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REGISTERED NUMBER: 01492986 (England and Wales)









Unaudited Financial Statements

for the Year Ended 30 September 2023

for

Siesta International Holidays Limited

Siesta International Holidays Limited (Registered number: 01492986)






Contents of the Financial Statements
for the Year Ended 30 September 2023




Page

Balance Sheet 1

Notes to the Financial Statements 3


Siesta International Holidays Limited (Registered number: 01492986)

Balance Sheet
30 September 2023

30.9.23 30.9.22
Notes £    £   
FIXED ASSETS
Tangible assets 4 825,729 958,823
Investments 5 50,000 50,000
875,729 1,008,823

CURRENT ASSETS
Stocks 23,368 21,402
Debtors 6 154,116 616,350
Cash at bank 527,233 283,366
704,717 921,118
CREDITORS
Amounts falling due within one year 7 (732,852 ) (764,481 )
NET CURRENT (LIABILITIES)/ASSETS (28,135 ) 156,637
TOTAL ASSETS LESS CURRENT LIABILITIES 847,594 1,165,460

CREDITORS
Amounts falling due after more than one
year

8

(448,211

)

(627,905

)

PROVISIONS FOR LIABILITIES (78,070 ) (70,808 )

ACCRUALS AND DEFERRED INCOME (31,891 ) (63,781 )
NET ASSETS 289,422 402,966

CAPITAL AND RESERVES
Called up share capital 40,000 40,000
Share premium 20,000 20,000
Retained earnings 229,422 342,966
289,422 402,966

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Siesta International Holidays Limited (Registered number: 01492986)

Balance Sheet - continued
30 September 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 February 2024 and were signed on its behalf by:





Mr S B Metcalfe - Director


Siesta International Holidays Limited (Registered number: 01492986)

Notes to the Financial Statements
for the Year Ended 30 September 2023

1. STATUTORY INFORMATION

Siesta International Holidays Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 01492986

Registered office: Westminster House
10 Westminster Road
Macclesfield
Cheshire
SK10 1BX

The presentation currency of the financial statements is the Pound Sterling (£).

Principal place of business is Siesta House, Lamport St, Middlesbrough, TS1 5QL.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of VAT.

When the outcome of a transaction can be estimated reliably, turnover from services is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to finalisation of work completed.

Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance, 20% on cost and 10% on cost
Fixtures and fittings - 20% on cost and 20% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company uses forward foreign currency contracts to reduce exposure to foreign
exchange rates. Derivative financial instruments are initially measured at fair value on the date on which a
derivative contract is entered into and are subsequently measured at fair value through profit or loss.

Derivatives are carried as assets when the fair value is positive and as liabilities when the fair value is negative. The fair value of the forward currency contracts is calculated by reference to current forward exchange contracts with similar maturity profiles.


Siesta International Holidays Limited (Registered number: 01492986)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Grants received
Grants are recognised when it is reasonable to expect that the grants will be received and that all related conditions will be met, usually on submission of a valid claim for payment.

Grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets by equal annual instalments. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

Going concern
In determining whether the Company's annual financial statements can be prepared on a going concern basis, the Directors have considered the Company's business activities, together with the factors likely to
affect its future development, performance and position including the Companies and Groups positive net assets.

The key factors considered by the Directors were as follows:
- the implications of changes to the economic environment on the Company's revenues and profits; and
- The impact of the competitive environment within which the Group's businesses operates; and
- The potential actions that could be taken in the event that revenues are worse than expected, to ensure that operating profit and cash flows are protected.

The Directors confirm that, after due consideration they have a reasonable expectation that the Company has adequate resources to continue in business for at least 12 months from the date of signing the financial statements. Accordingly, the annual report and financial statements for the year ended 30 September 2022 have been prepared on the going concern basis.

Siesta International Holidays Limited (Registered number: 01492986)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2022 - 18 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1 October 2022 3,399,467 293,027 3,692,494
Additions - 7,023 7,023
Disposals (640,058 ) (8,599 ) (648,657 )
At 30 September 2023 2,759,409 291,451 3,050,860
DEPRECIATION
At 1 October 2022 2,446,473 287,198 2,733,671
Charge for year 92,622 1,424 94,046
Eliminated on disposal (597,509 ) (5,077 ) (602,586 )
At 30 September 2023 1,941,586 283,545 2,225,131
NET BOOK VALUE
At 30 September 2023 817,823 7,906 825,729
At 30 September 2022 952,994 5,829 958,823

The net book value of property, plant and equipment includes £355,351 (2022 - £638,179) in respect of assets held under hire purchase contracts.

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 October 2022
and 30 September 2023 50,000
NET BOOK VALUE
At 30 September 2023 50,000
At 30 September 2022 50,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.23 30.9.22
£    £   
Amounts owed by group undertakings - 453,396
Other debtors 154,116 162,954
154,116 616,350

Siesta International Holidays Limited (Registered number: 01492986)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.23 30.9.22
£    £   
Bank loans and overdrafts 100,000 100,000
Hire purchase contracts (see note 9) 68,598 68,598
Trade creditors 60,621 81,234
Amounts owed to group undertakings - 52,013
Taxation and social security 6,470 6,412
Other creditors 497,163 456,224
732,852 764,481

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.9.23 30.9.22
£    £   
Bank loans 233,506 344,603
Hire purchase contracts (see note 9) 214,705 283,302
448,211 627,905

9. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

30.9.23 30.9.22
£    £   
Net obligations repayable:
Within one year 68,598 68,598
Between one and five years 214,705 283,302
283,303 351,900

10. SECURED DEBTS

The following secured debts are included within creditors:

30.9.23 30.9.22
£    £   
Hire purchase contracts 283,303 351,900

The bank loans and overdrafts are secured by a debenture over the assets of the company. There is a cross guarantee and debenture between Siesta International Holidays Ltd and Travel Europe Ltd. Finance leases and hire purchase contracts are secured on the assets to which they relate.