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Registration number: 06298727

Chesters Executive Travel Limited

Unaudited Financial Statements

for the Year Ended 31 March 2022

 

Chesters Executive Travel Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Chesters Executive Travel Limited

(Registration number: 06298727)
Balance Sheet as at 31 March 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

358,206

413,711

Current assets

 

Stocks

5

2,536

1,542

Debtors

6

231,294

128,097

Cash at bank and in hand

 

898,764

582,996

 

1,132,594

712,635

Creditors: Amounts falling due within one year

7

(254,935)

(226,219)

Net current assets

 

877,659

486,416

Total assets less current liabilities

 

1,235,865

900,127

Creditors: Amounts falling due after more than one year

7

(31,667)

(41,667)

Provisions for liabilities

(72,983)

(65,886)

Net assets

 

1,131,215

792,574

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

1,131,214

792,573

Shareholders' funds

 

1,131,215

792,574

 

Chesters Executive Travel Limited

(Registration number: 06298727)
Balance Sheet as at 31 March 2022

For the financial year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 29 July 2022
 

.........................................
Mr C Chester
Director

 

Chesters Executive Travel Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
The Coach Station
Sharp Street
Worsley
Manchester
M28 3LX

These financial statements were authorised for issue by the director on 29 July 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

Due to the current unprecedented market and economic conditions in the U.K. and internationally, the expected impact of the COVID-19 pandemic on the Company’s operations cannot be reasonably estimated. Revenue may fall as customers are hit by the pandemic, but expenses will, likely, decrease as a result which will help to mitigate the impact on profits and the company has sufficient reserves in place to cover any deficit for at least 12 months from the date of approval of these financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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 specific criteria have been met for each of the company's activities.

Government grants

Government grants are included in the Profit and Loss account on the accruals basis.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Chesters Executive Travel Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment, plant and machinery

25% reducing balance

Motor vehicles

25% reducing balance

Building

2% Straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Chesters Executive Travel Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 8 (2021 - 8).

4

Tangible assets

Buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2021

67,000

18,692

535,408

621,100

Additions

-

29,846

3,001

32,847

At 31 March 2022

67,000

48,538

538,409

653,947

Depreciation

At 1 April 2021

56

10,585

196,748

207,389

Charge for the year

670

2,391

85,291

88,352

At 31 March 2022

726

12,976

282,039

295,741

Carrying amount

At 31 March 2022

66,274

35,562

256,370

358,206

At 31 March 2021

66,944

8,107

338,660

413,711

Included within the net book value of land and buildings above is £66,274 (2021 - £66,944) in respect of freehold land and buildings.
 

 

Chesters Executive Travel Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

5

Stocks

2022
£

2021
£

Other inventories

2,536

1,542

6

Debtors

2022
£

2021
£

Trade debtors

217,570

114,049

Other debtors

13,724

14,048

231,294

128,097

 

Chesters Executive Travel Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

7

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

8

10,000

15,285

Trade creditors

 

84,810

21,159

Taxation and social security

 

104,692

71,739

Other creditors

 

55,433

118,036

 

254,935

226,219

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

8

31,667

41,667

8

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

31,667

41,667

2022
£

2021
£

Current loans and borrowings

Bank borrowings

10,000

8,333

Hire purchase contracts

-

6,952

10,000

15,285

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £10,493 (2021 - £Nil).