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COMPANY REGISTRATION NUMBER: 04240323
INDEPENDENT HOLIDAYS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 October 2023
INDEPENDENT HOLIDAYS LIMITED
STATEMENT OF FINANCIAL POSITION
31 October 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
2,848
4,205
CURRENT ASSETS
Debtors
6
260
600
Cash at bank and in hand
313,328
266,894
---------
---------
313,588
267,494
CREDITORS: amounts falling due within one year
7
209,246
141,723
---------
---------
NET CURRENT ASSETS
104,342
125,771
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
107,190
129,976
CREDITORS: amounts falling due after more than one year
8
6,472
9,886
PROVISIONS
Taxation including deferred tax
755
1,114
---------
---------
NET ASSETS
99,963
118,976
---------
---------
CAPITAL AND RESERVES
Called up share capital
9
50,000
50,000
Profit and loss account
49,963
68,976
--------
---------
SHAREHOLDERS FUNDS
99,963
118,976
--------
---------
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 October 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 .
INDEPENDENT HOLIDAYS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 31 July 2024 , and are signed on behalf of the board by:
Mr S Broomhall
Director
Company registration number: 04240323
INDEPENDENT HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
Year ended 31 October 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Muras Baker Jones Ltd, Third Floor Regent House, Bath Avenue, Wolverhampton, WV1 4EG.
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. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Revenue recognition
Turnover is recognised when cash is received.
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 that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
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.
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:
Fixtures and fittings
-
25% reducing balance
Equipment
-
25% straight line
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. TANGIBLE ASSETS
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 November 2022
962
7,437
8,399
Additions
207
207
----
-------
-------
At 31 October 2023
962
7,644
8,606
----
-------
-------
Depreciation
At 1 November 2022
337
3,857
4,194
Charge for the year
156
1,408
1,564
----
-------
-------
At 31 October 2023
493
5,265
5,758
----
-------
-------
Carrying amount
At 31 October 2023
469
2,379
2,848
----
-------
-------
At 31 October 2022
625
3,580
4,205
----
-------
-------
6. DEBTORS
2023
2022
£
£
Trade debtors
260
260
Other debtors
340
----
----
260
600
----
----
7. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
3,422
3,335
Trade creditors
79,508
50,485
Corporation tax
10,254
9,762
Social security and other taxes
10,730
10,534
Other creditors
105,332
67,607
---------
---------
209,246
141,723
---------
---------
The bank hold a debenture including a fixed and floating charge over book and other debts dated 20 September 2001.
8. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
6,472
9,886
-------
-------
9. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
50,000
50,000
50,000
50,000
--------
--------
--------
--------
10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
At 1 November 2022 two of the directors owed the company £340. Before the year end the company advanced a further £52,396 and the directors repaid £22,081 before the loan was cleared on 31 October 2023. On 4 November 2022 the company advanced a director £112. Further advances of £2,030 were made before the director repaid the loan on 30 November 2022. On 2 December 2022 the company advanced a director £326. Further advances of £6,540 and director repayments of £6,864 were made before the director repaid the loan on 28 February 2023. On 3 March 2023 the company advanced a director £472. Further advances of £4,360 and director repayments of £2,313 were made before the director repaid the loan on 30 April 2023. On 28 July 2023 the company advanced a director £240. This amount was repaid by the director on 31 July 2023. On 25 August 2023 the company advanced a director £339. This amount was repaid by the director on 31 August 2023. On 22 September 2023 the company advanced a director £398. Further advances of £545 were made before the director repaid the loan on 30 September 2023. On 13 October 2023 the company advanced a director £60. Further advances of £1,120 were made before the director repaid the loan on 31 October 2023. Interest of £273 was paid to the company by the directors.
11. RELATED PARTY TRANSACTIONS
Bank guarantees totalling £115,000 have been given by one of the directors at the balance sheet date.