Registered number: 08398260
LUXTRIPPER LIMITED
UNAUDITED
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
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LUXTRIPPER LIMITED
Company Information
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Mrs Balwinder Kaur Bhattha
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LUXTRIPPER LIMITED
Contents
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Notes to the financial statements
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The detailed profit and loss account and summaries do not form part of the statutory financial statements.
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LUXTRIPPER LIMITED
Registered number:
08398260
Balance sheet
As at
31 March 2020
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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LUXTRIPPER LIMITED
Registered number:
08398260
Balance sheet
(continued)
As at
31 March 2020
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
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.
The
financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
29 June 2020
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The notes on pages 3 to 9 form part of these financial statements.
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LUXTRIPPER LIMITED
Notes to the financial statements
For the Year Ended 31 March 2020
Luxtripper Limited is a private company limited by share capital, incorporated in England and Wales, registration number 08398260. The address of the registered office is Gun House, 1 Artillery Passage, London, E1 7LJ.
2.
Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
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The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis despite an excess of liabilities over total assets at 31 March 2020.
The company has achieved significant year on year growth in revenue and the directors anticipate that strong growth in revenue will continue throughout 2020, despite the Coronavirus pandemic affecting many businesses and particularly those in the travel industry. Even in these unprecedented times, both April and May 2020 bookings have resulted in a year on year growth despite the pandemic, and the company has seen a substantial growth in the number of enquiries for future bookings.
The company has shown and continues to show resilience, as it demonstrated with the May 2019 Sri Lanka terrorist attack, which resulted in successfully dealing with all customers for £1m worth of holidays with either a re-booked holiday and limited refunds. Now faced with the Covid-19 pandemic, the company has again successfully dealt with March to August customers’ bookings with the majority opting for a re-booked holiday and some issued with credit vouchers or refunds.
During the year ended 31 March 2020, the company invested significant resources in research and development activities in order to further improve the services provided to its customers. The directors anticipate that these developments will aid revenue growth but also increase profitability through increased efficiency.
Accordingly, the directors are satisfied that the financial statements are appropriately prepared on the basis applicable to a going concern.
Turnover relates to the sale of flights, hotels, tours and transfers, and is recognised through the profit and loss account at the date of booking.
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LUXTRIPPER LIMITED
Notes to the financial statements
For the Year Ended 31 March 2020
2.
Accounting policies (continued)
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Website development costs are valued at cost less accumulated amortisation. Amortisation is calculated to write off the cost in equal annual installments over their estimated useful life of 10 years.
Patent costs are valued at cost less accumulated amortisation. Amortisation on granted patents is calculated to write off the cost in equal installments over their estimated useful life of 10 years.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Profit and loss account..
Website development costs are capitalised within intangible assets where they can be identified with a specific product or project anticipated to produce future benefits, and are amortised on the straight line basis over the anticipated life of the benefits arising from the completed product or project.
Deferred website development costs are reviewed annually, and where future benefits are deemed to have ceased or to be in doubt, the balance of any related development is written off to the Profit and loss account.
Research and development costs which do not meet the capitalisation criteria are charged to the Profit and loss account.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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LUXTRIPPER LIMITED
Notes to the financial statements
For the Year Ended 31 March 2020
2.
Accounting policies (continued)
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and loss account..
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Profit and loss account
except when deferred in other comprehensive income as qualifying cash flow hedges.
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LUXTRIPPER LIMITED
Notes to the financial statements
For the Year Ended 31 March 2020
2.
Accounting policies (continued)
Finance costs are charged to the Profit and loss account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Tax is recognised in the Profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:
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The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
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Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
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The average monthly number of employees, including directors, during the year was
38
(2019 -
19
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LUXTRIPPER LIMITED
Notes to the financial statements
For the Year Ended 31 March 2020
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LUXTRIPPER LIMITED
Notes to the financial statements
For the Year Ended 31 March 2020
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Charge for the year on owned assets
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Prepayments and accrued income
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Cash and cash equivalents
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LUXTRIPPER LIMITED
Notes to the financial statements
For the Year Ended 31 March 2020
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Allotted, called up and fully paid
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17,690,408
(2019 -
16,765,632
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Ordinary 'A' shares
shares of £
0.01
each
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805,103
Ordinary 'B' shares
shares of £
0.01
each
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Related party transactions
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At the year end, the Company owed the directors £9,041 (2019: £9,041). This loan is interest free and repayable on demand.
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