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REGISTERED NUMBER: 06533588 (England and Wales)















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: L E Higham





REGISTERED OFFICE: 5 Pavilion Court
Cricketfield Lane
Bishops Stortford
Hertfordshire
CM23 2SR





REGISTERED NUMBER: 06533588 (England and Wales)





ACCOUNTANTS: More Than Numbers Ltd
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 - 842
Investments 6 - 502,125
- 502,967

CURRENT ASSETS
Debtors 7 35,644 86,263
Cash at bank 296,073 77,389
331,717 163,652
CREDITORS
Amounts falling due within one year 8 48,121 108,198
NET CURRENT ASSETS 283,596 55,454
TOTAL ASSETS LESS CURRENT
LIABILITIES

283,596

558,421

CREDITORS
Amounts falling due after more than one
year

9

-

(207,291

)

PROVISIONS FOR LIABILITIES - (49,563 )
NET ASSETS 283,596 301,567

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 30,000 30,000
Retained earnings 253,596 271,567
SHAREHOLDERS' FUNDS 283,596 301,567

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 1 September 2024 and were signed by:





L E Higham - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Goodwill, being the amount paid in connection with the acquisition of a business in 2008, is being amortised evenly over its estimated useful life of sixteen years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 33% on cost
Fixtures, fittings and office equipment - 20% on reducing balance

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 1 (2024 - 1 ) .

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 200,000
Disposals (200,000 )
At 31 August 2024 -
AMORTISATION
At 1 April 2024 200,000
Eliminated on disposal (200,000 )
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 6,338 277 6,615
Disposals (6,338 ) (277 ) (6,615 )
At 31 August 2024 - - -
DEPRECIATION
At 1 April 2024 5,635 138 5,773
Charge for period 114 11 125
Eliminated on disposal (5,749 ) (149 ) (5,898 )
At 31 August 2024 - - -
NET BOOK VALUE
At 31 August 2024 - - -
At 31 March 2024 703 139 842

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 502,125
Additions 168
Disposals (502,293 )
At 31 August 2024 -
NET BOOK VALUE
At 31 August 2024 -
At 31 March 2024 502,125

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.3.24
£    £   
Trade debtors - 84,480
Other debtors 34,807 89
Social security and other taxes 837 416
Prepayments and accrued income - 1,278
35,644 86,263

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.3.24
£    £   
Bank loans and overdrafts - 4,128
Other loans - 499
Trade creditors 1,481 98
Corporation tax 46,638 212
Other creditors - 2,261
Directors' current accounts 2 4
Accruals and deferred income - 100,996
48,121 108,198

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.8.24 31.3.24
£    £   
Other loans - 1-2 years - 291
Directors' loan accounts - 207,000
- 207,291

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.