Company registration number 09315268 (England and Wales)
OUTOFOFFICEDOTCOM LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022
OUTOFOFFICEDOTCOM LIMITED
COMPANY INFORMATION
Directors
D Burn
R Marshall
Company number
09315268
Registered office
Sovereign House
Church Street
Brighton
BN1 1UJ
Accountants
Beavis Morgan LLP
Accountants, Business and Tax Advisers
82 St John Street
London
EC1M 4JN
OUTOFOFFICEDOTCOM LIMITED
CONTENTS
Page
Directors' report
1
Accountants' report
2
Profit and loss account
3
Balance sheet
4 - 5
Statement of changes in equity
6
Notes to the financial statements
7 - 13
OUTOFOFFICEDOTCOM LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2022
- 1 -
The directors present their annual report and financial statements for the year ended 31 May 2022.
Principal activities
The principal activity of the company is the provision of travel agency services.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
D Burn
R Marshall
A Harding
(Resigned 6 April 2022)
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
R Marshall
Director
13 September 2022
OUTOFOFFICEDOTCOM LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF OUTOFOFFICEDOTCOM LIMITED FOR THE YEAR ENDED 31 MAY 2022
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of OutOfOfficeDotCom Limited for the year ended 31 May 2022 which comprise the profit and loss account, the balance sheet, the statement of changes in equity and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation
This report is made solely to the Board of Directors of OutOfOfficeDotCom Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of OutOfOfficeDotCom Limited and state those matters that we have agreed to state to the Board of Directors of OutOfOfficeDotCom Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than OutOfOfficeDotCom Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that OutOfOfficeDotCom Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of OutOfOfficeDotCom Limited. You consider that OutOfOfficeDotCom Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of OutOfOfficeDotCom Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Beavis Morgan LLP
13 September 2022
Accountants, Business and Tax Advisers
82 St John Street
London
EC1M 4JN
OUTOFOFFICEDOTCOM LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MAY 2022
- 3 -
2022
2021
£
£
Turnover
1,765,099
561,895
Cost of sales
(1,307,796)
(230,966)
Gross profit
457,303
330,929
Administrative expenses
(208,077)
(201,467)
Other operating income
10,000
Operating profit
259,226
129,462
Interest payable and similar expenses
(7,909)
(14,048)
Profit before taxation
251,317
115,414
Tax on profit
34,034
(24,994)
Profit for the financial year
285,351
90,420
The profit and loss account has been prepared on the basis that all operations are continuing operations.
OUTOFOFFICEDOTCOM LIMITED
BALANCE SHEET
- 4 -
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
4
46,506
26,457
Tangible assets
5
5,075
5,899
Investments
6
511,155
511,155
562,736
543,511
Current assets
Debtors
8
1,055,972
796,416
Cash at bank and in hand
906,794
499,764
1,962,766
1,296,180
Creditors: amounts falling due within one year
9
(1,464,442)
(1,166,912)
Net current assets
498,324
129,268
Total assets less current liabilities
1,061,060
672,779
Creditors: amounts falling due after more than one year
10
(228,226)
(125,296)
Net assets
832,834
547,483
Capital and reserves
Called up share capital
50,000
50,000
Profit and loss reserves
782,834
497,483
Total equity
832,834
547,483
OUTOFOFFICEDOTCOM LIMITED
BALANCE SHEET (CONTINUED)
- 5 -
For the financial year ended 31 May 2022 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 in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 13 September 2022 and are signed on its behalf by:
R Marshall
Director
Company Registration No. 09315268
OUTOFOFFICEDOTCOM LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2022
- 6 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 June 2020
50,000
407,063
457,063
Year ended 31 May 2021:
Profit for the year
-
90,420
90,420
Balance at 31 May 2021
50,000
497,483
547,483
Year ended 31 May 2022:
Profit for the year
-
285,351
285,351
Balance at 31 May 2022
50,000
782,834
832,834
OUTOFOFFICEDOTCOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022
- 7 -
1
Accounting policies
Company information
OutOfOfficeDotCom Limited is a private company limited by shares incorporated in England and Wales. The registered office is Sovereign House, Church Street, Brighton, BN1 1UJ.
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.
1.2
Turnover
Turnover represents amounts receivable for the provision of tailor-made travel packages.
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.
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:
Software and website development
20% 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:
Computer equipment
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.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Transaction costs are expensed to profit or loss as incurred. Changes in fair value are recognised in other comprehensive income except to the extent that a gain reverses a loss previously recognised in profit or loss, or a loss exceeds the accumulated gains recognised in equity; such gains and loss are recognised in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
OUTOFOFFICEDOTCOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2022
1
Accounting policies
(Continued)
- 8 -
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.7
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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 and loans from related parties, 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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
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.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
OUTOFOFFICEDOTCOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2022
1
Accounting policies
(Continued)
- 9 -
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.
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 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.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
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.
1.13
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.
1.14
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.
OUTOFOFFICEDOTCOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2022
- 10 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are 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.
Critical judgements
The following judgements have had the most significant effect on amounts recognised in the financial statements.
Revaluation of investment in subsidary
Judgement is applied to revalue fixed asset investments. The directors perform budgeting and forecasting to analyse potential growth and sensitivity analysis.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Estimated useful lives of intangible assets
Estimation is required in determining the useful lives of such assets and their residual values.
Estimated useful lives of tangible assets
Estimation is required in determining the useful lives of such assets and their residual values.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
7
12
OUTOFOFFICEDOTCOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2022
- 11 -
4
Intangible fixed assets
Software & website development
£
Cost
At 1 June 2021
53,159
Additions
30,412
At 31 May 2022
83,571
Amortisation and impairment
At 1 June 2021
26,702
Amortisation charged for the year
10,363
At 31 May 2022
37,065
Carrying amount
At 31 May 2022
46,506
At 31 May 2021
26,457
5
Tangible fixed assets
Computer equipment
£
Cost
At 1 June 2021
11,986
Additions
1,600
At 31 May 2022
13,586
Depreciation and impairment
At 1 June 2021
6,087
Depreciation charged in the year
2,424
At 31 May 2022
8,511
Carrying amount
At 31 May 2022
5,075
At 31 May 2021
5,899
6
Fixed asset investments
2022
2021
£
£
Investments
511,155
511,155
OUTOFOFFICEDOTCOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2022
6
Fixed asset investments
(Continued)
- 12 -
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 June 2021 & 31 May 2022
511,155
Carrying amount
At 31 May 2022
511,155
At 31 May 2021
511,155
7
Subsidiaries
Details of the company's subsidiaries at 31 May 2022 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Out4You Limited
UK
Ordinary Shares
100.00
8
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
772,902
681,203
Amounts owed by related parties
274,116
Other debtors
8,954
1,907
1,055,972
683,110
2022
2021
Amounts falling due after more than one year:
£
£
Trade debtors
113,306
Total debtors
1,055,972
796,416
OUTOFOFFICEDOTCOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2022
- 13 -
9
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loan
40,000
Trade creditors
20,142
2,270
Amounts owed to related parties
116,559
15,867
Corporation tax
4,660
38,480
Other taxation and social security
26,890
25,491
Other creditors
1,256,191
1,084,804
1,464,442
1,166,912
10
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loan
160,000
Other creditors
68,226
125,296
228,226
125,296
11
Related party transactions
At the balance sheet date, the company owed £116,559 (2021: £nil) to Your Golf Travel Limited, a company related by virtue of common control. The balance has been paid after the year end.
At the balance sheet date, the company owed £16,589 (2021: £nil) to a director of the company. These loans are interest free, and repayable on demand. The balance has been paid after the year end.
At the balance sheet date, the company was owed £274,116 (2021: £15,867 owed to) from Out4You Limited.
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