REGISTERED NUMBER:
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SWITZERLAND TRAVEL CENTRE LIMITED |
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019 |
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REGISTERED NUMBER:
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SWITZERLAND TRAVEL CENTRE LIMITED |
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019 |
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SWITZERLAND TRAVEL CENTRE LIMITED (REGISTERED NUMBER: 03649940) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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SWITZERLAND TRAVEL CENTRE LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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SENIOR STATUTORY AUDITOR: |
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AUDITORS: |
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2nd Floor, One Hobbs House, |
Harrovian Business Village |
Bessborough Road |
Harrow |
Middlesex |
HA1 3EX |
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BANKERS: |
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2 Charing Cross Road |
London |
WC2H 0NH |
SWITZERLAND TRAVEL CENTRE LIMITED (REGISTERED NUMBER: 03649940) |
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BALANCE SHEET |
31 DECEMBER 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
( |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 8 |
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Other reserves | 9 |
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Retained earnings | 9 |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement 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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SWITZERLAND TRAVEL CENTRE LIMITED (REGISTERED NUMBER: 03649940) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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1. | STATUTORY INFORMATION |
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Switzerland Travel Centre Limited is a
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The 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 |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" |
of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of |
Ireland" and the Companies Act 2006. |
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The financial statements have been prepared in sterling, which is the functional currency of the company. |
Monetary amounts in these financial statements are rounded to the nearest £. |
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The financial statements have been prepared under the historical cost convention, modified to include certain |
financial instruments at fair value. The principal accounting policies adopted are set out below. |
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Turnover |
Turnover represents the sale value of air tickets, rail tickets, coach tickets, travel insurance, hotel bookings, |
package holidays and related services net of VAT and trade discounts. Revenue is recognised at the date of first |
travel. |
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Tangible fixed assets |
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of |
depreciation and any impairment losses. |
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Tangible fixed assets are started at cost less than depreciation. Depreciation is provided at rates calculated to |
write off the cost less estimated residual value of each asset over its expected useful life, as follows: |
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Fixtures, fittings & equipment 5 years straight line |
Computer equipment 3 years straight line |
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The gain of 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 of loss. |
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Financial liabilities |
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference |
shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not |
amortised. |
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Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
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Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of |
business from suppliers. Amounts payable 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. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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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SWITZERLAND TRAVEL CENTRE LIMITED (REGISTERED NUMBER: 03649940) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 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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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling |
at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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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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Employee benefits |
The cost of any unused holiday entitlement is recognised in the period in which the employee services are |
received. |
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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 |
Plant and |
machinery |
etc |
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COST |
At 1 January 2019 |
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Additions |
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Disposals | ( |
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At 31 December 2019 |
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DEPRECIATION |
At 1 January 2019 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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SWITZERLAND TRAVEL CENTRE LIMITED (REGISTERED NUMBER: 03649940) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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5. | DEBTORS |
2019 | 2018 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
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Other debtors |
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Amounts falling due after more than one year: |
Other debtors |
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Aggregate amounts |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade creditors |
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Amounts owed to associates | 177,749 | 251,553 |
Taxation and social security |
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Other creditors |
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7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2019 | 2018 |
£ | £ |
Amounts owed to group undertakings |
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Loans from group undertakings disclosed within Creditors: Amounts falling due after more than one year, relate |
to an amount of £300,000 which was subordinated to the Civil Aviation Authority (CAA) and cannot be withdrawn |
without the CAA's prior written consent. |
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8. | CALLED UP SHARE CAPITAL |
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Allotted and issued: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
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Ordinary shares | £1 | 50,000 | 50,000 |
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9. | RESERVES |
Retained | Other |
earnings | reserves | Totals |
£ | £ | £ |
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At 1 January 2019 |
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566,541 |
Profit for the year |
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At 31 December 2019 |
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600,770 |
SWITZERLAND TRAVEL CENTRE LIMITED (REGISTERED NUMBER: 03649940) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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11. | RELATED PARTY DISCLOSURES |
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The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose transactions entered |
into between two or more members of a group, as the company is a wholly owned subsidiary undertaking of the |
group to which it is party to the transactions. |
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12. | POST BALANCE SHEET EVENTS & COVID-19 |
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The rapid spread of Covid-19 and increased travel restrictions has resulted in a substantial fall in projected |
turnover since the year-end date. The Directors are reacting with resiliency and are hopeful for a return to |
normality in the foreseeable future, subject to the uncertainties surrounding the pandemic and the Governments |
plans and support for recovery. |
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Specific actions taken by the Directors and Senior Management include: |
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- | A detailed review of overheads and curtailment wherever possible. |
- | Taking advantage of the Coronavirus Job Retention Scheme set up by the UK Government. |
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Preparation and management of detailed cash flow forecasts to assess liquidity and the ability of
the Company to continue in the foreseeable future |
- | Review and application for all additional support from the UK Government and banks. |
- | Assessment of available support from the immediate and ultimate controlling parties. |
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Given the strong position of liquidity at the year-end date, the Directors are confident that the Company has |
sufficient resources and support to enable it to return to a reasonable level of trading, subject to any external |
factors specifically affecting the aviation and travel sector, globally, and to continue in business for the |
foreseeable future. |
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13. | PARENT COMPANY |
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The immediate parent company is Switzerland Travel Centre AG, a company registered in Switzerland, by virtue |
of owning 100% of the issued share capital. The joint ultimate controlling parties are SBB (Switzerland), |
Switzerland Tourism and Hotelleriesuisse. No one party is the ultimate controlling party. |