Company Registration No. SC386603 (Scotland)
TRANS WORLD EDUCATIONAL EXPERIENCES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
James Hair & Co
59 Bonnygate
CUPAR
Fife
UK
KY15 4BY
TRANS WORLD EDUCATIONAL EXPERIENCES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
3
714
1,429
Tangible assets
4
305
166
1,019
1,595
Current assets
Debtors
5
108,876
143,741
Cash at bank and in hand
240,287
153,888
349,163
297,629
Creditors: amounts falling due within one year
6
(223,726)
(181,374)
Net current assets
125,437
116,255
Total assets less current liabilities
126,456
117,850
Creditors: amounts falling due after more than one year
7
(34,167)
(50,000)
Net assets
92,289
67,850
Capital and reserves
Called up share capital
8
30,000
20,000
Profit and loss reserves
62,289
47,850
Total equity
92,289
67,850
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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.
TRANS WORLD EDUCATIONAL EXPERIENCES LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 DECEMBER 2021
31 December 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 28 August 2022 and are signed on its behalf by:
Mr James Hair
Director
Company Registration No. SC386603
TRANS WORLD EDUCATIONAL EXPERIENCES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
1
Accounting policies
Company information
Trans World Educational Experiences Limited is a private company limited by shares incorporated in Scotland. The registered office is 9 - 10 St Andrews Square, Office 208, EDINBURGH, EH2 2AF.
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
Turnover
Turnover comprises the invoiced value of educational sports tours and school trips provided by the company, net of Value Added Tax and trade discounts.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Website costs
50% straight line
Trademark
33.3 % straight line
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:
Computers
33.3% 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.
TRANS WORLD EDUCATIONAL EXPERIENCES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -
1.5
Financial instruments
Basic financial instruments are recognised at amortised cost using the effective interest method except for investments in non-convertible preference and non-puttable preference and ordinary shares, which are measured at fair value, with changes recognised in the profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value, with charges recognised in profit and loss.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.6
Taxation
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. 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 income statement, 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
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.
1.8
Pensions
The company operates a defined contribution pension scheme and the pension charge represents the amounts paid by the company to the funds in respect of the year.
1.9
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.
TRANS WORLD EDUCATIONAL EXPERIENCES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 5 -
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
14
18
3
Intangible fixed assets
Website costs
Trademark
Total
£
£
£
Cost
At 1 January 2021 and 31 December 2021
2,038
2,413
4,451
Amortisation and impairment
At 1 January 2021
2,038
984
3,022
Amortisation charged for the year
715
715
At 31 December 2021
2,038
1,699
3,737
Carrying amount
At 31 December 2021
714
714
At 31 December 2020
1,429
1,429
TRANS WORLD EDUCATIONAL EXPERIENCES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 6 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2021
498
Additions
458
At 31 December 2021
956
Depreciation and impairment
At 1 January 2021
332
Depreciation charged in the year
319
At 31 December 2021
651
Carrying amount
At 31 December 2021
305
At 31 December 2020
166
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
16,570
6,335
Corporation tax recoverable
7,872
Other debtors
3,008
27,988
Prepayments and accrued income
89,298
101,546
108,876
143,741
6
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
10,000
Trade creditors
10,786
521
Corporation tax
3,705
Other taxation and social security
2,762
2,994
Deferred income
194,473
175,271
Accruals
2,000
2,588
223,726
181,374
TRANS WORLD EDUCATIONAL EXPERIENCES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 7 -
7
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
34,167
50,000
8
Called up share capital
2021
2020
£
£
Ordinary share capital
Issued and fully paid
30,000 (2020: 20,000) Ordinary shares of £1 each
30,000
20,000
Share Capital has been increased by £10,000, as a minimum of £30,000 is a requirement to join a professional travel association.
9
Directors' transactions
Included within debtors at 31 December 2021 is an interest free loan of £1,150 (2020 - £500) to Mr S MacFarlane, company director and shareholder. The maximum amount outstanding during the year was £2,150 (2020 - £15,000).