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REGISTERED NUMBER: 04037220 (England and Wales)






















Financial Statements

for the Period

1 August 2022 to 31 December 2023

for

Travel Sector Property Limited

Travel Sector Property Limited (Registered number: 04037220)






Contents of the Financial Statements
for the Period 1 August 2022 to 31 December 2023




Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 4


Travel Sector Property Limited

Company Information
for the Period 1 August 2022 to 31 December 2023







DIRECTORS: A E Long
Mrs J Long





REGISTERED OFFICE: The Old Rectory
Rectory Road
Coleby
Lincoln
Lincolnshire
LN5 0AJ





REGISTERED NUMBER: 04037220 (England and Wales)





ACCOUNTANTS: Wright Vigar Limited
Chartered Accountants & Business Advisers
15 Newland
Lincoln
Lincolnshire
LN1 1XG

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Travel Sector Property Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Travel Sector Property Limited for the period ended 31 December 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Travel Sector Property Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Travel Sector Property Limited and state those matters that we have agreed to state to the Board of Directors of Travel Sector Property Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Travel Sector Property Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Travel Sector Property Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Travel Sector Property Limited. You consider that Travel Sector Property Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of Travel Sector Property Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Wright Vigar Limited
Chartered Accountants & Business Advisers
15 Newland
Lincoln
Lincolnshire
LN1 1XG


3 September 2024

Travel Sector Property Limited (Registered number: 04037220)

Balance Sheet
31 December 2023

2023 2022
as restated
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 91,757 55,148
Investments 5 2,101,372 1,632,979
Investment property 6 678,112 663,004
2,871,241 2,351,131

CURRENT ASSETS
Debtors 7 39,632,090 20,599,564
Cash at bank 143,911 996,570
39,776,001 21,596,134
CREDITORS
Amounts falling due within one year 8 17,355 68,610
NET CURRENT ASSETS 39,758,646 21,527,524
TOTAL ASSETS LESS CURRENT
LIABILITIES

42,629,887

23,878,655

CREDITORS
Amounts falling due after more than one
year

9

42,538,902

23,468,190
NET ASSETS 90,985 410,465

CAPITAL AND RESERVES
Called up share capital 10 100 100
Fair value reserve 11 43,873 43,873
Retained earnings 47,012 366,492
SHAREHOLDERS' FUNDS 90,985 410,465

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors and authorised for issue on 3 September 2024 and were signed on its behalf by:



A E Long - Director


Travel Sector Property Limited (Registered number: 04037220)

Notes to the Financial Statements
for the Period 1 August 2022 to 31 December 2023

1. STATUTORY INFORMATION

Travel Sector Property 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 as modified by the revaluation of certain assets.

Preparation of consolidated financial statements
The financial statements contain information about Travel Sector Property Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - Straight line over 25 years
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 20% on reducing balance
Computer equipment - 20% on reducing balance

Investments in subsidiaries and associates
Investments in subsidiary and associate undertakings are recognised at cost.

Investment property
Investment properties are properties which are held either to earn rental income or for capital appreciation or for both. Investment properties are recognised initially at cost.

Subsequent to initial recognition investment properties are carried at fair value determined annually by company directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.

Financial instruments
The Company only enters into basic financial instrument 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.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

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.


Travel Sector Property Limited (Registered number: 04037220)

Notes to the Financial Statements - continued
for the Period 1 August 2022 to 31 December 2023

2. ACCOUNTING POLICIES - continued
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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Other investments
Other investments are stated at cost or valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 2 (2022 - 1 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Long Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1 August 2022 25,000 34,497 43,289
Additions - 2,650 6,032
Disposals - - -
At 31 December 2023 25,000 37,147 49,321
DEPRECIATION
At 1 August 2022 7,000 32,313 32,413
Charge for period 1,417 795 4,593
At 31 December 2023 8,417 33,108 37,006
NET BOOK VALUE
At 31 December 2023 16,583 4,039 12,315
At 31 July 2022 18,000 2,184 10,876

Travel Sector Property Limited (Registered number: 04037220)

Notes to the Financial Statements - continued
for the Period 1 August 2022 to 31 December 2023

4. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 August 2022 23,973 5,650 132,409
Additions 61,018 1,840 71,540
Disposals (23,973 ) - (23,973 )
At 31 December 2023 61,018 7,490 179,976
DEPRECIATION
At 1 August 2022 - 5,535 77,261
Charge for period 3,578 575 10,958
At 31 December 2023 3,578 6,110 88,219
NET BOOK VALUE
At 31 December 2023 57,440 1,380 91,757
At 31 July 2022 23,973 115 55,148

5. FIXED ASSET INVESTMENTS
Shares in Interest
group in Other Classic
undertakings associate investments vehicles Totals
£    £    £    £    £   
COST OR VALUATION
At 1 August 2022 1,021,055 98 1 611,825 1,632,979
Additions 161,706 - 14,000 292,687 468,393
At 31 December 2023 1,182,761 98 14,001 904,512 2,101,372
NET BOOK VALUE
At 31 December 2023 1,182,761 98 14,001 904,512 2,101,372
At 31 July 2022 1,021,055 98 1 611,825 1,632,979

Cost or valuation at 31 December 2023 is represented by:

Shares in Interest
group in Other Classic
undertakings associate investments vehicles Totals
£    £    £    £    £   
Valuation in 2019 - - - 43,873 43,873
Cost 1,182,761 98 14,001 860,639 2,057,499
1,182,761 98 14,001 904,512 2,101,372

If other investments had not been revalued it would have been included at the following historical cost:

2023 2022
as restated
£    £   
Cost 860,639 567,952

Other investment was valued on an open market basis on 31 December 2023 by the directors .

Travel Sector Property Limited (Registered number: 04037220)

Notes to the Financial Statements - continued
for the Period 1 August 2022 to 31 December 2023

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 August 2022 663,004
Additions 15,108
At 31 December 2023 678,112
NET BOOK VALUE
At 31 December 2023 678,112
At 31 July 2022 663,004

Investment property was valued on an open market basis on 31 December 2023 by the directors.

7. DEBTORS
2023 2022
as restated
£    £   
Amounts falling due within one year:
Trade debtors 1,200 -
Other debtors 282,853 132,931
284,053 132,931

Amounts falling due after more than one year:
Amounts owed by group undertakings 39,348,037 20,466,633

Aggregate amounts 39,632,090 20,599,564

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£    £   
Trade creditors 2,794 61,016
Other creditors 99 99
Accrued expenses 14,462 7,495
17,355 68,610

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
as restated
£    £   
Amounts owed to related
parties 40,800,000 22,300,000
Amounts owed to group undertakings 2 70,275
Directors' loan account 1,738,900 1,097,915
42,538,902 23,468,190

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: as restated
£    £   
100 Ordinary £1 100 100

Travel Sector Property Limited (Registered number: 04037220)

Notes to the Financial Statements - continued
for the Period 1 August 2022 to 31 December 2023

11. RESERVES
Fair
value
reserve
£   
At 1 August 2022
and 31 December 2023 43,873

12. OTHER FINANCIAL COMMITMENTS

Total financial commitments which are not included in the balance sheet amount to £462,000 (2022: £504,000). These amounts consist of lease commitments payable over the next eleven (2022: twelve) years.