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COMPANY REGISTRATION NUMBER: 03633568
Archipelago Choice Limited
Filleted Unaudited Financial Statements
31 December 2023
Archipelago Choice Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
31,545
24,611
Investments
6
2,000
2,000
--------
--------
33,545
26,611
Current assets
Debtors
7
220,383
169,866
Cash at bank and in hand
288,017
392,854
---------
---------
508,400
562,720
Creditors: amounts falling due within one year
8
409,986
422,904
---------
---------
Net current assets
98,414
139,816
---------
---------
Total assets less current liabilities
131,959
166,427
Creditors: amounts falling due after more than one year
9
57,495
102,667
Provisions
7,887
6,153
---------
---------
Net assets
66,577
57,607
---------
---------
Capital and reserves
Called up share capital
30,000
30,000
Profit and loss account
36,577
27,607
--------
--------
Shareholders funds
66,577
57,607
--------
--------
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 income and retained earnings has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Archipelago Choice Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 15 April 2024 , and are signed on behalf of the board by:
Mr I J Coates
Mrs S Bennett
Director
Director
Company registration number: 03633568
Archipelago Choice Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 1b Museum Square, Keswick, Cumbria, CA12 5DZ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for booked tours, stated net of discounts and of Value Added Tax. Revenue from booked tours is recognised upon the tour departure date, or at the date of cancellation by the customer where a proportion of the value of the booking is retained.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Long leasehold property
-
20% straight line
Motor vehicles
-
25% reducing balance
Equipment
-
25 % reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
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 as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2022: 5 ).
5. Tangible assets
Long leasehold property
Motor vehicles
Computer Equipment
Total
£
£
£
£
Cost
At 1 January 2023
1,455
41,808
43,263
Additions
16,378
16,378
-------
--------
--------
--------
At 31 December 2023
1,455
16,378
41,808
59,641
-------
--------
--------
--------
Depreciation
At 1 January 2023
1,455
17,197
18,652
Charge for the year
4,095
5,349
9,444
-------
--------
--------
--------
At 31 December 2023
1,455
4,095
22,546
28,096
-------
--------
--------
--------
Carrying amount
At 31 December 2023
12,283
19,262
31,545
-------
--------
--------
--------
At 31 December 2022
24,611
24,611
-------
--------
--------
--------
6. Investments
Shares in group undertakings
£
Cost
At 1 January 2023 and 31 December 2023
2,000
-------
Impairment
At 1 January 2023 and 31 December 2023
-------
Carrying amount
At 31 December 2023
2,000
-------
At 31 December 2022
2,000
-------
7. Debtors
2023
2022
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
94,839
Other debtors
220,383
75,027
---------
---------
220,383
169,866
---------
---------
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 £171,216 (2022: £9,001).
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
9,212
20,000
Trade creditors
45,001
Amounts owed to group undertakings and undertakings in which the company has a participating interest
33,078
Corporation tax
8,923
15,955
Other creditors
358,773
341,948
---------
---------
409,986
422,904
---------
---------
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 £346,721 (2022: £337,098).
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
21,495
66,667
Other creditors
36,000
36,000
--------
---------
57,495
102,667
--------
---------
The £36,000 (2022: £36,000) loan is subordinated to the Civil Aviation Authority (CAA), and cannot be withdrawn without the CAA's prior written consent.
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
5,750
5,748
-------
-------
11. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Amounts repaid
Balance outstanding
£
£
£
Mr I J Coates
28,895
( 28,895)
--------
--------
----
2022
Balance brought forward
Amounts repaid
Balance outstanding
£
£
£
Mr I J Coates
28,895
28,895
--------
----
--------
At the balance sheet date the balance owed to the directors was £6,178. The loan is interest free and is repayable on demand.