The Inspirational Travel Company Limited Filleted Accounts Cover
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Company No. 06032680
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The Inspirational Travel Company Limited Directors Report Registrar
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The Director presents his report and the accounts for the year ended 31 December 2021.
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Principal activities
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In March 2020 international travel was restricted due to Covid 19 and the company had to defer or cancel all trips planned for clients. Partly due to the Coronavirus Job Retention Scheme the company has been able to close down the vast majority of its business and retain key staff. Nevertheless the company has incurred a significant loss and has negative net assets as at 31 December 2020. The director arranged a bounce back loan in 2021 and as a result he is confident the company can survive until international travel restrictions are lifted, when a strong recovery is anticipated. |
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Director
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The Director who served at any time during the year was as follows:
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N.G. Matthews
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Signed on behalf of the board
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N.G. Matthews
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Director
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31 December 2021
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The Inspirational Travel Company Limited Balance Sheet Registrar
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at
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Company No.
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Notes
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2021
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2020
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£
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£
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Fixed assets
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Tangible assets
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4
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Current assets
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Debtors
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5
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Cash at bank and in hand
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Creditors: Amount falling due within one year
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6
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(
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(
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Net current liabilities
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(
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(
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Total assets less current liabilities
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(
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(
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Creditors: Amounts falling due after more than one year
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7
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(
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Net liabilities
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(
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(
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Capital and reserves
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Called up share capital
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Profit and loss account
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8
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(
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(
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Total equity
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(
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(
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As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.
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Approved by the board on 31 December 2021
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And signed on its behalf by:
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N.G. Matthews
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Director
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31 December 2021
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The Inspirational Travel Company Limited Notes to the Accounts Registrar
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for the year ended 31 December 2021
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1
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General information
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Its registered number is: 06032680
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Its registered office is:
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Going concern
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2
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Accounting policies
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Turnover
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Specifically, revenue from the provision of holidays to customers is recognised when the customer has departed on their holiday and legal title is passed. |
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Tangible fixed assets and depreciation
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Furniture, fittings and equipment
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Taxation
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Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period. Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively. |
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Trade and other debtors
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Trade and other creditors
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Foreign currencies
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Provisions
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Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the balance sheet. |
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3
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Employees
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2021
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2020
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Number
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Number
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The average monthly number of employees (including directors) during the year was:
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4
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Tangible fixed assets
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Fixtures, fittings and equipment
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Total
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£
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£
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Cost or revaluation
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At 1 January 2021
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Disposals
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(
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(
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At 31 December 2021
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Depreciation
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At 1 January 2021
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Charge for the year
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Disposals
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(
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(
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At 31 December 2021
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Net book values
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At 31 December 2021
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At 31 December 2020
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5
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Debtors
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2021
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2020
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£
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£
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Corporation tax recoverable
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Loans to directors
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Other debtors
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Prepayments and accrued income
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6
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Creditors:
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amounts falling due within one year
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2021
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2020
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£
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£
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Corporation tax
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Other taxes and social security
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Accruals and deferred income
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7
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Creditors:
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amounts falling due after more than one year
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2021
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2020
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£
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£
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Bank loans and overdrafts
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8
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Reserves
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9
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Dividends
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2021
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2020
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£
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£
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Dividends for the period:
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Dividends paid in the period
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-
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631
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631
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Dividends by type:
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Equity dividends
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-
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631
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