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Registration number: 04580260

Central Travel Sheffield Limited

Unaudited Financial Statements

for the Year Ended 31 October 2023

 

Central Travel Sheffield Limited

(Registration number: 04580260)

Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

3

-

-

Tangible assets

4

709,526

730,057

Investment property

5

119,597

-

 

829,123

730,057

Current assets

 

Stocks

2,250

2,250

Debtors

6

90,367

101,031

Cash at bank and in hand

 

2,171

35,530

 

94,788

138,811

Creditors: Amounts falling due within one year

7

(555,050)

(439,020)

Net current liabilities

 

(460,262)

(300,209)

Total assets less current liabilities

 

368,861

429,848

Creditors: Amounts falling due after more than one year

7

(427,469)

(493,237)

Provisions for liabilities

(43,632)

(28,855)

Net liabilities

 

(102,240)

(92,244)

Capital and reserves

 

Called up share capital

1,100

1,100

Revaluation reserve

154,371

172,889

Profit and loss account

(257,711)

(266,233)

Shareholders' deficit

 

(102,240)

(92,244)

 

Central Travel Sheffield Limited

(Registration number: 04580260)

Balance Sheet as at 31 October 2023 (continued)

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Directors' Report and the Profit and Loss Account has been taken.

These financial statements, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A Small Entities, were approved and authorised for issue by the Board on 29 July 2024 and signed on its behalf by:
 

.........................................

P W Harrison
Director

 

Central Travel Sheffield Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

1

Accounting policies

Statutory information

Central Travel Sheffield Limited is a private company, limited by shares, domiciled in England and Wales, company number 04580260. The registered office is at The Old Fire Station, Darnall Road, Sheffield, S9 5AF.

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The presentation currency is United Kingdom pounds sterling, which is the functional currency of the company. The financial statements are those of an individual entity.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost or valuation of assets over their estimated useful life, as follows:

 

Central Travel Sheffield Limited

Notes to the Financial Statements for the Year Ended 31 October 2023 (continued)

1

Accounting policies (continued)

Asset class

Depreciation method and rate

Freehold property

2% straight line

Plant & machinery

25% reducing balance

Fixtures, fittings & equipment

25% reducing balance

Motor vehicles

15% reducing balance

Investment property

The company’s investment property is held for long-term investment. Investment properties are accounted for as follows:

Investment properties are initially recognised at cost which includes purchase cost and any directly attributable expenditure.

Investment properties whose fair value can be measured reliably are measured at fair value. The surplus or deficit on revaluation is recognised in the fair value reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Central Travel Sheffield Limited

Notes to the Financial Statements for the Year Ended 31 October 2023 (continued)

1

Accounting policies (continued)

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the statement of comprehensive income.
 

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 17 (2022 - 16).

 

Central Travel Sheffield Limited

Notes to the Financial Statements for the Year Ended 31 October 2023 (continued)

3

Intangible assets

Goodwill
 £

Cost or valuation

At 1 November 2022

30,000

At 31 October 2023

30,000

Amortisation

At 1 November 2022

30,000

At 31 October 2023

30,000

Carrying amount

At 31 October 2023

-

At 31 October 2022

-

 

Central Travel Sheffield Limited

Notes to the Financial Statements for the Year Ended 31 October 2023 (continued)

4

Tangible assets

Freehold property
£

Fixtures, fittings and equipment
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2022

550,000

11,436

38,310

603,837

1,203,583

Additions

-

-

-

44,000

44,000

Disposals

-

-

-

(111,026)

(111,026)

At 31 October 2023

550,000

11,436

38,310

536,811

1,136,557

Depreciation

At 1 November 2022

22,000

11,136

23,738

416,652

473,526

Charge for the year

11,000

76

4,706

32,382

48,164

Eliminated on disposal

-

-

-

(94,659)

(94,659)

At 31 October 2023

33,000

11,212

28,444

354,375

427,031

Carrying amount

At 31 October 2023

517,000

224

9,866

182,436

709,526

At 31 October 2022

528,000

300

14,572

187,185

730,057

Revaluation

The company's freehold property was revalued on 13 December 2019 by independent valuers, VAS Group. The basis of the valuation was open market value. This class of assets has a current value of £517,000 (2022 : £528,000). On an historical cost basis the cost of the freehold property is £362,938 (2022 : £362,938) and the carrying amount is £330,479 (2022 : £337,753).

Included within the net book value of the motor vehicles is £28,900 (2022 : £34,000) relating to assets held under hire purchase agreements.

5

Investment properties

2023
£

Cost or valuation

Additions

119,597

At 31 October 2023

119,597

There has been no valuation of investment property by an independent valuer, however the directors are satisfied that the market value of the property as at 31 October 2023 is not materially different to the above valuation.

 

Central Travel Sheffield Limited

Notes to the Financial Statements for the Year Ended 31 October 2023 (continued)

6

Debtors

2023
£

2022
£

Trade debtors

50,265

74,227

Prepayments

28,938

20,995

Other debtors

11,164

5,809

90,367

101,031

7

Creditors

2023
£

2022
£

Due within one year

Bank loans and overdraft

141,155

32,233

Obligations under hire purchase contracts

12,468

12,468

Trade creditors

33,227

8,201

Taxation and social security

9,856

28,248

Accruals and deferred income

7,845

12,488

Other creditors

28,840

33,724

Directors loan

321,659

311,658

555,050

439,020

2023
£

2022
£

Due after one year

Bank loans

423,313

476,614

Obligations under hire purchase contracts

4,156

16,623

427,469

493,237

2023
£

2022
£

Due after more than five years

After more than five years by instalments

228,245

362,931

-

-

The bank borrowings of £521,483 (2022 : £471,467) are secured against the assets of the company.

Obligations under hire purchase contracts are secured on the assets to which they relate.