Company Registration No. 04912000 (England and Wales)
TRAVELANDMORE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2018
PAGES FOR FILING WITH REGISTRAR
TRAVELANDMORE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
TRAVELANDMORE LIMITED
BALANCE SHEET
AS AT 31 OCTOBER 2018
31 October 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Intangible assets
3
9,250
13,875
Tangible assets
4
847
1,056
10,097
14,931
Current assets
Debtors
5
162,899
168,412
Cash at bank and in hand
148,182
50,344
311,081
218,756
Creditors: amounts falling due within one year
6
(250,914)
(161,685)
Net current assets
60,167
57,071
Total assets less current liabilities
70,264
72,002
Capital and reserves
Called up share capital
7
200,000
200,000
Profit and loss reserves
(129,736)
(127,998)
Total equity
70,264
72,002
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 October 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 8 May 2019
Mr A Holt
Director
Company Registration No. 04912000
TRAVELANDMORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2018
- 2 -
1
Accounting policies
Company information
TravelandMore Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
6b Park Farm, Sandpit Road, Thorney, Peterborough, PE6 0SY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared with early application of
the
FRS 102 Triennial Review 2017 amendments in full.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business
, and
is shown net of VAT
.
The company recognises turnover when the holiday is booked.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life.
1.4
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.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
20% per annum of witten down value
Computers
20% per annum of written down value
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
.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. 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).
TRAVELANDMORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2018
1
Accounting policies
(Continued)
- 3 -
1.6
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets and liabilities
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses from impairment are recognised in the profit and loss account in other administrative expenses.
Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs and are subsequently at amortised cost using the effective interest rate.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 3 (2017 - 3).
TRAVELANDMORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2018
- 4 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 November 2017 and 31 October 2018
150,000
Amortisation and impairment
At 1 November 2017
136,125
Amortisation charged for the year
4,625
At 31 October 2018
140,750
Carrying amount
At 31 October 2018
9,250
At 31 October 2017
13,875
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2017 and 31 October 2018
13,735
Depreciation and impairment
At 1 November 2017
12,679
Depreciation charged in the year
209
At 31 October 2018
12,888
Carrying amount
At 31 October 2018
847
At 31 October 2017
1,056
5
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
135,877
151,530
Other debtors
27,022
16,882
162,899
168,412
TRAVELANDMORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2018
- 5 -
6
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
2,714
-
Trade creditors
111,804
151,389
Taxation and social security
2,134
2,124
Other creditors
134,262
8,172
250,914
161,685
7
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
50,000 (2017: 50,000) Ordinary Shares of £1 each
50,000
50,000
Preference share capital
Issued and fully paid
150,000 Redeemable preference shares of £1 each
150,000
150,000
Preference shares classified as equity
150,000
150,000
Total equity share capital
200,000
200,000
The directors understand that, in accordance with Financial Reporting Standard 25 Financial Instruments: Presentation, the preference shares should be presented as a liability in the financial statements and not as share capital. However it is not envisaged that the company will redeem the preference shares or that the shareholders will sell the entire issued ordinary share capital of the company. Therefore the directors are of the opinion that the preference shares represent long-term funding for the business and should be shown as part of Capital and Reserves rather than as a long-term liability.