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Registration number: 01814715

Cultural Tours Limited

Filleted Financial Statements

for the Year Ended 31 December 2023

 

Cultural Tours Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

Cultural Tours Limited

Company Information

Directors

Mr Y Guo

Mr Y Han

Company secretary

D Wu

Registered office

9A Burroughs Gardens
London
NW4 4AU

Registered number

01814715

Auditors

Ripe LLP
Chartered Accountants and Registered Auditors
9A Burroughs Gardens
London
NW4 4AU

 

Cultural Tours Limited

(Registration number: 01814715)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

390

504

Current assets

 

Debtors

5

159,772

143,313

Cash at bank and in hand

 

194,026

230,433

 

353,798

373,746

Creditors: Amounts falling due within one year

6

(171,745)

(244,518)

Net current assets

 

182,053

129,228

Total assets less current liabilities

 

182,443

129,732

Creditors: Amounts falling due after more than one year

6

(52,000)

(52,000)

Net assets

 

130,443

77,732

Capital and reserves

 

Called up share capital

7

67,000

67,000

Retained earnings

63,443

10,732

Shareholders' funds

 

130,443

77,732

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.

Approved and authorised by the Board on 4 March 2024 and signed on its behalf by:
 


Mr Y Guo
Director

 

Cultural Tours Limited

Notes to the Financial Statements for the Year Ended 31 December 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:
9A Burroughs Gardens
London
NW4 4AU
England

The principal place of business is:
7 & 8 Regency Parade
Finchley Road
London
NW3 5EG

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

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

The financial statements are presented in Sterling (£) and figures are shown to the nearest whole pound.

Going concern

The financial statements have been prepared on a going concern basis. After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date of these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

 

Cultural Tours Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 4 March 2024 was Robert Glazer FCA, who signed for and on behalf of Ripe LLP.

Revenue recognition

Turnover represents invoiced sales of travel and tour packages, excluding value added tax. Revenue is recognised based on departure dates that fall within the period under review.

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.

Government grants

Government grants in relation to expenditure are credited to profit and loss account when the expenditure is charged to profit and loss.

Foreign currency transactions and balances

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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.

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, fitting & equipment

15% reducing balance

 

Cultural Tours Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

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

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

13,127

13,127

At 31 December 2023

13,127

13,127

Depreciation

At 1 January 2023

12,623

12,623

Charge for the year

114

114

At 31 December 2023

12,737

12,737

Carrying amount

At 31 December 2023

390

390

At 31 December 2022

504

504

5

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

91,933

87,101

Amounts owed by related parties

8

4,349

-

Prepayments

 

37,552

26,890

Other debtors

 

25,938

29,322

   

159,772

143,313

 

Cultural Tours Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Trade creditors

59,104

45,880

Taxation and social security

868

266

Accruals and deferred income

95,895

148,533

Other creditors

15,878

49,839

171,745

244,518

Creditors: amounts falling due after more than one year

2023
£

2022
£

Other non-current financial liabilities

52,000

52,000

Other creditors of £52,000 is a loan from a director of the parent company and is subject to a deed of subordination and is not repayable without the prior written consent of the Civil Aviation Authority.

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

67,000

67,000

67,000

67,000

         

8

Related party transactions

Connected company - China Travel Service (UK) Limited
During the year, rent of £25,593 (2022: £22,164) were paid to related company, China Travel Service (UK) Limited.

As at year end, China Travel Service (UK) Limited owed £4,349 (2022: -) to the company.

Ultimate parent company - China Tourism Group
On 27 September 2013, the ultimate parent company signed a Deed of Undertaking to the trustees of the Air Travel Trust for a maximum liability of £1M.

 

Cultural Tours Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

9

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £4,801 (2022 - £3,591).

Contributions totalling £1,013 (2022 - £642) were payable to the scheme at the end of the year and are included in creditors.

10

Ultimate parent company

The company's ultimate parent company is a company incorporated in China, China Tourism Group.