CARNIVAL UK LTD: Financial Profile & Company Analysis
Executive Summary
CARNIVAL UK LTD. (company number 04039524) functions as a primary UK operating entity within the dual-listed company (DLC) framework of Carnival Corporation & plc. Financial statements filed for the period ending 30 November 2025 record annual turnover of £10.019 billion and a profit before tax of £1.341 billion, representing a substantial operational recovery from post-pandemic trading deficits. The Boards of Directors have recommended unifying the dual-listed corporate structure under a single entity, Carnival Corporation (shifting legal incorporation from Panama to Bermuda), which will result in Carnival plc de-listing from the London Stock Exchange and New York Stock Exchange to become a wholly-owned UK subsidiary. Access the full corporate filings and timeline via the [CARNIVAL UK LTD. record](/company/04039524).
What the Numbers Show
CARNIVAL UK LTD.'s historical filings reflect the extreme capital swings characteristic of global maritime cruise operators over the 2021-2025 reporting cycles. The company moved from an operating loss of £7.089 billion in FY2021 (DLC level) and a loss before tax of £2.797 billion in FY2022 to positive earnings before tax of £246 million in FY2023 and £1.341 billion in FY2025.
Five-Year Financial Overview
The following table summarizes the key financial metrics extracted from statutory filings submitted under UK IFRS and DLC reporting standards:
| Accounting Period End | Turnover | Profit Before Tax | Fixed Assets | Current Assets | Cash at Bank | Total Liabilities | Net Assets |
| :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- |
| 30/11/2025 | £10,019m | £1,341m | £13,958m | £1,839m | £545m | £12,796m | £3,770m |
| 30/11/2023 | Not Recorded | £246m | £11,480m | £2,176m | £1,363m | £13,221m | £569m |
| 30/11/2022 | Not Recorded | (£2,797m) | £13,469m | £862m | £251m | £15,932m | (£940m) |
| 30/11/2021 | Not Recorded | Not Recorded | £38,107m | £10,133m | £8,939m | £41,199m | £12,144m |
Balance Sheet, Working Capital, and Gearing
Turnover reached £10.019 billion in FY2025, supported by record global passenger cruise booking trends and customer deposits. Gross asset backing relies on heavy fixed asset values (£13.958 billion in FY2025), primarily representing cruise fleet capacity and maritime infrastructure.
Net assets recovered to £3.770 billion in FY2025, up from £569 million in FY2023 and a deficit of £940 million in FY2022. Total liabilities stand at £12.796 billion, comprising £4.560 billion in current liabilities and £8.236 billion in long-term obligations. At the combined DLC level, total debt was recorded at $32.188 billion (£25.3 billion equivalent) as of 30 November 2025, with 54% fixed rate USD and 31% EUR fixed rate debt.
The group operates with a structural working capital deficit ($8.9 billion in FY2025, compared to $8.2 billion in FY2024), driven by advance customer deposits ($6.8 billion in FY2025). This negative working capital model is standard for cruise operators, as passenger ticket revenues are collected months prior to voyage execution, generating substantial operational cash flows (£6.2 billion globally in FY2025).
Directors and Ownership
CARNIVAL UK LTD. operates under a centralized executive leadership structure aligned with its parent group. Public filings show a significant board restructuring event on 8 May 2026.
Current Officers
- Mr Joshua Ian WEINSTEIN: Director, appointed 1 August 2022. (American, resident in the United States, born March 1974).
- Mr Lars Jakob LJOEN: Director, appointed 8 May 2026. (American/Norwegian, resident in the United Kingdom, born December 1969).
- Mr Paul Mark LUDLOW: Director, appointed 8 May 2026. (British, resident in the United Kingdom, born July 1979).
- Ms Doreen Star FURNARI: Company Secretary, appointed 1 June 2023.
Resignations Recorded on 8 May 2026
On 8 May 2026, ten non-executive and executive directors resigned simultaneously from CARNIVAL UK LTD. as part of corporate governance realignments preceding the DLC unification:
- Mr Michael Meir ARISON (appointed April 2003)
- Sir Jonathon BAND (appointed April 2010)
- Mr Jason Glen CAHILLY (appointed July 2017)
- Ms Nelda Janine CONNORS (appointed April 2024)
- Ms Helen DEEBLE CBE (appointed July 2016)
- Mr Jeffrey James GEARHEART (appointed April 2020)
- Ms Kathleen LAHEY (appointed January 2019)
- Mr Stuart SUBOTNICK (appointed April 2003)
- Ms Laura WEIL (appointed January 2007)
- Mr Randall John WEISENBURGER (appointed January 2009)
Previous board departures include Ms Siloo Sara MATHEW (resigned 16 April 2025) and Mr Arnold Wayne DONALD (resigned 30 November 2022). Historical secretary Mr Arnaldo PEREZ resigned on 1 June 2023.
Ownership Structure
CARNIVAL UK LTD. is a direct subsidiary within the Carnival Corporation & plc DLC structure. The register contains no separate entries under the UK Person with Significant Control (PSC) regime in the supplied public dataset.
Recent Activity and Corporate Restructuring
Proposed DLC Unification
The Boards of Directors have formally recommended unifying the dual-listed company setup into a single corporate parent entity. Under the proposal:
1. Corporate Parent Reorganization: Carnival Corporation will shift its legal jurisdiction of incorporation from Panama to Bermuda, changing its name to Carnival Corporation Ltd.
2. Share Exchange: Carnival plc shareholders will receive shares in Carnival Corporation on a one-for-one basis.
3. De-listing: Shares and American Depositary Receipts (ADRs) of Carnival plc will be de-listed from both the London Stock Exchange and the New York Stock Exchange.
4. Subsidiary Status: Carnival plc and CARNIVAL UK LTD. will become wholly-owned subsidiaries of Carnival Corporation Ltd.
Shareholder meetings to approve the unification are scheduled for April 2026, with completion targeted for the second quarter of 2026, subject to UK court and regulatory approvals.
Capital Allocation and Dividend Reinstatement
Following a suspension of shareholder distributions introduced on 30 March 2020, the board reinstated quarterly dividends in December 2025. An initial payout of $0.15 per share was declared for payment in February 2026. Capital expenditure projections for new ship builds remain substantial, with committed capital outlays of $1.586 billion in 2026, $1.474 billion in 2027, and $1.823 billion in 2028 across the wider group, partially backed by $7.8 billion in undrawn export credit facilities.
How to Run a Winding Up Petition Search and Credit Check
Commercial lenders, maritime suppliers, and legal advisers dealing with large-scale corporate entities must establish verified solvency checks before extending significant trade credit or entering long-term operational contracts. When reviewing entities involved in international reorganizations, relying on quarterly accounts alone is insufficient.
To conduct rigorous credit diligence:
1. Check High Court Insolvency Registers: Verify whether any creditor has presented a petition under s.124 of the Insolvency Act 1986. A manual or automated winding up search ensures that pending court applications are identified prior to contract execution.
2. Inspect the Charges Register: Review fixed and floating charges registered on Companies House via form MR01. Performing a comprehensive company charge check identifies debentures, vessel mortgages, and negative pledge clauses that restrict asset disposals.
3. Cross-Reference Statutory Filings: Confirm that annual returns, ESEF reports, and director appointment updates (form AP01 / TM01) align with public exchange announcements published on the FCA National Storage Mechanism.
Executing a formal winding up petition search protects creditors against void transactions under s.127 of the Insolvency Act 1986, which invalidates asset transfers made after the presentation of a winding-up petition.
Risk Indicators and Decision Framework
When evaluating counterparties undergoing structural reorganizations, credit risk managers should apply a structured decision framework:
[Step 1: Solvency Verification] -> Run winding up search & review Gazette notices
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[Step 2: Capital Structure Audit] -> Conduct company charge check on fixed/floating debt
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[Step 3: Governance Review] -> Track board resignations & officer appointments
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[Step 4: Liquidity Analysis] -> Check working capital deficit & customer deposit coverage
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[Step 5: Ongoing Monitoring] -> Enable daily email alerts for form filings
Concrete Risk Indicators to Watch
- High Financial Leverage: Total group debt of $32.188 billion requires substantial annual debt service ($1.3 billion in net interest expense in FY2025).
- Environmental Regulatory Costs: Compliance with the EU Fit for 55 package (ETS and FuelEU Maritime) and IMO greenhouse gas reduction strategies imposes capital requirements for fleet decarbonization, alternative fuel adaptation (LNG, biofuels), and shore-power connections (74% fleet capability achieved in 2025).
- Governance Shifts: The mass resignation of ten directors on 8 May 2026 marks a major transition toward a streamlined corporate structure ahead of NYSE single-listing.
Worked Scenario: Assessing Credit Exposure Prior to Restructuring
A UK-based marine engineering contractor was invited to enter a £15 million three-year maintenance contract with a major cruise operator subsidiary. The contractor's risk committee needed to verify whether corporate unification would disrupt payment guarantees or affect existing security interests.
The legal team performed a manual check on the Companies House register and ordered a formal winding up search to ensure no active insolvency notices were recorded in The Gazette. Simultaneously, a company charge check confirmed that existing fleet assets were encumbered by export credit facilities, but the operating company retained sufficient liquidity ($6.4 billion total group liquidity in FY2025) to satisfy trade liabilities.
By establishing parent guarantee clauses tied to the emerging Bermuda entity (Carnival Corporation Ltd.) prior to the Q2 2026 de-listing, the contractor secured its credit position against potential jurisdictional enforcement challenges.
Manual Validation vs. Corp Intel
Validating a corporate profile manually requires cross-referencing multiple public registers and statutory repositories:
- Manual Steps: Analysts must query Companies House WebCHeck for form filings, search the FCA National Storage Mechanism for ESEF annual reports under the Companies Act 2006, review High Court cause lists for pending petitions, and search statutory notices in The Gazette.
- Corp Intel Approach: Corp Intel automates this process by unifying filed accounts, charge registers, High Court insolvency filings, and officer updates into a single real-time intelligence profile. Subscribing to free company monitoring ensures immediate email notification whenever new charges, director changes, or solvency notices are registered against company number 04039524.
For Conveyancers, Lawyers and Lenders
Legal practitioners, corporate finance advisers, and asset-based lenders conducting due diligence on CARNIVAL UK LTD. or related group entities must verify corporate standing prior to contract exchange or loan drawdown. Failure to identify active charges or pending winding-up petitions risks secondary liability and unenforceable security under s.127 of the Insolvency Act 1986. Verify live filings and run a instant clearance report directly via the [CARNIVAL UK LTD. record](/company/04039524).
FAQ
What is the statutory company status of CARNIVAL UK LTD.?
CARNIVAL UK LTD. is an active private limited company incorporated in England and Wales on 19 July 2000 (company number 04039524). It operates as a key UK trading entity for Carnival Corporation & plc.
What is the proposed DLC unification and how does it affect UK operations?
The Boards of Directors have recommended unifying the dual-listed structure under Carnival Corporation, shifting incorporation from Panama to Bermuda. Carnival plc shares will be de-listed from the LSE and NYSE, making Carnival plc and CARNIVAL UK LTD. wholly-owned UK subsidiaries under the unified parent entity.
What were CARNIVAL UK LTD.'s FY2025 turnover and profit figures?
For the financial year ended 30 November 2025, the company reported turnover of £10.019 billion and a profit before tax of £1.341 billion under UK IFRS reporting.
Who are the current directors of CARNIVAL UK LTD.?
As of May 2026, the recorded directors on Companies House are Mr Joshua Ian WEINSTEIN, Mr Lars Jakob LJOEN, and Mr Paul Mark LUDLOW. The company secretary is Ms Doreen Star FURNARI.
How can creditors perform a winding up petition search on CARNIVAL UK LTD.?
Creditors can run an automated winding up petition search through Corp Intel to verify High Court insolvency records and check for published winding-up notices before extending credit facilities.
Are there any outstanding charges on CARNIVAL UK LTD.?
Asset managers and lenders can perform a dedicated company charge check to inspect the complete charges register, including fixed debentures and floating charges registered under form MR01.
Monitor CARNIVAL UK LTD. Real-Time
Stay informed on corporate filings, board restructures, and solvency status updates. Activate free company monitoring on CARNIVAL UK LTD. to receive instant email alerts whenever new statutory filings, charges, or director appointments are processed.