Company Registration No. 05156086 (England and Wales)
LUXURY EXPLORER LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
PAGES FOR FILING WITH REGISTRAR
LUXURY EXPLORER LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
LUXURY EXPLORER LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2018
31 December 2018
- 1 -
2018
2017
Notes
£
£
£
£
Current assets
Debtors
5
13,850
10,698
Cash at bank and in hand
2,501
2,796
16,351
13,494
Creditors: amounts falling due within one year
6
(974,300)
(856,108)
Net current liabilities
(957,949)
(842,614)
Creditors: amounts falling due after more than one year
7
(1,337,122)
(1,337,122)
Net liabilities
(2,295,071)
(2,179,736)
Capital and reserves
Called up share capital
8
500,000
500,000
Profit and loss reserves
(2,795,071)
(2,679,736)
Total equity
(2,295,071)
(2,179,736)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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 by the board of directors and authorised for issue on 12 December 2019 and are signed on its behalf by:
P. N. Matthews
Director
Company Registration No. 05156086
LUXURY EXPLORER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
- 2 -
1
Accounting policies
Company information
Luxury Explorer Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
John Loftus House, Summer Road, Thames Ditton, Surrey, KT7 0QQ, United Kingdom.
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 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
Going concern
The
true
financial statements
have been prepared on a going concern basis, the validity of which is dependent upon the continued financial support of Nucleus Limited, the
ultimate parent
company. During the year the company made losses of £
115,335 (2017: £236,792 )
and has net
liabilities of £2,295,071 (2017: £2,179,736)
at 31 December 201
8
. The financial support from Nucleus Limited, if required, will necessitate Nucleus Limited realising additional cash resources from the sale of part of its investments.
1.3
Turnover
Turnover represents the invoiced value of
commissions received
provided net of VAT.
1.4
Intangible fixed assets other than goodwill
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Development costs are capitalised where they are expected to generate future economic benefits and where the directors are satisfied as to the technical, commercial and financial viability of the related project.
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:
Development costs
Straight line over 5 years
1.5
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.
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Fixtures, fittings & equipment
Straight line over 3 years
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
.
LUXURY EXPLORER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 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, deposits held at call with banks 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.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors
and
loans from
fellow group companies
,
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.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts 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.
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
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
LUXURY EXPLORER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 4 -
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Employees
There were no employees during the year.
3
Intangible fixed assets
Development costs
£
Cost
At 1 January 2018
585,581
Disposals
(585,581)
At 31 December 2018
-
Amortisation and impairment
At 1 January 2018
585,581
Disposals
(585,581)
At 31 December 2018
-
Carrying amount
At 31 December 2018
-
At 31 December 2017
-
LUXURY EXPLORER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 5 -
4
Tangible fixed assets
Fixtures, fittings and equipment
£
Cost
At 1 January 2018
279,139
Disposals
(279,139)
At 31 December 2018
-
Depreciation and impairment
At 1 January 2018
279,139
Eliminated in respect of disposals
(279,139)
At 31 December 2018
-
Carrying amount
At 31 December 2018
-
At 31 December 2017
-
5
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
2,383
2,969
Corporation tax recoverable
1,291
1,415
Other debtors
10,176
6,314
13,850
10,698
6
Creditors: amounts falling due within one year
2018
2017
Notes
£
£
Bank loans and overdrafts
70,715
77,060
Amounts owed to group undertakings
902,294
777,633
Corporation tax
1,291
1,415
974,300
856,108
LUXURY EXPLORER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 6 -
7
Creditors: amounts falling due after more than one year
2018
2017
£
£
Amounts owed to group undertakings
1,337,122
1,337,122
The loan between the company and its parent company has been subject to interest however this has been waived.
8
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
5,000,000 Ordinary shares of 10p each
500,000
500,000
500,000
500,000
9
Financial commitments, guarantees and contingent liabilities
The company has entered into a cross guarantee and debenture in respect of the bank borrowings of its parent and fellow subsidiary companies with Barclays Bank Plc. At 31 December 201
8
, the total net bank borrowings of group companies amounted to £
165,818
(201
7
:
£184,839
), of which £
97,604
(201
7
:
£110,575 net cash
) related to
net borrowings
held by the other group companies
, and £68,214 (2017: £74,264) related to net borrowings held by the company.
10
Related party transactions
As at the year end £10,176 (2017: £6,204) was owed by a director of the company. The balance has been repaid post year end.
11
Parent company
The company is owned and controlled by Nucleus Limited, which owns 100% of the issued share capital. Luxury Explorer Limited is included in Nucleus Limited's consolidated financial statements.
Nucleus Limited is the parent undertaking of the smallest group for which consolidated financial statements are drawn up, and of which the company is a member. Nucleus Limited's registered office address is John Loftus House, Summer Road,Thames Ditton, Surrey, KT7 0QQ.