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Unaudited Financial Statements |
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for the Year Ended 30th June 2022 |
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for |
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Anderson Travel Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 30th June 2022 |
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for |
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Anderson Travel Limited |
Anderson Travel Limited (Registered number: 02239051) |
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Contents of the Financial Statements |
for the Year Ended 30th June 2022 |
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Page |
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Balance Sheet | 1 |
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Notes to the Financial Statements | 3 |
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Anderson Travel Limited (Registered number: 02239051) |
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Balance Sheet |
30th June 2022 |
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2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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Investments | 6 |
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CURRENT ASSETS |
Stocks | 7 |
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Debtors | 8 |
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Cash in hand |
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CREDITORS |
Amounts falling due within one year | 9 |
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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 |
10 |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Revaluation reserve | 12 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The director acknowledges his 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. |
Anderson Travel Limited (Registered number: 02239051) |
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Balance Sheet - continued |
30th June 2022 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
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Anderson Travel Limited (Registered number: 02239051) |
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Notes to the Financial Statements |
for the Year Ended 30th June 2022 |
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1. | STATUTORY INFORMATION |
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Anderson Travel Limited is a
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Registered number: |
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Registered office: |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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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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Revenue recognition |
Sales comprise the fair value of the consideration received or receivable for the rendering of services in the ordinary course of the company's activities. Sales are presented, net of value-added tax, rebates and discounts. |
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The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and when specific criteria have been met for each of the company's activities as follows: |
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Revenue from the sale of services is recognised at the point at which those services have been provided to the customer. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year. |
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Rental income from operating leases (net of any incentives given to the lessees) is recognised when the right to receive payment is established. |
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Tangible fixed assets |
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Freehold property | - |
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Short leasehold | - |
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Coaches | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Anderson Travel Limited (Registered number: 02239051) |
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Notes to the Financial Statements - continued |
for the Year Ended 30th June 2022 |
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3. | ACCOUNTING POLICIES - continued |
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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. |
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Basic financial liabilities |
Basic financial liabilities, including creditors and loans from fellow group companies 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. |
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Financial instruments |
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. |
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Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, such as the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director. |
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Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. |
Anderson Travel Limited (Registered number: 02239051) |
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Notes to the Financial Statements - continued |
for the Year Ended 30th June 2022 |
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3. | ACCOUNTING POLICIES - continued |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
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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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Depreciation policy for properties |
Depreciation has not been charged on assets recorded as freehold property or long leasehold. The director considers that these assets have a useful economic life exceeding 50 years and that they are not depreciating in value. The director considers that depreciating these assets would not provide a true and fair view of the state of affairs of the company. |
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Amounts owed by group undertakings |
The amounts incuded within 'Group undertakings' are intercompanies loans. The repayment of these loans are expected to due after one year. These loans have reflected using discouted value using rate 0.5% per annum. |
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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 |
Freehold | Short |
property | leasehold | Coaches |
£ | £ | £ |
COST OR VALUATION |
At 1st July 2021 |
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Additions |
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Disposals |
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At 30th June 2022 |
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DEPRECIATION |
At 1st July 2021 |
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Charge for year |
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Eliminated on disposal |
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At 30th June 2022 |
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NET BOOK VALUE |
At 30th June 2022 |
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At 30th June 2021 |
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Anderson Travel Limited (Registered number: 02239051) |
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Notes to the Financial Statements - continued |
for the Year Ended 30th June 2022 |
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5. | TANGIBLE FIXED ASSETS - continued |
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Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1st July 2021 |
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Additions |
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Disposals |
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At 30th June 2022 |
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DEPRECIATION |
At 1st July 2021 |
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Charge for year |
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Eliminated on disposal |
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At 30th June 2022 |
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NET BOOK VALUE |
At 30th June 2022 |
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At 30th June 2021 |
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Included in cost or valuation of land and buildings is freehold land of £ 750,000 (2021 - £ 750,000 ) which is not depreciated. |
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Freehold property, at 178 Tower Bridge Road, has been revalued to fair value at the balance sheet date by the director based on their own research and experience. |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
Coaches | vehicles | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1st July 2021 |
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Additions |
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Disposals | ( |
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At 30th June 2022 |
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DEPRECIATION |
At 1st July 2021 |
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Charge for year |
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Eliminated on disposal | ( |
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At 30th June 2022 |
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NET BOOK VALUE |
At 30th June 2022 |
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At 30th June 2021 |
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Anderson Travel Limited (Registered number: 02239051) |
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Notes to the Financial Statements - continued |
for the Year Ended 30th June 2022 |
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6. | FIXED ASSET INVESTMENTS |
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The amount included as a fixed asset investment represents the company's capital and current account outstanding as at the balance sheet date in in MS Anderson Properties LLP. If the capital or current account represent liabilities rather than assets then these financial statements show the net overall position under Provisions for Liabilities. |
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Investment in Pershing fund has been revalued to fair value at the balance sheet date by the directors based on their own research and experience. |
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7. | STOCKS |
2022 | 2021 |
£ | £ |
Stocks |
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8. | DEBTORS |
2022 | 2021 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
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Related party debtors | 52,659 | 42,659 |
Other debtors |
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Taxes | - | 106,457 |
VAT |
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Accrued income |
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Prepayments |
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Amounts falling due after more than one year: |
Trade debtors |
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Amounts owed by group undertakings |
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Aggregate amounts |
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9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts |
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Trade creditors |
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Social security and other taxes |
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Other creditors |
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Directors' current accounts | 89,130 | 23,130 |
Accruals and deferred income |
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Anderson Travel Limited (Registered number: 02239051) |
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Notes to the Financial Statements - continued |
for the Year Ended 30th June 2022 |
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10. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2022 | 2021 |
£ | £ |
Bank loans - 1-2 years |
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Bank loans - 2-5 years |
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Hire purchase contracts |
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Trade creditors |
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Amounts owed to group undertakings |
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11. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2022 | 2021 |
£ | £ |
Hire purchase contracts | 4,055,701 | 3,526,925 |
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The mortgage and hire purchase liabilities are secured on the freehold property asset and vehicle assets, respectively, as shown in the fixed asset note. |
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The company's bankers hold a debenture, dated 16 September 1993, over the whole of the company's assets as security against short term advances. |
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12. | RESERVES |
Revaluation |
reserve |
£ |
At 1st July 2021 |
and 30th June 2022 |
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13. | RELATED PARTY DISCLOSURES |
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The amount of £699,787 (2021: £699,787) included within debtors due after more than one year relates to amount due from Anderson Travel Holdings Limited. The director, Mr M S Anderson is also a director of Anderson Travel Holdings Limited. |
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The amount of £404,342 (2021: £257,998) included within trade debtors due after more than one year relates to amount due from Anderson Tours Limited. The director, Mr M S Anderson is also a director of Anderson Tours Limited. |
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The amount of £417,454 (2021: £508,950) included within trade creditors due after more than one year relates to amount due to London Mini Coaches Limited. The director, Mr M S Anderson is also a director of London Mini Coaches Limited. |
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The amount of £111,840 (2021: £84,350) included within creditors due after more than one year relates to amount due to Anderson Tours Limited. The director, Mr M S Anderson is also a director of Anderson Tours Limited. |
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The amount of £27,537 (2021: £27,537) included within creditors due after more than one year relates to amount due to London Mini Coaches Limited. The director, Mr M S Anderson is also a director of London Mini Coaches Limited. |
Anderson Travel Limited (Registered number: 02239051) |
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Notes to the Financial Statements - continued |
for the Year Ended 30th June 2022 |
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13. | RELATED PARTY DISCLOSURES - continued |
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During the period, the company was under the control of the parent company, Anderson Travel Holdings Limited. |