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 2020.
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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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29 September 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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2020
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2019
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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)/assets
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(
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Total assets less current liabilities
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(
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Net (liabilities)/assets
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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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7
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(
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Total equity
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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 29 September 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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29 September 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 2020
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1
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General information
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Its registered number is: 06032680
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Notwithstanding the deficit in net assets the accounts have been prepared on a going concern basis as the director arranged a bounce back loan in 2021, which should provide sufficient resources for the company to continue in business until the travel restrictions imposed as a result of Covid 19 are lifted when a strong recovery in business is anticipated.
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2
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Accounting policies
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Turnover
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Revenue from the sale of goods is recognised when all the following conditions are satisfied: • the Company has transferred to the buyer the significant risks and rewards of ownership of the goods; • the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; • the amount of revenue can be measured reliably; • it is probable that the economic benefits associated with the transaction will flow to the Company; and • the costs incurred or to be incurred in respect of the transaction can be measured reliably. Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed. |
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Tangible fixed assets and depreciation
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At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. |
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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.
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. Current 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 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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3
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Employees
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2020
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2019
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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 2020
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At 31 December 2020
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Depreciation
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At 1 January 2020
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Charge for the year
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At 31 December 2020
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Net book values
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At 31 December 2020
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At 31 December 2019
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5
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Debtors
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2020
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2019
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£
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£
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Trade debtors
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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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2020
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2019
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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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Loans from directors
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Accruals and deferred income
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7
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Reserves
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8
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Dividends
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2020
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2019
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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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631
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35,700
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35,700
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Dividends by type:
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Equity dividends
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631
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35,700
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