Company registration number 1464578 (England and Wales)
BON VOYAGE TRAVEL & TOURS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
BON VOYAGE TRAVEL & TOURS LIMITED
COMPANY INFORMATION
Directors
Mr A Wilson
Mr W Gillan
Mr I Finlay
(Appointed 24 November 2021)
Secretary
Mr W Gillan
Company number
1464578
Registered office
16 - 18 Bellevue Road
Southampton
Hampshire
SO15 2AY
Auditor
Knight Goodhead Limited
7 Bournemouth Road
Chandler's Ford
Eastleigh
Hampshire
SO53 3DA
Business address
16 - 18 Bellevue Road
Southampton
Hampshire
SO15 2AY
BON VOYAGE TRAVEL & TOURS LIMITED
CONTENTS
Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 6
Profit and loss account
7
Statement of comprehensive income
8
Balance sheet
9 - 10
Statement of changes in equity
11
Notes to the financial statements
12 - 19
BON VOYAGE TRAVEL & TOURS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2022
1
The directors present their annual report and financial statements for the year ended 31 October 2022.
Principal activities
The principal activity of the company continued to be that of worldwide travel agents with a specialisation in holidays in North America.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr A Wilson
Mr W Gillan
Mr I Finlay
(Appointed 24 November 2021)
Auditor
Knight Goodhead Limited were appointed auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mr W Gillan
Director
10 March 2023
BON VOYAGE TRAVEL & TOURS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2022
2
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
BON VOYAGE TRAVEL & TOURS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BON VOYAGE TRAVEL & TOURS LIMITED
3
Opinion
We have audited the financial statements of Bon Voyage Travel & Tours Limited (the 'company') for the year ended 31 October 2022 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 October 2022 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
BON VOYAGE TRAVEL & TOURS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BON VOYAGE TRAVEL & TOURS LIMITED
4
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and from the requirement to prepare a strategic report.
BON VOYAGE TRAVEL & TOURS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BON VOYAGE TRAVEL & TOURS LIMITED
5
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.
We identified the laws and regulations applicable to the company through discussions with directors and other management and we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence.
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we performed analytical procedures to identify any unusual or unexpected relationships, tested journal entries to identify unusual transactions and investigated the rationale behind significant or unusual transactions.
BON VOYAGE TRAVEL & TOURS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BON VOYAGE TRAVEL & TOURS LIMITED
6
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation; and
- enquiring of management as to actual and potential litigation and claims.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and inspection of regularity and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Chris Goodhead FCA (Senior Statutory Auditor)
For and on behalf of Knight Goodhead Limited
10 March 2023
Chartered Accountants
Statutory Auditor
7 Bournemouth Road
Chandler's Ford
Eastleigh
Hampshire
SO53 3DA
BON VOYAGE TRAVEL & TOURS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 OCTOBER 2022
7
2022
2021
Notes
£
£
Turnover
5,255,817
170,567
Cost of sales
(3,793,678)
(181,320)
Gross profit/(loss)
1,462,139
(10,753)
Administrative expenses
(1,068,840)
(877,091)
Other operating income
99,283
191,032
Operating profit/(loss)
492,582
(696,812)
Interest receivable and similar income
662
18
Interest payable and similar expenses
(23,260)
Profit/(loss) before taxation
469,984
(696,794)
Tax on profit/(loss)
3
31,026
177,501
Profit/(loss) for the financial year
501,010
(519,293)
The profit and loss account has been prepared on the basis that all operations are continuing operations.
BON VOYAGE TRAVEL & TOURS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2022
8
2022
2021
£
£
Profit/(loss) for the year
501,010
(519,293)
Other comprehensive income
Revaluation of tangible fixed assets
263,773
Total comprehensive income for the year
501,010
(255,520)
BON VOYAGE TRAVEL & TOURS LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2022
31 October 2022
9
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
525,153
524,667
Current assets
Debtors
5
497,977
317,633
Cash at bank and in hand
935,404
632,104
1,433,381
949,737
Creditors: amounts falling due within one year
6
(1,166,005)
(1,049,197)
Net current assets/(liabilities)
267,376
(99,460)
792,529
425,207
Creditors: amounts falling due after more than one year
7
(360,000)
(495,339)
Net assets/(liabilities)
432,529
(70,132)
Capital and reserves
Called up share capital
8
31,651
30,000
Revaluation reserve
253,221
263,773
Capital redemption reserve
95,335
95,335
Profit and loss reserves
52,322
(459,240)
432,529
(70,132)
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
BON VOYAGE TRAVEL & TOURS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2022
31 October 2022
10
The financial statements were approved by the board of directors and authorised for issue on 10 March 2023 and are signed on its behalf by:
Mr W Gillan
Director
Company Registration No. 1464578
BON VOYAGE TRAVEL & TOURS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2022
11
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 November 2020
30,000
95,335
60,053
185,388
Year ended 31 October 2021:
Loss for the year
-
-
-
(519,293)
(519,293)
Other comprehensive income:
Revaluation of tangible fixed assets
-
263,773
-
-
263,773
Total comprehensive income for the year
263,773
(519,293)
(255,520)
Balance at 31 October 2021
30,000
263,773
95,335
(459,240)
(70,132)
Year ended 31 October 2022:
Profit and total comprehensive income for the year
-
-
-
501,010
501,010
Issue of share capital
8
1,651
-
-
-
1,651
Transfers
-
(10,552)
-
10,552
-
Balance at 31 October 2022
31,651
253,221
95,335
52,322
432,529
BON VOYAGE TRAVEL & TOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
12
1
Accounting policies
Company information
Bon Voyage Travel & Tours Limited is a private company limited by shares incorporated in England and Wales. The registered office is 16 - 18 Bellevue Road, Southampton, Hampshire, SO15 2AY.
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 and on the going concern basis. Additional information relating to going concern is included in note 12 to the accounts. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of turnover is recognised in accordance with the booking arrangements with the company's customers. Deposits are non-refundable and are recognised when received by the company. The balance is recognised when received, which under the company's terms falls due no later than 10 weeks before departure, or immediately if booking is within these 10 weeks.
1.3
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:
Buildings
2% Straight line
Fixtures, fittings & equipment
15% - 33% Straight line
Website
20% Straight line
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.
BON VOYAGE TRAVEL & TOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
1
Accounting policies (Continued)
13
1.4
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at banks.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
BON VOYAGE TRAVEL & TOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
1
Accounting policies (Continued)
14
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
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.
1.9
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.
1.10
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.
BON VOYAGE TRAVEL & TOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
15
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
19
20
3
Taxation
2022
2021
£
£
Current tax
Adjustments in respect of prior periods
(44,453)
Deferred tax
Origination and reversal of timing differences
(31,026)
(133,048)
Total tax credit
(31,026)
(177,501)
BON VOYAGE TRAVEL & TOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
16
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 November 2021
525,000
248,066
773,066
Additions
13,867
13,867
Disposals
(11,991)
(11,991)
At 31 October 2022
525,000
249,942
774,942
Depreciation and impairment
At 1 November 2021
7,000
241,399
248,399
Depreciation charged in the year
7,000
6,381
13,381
Eliminated in respect of disposals
(11,991)
(11,991)
At 31 October 2022
14,000
235,789
249,789
Carrying amount
At 31 October 2022
511,000
14,153
525,153
At 31 October 2021
518,000
6,667
524,667
Land and buildings with a carrying amount of £511,000 were revalued at 29 October 2020 by Hellier Langston of Fareham, Hampshire, independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.
Land and buildings are carried at valuation. If land and buildings were measured using the historic cost model, the carrying amounts would have been approximately £257,779 (2021 - £259,503), being cost £592,168 (2021 - £592,168) and depreciation £334,389 (2021 - £332,665).
BON VOYAGE TRAVEL & TOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
17
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
264,065
158,591
Other debtors
69,838
25,994
333,903
184,585
2022
2021
Amounts falling due after more than one year:
£
£
Deferred tax asset
164,074
133,048
Total debtors
497,977
317,633
6
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
120,000
104,661
Trade creditors
995,728
889,953
Taxation and social security
32,048
9,491
Other creditors
18,229
45,092
1,166,005
1,049,197
Bank loans and overdrafts are secured on the company's assets.
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
360,000
495,339
Bank loans and overdrafts are secured on the company's assets.
BON VOYAGE TRAVEL & TOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
18
8
Called up share capital
2022
2021
£
£
Ordinary share capital
Issued and fully paid
30,000 A ordinary shares of £1 each
30,000
30,000
10,697 (2021: 0) B ordinary shares of 10p each
1,070
-
5,814 (2021: 0) C ordinary shares of 10p each
581
-
31,651
30,000
During the year the company allotted 10,697 10 pence B Ordinary shares and 5,814 10 pence C Ordinary shares.
9
Secured assets
The Association of British Travel Agents require its members to provide annual bonds to secure the monies and benefits of their clients in the event of failure of a member. These bonds, together with other bonds provided to suppliers, are provided by the company's bankers and amounted to £95,413 at the 31 October 2022 (2021: £52,962). In order to obtain these bonds, the company has ringfenced the equivalent sum in an account with Barclays Bank Plc.
These financial statements include the company's full liabilities to its creditors, and consequently this bonding arrangement is not considered to constitute a contingent liability.
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2022
2021
£
£
Total operating lease commitments
7,507
1,220
At the balance sheet date the above operating lease commitments represented outstanding rental obligations of office equipment used by the company.
BON VOYAGE TRAVEL & TOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
19
11
Pension commitments
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
The annual commitment under this scheme is for contributions of £13,176 (2021: £12,618).
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