REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE PERIOD |
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1 NOVEMBER 2020 TO 30 SEPTEMBER 2021 |
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EXPLORE MONTENEGRO LTD |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE PERIOD |
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1 NOVEMBER 2020 TO 30 SEPTEMBER 2021 |
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FOR |
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EXPLORE MONTENEGRO LTD |
EXPLORE MONTENEGRO LTD (REGISTERED NUMBER: 07503563) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 NOVEMBER 2020 TO 30 SEPTEMBER 2021 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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EXPLORE MONTENEGRO LTD |
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COMPANY INFORMATION |
FOR THE PERIOD 1 NOVEMBER 2020 TO 30 SEPTEMBER 2021 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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9 Mansfield Street |
London |
W1G 9NY |
EXPLORE MONTENEGRO LTD (REGISTERED NUMBER: 07503563) |
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BALANCE SHEET |
30 SEPTEMBER 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
EXPLORE MONTENEGRO LTD (REGISTERED NUMBER: 07503563) |
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BALANCE SHEET - continued |
30 SEPTEMBER 2021 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
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EXPLORE MONTENEGRO LTD (REGISTERED NUMBER: 07503563) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 NOVEMBER 2020 TO 30 SEPTEMBER 2021 |
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1. | STATUTORY INFORMATION |
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Explore Montenegro Ltd is a
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2. | ACCOUNTING POLICIES |
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BASIS OF PREPARING THE FINANCIAL STATEMENTS |
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COVID 19 |
The accounts reflect a second year where travel was severely affected by the COVID 19 pandemic. It is our expectation that the summer 2022 season, should be able to operate as normal, as restrictions are lifted both in the UK and internationally. We are seeing a reasonable level of bookings for the summer 2022 season, and there is a positive level of pent-up demand, we feel that the market for summer 2002 will predominantly be a late market, as customers assess the unfolding situation and their confidence to book holidays returns. |
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DEBTORS |
The vast majority of debtors are prepayments made with suppliers for 2020, which all suppliers have contractually agreed to carry forward to 2022. There is a reasonable expectation that the full programme of holidays will happen in the summer 2022 season. |
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GOING CONCERN |
When assessing the viability of the business the Director has considered the following items, which may affect the next 12-month period; |
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" Travel bans and restrictions, social distancing measures over various lengths of time. |
" Any further waves of outbreaks and associated lockdown measures. |
" Differing forms of economic recovery and their likely impact on our customer market. |
" Various government relief mechanisms that the company is eligible for, over varying lengths of time. |
" Changes in consumer tastes and consumer confidence. |
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Based on the Director's assessment, it is believed that the company is a going concern and though a level of agility in reacting to various potential scenarios will likely be required, it is the opinion of the Director that the direction of travel in terms of the market and the lifting of global travel restrictions and increasing consumer confidence in travel, means there is a reasonable level of optimism for the summer 2022 season and that the company is a going concern. |
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TURNOVER |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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TANGIBLE FIXED ASSETS |
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EXPLORE MONTENEGRO LTD (REGISTERED NUMBER: 07503563) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 NOVEMBER 2020 TO 30 SEPTEMBER 2021 |
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2. | ACCOUNTING POLICIES - continued |
TAXATION |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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DEFERRED TAX |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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COMPUTER SOFTWARE |
The web development software costs are being written off over a period of 5 years. |
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GOVERNMENT GRANTS |
2021 | 2020 |
£ | £ |
Grants received | 26,743 |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the period was
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4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
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COST |
At 1 November 2020 |
and 30 September 2021 |
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AMORTISATION |
At 1 November 2020 |
and 30 September 2021 |
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NET BOOK VALUE |
At 30 September 2021 |
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At 31 October 2020 |
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EXPLORE MONTENEGRO LTD (REGISTERED NUMBER: 07503563) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 NOVEMBER 2020 TO 30 SEPTEMBER 2021 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
Additions |
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At 30 September 2021 |
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DEPRECIATION |
Charge for period |
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At 30 September 2021 |
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NET BOOK VALUE |
At 30 September 2021 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade creditors |
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Accrued expenses |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2021 | 2020 |
£ | £ |
Bank loans |
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Bank loans consist of a government backed bounce-back loan, on which 2.5% interest is payable from February 2023, unless the loan is repaid prior to this date. |