18
false
false
false
false
false
false
false
false
false
false
true
false
false
false
false
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false
No description of principal activity
2023-04-01
Sage Accounts Production Advanced 2023 - FRS102_2023
201,079
173,129
18,494
191,623
9,456
27,950
xbrli:pure
xbrli:shares
iso4217:GBP
04714191
2023-04-01
2024-03-31
04714191
2024-03-31
04714191
2023-03-31
04714191
2022-04-01
2023-03-31
04714191
2023-03-31
04714191
2022-03-31
04714191
core:FurnitureFittings
2023-04-01
2024-03-31
04714191
bus:Director1
2023-04-01
2024-03-31
04714191
bus:Director2
2023-04-01
2024-03-31
04714191
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2023-03-31
04714191
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2024-03-31
04714191
core:FurnitureFittings
2023-03-31
04714191
core:FurnitureFittings
2024-03-31
04714191
core:WithinOneYear
2024-03-31
04714191
core:WithinOneYear
2023-03-31
04714191
core:AfterOneYear
2024-03-31
04714191
core:AfterOneYear
2023-03-31
04714191
core:ShareCapital
2024-03-31
04714191
core:ShareCapital
2023-03-31
04714191
core:RetainedEarningsAccumulatedLosses
2024-03-31
04714191
core:RetainedEarningsAccumulatedLosses
2023-03-31
04714191
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2023-04-01
2024-03-31
04714191
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2023-03-31
04714191
bus:SmallEntities
2023-04-01
2024-03-31
04714191
bus:AuditExemptWithAccountantsReport
2023-04-01
2024-03-31
04714191
bus:SmallCompaniesRegimeForAccounts
2023-04-01
2024-03-31
04714191
bus:PrivateLimitedCompanyLtd
2023-04-01
2024-03-31
04714191
bus:FullAccounts
2023-04-01
2024-03-31
04714191
core:OfficeEquipment
2023-04-01
2024-03-31
04714191
core:OfficeEquipment
2023-03-31
04714191
core:OfficeEquipment
2024-03-31
04714191
core:OtherRelatedParties
2023-04-01
2024-03-31
COMPANY REGISTRATION NUMBER:
04714191
Filleted Unaudited Financial Statements |
|
Statement of Financial Position |
|
31 March 2024
Fixed assets
Intangible assets |
5 |
9,456 |
27,950 |
Tangible assets |
6 |
4,922 |
2,585 |
|
-------- |
-------- |
|
14,378 |
30,535 |
|
|
|
|
Current assets
Debtors |
7 |
6,244,250 |
6,093,009 |
Cash at bank and in hand |
1,493,645 |
1,779,891 |
|
------------ |
------------ |
|
7,737,895 |
7,872,900 |
|
|
|
|
Creditors: amounts falling due within one year |
8 |
7,259,740 |
7,443,413 |
|
------------ |
------------ |
Net current assets |
478,155 |
429,487 |
|
--------- |
--------- |
Total assets less current liabilities |
492,533 |
460,022 |
|
|
|
|
Creditors: amounts falling due after more than one year |
9 |
13,561 |
23,613 |
|
|
|
|
Other provision
Taxation including deferred tax |
3,592 |
5,800 |
|
--------- |
--------- |
Net assets |
475,380 |
430,609 |
|
--------- |
--------- |
|
|
|
Capital and reserves
Called up share capital |
30,000 |
30,000 |
Profit and loss account |
445,380 |
400,609 |
|
--------- |
--------- |
Shareholders funds |
475,380 |
430,609 |
|
--------- |
--------- |
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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 financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Statement of Financial Position (continued) |
|
31 March 2024
These financial statements were approved by the
board of directors
and authorised for issue on
19 August 2024
, and are signed on behalf of the board by:
Mr L Nathan |
Mr N Nurhat |
Director |
Director |
|
|
Company registration number:
04714191
Notes to the Financial Statements |
|
Year ended 31 March 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Boathouse Business Centre, Harbour Square, Nene Parade, Wisbech, PE13 3BH.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Interest income
Interest income is recognised in profit or loss using the effective interest method.
Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as the reduction in the proceeds of the associated capital instrument.
Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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 effective interest methods, less any impairment.
Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of the transaction costs and are measured subsequently at amortised cost using the effective interest method.
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.
Judgements in applying accounting policies and key sources of estimation uncertainty
In the application of the groups accounting policies, the directors are required to make judgements, estimates and assumptions about carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experiences and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised in the period in which the estimates are revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Exceptional items
Exceptional items are transactions that fall within the ordinary activities of the company but are presented separately due to their size or incidence.
Revenue recognition
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Section 23 of FRS 102 requires the statutory turnover to be the net commission of margin earned. Turnover is recognised on a bookings date basis. Trade debtors still represent gross amounts receivable in respect of travel and holiday sales. Trade creditors still represent gross amounts payable in respect of travel and holiday purchases. Turnover is attributable to one continuing activity.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account. 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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
Development costs |
- |
Straight line over 5 years |
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate that the asset will generate probable future economic benefits and that its costs can be reliably measured. The capitalised developments costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years. If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only. The tax credit in 2023 relates to a Research and Development Claim made by the company and the directors are planning to submit another Research and Development claim in the coming months.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Fixtures and fittings |
- |
20% straight line |
|
Equipment |
- |
20% straight line |
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.
Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured initially and subsequently at the undiscounted amount of the cash or other considerations expected to be paid or received. However, if the arrangements of a short term instrument constitutes a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an outright short term loan that is not at market rate, the financial asset or liability is measured initially at the present value of future cash flows discounted at the market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or public benefit entity concessionary loan. Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set of the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Derivatives including interest rates swaps and 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 fair value of derivatives are recognised in profit or loss in financial costs or incomes as appropriate. The company does not currently apply hedge accounting for interest rates and foreign exchange derivatives.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
18
(2023:
16
).
5.
Intangible assets
|
Development costs |
|
£ |
Cost |
|
At 1 April 2023 and 31 March 2024 |
201,079 |
|
--------- |
Amortisation |
|
At 1 April 2023 |
173,129 |
Charge for the year |
18,494 |
|
--------- |
At 31 March 2024 |
191,623 |
|
--------- |
Carrying amount |
|
At 31 March 2024 |
9,456 |
|
--------- |
At 31 March 2023 |
27,950 |
|
--------- |
|
|
6.
Tangible assets
|
Fixtures and fittings |
Equipment |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 April 2023 |
230 |
53,443 |
53,673 |
Additions |
– |
4,137 |
4,137 |
|
---- |
-------- |
-------- |
At 31 March 2024 |
230 |
57,580 |
57,810 |
|
---- |
-------- |
-------- |
Depreciation |
|
|
|
At 1 April 2023 |
230 |
50,858 |
51,088 |
Charge for the year |
– |
1,800 |
1,800 |
|
---- |
-------- |
-------- |
At 31 March 2024 |
230 |
52,658 |
52,888 |
|
---- |
-------- |
-------- |
Carrying amount |
|
|
|
At 31 March 2024 |
– |
4,922 |
4,922 |
|
---- |
-------- |
-------- |
At 31 March 2023 |
– |
2,585 |
2,585 |
|
---- |
-------- |
-------- |
|
|
|
|
7.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Trade debtors |
5,808,282 |
5,659,976 |
Other debtors |
435,968 |
433,033 |
|
------------ |
------------ |
|
6,244,250 |
6,093,009 |
|
------------ |
------------ |
|
|
|
8.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
10,043 |
10,040 |
Trade creditors |
7,004,064 |
7,229,500 |
Social security and other taxes |
30,614 |
28,971 |
Other creditors |
67,281 |
64,326 |
Other creditors |
147,738 |
110,576 |
|
------------ |
------------ |
|
7,259,740 |
7,443,413 |
|
------------ |
------------ |
|
|
|
9.
Creditors:
amounts falling due after more than one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
13,561 |
23,613 |
|
-------- |
-------- |
|
|
|
10.
Financial instruments
Financial assets measured at fair value through profit or loss comprise of cash and bank balances and derivative financial instruments relating to foreign exchange forward contracts. Derivative financial instruments measured at fair value through profit or loss held as part of a trading portfolio comprise of foreign exchange forward contracts.
11.
Pension commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension charge represents contributions payable by the company to the fund and amounted to £10,449 (2023: £10,656). Outstanding contributions amounted to £2,297 (2023: £2,281) at the year end.
12.
Related party transactions
The company paid expenses on behalf of Wedding Bookers Limited - a company in which the directors and shareholders of Travelbugz Limited are also directors and shareholders. These expenses have been recharged to Wedding Bookers Limited. Amounts due from the related party at the year end total £311,631 (2023: £299,814) and are included in other debtors. The company also received services from Wedding Bookers Limited to the value of £12,000 (2023: £0) a company in which the directors and shareholders of Travelbugz Limited are also directors and shareholders. Amounts owing at the year end in relation to these transactions total £0 (2023:£0). The company paid expenses on behalf of Quantum Design & Graphics Limited - a company in which the directors and shareholders of Travelbugz Limited are also directors and shareholders. These expenses have been recharged to Quantum Design & Graphics Limited. Amounts due from the related party at the year end total £6,448 (2023: £6,448) and are included in other debtors. The company also received services from Quantum Design & Graphics Limited to the value of £122,434 (2023: £82,315) - a company in which the directors and shareholders of Travelbugz Limited are also directors and shareholders. Amounts owing at the year end in relation to these transactions total £0 (2023:£0).
13.
Controlling party
In the opinion of the Directors there is no ultimate controlling party.