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Registered number: 00807844


VILLA CENTRE HOLIDAYS LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2023

 
VILLA CENTRE HOLIDAYS LIMITED
 
 
COMPANY INFORMATION


Directors
C Wright 
P V D der Parthog 
N C L Josephides 




Company secretary
C Wright



Registered number
00807844



Registered office
Sunvil House
10-12 Upper Square

Old Isleworth

Middlesex

TW7 7BJ




Independent auditors
Xeinadin Audit Limited
Chartered Accountants & Statutory Auditor

8th Floor

Becket House

36 Old Jewry

London

EC2R 8DD





 
VILLA CENTRE HOLIDAYS LIMITED
 

CONTENTS



Page
Statement of financial position
1
Notes to the financial statements
2 - 6


 
VILLA CENTRE HOLIDAYS LIMITED
REGISTERED NUMBER: 00807844

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
8,448,877
8,448,875

  
8,448,877
8,448,875

Creditors: amounts falling due within one year
 5 
(8,003,876)
(8,003,876)

Net current assets
  
 
 
445,001
 
 
444,999

Total assets less current liabilities
  
445,001
444,999

Creditors: amounts falling due after more than one year
 6 
(279,000)
(279,000)

  

Net assets
  
166,001
165,999


Capital and reserves
  

Called up share capital 
 7 
130,000
130,000

Share premium account
  
20,000
20,000

Profit and loss account
  
16,001
15,999

  
166,001
165,999


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 July 2024.




C Wright
Director

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 
VILLA CENTRE HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Villa Centre Holidays Limited is a private company limited by shares incorporated in England and Wales, United Kingdom.
The address of the registered office is given on the Company Information page of these financial statements. 
The principal activity continued to be that of a tour operator and licensed travel agency.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

Based on the continued support from Sunvil International Sales Limited, the directors are confident that the company, will have sufficient funds and cash reserves to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore
have prepared the financial statements on a going concern basis.

 
2.3

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.4

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.

 
2.5

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 2

 
VILLA CENTRE HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

  
2.7
Advanced receipts and payments

All revenue received relating to bookings that depart after the Statement of Financial Position date is treated as advance receipts and is separately disclosed under accruals and deferred income.
Payments made to suppliers relating to bookings that depart after the Statement of Financial Position date are treated as advance payments and are separately disclosed under prepayments and accrued income.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 3).

Page 3

 
VILLA CENTRE HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
8,448,517
8,448,515

Other debtors
360
360

8,448,877
8,448,875



5.


Creditors: Amounts falling due within one year

2023
2022
£
£

Amounts owed to group undertakings
8,003,876
8,003,876

8,003,876
8,003,876



6.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Share capital treated as debt
279,000
279,000


Disclosure of the terms and conditions attached to the non-equity shares is made in note 7.

Page 4

 
VILLA CENTRE HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Share capital

2023
2022
£
£
Shares classified as equity

Allotted, called up and fully paid



30,000 (2022 - 30,000) Ordinary shares of £1.00 each
30,000
30,000
100,000 (2022 - 100,000) Preference shares of £1.00 each
100,000
100,000

130,000

130,000

2023
2022
£
£
Shares classified as debt

Allotted, called up and fully paid



279,000 (2022 - 279,000) Redeemable shares of £1.00 each
279,000
279,000


Preference shares are as follows:
30,000 "A" Redeemable Preference shares of £1 each amounting to £30,000.
60,000 "B" Redeemable Preference shares of £1 each amounting to £60,000.
189,000 "C" Redeemable Preference shares of £1 each amounting to £189,000.
The "A" Redeemable Preference shares confer to the holders the right to a fixed cumulative preferential dividend at 3% above the Lloyds TSB plc base rate payable on a half yearly basis commencing from 1 December 1998. Holders are entitled to repayment of capital paid up on shares in priority to any payment to the holder of Ordinary shares in the event of a winding up or repayment of capital. The holders of "A" Redeemable Preference shares are not entitled to vote at any General Meeting of the Company.
The "B" Redeemable Preference shares confer to the holders the right to a fixed cumulative preferential dividend at 5.9% per annum commencing from 1 December 1998 to 31 January 2000 and thereafter at the residential mortgage lending rate at Lloyds TSB plc payable on a half yearly basis. Holders are entitled to repayment of capital paid up on those shares in priority to any payment to the holders of Ordinary shares in the event of a winding up or a repayment of capital. The holders of "B" Redeemable Preference shares are not entitled to vote at any General Meeting of the Company.
The "C" Redeemable Preference shares carry no right to dividends. Holders are not entitled to vote at any General Meeting of the Company.
In the event of a redemption the following shall apply:
(i) The "A" Redeemable Preference shares shall first be released; the "B" Redeemable Preference shares will then be redeemed; and finally the "C" Redeemable Preference shares shall be redeemed.
(ii) An amount shall be paid on redemption dependent on the performance of the Company up to the time of redemption.

Page 5

 
VILLA CENTRE HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Related party transactions

During the year under review there were £nil (2022: £nil) intercompany recharges with Discovery Worldwide Limited, a connected company. An amount of £600 (2022: £600) is owed to the Company at the year end.
During the year under review there were £nil (2022: £nil) intercompany recharges with Sunvil U.K. Limited, a connected company. An amount of £54 (2022: £54) is owed to the Company at the year end.
The Company has taken the exemption available to not disclose transactions within the year between wholly owned subsidiaries.
As at 31 December 2023, the Company was owed by Sunvil International Sales Limited, the parent entity, an amount of £8,448,517 (2022: £8,448,515).
As at 31 December 2023, the Company owed Sunvil Holidays Limited, a group related entity, an amount of £8,003,876 (2022: £8,003,876).


9.


Controlling party

The ultimate parent company is Sunvil International Sales Limited, whose registered office and prinicpal place of business is carried out at Sunvil House, Upper Square, Isleworth, Middlesex, TW7 7BJ.


10.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 19 July 2024 by Ian Palmer FCA (Senior statutory auditor) on behalf of Xeinadin Audit Limited.

 
Page 6