Company registration number 05333979 (England and Wales)
HLC HOLSWORTHY TRAVEL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
HLC HOLSWORTHY TRAVEL LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
HLC HOLSWORTHY TRAVEL LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
3,963
4,690
Current assets
Stocks
400
500
Debtors
5
13,475
18,282
Cash at bank and in hand
487,362
436,760
501,237
455,542
Creditors: amounts falling due within one year
6
(233,773)
(249,524)
Net current assets
267,464
206,018
Net assets
271,427
210,708
Capital and reserves
Called up share capital
30,000
30,000
Profit and loss reserves
241,427
180,708
Total equity
271,427
210,708
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 1 September 2024
Mrs E L Baker
Director
Company registration number 05333979 (England and Wales)
HLC HOLSWORTHY TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
1
Accounting policies
Company information
HLC Holsworthy Travel Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bank House, Fry Street, Holsworthy, Devon, EX22 6DY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents the amounts receivable from organised tours and commissions receivable from tour operators during the year, net of value added tax.
Turnover from organised tours is recognised as income on the completion of the tour.
Turnover from commissions is recognised as income when the tour operator has been paid in full for the holiday.
The gross turnover of the company represents the amount of income received from organised tours and the amount received from customers, with the net amount, i.e gross turnover less commissions, being paid over to the tour operators.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Land and buildings Leasehold
4% Straight Line
Fixtures, fittings & equipment
25% Straight Line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
HLC HOLSWORTHY TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.7
Equity instruments
Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
HLC HOLSWORTHY TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
4
3
Intangible fixed assets
Goodwill
£
Cost
At 1 June 2023 and 31 May 2024
80,740
Amortisation and impairment
At 1 June 2023 and 31 May 2024
80,740
Carrying amount
At 31 May 2024
At 31 May 2023
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 June 2023 and 31 May 2024
5,758
22,644
28,402
Depreciation and impairment
At 1 June 2023
2,604
21,108
23,712
Depreciation charged in the year
151
576
727
At 31 May 2024
2,755
21,684
24,439
Carrying amount
At 31 May 2024
3,003
960
3,963
At 31 May 2023
3,154
1,536
4,690
HLC HOLSWORTHY TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 5 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
8,740
15,403
Other debtors
4,735
2,879
13,475
18,282
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
113,324
147,430
Taxation and social security
36,484
26,053
Other creditors
83,965
76,041
233,773
249,524
Included within other creditors is £78,713 (2023: £67,064) owed to the director, Mrs E L Baker.