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Registration number: 05865385

Newbury Travel Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2023

 

Newbury Travel Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 10

 

Newbury Travel Limited

Company Information

Director

Mr D Greenhouse

Company secretary

Ms V A Matthews

Registered office

Newbury Lane
Oldbury
Warley
West Midlands
B69 1HF

Accountants

Bissell & Brown Midlands Ltd
Chartered Certified Accountants
Charter House
56 High Street
Sutton Coldfield
West Midlands
B72 1UJ

 

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Newbury Travel Limited
for the Year Ended 31 August 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Newbury Travel Limited for the year ended 31 August 2023 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Newbury Travel Limited, as a body, in accordance with the terms of our engagement letter dated 1 October 2021. Our work has been undertaken solely to prepare for your approval the accounts of Newbury Travel Limited and state those matters that we have agreed to state to the Board of Directors of Newbury Travel Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Newbury Travel Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Newbury Travel Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Newbury Travel Limited. You consider that Newbury Travel Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Newbury Travel Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

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

Bissell & Brown Midlands Ltd
Chartered Certified Accountants
Charter House
56 High Street
Sutton Coldfield
West Midlands
B72 1UJ

19 March 2024

 

Newbury Travel Limited

(Registration number: 05865385)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

76,509

51,337

Current assets

 

Stocks

5

16,508

15,455

Debtors

6

34,173

45,278

Cash at bank and in hand

 

116,693

92,201

 

167,374

152,934

Creditors: Amounts falling due within one year

7

(88,922)

(112,312)

Net current assets

 

78,452

40,622

Total assets less current liabilities

 

154,961

91,959

Creditors: Amounts falling due after more than one year

7

(65,164)

(27,500)

Provisions for liabilities

(14,537)

(7,750)

Net assets

 

75,260

56,709

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

75,259

56,708

Shareholders' funds

 

75,260

56,709

For the financial year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 director has not delivered to the registrar a copy of the directors' report and the Profit and Loss Account.

Approved and authorised by the director on 18 December 2023
 

.........................................
Mr D Greenhouse
Director

 

Newbury Travel Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Newbury Lane
Oldbury
Warley
West Midlands
B69 1HF

These financial statements were authorised for issue by the director on 18 December 2023.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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 which is the functional currency of the company and rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis.

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 sales/value added tax, returns, rebates and discounts.

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.

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.

 

Newbury Travel Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

2

Accounting policies (continued)

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 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

Motor vehicles

25% of net book value

Office equipment

33% straight line

Fixtures and fittings

15% of net book value

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Newbury Travel Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

2

Accounting policies (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Newbury Travel Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

2

Accounting policies (continued)

Financial instruments

Classification
Trade debtors
Trade debtors which are receivable within one year and which do not constitute a financing transaction are initially measured at the transaction price. Trade debtors are subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses.

Where the arrangement with a trade debtor constitutes a financing transaction, the debtor is initially and subsequently measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument.


 Recognition and measurement
A provision for impairment of trade debtors is established when there is objective evidence that the amounts due will not be collected according to the original terms of the contract. Impairment losses are recognised in profit or loss for the excess of the carrying value of the trade debtor over the present value of the future cash flows discounted using the original effective interest rate. Subsequent reversals of an impairment loss that objectively relate to an event occurring after the impairment loss was recognised, are recognised immediately in profit or loss.

Financial instruments are classified as liabilities and equity instruments according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

 Impairment
Trade creditors
Trade creditors payable within one year that do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled.

Where the arrangement with a trade creditor constitutes a financing transaction, the creditor is initially and subsequently measured at the present value of future payments discounted at a market rate of interest for a similar instrument.

Financial guarantee contracts
Borrowings
Borrowings are initially recognised at the transaction price, including transaction costs, and subsequently measured at amortised cost using the effective interest method. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and other similar charges.

Commitments to receive a loan are measured at cost less impairment.

A financial asset is derecognised only when the contractual rights to cash flows expire or are settled, or substantially all the risks and rewards of ownership are transferred to another party, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. A financial liability (or part thereof) is derecognised when the obligation specified in the contract is discharged, cancelled or expires.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Newbury Travel Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2022

13,494

169,995

183,489

Additions

-

42,605

42,605

Disposals

-

(22,995)

(22,995)

At 31 August 2023

13,494

189,605

203,099

Depreciation

At 1 September 2022

10,533

121,619

132,152

Charge for the year

443

12,092

12,535

Eliminated on disposal

-

(18,097)

(18,097)

At 31 August 2023

10,976

115,614

126,590

Carrying amount

At 31 August 2023

2,518

73,991

76,509

At 31 August 2022

2,961

48,376

51,337

5

Stocks

2023
£

2022
£

Raw materials and consumables

16,508

15,455

6

Debtors

Current

2023
£

2022
£

Trade debtors

19,030

30,127

Prepayments

5,117

5,052

Other debtors

10,026

10,099

 

34,173

45,278

 

Newbury Travel Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7.1

15,174

25,782

Trade creditors

 

57,133

71,446

Amounts owed to group undertakings and undertakings in which the company has a participating interest

9

1,711

-

Taxation and social security

 

7,060

7,726

Accruals and deferred income

 

3,998

4,180

Other creditors

 

3,846

3,178

 

88,922

112,312

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7.1

65,164

27,500

7.1

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Bank borrowings

10,000

15,487

Hire purchase contracts

4,332

-

Other borrowings

842

10,295

15,174

25,782

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

21,374

27,500

Hire purchase contracts

33,502

-

Other borrowings

10,288

-

65,164

27,500

 

Newbury Travel Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

7

Creditors (continued)

7.1

Loans and borrowings (continued)

Bank borrowings

Bounce Bank Loan is denominated in GBP with a nominal interest rate of 2.50%, and the final instalment is due on 15 May 2026. The carrying amount at year end is £31,374 (2022 - £37,500).

The Bounce Bank Loan is secured over the assets of the company..

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

       

9

Related party transactions

Summary of transactions with associates

The company charged a management charge to Newbury Transport Limited of £122,076 (2022 - £83,754).

 
The balance due to Newbury Transport Limited at 31st August 2023 was £1,711 (2022 - £Nil).