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Company registration number:
00979339
S & N Pickford (Romiley) Limited
Filleted financial statements
31 October 2023
S & N Pickford (Romiley) Limited
Contents
Directors and other information
Directors responsibilities statement
Statement of financial position
Notes to the financial statements
S & N Pickford (Romiley) Limited
Directors and other information
|
|
|
|
Directors |
Mr A G Skirvin |
|
|
Mrs A M Skirvin |
|
|
Miss Z Skirvin |
|
|
|
|
|
|
|
Secretary |
Mr A G Skirvin |
|
|
|
|
|
|
|
Company number |
00979339 |
|
|
|
|
|
|
|
Registered office |
15-17 Compstall Road |
|
|
Romiley |
|
|
Cheshire |
|
|
SK6 4BX |
|
|
|
|
|
|
|
Business address |
15-17 Compstall Road |
|
|
Romiley |
|
|
Cheshire |
|
|
SK6 4BX |
|
|
|
|
|
|
|
Auditor |
Downham Morris & Co |
|
|
45/49 Greek Street |
|
|
Stockport |
|
|
Cheshire |
|
|
SK3 8AX |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bankers |
Handlesbanken |
|
|
Unit 8 Acorn Business Park |
|
|
Heaton Lane |
|
|
Stockport |
|
|
Cheshire |
|
|
SK4 1AS |
|
|
|
S & N Pickford (Romiley) Limited
Directors responsibilities statement
Year ended 31st October 2023
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgments and accounting estimates that are reasonable and prudent; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
S & N Pickford (Romiley) Limited
Statement of financial position
31st October 2023
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Tangible assets |
|
5 |
99,548 |
|
|
|
104,527 |
|
|
Investments |
|
6 |
6,000 |
|
|
|
6,000 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
105,548 |
|
|
|
110,527 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Debtors |
|
7 |
1,681,085 |
|
|
|
688,204 |
|
|
Cash at bank and in hand |
|
|
974,037 |
|
|
|
1,385,722 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
2,655,122 |
|
|
|
2,073,926 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
8 |
(
1,500,563) |
|
|
|
(
1,133,666) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current assets |
|
|
|
|
1,154,559 |
|
|
|
940,260 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
1,260,107 |
|
|
|
1,050,787 |
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
after more than one year |
|
9 |
|
|
(
27,500) |
|
|
|
(
37,500) |
Provisions for liabilities |
|
|
|
|
(
3,607) |
|
|
|
(
3,233) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
_______ |
Net assets |
|
|
|
|
1,229,000 |
|
|
|
1,010,054 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
|
|
|
30,000 |
|
|
|
30,000 |
Revaluation reserve |
|
|
|
|
18,929 |
|
|
|
18,929 |
Profit and loss account |
|
|
|
|
1,180,071 |
|
|
|
961,125 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholders funds |
|
|
|
|
1,229,000 |
|
|
|
1,010,054 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
These 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 statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
13 March 2024
, and are signed on behalf of the board by:
Mr A G Skirvin
Director
Company registration number:
00979339
S & N Pickford (Romiley) Limited
Notes to the financial statements
Year ended 31st October 2023
1.
General information
The nature of the company's operations and principal activities are that of a specialist tour operator.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The 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 financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover represents the aggregate amount of gross revenues receivable from inclusive tours, travel agency commissions receivable and other services supplied to customers in the ordinary course of business after deduction of all direct costs of sales incurred in connection with the revenues received. Turnover is recognised once the full balance of the booking has been received.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
|
|
|
|
|
|
Freehold and leasehold properties |
- |
2.5% straight line |
|
|
Plant and machinery |
- |
25% reducing balance, 10% straight line & 20% straight line |
|
|
Motor vehicles |
- |
20% reducing balance |
|
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
15
(2022:
12
).
5.
Tangible assets
|
|
Freehold and leasehold properties |
Plant and machinery |
Motor vehicles |
Total |
|
|
|
|
|
£ |
£ |
£ |
£ |
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1st November 2022 |
56,462 |
336,001 |
81,577 |
474,040 |
|
|
|
|
Additions |
- |
8,843 |
- |
8,843 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
At 31st October 2023 |
56,462 |
344,844 |
81,577 |
482,883 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1st November 2022 |
17,296 |
328,332 |
23,885 |
369,513 |
|
|
|
|
Charge for the year |
1,493 |
1,729 |
11,538 |
14,760 |
|
|
|
|
Revaluations |
(
938) |
- |
- |
(
938) |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
At 31st October 2023 |
17,851 |
330,061 |
35,423 |
383,335 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 31st October 2023 |
38,611 |
14,783 |
46,154 |
99,548 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
At 31st October 2022 |
39,166 |
7,669 |
57,692 |
104,527 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
|
|
|
|
|
|
|
|
|
|
|
Freehold and leasehold properties |
Total |
|
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
|
At 31st October 2023 |
|
|
|
|
|
|
|
|
Aggregate cost |
36,967 |
36,967 |
|
|
|
|
|
|
Aggregate depreciation |
(26,323) |
(26,323) |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Carrying amount |
10,644 |
10,644 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 31st October 2022 |
|
|
|
|
|
|
|
|
Aggregate cost |
36,967 |
36,967 |
|
|
|
|
|
|
Aggregate depreciation |
(26,323) |
(26,323) |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Carrying amount |
10,644 |
10,644 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At the year end date the directors valued the freehold property at £37,500.
6.
Investments
|
|
Shares in group undertakings and participating interests |
Total |
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
At 1st November 2022 and 31st October 2023 |
6,000 |
6,000 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Impairment |
|
|
|
|
|
|
|
At 1st November 2022 and 31st October 2023 |
- |
- |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
At 31st October 2023 |
6,000 |
6,000 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
At 31st October 2022 |
6,000 |
6,000 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
The investment is held at cost less impairment as fair value cannot be reliably determined.
7.
Debtors
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Trade debtors |
|
1,263,504 |
538,200 |
|
Prepayments and accrued income |
|
11,665 |
11,156 |
|
S & N Pickford (Romiley Properties) Limited |
|
125,916 |
135,848 |
|
Other debtors |
|
280,000 |
3,000 |
|
|
|
_______ |
_______ |
|
|
|
1,681,085 |
688,204 |
|
|
|
_______ |
_______ |
|
|
|
|
|
8.
Creditors: amounts falling due within one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Trade creditors |
|
1,381,750 |
849,462 |
|
Corporation tax |
|
88,659 |
40,065 |
|
Social security and other taxes |
|
9,347 |
6,371 |
|
Other creditors |
|
20,807 |
237,768 |
|
|
|
_______ |
_______ |
|
|
|
1,500,563 |
1,133,666 |
|
|
|
_______ |
_______ |
|
|
|
|
|
Included in other creditors, hire purchase liabilities totalling £Nil (2022: £6,233) are secured on the assets to which they relate
.
9.
Creditors: amounts falling due after more than one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
27,500 |
37,500 |
|
|
|
_______ |
_______ |
|
|
|
|
|
10.
Contingent assets and liabilities
The company currently holds an Air Travel Organiser's License ('ATOL') issued by the Civil Aviation Authority ('CAA') and is a member of the Association of British Travel Agents ('ABTA').
11.
Summary audit opinion
The auditor's report for the year dated
13 March 2024
was unqualified.
The senior statutory auditor was
Ian Gwynfor Morris FCCA
for and on behalf of
Downham Morris & Co
12.
Directors advances, credits and guarantees
|
During the year the directors entered into the following advances and credits with the company: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
Balance brought forward |
Advances /(credits) to the directors |
Amounts repaid |
Balance o/standing |
|
|
|
|
£ |
£ |
£ |
£ |
|
|
|
Mr A G Skirvin |
(
206,590) |
(
84,000) |
279,526 |
(
11,064) |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
Balance brought forward |
Advances /(credits) to the directors |
Amounts repaid |
Balance o/standing |
|
|
|
|
£ |
£ |
£ |
£ |
|
|
|
Mr A G Skirvin |
(
14,170) |
(
286,208) |
93,788 |
(
206,590) |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
13.
Related party transactions
The company holds 48% of issued share capital in S & N Pickford (Romiley Properties) Limited, a company registered in England. An intercompany loan is maintained to reflect payments made and income received on behalf of this company. At the year end date, outstanding debts due from S & N Pickford (Romiley Properties) Limited totalled £125,916 (2022: £135,848).Dividends were paid to the directors during the year and amounted to £84,000 (2022: £84,000).
14.
Controlling party
The company is under the control of its directors by virtue of their shareholding
.
15.
IATA - Billing and Settlement Plan (BSP)
The BSP outstanding cash sales at the financial year end were £365,825 owed to the company (2022: £168,087). The total BSP cash sales during the financial year amounted to £3,325,429 (2022: £2,130,190).