Company Registration No. SC085714 (Scotland)
HARRY HYNDS TRAVEL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
HARRY HYNDS TRAVEL LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
HARRY HYNDS TRAVEL LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Current assets
Stocks
1,095
1,095
Debtors
6
9,699
9,897
Cash at bank and in hand
48,017
19,949
58,811
30,941
Creditors: amounts falling due within one year
7
(39,244)
(38,714)
Net current assets/(liabilities)
19,567
(7,773)
Creditors: amounts falling due after more than one year
8
(7,781)
(10,550)
Net assets/(liabilities)
11,786
(18,323)
Capital and reserves
Called up share capital
10
170,554
170,554
Share premium account
70,000
70,000
Profit and loss reserves
(228,768)
(258,877)
Total equity
11,786
(18,323)
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 2022 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.
The 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 31 May 2023
Mr I Hynds
Director
Company Registration No. SC085714
HARRY HYNDS TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 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, Glasgow, United Kingdom, 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 amounts 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
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
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.
1.4
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.
1.5
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
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.
1.6
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
1.7
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 2022
1
Accounting policies
(Continued)
- 3 -
1.8
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.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.11
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
3
3
HARRY HYNDS TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 4 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2022 and 31 December 2022
55,000
Amortisation and impairment
At 1 January 2022 and 31 December 2022
55,000
Carrying amount
At 31 December 2022
At 31 December 2021
5
Tangible fixed assets
Freehold land and buildings
£
Cost
At 1 January 2022 and 31 December 2022
48,157
Depreciation and impairment
At 1 January 2022 and 31 December 2022
48,157
Carrying amount
At 31 December 2022
At 31 December 2021
6
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
9,699
8,932
Other debtors
965
9,699
9,897
HARRY HYNDS TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 5 -
7
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
2,768
2,700
Trade creditors
11,964
20,318
Taxation and social security
15,294
7,020
Other creditors
9,218
8,676
39,244
38,714
8
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
7,781
10,550
9
Security
The Bank of Scotland plc holds a bond and floating charge over the assets of the company.
10
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
170,554
170,554
170,554
170,554
11
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2022
2021
£
£
34,000
51,000
12
Related party transactions
The following amounts were outstanding at the reporting end date:
2022
2021
Amounts due to related parties
£
£
Amounts owed to related parties
1,375
1,375
The loan is unsecured, interest free and has no fixed terms of repayment.