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Registration number: 02665907

Fairway International Travel Limited

Annual Report and Financial Statements

for the Year Ended 30 September 2023

 

Fairway International Travel Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 8

 

Fairway International Travel Limited

Balance Sheet

as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

31,072

17,896

Current assets

 

Debtors

5

4,422,222

4,227,527

Cash at bank and in hand

 

602,813

759,265

 

5,025,035

4,986,792

Creditors: Amounts falling due within one year

6

(2,043,617)

(2,083,218)

Net current assets

 

2,981,418

2,903,574

Total assets less current liabilities

 

3,012,490

2,921,470

Creditors: Amounts falling due after more than one year

6

(743,387)

(991,903)

Provisions for liabilities

(7,559)

(4,219)

Net assets

 

2,261,544

1,925,348

Capital and reserves

 

Allotted, called up and fully paid share capital

60,000

60,000

Capital redemption reserve

601

601

Profit and loss account

2,200,943

1,864,747

Shareholders' funds

 

2,261,544

1,925,348

Registration number: 02665907

 

Fairway International Travel Limited

Balance Sheet

as at 30 September 2023 (continued)

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 and the option not to file the Profit and Loss Account has been taken.

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

.........................................
Mr W B Tannahill
Director

 

Fairway International Travel Limited

Notes to the Financial Statements

for the Year Ended 30 September 2023

1

General information

The company is a private company limited by shares incorporated in England within the United Kingdom.

The company's registration number is 02665907.

The address of its registered office is:
The Salt Warehouse
Sowerby Bridge
West Yorkshire
HX6 2AG

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 Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 5 March 2024 was SAMUEL MITCHELL FCA, who signed for and on behalf of Lambert Roper & Horsfield Limited.

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

 

Fairway International Travel Limited

Notes to the Financial Statements

for the Year Ended 30 September 2023 (continued)

2

Accounting policies (continued)

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 value added tax, where applicable, and refunds.

Turnover from the sale of refundable flights is recognised when the flight has taken place, subject to any non-refundable amounts.

Tax

The tax expense for the period comprises current and deferred 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.

Where losses have been made available from group companies to reduce the tax payable the amount included in the current tax charge is the amount charged by the group companies for the use of the losses provided.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

 

Fairway International Travel Limited

Notes to the Financial Statements

for the Year Ended 30 September 2023 (continued)

2

Accounting policies (continued)

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

Fixture, fittings and equipment

- 33% per annum on a straight line basis and 15% per annum on a reducing balance basis

Improvements to leasehold property

- 25% per annum on a straight line basis

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 19 (2022 - 17).

 

Fairway International Travel Limited

Notes to the Financial Statements

for the Year Ended 30 September 2023 (continued)

4

Tangible assets

Improvements to leasehold property
£

Fixtures, fittings and equipment
 £

Total
£

Cost

At 1 October 2022

-

96,072

96,072

Additions

2,120

20,003

22,123

At 30 September 2023

2,120

116,075

118,195

Depreciation

At 1 October 2022

-

78,176

78,176

Charge for the year

398

8,549

8,947

At 30 September 2023

398

86,725

87,123

Net book value

At 30 September 2023

1,722

29,350

31,072

At 30 September 2022

-

17,896

17,896

 

Fairway International Travel Limited

Notes to the Financial Statements

for the Year Ended 30 September 2023 (continued)

5

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

1,139,716

955,241

Amounts owed by related parties

8

3,129,771

3,004,456

Prepayments

 

122,322

249,520

Other debtors

 

30,413

18,310

   

4,422,222

4,227,527

6

Creditors

2023
£

2022
£

Due within one year

Bank borrowings

248,516

229,412

Trade creditors

271,031

179,620

BSP creditor

930,765

983,601

Taxation and social security

20,193

10,731

Other creditors

27,466

229,518

Accruals and deferred income

448,979

421,694

Corporation tax

96,667

28,642

2,043,617

2,083,218

Due after one year

Bank borrowings

743,387

991,903

The bank borrowings are secured by a legal charge over the assets of the company.

 

Fairway International Travel Limited

Notes to the Financial Statements

for the Year Ended 30 September 2023 (continued)

7

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £115,061 (2022 - £37,217).

8

Related party transactions

The company has provided interest free loans which are repayable on demand to group companies. The balance as at 30 September 2023 is £3,129,771 (2022 - £3,004,456).

The company has provided an interest free loan which is repayable on demand to a related party. The balance as at 30 September 2023 is £16,377 (2022 - £1,377).

 

9

Parent and ultimate parent undertaking

The company's immediate and ultimate parent is Fairway Travel Management Limited, incorporated in England and Wales.

  These financial statements are available upon request from The Salt Warehouse, Sowerby Bridge, West Yorkshire, HX6 2AG.