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REGISTERED NUMBER: 02368464 (England and Wales)











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: Mr R D Healey
Mr M Grapes
Mr P Harrison
Mr M J Toms



SECRETARY: Mr P Harrison



REGISTERED OFFICE: Gapton Hall Road
Gapton Hall Industrial Estate
Great Yarmouth
Norfolk
NR31 0NL



REGISTERED NUMBER: 02368464 (England and Wales)



SENIOR STATUTORY AUDITOR: Trevor Chapman FCA



AUDITORS: BW Audit Ltd
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 - 3,908
Investment property 5 857,370 857,370
857,370 861,278

CURRENT ASSETS
Debtors 6 1,598,806 2,634,120
Cash at bank and in hand 1,178,554 503,788
2,777,360 3,137,908
CREDITORS
Amounts falling due within one year 7 795,433 1,074,863
NET CURRENT ASSETS 1,981,927 2,063,045
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,839,297

2,924,323

CREDITORS
Amounts falling due after more than one
year

8

-

29,167
NET ASSETS 2,839,297 2,895,156

CAPITAL AND RESERVES
Called up share capital 200,000 200,000
Surplus on property
revaluation 11 189,445 189,445
Retained earnings 2,449,852 2,505,711
SHAREHOLDERS' FUNDS 2,839,297 2,895,156

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

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 9th November 2023 and were signed on its behalf by:





Mr R D Healey - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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 18 (2022 - 14 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1st July 2022
and 30th June 2023 168,415 25,998 194,413
DEPRECIATION
At 1st July 2022 168,299 22,206 190,505
Charge for year 116 3,792 3,908
At 30th June 2023 168,415 25,998 194,413
NET BOOK VALUE
At 30th June 2023 - - -
At 30th June 2022 116 3,792 3,908

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st July 2022
and 30th June 2023 857,370
NET BOOK VALUE
At 30th June 2023 857,370
At 30th June 2022 857,370

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 1,332,184 1,315,840
Other debtors 115,723 1,318,280
1,447,907 2,634,120

Amounts falling due after more than one year:
Other debtors 150,899 -

Aggregate amounts 1,598,806 2,634,120

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts - 10,000
Trade creditors 562,822 599,310
Taxation and social security 173,483 153,214
Other creditors 59,128 312,339
795,433 1,074,863

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 29,167

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 25,313 25,313
Between one and five years 67,000 67,000
In more than five years 16,750 33,500
109,063 125,813

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 189,445

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.