Company Registration No. SC085714 (Scotland)
HARRY HYNDS TRAVEL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
PAGES FOR FILING WITH REGISTRAR
HARRY HYNDS TRAVEL LIMITED
CONTENTS
Page
Statement of comprehensive income
Balance sheet
1
Statement of changes in equity
Notes to the financial statements
2 - 4
HARRY HYNDS TRAVEL LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2018
31 December 2018
- 1 -
2018
2017
Notes
£
£
£
£
Current assets
Stocks
1,095
1,095
Debtors
5
18,808
28,817
Cash at bank and in hand
58,935
44,344
78,838
74,256
Creditors: amounts falling due within one year
6
(31,973)
(36,161)
Net current assets
46,865
38,095
Capital and reserves
Called up share capital
8
170,554
170,554
Share premium account
70,000
70,000
Profit and loss reserves
(193,689)
(202,459)
Total equity
46,865
38,095
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 27 June 2019
Mr I Hynds
Director
Company Registration No. SC085714
HARRY HYNDS TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
- 2 -
1
Accounting policies
Company information
Harry Hynds Travel Limited is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
23 Main Street, Milngavie, East Dunbartonshire, G62 6BJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents commission earned as an agent in respect of passenger fares and holiday tours (excluding value added tax) during the year.
Commission is recognised six weeks prior to the date of travel.
1.3
Intangible fixed assets - goodwill
Goodwill represents the
amount paid in connection with acquisition of a business in 1990, has been written off evenly over its useful life of 10 years.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
10% on cost
Fixtures and fittings
15% on reducing balance and at varying rates on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
HARRY HYNDS TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 3 -
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 3 (2017 - 3).
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2018 and 31 December 2018
55,000
Amortisation and impairment
At 1 January 2018 and 31 December 2018
55,000
Carrying amount
At 31 December 2018
-
At 31 December 2017
-
4
Tangible fixed assets
Freehold land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 January 2018 and 31 December 2018
48,157
52,495
100,652
Depreciation and impairment
At 1 January 2018 and 31 December 2018
48,157
52,495
100,652
Carrying amount
At 31 December 2018
-
-
-
At 31 December 2017
-
-
-
HARRY HYNDS TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 4 -
5
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
12,690
23,166
Other debtors
6,118
5,651
18,808
28,817
6
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
18,435
20,293
Taxation and social security
9,998
12,645
Other creditors
3,540
3,223
31,973
36,161
7
Security
The Bank of Scotland plc holds a bond and floating charge over the assets of the company.
8
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
170,554 Ordinary shares of £1 each
170,554
170,554
9
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
The following amounts were outstanding at the reporting end date:
2018
2017
Amounts due to related parties
£
£
Amounts owed to related parties
145
2,274