Tribes Travel Limited
|
Registered number: |
03490816
|
Balance Sheet |
as at 31 December 2021
|
|
Notes |
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|
2021 |
|
|
2020 |
£ |
£ |
Fixed assets |
Intangible assets |
3 |
|
|
31,282 |
|
|
- |
Tangible assets |
4 |
|
|
3,920 |
|
|
11,462 |
|
|
|
|
35,202 |
|
|
11,462 |
|
Current assets |
Debtors |
5 |
|
371,855 |
|
|
424,423 |
Cash at bank and in hand |
|
|
1,248,596 |
|
|
1,194,742 |
|
|
|
1,620,451 |
|
|
1,619,165 |
|
Creditors: amounts falling due within one year |
6 |
|
(1,515,143) |
|
|
(1,244,339) |
|
Net current assets |
|
|
|
105,308 |
|
|
374,826 |
|
Total assets less current liabilities |
|
|
|
140,510 |
|
|
386,288 |
|
|
Provisions for liabilities |
|
|
|
- |
|
|
(2,042) |
|
|
Net assets |
|
|
|
140,510 |
|
|
384,246 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
30,000 |
|
|
30,000 |
Comprehensive income hedging reserve |
7 |
|
|
- |
|
|
(9,280) |
Profit and loss account |
|
|
|
110,510 |
|
|
363,526 |
|
Shareholders' funds |
|
|
|
140,510 |
|
|
384,246 |
|
|
|
|
|
|
|
|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
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The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
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The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
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|
|
|
|
A Marks |
G Marks |
Director |
Director |
Approved by the board on 8 April 2022
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|
Tribes Travel Limited
|
Notes to the Accounts |
for the year ended 31 December 2021
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|
1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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|
Turnover |
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Turnover represents the sales value for holidays which the company acts as principal. Turnover is recognised at the date of departure. Holidays booked but not departed are shown as deferred income and the associated costs are included within prepayments.
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|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
|
|
|
|
Leasehold land and buildings |
20% straight line |
|
Computer equipment |
25% straight line |
|
Fixtures, fittings, tools and equipment |
25% straight line |
|
|
Stocks |
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Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
|
|
|
Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. Customer invoices are not recognised in the accounts prior to departure date.
|
|
|
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. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. Invoices for travel products are not recognised in the accounts prior to departure date.
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|
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
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|
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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|
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
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|
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Advance receipts and payments |
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All revenue recieved relating to bookings that depart after the balance sheet date is treated as advance receipts and is separately disclosed under accruals and deferred income. Payments made to suppliers relating to bookings that depart after the balance sheet date are treated as advance payments and are separately disclosed under prepayments and accrued income. |
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|
2 |
Employees |
2021 |
|
2020 |
Number |
Number |
|
|
Average number of persons employed by the company |
8 |
|
15 |
|
|
|
|
|
|
|
|
|
|
3 |
Intangible fixed assets |
£ |
|
Website: |
|
|
Cost |
|
Additions |
41,709 |
|
At 31 December 2021 |
41,709 |
|
|
|
|
|
|
|
|
|
|
Amortisation |
|
Provided during the year |
10,427 |
|
At 31 December 2021 |
10,427 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 December 2021 |
31,282 |
|
|
|
|
|
|
|
|
|
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The website is being written off in equal annual instalments over its estimated economic life of 4 years. |
|
|
4 |
Tangible fixed assets |
|
|
Improvements to premises |
|
Fixtures & fittings |
|
Computer equipment |
|
Total |
£ |
£ |
£ |
£ |
|
Cost |
|
At 1 January 2021 |
29,362 |
|
14,602 |
|
33,236 |
|
77,200 |
|
Disposals |
- |
|
(791) |
|
(3,302) |
|
(4,093) |
|
At 31 December 2021 |
29,362 |
|
13,811 |
|
29,934 |
|
73,107 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 January 2021 |
25,206 |
|
11,587 |
|
28,945 |
|
65,738 |
|
Charge for the year |
2,280 |
|
2,623 |
|
2,639 |
|
7,542 |
|
On disposals |
- |
|
(791) |
|
(3,302) |
|
(4,093) |
|
At 31 December 2021 |
27,486 |
|
13,419 |
|
28,282 |
|
69,187 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 December 2021 |
1,876 |
|
392 |
|
1,652 |
|
3,920 |
|
At 31 December 2020 |
4,156 |
|
3,015 |
|
4,291 |
|
11,462 |
|
|
5 |
Debtors |
2021 |
|
2020 |
£ |
£ |
|
|
Trade debtors |
11,924 |
|
16,762 |
|
Other debtors |
359,931 |
|
407,661 |
|
|
|
|
|
|
371,855 |
|
424,423 |
|
|
|
|
|
|
|
|
|
|
6 |
Creditors: amounts falling due within one year |
2021 |
|
2020 |
£ |
£ |
|
|
Bank loans and overdrafts |
250,000 |
|
19 |
|
Trade creditors |
9,781 |
|
(2,779) |
|
Corporation tax |
(34,724) |
|
1,808 |
|
Other taxes and social security costs |
3,993 |
|
3,467 |
|
Financial instruments |
- |
|
9,280 |
|
Other creditors |
1,286,093 |
|
1,232,544 |
|
|
|
|
|
|
1,515,143 |
|
1,244,339 |
|
The Coronavirus Job Retention Scheme loan of £250,000 was repaid in 2022. |
|
|
|
|
|
|
|
7 |
Revaluation reserve |
2021 |
|
2020 |
£ |
£ |
|
|
At 1 January 2021 |
(9,280) |
|
(18,923) |
|
Profit on currency translation differences |
9,280 |
|
9,643 |
|
|
At 31 December 2021 |
- |
|
(9,280) |
|
|
|
|
|
|
|
|
|
|
8 |
Events after the reporting date |
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|
There have been no significant events affecting the Company since the year end. |
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|
9 |
Pension commitments |
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|
The company operates a defined contribution pension scheme. The pension charge for the period represents contributions by the company into the pension scheme and amounted to £50,928 (2020 £49,366). There were no outstanding or prepaid contributions at either the current or previous year end. |
|
|
10 |
Contingent liabilities |
|
|
The company is licenced by the UK Civil Aviation Authority, through the ATOL scheme and by the Association of Bonded Travel Organisers Trust - ABTOT, to protect the interests of its customers. These licences are supported by subscriptions paid to ABTOT and the UK Civil Aviation Authority on a per passenger basis.
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|
|
11 |
Related party transactions |
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The Tribes Foundation is a charity to relieve poverty and provide education, cultural preservation and conservation projects for indigenous communities in areas visited by the company’s customers. The charity trustees are also directors and staff of Tribes Travel Limited. Many customers and suppliers make donations to The Tribes Foundation through the company and the company donates to this charity in its own right.
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The donation to The Tribes Foundation was £140 ( 2020 £0 ) |
|
12 |
Other information |
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Tribes Travel Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
The Old Dairy Wood Farm |
|
Ipswich Road |
|
Otley |
|
Ipswich, Suffolk |
|
IP6 9JW |