Company registration number 00853213 (England and Wales)
BLACKHEATH TRAVEL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
BLACKHEATH TRAVEL LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
BLACKHEATH TRAVEL LIMITED
BALANCE SHEET
AS AT
30 APRIL 2023
30 April 2023
- 1 -
30 April 2023
31 October 2021
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
5
6,501
9,684
Investments
6
286
286
6,787
9,970
Current assets
Debtors
7
1,031,907
1,352,760
Cash at bank and in hand
275,190
350,250
1,307,097
1,703,010
Creditors: amounts falling due within one year
8
(1,175,698)
(1,565,385)
Net current assets
131,399
137,625
Total assets less current liabilities
138,186
147,595
Creditors: amounts falling due after more than one year
9
(31,445)
(36,481)
Provisions for liabilities
(1,069)
(1,069)
Net assets
105,672
110,045
Capital and reserves
Called up share capital
51,251
51,251
Profit and loss reserves
54,421
58,794
Total equity
105,672
110,045
BLACKHEATH TRAVEL LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2023
30 April 2023
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial Period ended 30 April 2023 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:
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
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.
The members have not required the company to obtain an audit of its financial statements for the Period 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.
The financial statements were approved by the board of directors and authorised for issue on
23 August 2023 and are signed on its behalf by:
2023-08-23
Mr J P Clee
Director
Company Registration No. 00853213
BLACKHEATH TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2023
- 3 -
1
Accounting policies
Company information
Blackheath Travel Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ward Mackenzie, Thatcher House, 12 Mount Ephraim, Tunbridge Wells, Kent, England, TN4 8AS.
1.1
Reporting period
The financial statements have been prepared for the period from 1 November 2021 to 30 April 2023 in order to align with group reporting periods. The reporting period runs from 1 May 2022 to 30 April 2023.
1.2
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.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of The Eden Collection Limited. These consolidated financial statements are available from its registered office, 27 King Street, Knutsford, WA16 6DW.
1.3
Turnover
The turnover is generated through the company's travel agent activities. The revenue is recognised on a departure basis. Related costs of holidays and flights are charged to the profit and loss account on the same basis. Client money received at the balance sheet date relating to holidays commencing and flights departing after the year end are included within creditors. The brochure and other marketing costs are charged to the profit and loss account in the season to which they relate.
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.
BLACKHEATH TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 4 -
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:
Leasehold improvements
10-33% on cost
Computers
15-33% on cost
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 cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately 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.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
BLACKHEATH TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 5 -
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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, loans from fellow group companies and preference shares that are classified as debt, 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
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.
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.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
BLACKHEATH TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 6 -
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.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
2
Change in accounting policy
At 1 December 2022 Blackheath Travel Limited's parent was purchased by The Eden Collection Limited. As such to align the group accounting policies we have changed the turnover accounting policy to be on a departure date basis. The overall impact to the prior year is £174,792 additional loss.
3
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.
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.
Useful life of assets
The useful economic lives of tangible fixed assets must be estimated by management to determine the period over which they are depreciated. A change in estimate would result in a change to the depreciation charged to the statement of comprehensive income in the period.
4
Employees
The average monthly number of persons (including directors) employed by the company during the Period was:
2023
2021
Number
Number
Total
6
6
BLACKHEATH TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2023
- 7 -
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 November 2021 and 30 April 2023
3,515
9,022
12,537
Depreciation and impairment
At 1 November 2021
527
2,326
2,853
Depreciation charged in the Period
672
2,511
3,183
At 30 April 2023
1,199
4,837
6,036
Carrying amount
At 30 April 2023
2,316
4,185
6,501
At 31 October 2021
2,988
6,696
9,684
6
Fixed asset investments
2023
2021
£
£
Other investments other than loans
286
286
7
Debtors
2023
2021
Amounts falling due within one year:
£
£
Trade debtors
4,122
Corporation tax recoverable
24
6,540
Amounts owed by group undertakings
134,650
Other debtors
1,031,883
1,207,448
1,031,907
1,352,760
8
Creditors: amounts falling due within one year
2023
2021
£
£
Trade creditors
6,814
Amounts owed to group undertakings
4,697
Taxation and social security
14,408
23,668
Other creditors
1,149,779
1,541,717
1,175,698
1,565,385
BLACKHEATH TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2023
- 8 -
9
Creditors: amounts falling due after more than one year
2023
2021
£
£
Other creditors
31,445
36,481
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2021
£
£
137,500
11
Related party transactions
During the period Blackheath Travel Limited wrote off its intercompany balance with Ashdown Travel Limited (its immediate parent) to the amount of £134,649. The amount now stands at £NIL (2021: 134,649)
12
Parent company
Blackheath Travel Limited immediate parent is Ashdown Travel Limited. Company number 01889805. Registered office Ward Mackenzie , Thatcher House, 12 Mount Ephraim, Tunbridge Wells, Kent, England, TN4 8AS
Blackheath Travel Limited ultimate parent company is The Eden Collection Limited. Company number 06664069. Registered office 27 King Street, Knutsford, England, WA16 6DW
13
Prior period adjustment
Reconciliation of changes in equity
1 November
31 October
2020
2021
£
£
Adjustments to prior Period
Change in accounting policy
-
(174,792)
Equity as previously reported
256,356
284,837
Equity as adjusted
256,356
110,045
Analysis of the effect upon equity
Profit and loss reserves
-
(174,792)
BLACKHEATH TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2023
13
Prior period adjustment
(Continued)
- 9 -
Reconciliation of changes in loss for the previous financial period
2021
£
Adjustments to prior Period
Change in accounting policy
(97,647)
Loss as previously reported
(22,770)
Loss as adjusted
(120,417)
Notes to reconciliation
Change in accounting policy
The prior period adjustment is due to a change in accounting policy for turnover to be recognised on a departure date basis.
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