REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 November 2023 |
for |
Departure Lounge Travel Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 November 2023 |
for |
Departure Lounge Travel Limited |
Departure Lounge Travel Limited (Registered number: 06999056) |
Contents of the Financial Statements |
for the Year Ended 30 November 2023 |
Page |
Company information | 1 |
Chartered accountants' report | 2 |
Statement of financial position | 3 | to | 4 |
Notes to the financial statements | 5 | to | 7 |
Departure Lounge Travel Limited |
Company Information |
for the Year Ended 30 November 2023 |
Directors: |
Registered office: |
Business address: |
Registered number: |
Accountants: |
Bank House |
Broad Street |
Spalding |
Lincolnshire |
PE11 1TB |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Departure Lounge Travel Limited |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of financial position. Readers are cautioned that the Income statement and certain other primary statements and the Report of the directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Departure Lounge Travel Limited for the year ended 30 November 2023 which comprise the Statement of income and retained earnings, Statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of Departure Lounge Travel Limited, as a body, in accordance with the terms of our engagement letter dated 21 March 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Departure Lounge Travel Limited and state those matters that we have agreed to state to the Board of Directors of Departure Lounge Travel Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Departure Lounge Travel Limited and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Departure Lounge Travel Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Departure Lounge Travel Limited. You consider that Departure Lounge Travel Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Departure Lounge Travel Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Bank House |
Broad Street |
Spalding |
Lincolnshire |
PE11 1TB |
Departure Lounge Travel Limited (Registered number: 06999056) |
Statement of Financial Position |
30 November 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 5 |
Investments | 6 |
Current assets |
Debtors | 7 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 8 |
Net current assets |
Total assets less current liabilities |
Provisions for liabilities |
Net assets |
Capital and reserves |
Called up share capital | 10 |
Retained earnings |
Shareholders' funds |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Departure Lounge Travel Limited (Registered number: 06999056) |
Statement of Financial Position - continued |
30 November 2023 |
In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Departure Lounge Travel Limited (Registered number: 06999056) |
Notes to the Financial Statements |
for the Year Ended 30 November 2023 |
1. | Statutory information |
Departure Lounge Travel Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Statement of compliance |
3. | Accounting policies |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Fixtures and fittings | - |
Office furniture and equipment | - |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Departure Lounge Travel Limited (Registered number: 06999056) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
3. | Accounting policies - continued |
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. |
4. | Employees and directors |
The average number of employees during the year was |
5. | Tangible fixed assets |
Office |
Fixtures | furniture |
and | and |
fittings | equipment | Totals |
£ | £ | £ |
Cost |
At 1 December 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 November 2023 |
Depreciation |
At 1 December 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 November 2023 |
Net book value |
At 30 November 2023 |
At 30 November 2022 |
6. | Fixed asset investments |
Elite |
Travel |
Group |
Limited |
shares |
£ |
At 1 December 2022 |
and 30 November 2023 |
7. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors | 25,000 | 25,000 |
Prepayments and accrued income |
Departure Lounge Travel Limited (Registered number: 06999056) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
8. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade creditors |
Corporation tax |
Social security and other taxes |
VAT | 10,708 | 10,641 |
Other creditors |
Accruals and deferred income |
9. | Leasing agreements |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
10. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary shares | £1 | 10,000 | 10,000 |
Redeemable preference shares | £1 | 33,000 | 33,000 |
43,000 | 43,000 |
The redeemable preference shares are included as part of share capital in the financial statements as they are only redeemable with ABTA's consent and are therefore not financial liabilities. |
11. | Related party transactions |
During the year a management charge of £50,000 was made by Churn Investments Limited (2022 - £40,000) the amount outstanding at the year end was £50,000 (2022 - £40,000). T Robson is a director and shareholder of Churn Investments Limited. |