REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH JUNE 2023 |
FOR |
BUSINESS WORLD TRAVEL LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH JUNE 2023 |
FOR |
BUSINESS WORLD TRAVEL LIMITED |
BUSINESS WORLD TRAVEL LIMITED (REGISTERED NUMBER: 02368464) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH JUNE 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
BUSINESS WORLD TRAVEL LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30TH JUNE 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
54 Thorpe Road |
Norwich |
Norfolk |
NR1 1RY |
BUSINESS WORLD TRAVEL LIMITED (REGISTERED NUMBER: 02368464) |
BALANCE SHEET |
30TH JUNE 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Surplus on property |
revaluation | 11 |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
BUSINESS WORLD TRAVEL LIMITED (REGISTERED NUMBER: 02368464) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH JUNE 2023 |
1. | STATUTORY INFORMATION |
Business World Travel Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The directors have considered the company's position at the time of signing the financial statements. After considering the post year end results alongside anticipated future activity and the cash reserves available, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements. |
Turnover |
Turnover represents net invoiced sales of travel services, excluding value added tax. |
The following criteria must also be met before revenue is recognised: |
Rendering of services |
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract. |
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. |
Depreciation is provided on the following basis: |
Fixtures and fittings - 20% on cost |
Motor vehicles - 25% on cost |
Depreciation is not charged on property and improvements to property as the directors are of the opinion that the property is maintained to a standard whereby the useful economic life exceeds the cost. |
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 the Statement of Income and retained earnings. |
BUSINESS WORLD TRAVEL LIMITED (REGISTERED NUMBER: 02368464) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2023 |
2. | ACCOUNTING POLICIES - continued |
Investment property |
Investment property is carried at fair value determined annually by the directors 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 the Statement of income and retained earnings. |
Financial instruments |
The Company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from banks and other third parties. |
Dividends |
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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. |
BUSINESS WORLD TRAVEL LIMITED (REGISTERED NUMBER: 02368464) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2023 |
2. | ACCOUNTING POLICIES - continued |
Debtors |
Short term debtors are measured at transaction price, less any impairment. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
COST |
At 1st July 2022 |
and 30th June 2023 |
DEPRECIATION |
At 1st July 2022 |
Charge for year |
At 30th June 2023 |
NET BOOK VALUE |
At 30th June 2023 |
At 30th June 2022 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1st July 2022 |
and 30th June 2023 |
NET BOOK VALUE |
At 30th June 2023 |
At 30th June 2022 |
Included in fair value of investment property is freehold land of £ 197,369 (2022 - £ 197,369 ) which is not depreciated. |
BUSINESS WORLD TRAVEL LIMITED (REGISTERED NUMBER: 02368464) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2023 |
5. | INVESTMENT PROPERTY - continued |
Fair value at 30th June 2023 is represented by: |
£ |
Valuation in 2015 | 62,396 |
Valuation in 2016 | 92,050 |
Valuation in 2017 | 35,000 |
Cost | 667,924 |
857,370 |
The directors valued the properties at 30 June 2023. |
If the investment properties were realised at their open market value there would no taxation liability. |
6. | DEBTORS |
2023 | 2022 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
BUSINESS WORLD TRAVEL LIMITED (REGISTERED NUMBER: 02368464) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2023 |
9. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
10. | SECURED DEBTS |
The bank facilities are secured by a debenture held by the bank. |
11. | RESERVES |
Surplus |
on |
property |
revaluation |
£ |
At 1st July 2022 |
and 30th June 2023 |
12. | AUDITORS INFORMATION |
The auditors' report on the financial statements for the year ended 30 June 2023 was unqualified. |
The audit report was signed on 10 November 2023 by Trevor Chapman (Senior Statutory Auditor) on behalf of Berry & Warren Ltd. |
13. | RELATED PARTY DISCLOSURES |
The company previously lent monies to BGW Developments Ltd, a company in which Mr M Grapes and Mr R Healey's daughter and son in law own 80% of the share capital. This was fully repaid by the year end (£1,100,000 - 2022). Interest of £25,615 was received during the year. |
By the year end the company repaid the loan from the director Mr M Grapes, at the start of the year £200,000 was owed. Interest of £6,400 was paid during the year. |
The company lent Imperium Electrical Contractors Ltd £375,000 in 2019, a company owned jointly by Mr Healey and Mr Grapes. This was considered non recoverable in earlier years and provided in full as a bad debt. |
Last year the company was able to recover a further £27,000 following a previous recovery of £40,000. No further recoveries are anticipated. |