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COMPANY REGISTRATION NUMBER: 06301911
Cockermouth Travel Limited
Filleted Unaudited Abridged Financial Statements
31 July 2023
Cockermouth Travel Limited
Abridged Statement of Financial Position
31 July 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
4
22,080
27,600
Tangible assets
5
50,489
54,340
--------
--------
72,569
81,940
Current assets
Debtors
199,411
57,993
Cash at bank and in hand
1,139,055
1,034,267
------------
------------
1,338,466
1,092,260
Creditors: amounts falling due within one year
600,825
582,350
------------
------------
Net current assets
737,641
509,910
---------
---------
Total assets less current liabilities
810,210
591,850
---------
---------
Cockermouth Travel Limited
Abridged Statement of Financial Position (continued)
31 July 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
50,000
50,000
Profit and loss account
760,210
541,850
---------
---------
Shareholders funds
810,210
591,850
---------
---------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the year ending 31st July 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 abridged financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31st July 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the board of directors and authorised for issue on 22 January 2024 , and are signed on behalf of the board by:
Mr P.A. Cusack
Director
Company registration number: 06301911
Cockermouth Travel Limited
Accounting Policies
Year ended 31st July 2023
(a) Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires the use of estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Any estimate that has a degree of uncertainty or where judgement has been exercised in a particular area is expressly disclosed within the relevant accounting policy.
(c) Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced for goods and services supplied during the year, after allowance for sales returns and discounts allowed, exclusive of Value Added Tax. The point within the sale transaction at which income is recognised is at 42 days prior to the date of travel.
(d) Corporation tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
(e) Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
(f) Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
(g) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
(h) Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures fittings equipment
-
10% straight line
(i) Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
(j) Financial instruments
The only financial instruments in issue are ordinary shares which are classified as equity.
Cockermouth Travel Limited
Notes to the Abridged Financial Statements
Year ended 31st July 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 60 Main Street, Cockermouth, Cumbria, CA13 9LU.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Employee numbers
The average number of persons employed by the company during the year amounted to 13 (2022: 11 ).
4. Intangible assets
£
Cost
At 1st August 2022 and 31st July 2023
110,400
---------
Amortisation
At 1st August 2022
82,800
Charge for the year
5,520
---------
At 31st July 2023
88,320
---------
Carrying amount
At 31st July 2023
22,080
---------
At 31st July 2022
27,600
---------
5. Tangible assets
£
Cost
At 1st August 2022
127,338
Additions
836
---------
At 31st July 2023
128,174
---------
Depreciation
At 1st August 2022
72,998
Charge for the year
4,687
---------
At 31st July 2023
77,685
---------
Carrying amount
At 31st July 2023
50,489
---------
At 31st July 2022
54,340
---------