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Registration number: 00619292

Hove Travel Agency Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2023

 

Hove Travel Agency Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Hove Travel Agency Limited

Company Information

Directors

PA Hayes

GM Hayes

Company secretary

PA Hayes

Registered office

Maria House
35 Millers Road
Brighton
BN1 5NP

Accountants

Chisnall Comer Ismail & Co
Chartered Accountants
Maria House
35 Millers Road
Brighton
BN1 5NP

 

Hove Travel Agency Limited

(Registration number: 00619292)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

341

390

Investment property

5

1,099,000

1,099,000

Investments

6

12,585

12,585

 

1,111,926

1,111,975

Current assets

 

Debtors

7

8,401

7,190

Cash at bank and in hand

 

21,709

46,001

 

30,110

53,191

Creditors: Amounts falling due within one year

8

(29,653)

(33,244)

Net current assets

 

457

19,947

Net assets

 

1,112,383

1,131,922

Capital and reserves

 

Called up share capital

11

71,000

71,000

Other reserves

973,120

973,120

Retained earnings

68,263

87,802

Shareholders' funds

 

1,112,383

1,131,922

For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Hove Travel Agency Limited

(Registration number: 00619292)
Balance Sheet as at 31 October 2023

Approved and authorised by the Board on 5 March 2024 and signed on its behalf by:



 

.........................................

PA Hayes

Company secretary and director

 

Hove Travel Agency Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Maria House
35 Millers Road
Brighton
BN1 5NP

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities Regime'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Hove Travel Agency Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and Fittings

15% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Hove Travel Agency Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 3).

 

Hove Travel Agency Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 November 2022

6,420

6,420

At 31 October 2023

6,420

6,420

Depreciation

At 1 November 2022

6,030

6,030

Charge for the year

49

49

At 31 October 2023

6,079

6,079

Carrying amount

At 31 October 2023

341

341

At 31 October 2022

390

390

5

Investment properties

2023
£

At 1 November

1,099,000

At 31 October

1,099,000

6

Investments

2023
£

2022
£

Other investments

12,585

12,585

7

Debtors

Current

2023
£

2022
£

Trade debtors

1,901

690

Other debtors

6,500

6,500

 

8,401

7,190

8

Creditors

Creditors: amounts falling due within one year

 

Hove Travel Agency Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

-

959

Taxation and social security

 

11,259

15,942

Accruals and deferred income

 

12,079

16,106

Other creditors

 

6,315

237

 

29,653

33,244

Creditors: amounts falling due after more than one year

2023
£

2022
£

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Other borrowings

-

959

10

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £0.7817 (2022 - £1.0141) per each Ordinary

 

55,500

 

72,000

         

11

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

51,004

51,004

51,004

51,004

Ordinary A of £1 each

19,996

19,996

19,996

19,996

 

71,000

71,000

71,000

71,000