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Registered number: 07337552









JUST RESORTS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
JUST RESORTS LIMITED
 
 
COMPANY INFORMATION


Directors
G T Ashton 
Ms V S Ashton 




Company secretary
G T Ashton



Registered number
07337552



Registered office
Moongate
Chelford Road, Prestbury

Macclesfield

SK10 4AW




Accountants
White Hart Associates (London) Limited
Chartered Accountants and Statutory Auditors

2nd Floor, Nucleus House

2 Lower Mortlake Road

Richmond

TW9 2JA





 
JUST RESORTS LIMITED
 

CONTENTS



Page
Statement of Financial Position
1 - 2
Notes to the Financial Statements
3 - 10


 
JUST RESORTS LIMITED
REGISTERED NUMBER: 07337552

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
5,347
3,416

  
5,347
3,416

Current assets
  

Debtors: amounts falling due within one year
 5 
388,090
375,317

Cash at bank and in hand
 6 
79,507
77,344

  
467,597
452,661

Creditors: amounts falling due within one year
 7 
(171,439)
(218,770)

Net current assets
  
 
 
296,158
 
 
233,891

Total assets less current liabilities
  
301,505
237,307

Creditors: amounts falling due after more than one year
 8 
(1,138,212)
(1,106,553)

Provisions for liabilities
  

Deferred tax
 9 
(392)
-

  
 
 
(392)
 
 
-

Net liabilities
  
(837,099)
(869,246)


Capital and reserves
  

Called up share capital 
  
100
100

Share premium account
  
25,000
25,000

Profit and loss account
  
(862,199)
(894,346)

  
(837,099)
(869,246)


Page 1

 
JUST RESORTS LIMITED
REGISTERED NUMBER: 07337552
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 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 July 2024.




G T Ashton
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
JUST RESORTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Just Resorts Limited is a private company limited by shares and incorporated in England under registered number 07337552. Its registered office is at Moongate Chelford Road, Prestbury, Macclesfield SK10 4AW.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

  
2.2

Revenue

Revenue is recognised to the extent that it is probably that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excludign discounts, rebates, value asdded tax and other sales taxes. Revenue is recognised on date of departure. 

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. 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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

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 a reduction in the proceeds of the associated capital instrument.

Page 3

 
JUST RESORTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

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.

 
2.7

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.

 
2.8

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.

Page 4

 
JUST RESORTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as per the table below.

Depreciation is provided on the following basis:

Plant and machinery
-
15% reducing balance and 33% straightline
Website development
-
20% straightline

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.

 
2.9

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.

 
2.10

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.

 
2.11

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.

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 5

 
JUST RESORTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

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 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.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 3).

Page 6

 
JUST RESORTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Plant and machinery
Website development
Total

£
£
£



Cost or valuation


At 1 January 2023
46,196
170,885
217,081


Additions
3,188
-
3,188



At 31 December 2023

49,384
170,885
220,269



Depreciation


At 1 January 2023
42,780
170,885
213,665


Charge for the year on owned assets
1,257
-
1,257



At 31 December 2023

44,037
170,885
214,922



Net book value



At 31 December 2023
5,347
-
5,347



At 31 December 2022
3,416
-
3,416

Page 7

 
JUST RESORTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
376,949
311,812

Other debtors
2,039
24,652

Prepayments and accrued income
9,102
20,855

Deferred taxation
-
17,998

388,090
375,317


Included in prepayments and accrued income is an amount of £7,677 (2022: £19,233) which relates to prepaid suppliers for holidays departing after 1 January 2024.       


6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
79,507
77,344

79,507
77,344



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
9,600
9,600

Trade creditors
2,732
-

Other taxation and social security
1,059
232

Other creditors
7,829
3,336

Accruals and deferred income
150,219
205,602

171,439
218,770


Included in accruals and deferred income is an amount of £146,219 (2022: £201,600) which relates to deferred revenue for departures after 1 January 2024.        

Page 8

 
JUST RESORTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
14,349
23,843

Other loans
108,457
-

Other creditors
1,015,406
1,082,710

1,138,212
1,106,553


Included in Bank Loan is a Coronavirus Bounce Back loan taken out by the company. The loan is for a term of 6 years, with no capital repayments due for the first 12 months. There is also no interest payable for the first 12 months, with a rate of 2.5% per annum charged thereafter. 


9.


Deferred taxation




2023


£






At beginning of year
17,998


Charged to profit or loss
(18,390)



At end of year
(392)

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(392)
17,998

(392)
17,998

Page 9

 
JUST RESORTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


10.


Pension commitments

The company operates a defined contribution scheme. The assets of the scheme are held seperately 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 £95 (2022: £45).


11.


Related party

As at the 31 December 2023, the company owed £108,457 (2022: £23,793 - Due to the company) to  Just La Manga Limited, a company partially owned by Ms V S Ashton, a short term loan advance.


12.


Transactions with directors

2023
2023
£
£
Balance outstanding at the start of the year

1,082,710

1,103,133

Movement during the year

(67,304)

(20,423)

1,015,406

1,082,710


Unsecured interest free loan with no fixed repayment date, included in creditors more than one year. Included in the above, is a loan of £165,000 subject to a subordinated undertaking in favour of the Civil Aviation Authority and cannot be repaid without their prior written consent.


13.


Controlling party

The ultimate controlling party is Ms V S Ashton, a director, by virtue of her beneficial ownership of the entire issued share capital in the company.       

Page 10