REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 1 April 2024 to 31 August 2024 |
for |
Varsity Travel (Schools) Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 1 April 2024 to 31 August 2024 |
for |
Varsity Travel (Schools) Limited |
Varsity Travel (Schools) Limited (Registered number: 06533588) |
Contents of the Financial Statements |
for the Period 1 April 2024 to 31 August 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Varsity Travel (Schools) Limited |
Company Information |
for the Period 1 April 2024 to 31 August 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
18 School Avenue |
Basildon |
Essex |
SS15 6GJ |
Varsity Travel (Schools) Limited (Registered number: 06533588) |
Balance Sheet |
31 August 2024 |
31.8.24 | 31.3.24 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) |
NET ASSETS |
Varsity Travel (Schools) Limited (Registered number: 06533588) |
Balance Sheet - continued |
31 August 2024 |
31.8.24 | 31.3.24 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his 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. |
The financial statements were approved by the director and authorised for issue on |
Varsity Travel (Schools) Limited (Registered number: 06533588) |
Notes to the Financial Statements |
for the Period 1 April 2024 to 31 August 2024 |
1. | STATUTORY INFORMATION |
Varsity Travel (Schools) Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable for sales of tours departed and cancelled during the year, excluding value added tax. |
Goodwill |
Tangible fixed assets |
Plant and machinery | - |
Fixtures, fittings and office equipment | - |
Varsity Travel (Schools) Limited (Registered number: 06533588) |
Notes to the Financial Statements - continued |
for the Period 1 April 2024 to 31 August 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the company's balance sheet 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: which include trade debtors 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. Financial assets classified as receivable within one year are not amortised. |
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. |
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. |
Classification of financial liabilities: Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Basic financial liabilities: which include trade creditors and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price after transaction costs unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. Financial liabilities classified as payable within one year are not amortised. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. |
Varsity Travel (Schools) Limited (Registered number: 06533588) |
Notes to the Financial Statements - continued |
for the Period 1 April 2024 to 31 August 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 period 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. |
Investments |
Fixed asset investments are included at fair value with any gains or losses recognised in the Income Statement. |
Going concern |
The company is to enter into a members' voluntary liquidation on 5 September 2024 and the financial statements have therefore been prepared on a break up basis. All assets and liabilities have been categorised as current. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
Varsity Travel (Schools) Limited (Registered number: 06533588) |
Notes to the Financial Statements - continued |
for the Period 1 April 2024 to 31 August 2024 |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 April 2024 |
Disposals | ( |
) |
At 31 August 2024 |
AMORTISATION |
At 1 April 2024 |
Eliminated on disposal | ( |
) |
At 31 August 2024 |
NET BOOK VALUE |
At 31 August 2024 |
At 31 March 2024 |
5. | TANGIBLE FIXED ASSETS |
Fixtures, |
fittings |
and |
Plant and | office |
machinery | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2024 |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 August 2024 |
DEPRECIATION |
At 1 April 2024 |
Charge for period |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 August 2024 |
NET BOOK VALUE |
At 31 August 2024 |
At 31 March 2024 |
Varsity Travel (Schools) Limited (Registered number: 06533588) |
Notes to the Financial Statements - continued |
for the Period 1 April 2024 to 31 August 2024 |
6. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1 April 2024 |
Additions |
Disposals | ( |
) |
At 31 August 2024 |
NET BOOK VALUE |
At 31 August 2024 |
At 31 March 2024 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.24 | 31.3.24 |
£ | £ |
Trade debtors |
Other debtors |
Social security and other taxes |
Prepayments and accrued income |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.24 | 31.3.24 |
£ | £ |
Bank loans and overdrafts |
Other loans |
Trade creditors |
Corporation tax |
Other creditors |
Directors' current accounts |
Accruals and deferred income |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.8.24 | 31.3.24 |
£ | £ |
Other loans - 1-2 years |
Directors' loan accounts |
Varsity Travel (Schools) Limited (Registered number: 06533588) |
Notes to the Financial Statements - continued |
for the Period 1 April 2024 to 31 August 2024 |
10. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
During the period, the directors' current account was credited with £500 for use of home as office space. |