REGISTERED NUMBER:
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SWITZERLAND TRAVEL CENTRE LIMITED |
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 |
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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 2020 |
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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 2020 |
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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 2020 |
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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 2020 |
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2020 | 2019 |
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 (LIABILITIES)/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
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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 2020 |
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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 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 2020 |
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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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Going concern |
The company has incurred a loss after taxation of £710,763 for the year ended 31 December 2020 and, as of that date, the company's net liabilities amounted to £59,993. The Financial Statements have been prepared on a going concern basis, as the directors have provided details of ongoing support from the parent undertaking confirming that the company's liquidity will be maintained to meet its day-to-day commitments for the foreseeable future. In addition, the directors have implemented a number of positive steps to ensure that major costs have been curtailed and the company is able to manage its cash flow so as to ensure that funds and facilities are maintained above amounts required for at least 12 months. Furthermore, the directors have secured a Coronavirus Business Interruption Loan of £450,000. As a result of their actions, the directors of the opinion that the going concern basis is therefore appropriate to the relation 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 2020 |
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 January 2020 |
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Additions |
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Disposals | ( |
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At 31 December 2020 |
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DEPRECIATION |
At 1 January 2020 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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At 31 December 2019 |
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5. | DEBTORS |
2020 | 2019 |
£ | £ |
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 |
2020 | 2019 |
£ | £ |
Trade creditors |
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Amounts owed to associates | 353,546 | 177,749 |
Taxation and social security |
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Other creditors |
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7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2020 | 2019 |
£ | £ |
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 2020 |
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7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
2020 | 2019 |
£ | £ |
Amounts falling due in more than five years: |
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Repayable by instalments |
Bank Loans over 5 years | 450,000 | - |
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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 | 2020 | 2019 |
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 2020 |
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600,770 |
Deficit for the year | ( |
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Transfer of reserves | 40,524 | (40,524 | ) | - |
At 31 December 2020 | ( |
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(109,993 | ) |
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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. |
SWITZERLAND TRAVEL CENTRE LIMITED (REGISTERED NUMBER: 03649940) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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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. |