Registered number: 03307429
STEPPES TRAVEL LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 AUGUST 2023
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STEPPES TRAVEL LIMITED
REGISTERED NUMBER: 03307429
STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2023
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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STEPPES TRAVEL LIMITED
REGISTERED NUMBER: 03307429
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 AUGUST 2023
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Capital redemption reserve
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The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 January 2024.
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J C Wateridge
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The notes on pages 7 to 21 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2023
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Capital redemption reserve
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Comprehensive income for the year
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Other comprehensive income for the year
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Total comprehensive income for the year
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Total transactions with owners
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The notes on pages 7 to 21 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2022
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Capital redemption reserve
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Comprehensive income for the year
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Other comprehensive income for the year
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Total comprehensive income for the year
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Total transactions with owners
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The notes on pages 7 to 21 form part of these financial statements.
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STEPPES TRAVEL LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2023
Cash flows from operating activities
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Profit for the financial year
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Amortisation of intangible assets
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Depreciation of tangible assets
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Coronavirus (Covid-19) business support grants
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Decrease/(increase) in debtors
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(Decrease)/increase in creditors
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Net cash generated from operating activities
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Cash flows from investing activities
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Sale of intangible assets
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Purchase of tangible fixed assets
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Sale of tangible fixed assets
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Coronavirus (Covid-19) business support grants
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Net cash from investing activities
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STEPPES TRAVEL LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
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Cash flows from financing activities
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Net cash used in financing activities
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Net increase in cash and cash equivalents
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Cash and cash equivalents at beginning of year
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Cash and cash equivalents at the end of year
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Cash and cash equivalents at the end of year comprise:
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The notes on pages 7 to 21 form part of these financial statements.
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STEPPES TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
Steppes Travel Limited is a private company limited by shares and incorporated in England. Its registered office is 51 Castle Street, Cirencester, Gloucestershire, GL7 1QD
2.Accounting policies
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Basis of preparation of financial statements
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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.
The following principal accounting policies have been applied:
The travel industry is experiencing the benefit of a post Covid-19 bounce back in travel, however it is still experiencing the knock-on effect of the pandemic in relation to supplier resource and ability to service. This combined with consumer unease in relation to the current economic environment, with increasing energy costs and inflation impact, has meant that Company management and the directors have continued to review the Company’s financial position, as well as forecasts and plan mitigation actions in order to neutralise the financial impact.
The directors have prepared profit and loss account projections and cash flow forecasts for the period to August 2025 which reflect operational liquidity throughout. The cashflow forecasts reflect ongoing complaince with the liquidity covenant agreed with the Civil Aviation Authority in connection with the ongoing maintenance of the Company's ATOL. This covenant requires the Company to maintain an unrestricted minimum cash balance of £537,000 at the end of each month throughout the Company's licence year to March each year.
The directors have also performed a sensitivity analysis on the Company's budgets and forecasts to assess the financial impact of any potential further slowdown in trading. This sensitivity analysis shows that the Company has enough liquidity and cash to trade through a further slowdown.
Consequently, the directors are confident that the Company will have sufficient funds and cash reserves to continue to meet liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.
Turnover is the amount derived from ordinary activities and represents the aggregate revenue receivable from tours departed during the year, together with the total of cancelled bookings during the year.
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STEPPES TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
2.Accounting policies (continued)
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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STEPPES TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
2.Accounting policies (continued)
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
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STEPPES TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
2.Accounting policies (continued)
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation 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:
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Short-term leasehold property
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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.
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Income Statement for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.
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STEPPES TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
2.Accounting policies (continued)
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each reporting 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.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Provisions for liabilities
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Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
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 reporting 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 instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in 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
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STEPPES TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
2.Accounting policies (continued)
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Financial instruments (continued)
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flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, 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 in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
The Company uses foreign currency forward contracts to manage its exposure to cash flow risk on its recognised and highly probable liabilities. These derivatives are measured at fair value at each reporting date.
To the extent the cash flow hedge is effective, movements in fair value are recognised in other comprehensive income and presented in a separate cash flow hedge reserve. Any ineffective portions of those movements are recognised in profit or loss for the year.
Gains and losses on the hedging instruments and the hedged items are recognised in profit or loss for the year. When a hedged item is an unrecognised firm commitment, the cumulative hedging gain or loss on the hedged item is recognised as an asset or liability with a corresponding gain or loss recognised in profit or loss.
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The average monthly number of employees, including the directors, during the year was as follows:
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STEPPES TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
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Charge for the year on owned assets
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STEPPES TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
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Short-term leasehold property
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Charge for the year on owned assets
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The net book value of land and buildings may be further analysed as follows:
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STEPPES TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
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Investments in subsidiary/associate companies
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Subsidiary/ Associate undertakings
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The following were subsidiary undertakings of the Company:
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Discovery Initiatives Limited
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Steppes Travel (TCI) Limited
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Travel Russia (Europe) Limited
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The aggregate of the share capital and reserves as at 31 August 2023 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
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Aggregate of share capital and reserves
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Discovery Initiatives Limited
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Steppes Travel (TCI) Limited
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Travel Russia (Europe) Limited
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STEPPES TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
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Called up share capital not paid
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Prepayments and accrued income
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Included in prepayments and accrued income is the sum of £1,532,458 (2022 - £1,823,388) of supplier payments made in advance for departures post 31 August 2023.
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Creditors: Amounts falling due within one year
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Taxation and social insurance
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Included in deferred income is the sum of £4,078,966 (2022 - £4,739,432) of customer monies received in advance for departures post 31 August 2023.
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STEPPES TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
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Creditors: Amounts falling due after more than one year
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Bank loans consist of £137,433 of Coronavirus business interruption loan and £82,142 under the Recovery Loan Scheme ("RLS").
The Coronavirus business interruption loan is provided by Barclays Bank Plc and is supported by the Coronavirus Business Interruption Loan Scheme. The loan is for a period of 72 month term with no capital repayments or interest payments in the first 12 months. Interest is payable at 2.78% per annum thereafter.
The Recovery loan is a working capital loan provided by Barclays Bank Plc and is supported by the Recovery Loan Scheme. The loan is for a term of 48 months with no capital repayments or interest payments in the first 6 months. Interest is payable at 5.61% per annum thereafter.
Other loans consist of £200,000 of shareholder's loans. These loans are subject to a subordinated undertaking in favour of the Civil Aviation Authority ("CAA") and cannot be repaid without CAA's written consent.
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STEPPES TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Amounts falling due 2-5 years
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STEPPES TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
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Charged to profit or loss
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The deferred tax asset is made up as follows:
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Accelerated capital allowances
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Tax losses carried forward
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377,111 (2022 - 377,111) Ordinary shares of £1.00 each
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308,215 (2022 - 19,807) Full dividends and voting rights "A" Ordinary shares of £0.01 each
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40,000 (2022 - 40,000) A Ordinary shares of £0.01 each
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STEPPES TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
During the year the Company implemented an EMI scheme granting options to purchase £0.01 "A" Ordinary shares at an exercise price and Actual Market Value of £0.03 per option share to its employees. The Unrestricted Market Value, as agreed with HMRC, is £0.04 per share. These options were granted to all employees on various dates ranging between 28 April 2023 and 7 May 2023. A total of a 150,000 share options were granted with the nominal value of £1,500.
There are first year option shares relating to the year ending 31 August 2023, second year option shares relating to the year ending 31st August 2024, and third year options shares relating to the year ending 31st August 2025. The exercise being conditional on the Company exceeding target turnover and EBITDA figures each year. The amount of option shares for each of the three years is one third of the total. However, the board may allow the options to be exercised at their discretion where the exercise conditions have not been met. If a member of staff leaves the company employ any un-exercised options are revoked.
As at 31 August 2023 none of the options were exercised.
Share premium account
The share premium account represents the additional amount shareholders have paid for their issued shares that was in excess of the par value of those shares.
Capital redemption reserve
The capital redemption reserve represents a non-distributable reserve created upon redemption of preference shares or a share buyback and represents the nominal value or face value of the shares redeemed or bought back.
Foreign exchange reserve
Foreign exchange reserve relates to the amount of gain or loss recognised on forward contracts and derivatives that are cash flow hedges for committed foreign exchange transactions. This reserve is nondistributable.
Profit and loss account
The profit and loss account represents the net distributable reserves of the Company at the date of the statement of financial position.
At 31 August 2023, there were contingent liabilities outstanding in respect of counter indemnities and guarantees given by the Company, in the normal course of business, to the Company's bond insurance obligors in respect of the ABTOT travel bonds amounting to £169,308 (2022 - £Nil). This is a variable bond which increases to £197,526 post year end.
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STEPPES TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension charge represents contributions payable by the Company to the fund and amounted to £57,261 (2022: £39,311).
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Related party transactions
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Mr N A G Laing - a director and shareholder was paid consultancy fees amounting to £Nil (2022: £4,500) for consultancy services provided during the year. There was £Nil due to the related party at the year end (2022: £1,500) included in creditors due within one year.
Mr R D Dikstra - a director and shareholder was paid consultancy fees amounting to £8,000 (2022: £4,500) for consultancy services provided during the year. There was £2,000 due to the related party at the year end ( 2022: £1,500) included in creditors due within one year.
Mr S C Beeching - a director and shareholder was paid consultancy fees amounting to £8,000 (2022: £4,500l) for consultancy services provided during the year. There was £2,000 due to the related party at the year end (2022: £1,500) included in creditors due within one year.
Mr R D Kleinwort - a director and shareholder was paid consultancy fees amounting to £8,000 (2022: £4,500) for consultancy services provided during the year. There was £2,000 due to the related party at the year end (2022: £1,500) included in creditors due within one year.
Ms H R Williams - a director and shareholder was paid consultancy fees amounting to £8,000 (2022: £4,500 ) for consultancy services provided during the year. There was £2,000 due to the related party at the year end (2022:£4,500) included in creditors due within one year.
In the opinion of the directors there is no one controlling party.
The auditors' report on the financial statements for the year ended 31 August 2023 was unqualified.
The audit report was signed on 16 January 2024 by Ms N A Spoor FCA FCCA (Senior Statutory Auditor) on behalf of White Hart Associates (London) Limited.
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