Caseware UK (AP4) 2023.0.135 2023.0.135 2023-11-302023-11-3062022-12-01falsea tour operator specialising in pilgrimages5falsetrue 03585640 2022-12-01 2023-11-30 03585640 2021-12-01 2022-11-30 03585640 2023-11-30 03585640 2022-11-30 03585640 2021-12-01 03585640 5 2022-12-01 2023-11-30 03585640 5 2021-12-01 2022-11-30 03585640 d:Director2 2022-12-01 2023-11-30 03585640 e:MotorVehicles 2022-12-01 2023-11-30 03585640 e:MotorVehicles 2023-11-30 03585640 e:MotorVehicles 2022-11-30 03585640 e:MotorVehicles e:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 03585640 e:FurnitureFittings 2022-12-01 2023-11-30 03585640 e:FurnitureFittings 2023-11-30 03585640 e:FurnitureFittings 2022-11-30 03585640 e:FurnitureFittings e:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 03585640 e:OfficeEquipment 2022-12-01 2023-11-30 03585640 e:OfficeEquipment 2023-11-30 03585640 e:OfficeEquipment 2022-11-30 03585640 e:OfficeEquipment e:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 03585640 e:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 03585640 e:Goodwill 2022-12-01 2023-11-30 03585640 e:Goodwill 2023-11-30 03585640 e:Goodwill 2022-11-30 03585640 e:CurrentFinancialInstruments 2023-11-30 03585640 e:CurrentFinancialInstruments 2022-11-30 03585640 e:CurrentFinancialInstruments e:WithinOneYear 2023-11-30 03585640 e:CurrentFinancialInstruments e:WithinOneYear 2022-11-30 03585640 e:ShareCapital 2022-12-01 2023-11-30 03585640 e:ShareCapital 2023-11-30 03585640 e:ShareCapital 2022-11-30 03585640 e:ShareCapital 2021-12-01 03585640 e:RetainedEarningsAccumulatedLosses 2022-12-01 2023-11-30 03585640 e:RetainedEarningsAccumulatedLosses 2023-11-30 03585640 e:RetainedEarningsAccumulatedLosses 2021-12-01 2022-11-30 03585640 e:RetainedEarningsAccumulatedLosses 2022-11-30 03585640 e:RetainedEarningsAccumulatedLosses 2021-12-01 03585640 e:AcceleratedTaxDepreciationDeferredTax 2023-11-30 03585640 e:AcceleratedTaxDepreciationDeferredTax 2022-11-30 03585640 d:OrdinaryShareClass1 2022-12-01 2023-11-30 03585640 d:OrdinaryShareClass1 2023-11-30 03585640 d:OrdinaryShareClass1 2022-11-30 03585640 d:OrdinaryShareClass2 2022-12-01 2023-11-30 03585640 d:OrdinaryShareClass2 2023-11-30 03585640 d:OrdinaryShareClass2 2022-11-30 03585640 d:OrdinaryShareClass3 2022-12-01 2023-11-30 03585640 d:OrdinaryShareClass3 2023-11-30 03585640 d:OrdinaryShareClass3 2022-11-30 03585640 d:OrdinaryShareClass4 2022-12-01 2023-11-30 03585640 d:OrdinaryShareClass4 2023-11-30 03585640 d:OrdinaryShareClass4 2022-11-30 03585640 d:OrdinaryShareClass5 2022-12-01 2023-11-30 03585640 d:OrdinaryShareClass5 2023-11-30 03585640 d:OrdinaryShareClass5 2022-11-30 03585640 d:FRS102 2022-12-01 2023-11-30 03585640 d:Audited 2022-12-01 2023-11-30 03585640 d:FullAccounts 2022-12-01 2023-11-30 03585640 d:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 03585640 e:Subsidiary1 2022-12-01 2023-11-30 03585640 e:Subsidiary1 1 2022-12-01 2023-11-30 03585640 d:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 03585640 2 2022-12-01 2023-11-30 03585640 6 2022-12-01 2023-11-30 03585640 f:PoundSterling 2022-12-01 2023-11-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 03585640









TANGNEY TOURS LTD









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2023

 
TANGNEY TOURS LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TANGNEY TOURS LTD
UNDER SECTION 449 OF THE COMPANIES ACT 2006
 

Opinion


We have audited the financial statements of Tangney Tours Ltd (the 'Company') for the year ended 30 November 2023, which comprise  the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 November 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 1

 
TANGNEY TOURS LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TANGNEY TOURS LTD (CONTINUED)
UNDER SECTION 449 OF THE COMPANIES ACT 2006


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' Report has been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 2

 
TANGNEY TOURS LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TANGNEY TOURS LTD (CONTINUED)
UNDER SECTION 449 OF THE COMPANIES ACT 2006


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
- We exercise professional judgment and maintain professional skepticism throughout the audit;
- We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the deliberate override of internal control;
- We obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of internal control;
- We evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made;
- We assess the risk of management override of controls, including testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business;
- We review the scope of the Company's compliance with its regulator, the Civil Aviation Authority ("CAA"), and its membership of The Association of British Travel Agents ("ABTA") and sample test relevant documentation to assess this and the effectiveness of its control environment;
- We request and review the minutes of management meetings, and assess any matters identified not already provided for or disclosed that may materially impact the financial statements;
- We conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the entity's ability to continue as a going concern. if we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the entity to cease to continue as a going concern.
 
Page 3

 
TANGNEY TOURS LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TANGNEY TOURS LTD (CONTINUED)
UNDER SECTION 449 OF THE COMPANIES ACT 2006




A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





M S Caldicott ACA FCCA CTA (Senior Statutory Auditor)
  
for and on behalf of
White Hart Associates (London) Limited
 
Chartered Accountants and Statutory Auditors
  
2nd Floor, Nucleus House
2 Lower Mortlake Road
Richmond
TW9 2JA

25 January 2024
Page 4

 
TANGNEY TOURS LTD
REGISTERED NUMBER: 03585640

STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
88,452
81,414

Investments
 6 
4
4

  
88,456
81,418

Current assets
  

Debtors: amounts falling due within one year
 7 
151,345
226,062

Cash at bank and in hand
 8 
1,557,305
1,063,580

  
1,708,650
1,289,642

Creditors: amounts falling due within one year
 9 
(646,693)
(550,305)

Net current assets
  
 
 
1,061,957
 
 
739,337

Total assets less current liabilities
  
1,150,413
820,755

Provisions for liabilities
  

Deferred tax
 10 
(7,295)
(3,259)

  
 
 
(7,295)
 
 
(3,259)

Net assets
  
1,143,118
817,496


Capital and reserves
  

Called up share capital 
 11 
100,000
100,000

Profit and loss account
  
1,043,118
717,496

  
1,143,118
817,496


Page 5

 
TANGNEY TOURS LTD
REGISTERED NUMBER: 03585640
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 NOVEMBER 2023

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 January 2024.




Mr N P Tangney
Director

The notes on pages 9 to 18 form part of these financial statements.

Page 6

 
TANGNEY TOURS LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 December 2021
100,000
577,894
677,894


Comprehensive income for the year

Profit for the year
-
151,102
151,102


Contributions by and distributions to owners

Dividends: Equity capital
-
(11,500)
(11,500)



At 1 December 2022
100,000
717,496
817,496


Comprehensive income for the year

Profit for the year
-
450,322
450,322


Contributions by and distributions to owners

Dividends: Equity capital
-
(124,700)
(124,700)


Total transactions with owners
-
(124,700)
(124,700)


At 30 November 2023
100,000
1,043,118
1,143,118


The notes on pages 9 to 18 form part of these financial statements.

Page 7

 
TANGNEY TOURS LTD
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
450,322
151,102

Adjustments for:

Amortisation of intangible assets
-
9,025

Depreciation of tangible assets
29,661
30,846

Interest received
(45,795)
(3,332)

Taxation charge
128,557
46,396

Decrease/(increase) in debtors
74,692
(140,718)

(Decrease)/increase in creditors
(17,301)
80,677

Corporation tax (paid)/received
(10,832)
-

Net cash generated from operating activities

609,304
173,996


Cash flows from investing activities

Purchase of tangible fixed assets
(36,674)
(2,682)

Interest received
45,795
3,332

Net cash from investing activities

9,121
650

Cash flows from financing activities

Dividends paid
(124,700)
(11,500)

Net cash used in financing activities
(124,700)
(11,500)

Net increase in cash and cash equivalents
493,725
163,146

Cash and cash equivalents at beginning of year
1,063,580
900,434

Cash and cash equivalents at the end of year
1,557,305
1,063,580


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,557,305
1,063,580

1,557,305
1,063,580


The notes on pages 9 to 18 form part of these financial statements.

Page 8

 
TANGNEY TOURS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


General information

As disclosed in the Directors' Report, the principal activity of the Company in the year under review was that of a tour operator specialising in pilgrimages. 
The Company is a private company limited by shares and is incorporated in England. The address of the Company's principal place of business and registered office is Pilgrim House, 3 Station Court, Station Approach, Borough Green, Kent, TN15 8AF. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

Company management and the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, being at least the following 12 months from the signing of these financial statements. This is supported by the strong performance seen during 2023, which has seen a significant upside in demand. The Company has been well placed to meet and service the additional volume.
As a result, and with the Company continuing to receive the full support of its shareholders, the directors believe that it is still appropriate to apply the going concern basis for the foreseeable future.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 9

 
TANGNEY TOURS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.4

Revenue

Turnover represents the aggregate amount of gross revenue receivable from inclusive tours, travel agency commissions receivable, cancellation income and other services supplied to customers in the ordinary course of business.
Turnover derived from ordinary activities is recognised in the income statement on holiday departure date and is stated after trade discounts, net of VAT and after any other sales taxes.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 10

 
TANGNEY TOURS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.10

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 Amortisation is provided on the following bases:

Goodwill
-
10%
Straight line

Page 11

 
TANGNEY TOURS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
Straight Line
Fixtures and fittings
-
10%
Straight Line
Office equipment
-
33%
Straight Line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 12

 
TANGNEY TOURS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.17

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 13

 
TANGNEY TOURS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.18

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 6 (2022 - 5).


4.


Intangible assets




Goodwill

£



Cost


At 1 December 2022
963,806



At 30 November 2023

963,806



Amortisation


At 1 December 2022
963,806



At 30 November 2023

963,806



Net book value



At 30 November 2023
-



At 30 November 2022
-

Goodwill relates to the acquisition of a business in 2008, along with the trade of another business at the start of 2013, and is being amortised over its estimated useful life of ten years. 



Page 14

 
TANGNEY TOURS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

5.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 December 2022
89,461
47,508
52,291
189,260


Additions
33,035
-
3,639
36,674


Disposals
-
-
(13,598)
(13,598)



At 30 November 2023

122,496
47,508
42,332
212,336



Depreciation


At 1 December 2022
48,359
10,227
49,260
107,846


Charge for the year on owned assets
23,052
4,759
1,825
29,636


Disposals
-
-
(13,598)
(13,598)



At 30 November 2023

71,411
14,986
37,487
123,884



Net book value



At 30 November 2023
51,085
32,522
4,845
88,452



At 30 November 2022
41,102
37,281
3,031
81,414


6.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 December 2022
4



At 30 November 2023
4




Page 15

 
TANGNEY TOURS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Class of shares

Holding

Tangney Transport Limited
Ordinary
100%

The aggregate of the share capital and reserves as at 30 November 2023 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)

Tangney Transport Limited
4
-


7.


Debtors

2023
2022
£
£


Trade debtors
30,398
58,260

Other debtors
20,943
16,718

Prepayments and accrued income
100,004
151,084

151,345
226,062


Included in prepayments and accrued income is the sum of £91,967 (2022: £144,695) which relates to advance suppliers payments for bookings departing from 1 December 2023 onwards.


8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,557,305
1,063,580

1,557,305
1,063,580


Included in cash at bank are restricted funds of £5,776 (2022: £82,180) held as a rolling reserve by the Company's merchant acquirer. Also included in cash at bank are restricted funds of £104,135 (2022: £31,205) to secure bonds provided to ABTOT. The bond is a differential bond with maximum exposure of £102,563 during the term of the bond from 1 April 2023 to 30 September 2024. Prior to 31 March 2023 the company bonded these arrangements with ABTA.

Page 16

 
TANGNEY TOURS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
65,675
10,468

Corporation tax
124,521
10,832

Other taxation and social security
3,228
3,222

Other creditors
53,158
3,641

Accruals and deferred income
400,111
522,142

646,693
550,305


Included in accruals and deferred income is the sum of £319,765 (2022: £361,048) which relates to advance customer receipts received for bookings departing from 1 December 2023 onwards.


10.


Deferred taxation




2023


£






At beginning of year
(3,259)


Charged to profit or loss
(4,036)



At end of year
(7,295)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(7,295)
(3,259)

(7,295)
(3,259)

Page 17

 
TANGNEY TOURS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,000 (2022 - 1,000) Ordinary shares of £1.00 each
1,000
1,000
68,000 (2022 - 68,000) Ordinary A shares of £1.00 each
68,000
68,000
18,000 (2022 - 18,000) Ordinary B shares of £1.00 each
18,000
18,000
1,000 (2022 - 1,000) Ordinary C shares of £1.00 each
1,000
1,000
12,000 (2022 - 12,000) Ordinary D shares of £1.00 each
12,000
12,000

100,000

100,000



12.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £62,116 (2022: £59,573). Contributions totalling £30,000 (2022: £57,500) were payable to the fund at the balance sheet date and are included in creditors.


13.


Related party transactions

During the period, the Company entered into the following related party transactions:


2023
2022
£
£

Mr N P Tangney
Director of the company
 
Rent paid to the related party for use of office facilities
30,000
24,960
Amount due to /(from) the related party at the year-end
-
128
 
Mr P J Tangney
Director of the company
 
Consultancy fees paid to the related party
-
20,000
Amount due to the related party at the year-end
-
20,000


14.


Controlling party

The ultimate controlling party is Mr N P Tangney, by virtue of his ownership of 74% of the issued share capital of the company. 

 
Page 18