Ferries Trains Planes Ltd Accounts Cover |
Company No. 03067728 | |||||||||
Ferries Trains Planes Ltd Contents |
Pages | |||||||||
Company Information | 2 | ||||||||
Directors' Report | 3 | ||||||||
Auditor's Report | 4 to 6 | ||||||||
Profit and Loss Account | 7 | ||||||||
Statement of Comprehensive Income | 8 | ||||||||
Balance Sheet | 9 | ||||||||
Statement of Changes in Equity | 10 | ||||||||
Notes to the Accounts | 11 to 15 | ||||||||
Ferries Trains Planes Ltd Company Information |
Directors | |||||||||
Registered Office | |||||||||
Auditor | |||||||||
Collingwood House | |||||||||
Church Square | |||||||||
Hartlepool | |||||||||
Cleveland | |||||||||
TS24 7EN |
Ferries Trains Planes Ltd Directors Report |
The Directors present their report and the accounts for the year ended 31 March 2023. | |||||||||
Principal activities | |||||||||
Directors | |||||||||
The Directors who served at any time during the year were as follows: | |||||||||
Statement of directors' responsibilities | |||||||||
The Directors are responsible for preparing the Directors' report and the accounts in accordance with applicable law and regulations. | |||||||||
Company law requires the directors to prepare accounts for each financial year. Under that law the directors have elected to prepare the accounts in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the accounts 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 accounts, the directors are required to: | |||||||||
* | select suitable accounting policies and then apply them consistently; | ||||||||
* | make judgments and 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 show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and 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. | |||||||||
Statement of disclosure of information to auditor | |||||||||
Signed on behalf of the board | |||||||||
Giorgio Sikking | |||||||||
Director | |||||||||
18 December 2023 |
Ferries Trains Planes Ltd Audit Report Unqualified |
Independent Auditor's Report to the members of Ferries Trains Planes Ltd | |||||||||
Opinion | |||||||||
We have audited the accounts of Ferries Trains Planes Ltd (the 'company') for the year ended 31 March 2023 which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the Notes to the Accounts, including 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). | |||||||||
In our opinion the accounts: | |||||||||
for the year then ended; • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and • have been prepared in accordance with the requirements of the Companies Act 2006. | |||||||||
Basis for opinion | |||||||||
We conducted our audit in accordance with applicable law and International Standards on Auditing (UK) (ISAs (UK). Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the accounts section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC’s Ethical Standard, and the provisions available for small entities, in the circumstances set out in note 1 to the accounts, 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 accounts, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the accounts is appropriate. Our evaluation of the directors’ assessment of the entity’s ability to continue to adopt the going concern basis of accounting included: | |||||||||
• scrutiny of management accounts; • sensitivity analysis; • enquiry of management and those charged with governance of their going concern assessement and ensuring it is for a period of at least 12 months from the audit date. | |||||||||
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 accounts are authorised for issue. | |||||||||
Our responsibilities and the responsibillities of the directors with respect to going concern are described in the relevant sections of this report. | |||||||||
Other information | |||||||||
The other information comprises the information included in the annual report other than the accounts and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the accounts 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 accounts 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 accounts 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 upon the work undertaken in the course of the audit: | |||||||||
• the information given in the directors' report for the financial year for which the accounts are prepared is consistent with the accounts; and | |||||||||
• the directors' report has been prepared in accordance with applicable legal requirements. | |||||||||
Matters on which we are required to report by exception | |||||||||
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 directors' report. | |||||||||
• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or | |||||||||
• the accounts 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; or | |||||||||
• the directors were not entitled to prepare the accounts in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report. | |||||||||
Responsibilities of directors | |||||||||
In preparing the accounts, the directors are responsible for assessing the 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 company or to cease operations, or have no realistic alternative but to do so. | |||||||||
Auditor's responsibilities for the audit of the accounts | |||||||||
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 auditor’s 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, | |||||||||
• Enquiry of staff in the tax and compliance functions to identify any instances of non-compliance with laws and regulations, | |||||||||
• 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 estimate for bias, | |||||||||
• Reviewing financial statement disclosure checklist and testing to financial statements to assess compliance with applicable laws and regulations. | |||||||||
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 is available on the FRC’s website at: https://www.frc.org.uk/auditors/audit-assurance/auditor-s-responsibilities-for-the-audit-of-the-fi/description-of-the-auditor%E2%80%99s-responsibilities-for. This description forms part of our auditor’s 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 this 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. | |||||||||
Senior Statutory Auditor | |||||||||
For and on behalf of | |||||||||
Accountants and Statutory Auditors | |||||||||
Collingwood House | |||||||||
Church Square | |||||||||
Hartlepool | |||||||||
TS24 7EN | |||||||||
Ferries Trains Planes Ltd Profit and Loss Account |
for the year ended 31 March 2023 | ||||||||||
2023 | 2022 | |||||||||
£ | £ | |||||||||
Turnover | ||||||||||
Cost of Sales | ( | ( | ||||||||
Gross profit | ||||||||||
Distribution costs and selling expenses | ( | ( | ||||||||
Administrative expenses | ( | ( | ||||||||
Other operating income | ||||||||||
Operating profit | ||||||||||
Other interest receivable | ||||||||||
Interest payable and similar charges | ( | ( | ||||||||
Profit on ordinary activities before taxation | ||||||||||
Taxation | ( | |||||||||
Profit for the financial year after taxation | ||||||||||
Ferries Trains Planes Ltd Statement of Comprehensive Income |
STATEMENT OF COMPREHENSIVE INCOME | ||||||||||
for the year ended 31 March 2023 | ||||||||||
2023 | 2022 | |||||||||
£ | £ | |||||||||
Profit for the financial year after taxation | ||||||||||
Total comprehensive income for the period | ||||||||||
Ferries Trains Planes Ltd Balance Sheet |
at | ||||||||||
Company No. | Notes | 2023 | 2022 | |||||||
£ | £ | |||||||||
Fixed assets | ||||||||||
Intangible assets | 4 | |||||||||
Tangible assets | 5 | |||||||||
Investments | 6 | |||||||||
Current assets | ||||||||||
Debtors | 7 | |||||||||
Cash at bank and in hand | ||||||||||
Creditors: Amount falling due within one year | 8 | ( | ( | |||||||
Net current assets | ||||||||||
Total assets less current liabilities | ||||||||||
Creditors: Amounts falling due after more than one year | 9 | ( | ( | |||||||
Net assets | ||||||||||
Capital and reserves | ||||||||||
Called up share capital | ||||||||||
Share premium account | 10 | |||||||||
Profit and loss account | 10 | |||||||||
Total equity | ||||||||||
Approved by the board on 18 December 2023 | ||||||||||
And signed on its behalf by: | ||||||||||
Giorgio Sikking | ||||||||||
Director | ||||||||||
18 December 2023 |
Ferries Trains Planes Ltd Statement of Changes in Equity |
for the year ended 31 March 2023 | ||||||||||||
Share Capital | Share Premium | Retained earnings | Total equity | |||||||||
£ | £ | £ | £ | |||||||||
At 1 April 2021 | 2,763 | 1,012,125 | 160,311 | 1,175,199 | ||||||||
Profit for the period | ||||||||||||
At 31 March 2022 and 1 April 2022 | ||||||||||||
Profit for the period | ||||||||||||
Dividends | ( | ( | ||||||||||
At 31 March 2023 | ||||||||||||
Ferries Trains Planes Ltd Notes to the Accounts |
for the year ended 31 March 2023 | ||||||||||||||||
1 | General information | |||||||||||||||
Its registered number is: 03067728 | ||||||||||||||||
Its registered office is: | ||||||||||||||||
2 | Accounting policies | |||||||||||||||
Turnover | ||||||||||||||||
Revenue from the sale of goods is recognised when all the following conditions are satisfied: • the Company has transferred to the buyer the significant risks and rewards of ownership of the goods; • the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; • the amount of revenue can be measured reliably; • it is probable that the economic benefits associated with the transaction will flow to the Company; and • the costs incurred or to be incurred in respect of the transaction can be measured reliably. Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed. | ||||||||||||||||
Intangible fixed assets | ||||||||||||||||
Tangible fixed assets and depreciation | ||||||||||||||||
At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. | ||||||||||||||||
Development costs | ||||||||||||||||
Furniture, fittings and equipment | ||||||||||||||||
Taxation | ||||||||||||||||
Income tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively. | ||||||||||||||||
Investments | ||||||||||||||||
Trade and other debtors | ||||||||||||||||
Trade and other creditors | ||||||||||||||||
Foreign currencies | ||||||||||||||||
Defined contribution pensions | ||||||||||||||||
The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds. | ||||||||||||||||
Provisions | ||||||||||||||||
Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet 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 balance sheet. | ||||||||||||||||
3 | Employees | |||||||||||||||
2023 | 2022 | |||||||||||||||
Number | Number | |||||||||||||||
The average monthly number of employees (including directors) during the year was: | ||||||||||||||||
4 | Intangible fixed assets | |||||||||||||||
Develop-ment costs | Other | Total | ||||||||||||||
£ | £ | £ | ||||||||||||||
Cost | ||||||||||||||||
At 1 April 2022 | ||||||||||||||||
At 31 March 2023 | ||||||||||||||||
Amortisation and impairment | ||||||||||||||||
At 1 April 2022 | ||||||||||||||||
Charge for the year | ||||||||||||||||
At 31 March 2023 | ||||||||||||||||
Net book values | ||||||||||||||||
At 31 March 2023 | ||||||||||||||||
At 31 March 2022 | ||||||||||||||||
5 | Tangible fixed assets | |||||||||||||||
Plant and machinery | Fixtures, fittings and equipment | Total | ||||||||||||||
£ | £ | £ | ||||||||||||||
Cost or revaluation | ||||||||||||||||
At 1 April 2022 | ||||||||||||||||
Additions | ||||||||||||||||
At 31 March 2023 | ||||||||||||||||
Depreciation | ||||||||||||||||
At 1 April 2022 | ||||||||||||||||
Charge for the year | ||||||||||||||||
At 31 March 2023 | ||||||||||||||||
Net book values | ||||||||||||||||
At 31 March 2023 | ||||||||||||||||
At 31 March 2022 | 1,904 | - | ||||||||||||||
6 | Investments | |||||||||||||||
Other investments | Total | |||||||||||||||
£ | £ | |||||||||||||||
Cost or valuation | ||||||||||||||||
At 1 April 2022 | ||||||||||||||||
Additions | ||||||||||||||||
At 31 March 2023 | ||||||||||||||||
Provisions/Impairment | ||||||||||||||||
Net book values | ||||||||||||||||
At 31 March 2023 | ||||||||||||||||
At 31 March 2022 | ||||||||||||||||
7 | Debtors | |||||||||||||||
2023 | 2022 | |||||||||||||||
£ | £ | |||||||||||||||
Trade debtors | ||||||||||||||||
Corporation tax recoverable | ||||||||||||||||
VAT recoverable | ||||||||||||||||
Other debtors | ||||||||||||||||
Prepayments and accrued income | ||||||||||||||||
8 | Creditors: | |||||||||||||||
amounts falling due within one year | ||||||||||||||||
2023 | 2022 | |||||||||||||||
£ | £ | |||||||||||||||
Bank loans and overdrafts | ||||||||||||||||
Trade creditors | ||||||||||||||||
Taxes and social security | ||||||||||||||||
Accruals and deferred income | ||||||||||||||||
9 | Creditors: | |||||||||||||||
amounts falling due after more than one year | ||||||||||||||||
2023 | 2022 | |||||||||||||||
£ | £ | |||||||||||||||
Bank loans and overdrafts | ||||||||||||||||
10 | Reserves | |||||||||||||||
11 | Dividends | |||||||||||||||
2023 | 2022 | |||||||||||||||
£ | £ | |||||||||||||||
Dividends for the period: | ||||||||||||||||
Dividends paid in the period | 175,000 | - | ||||||||||||||
175,000 | - | |||||||||||||||
Dividends by type: | ||||||||||||||||
Equity dividends | ||||||||||||||||
175,000 | - | |||||||||||||||
12 | Related party disclosures | |||||||||||||||
Transactions with related parties | ||||||||||||||||
Ultimate Controlling Party | ||||||||||||||||
Mr and Mrs G A Sikking (with Sikking pension scheme); being a director and 61% shareholders. | ||||||||||||||||