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COMPANY REGISTRATION NUMBER: 02824343
Neals Travel Limited
Unaudited financial statements
31 December 2023
Neals Travel Limited
Statement of financial position
31 December 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
1,310,274
1,441,767
Current assets
Stocks
15,250
15,250
Debtors
6
203,447
229,757
Cash at bank and in hand
9,493
9,169
---------
---------
228,190
254,176
Creditors: Amounts falling due within one year
7
( 382,401)
( 472,547)
---------
---------
Net current liabilities
( 154,211)
( 218,371)
-----------
-----------
Total assets less current liabilities
1,156,063
1,223,396
Creditors: Amounts falling due after more than one year
8
( 375,486)
( 506,823)
Provisions
Taxation including deferred tax
( 291,445)
( 152,706)
-----------
-----------
Net assets
489,132
563,867
-----------
-----------
Capital and reserves
Called up share capital
100
100
Profit and loss account
489,032
563,767
---------
---------
Shareholders funds
489,132
563,867
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Neals Travel Limited
Statement of financial position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 28 June 2024 , and are signed on behalf of the board by:
Jason M Miller
Director
Company registration number: 02824343
Neals Travel Limited
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 11 Lynn Road, Littleport, Cambridgeshire, CB6 1QG.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% straight line
Coach fleet
-
Useful economic life of 20 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the straight line method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of employees during the year was 31 (2022: 30 ).
5. Tangible assets
Plant and machinery
Coach fleet
Total
£
£
£
Cost
At 1 January 2023
40,836
2,116,643
2,157,479
Additions
3,996
38,850
42,846
Disposals
( 60,050)
( 60,050)
-------
-----------
-----------
At 31 December 2023
44,832
2,095,443
2,140,275
-------
-----------
-----------
Depreciation
At 1 January 2023
33,497
682,215
715,712
Charge for the year
3,236
151,974
155,210
Disposals
( 40,921)
( 40,921)
-------
-----------
-----------
At 31 December 2023
36,733
793,268
830,001
-------
-----------
-----------
Carrying amount
At 31 December 2023
8,099
1,302,175
1,310,274
-------
-----------
-----------
At 31 December 2022
7,339
1,434,428
1,441,767
-------
-----------
-----------
6. Debtors
2023
2022
£
£
Trade debtors
135,966
172,588
Amounts owed by group undertakings and undertakings in which the company has a participating interest
35,157
Other debtors
67,481
22,012
---------
---------
203,447
229,757
---------
---------
7. Creditors: Amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
21,109
Trade creditors
108,353
95,989
Amounts owed to group undertakings and undertakings in which the company has a participating interest
10,080
Social security and other taxes
14,268
19,914
Other creditors
259,780
325,455
---------
---------
382,401
472,547
---------
---------
The following liabilities disclosed under creditors falling due within one year are secured by the company: Hire purchase agreements - £235,988 (2022 - £233,850). Mil-Ken Travel Limited has provided a cross company guarantee to secure the Hire Purchase of Neals Travel Limited . The maximum amount secured under this arrangement is £235,988.
8. Creditors: Amounts falling due after more than one year
2023
2022
£
£
Other creditors
375,486
506,823
---------
---------
The following liabilities disclosed under creditors falling due after one year are secured by the company: Hire purchase agreements - £375,486 (2022 - £506,823). Mil-Ken Travel Limited has provided a cross company guarantee to secure the Hire Purchase of Neals Travel Limited . The maximum amount secured under this arrangement is £375,486.
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
39,996
-------
----