Caseware UK (AP4) 2023.0.135 2023.0.135 2023-08-312023-08-312022-09-01falseThe principal activity of the company continued to be that of a tour operator.96falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. SC649214 2022-09-01 2023-08-31 SC649214 2021-09-01 2022-08-31 SC649214 2023-08-31 SC649214 2022-08-31 SC649214 c:Director1 2022-09-01 2023-08-31 SC649214 c:Director2 2022-09-01 2023-08-31 SC649214 d:OfficeEquipment 2022-09-01 2023-08-31 SC649214 d:OfficeEquipment 2023-08-31 SC649214 d:OfficeEquipment 2022-08-31 SC649214 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 SC649214 d:ComputerEquipment 2022-09-01 2023-08-31 SC649214 d:ComputerEquipment 2023-08-31 SC649214 d:ComputerEquipment 2022-08-31 SC649214 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 SC649214 d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 SC649214 d:CurrentFinancialInstruments 2023-08-31 SC649214 d:CurrentFinancialInstruments 2022-08-31 SC649214 d:Non-currentFinancialInstruments 2023-08-31 SC649214 d:Non-currentFinancialInstruments 2022-08-31 SC649214 d:CurrentFinancialInstruments d:WithinOneYear 2023-08-31 SC649214 d:CurrentFinancialInstruments d:WithinOneYear 2022-08-31 SC649214 d:Non-currentFinancialInstruments d:AfterOneYear 2023-08-31 SC649214 d:Non-currentFinancialInstruments d:AfterOneYear 2022-08-31 SC649214 d:ShareCapital 2023-08-31 SC649214 d:ShareCapital 2022-08-31 SC649214 d:RetainedEarningsAccumulatedLosses 2023-08-31 SC649214 d:RetainedEarningsAccumulatedLosses 2022-08-31 SC649214 c:FRS102 2022-09-01 2023-08-31 SC649214 c:AuditExempt-NoAccountantsReport 2022-09-01 2023-08-31 SC649214 c:FullAccounts 2022-09-01 2023-08-31 SC649214 c:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 iso4217:GBP xbrli:pure

Registered number: SC649214










MV LUXURY TRAVEL LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2023

 
MV LUXURY TRAVEL LIMITED
REGISTERED NUMBER: SC649214

STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2023

2023
Restated- 2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
18,052
6,933

  
18,052
6,933

Current assets
  

Debtors: amounts falling due within one year
 5 
1,214,068
445,960

Cash at bank and in hand
 6 
1,835,631
838,336

  
3,049,699
1,284,296

Creditors: amounts falling due within one year
 7 
(2,859,354)
(1,206,636)

Net current assets
  
 
 
190,345
 
 
77,660

Total assets less current liabilities
  
208,397
84,593

Creditors: amounts falling due after more than one year
 8 
(77,361)
-

Provisions for liabilities
  

Deferred tax
  
(2,879)
(700)

  
 
 
(2,879)
 
 
(700)

Net assets
  
128,157
83,893


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
128,057
83,793

  
128,157
83,893


Page 1

 
MV LUXURY TRAVEL LIMITED
REGISTERED NUMBER: SC649214
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 AUGUST 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 22 August 2024.




Mr R Norton
Mr S Baird
Director
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
MV LUXURY TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

1.


General information

MV Luxury Travel Limited is a private company limited by shares incorporated in Scotland. The address of the registered office is given on the Company Information page of these financial statements.
The nature of the company's operations and principal activity are that of a tour operator.

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.

  
2.2

Revenue

Turnover represents amounts receivable for sales of travel and related services net of VAT and trade discounts. Turnover is recognised on a departure date basis. Any income that relates to travel commencing after year end of the accounting period is carried forward as deferred income.

 
2.3

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.

 
2.4

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 3

 
MV LUXURY TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.5

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.

 
2.6

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:

Office equipment
-
33%
Straight-line method
Computer equipment
-
33%
Straight-line method

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.

 
2.7

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.

Page 4

 
MV LUXURY TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.8

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.

 
2.9

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.

 
2.10

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 instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.

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
Page 5

 
MV LUXURY TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)


2.10
Financial instruments (continued)

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.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.11

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 9 (2022 - 6).

Page 6

 
MV LUXURY TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

4.


Tangible fixed assets





Office equipment
Computer equipment
Total

£
£
£



Cost or valuation


At 1 September 2022
-
8,467
8,467


Additions
1,008
15,588
16,596


Disposals
-
(100)
(100)



At 31 August 2023

1,008
23,955
24,963



Depreciation


At 1 September 2022
-
1,534
1,534


Charge for the year on owned assets
140
5,290
5,430


Disposals
-
(53)
(53)



At 31 August 2023

140
6,771
6,911



Net book value



At 31 August 2023
868
17,184
18,052



At 31 August 2022
-
6,933
6,933


5.


Debtors

2023
Restated- 2022
£
£


Trade debtors
616,161
298,826

Other debtors
19,204
3,593

Prepayments and accrued income
578,703
143,541

1,214,068
445,960


I

Page 7

 
MV LUXURY TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,835,631
838,336

1,835,631
838,336



7.


Creditors: Amounts falling due within one year

2023
Restated- 2022
£
£

Trade creditors
22,954
-

Corporation tax
115,847
67,297

Other taxation and social security
115,959
76,057

Accruals and deferred income
2,604,594
1,063,282

2,859,354
1,206,636


Included within accruals and deferred income is £2,604,594 (2022: £1,063,282) of advanced receipts from clients in relation to bookings travelling after the balance sheet date.


8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Accruals and deferred income
77,361
-

77,361
-


Included within accruals and deferred income is £77,361 (2022: £Nil) of advanced receipts from clients in relation to bookings travelling after more than one year from the balance sheet date.


9.


Prior year adjustment

The directors have restated the last two financial years, to ensure revenue recognition has been accounted for correctly. The notes affected in the prior year, have "as restated" in the heading. Restatements were made to sales, cost of sales, debtors and creditors. The impact on profit and net assets in 2022 was £73,459 (reduced) and £207,067 (reduced) respectively. The impact on net assets in 2021 was £15,262 (reduced).

Page 8

 
MV LUXURY TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

10.


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 £6,611 (2022:£2,528).Contributions totalling £Nil (2022: £Nil) were payable to the fund at the reporting date and are included in creditors.


11.


Controlling party

The ultimate controlling party of the company are its directors by virtue of their shareholding.

 
Page 9