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Registration number: 01705540

Eastravel Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024
 

 

Eastravel Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 9

 

Eastravel Limited

Company Information

Directors

Mrs Soo Kheng Jenny Heng

Mrs Soo Gek Dorothy Heng

Mr Michael George William Tunstill

Company secretary

Mrs Soo Gek Dorothy Heng

Registered office

59 Abbeygate Street
Bury St. Edmunds
Suffolk
IP33 1LB

Accountants

Jacobs Allen Limited
Chartered Accountants & Chartered Tax Advisers
59 Abbeygate Street
Bury St. Edmunds
Suffolk
IP33 1LB

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Eastravel Limited
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Eastravel Limited for the year ended 31 March 2024 as set out on pages 3 to 9 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 at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Eastravel Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Eastravel Limited and state those matters that we have agreed to state to the Board of Directors of Eastravel Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Eastravel Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Eastravel Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Eastravel Limited. You consider that Eastravel 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 accounts of Eastravel 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 accounts.

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

Jacobs Allen Limited
Chartered Accountants & Chartered Tax Advisers
59 Abbeygate Street
Bury St. Edmunds
Suffolk
IP33 1LB

22 July 2024

 

Eastravel Limited

(Registration number: 01705540)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

21,040

20,580

Other financial assets

5

591,928

541,438

 

612,968

562,018

Current assets

 

Debtors

6

143,663

134,925

Cash at bank and in hand

 

1,051,076

931,062

 

1,194,739

1,065,987

Creditors: Amounts falling due within one year

7

(256,688)

(213,818)

Net current assets

 

938,051

852,169

Total assets less current liabilities

 

1,551,019

1,414,187

Provisions for liabilities

(39,180)

(26,208)

Net assets

 

1,511,839

1,387,979

Capital and reserves

 

Called up share capital

8

100,000

100,000

Retained earnings

1,411,839

1,287,979

Shareholders' funds

 

1,511,839

1,387,979

For the financial year ending 31 March 2024 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 prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 17 July 2024 and signed on its behalf by:
 

 

Eastravel Limited

(Registration number: 01705540)
Balance Sheet as at 31 March 2024

.........................................
Mrs Soo Gek Dorothy Heng
Company secretary and director

 

Eastravel Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
59 Abbeygate Street
Bury St. Edmunds
Suffolk
IP33 1LB
England

These financial statements were authorised for issue by the Board on 17 July 2024.

2

Accounting policies

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of holidays 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. Bookings are recognised as sales income on the holiday departure date.

Government grants

The accruals model is followed for the recognition of government grants. Grants relating to revenue are recognised in income so as to match the inclusion in the profit and loss of the related expenditure. Grants related to assets are recognised in income over the useful lives of the assets concerned. Any excess of grants received over the amounts recognised in the profit and lsoss account is included in creditors.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date.

 

Eastravel Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Tax

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

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 taxable income.

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 of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land & Buildings

2% straight line

Computer equipment

25% straight line

Fixtures & Fittings

25% straight line

Website costs

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Eastravel Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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

Classification
The company holds financial instruments comprising publicly traded investments.Quoted market price is used to determine fair value.
 Recognition and measurement
The investments are included in the financial statements at their fair value at the reporting date with any changes in fair value being recognised in the profit and loss account. Deferred taxation is calculated on fair value adjustments and is included in the tax charge in the profit and loss account for the year.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Eastravel Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

46,779

2,856

14,000

63,635

Additions

-

1,540

-

1,540

At 31 March 2024

46,779

4,396

14,000

65,175

Depreciation

At 1 April 2023

26,204

2,851

14,000

43,055

Charge for the year

936

144

-

1,080

At 31 March 2024

27,140

2,995

14,000

44,135

Carrying amount

At 31 March 2024

19,639

1,401

-

21,040

At 31 March 2023

20,574

6

-

20,580

Included within the net book value of land and buildings above is £19,639 (2023 - £20,574) in respect of freehold land and buildings.
 

5

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 April 2023

541,438

541,438

Fair value adjustments

50,490

50,490

At 31 March 2024

591,928

591,928

Impairment

Carrying amount

At 31 March 2024

591,928

591,928

The historical cost of the investments is £417,019 (2022 - £417,019).

 

Eastravel Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Debtors

Current

2024
£

2023
£

Prepayments

136,265

127,125

Other debtors

7,398

7,800

 

143,663

134,925

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

208

370

Taxation and social security

30,070

8,804

Accruals and deferred income

204,519

174,115

Other creditors

21,891

30,529

256,688

213,818

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100,000

100,000

100,000

100,000

       

9

Financial instruments

Categorisation of financial instruments

2024
 £

2023
 £

Financial assets at fair value through profit and loss

591,928

541,438

Financial assets measured at fair value

Listed investments
The fair value of listed investments held by the company is determined by reference to their quoted market value at the reporting date.

The fair value is £591,928 (2023 - £541,438) and the change in value included in profit or loss is £50,490 (2023 - £(20,394)).