Company No:
Contents
Note | 2022 | 2021 | ||
£ | £ | |||
Fixed assets | ||||
Intangible assets | 4 |
|
|
|
Tangible assets | 5 |
|
|
|
138,665 | 155,801 | |||
Current assets | ||||
Debtors | 6 |
|
|
|
Cash at bank and in hand |
|
|
||
1,060,314 | 809,698 | |||
Creditors: amounts falling due within one year | 7 | (
|
(
|
|
Net current assets | 234,558 | 240,157 | ||
Total assets less current liabilities | 373,223 | 395,958 | ||
Creditors: amounts falling due after more than one year | 8 | (
|
(
|
|
Net liabilities | (
|
(
|
||
Capital and reserves | ||||
Called-up share capital | 9 |
|
|
|
Profit and loss account | (
|
(
|
||
Total shareholders' deficit | (
|
(
|
Directors' responsibilities:
The financial statements of Argo Developments Limited (Trading as Uniglobe Total Travel) (registered number:
L R Gotch
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Argo Developments Limited (Trading as Uniglobe Total Travel) (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 35 Ballards Lane, London, N3 1XW, United Kingdom. The principal place of business is First Floor, 1 Theobald Court, Theobald Street, Borehamwood, Herts, WD6 4RN.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Like all companies in the travel industry, COVID-19 has had a significantly detrimental effect on the company’s performance. The company has taken many steps over the last couple of years and this year to keep all cost to a bear minimum to enable the company to meet its running costs.
The Company's forecasts and projections, taking account of the past impact of COVID-19 in trading performance, show that the company should be able to operate within the level of its current facilities.
Therefore, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
The revenue is recognised at the time of booking.
Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Goodwill |
|
Other intangible assets |
|
Land and buildings | depreciated over the life of the lease |
Plant and machinery |
|
Vehicles |
|
Fixtures and fittings |
|
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
Non-financial assets
If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
The Company only enters into basic financial instruments and 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 and from related parties and investments in non-puttable ordinary shares.
Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings/Statement of Comprehensive Income.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally 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.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
Franchise fees is written off in equal annual instalments over its estimated useful economic life.
2022 | 2021 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
|
|
Goodwill | Other intangible assets | Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 January 2022 |
|
|
|
||
At 31 December 2022 |
|
|
|
||
Accumulated amortisation | |||||
At 01 January 2022 |
|
|
|
||
Charge for the financial year |
|
|
|
||
At 31 December 2022 |
|
|
|
||
Net book value | |||||
At 31 December 2022 |
|
|
|
||
At 31 December 2021 |
|
|
|
The directors' do not consider there to be any permanent impairment in the value of Goodwill.
Land and buildings | Plant and machinery | Vehicles | Fixtures and fittings | Total | |||||
£ | £ | £ | £ | £ | |||||
Cost | |||||||||
At 01 January 2022 |
|
|
|
|
|
||||
Additions |
|
|
|
|
|
||||
Disposals |
|
|
(
|
|
(
|
||||
At 31 December 2022 |
|
|
|
|
|
||||
Accumulated depreciation | |||||||||
At 01 January 2022 |
|
|
|
|
|
||||
Charge for the financial year |
|
|
|
|
|
||||
Disposals |
|
|
(
|
|
(
|
||||
At 31 December 2022 |
|
|
|
|
|
||||
Net book value | |||||||||
At 31 December 2022 |
|
|
|
|
|
||||
At 31 December 2021 |
|
|
|
|
|
2022 | 2021 | ||
£ | £ | ||
Trade debtors |
|
|
|
Corporation tax |
|
|
|
Other debtors |
|
|
|
|
|
2022 | 2021 | ||
£ | £ | ||
Bank loans |
|
|
|
Trade creditors |
|
|
|
Corporation tax |
|
|
|
Other taxation and social security |
|
|
|
Obligations under finance leases and hire purchase contracts (secured) |
|
|
|
Other creditors |
|
|
|
|
|
2022 | 2021 | ||
£ | £ | ||
Bank loans |
|
|
|
Obligations under finance leases and hire purchase contracts (secured) |
|
|
|
Other creditors |
|
|
|
485,682 | 661,666 |
2022 | 2021 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
40,003 | 40,003 |
Commitments
The company has given a debenture as security to its bankers.
2022 | 2021 | ||
£ | £ | ||
Total future minimum lease payments under non-cancellable operating lease |
|
|
Transactions with the entity's directors
Advances
Other related party transactions
Disclosure exemption under Section 1AC.35 of FRS 102 has been applied, therefore, transactions which have been concluded under normal market conditions have not been disclosed.