Company registration number 06915677 (England and Wales)
LUSSO TRAVEL LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
LUSSO TRAVEL LIMITED
COMPANY INFORMATION
Directors
J W Weaver
L C Chuck
G D Hulmston
R M Hibbert
D Bowett
Secretary
L C Chuck
Company number
06915677
Registered office
No.1 Glasshouse
Alderley Park
Alderley Edge
Macclesfield
England
SK10 4TG
Auditor
Azets Audit Services
Ship Canal House
98 King Street
Manchester
M2 4WU
LUSSO TRAVEL LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
LUSSO TRAVEL LIMITED
BALANCE SHEET
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
62,188
30,627
Investments
5
350,000
412,188
30,627
Current assets
Debtors
6
2,702,004
1,605,364
Cash at bank and in hand
7
2,358,529
2,522,355
5,060,533
4,127,719
Creditors: amounts falling due within one year
8
(4,370,390)
(3,444,322)
Net current assets
690,143
683,397
Total assets less current liabilities
1,102,331
714,024
Creditors: amounts falling due after more than one year
9
(30,000)
(30,000)
Provisions for liabilities
(12,616)
(6,379)
Net assets
1,059,715
677,645
Capital and reserves
Called up share capital
11
100
100
Profit and loss reserves
1,059,615
677,545
Total equity
1,059,715
677,645
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 19 August 2024 and are signed on its behalf by:
J W Weaver
Director
Company Registration No. 06915677
- 1 -
LUSSO TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
Company information
Lusso Travel Limited is a private limited company incorporated in England and Wales. The principal place of business is No.1 Glasshouse, Alderley Park, Alderley Edge, Macclesfield, England, SK10 4UT.
1.1
Accounting convention
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.
1.2
Turnover
Turnover comprises revenue recognised by the company in respect of services supplied during the year, exclusive of Value Added Tax and trade discounts. Turnover is recognised on a passenger departure basis.
Cash amounts received from customers from whom revenue has not yet been recognised are recorded in the balance sheet as deferred revenue within current liabilities.
1.3
Intangible fixed assets other than goodwill
Development costs are stated at cost less amortisation.
Amortisation is provided on the following basis:
Development expenditure
20% straight line
1.4
Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives.
Depreciation is provided on the following basis:
Fixtures and fittings
20% straight line
Computer equipment
20% straight line
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.6
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. It includes cash received from customers from whom revenue has not yet been recognised.
- 2 -
LUSSO TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
1.7
Financial instruments
The Company enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.
Derivatives, including forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.
Debtors
Short term debtors are measured at transaction price, less any impairment.
Creditors
Short term creditors are measured at the transaction price.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.10
Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date.
Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.
Exchange gains and losses are recognised in the profit and loss account.
- 3 -
LUSSO TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
1.11
Deposits received from customers and deposits paid in advance by the company to hotels and airlines in respect of holidays and flights commencing after the balance sheet date are carried forward as current liabilities and current assets respectively.
1.12
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. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 42 (2023 - 38).
3
Intangible fixed assets
Development expenditure
£
Cost
At 1 June 2023 and 31 May 2024
32,560
Amortisation and impairment
At 1 June 2023 and 31 May 2024
32,560
Carrying amount
At 31 May 2024
At 31 May 2023
- 4 -
LUSSO TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
4
Tangible fixed assets
Fixtures and fittings
Computer equipment
Total
£
£
£
Cost
At 1 June 2023
33,422
68,684
102,106
Additions
37,903
8,090
45,993
At 31 May 2024
71,325
76,774
148,099
Depreciation and impairment
At 1 June 2023
28,600
42,879
71,479
Depreciation charged in the year
5,039
9,393
14,432
At 31 May 2024
33,639
52,272
85,911
Carrying amount
At 31 May 2024
37,686
24,502
62,188
At 31 May 2023
4,822
25,805
30,627
5
Fixed asset investments
2024
2023
£
£
Other investments other than loans
350,000
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 June 2023
-
Additions
350,000
At 31 May 2024
350,000
Carrying amount
At 31 May 2024
350,000
At 31 May 2023
-
During the year, the company made an investment of £350,000 representing a 7% holding into Pinnacle Systems Limited, a company incorporated in England and Wales.
- 5 -
LUSSO TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
18,246
22,880
Advance payments made to suppliers
2,030,032
1,466,062
Other debtors
653,726
116,422
2,702,004
1,605,364
7
Cash at bank and in hand
Included within cash at bank and in hand are designated client accounts with a cumulative balance of £1,954,176 (2023: £1,638,901). The Civil Aviation Authority has a fixed charge over the first £375,000 and a floating charge over all client monies in excess of this amount.
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
67,932
39,666
Corporation tax
176,276
79,177
Other taxation and social security
29,562
30,975
Derivative financial instruments
23,193
40,413
Advance customer payments received and other creditors
4,073,427
3,254,091
4,370,390
3,444,322
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Share capital treated as debt
30,000
30,000
10
Deferred taxation
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
13,238
6,379
Short term timing differences
(622)
-
12,616
6,379
- 6 -
LUSSO TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
10
Deferred taxation
(Continued)
2024
Movements in the year:
£
Liability at 1 June 2023
6,379
Charge to profit or loss
6,237
Liability at 31 May 2024
12,616
11
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
77
77
100
77
Ordinary B shares of £1 each
7
7
-
7
Ordinary C shares of £1 each
11
11
-
11
Ordinary D shares of £1 each
5
5
-
5
100
100
100
100
12
Shares classified as debt
Allotted, called up and fully paid
2024
2023
£
£
30,000 Preference shares of £1 each
30,000
30,000
30,000
30,000
The redeemable preference shares do not have any voting rights. Each share is entitled to a fixed cumulative dividend at an annual rate of 2% over the Royal Bank of Scotland Plc's base rate. These shares are redeemable on demand.
Rights to a fixed cumulative preferential dividend were irrevocably waived in respect of the year ended 31 May 2024.
13
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The senior statutory auditor was David Clift.
The auditor was Azets Audit Services.
- 7 -
LUSSO TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
14
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
155,165
41,596
15
Related party transactions
Transactions with related parties
Included within other debtors is two short-term loans extended to entities related under common shareholding, £270,000 (2023: £nil) was due from Sensory International Limited and £200,000 (2023: £nil) was due from Pinnacle Systems Limited. Both loans were repayable on demand and interest charged at 1% per annum. The loans were settled in full shortly after the balance sheet date.
- 8 -
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