Registration number:
Fairway International Travel Limited
for the
Year Ended 30 September 2023
Fairway International Travel Limited
Contents
Balance Sheet |
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Notes to the Financial Statements |
Fairway International Travel Limited
Balance Sheet
as at 30 September 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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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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Provisions for liabilities |
( |
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Net assets |
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Capital and reserves |
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Allotted, called up and fully paid share capital |
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Capital redemption reserve |
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Profit and loss account |
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Shareholders' funds |
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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
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Fairway International Travel Limited
Notes to the Financial Statements
for the
Year Ended 30 September 2023
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:
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.
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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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Fairway International Travel Limited
Notes to the Financial Statements
for the
Year Ended 30 September 2023
(continued)
Tangible assets |
Improvements to leasehold property |
Fixtures, fittings and equipment |
Total |
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Cost |
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At 1 October 2022 |
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Additions |
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At 30 September 2023 |
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Depreciation |
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At 1 October 2022 |
- |
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Charge for the year |
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At 30 September 2023 |
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Net book value |
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At 30 September 2023 |
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At 30 September 2022 |
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Fairway International Travel Limited
Notes to the Financial Statements
for the
Year Ended 30 September 2023
(continued)
Debtors |
Current |
Note |
2023 |
2022 |
Trade debtors |
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Amounts owed by related parties |
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Prepayments |
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Other debtors |
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Creditors |
2023 |
2022 |
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Due within one year |
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Bank borrowings |
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Trade creditors |
271,031 |
179,620 |
BSP creditor |
930,765 |
983,601 |
Taxation and social security |
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Other creditors |
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Accruals and deferred income |
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Corporation tax |
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Due after one year |
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Bank borrowings |
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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)
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 £
Related party transactions |
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).
Parent and ultimate parent undertaking |
The company's immediate and ultimate parent is
These financial statements are available upon request from The Salt Warehouse, Sowerby Bridge, West Yorkshire, HX6 2AG.