Caseware UK (AP4) 2022.0.179 2022.0.179 2023-09-302023-09-302022-10-0115falseTravel agents and tour operators18falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 00822761 2022-10-01 2023-09-30 00822761 2021-10-01 2022-09-30 00822761 2023-09-30 00822761 2022-09-30 00822761 c:Director1 2022-10-01 2023-09-30 00822761 d:Buildings 2022-10-01 2023-09-30 00822761 d:Buildings 2023-09-30 00822761 d:Buildings 2022-09-30 00822761 d:Buildings d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 00822761 d:FurnitureFittings 2022-10-01 2023-09-30 00822761 d:FurnitureFittings 2023-09-30 00822761 d:FurnitureFittings 2022-09-30 00822761 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 00822761 d:ComputerEquipment 2022-10-01 2023-09-30 00822761 d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 00822761 d:Goodwill 2022-10-01 2023-09-30 00822761 d:Goodwill 2023-09-30 00822761 d:Goodwill 2022-09-30 00822761 d:CurrentFinancialInstruments 2023-09-30 00822761 d:CurrentFinancialInstruments 2022-09-30 00822761 d:Non-currentFinancialInstruments 2023-09-30 00822761 d:Non-currentFinancialInstruments 2022-09-30 00822761 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 00822761 d:CurrentFinancialInstruments d:WithinOneYear 2022-09-30 00822761 d:Non-currentFinancialInstruments d:AfterOneYear 2023-09-30 00822761 d:Non-currentFinancialInstruments d:AfterOneYear 2022-09-30 00822761 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-09-30 00822761 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-09-30 00822761 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-09-30 00822761 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-09-30 00822761 d:ShareCapital 2023-09-30 00822761 d:ShareCapital 2022-09-30 00822761 d:SharePremium 2022-10-01 2023-09-30 00822761 d:SharePremium 2023-09-30 00822761 d:SharePremium 2022-09-30 00822761 d:CapitalRedemptionReserve 2022-10-01 2023-09-30 00822761 d:CapitalRedemptionReserve 2023-09-30 00822761 d:CapitalRedemptionReserve 2022-09-30 00822761 d:RevaluationReserve 2022-10-01 2023-09-30 00822761 d:RevaluationReserve 2023-09-30 00822761 d:RevaluationReserve 2022-09-30 00822761 d:RetainedEarningsAccumulatedLosses 2022-10-01 2023-09-30 00822761 d:RetainedEarningsAccumulatedLosses 2023-09-30 00822761 d:RetainedEarningsAccumulatedLosses 2022-09-30 00822761 c:FRS102 2022-10-01 2023-09-30 00822761 c:AuditExempt-NoAccountantsReport 2022-10-01 2023-09-30 00822761 c:FullAccounts 2022-10-01 2023-09-30 00822761 c:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 00822761 5 2022-10-01 2023-09-30 00822761 d:Goodwill d:OwnedIntangibleAssets 2022-10-01 2023-09-30 iso4217:GBP xbrli:pure

Registered number: 00822761










WESTWAY TRAVEL LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2023

 
WESTWAY TRAVEL LIMITED
REGISTERED NUMBER: 00822761

STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
-
2

Tangible assets
 5 
150,377
171,177

  
150,377
171,179

Current assets
  

Debtors: amounts falling due within one year
 6 
665,038
720,496

Cash at bank and in hand
 7 
393,363
260,862

  
1,058,401
981,358

Creditors: amounts falling due within one year
 8 
(866,347)
(794,749)

Net current assets
  
 
 
192,054
 
 
186,609

Total assets less current liabilities
  
342,431
357,788

Creditors: amounts falling due after more than one year
 9 
(24,688)
(44,938)

  

Net assets
  
317,743
312,850

Page 1

 
WESTWAY TRAVEL LIMITED
REGISTERED NUMBER: 00822761
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£
£

Capital and reserves
  

Called up share capital 
  
300,000
300,000

Share premium account
 11 
150,000
150,000

Revaluation reserve
 11 
58,283
58,283

Capital redemption reserve
 11 
90,000
90,000

Profit and loss account
 11 
(280,540)
(285,433)

  
317,743
312,850


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 12 February 2024.




I M Prior
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
WESTWAY TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.


General information

Westway Travel Limited is a private company limited by shares which is incorporated in England and Wales, United Kingdom. The address of the registered office is given in the company information page of these financial statements.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company has paid special attention to the COVID-19 pandemic and the associated impact on the business. 
The current and future financial position of the Company, its cash flows and liquidity position have been reviewed by the directors. These have been prepared with a very prudent view on the likely gradual recovery in each of the Company's operating locations and have been stress tested to ensure that cash flows and liquidity are sufficiently robust to allow the Company to continue to trade during this period.
At the date of approving the financial statements, the directors are confident that the existing funding facilities will provide sufficient headroom to meet the forecast cash requirements during the twelve months from the date of approval of the financial statements.
The directors consider it appropriate to prepare the financial statements on a going concern basis.

 
2.3

Revenue

Revenue is recognised when the significant risks and rewards of ownership have been transferred to
the buyer. Travel agency commission from the sale of third party products are recognised 10 weeks prior to the departure date of booking.
Revenue represents the amount of gross revenue receivable from inclusive tours, travel agency commissions receivable and other services supplied to customers in the ordinary course of business.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
WESTWAY TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

 
2.9

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of comprehensive income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
WESTWAY TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
Straight line over 25 years
Fixtures and fittings
-
20%
reducing balance
Computer equipment
-
33%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
WESTWAY TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.15

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

  
2.16

Advanced receipts and payments

All revenue relating to tours with departure dates more than 10 weeks after the year end are treated as advance receipts at the balance sheet date and are separately disclosed under other accruals and deferred income.
Payments made in respect of these tours are included in prepayments and accrued income.


3.


Employees

The average monthly number of employees, including directors, during the year was 15 (2022 - 18).


4.


Intangible assets




Goodwill

£



Cost


At 1 October 2022
68,600



At 30 September 2023

68,600



Amortisation


At 1 October 2022
68,598


Charge for the year on owned assets
2



At 30 September 2023

68,600



Net book value



At 30 September 2023
-



At 30 September 2022
2



Page 6

 
WESTWAY TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

5.


Tangible fixed assets





Freehold property
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 October 2022
388,731
217,418
606,149


Additions
-
1,240
1,240



At 30 September 2023

388,731
218,658
607,389



Depreciation


At 1 October 2022
246,151
188,821
434,972


Charge for the year on owned assets
15,549
6,491
22,040



At 30 September 2023

261,700
195,312
457,012



Net book value



At 30 September 2023
127,031
23,346
150,377



At 30 September 2022
142,580
28,597
171,177


6.


Debtors

2023
2022
£
£


Other debtors
30,373
24,034

Prepayments and accrued income
634,665
696,462

665,038
720,496


Included within "prepayments and accrued income" above are amounts relating to payments in advance to suppliers for holidays departing after the year end, the total of which amounts to £634,665 (2022: £536,045). 

Page 7

 
WESTWAY TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
393,363
260,862

393,363
260,862



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
10,125
-

Corporation tax
2,501
-

Other taxation and social security
44,485
45,246

Other creditors
4,036
-

Accruals and deferred income
805,200
749,503

866,347
794,749


Any future liability to the bank, Barclays Bank PLC is secured.
Included within "Accruals and deferred income" above are amounts relating to customer monies held on` account for holidays departing after the year end, the total of which amount to £767,200 (2022: £692,053).


9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
24,688
44,938

24,688
44,938


Page 8

 
WESTWAY TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
10,125
-


10,125
-

Amounts falling due 1-2 years

Bank loans
24,688
10,125


24,688
10,125

Amounts falling due 2-5 years

Bank loans
-
34,813


-
34,813


34,813
44,938


The Company received a Coronavirus Business Interruption Loan Scheme (CBILS) of the above amount in 2021.


11.


Reserves

Share premium account

Share premium includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

Revaluation reserve

Revaluation reserve records the surplus arising on the vauation of property held for own use of the company in prior years.

Capital redemption reserve

Capital redemption reserve records the nominal value of shares repurchased by the company.

Profit and loss account

Profit and loss includes all current and prior periods retained profit.

Page 9

 
WESTWAY TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

12.


Contingent liabilities

There are contingent liabilities in respect of any future liability due under various travel related bonds. These amount to £- (£2022: £159,219) and are secured. 


13.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £12,920 (2022: £11,697). Contributions totalling £4,036 (2022: £Nil) were payable to the fund at the reporting date and are included in creditors.


14.


Controlling party

The company is controlled by the directors.

 
Page 10