Registered number
08719295
Helen Knowles Travel Ltd
Filleted Accounts
31 October 2023
Helen Knowles Travel Ltd
Registered number: 08719295
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 1,561 1,951
Current assets
Debtors 5 25,735 20,164
Cash at bank and in hand 40,584 74,017
66,319 94,181
Creditors: amounts falling due within one year 6 (23,919) (47,542)
Net current assets 42,400 46,639
Total assets less current liabilities 43,961 48,590
Creditors: amounts falling due after more than one year 7 (27,554) (31,357)
Net assets 16,407 17,233
Capital and reserves
Called up share capital 200 100
Profit and loss account 16,207 17,133
Shareholder's funds 16,407 17,233
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 member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her 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.
Mrs H Beal
Director
Approved by the board on 6 April 2024
Helen Knowles Travel Ltd
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 goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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 20% reducing balance
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Intangible fixed assets £
Goodwill:
Cost
At 1 November 2022 27,500
At 31 October 2023 27,500
Amortisation
At 1 November 2022 27,500
At 31 October 2023 27,500
Net book value
At 31 October 2023 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2022 5,973
At 31 October 2023 5,973
Depreciation
At 1 November 2022 4,022
Charge for the year 390
At 31 October 2023 4,412
Net book value
At 31 October 2023 1,561
At 31 October 2022 1,951
5 Debtors 2023 2022
£ £
Trade debtors 12,399 20,164
Other debtors 13,336 -
25,735 20,164
6 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 22,715 36,166
Other creditors 1,204 11,376
23,919 47,542
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 27,554 31,357
8 Other information
Helen Knowles Travel Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Woodbury Lodge
Old Fen Lane
Scrub Hill
Lincoln
LN4 4XD
9 Related party disclosures
During the year, the company made a loan amounting to £6,668 to Mr P Beal and £6,668 to Mrs H Beal (2022: £NIL to Mr P Beal and £Nil to Mrs H Beal). At the balance sheet date, the loan was still outstanding and is presented within other debtors.
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