Registered number:
FOR THE YEAR ENDED 30 APRIL 2021
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TRAVEL CRUISER CONCESSIONAIRES LIMITED
COMPANY INFORMATION
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TRAVEL CRUISER CONCESSIONAIRES LIMITED
CONTENTS
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TRAVEL CRUISER CONCESSIONAIRES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2021
The directors present the strategic report for the year ended 30 April 2021.
Our financial year started with the solitary peace and uncertainty of lockdown one, later incorporating lockdowns 2 and 3, via the confused muddle of Brexit, yet also included some of the busiest months in the company’s history as the sporadic reopenings saw customer demand for safe, contained staycations soar. As welcome as this was, this did place a huge strain on the business during those months trying to meet the demand.
Brexit led to several months of paperwork problems and meant that the company could only bring into the country around 10% of the stock that it had planned to by the end of the financial year. Meanwhile, Covid-19 outbreaks struck our business and those of our suppliers placing further strain on our ability to deliver. The final overstocked items from 2019 model year have been cleared out and the business has been able to move away from the damaging deep discounting of the last couple of years and starting to increase margins back to historic levels. Sales growth was just over 10% to £32.1million, in line with historical trends, but remains below considerably where we would have been without the pandemic and being unable to accept visitors for around 7 months in total. Gross margins rose to 13.1% (19/20: 10.4%) The company continued to avail itself of the government’s furlough scheme, primarily during the first lockdown making claims totalling £215k and also benefited from the rates relief scheme. These helped to offset increased running costs of the business with overheads totalling £2.5million (19/20: £2.6million). Despite all the challenges and times of deep uncertainty, the company managed to show a very strong growth in profitability with operating profit reported at £1,939k (19/20: £584k). Stocks fell again in the year by a further £2.9million to £5.2million (19/20: £8.1million) with cash growing to £3.6million (19/20: £0.7million). Net current assets grew to £2.2million (2019/20: £1.3million) and total net assets growing to £5.9million (19/20: £4.7million). The directors are very pleased with the outcome of the year, despite huge challenges and uncertainties and thank all the staff and management of the company for their dedication and hard work during the year to enable all this to take place. The company would also like to place on record its thanks for the support throughout the pandemic from its banks and lenders who were mostly proactive and all highly supportive of the business as it chartered its way through unknown waters.
The principal risks and uncertainties that we foresee in the coming year are associated with:
•Brexit - the effect of Brexit caused supply issues in the first few months of 2021 with our factories struggling to obtain the necessary paperwork to allow us to bring in our motorhomes tariff free. Whilst this was eventually resolved for the latest models there remains similar challenges in coming years as new models and chassis are brought online by the manufacturers. We have also seen a significant increase in costs to clear goods through customs. •Coronavirus pandemic – although the threatened surge in case numbers predicted in July has not come to pass, the threat of disruption remains in the form of cases amongst staff and isolation periods affecting staffing levels. •Stock supply – as with many industries, supply is still being affected by global supply chain issues, stemming back to the start of the pandemic. Orders are being cancelled and delayed with no indication of when things will improve. |
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TRAVEL CRUISER CONCESSIONAIRES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2021
The Directors monitor the performance of the Company through key performance indicators such as sales, gross profit margins and operating profit. The position of the Company at any point in time is monitored with reference to net current assets and net assets.
An analysis of the performance and position of the Company by reference to these KPI’s is included within the business review as above.
This report was approved by the board on 16 September 2021
and signed on its behalf.
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TRAVEL CRUISER CONCESSIONAIRES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2021
The directors present their report and the financial statements for the year ended 30 April 2021.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the
financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year
. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙
select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙
make judgments and accounting estimates that are reasonable and prudent;
∙
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £
1,479,419
(2020 -
£
439,106
)
.
Dividends of £346,964 were paid during the year, (2020: £335,403).
The directors who served during the year were:
The directors plan to continue the development of the Company and its business. Refer to the strategic report for further information.
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TRAVEL CRUISER CONCESSIONAIRES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2021
The auditors, WR Partners, will be proposed for reappointment in accordance with
section 485 of the Companies Act 2006.
This report was approved by the board on
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TRAVEL CRUISER CONCESSIONAIRES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRAVEL CRUISER CONCESSIONAIRES LIMITED
We have audited the financial statements of Travel Cruiser Concessionaires Limited (the 'Company') for the year ended 30 April 2021, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity
and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards,
including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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 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.
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.
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 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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TRAVEL CRUISER CONCESSIONAIRES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRAVEL CRUISER CONCESSIONAIRES LIMITED (CONTINUED)
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.
In our opinion, based on the work undertaken in the course of the audit:
∙
the information given in the 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 Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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TRAVEL CRUISER CONCESSIONAIRES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRAVEL CRUISER CONCESSIONAIRES LIMITED (CONTINUED)
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:
The audit team obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to the reporting framework (FRS102 and the Companies Act 2006), the relevant tax compliance regulations, employment law, Health and Safety Regulations and the EU General Data Protection Regulation (GDPR). We understood how the Company are complying with these frameworks by making enquiries of management and those responsible for legal and compliance procedures. We also reviewed board minutes to identify any recorded instances of irregularity or non compliance that might have a material impact on the financial statements. We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur by meeting with key management to understand where they considered there was susceptibility to fraud. Based on our understanding our procedures involved enquiries of management and those charged with governance, manual journal entry testing, cashbook reviews for large and unusual items and the challenge of significant accounting estimates used in preparing the financial statements.
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.
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TRAVEL CRUISER CONCESSIONAIRES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRAVEL CRUISER CONCESSIONAIRES LIMITED (CONTINUED)
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.
for and on behalf of
Chartered Accountants
Statutory Auditors
Belmont House
Shrewsbury Business Park
Shropshire
SY2 6LG
Date: |
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TRAVEL CRUISER CONCESSIONAIRES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2021
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TRAVEL CRUISER CONCESSIONAIRES LIMITED
REGISTERED NUMBER:
01009135
STATEMENT OF FINANCIAL POSITION
AS AT
30 APRIL 2021
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on form part of these financial statements.
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TRAVEL CRUISER CONCESSIONAIRES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
30 APRIL 2021
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TRAVEL CRUISER CONCESSIONAIRES LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2021
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TRAVEL CRUISER CONCESSIONAIRES LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2021
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TRAVEL CRUISER CONCESSIONAIRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
Travel Cruiser Concessionaires Limited ("The Company") is a private company limited by shares and is incorporated in England. The address of its registered office is Valley Drive, Stafford, England, ST16 1NZ. The principal activity of the business is the sale and service of new and used motorhomes.
2.
Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company's forecasts and projections, taking into account of reasonably possible changes in trading performance, show that the Company should be able to operate within the levels of it's current facilities.
After making enquiries, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing the accounts. The Directors have also assessed the potential impact on the future operations of the Company with regards to the COVID-19 pandemic. The Company is considered to be well positioned given the current environment with no impact on the going concern basis of the financial statements.
Functional and presentation currency
Transactions and balances
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TRAVEL CRUISER CONCESSIONAIRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
2.
Accounting policies (continued)
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure. |
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TRAVEL CRUISER CONCESSIONAIRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
2.
Accounting policies (continued)
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TRAVEL CRUISER CONCESSIONAIRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
2.
Accounting policies (continued)
Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss. |
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TRAVEL CRUISER CONCESSIONAIRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
2.
Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a |
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TRAVEL CRUISER CONCESSIONAIRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
2.
Accounting policies (continued)
net basis or to realise the asset and settle the liability simultaneously.
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates, will by definition, seldom equal the related actual results. In the opinion of the directors there are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of the assets and liabilities within the next financial year.
The whole of the turnover is attributable to the sale of motorhomes and related activities.
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TRAVEL CRUISER CONCESSIONAIRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
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TRAVEL CRUISER CONCESSIONAIRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
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TRAVEL CRUISER CONCESSIONAIRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
11.
Taxation (continued)
In the Spring Budget 2021, the UK Government announced that the corporation tax rate would be increased to 25% effective from 1 April 2023 (rather than 19%, as previously enacted). This new law was substantively enacted on 24 May 2021 and accordingly an uplift in deferred tax charges will be included in the 2022 statutory accounts.
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TRAVEL CRUISER CONCESSIONAIRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
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TRAVEL CRUISER CONCESSIONAIRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
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TRAVEL CRUISER CONCESSIONAIRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
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TRAVEL CRUISER CONCESSIONAIRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
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TRAVEL CRUISER CONCESSIONAIRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £80,857 (2020: £55,845).
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TRAVEL CRUISER CONCESSIONAIRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
The Company is under the control of the Directors, who between them own 100% of the issued share capital of the Company.
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