Caseware UK (AP4) 2022.0.179 2022.0.179 2023-04-302023-04-302022-05-01falseThe nature of the company's operations and principal activities are that of a tour operator.1110truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 02480904 2022-05-01 2023-04-30 02480904 c:KeyManagementIndividualGroup1 2022-05-01 2023-04-30 02480904 2021-05-01 2022-04-30 02480904 2023-04-30 02480904 c:KeyManagementIndividualGroup1 2023-04-30 02480904 2022-04-30 02480904 1 2022-05-01 2023-04-30 02480904 1 2021-05-01 2022-04-30 02480904 4 2022-05-01 2023-04-30 02480904 4 2021-05-01 2022-04-30 02480904 e:Director1 2022-05-01 2023-04-30 02480904 c:Buildings 2022-05-01 2023-04-30 02480904 c:Buildings 2023-04-30 02480904 c:Buildings 2022-04-30 02480904 c:Buildings c:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 02480904 c:Buildings c:LongLeaseholdAssets 2022-05-01 2023-04-30 02480904 c:FurnitureFittings 2022-05-01 2023-04-30 02480904 c:FurnitureFittings 2023-04-30 02480904 c:FurnitureFittings 2022-04-30 02480904 c:FurnitureFittings c:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 02480904 c:ComputerEquipment 2022-05-01 2023-04-30 02480904 c:ComputerEquipment 2023-04-30 02480904 c:ComputerEquipment 2022-04-30 02480904 c:ComputerEquipment c:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 02480904 c:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 02480904 c:Goodwill 2023-04-30 02480904 c:Goodwill 2022-04-30 02480904 c:FreeholdInvestmentProperty 2023-04-30 02480904 c:FreeholdInvestmentProperty 2022-04-30 02480904 c:CurrentFinancialInstruments 2023-04-30 02480904 c:CurrentFinancialInstruments 2022-04-30 02480904 c:Non-currentFinancialInstruments 2023-04-30 02480904 c:Non-currentFinancialInstruments 2022-04-30 02480904 c:CurrentFinancialInstruments c:WithinOneYear 2023-04-30 02480904 c:CurrentFinancialInstruments c:WithinOneYear 2022-04-30 02480904 c:Non-currentFinancialInstruments c:AfterOneYear 2023-04-30 02480904 c:Non-currentFinancialInstruments c:AfterOneYear 2022-04-30 02480904 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2023-04-30 02480904 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2022-04-30 02480904 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2023-04-30 02480904 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2022-04-30 02480904 c:ShareCapital 2023-04-30 02480904 c:ShareCapital 2022-04-30 02480904 c:RevaluationReserve 2022-05-01 2023-04-30 02480904 c:RevaluationReserve 2023-04-30 02480904 c:RevaluationReserve 2022-04-30 02480904 c:RetainedEarningsAccumulatedLosses 2022-05-01 2023-04-30 02480904 c:RetainedEarningsAccumulatedLosses 2023-04-30 02480904 c:RetainedEarningsAccumulatedLosses 2022-04-30 02480904 e:FRS102 2022-05-01 2023-04-30 02480904 e:AuditExempt-NoAccountantsReport 2022-05-01 2023-04-30 02480904 e:FullAccounts 2022-05-01 2023-04-30 02480904 e:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 02480904 c:Subsidiary1 2022-05-01 2023-04-30 02480904 c:Subsidiary1 1 2022-05-01 2023-04-30 02480904 c:WithinOneYear 2023-04-30 02480904 c:WithinOneYear 2022-04-30 02480904 c:BetweenOneFiveYears 2023-04-30 02480904 c:BetweenOneFiveYears 2022-04-30 02480904 2 2022-05-01 2023-04-30 02480904 5 2022-05-01 2023-04-30 02480904 6 2022-05-01 2023-04-30 iso4217:GBP xbrli:pure
Registered number: 02480904


GOLD CREST HOLIDAYS LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

 
GOLD CREST HOLIDAYS LIMITED
REGISTERED NUMBER: 02480904

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 6 
107,561
119,298

Investments
 7 
2
2

Investment property
 8 
623,000
623,000

  
730,563
742,300

Current assets
  

Debtors: amounts falling due within one year
 9 
150,873
117,123

Cash at bank and in hand
  
158,468
217,113

  
309,341
334,236

Creditors: amounts falling due within one year
 10 
(484,421)
(546,001)

Net current liabilities
  
 
 
(175,080)
 
 
(211,765)

Total assets less current liabilities
  
555,483
530,535

Creditors: amounts falling due after more than one year
 11 
(72,500)
(102,500)

  

Net assets
  
482,983
428,035


Capital and reserves
  

Called up share capital 
  
50,000
50,000

Revaluation reserve
 13 
481,800
481,800

Profit and loss account
 13 
(48,817)
(103,765)

  
482,983
428,035


Page 1

 
GOLD CREST HOLIDAYS LIMITED
REGISTERED NUMBER: 02480904
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2023

The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 11 September 2023.




M T Hartshorne
Director

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
GOLD CREST HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

1.


General information

Gold Crest Holidays Limited is a private company limited by shares incorporated in England and Wales.  The address of the registered office is Holiday House, Valley Drive, Ilkley, West Yorkshire, LS29 8PB.
The nature of the company's operations and principal activities are that of a tour operator.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

  
2.2

Going concern

Based on the return of normalcy in travel and cash flow projections the directors believe that it remains appropriate to prepare the financial statements on a going concern basis. 

  
2.3

Turnover

Turnover represents amounts receivable for holidays sold and services rendered net of TOMS VAT and trade discounts.  Income is recognised at date of departure.

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

  
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the profit and loss account in the same period as the related expenditure.
During the prior year the Company benefited from taking advantage of government support in the form of the Coronavirus Job Retention Scheme (CJRS) and local government support (see note 3).

Page 3

 
GOLD CREST HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

 
2.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 4

 
GOLD CREST HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
Nil
Freehold fitout
-
10% Straight line
Fixtures and fittings
-
10% Straight line
Computer equipment
-
25% Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.13

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 5

 
GOLD CREST HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.17

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.18

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.

  
2.19

Advance bookings

All amounts received from customers relating to holidays with departures after the year end are disclosed under accruals and deferred income.
All amounts paid to suppliers relating to holidays with departures after the year end are disclosed under prepayments and accrued income.


3.


Other operating income

2023
2022
£
£

Net rents receivable
49,545
47,655

Government grants receivable- Coronavirus Job Retention Scheme
-
29,468

Local government grants receivable
-
15,000

49,545
92,123



4.


Employees

The average monthly number of employees, including directors, during the year was 11 (2022 - 10).

Page 6

 
GOLD CREST HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

5.


Intangible assets




Goodwill

£



Cost


At 1 May 2022
41,250



At 30 April 2023

41,250



Amortisation


At 1 May 2022
41,250



At 30 April 2023

41,250



Net book value



At 30 April 2023
-



At 30 April 2022
-



Page 7

 
GOLD CREST HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

6.


Tangible fixed assets





Freehold property and fitout
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 May 2022
160,426
46,594
32,764
239,784


Additions
-
1,020
1,136
2,156



At 30 April 2023

160,426
47,614
33,900
241,940



Depreciation


At 1 May 2022
58,404
34,679
27,403
120,486


Charge for the year on owned assets
8,343
2,569
2,981
13,893



At 30 April 2023

66,747
37,248
30,384
134,379



Net book value



At 30 April 2023
93,679
10,366
3,516
107,561



At 30 April 2022
102,022
11,915
5,361
119,298


7.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 May 2022
2



At 30 April 2023
2




Page 8

 
GOLD CREST HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Class of shares

Holding

Gold Crest Transport Limited
Ordinary
100%

The aggregate of the share capital and reserves as at 30 April 2023 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)

Gold Crest Transport Limited
7,418
-


8.


Investment property


Freehold investment property

£



Valuation


At 1 May 2022
623,000



At 30 April 2023
623,000

The 2022 valuations were made by Cartner Towler, on an open market value for existing use basis.




Page 9

 
GOLD CREST HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

9.


Debtors

2023
2022
£
£


Trade debtors
-
11,515

Other debtors
23,909
21,210

Prepayments and accrued income
126,964
84,398

150,873
117,123


Included within prepayments and accrued income are advance payments of £83,604 (2021: £84,398) made to suppliers for holidays departing after the year end.


10.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
30,000
30,000

Trade creditors
122,802
58,876

Amounts owed to group undertakings
5,196
19,474

Other taxation and social security
7,279
6,856

Other creditors
1,411
1,151

Accruals and deferred income
317,733
429,644

484,421
546,001


Included within accruals and deferred income are advance receipts of £267,917 (2021: £397,889) for holidays departing after the year end.
There is a legal charge over part of Holiday House, Valley Drive, Ilkley, LS29 8PB, for the use of the overdraft.


11.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
72,500
102,500

72,500
102,500


Page 10

 
GOLD CREST HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

12.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
30,000
30,000


30,000
30,000

Amounts falling due 1-2 years

Bank loans
30,000
30,000


30,000
30,000

Amounts falling due 2-5 years

Bank loans
42,500
72,500


42,500
72,500


102,500
132,500


A government backed Coronavirus Business Interruption Loan (CBIL) was taken with Barclays Bank UK PLC by the Company amounting to £150,000. This is repayable in 5 years on a floating rate basis.


13.


Reserves

Revaluation reserve

Revaluation reserve records the surplus arising on the valuation of property held for own use of the company in prior years.

Profit and loss account

Profit and loss includes all current and prior year retained profit.


14.


Contingent liabilities

The company is a member of the Association of British Travel Agents Limited (’ABTA’).
As at 30th April 2023, there were contingent liabilities given by the company in the normal course of business to Barclays Bank Plc in respect of ABTA bonds amounting £248,500 (2022: 248,500) .

Page 11

 
GOLD CREST HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

15.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £7,590 (2022: £6,521). Contributions totalling £1,411 (2022: £1,151) were payable to the fund at the reporting date and are included in creditors.


16.


Commitments under operating leases

At 30 April 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
2,568
8,541

Later than 1 year and not later than 5 years
4,917
-

7,485
8,541


17.


Related party transactions

As at 30 April 2023, the company owed £5,193 (2022: £19,474) to Gold Crest Transport Limited, a wholly owned subsidiary and a company in which M Harthorne also serves as a director.
As at 30 April 2023, the company was owed £11,938 (2022:£11,799) by Web Gazette LLP, an LLP in which the Directors have an interest.


18.


Controlling party

During the year R C W Rigg, a director, controlled the company by virtue of a controlling interest of 76% of the issued ordinary share capital.


19.


Post balance sheet events

The directors have concluded that no material events have occurred since the date of approval of these financial statements that would affect the financial statements of the company.

 
Page 12