REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 NOVEMBER 2020 |
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SNAPTRIP GROUP LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 NOVEMBER 2020 |
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FOR |
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SNAPTRIP GROUP LIMITED |
SNAPTRIP GROUP LIMITED (REGISTERED NUMBER: 08774859) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2020 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 4 |
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SNAPTRIP GROUP LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30 NOVEMBER 2020 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Old Station House |
Station Approach |
Newport Street |
Swindon |
Wiltshire |
SN1 3DU |
SNAPTRIP GROUP LIMITED (REGISTERED NUMBER: 08774859) |
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STATEMENT OF FINANCIAL POSITION |
30 NOVEMBER 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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Investments | 6 |
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CURRENT ASSETS |
Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 |
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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 |
9 |
( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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SNAPTRIP GROUP LIMITED (REGISTERED NUMBER: 08774859) |
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STATEMENT OF FINANCIAL POSITION - continued |
30 NOVEMBER 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
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Share premium |
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Retained earnings | ( |
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The directors acknowledge their 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 Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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SNAPTRIP GROUP LIMITED (REGISTERED NUMBER: 08774859) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2020 |
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1. | STATUTORY INFORMATION |
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Snaptrip Group Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Preparation of consolidated financial statements |
The financial statements contain information about Snaptrip Group Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
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Going concern |
The COVID-19 viral pandemic is one of the most significant economic events for the UK with unprecedented levels of uncertainty of outcomes. It is therefore difficult to evaluate all of the potential implications on the company's trade, customers, suppliers and wider economy. The Directors' view on the impact of COVID-19 is that, given the measures that could be undertaken to mitigate the current adverse conditions and the current resources available, they can continue to adopt the going concern basis in preparing the annual report and accounts. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. |
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Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. |
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Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
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Brand assets are being amortised evenly over their estimated useful life of 5 years. |
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Computer software is being amortised evenly over its estimated useful life of 5 years. |
SNAPTRIP GROUP LIMITED (REGISTERED NUMBER: 08774859) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
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Computer Equipment | - |
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Office Equipment | - |
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Taxation |
Taxation for the year 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 statement of financial position 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 statement of financial position 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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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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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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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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SNAPTRIP GROUP LIMITED (REGISTERED NUMBER: 08774859) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2020 |
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4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 December 2019 |
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Additions |
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At 30 November 2020 |
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AMORTISATION |
At 1 December 2019 |
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Charge for year |
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At 30 November 2020 |
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NET BOOK VALUE |
At 30 November 2020 |
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At 30 November 2019 |
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5. | TANGIBLE FIXED ASSETS |
Computer | Office |
Equipment | Equipment | Totals |
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COST |
At 1 December 2019 |
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Additions |
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At 30 November 2020 |
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DEPRECIATION |
At 1 December 2019 |
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Charge for year |
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At 30 November 2020 |
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NET BOOK VALUE |
At 30 November 2020 |
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At 30 November 2019 |
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SNAPTRIP GROUP LIMITED (REGISTERED NUMBER: 08774859) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2020 |
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6. | FIXED ASSET INVESTMENTS |
Other |
investment |
£ |
COST |
At 1 December 2019 |
and 30 November 2020 |
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NET BOOK VALUE |
At 30 November 2020 |
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At 30 November 2019 |
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The company holds 100% of the issued share capital of Last Minute Cottages Limited, a company incorporated in England and Wales. |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Other debtors |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2020 | 2019 |
£ | £ |
Bank loans |
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SNAPTRIP GROUP LIMITED (REGISTERED NUMBER: 08774859) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2020 |
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10. | SHARE-BASED PAYMENT TRANSACTIONS |
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EMI |
2020 | 2019 |
Brought forward | 503,340 | 291,800 |
Granted | - | 217,467 |
Exercised | - | - |
Lapsed | 1,903 | 5,927 |
Transfer out | - | - |
Transfer in | - | - |
Total | 501,437 | 503,340 |
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Exercisable at year end | - | - |
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The company employs an equity-settled share-based payment scheme, including share options and long-term equity incentive plans where the overall outcome is that the employee has the option to receive shares, contingent on a pre-determined event as defined in the option agreement. The company has established an Enterprise Management Incentive (EMI) share option scheme with an exercise price of £0.154 - £0.55 per share. |
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Whilst the precise vesting conditions differ between iterations of the EMI scheme operated by the company, these vesting conditions include: |
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- Sale of the company |
- A merger or buyout of the company |
- A listing of the company on a recognised exchange |
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In addition, some EMI options include a time-based vesting condition and vest on the earlier of the completion of the service period or the occurrence of an event as listed above. |
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Vested EMI options can be exercised up to 10 years from the date of the grant. A charge of £42,459 has been booked in the current year in relation to EMI share options. The fair value of the options used for accounting purposes in this calculation has been estimated using a Black Scholes options pricing model. |
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SNAPTRIP GROUP LIMITED (REGISTERED NUMBER: 08774859) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2020 |
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Details of the number of EMI share options and weighted average exercise price (WAEP) outstanding during the period are as follows: |
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2020 | 2019 |
Exercise price£ |
Scheme |
Net number of
shares issued |
Value£ |
Net number of
shares issued |
Value£ |
0.154 | EMI | 222,600 | 34,280 | 222,600 | 34,280 |
0.55 | EMI | 69,200 | 38,060 | 69,200 | 38,060 |
0.54 | EMI | 209,637 | 113,204 | 211,540 | 114,232 |
501,437 | 185,544 | 503,340 | 186,572 |
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WAEP | £0.370 | £0.371 |