Company Registration No. 05222393 (England and Wales)
CICERONI TOURS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
PAGES FOR FILING WITH REGISTRAR
CICERONI TOURS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2018
31 December 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
11,760
14,375
Current assets
Debtors
4
81,743
127,409
Cash at bank and in hand
391,023
608,482
472,766
735,891
Creditors: amounts falling due within one year
5
(220,257)
(419,504)
Net current assets
252,509
316,387
Total assets less current liabilities
264,269
330,762
Capital and reserves
Called up share capital
6
30,000
30,000
Profit and loss reserves
234,269
300,762
Total equity
264,269
330,762
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 1 July 2019 and are signed on its behalf by:
Mr S Brook
Mr T Duncan
Director
Director
Company Registration No. 05222393
CICERONI TOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
- 2 -
1
Accounting policies
Company information
Ciceroni Tours Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
2 The Square, Aynho, Banbury, Oxon, OX17 3BL.
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
Turnover
Turnover comprises income from tour and guide services. Tour income represents amounts receivable from the sale of tours and other services supplied to customers net of VAT under the Tour Operators Margin Scheme and is taken to the profit and loss account on the date of departure.
1.3
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, fittings and equipment
33.3% straight line
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
.
1.4
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
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). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.5
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
CICERONI TOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 3 -
1.6
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.
1.7
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.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
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.
1.11
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.
CICERONI TOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 4 -
1.12
Advance holiday receipts and expenditure
All revenue relating to tours with departure dates after the year end are treated as advance receipts at the balance sheet date and are included in deferred income within other creditors. Payments to suppliers in respect of these tours are included as prepayments in
other
debtors.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 4 (2017 - 4).
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2018
67,857
Additions
7,262
Disposals
(6,978)
At 31 December 2018
68,141
Depreciation and impairment
At 1 January 2018
53,482
Depreciation charged in the year
9,877
Eliminated in respect of disposals
(6,978)
At 31 December 2018
56,381
Carrying amount
At 31 December 2018
11,760
At 31 December 2017
14,375
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
6,951
6,965
Other debtors
74,792
120,444
81,743
127,409
CICERONI TOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 5 -
5
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
14,032
16,607
Corporation tax
8,692
26,680
Other taxation and social security
8,360
3,353
Other creditors
189,173
372,864
220,257
419,504
6
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
30,000 ordinary shares of £1 each
30,000
30,000
7
Directors' transactions
As at 31
December
201
8
the company owed
Mr T Duncan
£
981 (2017
- £
25,150
)
,
this loan is interest free and is repayable on demand.
As at 31 December 2018 the company owed Mr S Brook £22,249 (2017 - £21,069), this loan is interest free and is repayable on demand.
8
Ultimate controlling party
The company was controlled throughout the current year and the preceding year by Mr T Duncan, by virtue of his ownership of 55% of the issued ordinary share capital of the company.