Registered number: 03528112
SWEET CHARIOT LEISURE LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 JUNE 2023
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SWEET CHARIOT LEISURE LIMITED
REGISTERED NUMBER: 03528112
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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SWEET CHARIOT LEISURE LIMITED
REGISTERED NUMBER: 03528112
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 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 Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
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 profit and loss account 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 28 February 2024.
The notes on pages 3 to 11 form part of these financial statements.
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SWEET CHARIOT LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
The company is a private company limited by shares incorporated in England and Wales. The registered
office address is The Club House, 19 Church Road, Epsom, KT17 4DZ.
The company's principal activity during the year continued to be that of travel agents.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with 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 judgment in applying the Company's accounting policies.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover includes revenue earned from the sale of travel arrangements provided to customers recognised on a date of departure basis, together with a proportion of the total non refundable customer deposits received for future departures related to margin.
The current and future financial position of the Company, its cash flows and liquidity position have been reviewed by the directors. These have been prepared with a very prudent view on the likely gradual recovery in each of the Company's operating locations and have been stress tested to ensure that cash flows and liquidity are sufficiently robust to allow the Company to continue to trade during this period.
The directors consider it appropriate to prepare the financial statements on a going concern basis.
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
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SWEET CHARIOT LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
2.Accounting policies (continued)
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.
Interest income is recognised in profit or loss using the effective interest method.
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.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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.
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Advanced receipts and payments
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All revenue relating to tours with departure dates after the year end are treated as advance receipts at the balance sheet date and separately disclosed within accruals and deferred income. Payments made to suppliers in respect of these tours are included within prepayments.
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.
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SWEET CHARIOT LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
2.Accounting policies (continued)
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.
Amortisation is provided on the following bases:
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, on a reducing balance basis.
Depreciation is provided on the following basis:
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.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.
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.
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Cash and cash equivalents
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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.
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SWEET CHARIOT LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
2.Accounting policies (continued)
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.
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.
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The average monthly number of employees, including the directors, during the year was as follows:
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SWEET CHARIOT LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
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Charge for the year on owned assets
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SWEET CHARIOT LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
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Charge for the year on owned assets
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Finished goods and goods for resale
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SWEET CHARIOT LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
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Prepayments and accrued income
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Included in prepayments and accrued income is the sum of £772,445 (2022: £579,606) which relates to
payments on account made to suppliers for bookings with departure dates from 1 July 2023 onwards.
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Included in accruals and deferred income above is the sum of £1,485,170 (2022: £1,216,347) which relates to customers deposits received in advance for bookings with departure dates from 1 July 2023 onwards.
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SWEET CHARIOT LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
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Creditors: Amounts falling due after more than one year
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Accruals and deferred income
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Included in accruals and deferred income above is the sum of £55,100 (2022: £4,000) which relates to customers deposits received in advance for bookings with departure dates from 1 July 2024 onwards.
Other creditors represents a directors loan account of £20,000, which has been subordinated by the CAA.
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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In 2021, the company received a CBILS loan of £84,000, which is payable over 5 years. This has been fully repaid in the year.
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SWEET CHARIOT LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
The Company currently holds an Air Travel Organisers' License ('ATOL') issued by the Civil Aviation Authority ('CAA'), and is also a member of the Association of British Travel Agents Limited ('ABTA').
In order to offer air inclusive package holidays, the group requires the annual renewal by the CAA of its ATOL license. The CAA awards this on the basis of meeting agreed financial citeria and renews this in March(effective April) each year. The group has complied with the requirments agreed with the CAA during the years presented in these financial statements and subsequent to 30 June 2023. The directors see no reason why the ATOL license wil not be renewed in March 2024.
As at 30th June 2023, there were contingent liabilities given by the Company in the normal course of business to insurance obligors in respect of ABTOT bonds amounting to £20,000 (2022: £20,000).
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 £6,713 (2022: £3,481). Contributions totalling £1,446 (2022: £919) were payable to the fund at the reporting date.
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Commitments under operating leases
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At 30 June 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Transactions with directors
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During the year, the company advanced to James Kennedy, a director of the company amounting to £Nil (2022: £Nil). Repayments amounting to £8,577 (2022: £3,994 ) were made to the company.
As at balance sheet date the amount owed by the director to the company was £3,460 (2022: £12,037).
The ultimate controlling party of the company is Mr James Kennedy, a director, by virtue of his shareholding.
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