REGISTERED NUMBER:
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SWITZERLAND TRAVEL CENTRE LIMITED |
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 |
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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 2021 |
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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 2021 |
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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 2021 |
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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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Chartered Accountants & Statutory Auditor |
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 2021 |
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2021 | 2020 |
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 (LIABILITIES)/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 LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital | 8 |
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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
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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 2021 |
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1. | STATUTORY INFORMATION |
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Switzerland Travel Centre Limited is a
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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 of the entity comprises of the following: |
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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 or date of first occupation. |
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Commissions from Switzerland Travel Centre AG on sales of tickets, rail tickets, coach tickets, travel
insurance, hotel bookings, package holidays. The commissions are calculated in accordance with the Agreement between Switzerland Travel Centre Limited and Switzerland Travel Centre AG. |
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Reimbursement of expenses incurred by Switzerland Travel Centre Limited on behalf of Switzerland
Travel Centre AG. Expenses are reimbursed in accordance with the Agreement between Switzerland Travel Centre Limited and Switzerland Travel Centre AG. |
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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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SWITZERLAND TRAVEL CENTRE LIMITED (REGISTERED NUMBER: 03649940) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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2. | ACCOUNTING POLICIES - continued |
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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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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Going concern |
The Directors and the parent undertaking have taken positive action to streamline the overall group sales and as a result, the directors believe that the company is well placed to manage its business risks successfully, with greater emphasis on cost management, and an agreed markup based on an Agreement with Switzerland Travel Centre AG, together with continued financial support should the need arise. Accordingly, they have a reasonable expectation that the company has sufficient resources to continue in operational existence for the foreseeable future. Thus they continue to adopt a going concern basis of accounting in preparing the financial statements. |
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The company incurred a net loss of £616,029 for the year ended 31 December 2021 and, as of that date, the company's net liabilities amounted to £676,022. The Financial Statements have been prepared on a going concern basis, as the directors have: |
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Prepared cash flow forecast confirming that the company's liquidity will be maintained to meet its
day-to-day commitments for a period of at least five years from the year end date. |
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Taking positive steps to ensure that major costs are curtailed and the company is able to manage its
cash flow forecast. |
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Establish an Agreement with its Parent undertaking to ensure that all costs are covered and a
contribution towards the losses brought forward is maintained. |
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As a result of the actions listed above, the directors are of the opinion that the going concern basis is therefore appropriate to the preparation of these Financial Statements. |
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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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SWITZERLAND TRAVEL CENTRE LIMITED (REGISTERED NUMBER: 03649940) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 January 2021 |
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Disposals | ( |
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At 31 December 2021 |
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DEPRECIATION |
At 1 January 2021 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 December 2021 |
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NET BOOK VALUE |
At 31 December 2021 |
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At 31 December 2020 |
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5. | DEBTORS |
2021 | 2020 |
£ | £ |
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 |
2021 | 2020 |
£ | £ |
Trade creditors |
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Amounts owed to associates | 741,401 | 353,546 |
Taxation and social security |
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Other creditors |
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7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans |
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Amounts owed to group undertakings |
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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 2021 |
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7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
2021 | 2020 |
£ | £ |
Amounts falling due in more than five years: |
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Repayable by instalments |
Bank Loans over 5 years | 412,500 | 450,000 |
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8. | CALLED UP SHARE CAPITAL |
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Allotted and issued: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
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Ordinary shares | £1 | 50,000 | 50,000 |
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9. | RESERVES |
Retained |
earnings |
£ |
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At 1 January 2021 | ( |
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Deficit for the year | ( |
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At 31 December 2021 | ( |
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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. | ACTIVITIES & POST BALANCE SHEET EVENTS |
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During the year, the Directors and the officers of the Parent Undertaking decided to reorganise the activities of the Group to become more efficient in processing and delivery. |
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As a result, the core activities of the Company have been re-located to Switzerland and are under the control of the immediate parent company, Switzerland Travel Centre AG. |
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Switzerland Travel Centre Limited will continue to provide travel facilities to Switzerland through its current employees, however, the transactions will be recorded in the Parent Undertaking, with a recharge (together with an agreed margin) from the Parent Undertaking of costs incurred. |
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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. |