REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED |
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31 JULY 2022 |
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PENNYWOOD TOURS LTD |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED |
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31 JULY 2022 |
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FOR |
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PENNYWOOD TOURS LTD |
PENNYWOOD TOURS LTD (REGISTERED NUMBER: 11384317) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2022 |
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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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PENNYWOOD TOURS LTD |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JULY 2022 |
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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 |
Pharmacy Chambers |
High Street |
Wadhurst |
East Sussex |
TN5 6AP |
PENNYWOOD TOURS LTD (REGISTERED NUMBER: 11384317) |
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BALANCE SHEET |
31 JULY 2022 |
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2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
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 LIABILITIES | ( |
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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 LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital | 11 |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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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. |
PENNYWOOD TOURS LTD (REGISTERED NUMBER: 11384317) |
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BALANCE SHEET - continued |
31 JULY 2022 |
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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 Board of Directors and authorised for issue on
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PENNYWOOD TOURS LTD (REGISTERED NUMBER: 11384317) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2022 |
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1. | STATUTORY INFORMATION |
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Pennywood Tours Ltd is a
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A |
These financial statements for the year ended 31 July 2022 are the first that are prepared in accordance with FRS 102 Section 1A. The previous financial statements were prepared in accordance with FRS 105, the date of transition to FRS 102 Section 1A is 1 August 2020. |
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Changes in accounting policies |
Deferred tax has been provided for the first time in the year ended 31st July 2022. The impact of the change is an additional deferred tax credit to the Profit and Loss Account of £16,536, representing the brought forward value of deferred tax, had it been provided in prior years. |
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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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Fixtures and fittings | - |
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Equipment | - |
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All assets are initially recorded at cost. |
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Government grants |
The entity has adopted the use of the accruals model in respect of grants received. |
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Any grant that becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in ‘Other income’, in the period to which it relates. |
PENNYWOOD TOURS LTD (REGISTERED NUMBER: 11384317) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2022 |
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3. | ACCOUNTING POLICIES - continued |
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Financial instruments |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. |
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Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such on the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. |
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Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. |
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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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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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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. |
PENNYWOOD TOURS LTD (REGISTERED NUMBER: 11384317) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2022 |
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3. | ACCOUNTING POLICIES - continued |
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Going concern |
The accounts have been prepared on a going concern basis not withstanding the excess of current liabilities over current assets. The company's bankers continue to be supportive and the directors have confirmed their intention to continue their support to the company for the foreseeable future. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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5. | TANGIBLE FIXED ASSETS |
Fixtures |
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fittings | Equipment | Totals |
£ | £ | £ |
COST |
At 1 August 2021 |
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Additions |
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At 31 July 2022 |
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DEPRECIATION |
At 1 August 2021 |
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Charge for year |
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At 31 July 2022 |
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NET BOOK VALUE |
At 31 July 2022 |
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At 31 July 2021 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
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VAT |
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Deferred tax asset |
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Prepayments and accrued income |
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PENNYWOOD TOURS LTD (REGISTERED NUMBER: 11384317) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2022 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts (see note 9) |
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Trade creditors |
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PAYE and social security |
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Directors' current accounts | 11,164 | 12,532 |
Accruals and deferred income |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans (see note 9) |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans over 5 years | 15,397 | - |
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9. | LOANS |
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An analysis of the maturity of loans is given below: |
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2022 | 2021 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
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Amounts falling due between one and two years: |
Bank loans - 1-2 years |
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Amounts falling due between two and five years: |
Bank loans - 2-5 years |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans over 5 years | 15,397 | - |
PENNYWOOD TOURS LTD (REGISTERED NUMBER: 11384317) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2022 |
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10. | DEFERRED TAX |
£ |
Accelerated capital allowances | 145 |
Tax losses carried forward | (17,206 | ) |
Balance at 31 July 2022 | ( |
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11. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
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Ordinary | £1 | 100 | 100 |