Registered number
07469579
The Discerning Collection Limited
Unaudited Filleted Accounts
31 October 2023
The Discerning Collection Limited
Registered number: 07469579
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 8,374 7,012
Tangible assets 4 23,845 30,155
32,219 37,167
Current assets
Debtors 5 153,825 293,150
Cash at bank and in hand 299,909 329,617
453,734 622,767
Creditors: amounts falling due within one year 6 (297,886) (403,847)
Net current assets 155,848 218,920
Total assets less current liabilities 188,067 256,087
Creditors: amounts falling due after more than one year 7 (85,276) (162,557)
Net assets 102,791 93,530
Capital and reserves
Called up share capital 50,001 50,001
Profit and loss account 52,790 43,529
Shareholders' funds 102,791 93,530
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
N Wrightman
Director
Approved by the board on 6 March 2024
The Discerning Collection Limited
Notes to the Accounts
for the year ended 31 October 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of holiday services. Turnover is recognised by reference to the date of departure of the holiday or travel arrangements.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 4 years
Motor Vehicles over 4 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 4 4
3 Intangible fixed assets £
Website Development:
Cost
At 1 November 2022 9,350
Additions 4,800
At 31 October 2023 14,150
Amortisation
At 1 November 2022 2,338
Provided during the year 3,438
At 31 October 2023 5,776
Net book value
At 31 October 2023 8,374
At 31 October 2022 7,012
Website Development is amortised over 4 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 November 2022 28,561 54,356 82,917
Additions 1,232 - 1,232
At 31 October 2023 29,793 54,356 84,149
Depreciation
At 1 November 2022 26,459 26,303 52,762
Charge for the year 1,953 5,589 7,542
At 31 October 2023 28,412 31,892 60,304
Net book value
At 31 October 2023 1,381 22,464 23,845
At 31 October 2022 2,102 28,053 30,155
5 Debtors 2023 2022
£ £
Other debtors 153,825 293,150
As at 31st October 2023, included within other debtors are prepaid cost of sales that been paid in advance of departure, totalling £143,249 (2022: £213,711).
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans 38,313 70,380
Trade creditors - 61,554
Taxation and social security costs 17,318 8,341
Other creditors 242,255 263,572
297,886 403,847
As at 31st October 2023, included within other creditors are receipts relating to customer monies that have been paid in advance of departure, totalling £88,472 (2022: £141,984).
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 85,276 136,257
Other creditors - 26,300
85,276 162,557
8 Cash in hand and bank
Cash in hand and bank includes the sum of £133,294 (2022 - £95,423) ring-fenced within The Discerning Collection Limited CAA Approved Trust Account professionally adminsitered by the PT Trustees Limited. Consumer protected funds are held in this trust account subject to a set of rules required by the Civil Aviation Authority.
9 Other information
The Discerning Collection Limited is a private company limited by shares and incorporated in England. Its registered office is:
2nd Floor, Nucleus House
2 Lower Mortlake Road
Richmond
TW9 2JA
The Discerning Collection Limited 07469579 false 2022-11-01 2023-10-31 2023-10-31 VT Final Accounts October 2023 release 2 N Wrightman No description of principal activity 07469579 2021-11-01 2022-10-31 07469579 core:WithinOneYear 2022-10-31 07469579 core:AfterOneYear 2022-10-31 07469579 core:ShareCapital 2022-10-31 07469579 core:RetainedEarningsAccumulatedLosses 2022-10-31 07469579 2022-11-01 2023-10-31 07469579 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 07469579 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 07469579 bus:Director40 2022-11-01 2023-10-31 07469579 1 2022-11-01 2023-10-31 07469579 2 2022-11-01 2023-10-31 07469579 core:Goodwill 2022-11-01 2023-10-31 07469579 core:PlantMachinery 2022-11-01 2023-10-31 07469579 core:Vehicles 2022-11-01 2023-10-31 07469579 countries:England 2022-11-01 2023-10-31 07469579 bus:FRS102 2022-11-01 2023-10-31 07469579 bus:FullAccounts 2022-11-01 2023-10-31 07469579 2023-10-31 07469579 core:WithinOneYear 2023-10-31 07469579 core:AfterOneYear 2023-10-31 07469579 core:ShareCapital 2023-10-31 07469579 core:RetainedEarningsAccumulatedLosses 2023-10-31 07469579 core:Goodwill 2023-10-31 07469579 core:PlantMachinery 2023-10-31 07469579 core:Vehicles 2023-10-31 07469579 2022-10-31 07469579 core:Goodwill 2022-10-31 07469579 core:PlantMachinery 2022-10-31 07469579 core:Vehicles 2022-10-31 iso4217:GBP xbrli:pure