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Company registration number: 10644911
Travel Stop Limited
Unaudited filleted financial statements
30 April 2024
Travel Stop Limited
Contents
Directors and other information
Accountant's report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Travel Stop Limited
Directors and other information
Director Mrs B A Keevil
Company number 10644911
Registered office Sovereign House
82 West Street
Rochford
Essex
SS4 1AS
Business address 1 - 3 Ipswich Road
Claydon
Ipswich
Suffolk
IP6 0AA
Accountant Murphy Collins Limited
Sovereign House
82 West Street
Rochford
Essex
SS4 1AS
Travel Stop Limited
Chartered accountant's report to the director on the preparation of the
unaudited statutory financial statements of Travel Stop Limited
Year ended 30 April 2024
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Travel Stop Limited for the year ended 30 April 2024 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given me.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), I am subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the director of Travel Stop Limited, as a body, in accordance with the terms of my engagement letter dated 28 February 2017. My work has been undertaken solely to prepare for your approval the financial statements of Travel Stop Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than Travel Stop Limited and its director as a body for my work or for this report.
It is your duty to ensure that Travel Stop 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 profit of Travel Stop Limited. You consider that Travel Stop Limited is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of Travel Stop Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
Murphy Collins Limited
Chartered Accountants
Sovereign House
82 West Street
Rochford
Essex
SS4 1AS
9 August 2024
Travel Stop Limited
Statement of financial position
30 April 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 7 90,000 120,000
Tangible assets 8 19,655 25,183
_______ _______
109,655 145,183
Current assets
Debtors 9 134 150
Cash at bank and in hand 877,595 665,763
_______ _______
877,729 665,913
Creditors: amounts falling due
within one year 10 ( 593,961) ( 429,578)
_______ _______
Net current assets 283,768 236,335
_______ _______
Total assets less current liabilities 393,423 381,518
Provisions for liabilities 11 ( 3,735) ( 4,785)
_______ _______
Net assets 389,688 376,733
_______ _______
Capital and reserves
Called up share capital 13 200,000 200,000
Profit and loss account 189,688 176,733
_______ _______
Shareholders funds 389,688 376,733
_______ _______
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 09 August 2024 , and are signed on behalf of the board by:
Mrs B A Keevil
Director
Company registration number: 10644911
Travel Stop Limited
Statement of changes in equity
Year ended 30 April 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 May 2022 200,000 16,487 216,487
Profit for the year 176,346 176,346
_______ _______ _______
Total comprehensive income for the year - 176,346 176,346
Dividends paid and payable ( 16,100) ( 16,100)
_______ _______ _______
Total investments by and distributions to owners - ( 16,100) ( 16,100)
_______ _______ _______
At 30 April 2023 and 1 May 2023 200,000 176,733 376,733
Profit for the year 72,955 72,955
_______ _______ _______
Total comprehensive income for the year - 72,955 72,955
Dividends paid and payable ( 60,000) ( 60,000)
_______ _______ _______
Total investments by and distributions to owners - ( 60,000) ( 60,000)
_______ _______ _______
At 30 April 2024 200,000 189,688 389,688
_______ _______ _______
Travel Stop Limited
Notes to the financial statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Sovereign House, Sovereign House, 82 West Street, Rochford, Essex, SS4 1AS.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 10 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Office equipment - 20 % reducing balance
Fittings fixtures and equipment - 20 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
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 in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2023: 8 ).
5. Tax on profit
Major components of tax expense
2024 2023
£ £
Current tax:
UK current tax expense 35,041 52,537
_______ _______
Deferred tax:
Origination and reversal of timing differences ( 1,050) ( 2,349)
_______ _______
Tax on profit 33,991 50,188
_______ _______
6. Dividends
Equity dividends
2024 2023
£ £
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year) 60,000 16,100
_______ _______
7. Intangible assets
Goodwill Total
£ £
Cost
At 1 May 2023 and 30 April 2024 300,000 300,000
_______ _______
Amortisation
At 1 May 2023 180,000 180,000
Charge for the year 30,000 30,000
_______ _______
At 30 April 2024 210,000 210,000
_______ _______
Carrying amount
At 30 April 2024 90,000 90,000
_______ _______
At 30 April 2023 120,000 120,000
_______ _______
8. Tangible assets
Office equipment Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 May 2023 24,358 54,868 79,226
Additions 2,441 - 2,441
Disposals ( 9,334) - ( 9,334)
_______ _______ _______
At 30 April 2024 17,465 54,868 72,333
_______ _______ _______
Depreciation
At 1 May 2023 16,490 37,551 54,041
Charge for the year 1,450 3,463 4,913
Disposals ( 6,276) - ( 6,276)
_______ _______ _______
At 30 April 2024 11,664 41,014 52,678
_______ _______ _______
Carrying amount
At 30 April 2024 5,801 13,854 19,655
_______ _______ _______
At 30 April 2023 7,868 17,317 25,185
_______ _______ _______
9. Debtors
2024 2023
£ £
Other debtors 134 150
_______ _______
10. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 522,531 342,143
Corporation tax 35,041 52,537
Social security and other taxes 28,414 29,598
Other creditors 7,975 5,300
_______ _______
593,961 429,578
_______ _______
11. Provisions
Deferred tax (note 12) Total
£ £
At 1 May 2023 4,785 4,785
Charges against provisions ( 1,050) ( 1,050)
_______ _______
At 30 April 2024 3,735 3,735
_______ _______
12. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024 2023
£ £
Included in provisions (note 11) 3,735 4,785
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2024 2023
£ £
Accelerated capital allowances 3,735 4,785
_______ _______
13. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares of £ 1.00 each 200,000 200,000 200,000 200,000
_______ _______ _______ _______
14. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mrs B A Keevil ( 52) ( 85,237) 82,762 ( 2,527)
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mrs B A Keevil ( 289) ( 56,100) 56,337 ( 52)
_______ _______ _______ _______
15. Controlling party
Mrs Bridget Keevil is the controlling party.
16. Registration of a charge
The bank have registered a fixed and floating charge over the assets of the company. The company does not have any indebtedness to the bank.