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Unaudited Financial Statements |
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for the Year Ended 31 May 2021 |
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for |
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VERTIGO HOLIDAYS LIMITED |
REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 May 2021 |
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for |
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VERTIGO HOLIDAYS LIMITED |
VERTIGO HOLIDAYS LIMITED (REGISTERED NUMBER: 08409901) |
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Contents of the Financial Statements |
for the year ended 31 May 2021 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Chartered Accountants' Report | 6 |
VERTIGO HOLIDAYS LIMITED |
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Company Information |
for the year ended 31 May 2021 |
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Director: |
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Secretary: |
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Registered office: |
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Registered number: |
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Accountants: |
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Chartered Accountants |
Aissela |
46 High Street |
Esher |
Surrey |
KT10 9QY |
VERTIGO HOLIDAYS LIMITED (REGISTERED NUMBER: 08409901) |
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Balance Sheet |
31 May 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
Fixed assets |
Investments | 4 |
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Current assets |
Cash at bank and in hand |
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Creditors |
Amounts falling due within one year | 5 |
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Net current liabilities | ( |
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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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Net assets |
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Capital and reserves |
Called up share capital | 7 |
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Share premium |
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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. |
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In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account 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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VERTIGO HOLIDAYS LIMITED (REGISTERED NUMBER: 08409901) |
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Notes to the Financial Statements |
for the year ended 31 May 2021 |
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1. | Statutory information |
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Vertigo Holidays Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | Accounting policies |
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Basis of preparing the financial statements |
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The financial statements are prepared on a going concern basis. |
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In reaching this conclusion the directors have considered the impact of Covid19, alongside the measures that they can take to mitigate the current adverse conditions, and the current resources available. |
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P R Dyer, director and shareholder has provided confirmation of his continuing support to the company. |
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During the year ended 31 May 2014, P R Dyer loaned monies to the company totalling £819,900. P R Dyer has confirmed that £590,000 of this amount is a long term loan and that he has no intention of withdrawing funds which would in anyway have a negative impact on the working capital of Vertigo Holidays and its wholly owned subsidiary undertaking Ski Famille Limited. |
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Key source of estimation, uncertainty and judgement |
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. |
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Financial instruments |
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument. |
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Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due. |
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Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts. |
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Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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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VERTIGO HOLIDAYS LIMITED (REGISTERED NUMBER: 08409901) |
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Notes to the Financial Statements - continued |
for the year ended 31 May 2021 |
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2. | Accounting policies - continued |
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 year 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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Fixed asset investments |
Fixed asset investments are stated at cost, including incidental costs of purchase, less any provisions for impairment in value. |
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3. | Employees and directors |
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The average number of employees during the year was NIL (2020 - NIL). |
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4. | Fixed asset investments |
Shares in |
group |
undertakings |
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Cost |
At 1 June 2020 |
and 31 May 2021 |
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Net book value |
At 31 May 2021 |
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At 31 May 2020 |
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5. | Creditors: amounts falling due within one year |
2021 | 2020 |
£ | £ |
Directors' current accounts | 19,858 | 19,858 |
Accruals and deferred income |
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6. | Creditors: amounts falling due after more than one year |
2021 | 2020 |
£ | £ |
Directors' loan accounts | 590,000 | 590,000 |
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7. | Called up share capital |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
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Ordinary A | £1 | 100 | 100 |
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Ordinary B | £1 | 302 | 302 |
402 | 402 |
VERTIGO HOLIDAYS LIMITED (REGISTERED NUMBER: 08409901) |
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Notes to the Financial Statements - continued |
for the year ended 31 May 2021 |
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8. | Related party transactions |
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As at 31 May 2021, the company owed the director £609,858 (2020: £609,858). Of this amount, £590,000 is repayable after more than one year. The loan is interest free. |
Chartered Accountants' Report to the Director |
on the Unaudited Financial Statements of |
Vertigo Holidays Limited |
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The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Vertigo Holidays Limited for the year ended 31 May 2021 which comprise the Profit and Loss Account, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us. |
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As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the director of Vertigo Holidays Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Vertigo Holidays Limited and state those matters that we have agreed to state to the director of Vertigo Holidays Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Vertigo Holidays Limited and its director for our work or for this report. |
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It is your duty to ensure that Vertigo Holidays Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Vertigo Holidays Limited. You consider that Vertigo Holidays Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Vertigo Holidays Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
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Chartered Accountants |
Aissela |
46 High Street |
Esher |
Surrey |
KT10 9QY |
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