monitors these risks and puts forward plans to mitigate and minimize
these risks. As a lean business, we are very agile to act and execute our mitigation plans. For example, when
the war in the Ukraine started, we were the first cruise line to adjust our itineraries both to Odessa as well as St
Petersburg. As consumer confidence is low and travel by air is seen as an unpleasant experience for many,
Ambassador is well positioned with its affordable, drive and cruise offer sailing from UK ports.
Management is constantly assessing the risks of infectious diseases on board and is prepared to take corrective
steps. The health and well-being of our guests and our crew is paramount. All our guests and crew are required
to be vaccinated to the required standard and all guests are required to have travel insurance to ensure a worry
free, healthy and enjoyable cruise experience. In addition, we have robust protocols and procedures in place that
are second to none in the cruise industry and that are fully endorsed by the port health authorities we visit.
Ambassador continually reviews its offer to its guests to ensure that we deliver on our affordable quality promise
at the right price point without compromising quality and service.
Ambassador has a strategic partnership with BSM which has been successful since its start. The ships are
operated to a high standard. Operational risks are monitored in close collaboration and proactive actions are
taken to mitigate any operational risk.
In addition to the impact from geopolitical, macroeconomic and pandemic risk, financial risks are mainly driven
by low occupancy rates and volatile prices of key supplies. Ambassador monitors these risks and takes
corrective actions to protect its cash sufficiency. Ambassador’s shareholders are prepared to be supportive as
the ultimate resort.
Fuel price volatility and exchange rate changes can negatively impact operational costs. The Board has
established policies that monitor these risks and mitigate them through a balanced approach to hedging.
Our guests and their payments for cruises are fully protected as all payments are put into a trust account. Funds
are only released to us when the cruise has started.
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ACL HOLDINGS (GUERNSEY) LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Directors' section 172 statement
The directors of the company must act in accordance with a set of general duties. These duties are detailed in
section 172 of the UK Companies Act 2006 and include a duty to promote the success of the company for the
benefit of its members as a whole.
The directors fulfil these duties in the following ways:
Ensuring decisions are made through established governance processes, with a clear focus on their long-
term implications for the company’s strategic direction and sustainability objectives.
Actively evaluating how major decisions impact all relevant stakeholders — including employees,
shareholders, customers, and suppliers.
Communicating key decisions transparently to stakeholders to foster trust, accountability, and a sense of
fairness.
Operate with the highest standards of ethics, while carefully considering the environmental impact of our
actions. We value our reputation and are committed to conducting business in a way that reflects our core
values and upholds our ESG responsibilities and objectives.
This report was approved by the board and signed on its behalf.
F S Montgomery
Director
Date:
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ACL HOLDINGS (GUERNSEY) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The directors present their report and the financial statements for the year ended 31 March 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Group Strategic Report, Directors' Report and the consolidated
financial statements, in accordance with applicable law.
Company law requires the directors to prepare consolidated financial statements for each financial year. Under
that law they have elected to prepare the consolidated financial statements in accordance with International
Financial Reporting Standards (IFRS) as adopted by the EU.
Under company law the directors must not approve the consolidated financial statements unless they are
satisfied that they give a true and fair view of the state of affairs of the Group and the Company and of the profit
or loss of the Group for that period. In preparing the consolidated financial statements, the directors are required
to:
select suitable accounting policies and then apply them consistently;
make judgments and estimates that are reasonable and prudent;
state whether they have been prepared in accordance with IFRS as adopted by the EU, subject to any
material departures disclosed and explained in the financial statements;
assess the Group and Company's ability to continue as a going concern, disclosing, as applicable, matters
related to going concern; and
use the going concern basis of accounting unless they either intend to liquidate the Group or the Company
or to cease operations, or have no realistic alternative but to do so.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain
the Parent Company's transactions and disclose with reasonable accuracy at any time the financial position of
the Parent Company and enable them to ensure that the financial statements comply with the Companies Act
2006. They are responsible for such internal control as they determine is necessary to enable the preparation of
financial statements that are free from material misstatement, whether due to fraud or error, and have general
responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Group and to
prevent and detect fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information
included on the Group's website. Legislation in Guernsey governing the preparation and dissemination of
financial statements and other information included in Directors' Reports may differ from legislation in other
jurisdictions.
Principal activity
The principal activity of the Company is that of a holding company. The principal activity of the Group is that of a
cruise line operator.
Results and dividends
The deficit for the year, after taxation, amounted to £9,534,616 (2024 - deficit £33,403,558).
The directors have not proposed the payment of dividends (2024 - £NIL).
Directors
The directors who served during the year were:
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ACL HOLDINGS (GUERNSEY) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
C Verhounig
L J Sinclair
F S Montgomery
S E M Higginson
T J A Durston
G A Wilson
E J C Kjellberg
Future developments
The expansion of our fleet is a core pillar of our broader strategy to deliver sustained growth, unlock new routes
and itineraries (including the potential to operate “fly to” cruises for particular destinations), and maximise
shareholder value. This continued investment in our asset base underscores our confidence in the business
model and reaffirms our commitment to building a scalable, resilient, and future- ready cruise line.
Ambassador remains firmly committed to its long-term growth and expansion strategy, with a clear focus on
increasing guest’ capacity and strengthening market presence across our primary source markets of the UK, the
EU, and selected international markets.
Financial instruments
Liquidity risk – The group aims to mitigate liquidity risk by managing cash generated by its operations and
maintaining significant cash reserves. This is achieved through the preparation and review of detailed cash flow
forecasts.
Credit risk – Whilst the group has external debtors, the level of risk is minimised as customers are required to
settle balances in advance of departure.
Foreign currency risk – The group reviews its foreign currency exposure on an ongoing basis and closely
monitors the level of foreign currencies held and changes in exchange rates.
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ACL HOLDINGS (GUERNSEY) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Greenhouse gas emissions, energy consumption and energy efficiency action
The Companies and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 requires the
Group to disclose annual energy consumption and emissions. The below data relates to all operations within the
Group:
2025
2024
Scope 1 - Emissions resulting from activities for which the Group is responsible
involving the combustion of gas or consumption of fuel for the purposes of
transport (in tonnes of CO2 equivalent)
114,330.77
94,210.75
Scope 2 emissions are not currently recorded as reliable data is not available and are set as target for future
reports.
The 21% increase in emissions mainly come from a 16% increase in operating days with the balance from a
mix of itinerary changes.
Quantification and reporting methodology:
Data used in the above calculations has been obtained wherever practicable from supplier invoices and meter
readings. Combustion of fuel for transport purposes has been calculated using spend on fuel durng the year
divided by the average fuel price during the year to give equivalent litres used.
The Group continues to comply with international legislation regarding the fuel emissions from its vessels,
notably with respect to sulphur emissions and nitrogen oxide. Notwithstanding the inherent nature of all forms of
emissions, including carbon, from operating cruise vessels, the Group is committed to finding greener solutions
wherever possible.
The Group continues to seek energy savings on its fleet of vessels, through modifications to itineraries and
capital investments in fuel efficiency measures.
Measures taken to improve energy efficiency:
The Group is continually working to reduce the carbon footprint of our network, implement training programmes
for colleagues, hold our partners accountable for sustainability actions, and educate our customers.
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
so far as the director is aware, there is no relevant audit information of which the Company and the
Group's auditors are unaware, and
the director has taken all the steps that ought to have been taken as a director in order to be aware of any
relevant audit information and to establish that the Company and the Group's auditors are aware of that
information.
Post year end events
There have been no significant events affecting the Group since the year end.
Auditors
The auditors, Xeinadin Audit Limited, have expressed a willingness to continue in office.
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ACL HOLDINGS (GUERNSEY) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
This report was approved by the board and signed on its behalf.
F S Montgomery
Director
Date:
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ACL HOLDINGS (GUERNSEY) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ACL HOLDINGS (GUERNSEY) LIMITED
Opinion
We have audited the financial statements of ACL Holdings (Guernsey) Limited (the 'Parent Company') and its
subsidiaries (the 'Group') for the year ended 31 March 2025 which comprise the Consolidated Statement of Profit
or Loss and Other Comprehensive Income, the Consolidated Statement of Financial Position, the Company
Statement of Financial Position, the Consolidated Statement of Cash Flows, the Company Statement of Cash
Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the
related notes, including a summary of significant accounting policies set out on pages 27 - 37. The financial
reporting framework that has been applied in the preparation of the financial statements is applicable law and
International Financial Reporting Standards (IFRSs) as adopted by the European Union.
In our opinion:
the financial statements give a true and fair view of the state of the Group's and the Parent Company's
affairs as at 31 March 2025 and of the Group's loss for the year then ended;
the Group financial statements have been properly prepared in accordance with IFRSs as adopted by the
European Union; and
the financial statements have been prepared in accordance with the requirements of the Companies Act
2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable
law. Our responsibilities under those standards are further described in the auditors' responsibilities for the audit
of the financial statements section of our report. We are independent of the Group and the Parent Company in
accordance with the ethical requirements that are relevant to our audit of the financial statements in the United
Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical
responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of
accounting in the preparation of the financial statements is appropriate. Our evaluation of the directors'
assessment of the Group's and the Parent Company's ability to continue to adopt the going concern basis of
accounting included:
the adequacy of the disclosures made in financial statements concerning the Group's ability to continue as a
going concern. We draw your attention to Note 4.2..
Based on the work we have performed, we have not identified any material uncertainties relating to events or
conditions that, individually or collectively, may cast significant doubt on the Group's or the Parent Company's
ability to continue as a going concern for a period of at least twelve months from when the financial statements
are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the
relevant sections of this report.
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ACL HOLDINGS (GUERNSEY) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ACL HOLDINGS (GUERNSEY) LIMITED
(CONTINUED)
Other information
The other information comprises the information included in the Annual Report, other than the financial
statements and our auditors' report thereon. The directors are responsible for the other information contained
within the Annual Report. Our opinion on the financial statements does not cover the other information and,
except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion
thereon. Our responsibility is to read the other information and, in doing so, consider whether the other
information is materially inconsistent with the financial statements or our knowledge obtained in the course of the
audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent
material misstatements, we are required to determine whether this gives rise to a material misstatement in the
financial statements themselves. If, based on the work we have performed, we conclude that there is a material
misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
the information given in the Group Strategic Report and the Directors' Report for the financial year for
which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable
legal requirements.
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ACL HOLDINGS (GUERNSEY) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ACL HOLDINGS (GUERNSEY) LIMITED
(CONTINUED)
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Group and the Parent Company and its environment
obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report
or the Directors' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006
requires us to report to you if, in our opinion:
adequate accounting records have not been kept by the Parent Company, or returns adequate for our
audit have not been received from branches not visited by us; or
the Parent Company financial statements are not in agreement with the accounting records and returns;
or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement on page 5, the directors are responsible for the
preparation of the financial statements and for being satisfied that they give a true and fair view, and for such
internal control as the directors determine is necessary to enable the preparation of financial statements that are
free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the Group's and the Parent
Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and
using the going concern basis of accounting unless the directors either intend to liquidate the Group or the
Parent Company or to cease operations, or have no realistic alternative but to do so.
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise
from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures
in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities,
including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is
detailed below:
Enquiry of management and those charged with governance around actual and potential litigation and
claims;
Reviewing minutes of meetings of those charged with governance;
Performing audit work over the risk of management override of controls, including testing of journal entries
and other adjustments for appropriateness, evaluating the business rationale of significant transactions
outside the normal course of business and reviewing accounting estimates for bias;
Enquiry of management and those charged with governance to identify any instances of non-compliance
with laws and regulations.
The potential effect of these laws and regulations on the financial statements varies considerably.
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ACL HOLDINGS (GUERNSEY) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ACL HOLDINGS (GUERNSEY) LIMITED
(CONTINUED)
Firstly, the Group is subject to laws and regulations that directly affect the financial statements including financial
reporting legislation (including related companies legislation), distributable profits legislation and taxation
legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures
on the related financial statement items.
Secondly, the Group is subject to many other laws and regulations where the consequence of noncompliance
could have a material effect on amounts or disclosures in the financial statements, for instance the imposition of
fines or litigation or the loss of the Group’s license to operate. We identified the following areas as those most
likely to have such an effect: ABTA and ATOL compliance recognising the nature of the Group’s activities.
Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations
to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any.
Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence,
an audit will not detect that breach.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including
those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk
increases the more that compliance with a law or regulation is removed from the events and transactions
reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves
intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial
Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our
auditors' report.
We communicate with those charged with governance regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including any significant deficiencies in internal control that we
identify during our audit.
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the
Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members
those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the
Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
Ian Palmer FCA (Senior Statutory Auditor)
for and on behalf of
Xeinadin Audit Limited
Statutory Auditors
Chartered Accountants
Becket House
36 Old Jewry
London
EC2R 8DD
Date:
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ACL HOLDINGS (GUERNSEY) LIMITED
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
2025
2024
Note
£
£
Revenue
6
140,316,554
98,186,004
Cost of sales
(111,621,929)
(96,020,952)
Gross profit
28,694,625
2,165,052
Administrative expenses
(28,156,867)
(24,436,974)
Profit/(loss) from operations
537,758
(22,271,922)
Finance income
986,196
638,899
Finance expense
(11,021,966)
(11,734,053)
Loss before tax
(9,498,012)
(33,367,076)
Tax expense
12
(36,604)
(36,482)
Loss for the year
(9,534,616)
(33,403,558)
Other comprehensive income:
Items that will not be reclassified to profit or loss:
Profit on vessels revaluation
13
1,338,714
28,465,043
Other comprehensive income for the year, net of tax
1,338,714
28,465,043
Total comprehensive income
(8,195,902)
(4,938,515)
The notes on pages 27 to 68 form part of these financial statements.
Page 13
Docusign Envelope ID: 59001BBD-2CB6-4350-B10F-797441BC89D5
ACL HOLDINGS (GUERNSEY) LIMITED
REGISTERED NUMBER: FC038565
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
31 March
31 March
1 April
2025
2024
2023
Note
£
£
£
Assets
Non-current assets
Property, plant and equipment
13
130,187,915
135,067,252
90,105,740
Intangible assets
14
1,231,874
912,034
640,321
131,419,789
135,979,286
90,746,061
Current assets
Stocks
16
4,380,761
5,165,686
5,171,406
Trade and other receivables
17
8,340,638
5,144,802
6,447,489
Cash and cash equivalents
18
32,174,614
24,321,745
29,964,448
44,896,013
34,632,233
41,583,343
Total assets
176,315,802
170,611,519
132,329,404
Liabilities
Non-current liabilities
Loans and borrowings
20
95,619,653
100,087,025
67,056,468
95,619,653
100,087,025
67,056,468
Current liabilities
Trade and other payables
19
58,272,807
48,406,473
34,195,061
Loans and borrowings
20
8,542,712
41,489
4,062,828
66,815,519
48,447,962
38,257,889
Total liabilities
162,435,172
148,534,987
105,314,357
Net assets
13,880,630
22,076,532
27,015,047
Page 14
Docusign Envelope ID: 59001BBD-2CB6-4350-B10F-797441BC89D5
ACL HOLDINGS (GUERNSEY) LIMITED
REGISTERED NUMBER: FC038565
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2025
31 March
31 March
1 April
2025
2024
2023
Note
£
£
£
Issued capital and reserves attributable to owners of
the parent
22
Share capital
21
8,903,841
8,903,841
8,903,841
Share premium reserve
22
2,500,000
2,500,000
2,500,000
Revaluation reserve
22
29,803,757
28,465,043
-
Retained earnings
(27,326,968)
(17,792,352)
15,611,206
13,880,630
22,076,532
27,015,047
TOTAL EQUITY
13,880,630
22,076,532
27,015,047
The financial statements on pages 13 to 68 were approved and authorised for issue by the board of directors
and were signed on its behalf by:
F S Montgomery
Director
Date:
The notes on pages 27 to 68 form part of these financial statements.
Page 15
Docusign Envelope ID: 59001BBD-2CB6-4350-B10F-797441BC89D5
30/7/2025
ACL HOLDINGS (GUERNSEY) LIMITED
REGISTERED NUMBER: FC038565
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
31 March
31 March
1 April
2025
2024
2023
Note
£
£
£
Assets
Non-current assets
Other non-current investments
15
103,815,993
103,785,994
80,603,699
103,815,993
103,785,994
80,603,699
Current assets
Trade and other receivables
17
49,648,811
49,209,289
8,247,160
Cash and cash equivalents
3,285
22,756
3,719
49,652,096
49,232,045
8,250,879
Total assets
153,468,089
153,018,039
88,854,578
Liabilities
Non-current liabilities
Trade and other payables
19
22,741,608
7,483,758
-
Loans and borrowings
20
95,553,094
92,602,852
39,460,896
118,294,702
100,086,610
39,460,896
Current liabilities
Trade and other payables
19
6,783,040
14,612,838
7,854,047
6,783,040
14,612,838
7,854,047
Total liabilities
125,077,742
114,699,448
47,314,943
Net assets
28,390,347
38,318,591
41,539,635
Page 16
Docusign Envelope ID: 59001BBD-2CB6-4350-B10F-797441BC89D5
ACL HOLDINGS (GUERNSEY) LIMITED
REGISTERED NUMBER: FC038565
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2025
31 March
31 March
1 April
2025
2024
2023
Note
£
£
£
Issued capital and reserves attributable to owners of
the parent
22
Share capital
21
8,903,841
8,903,841
8,903,841
Share premium reserve
2,500,000
2,500,000
2,500,000
Retained earnings
16,986,506
26,914,750
30,135,794
TOTAL EQUITY
28,390,347
38,318,591
41,539,635
The Company's loss for the year was £9,928,244 (2024 - £3,221,044).
The financial statements on pages 13 to 68 were approved and authorised for issue by the board of directors
and were signed on its behalf by:
F S Montgomery
Director
Date:
The notes on pages 27 to 68 form part of these financial statements.
Page 17
Docusign Envelope ID: 59001BBD-2CB6-4350-B10F-797441BC89D5
30/7/2025
ACL HOLDINGS (GUERNSEY) LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
Share
capital
Share
premium
Revaluation
reserve
Retained
earnings
Total
attributable
to equity
holders of
parent
Total equity
£
£
£
£
£
£
At 1 April 2023
8,903,841
2,500,000
-
15,611,206
27,015,047
27,015,047
Comprehensive
income for the year
Loss for the year
-
-
-
(33,403,558)
(33,403,558)
(33,403,558)
Valuation of vessels
-
-
28,465,043
-
28,465,043
28,465,043
Total comprehensive
income for the year
-
-
28,465,043
(33,403,558)
(4,938,515)
(4,938,515)
At 31 March 2024
8,903,841
2,500,000
28,465,043
(17,792,352)
22,076,532
22,076,532
At 1 April 2024
8,903,841
2,500,000
28,465,043
(17,792,352)
22,076,532
22,076,532
Comprehensive
income for the year
Loss for the year
-
-
-
(9,534,616)
(9,534,616)
(9,534,616)
Valuation of vessels
-
-
1,338,714
-
1,338,714
1,338,714
Total comprehensive
income for the year
-
-
1,338,714
(9,534,616)
(8,195,902)
(8,195,902)
At 31 March 2025
8,903,841
2,500,000
29,803,757
(27,326,968)
13,880,630
13,880,630
The notes on pages 27 to 68 form part of these financial statements.
Page 18
Docusign Envelope ID: 59001BBD-2CB6-4350-B10F-797441BC89D5
ACL HOLDINGS (GUERNSEY) LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
Share
capital
Share
premium
Retained
earnings
Total equity
£
£
£
£
At 1 April 2023
8,903,841
2,500,000
30,135,794
41,539,635
Comprehensive income for the year
Loss for the year
-
-
(3,221,044)
(3,221,044)
Total comprehensive income for the year
-
-
(3,221,044)
(3,221,044)
At 31 March 2024
8,903,841
2,500,000
26,914,750
38,318,591
At 1 April 2024
8,903,841
2,500,000
26,914,750
38,318,591
Comprehensive income for the year
Loss for the year
-
-
(9,928,244)
(9,928,244)
Total comprehensive income for the year
-
-
(9,928,244)
(9,928,244)
At 31 March 2025
8,903,841
2,500,000
16,986,506
28,390,347
The notes on pages 27 to 68 form part of these financial statements.
Page 19
Docusign Envelope ID: 59001BBD-2CB6-4350-B10F-797441BC89D5
ACL HOLDINGS (GUERNSEY) LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
2025
2024
Note
£
£
Cash flows from operating activities
Loss for the year
(9,534,616)
(33,403,558)
Adjustments for
Depreciation of property, plant and equipment
13
9,277,641
7,073,359
Amortisation of intangible fixed assets
14
317,118
210,959
Finance income
(986,196)
(638,899)
Finance expense
11,021,966
11,734,053
Net foreign exchange (gain)/loss
(523,970)
571,081
Income tax expense
12
36,604
36,482
9,608,547
(14,416,523)
Movements in working capital:
(Increase)/decrease in trade and other receivables
(3,156,886)
1,302,687
Decrease in inventories
784,925
5,720
Increase in trade and other payables
10,271,177
11,646,495
Cash generated from operations
17,507,763
(1,461,621)
Income taxes paid
(36,480)
-
Net cash from/(used in) operating activities
17,471,283
(1,461,621)
Cash flows from investing activities
Purchases of property, plant and equipment
(3,059,590)
(23,569,828)
Purchase of intangibles
14
(636,958)
(482,672)
Interest received
986,196
638,899
Net cash used in investing activities
(2,710,352)
(23,413,601)
Cash flows from financing activities
Proceeds from shareholders loan
-
7,000,000
Repayment of bank borrowings
-
(31,658,400)
Fleetscape financing costs
-
(5,976,552)
Proceeds from bond issue
-
52,173,913
Capitalised bond costs
(851,897)
(2,247,758)
Payment of bond interest
(6,000,000)
-
Payment of lease liabilities
(56,165)
(58,684)
Net cash (used in)/from financing activities
(6,908,062)
19,232,519
Page 20
Docusign Envelope ID: 59001BBD-2CB6-4350-B10F-797441BC89D5
ACL HOLDINGS (GUERNSEY) LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
2025
2024
£
£
Net increase/(decrease) in cash and cash equivalents
7,852,869
(5,642,703)
Cash and cash equivalents at the beginning of year
24,321,745
29,964,448
Cash and cash equivalents at the end of the year
18
32,174,614
24,321,745
The notes on pages 27 to 68 form part of these financial statements.
Page 21
Docusign Envelope ID: 59001BBD-2CB6-4350-B10F-797441BC89D5
ACL HOLDINGS (GUERNSEY) LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
2025
2024
£
£
Cash flows from operating activities
Loss for the year
(9,928,244)
(3,221,044)
Adjustments for
Finance expense
9,896,683
3,215,800
(31,561)
(5,244)
Movements in working capital:
Increase in trade and other receivables
(438,355)
(40,962,129)
Increase in trade and other payables
7,332,341
14,242,550
Cash generated from operations
6,862,425
(26,724,823)
Net cash from/(used in) operating activities
6,862,425
(26,724,823)
Cash flows from investing activities
Acquisition of subsidiary, net of cash acquired
-
(23,182,295)
Share issue on investment
(29,999)
-
Net cash used in investing activities
(29,999)
(23,182,295)
Cash flows from financing activities
Proceeds from bond issue
-
52,173,913
Capitalised bond costs
(851,897)
(2,247,758)
Payment of bond interest
(6,000,000)
-
Net cash (used in)/from financing activities
(6,851,897)
49,926,155
Net (decrease)/increase in cash and cash equivalents
(19,471)
19,037
Cash and cash equivalents at the beginning of year
22,756
3,719
Cash and cash equivalents at the end of the year
3,285
22,756
The notes on pages 27 to 68 form part of these financial statements.
Page 22
Docusign Envelope ID: 59001BBD-2CB6-4350-B10F-797441BC89D5
ACL HOLDINGS (GUERNSEY) LIMITED
NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page
1.
Reporting entity
24
2.
Functional and presentation currency
24
3.
Basis of preparation
24
4.
Accounting policies
27
5.
Significant accounting estimates and judgments
37
6.
Revenue
38
7.
Expenses by nature
39
8.
Auditors' remuneration
39
9.
Employee benefit expenses
40
10.
Directors' remuneration
40
11.
Finance income and expense
41
12.
Tax expense
42
13.
Property, plant and equipment
44
14.
Intangible assets
48
15.
Subsidiaries
50
16.
Stocks
50
17.
Trade and other receivables
51
18.
Cash and cash equivalents
52
19.
Trade and other payables
53
20.
Loans and borrowings
55
21.
Share capital
58
22.
Reserves
58
23.
Leases
58
24.
Financial instruments - fair values and risk management
60
25.
Pension commitments
65
26.
Related party transactions
65
27.
Analysis of amounts recognised in other comprehensive income
66
28.
Capital management
67
29.
Events after the reporting date
67
30.
Controlling party
68
Page 23
Docusign Envelope ID: 59001BBD-2CB6-4350-B10F-797441BC89D5
ACL HOLDINGS (GUERNSEY) LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
1.
Reporting entity
ACL Holdings (Guernsey) Limited (the 'Company') is a limited company incorporated in Guernsey. The
Company's registered office is at First Floor, Albert House, South Esplanade, St Peter Port, GY1 1AJ.
These consolidated financial statements comprise the Company and its subsidiaries (collectively the
'Group' and individually 'Group companies'). The Group is primarily involved in Cruise Line Operations.
2.
Functional and presentation currency
These consolidated financial statements are presented in pound sterling, which is the Company's
functional currency. All amounts have been rounded to the nearest pound, unless otherwise indicated.
3.
Basis of preparation
The Group's consolidated and the Company's individual financial statements have been prepared in
accordance with International Financial Reporting Standards, International Accounting Standards and
Interpretations as adopted by the EU (collectively IFRSs). They were authorised for issue by the
Company's board of directors on .
Details of the Group's accounting policies, including changes during the year, are included in note 4.
The Company has taken advantage of the exemption available under section 408 of the Companies Act
2006 and elected not to present its own Statement of Comprehensive Income in these financial
statements.
In preparing these financial statements, management has made judgments, estimates and assumptions
that affect the application of the Group accounting policies and the reported amounts of assets, liabilities,
income and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are
recognised prospectively.
The areas where judgments and estimates have been made in preparing the consolidated financial
statements and their effects are disclosed in note 5.
3.1 Basis of measurement
The financial statements have been prepared on the historical cost basis except for the following items,
which are measured on an alternative basis on each reporting date.
Items
Measurement basis
Financial instruments
fair value through profit or loss
Revalued property, plant and equipment
fair value through other comprehensive income
3.2 Changes in accounting policies
i) New standards, interpretations and amendments effective from 1 April 2024
The following amendments are effective for the period beginning 1 April 2024:
Supplier Finance Arrangements (Amendments to IAS 7 & IFRS 7);
Lease Liability in a Sale and Leasebeack (Amendments to IFRS 16);
Classification of Liabilities as Current or Non-Current (Amendments to IAS 1); and
Page 24
Docusign Envelope ID: 59001BBD-2CB6-4350-B10F-797441BC89D5
ACL HOLDINGS (GUERNSEY) LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
3.
Basis of preparation (continued)
3.2 Changes in accounting policies (continued)
i) New standards, interpretations and amendments effective from 1 April 2024 (continued)
Non-current Liabilities with Covenants (Amendments to IAS 1).
These amendments to various IFRS Accounting Standards are mandatorily effective for reporting periods
beginning on or after 1 January 2024. See the applicable notes for further details on how the amendments
affected the Group.
Supplier Finance Arrangements (Amendments to IAS 7 & IFRS 7):
On 25 May 2023, the IASB issued Supplier Finance Arrangements, which amended IAS 7 Statement of
Cash Flows and IFRS 7 Financial Instruments: Disclosures.The amendments require entities to provide
certain specific disclosures (qualitative and quantitative) related to supplier finance arrangements. The
amendments also provide guidance on characteristics of supplier finance arrangements.
These amendments had no effect on the consolidated financial statements of the Group.
Lease Liability in a Sale and Leaseback (Amendments to IFRS 16);
On 22 September 2022, the IASB issued amendments to IFRS 16 Lease Liability in a Sale and Leaseback
(the Amendments). Prior to the Amendments, IFRS 16 did not contain specific measurement
requirements for lease liabilities that may contain variable lease payments arising in a sale and leaseback
transaction. In applying the subsequent measurement requirements of lease liabilities to a sale and
leaseback transaction, the Amendments require a seller--lessee to determine 'lease payments' or 'revised
lease payments' in a way that the seller-lessee would not recognise any amount of the gain or loss that
relates to the right of use retained by the seller-lessee.
These amendments had no effect on the consolidated financial statements of the Group
Classification of Liabilities as Current or Non-Current and Non-current Liabilities with Covenants
(Amendments to IAS 1):
The IASB issued amendments to IAS 1 in January 2020 Classification of Liabilities as Current or Non-
current and subsequently, in October 2022 Non-current Liabilities with Covenants.
The amendments clarify the following:
An entity's right to defer settlement of a liability for at least twelve months after the reporting period
must have substance and must exist at the end of the reporting period.
If an entity's right to defer settlement of a liability is subject to covenants, such covenants affect
whether that right exists at the end of the reporting period only if the entity is required to comply with
the covenant on or before the end of the reporting period.
The classification of a liability as current or non-current is unaffected by the likelihood that the entity
will exercise its right to defer settlement.
In case of a liability that can be settled, at the option of the counterparty, by the transfer of the entity's
own equity instruments, such settlement terms do not affect the classification of the liability as current
or non-current only if the option is classified as an equity instrument.
These amendments have no effect on the measurement of any items in the consolidated financial
statements of the Group.
Page 25
Docusign Envelope ID: 59001BBD-2CB6-4350-B10F-797441BC89D5
ACL HOLDINGS (GUERNSEY) LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
3.
Basis of preparation (continued)
ii)
New standards, interpretations and amendments not yet effective
There are a number of standards, amendments to standards and interpretations which have been issued
by the IASB that are effective in future accounting periods that the Group has decided not to adopt early.
The following amendments are effective for the annual reporting period beginning 1 April 2025:
Lack of Exchangeability (Amendment to IAS 21 The Effects of Changes in Foreign Exchange Rates)
The following amendments are effective for the annual reporting period beginning 1 April 2026:
Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9
Financial Instruments and IFRS 7);
Contracts Referencing Nature-dependent Electricity (Amendments to IFRS 9 and IFRS 7)
The following standards and amendments are effective for the annual reporting period beginning 1 April
2027:
IFRS 18 Presentation and Disclosure in Financial Statements;
IFRS 19 Subsidiaries without Public Accountability: Disclosures
The Group is currently assessing the effect of these new accounting standards and amendments.IFRS 18
Presentation and Disclosure in Financial Statements, which was issued by the IASB in April 2024
supersedes IAS 1 and will result in major consequential amendments to IFRS Accounting Standards
including IAS 8 Basis of Preparation of Financial Statements (renamed from Accounting Policies,
Changes in Accounting Estimates and Errors). Even though IFRS 18 will not have any effect on the
recognition and measurement of items in the consolidated financial statements, it is expected to have a
significant effect on the presentation and disclosure of certain terms. These changes include
categorisation and sub-totals in the statement of profit or loss, aggregation/disaggregation and labelling of
information, and disclosure of management-defined performance measures.
The Group does not expect to be eligible to apply IFRS 19.
The directors anticipate that the adoption of these Standards in future periods may have an impact on the
results and net assets of the Group, however, it is too early to quantify this.
The directors anticipate that the adoption of other Standards and interpretations that are not yet effective
in future periods will only have an impact on the presentation in the financial statements of the Group.
Page 26
Docusign Envelope ID: 59001BBD-2CB6-4350-B10F-797441BC89D5
ACL HOLDINGS (GUERNSEY) LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
4.
Accounting policies
4.1
Basis of consolidation
The consolidated financial statements incorporate the financial statements of the Company and entities
(including structured entities) controlled by the Company and its subsidiaries. Control is achieved when
the Company:
has power over the investee;
is exposed, or has rights, to variable returns from its involvement with the investee; and
has the ability to use its power to affect its returns.
The Company reassesses whether or not it controls an investee if facts and circumstances indicate that
there are changes to one or more of the three elements of control listed above.
When the Company has less than a majority of the voting rights of an investee, it has power over the
investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of
the investee unilaterally. The Company considers all relevant facts and circumstances in assessing
whether or not the Company's voting rights in an investee are sufficient to give it power, including:
the size of the Company's holding of voting rights relative to the size and dispersion of holdings of
the other vote holders;
potential voting rights held by the Company, other vote holders or other parties;
rights arising from other contractual arrangements; and
any additional facts and circumstances that indicate that the Company has, or does not have, the
current ability to direct the relevant activities at this time that decisions need to be made, including
voting patterns at previous shareholders' meetings.
Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases
when the Company loses control of the subsidiary. Specifically, income and expenses of a subsidiary
acquired or disposed of during the year are included in the consolidated statement of profit or loss and
other comprehensive income from the date the Company gains control until the date when the Company
ceases to control the subsidiary.
Profit or loss and each component of other comprehensive income are attributed to the owners of the
Company and to the non-controlling interests. Total comprehensive income of subsidiaries is attributed to
the owners of the Company and to the non-controlling interests even if this results in the non-controlling
interests having a deficit balance.
When necessary, adjustments are made to the financial statements of subsidiaries to bring their
accounting policies into line with the Group's accounting policies.
All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions
between members of the Group are eliminated in full on consolidation.
Page 27
Docusign Envelope ID: 59001BBD-2CB6-4350-B10F-797441BC89D5
ACL HOLDINGS (GUERNSEY) LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
4.
Accounting policies (continued)
4.1
Basis of consolidation (continued)
Changes in the Group's ownership interests in existing subsidiaries
Changes in the Group's ownership interests in subsidiaries that do not result in the Group losing control
over the subsidiaries are accounted for as equity transactions. The carrying amounts of the Group's
interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in
the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted
and the fair value of the consideration paid or received is recognised directly in equity and attributed to
owners of the Company.
When the Group loses control of a subsidiary, a gain or loss is recognised in profit or loss and its
calculated as the difference between (i) the aggregate of the fair value of the consideration received and
the fair value of any retained interest and (ii) the previous carrying amount of the assets (including
goodwill), and liabilities of the subsidiary and any non-controlling interests. All amounts previously
recognised in other comprehensive income in relation to that subsidiary are accounted for as if the Group
had directly disposed of the related assets or liabilities of the subsidiary (i.e. reclassified to profit or loss or
transferred to another category of equity as specified/permitted by applicable IFRSs). The fair value of any
investment retained in the former subsidiary at the date when control is lost is regarded as the fair value
on initial recognition for subsequent account under IAS 39, when applicable, the cost on initial recognition
of an investment in an associate or a joint venture.
4.2
Going concern
The Company meets its working capital requirements through support from group companies and long-
term financing arrangements. Having considered this, the directors are confident that the Company will
continue to receive support from its ultimate parent, Channel Holdco Limited, for a period of at least twelve
months from the signing of the financial statements.
On this basis the directors consider it appropriate to prepare the financial statements on a going concern
basis.
4.3
Revenue
Revenue is measured based on the consideration specified in a contract with a customer and excludes
amounts collected on behalf of third parties. The Group recognises revenue when it transfers control over
a product or service to a customer.
The Group does not expect to have any contracts where the period between the transfer of the promised
goods or services to the customer and payment by the customer exceeds one year. As a consequence,
the Group does not adjust any of the transaction prices for the time value of money.
Revenue arises mainly from the operation of a cruise line.
To determine whether to recognise revenue, the Group follows a 5-step process:
1 Identifying the contract with a customer
2 Identifying the performance obligations
3 Determining the transaction price
4 Allocating the transaction price to the performance obligations, and then
5 Recognising revenue when/as performance obligation(s) are satisfied.
Page 28
Docusign Envelope ID: 59001BBD-2CB6-4350-B10F-797441BC89D5
ACL HOLDINGS (GUERNSEY) LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
4.
Accounting policies (continued)
4.3
Revenue (continued)
(i) Sale of goods
Revenue from the sale of goods is recognised on the satisfaction of performance obligations, such as the
transfer of a promised good, identified in the contract between the Group and the customer.
A receivable is recognised when the goods are delivered as this is the point in time that the consideration
is unconditional because only the passage of time is required before the payment is due.
(ii) Rendering of services
Revenue from providing services is recognised in the accounting period in which the services are
rendered.
For fixed-price contracts, revenue is recognised based on the actual service provided to the end of the
reporting period as a proportion of the total services to be provided because the customer receives and
uses the benefits simultaneously.
Where contracts include multiple performance obligations, the transaction price will be allocated to each
performance obligation based on the stand-alone selling prices. Where these are not directly observable,
they are estimated based on expected cost plus margin. For service contracts including a goods element,
revenue for the separate good is recognised at a point in time when the good is delivered, the legal title
has passed and the customer has accepted the good.
Estimates of revenues, costs or extent of progress toward completion are revised if circumstances
change. Any resulting increases or decreases in estimated revenues or costs are reflected in profit or loss
in the period in which the circumstances that give rise to the revision become known by management. In
case of fixed-price contracts, the customer pays the fixed amount based on a payment schedule. If the
services rendered by the Group exceed the payment, a contract asset is recognised. If the payments
exceed the services rendered, a contract liability is recognised.
Page 29
Docusign Envelope ID: 59001BBD-2CB6-4350-B10F-797441BC89D5
ACL HOLDINGS (GUERNSEY) LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
4.
Accounting policies (continued)
4.4
Leasing
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks
and rewards of ownership to the lessee. All other leases are classified as operating leases.
The Group as a lessee
The Group assesses whether a contract is or contains a lease, at inception of a contract. The Group
recognises a right-of-use asset and a corresponding lease liability with respect to all lease agreements in
which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or
less) and leases of low-value assets. For these leases, the Group recognises the lease payments as an
operating expense on a straight-line basis over the term of the lease unless another systematic basis is
more representative of the time pattern in which economic benefits from the leased asset are consumed.
The lease liability is initially measured at the present value of the lease payments that are not paid at the
commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily
determined, the Group uses its incremental borrowing rate. The lease liability is initially measured at the
present value of the lease payments that are not paid at the commencement date, discounted by using the
rate implicit in the lease. If this rate cannot be readily determined, the Group uses the cost of capital as its
incremental borrowing rate.
Lease payments included in the measurement of the lease liability comprise:
fixed lease payments (including in-substance fixed payments), less any lease incentives;
The lease liability is included in the 'Loans and borrowings' line in the Consolidated Statement of Financial
Position.
The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the
lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease
payments made.
The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease
payments made at or before the commencement day and any initial direct costs. They are subsequently
measured at cost less accumulated depreciation and impairment losses.
Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying
asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects
that the Group expects to exercise a purchase option, the related right-of-use asset is depreciated over
the useful life of the underlying asset. The depreciation starts at the commencement date of the lease.
The right-of-use assets are included in the 'Property, Plant and Equipment' and 'Investment Property'
lines, as applicable, in the Consolidated Statement of Financial Position.
The Group applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any
identified impairment loss as described in note 4.9.
As a practical expedient, IFRS 16 permits a lessee not to separate non-lease components, and instead
account for any lease and associated non-lease components as a single arrangement. The Group has
used this practical expedient.
Page 30
Docusign Envelope ID: 59001BBD-2CB6-4350-B10F-797441BC89D5
ACL HOLDINGS (GUERNSEY) LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
4.
Accounting policies (continued)
4.5
Foreign currency
In preparing the financial statements of each individual group entity, transactions in currencies other than
the entity's functional currency (foreign currencies) are recognised at the rates of exchange prevailing at
the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign
currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair value
that are denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair
value was determined. Non-monetary items that are measured in terms of historical cost in a foreign
currency are not retranslated.
Exchange differences on monetary items are recognised in profit or loss in the period in which they arise
except for:
exchange differences on foreign currency borrowings relating to assets under construction for
future productive use, which are included in the cost of those assets when they are regarded as an
adjustment to interest costs on those foreign currency borrowings;
exchange differences on transactions entered into in order to hedge certain foreign currency risks
(see for hedging accounting policies); and
exchange differences on monetary items receivable from or payable to foreign operation for which
settlement is neither planned nor likely to occur (therefore forming part of the net investment in the
foreign operation), which are recognised initially in other comprehensive income and reclassified
from equity to profit or loss on repayment of the monetary items.
For the purposes of presenting these consolidated financial statements, the assets and liabilities of the
Group's foreign operations are translated into pounds using exchange rates prevailing at the end of each
reporting period. Income and expense items are translated at the average exchange rates for the period,
unless exchange rates fluctuate significantly during that period, in which case the exchange rates at the
dates of the transactions are used. Exchange differences arising, if any, are recognised in other
comprehensive income and accumulated in equity (and attributed to non-controlling interests as
appropriate).
On the disposal of a foreign operation (i.e. a disposal of the Group's entire interest in a foreign operation,
a disposal involving loss of control over a subsidiary that includes a foreign operation, or a partial disposal
of an interest in a joint arrangement or an associate that includes a foreign operation of which the retained
interest becomes a financial asset), all of the exchange differences accumulated in equity in respect of
that operation attributable to the owners of the Company are reclassified to profit or loss.
In addition, in relation to a partial disposal of a subsidiary that includes a foreign operation that does not
result in the Group losing control over the subsidiary, the proportionate share of accumulated exchange
differences are re-attributed to non-controlling interests and are not recognised in profit or loss. For all
other partial disposals (i.e. partial disposals of associates or joint arrangements that do not result in the
Group losing significant influence or joint control), the proportionate share of the accumulated exchange
differences is reclassified to profit or loss.
Goodwill and fair value adjustments to identifiable assets acquired and liabilities assumed through
acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and
translated at the rate of exchange prevailing at the end of each reporting period. Exchange differences
arising are recognised in other comprehensive income.
Page 31
Docusign Envelope ID: 59001BBD-2CB6-4350-B10F-797441BC89D5
ACL HOLDINGS (GUERNSEY) LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
4.
Accounting policies (continued)
4.6
Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets,
which are assets that necessarily take a substantial period of time to get ready for their intended use or
sale, are added to the cost of those assets, until such time as the assets are substantially ready for their
intended use or sale.
Investment income earned on the temporary investment of specific borrowings pending their expenditure
on qualifying assets is deducted from the borrowing costs eligible for capitalisation.
All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
4.7
Employee benefits
Retirement benefit costs and termination benefits
Payments to defined contribution retirement benefit plans are recognised as an expense when employees
have rendered service entitling them to the contributions.
For defined benefit retirement benefit plans, the cost of providing benefits is determined using the
projected unit credit method, with actuarial valuations being carried out at the end of each annual reporting
period. Remeasurement, comprising actuarial gains and losses, the effect of the changes to the asset
ceiling (if applicable) and the return on plan assets (excluding interest), is reflected immediately in the
statement of financial position with a charge or credit recognised in other comprehensive income in the
period in which they occur. Remeasurement recognised in other comprehensive income is reflected
immediately in retained earnings and will not be reclassified to profit or loss. Past service cost is
recognised in profit or loss in the period of a plan amendment. Net interest is calculated by applying the
discount rate at the beginning of the period to the net defined benefit liability or asset. Defined benefit
costs are categorised as follows:
service cost (including current service cost, past service cost, as well as gains and losses on
curtailments and settlements);
net interest expense or income; and
remeasurement.
The Group presents the first two components of defined benefit costs in profit or loss in the line item
employees benefit expense. Curtailment gains and losses are accounted for as past service costs.
The retirement benefit obligation recognised in the consolidated statement of financial position represents
the actual deficit or surplus in the Group’s defined benefit plans. Any surplus resulting from this calculation
is limited to the present value of any economic benefits available in the form of refunds from the plans or
reductions in future contributions to the plans.
A liability for a termination benefit is recognised at the earlier of when the entity can no longer withdraw the
offer of the termination benefit and when the entity recognises any related restructuring costs.
4.8
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
Page 32
Docusign Envelope ID: 59001BBD-2CB6-4350-B10F-797441BC89D5
ACL HOLDINGS (GUERNSEY) LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
4.
Accounting policies (continued)
4.8
Taxation (continued)
Current and deferred tax for the year
Current and deferred tax are 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 are also recognised in other comprehensive income or directly in equity respectively. Where current
tax or deferred tax arises from the initial accounting for a business combination, the tax effect is included
in the accounting for the business combination.
Some of the Group's companies have elected to apply the UK tonnage tax regime in accordance with the
Finance Act 2000. This election operates on a rolling ten-year basis and is reaffirmed annually.
Under the tonnage tax regime, corporation tax is calculated by reference to the net tonnage of qualifying
ships, rather than on accounting profits. As a result, relevant shipping income is exempt from the standard
UK corporation tax rules. Relevant shipping income includes income derived from the operation of
qualifying ships and certain associated shipping activities.
To qualify for the regime, the company must be within the charge to UK corporation tax and meet specific
conditions, including the requirement that qualifying vessels are strategically and commercially managed
from the UK. The regime also imposes a seafarer training obligation on participating companies.
Income and profits from non-qualifying activities that fall outside the scope of the tonnage tax regime
remain subject to standard UK corporation tax.
4.9
Property, plant and equipment
Items of property, plant and equipment are measured at cost less accumulated depreciation and any
accumulated impairment losses.
If significant parts of an item of property, plant and equipment have different useful lives, then they are
accounted for as separate items (major components) of property, plant and equipment. Any gain or loss
on disposal of an item of property, plant and equipment is recognised in profit or loss. Subsequent
expenditure is capitalised only if it is probable that the future economic benefits associated with the
expenditure will flow to the Group.
Depreciation is provided on all other items of property, plant and equipment so as to write off their carrying
value over their expected useful economic lives. It is provided at the following range:
Motor vehicles
3
-
5
years
Office equipment
3
-
5
years
Computer equipment
3
-
5
years
Vessels
15
- 20
years
Page 33
Docusign Envelope ID: 59001BBD-2CB6-4350-B10F-797441BC89D5
ACL HOLDINGS (GUERNSEY) LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
4.
Accounting policies (continued)
4.10
Intangible assets
(i) Internally-generated intangible assets
Expenditure on research activities is recognised as an expense in the period in which it is incurred.
An internally-generated intangible asset arising from development (or from the development phase of an
internal project) is recognised if, and only if, all of the following have been demonstrated:
the technical feasibility of completing the intangible asset so that it will be available for use or sale;
the intention to complete the intangible asset and use or sell it;
the ability to use or sell the intangible asset;
how the intangible asset will generate probable future economic benefits;
the availability of adequate technical, financial and other resources to complete the development
and to use or sell the intangible asset; and
the ability to measure reliably the expenditure attributable to the intangible asset during its
development.
The amount initially recognised for internally-generated intangible assets is the sum of the expenditure
incurred from the date when the intangible asset first meets the recognition criteria listed above. Where no
internally-generated intangible asset can be recognised, development expenditure is recognised in profit
or loss in the period in which it is incurred.
Subsequent to initial recognition, internally-generated intangible assets are reported at cost less
accumulated amortisation and accumulated impairment losses, on the same basis as intangible assets
that are acquired separately.
(ii) Intangible assets acquired in a business combination
Intangible assets acquired in a business combination and recognised separately from goodwill are initially
recognised at their fair value at the acquisition date (which is regarded as their cost).
Subsequent to initial recognition, intangible assets acquired in a business combination are reported at cost
less accumulated amortisation and accumulated impairment losses, on the same basis as intangible
assets that are acquired separately.
4.11
Inventories
Inventories are stated at the lower of cost and net realisable value. Costs of inventories are determined on
a weighted average basis. Net realisable value represents the estimated selling price for inventories less
all estimated costs of completion and costs necessary to make the sale.
4.12
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and demand deposits, together with other short-term,
highly liquid investments maturing within 90 days from the date of acquisition that are readily convertible
into known amounts of cash and which are subject to an insignificant risk of changes in value.
4.13
Financial instruments
Financial assets and financial liabilities are recognised when a Group entity becomes a party to the
Page 34
Docusign Envelope ID: 59001BBD-2CB6-4350-B10F-797441BC89D5
ACL HOLDINGS (GUERNSEY) LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
4.
Accounting policies (continued)
4.13
Financial instruments (continued)
contractual provisions of the instruments.
Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are
directly attributable to the acquisition or issue of financial assets and financial liabilities (other than
financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from
the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction
costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through
profit or loss are recognised immediately in profit or loss.
4.14
First-time adoption of IFRS
These financial statements, for the year ended 31 March 2025, are the first the Group has prepared in
accordance with IFRS. For periods up to and including the year ended 31 March 2024, the Group has
prepared its financial statements in accordance with UK generally accepted accounting principles (UK
GAAP). The date of transition was 1 April 2023.
Accordingly, the Group has prepared financial statements that comply with IFRS applicable as at 31
March 2025, together with the comparative period data for the year ended 31 March 2024, as described in
the summary of significant accounting policies. In preparing the financial statements, the Group’s opening
statement of financial position was prepared as at 1 April 2024, the Group’s date of transition to IFRS.
This note explains the principal adjustments made by the Company in restating its UK GAAP financial
statements under IFRS.
Exemptions applied
IFRS 1 allows first-time adopters certain exemptions from the retrospective application of certain
requirements under IFRS. The Company has not applied any exemptions.
Estimates
The estimates at 1 April 2023, at 31 March 2024 and at 31 March 2025 are consistent with those made for
the same dates in accordance with UK GAAP (after adjustments to reflect any differences in accounting
policies).
Notes to the reconciliation of equity as at 1 April 2023 (date of transition to IFRS)
Prepayments – Advertising Expenditure
Under UK GAAP, the Group recognised advertising expenditure as the expected benefit fell due.
However, under IFRS, such expenditure must be recognised when incurred, regardless of the anticipated
benefit.
As at the transition date, the Group held advertising prepayments of £2,315,803. These prepayments
were derecognised under IFRS as the underlying advertising services had already been delivered. This
adjustment has been recognised as an increase to accumulated losses in retained earnings as at 1 April
2023.
Non-current Assets – Capitalised Loan Interest
Under UK GAAP, the Group capitalised loan interest of £1,022,614 as part of non-current assets. Under
IFRS, interest expenses do not qualify for capitalisation unless they meet the specific criteria under IAS 23
Page 35
Docusign Envelope ID: 59001BBD-2CB6-4350-B10F-797441BC89D5
ACL HOLDINGS (GUERNSEY) LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
4.
Accounting policies (continued)
(Borrowing Costs).
Accordingly, this amount has been derecognised at the transition date, resulting in a corresponding
increase in accumulated losses within retained earnings.
Notes to the reconciliation of equity as at 31 March 2024
Prepayments – Advertising Expenditure
As at 31 March 2024, the Group recognised advertising prepayments of £4,383,003 under UK GAAP. In
line with IFRS requirements, this balance was derecognised as under the new policy, the recognition date
has occurred.
The amount of £2,315,803 relates to the opening balance at transition and increased retained earnings.
The amount of £2,067,200 was recognised as advertising expense in the year ended 31 March 2024.
Client Protection Costs – Derecognition of Prepayments
IAs at 31 March 2024, the Group held a prepayment of £499,643 relating to Client Protection Costs under
UK GAAP. As the related services had already been delivered, this amount has been derecognised under
IFRS in accordance with the requirement to recognise expenses when incurred.
The derecognition of this prepayment resulted in an increase in Client Protection Costs for the year ended
31 March 2024 under IFRS.
Non-current Assets – Capitalised Loan Interest
Under UK GAAP, the Group had reversed previously capitalised loan interest (£1,022,614) through the
profit and loss account in the year ended 31 March 2024. Under IFRS, as the expense was already
recognised in the prior period (upon transition), this reversal was not required.
Accordingly, the reversal recorded under UK GAAP has been adjusted in IFRS, reducing the profit and
loss expense for the year and increasing retained earnings as at 31 March 2024.
Effective Interest Rate Adjustment – Transition Impact at 1 April 2023
Under UK GAAP, borrowings were previously recognised at their nominal value, with interest expense
recorded on a cash basis.
In accordance with IFRS 9 Financial Instruments, financial liabilities must be initially measured at fair
value and subsequently accounted for using the effective interest method (EIR). This requires that any
difference between the initial fair value and the redemption amount be amortised over the life of the
instrument.
As at 1 April 2023, the Group reassessed the measurement of interest-free related party loans, which are
repayable over a 10-year period. These loans were discounted to their present value using a market-
based effective interest rate of 5.84%, resulting in a difference of £30,148,081 between the nominal value
and fair value. This adjustment was recognised directly within retained earnings on transition to IFRS.
Effective Interest Rate Adjustment – Impact at 31 March 2024
Under UK GAAP, borrowings continued to be recorded at their nominal value, and interest was recognised
Page 36
Docusign Envelope ID: 59001BBD-2CB6-4350-B10F-797441BC89D5
ACL HOLDINGS (GUERNSEY) LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
4.
Accounting policies (continued)
only when paid or payable.
Under IFRS 9, the Group applied the effective interest method to both its external and related party
financial liabilities, which resulted in the following adjustments as at 31 March 2024:
Issued bonds: The application of the effective interest method to the amortisation of bond interest led
to an increase in accrued interest of £130,557 compared to the UK GAAP treatment.
Interest-free related party loans: The unwinding of the discount over time resulted in the recognition of
£2,304,516 of interest expense for the year ended 31 March 2024, reflecting the gradual amortisation
of the initial discount.
5.
Significant accounting estimates and judgments
In the application of the Group's accounting policies, the directors are required to make judgments,
estimates and assumptions about the carrying amount of assets and liabilities that are not readily
apparent from other sources. These estimates and associated assumptions are based on historical
experience and other factors that are recognised to be relevant. Actual results may differ from these
estimates. These estimates include depreciation of tangible fixed assets, and amortisation of intangible
fixed assets.
Key accounting estimates and assumptions are as follows:
Ship residual value
Determination of ship residual value - see note 13
Valuation of ships
Net yields assumption, used in determination of recoverable value - see note 13
Page 37
Docusign Envelope ID: 59001BBD-2CB6-4350-B10F-797441BC89D5
ACL HOLDINGS (GUERNSEY) LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
6.
Revenue
The following is an analysis of the Group's revenue for the year from continuing operations:
2025
2024
£
£
Sales
133,217,499
95,392,583
Commissions receivable
3,808,326
2,756,783
Other income
3,290,729
36,638
140,316,554
98,186,004
Analysis of revenue by country of destination:
2025
2024
£
£
United Kingdom
140,316,554
98,186,004
140,316,554
98,186,004
Timing of revenue recognition:
2025
2024
£
£
Goods and services transferred at a point in time
140,316,554
98,186,004
140,316,554
98,186,004
Revenue expected to be recognised in the future related to performance obligations that are unsatisfied
(or partially unsatisfied) at the year end is summarised as follows:
£
2025
2024
Sales
39,139,752
27,616,761
39,139,752
27,616,761
The above balances relates to the trips booked during the year and the departures are expected in 2025
and 2026.
Page 38
Docusign Envelope ID: 59001BBD-2CB6-4350-B10F-797441BC89D5
ACL HOLDINGS (GUERNSEY) LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2025
2024
£
£
Contract assets
Trade receivables
77,164
191,594
77,164
191,594
Contract assets are transferred to receivables when the rights become unconditional and the unbilled
services provided.
2025
2024
£
£
Contract liabilities
Deferred income
(39,139,752)
(27,616,761)
(39,139,752)
(27,616,761)
Contract liabilities primarily relate to the advance consideration received from customers in relation to the
sale of cruises.
7.
Expenses by nature
2025
2024
£
£
Tangible fixed assets - depreciation
9,277,641
7,073,359
Intangible fixed assets - amortisation
317,118
210,959
Difference on foreign exchange
(523,970)
571,081
8.
Auditors' remuneration
During the year, the Group obtained the following services from the Company's auditors:
2025
2024
£
£
Fees payable to the Group's auditor and its asociates for the audit of the
Group's annual financial statements
60,000
46,000
Fees payable to the Company's auditors and their associates in respect of:
Non-audit services
25,500
20,500
Page 39
Docusign Envelope ID: 59001BBD-2CB6-4350-B10F-797441BC89D5
ACL HOLDINGS (GUERNSEY) LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
9.
Employee benefit expenses
Group
2025
2024
£
£
Employee benefit expenses (including directors) comprise:
Wages and salaries
5,674,503
4,615,876
National insurance
588,331
406,697
Defined contribution pension cost
103,803
84,568
6,366,637
5,107,141
Key management personnel compensation
Key management personnel are those persons having authority and responsibility for planning, directing
and controlling the activities of the Group, including the directors of the Company listed on page 7, and
the Financial Controller of the Company.
2025
2024
£
£
Salary
2,419,953
2,129,925
Defined contribution scheme costs
30,165
27,909
2,450,118
2,157,834
The monthly average number of persons, including the directors, employed by the Group during the year
was as follows:
2025
2024
No.
No.
Employees
95
78
95
78
10.
Directors' remuneration
The highest paid director received remuneration of £1,061,000 (2024 - £780,000).
There are no defined contribution pension scheme payments made in respect of directors.
Page 40
Docusign Envelope ID: 59001BBD-2CB6-4350-B10F-797441BC89D5
ACL HOLDINGS (GUERNSEY) LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
11.
Finance income and expense
Recognised in profit or loss
2025
2024
£
£
Finance income
Interest on:
- Bank deposits
986,196
638,899
Total finance income
986,196
638,899
Finance expense
Finance leases (interest portion)
17,258
4,708
Fleetscape financing costs
-
5,976,552
Other loans interest costs
11,004,708
5,752,793
Total finance expense
11,021,966
11,734,053
Net finance expense recognised in profit or loss
(10,035,770)
(11,095,154)
Page 41
Docusign Envelope ID: 59001BBD-2CB6-4350-B10F-797441BC89D5
ACL HOLDINGS (GUERNSEY) LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
12.
Tax expense
12.1 Income tax recognised in profit or loss
2025
2024
£
£
Current tax
Current tax on profits for the year
36,604
36,482
36,604
36,482
The reasons for the difference between the actual tax charge for the year and the standard rate of
corporation tax in the United Kingdom applied to losses for the year are as follows:
2025
2024
£
£
Loss for the year
(9,534,616)
(33,403,558)
Income tax expense (including income tax on associate, joint venture and
discontinued operations)
36,604
36,482
Loss before income taxes
(9,498,012)
(33,367,076)
Tax using the Company's domestic tax rate of 25% (2024:25%)
(2,374,503)
(8,341,769)
Losses under the tonnage tax regime
-
6,922,311
Expenses non deductible for tax purposes
301,209
520,690
Fixed asset differences
-
(1,478,390)
Adjustments to brought forward values
-
1,385
Tonnage tax
36,604
36,482
Adjustments to losses
-
3,740,878
Movement in deferred tax not recognised
2,073,294
(1,363,737)
Other movements
-
(1,368)
Total tax expense
36,604
36,482
Changes in tax rates and factors affecting the future tax charges
There were no factors that may affect future tax charges.
Estimates and assumptions
The Group has unrecognised deferred tax asset in the UK of approximately £1,905,000 (2024: £489,000)
that relates to losses and accelerated capital allowances.
Due to the using tonnage tax regime for some of the Group companies, their losses were not allowed to
be recognised as deferred tax asset.
Page 42
Docusign Envelope ID: 59001BBD-2CB6-4350-B10F-797441BC89D5
ACL HOLDINGS (GUERNSEY) LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
12.
Tax expense (continued)
12.2 Current tax assets and liabilities
2025
2024
£
£
Current tax liabilities
Corporation tax payable
36,606
36,482
36,606
36,482
Page 43
Docusign Envelope ID: 59001BBD-2CB6-4350-B10F-797441BC89D5
ACL HOLDINGS (GUERNSEY) LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
13.
Property, plant and equipment
Group
Motor
vehicles
Office
equipment
Computer
equipment
Vessels
Total
£
£
£
£
£
Cost or valuation
At 1 April 2023
58,314
4,378
98,993
93,851,798
94,013,483
Additions
11,409
169,683
49,392
23,339,344
23,569,828
Revaluations
-
-
-
30,852,340
30,852,340
At 31 March 2024
69,723
174,061
148,385
148,043,482
148,435,651
Additions
5,461
34,477
79,618
2,940,034
3,059,590
Revaluations
-
-
-
1,934,154
1,934,154
At 31 March 2025
75,184
208,538
228,003
152,917,670
153,429,395
Page 44
Docusign Envelope ID: 59001BBD-2CB6-4350-B10F-797441BC89D5
ACL HOLDINGS (GUERNSEY) LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
13.
Property, plant and equipment (continued)
Motor
vehicles
Office
equipment
Computer
equipment
Vessels
Total
£
£
£
£
£
Accumulated depreciation and impairment
At 1 April 2023
25,341
1,337
25,485
3,855,580
3,907,743
Charge owned for the year
21,171
1,678
44,579
6,962,547
7,029,975
Charged financed for the year
-
43,384
-
-
43,384
On revalued assets
-
-
-
2,387,297
2,387,297
At 31 March 2024
46,512
46,399
70,064
13,205,424
13,368,399
Charge owned for the year
18,994
2,190
61,778
9,148,672
9,231,634
Charged financed for the year
-
46,007
-
-
46,007
On revalued assets
-
-
-
595,440
595,440
At 31 March 2025
65,506
94,596
131,842
22,949,536
23,241,480
Net book value
At 1 April 2023
32,973
3,041
73,508
89,996,218
90,105,740
At 31 March 2024
23,211
127,662
78,321
134,838,058
135,067,252
At 31 March 2025
9,678
113,942
96,161
129,968,134
130,187,915
Page 45
Docusign Envelope ID: 59001BBD-2CB6-4350-B10F-797441BC89D5
ACL HOLDINGS (GUERNSEY) LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
13.
Property, plant and equipment (continued)
13.1. Assets held under leases
The net book value of owned and leased assets included as "Property, plant and equipment" in the
Consolidated Statement of Financial Position is as follows:
31 March
2025
31 March
2024
£
£
Property, plant and equipment owned
130,082,434
134,941,677
Right-of-use assets, excluding investment property
105,481
125,575
130,187,915
135,067,252
Information about right-of-use assets is summarised below:
Net book value
31 March
2025
31 March
2024
£
£
Office and computer equipment
105,481
125,575
105,481
125,575
Depreciation charge for the year ended
31 March
2025
31 March
2024
£
£
Office and computer equipment
46,007
43,384
46,007
43,384
Additions to right-of-use assets
31 March
2025
31 March
2024
£
£
Additions to right-of-use assets
25,913
-
Page 46
Docusign Envelope ID: 59001BBD-2CB6-4350-B10F-797441BC89D5
ACL HOLDINGS (GUERNSEY) LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
13.
Property, plant and equipment (continued)
13.2 Fair value measurement
Vessels classified as property, plant and equipment were valued on 7/02/2025 (2024: 30/08/2024)
using market-based approach. This methodology involves the engagement of independent external
brokers, who provide an estimated market value based on their professional judgment and market
knowledge.
Valuation Process
1. External Broker Engagement: The Group regularly commissions external brokers with expertise in
maritime assets and the cruise industry. These brokers utilize their market intelligence, experience, and
access to industry data to prepare a market-based valuation of the cruise ships.
2. Market-Based Valuation Approach: The brokers assess the likely sale price of the ships by considering
several factors, including:
- Comparable sales of similar vessels in the market.
- The condition, age, and technical specifications of the ships.
- Current market demand and trends in the cruise industry.
- Historical sale prices of similar vessels, adjusted for time and market shifts.
- The geographical location and buyer-seller dynamics specific to the sale of maritime assets.
3. Fair Value Measurement: The external brokers provide a fair market value estimate that reflects the
price at which the cruise ship would be sold in an orderly transaction between market participants at the
measurement date. This valuation is intended to represent the highest and best use of the asset in its
current condition.
4.Frequency of Valuation: The fair value of cruise ships is reviewed periodically, and external valuations
are commissioned as needed.
There were no changes to the valuation techniques during the year.
The fair value measurement is based on the above items' highest and best use, which does not differ from
their actual use.
Page 47
Docusign Envelope ID: 59001BBD-2CB6-4350-B10F-797441BC89D5
ACL HOLDINGS (GUERNSEY) LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
13.
Property, plant and equipment (continued)
13.2 Fair value measurement (continued)
If the vessels had not been included at valuation, it would have been included under the historical cost
convention as follows:
2025
2024
£
£
Cost
120,131,176
88,726,099
Accumulated depreciation
(17,528,267)
(10,296,986)
102,602,909
78,429,113
13.3 Assets pledged as security
Vessels are pledged as security for the Bonds issued by the Group for both reporting periods.
14.
Intangible assets
Group
Computer
software
Total
£
£
Cost
At 1 April 2023
811,277
811,277
Additions - external
482,672
482,672
At 31 March 2024
1,293,949
1,293,949
Additions - external
636,958
636,958
At 31 March 2025
1,930,907
1,930,907
Page 48
Docusign Envelope ID: 59001BBD-2CB6-4350-B10F-797441BC89D5
ACL HOLDINGS (GUERNSEY) LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
14.
Intangible assets (continued)
Computer
software
Total
£
£
Accumulated amortisation and impairment
At 1 April 2023
170,956
170,956
Charge for the year - owned
210,959
210,959
At 31 March 2024
381,915
381,915
Charge for the year - owned
317,118
317,118
At 31 March 2025
699,033
699,033
Net book value
At 1 April 2023
640,321
640,321
At 31 March 2024
912,034
912,034
At 31 March 2025
1,231,874
1,231,874
Page 49
Docusign Envelope ID: 59001BBD-2CB6-4350-B10F-797441BC89D5
ACL HOLDINGS (GUERNSEY) LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
15.
Subsidiaries
Details of the Group's material subsidiaries at the end of the reporting period are as follows:
Name of
subsidiary
Principal activity
Place of incorporation and
operation
Proportion of ownership
interest and voting power
held by the Group (%)
2025
2024
1) Ambassador Cruise Line
Limited
Cruise line
operator
8th Floor, Becket House, 36
Old Jewry, London, EC2R
8DD
100
100
2) Ambassador Cruise
Holidays Limited
Cruise line agent
8th Floor, Becket House, 36
Old Jewry, London, EC2R
8DD
100
100
3) Wake Asset Co Ltd
Vessel ownership
Craigmuir Chambers,Road
Town, Tortola,Virgin
Islands, Vg 1110
100
100
4) CVI Group Limited
Dormant
8th Floor, Becket House, 36
Old Jewry, London, EC2R
8DD
100
100
Company
2025
2024
Note
£
£
Investments in subsidiary companies
15
103,815,993
103,785,994
103,815,993
103,785,994
16.
Stocks
Group
2025
2024
£
£
Food, beverage and fuel stocks
4,380,761
5,165,686
4,380,761
5,165,686
The amount of inventories recognised as an expense during 2025 was £39,359,685 (2024 -
£36,311,718).
Page 50
Docusign Envelope ID: 59001BBD-2CB6-4350-B10F-797441BC89D5
ACL HOLDINGS (GUERNSEY) LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
17.
Trade and other receivables
Group
2025
2024
£
£
Trade receivables
77,164
191,594
Trade receivables - net
77,164
191,594
Receivables from related parties
38,950
-
Total financial assets other than cash and cash equivalents classified
as loans and receivables
116,114
191,594
Prepayments and accrued income
5,772,148
2,978,107
Other receivables
2,452,376
1,975,101
Total trade and other receivables
8,340,638
5,144,802
Total current portion
(8,340,638)
(5,144,802)
Company
2025
2024
£
£
Trade receivables
1,167
65
Trade receivables - net
1,167
65
Receivables from group companies
49,647,644
49,209,224
Total financial assets other than cash and cash equivalents classified
as loans and receivables
49,648,811
49,209,289
Total current portion
(49,648,811)
(49,209,289)
Page 51
Docusign Envelope ID: 59001BBD-2CB6-4350-B10F-797441BC89D5
ACL HOLDINGS (GUERNSEY) LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
17.
Trade and other receivables (continued)
Credit risk for receivables from related parties has not increased significantly since their initial recognition
and remains as £Nil.
The carrying amounts of trade and other receivables are measured at amortised cost approximate their
fair values. The group does not hold any collateral as security against these balances.
The group applies the simplified approach under IFRS 9 to measure expected credit losses (ECL) on
trade receivables and contract assets, whereby a lifetime ECL is recognised from initial recognition.
Based on the historic analysis and consideration of forward-looking information, the group determined
that no material credit losses are expected and no provision is required at the reporting date.
Receivables from related parties have been assessed individually for impairment. There has been no
significant increase in credit risk since initial recognition, and no loss allowance has been recognised in
relation to these balances.
18.
Cash and cash equivalents
Group
2025
2024
£
£
Cash at bank available on demand
31,824,138
23,962,359
Cash on hand
350,476
359,386
Cash and cash equivalents in the statement of financial position
32,174,614
24,321,745
Cash and cash equivalents in the statement of cash flows
32,174,614
24,321,745
Customers’ payments for cruises are fully protected as all payments are fully insured by a Financial
Failure policy underwritten by Accelerant EU. Additionally, customers’ funds are paid into a trust account
and only released when the cruise has started. The amount held in the trust account as at 31 March 2025
was £19,516,337 (2024: £16,300,000).
Page 52
Docusign Envelope ID: 59001BBD-2CB6-4350-B10F-797441BC89D5
ACL HOLDINGS (GUERNSEY) LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
19.
Trade and other payables
Group
2025
2024
£
£
Trade payables
9,967,722
8,112,947
Other payables
979,787
1,069,712
Accruals
3,666,864
1,597,928
Total financial liabilities, excluding loans and borrowings, classified
as financial liabilities measured at amortised cost
14,614,373
10,780,587
Other payables - tax and social security payments
197,714
348,194
Deferred income
43,460,720
37,277,692
Total trade and other payables
58,272,807
48,406,473
Less: current portion - trade payables
(9,967,722)
(8,112,947)
Less: current portion - other payables
(1,177,501)
(1,417,906)
Less: current portion - accruals
(3,666,864)
(1,597,928)
Less: current portion - deferred income
(43,460,720)
(37,277,692)
Total current portion
(58,272,807)
(48,406,473)
Total non-current position
-
-
Page 53
Docusign Envelope ID: 59001BBD-2CB6-4350-B10F-797441BC89D5
ACL HOLDINGS (GUERNSEY) LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
19.
Trade and other payables (continued)
Company
2025
2024
£
£
Payables to group companies
29,041,361
21,623,840
Other payables
33,287
22,756
Accruals
450,000
450,000
Total financial liabilities, excluding loans and borrowings, classified
as financial liabilities measured at amortised cost
29,524,648
22,096,596
Less: current portion - payables to group companies
(6,299,753)
(14,140,082)
Less: current portion - other payables
(33,287)
(22,756)
Less: current portion - accruals
(450,000)
(450,000)
Total current portion
(6,783,040)
(14,612,838)
Total non-current position
22,741,608
7,483,758
Accruals and deferred income includes receipts from customers for departures after the balance sheet
date amounting to £39,139,752 (2024: £27,616,761).
The carrying value of trade and other payables classified as financial liabilities measured at amortised
cost approximates fair value.
Page 54
Docusign Envelope ID: 59001BBD-2CB6-4350-B10F-797441BC89D5
ACL HOLDINGS (GUERNSEY) LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
20.
Loans and borrowings
Group
2025
2024
£
£
Non-current
Related parties loans
44,204,513
49,154,453
Bonds issued
51,348,581
50,837,439
Lease liabilities
66,559
95,133
95,619,653
100,087,025
Current
Related parties loans
8,497,065
-
Lease liabilities
45,647
41,489
8,542,712
41,489
Total loans and borrowings
104,162,365
100,128,514
The carrying value of loans and borrowings classified as financial liabilities measured at amortised cost
approximates fair value.
Related party unsecured loan of £44.2 million (2024: £49.2 million) is interest-free and repayable over a
period of 10 years. The loan has a nominal value of €68.8 million and has been recognised at fair value,
calculated as the present value of future cash flows discounted using an effective interest rate of 5.84%.
Related parties unsecured loan of £0.5 million (2024: £0.5 million)s interest-free and repayable over a
period of 10 years. The loan has a nominal value of £0.8 million and has been recognised at fair value,
calculated as the present value of future cash flows discounted using an effective interest rate of 5.84%.
In February 2024 the group has issued bonds denominated in euros with a total redemption value of €61.8
million and a maturity of three years. The bonds carry a fixed annual interest rate of 11.5%. As part of the
bond agreement, the group’s vessels have been pledged as collateral.
Related parties unsecured loan of £8,5 million (2024: £7.4 million) is repayable within 12 months and
carries a compound annual interest rate of 15%.
The group has complied with the financial covenants of its loans during both periods presented.
Page 55
Docusign Envelope ID: 59001BBD-2CB6-4350-B10F-797441BC89D5
ACL HOLDINGS (GUERNSEY) LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
20.
Loans and borrowings (continued)
The currency profile of the Group's loans and borrowings is as follows:
2025
2024
£
£
GBP
52,279,906
48,786,655
Euro
51,882,459
51,341,859
104,162,365
100,128,514
Page 56
Docusign Envelope ID: 59001BBD-2CB6-4350-B10F-797441BC89D5
ACL HOLDINGS (GUERNSEY) LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
20.
Loans and borrowings (continued)
Company
2025
2024
£
£
Non-current
Related parties loans
44,204,513
41,765,413
Bonds issued
51,348,581
50,837,439
Total loans and borrowings
95,553,094
92,602,852
The carrying value of loans and borrowings classified as financial liabilities measured at amortised cost
approximates fair value.
Related party unsecured loan of £44.2 million (2024: £49.2 million) is interest-free and repayable over a
period of 10 years. The loan has a nominal value of €68.8 million and has been recognised at fair value,
calculated as the present value of future cash flows discounted using an effective interest rate of 5.84%.
Related parties unsecured loan of £0.5 million (2024: £0.5 million)s interest-free and repayable over a
period of 10 years. The loan has a nominal value of £0.8 million and has been recognised at fair value,
calculated as the present value of future cash flows discounted using an effective interest rate of 5.84%.
In February 2024 the company has issued bonds denominated in euros with a total redemption value of
€61.8 million and a maturity of three years. The bonds carry a fixed annual interest rate of 11.5%. As part
of the bond agreement, the subsidiary company's vessels have been pledged as collateral.
The currency profile of the Company's loans and borrowings is as follows:
2025
2024
£
£
GBP
43,670,635
41,260,993
Euro
51,882,459
51,341,859
95,553,094
92,602,852
Page 57
Docusign Envelope ID: 59001BBD-2CB6-4350-B10F-797441BC89D5
ACL HOLDINGS (GUERNSEY) LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
21.
Share capital
Issued and fully paid
2025
2025
2024
2024
Number
£
Number
£
Ordinary shares of £1.00 each
At 1 April and 31 March
8,903,841
8,903,841
8,903,841
8,903,841
Ordinary shares have attached to them full voting, dividend and capital distribution rights.
22.
Reserves
Share premium
Share premium includes any premium received on issue of share capital. Any transaction costs
associated with the issuing of shares are deducted from share premium.
Revaluation reserve
The Company's revaluation reserves reflect the increase in its valuation of vessels. Valuations were
undertaken by a 3rd party company.
Profit and loss account
The profit and loss account represents cumulative profit and loss net of distributions to owners.
23.
Leases
Group
(i) Leases as a lessee
The Group has lease contracts for various items of office equipment installed on vessels and motor
vehicles used in its operations. Leases generally have lease terms of 5 years. The Group’s obligations
under its leases are secured by the lessor’s title to the leased assets. The internal borrowing rate used is
the rate appertaining to the individual subsidiary companies who are the parties to the leases and is circa
12%.
Page 58
Docusign Envelope ID: 59001BBD-2CB6-4350-B10F-797441BC89D5
ACL HOLDINGS (GUERNSEY) LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
23.
Leases (continued)
Lease liabilities are due as follows:
2025
2024
£
£
Contractual undiscounted cash flows due
Not later than one year
49,936
53,400
Between one year and five years
67,251
101,436
117,187
154,836
Right-of-use lease liabilities
112,206
136,622
Non-current right-of-use liabilities
66,559
95,133
Current right-of-use liabilities
45,647
41,489
The Group does not consider that there would be any material impact on the business should extensions
not be granted to the existing leases or if early termination was required by either the Group or the
lessors.
The following amounts in respect of leases have been recognised in profit or loss:
2025
2024
£
£
Interest expense on lease liabilities
13,464
18,322
Depreciation of Right of use assets
46,007
43,384
Expenses relating to short-term leases
139,223
147,640
Page 59
Docusign Envelope ID: 59001BBD-2CB6-4350-B10F-797441BC89D5
ACL HOLDINGS (GUERNSEY) LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
24.
Financial instruments - fair values and risk management
24.1 Financial risk management objectives
Throughout the group, we have identified key financial risks and set out the following objectives to
manage them.
Prevent and Detect Fraud: Maintain a robust control environment that safeguards assets and ensures
ethical conduct across all operations.
Minimise Exposure to Bad Debt: Uphold strong credit risk governance and debtor management
practices to protect revenue integrity and cash flow stability.
Manage Foreign Exchange (FX) Volatility: Limit the financial impact of currency fluctuations on
international transactions, supplier agreements, and multi-market operations through proactive FX risk
oversight.
Ensure Liquidity Resilience: Sustain optimal liquidity levels to meet short- and medium-term
obligations, enabling operational agility and strategic execution under varying market conditions.
Control Fuel Price Volatility: Mitigate fluctuations in marine fuel costs to maintain predictable operating
margins and support pricing consistency.
Optimise Interest Rate and Debt Exposure: Monitor and manage interest rate risk to ensure capital
cost efficiency and financial predictability across borrowing activities.
Safeguard Capital Structure: Maintain a prudent and balanced capital framework that supports growth
ambitions, absorbs external shocks, and preserves long-term financial health.
Page 60
Docusign Envelope ID: 59001BBD-2CB6-4350-B10F-797441BC89D5
ACL HOLDINGS (GUERNSEY) LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
24.
Financial instruments - fair values and risk management (continued)
24.2 Market risk
In our line of business, various risks have been identified within the industry. Specifically, we have
identified the following risks and designed mitigating actions within our risk management plans.
Competitive Pricing Pressure:
- Intense price competition from established players or new entrants can compress margins and
undermine brand positioning.
- Aggressive discounting may trigger price wars, reducing profitability across the sector.
Regional Overcapacity
- Excess deployment of ships in saturated markets (e.g. Caribbean, Mediterranean) can lead to lower
yields per passenger and diluted demand.
- Overcapacity may also strain port infrastructure and reduce operational efficiency.
Weather-Related Disruptions
- Hurricanes, storms, and adverse sea conditions can force itinerary changes, port closures, or
cancellations.
- These events impact revenue, increase operating costs, and may affect customer satisfaction and
future bookings.
Environmental Activism & Climate Sentiment
- Growing scrutiny from environmental groups and climate-conscious consumers may influence
demand and brand reputation.
- Regulatory pressure around emissions, fuel types, and port sustainability is increasing, requiring
costly compliance measures.
- In a changing political landscape, we face the risk that local and regional ports will leverage
incremental tourism and cruise specific taxes.
24.3 Foreign currency risk management
The Group undertakes transactions denominated in foreign currencies; consequently, exposures to
exchange rate fluctuations arise. Exchange rate exposures are managed within approved policy
parameters utilising forward foreign exchange contracts.
The carrying amounts of the Group's foreign currency denominated monetary assets and monetary
liabilities at the end of the reporting period are as follows:
Liabilities
Assets
2025
2024
2025
2024
£
£
£
£
Euro
(51,882,459)
(51,341,859)
4,118,150
2,705,810
USD
-
-
726,816
1,785,245
(51,882,459)
(51,341,859)
4,844,966
4,491,055
Page 61
Docusign Envelope ID: 59001BBD-2CB6-4350-B10F-797441BC89D5
ACL HOLDINGS (GUERNSEY) LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
24.
Financial instruments - fair values and risk management (continued)
24.3 Foreign currency risk management (continued)
Foreign currency sensitivity analysis
The Group is mainly exposed to the Euro and the US Dollar.
The following table details the Group's sensitivity to a 5% increase and decrease in the pound sterling
against the relevant foreign currencies. 5% is the sensitivity rate used when reporting foreign currency
risk internally to key management personnel and represents management's assessment of the
reasonably possible change in foreign exchange rates. The sensitivity analysis includes only outstanding
foreign currency denominated monetary items and adjusts their translation at the period end for a 5%
change in foreign currency rates. The sensitivity analysis includes external loans as well as loans to
foreign operations within the Group where the denomination of the loan is in a currency other than the
functional currency of the lender or the borrower. A positive number below indicates an increase in profit
or equity where the pound sterling strengthens 5% against the relevant currency. For a 5% weakening of
the pound sterling against the relevant currency, there would be a comparable impact on the profit or
equity, and the balances below would be negative.
Euro impact
US Dollar impact
2025
2024
2025
2024
£
£
£
£
Profit or loss
(2,388,215)
(2,431,802)
36,341
89,262
24.4 Other price risks
There is an economic risk around fuel because of fluctuations in the global oil price which might negatively
impact the profitability of our business.
Although we believe there are policies in place regulating the oil sectors which have helped to prevent the
identified risk so far, we are also forward buying our fuel to mitigate relative exposure to the envisaged
negative effect of changes in oil prices. We also intend to buy by area of supply in order to further mitigate
and seek future opportunities to reduce overall fuel consumption.
24.5 Credit risk management
We have identified the risk of key customers going bankrupt and resulting in a large financial loss to the
business.
In addition to having well-trained credit control personnels, we have agreed to design a Supplier code of
conduct, including compliance with applicable laws, modern slavery, anti-bribery, data protection. Our
Business also has protection against agency failures through TMT.
The Credit control team will always look for anomalies in partner transactions, send reminders on open
invoices and engage the service of a collection agency to recover debts where necessary.
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Docusign Envelope ID: 59001BBD-2CB6-4350-B10F-797441BC89D5
ACL HOLDINGS (GUERNSEY) LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
24.
Financial instruments - fair values and risk management (continued)
24.6 Liquidity risk management
Liquidity and interest risk tables
The following tables detail the Group's remaining contractual maturity for its non-derivative financial liabilities with agreed repayment periods. The tables have
been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Group can be required to pay. The tables
include both interest and principal cash flows. To the extent that interest flows are floating rate, the undiscounted amount is derived from interest rate curves at
the end of the reporting period. The contractual maturity is based on the earliest date on which the Group may be required to pay.
Carrying
amount
Total 1 - 3 months
3 - 12
months
1 - 2 years
2 - 5 years
More than 5
years
£
£
£
£
£
£
£
31 March 2025
Unsecured other loans
52,701,578
81,858,977
-
-
-
12,250,000
69,608,977
Secured bond issues
51,348,581
65,739,130
-
6,000,000
59,739,130
-
-
Trade payables
9,967,722
9,967,722
9,967,722
-
-
-
-
114,017,881
157,565,829
9,967,722
6,000,000
59,739,130
12,250,000
69,608,977
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Docusign Envelope ID: 59001BBD-2CB6-4350-B10F-797441BC89D5
ACL HOLDINGS (GUERNSEY) LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
24.
Financial instruments - fair values and risk management (continued)
24.6 Liquidity risk management (continued)
Carrying
amount
Total 1 - 3 months
3 - 12
months
1 - 2 years
2 - 5 years
More than 5
years
£
£
£
£
£
£
£
31 March 2024
Unsecured other loans
49,154,452
81,858,977
-
-
-
12,250,000
69,608,977
Secured bond issues
50,837,439
71,739,130
-
6,000,000
6,000,000
59,739,130
-
Trade payables
8,112,947
8,112,947
8,112,947
-
-
-
-
108,104,838
161,711,054
8,112,947
6,000,000
6,000,000
71,989,130
69,608,977
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Docusign Envelope ID: 59001BBD-2CB6-4350-B10F-797441BC89D5
ACL HOLDINGS (GUERNSEY) LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
25.
Pension commitments
The Group operates a defined contributions pension scheme. The assets of the scheme are held
separately from those of the Group in an independently administered fund. The pension cost charge
represents contributions payable by the Group to the fund and amounted to £103,803 (2024: £84,568).
Contributions totalling £21,894 (2024: £32,452) were payable to the fund at the reporting date and are
included in creditors.
26.
Related party transactions
Balances and transactions between the Company and its subsidiaries, which are related parties of the
Company, have been eliminated on consolidation and are not disclosed in this note. Details of
transactions between the Group and other related parties are disclosed below.
26.1 Loans from related parties
2025
2024
£
£
Wake Guernsey Limited
43,670,634
41,260,992
CVI
533,878
504,420
44,204,512
41,765,412
26.2 Other related party transactions
Other related party transactions are as follows:
Related party
relationship
Type of
transaction
Transaction amount
Balance owed
2025
2024
2025
2024
£
£
£
£
Channel Holdco LTD Other revenue
38,950
-
38,950
-
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Docusign Envelope ID: 59001BBD-2CB6-4350-B10F-797441BC89D5
ACL HOLDINGS (GUERNSEY) LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
27.
Analysis of amounts recognised in other comprehensive income
Note
Revaluation
reserve
£
Year to 31 March 2025
Items that will not be reclassified to profit or loss:
Profit/loss on vessel revaluation
13
1,338,714
1,338,714
Note
Revaluation
reserve
£
Year to 31 March 2024
Items that will not be reclassified to profit or loss:
Profit/loss on vessel revaluation
13
28,465,043
28,465,043
Page 66
Docusign Envelope ID: 59001BBD-2CB6-4350-B10F-797441BC89D5
ACL HOLDINGS (GUERNSEY) LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
28.
Capital management
The Group’s objectives in managing capital are:
•
To ensure the Group remains solvent and continues as a going concern; and
•
To support the long-term operational stability and growth of the Company, while providing an
adequate return to shareholders by pricing products and services in a manner that reflects the level
of risk associated with delivering those goods and services.
The Group monitors capital using a net debt to adjusted total equity ratio. Net debt is calculated as total
debt less cash and cash equivalents, while adjusted total equity is defined as the sum of shareholders'
equity and net debt.
In addition to this metric, the Group is also subject to certain other capital ratio requirements in
accordance with the terms of its bond issuance. These covenant requirements include maintaining
specific ratios such as the vessel loan-to-value ratio, minimum cash position, and net leverage ratio.
Since the issuance of the bond in February 2024, the Group has complied with all covenant obligations,
including the maintenance of required capital ratios.
During the year ended 31 March 2025, the Group's strategy was to maintain a gearing ratio within 60% to
70% which was unchanged from the previous year.
The gearing ratios at 31 March 2025 and 31 March 2024 were as follows:
2025
2024
£
£
Debt
104,162,365
100,128,514
Cash and cash equivalents
(32,174,614)
(24,321,745)
Net debt
71,987,751
75,806,769
Shareholders' equity
13,880,630
22,076,532
Net debt
71,987,751
75,806,769
Total equity
85,868,381
97,883,301
Net debt to total equity ratio
%
84
%
77
29.
Events after the reporting date
Group
No adjusting or significant non-adjusting events have occurred between the 31 March reporting date and
the date of authorisation.
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Docusign Envelope ID: 59001BBD-2CB6-4350-B10F-797441BC89D5
ACL HOLDINGS (GUERNSEY) LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
30.
Controlling party
The immediate parent company is Wake Guernsey Limited (previous name Wake Luxco S.a.r.l), a
company incorporated and registered in Luxembourg.
The ultimate parent company is Channel Holdco Limited, a company incorporated and registered in
Guernsey.
Page 68
Docusign Envelope ID: 59001BBD-2CB6-4350-B10F-797441BC89D5
