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Unaudited Financial Statements |
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for the Year Ended 30th November 2019 |
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for |
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Three Way Travel Limited |
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Unaudited Financial Statements |
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for the Year Ended 30th November 2019 |
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for |
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Three Way Travel Limited |
Three Way Travel Limited (Registered number: 01220399) |
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Contents of the Financial Statements |
for the Year Ended 30th November 2019 |
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Page |
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Company Information | 1 |
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Abridged Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Three Way Travel Limited |
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Company Information |
for the Year Ended 30th November 2019 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Bank House |
Market Square |
Congleton |
Cheshire |
CW12 1ET |
Three Way Travel Limited (Registered number: 01220399) |
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Abridged Balance Sheet |
30th November 2019 |
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30/11/19 | 30/11/18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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The directors acknowledge their responsibilities for: |
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ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
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preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Three Way Travel Limited (Registered number: 01220399) |
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Abridged Balance Sheet - continued |
30th November 2019 |
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In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
signed on its behalf by: |
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Three Way Travel Limited (Registered number: 01220399) |
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Notes to the Financial Statements |
for the Year Ended 30th November 2019 |
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1. | STATUTORY INFORMATION |
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Three Way Travel Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Going Concern |
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The directors have considered the potential impact of COVID-19 on the principal activities of the business and |
they believe that they have sufficient resources in place to operate for the foreseeable future. Thus, they continue |
to adopt the going concern basis of accounting in preparing the financial statements. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Turnover is measured at the fair value of the consideration received or receivable and represents amounts |
receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. |
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Income is recognised when goods have been delivered to customers such that risks and rewards of ownership |
have transferred to them, |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. |
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Financial instruments |
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors and |
directors loans. |
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Directors loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted |
amount of the cash or other consideration expected to be paid or received. |
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Financial assets that are measured at 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 |
statement of income and retained earnings. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, |
except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
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Three Way Travel Limited (Registered number: 01220399) |
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Notes to the Financial Statements - continued |
for the Year Ended 30th November 2019 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1st December 2018 |
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Additions |
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At 30th November 2019 |
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DEPRECIATION |
At 1st December 2018 |
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Charge for year |
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At 30th November 2019 |
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NET BOOK VALUE |
At 30th November 2019 |
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At 30th November 2018 |
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Three Way Travel Limited (Registered number: 01220399) |
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Notes to the Financial Statements - continued |
for the Year Ended 30th November 2019 |
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5. | POST BALANCE SHEET EVENTS |
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In March 2020, the UK was impacted by the outbreak of COVID-19. In order to manage the spread of the virus |
the Government has imposed significant restrictions on the movement of people and the ability of businesses to |
continue to trade. This event occurred after the company's reporting period and so is considered to be a |
non-adjusting event. Accordingly, the balance sheet and profit and loss for the year end 30 November 2019 have |
not been adjusted to reflect their impact. |
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The Directors acknowledge the increasing risk from COVID-19 and have sought to mitigate their risk by |
carrying out a thorough review of the business as discussed below: |
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Government Assistance |
The business has taken advantage of the government grants and furloughing scheme whereby the company has |
furloughed 2 staff members which has resulted in cost savings. |
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With the aid of the above, plus the prudent approach to cash management, the directors are confident that as the |
travel market reopens then the company will be well positioned to go back to pre COVID-19 levels of trading. |