Company registration number 09315268 (England and Wales)
OUTOFOFFICEDOTCOM LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
OUTOFOFFICEDOTCOM LIMITED
COMPANY INFORMATION
Directors
Mr D Burn
Mr R A Marshall
Company number
09315268
Registered office
Sovereign House
Church Street
Brighton
BN1 1UJ
Accountants
Beavis Morgan LLP
Accountants, Business and Tax Advisers
82 St John Street
London
EC1M 4JN
OUTOFOFFICEDOTCOM LIMITED
CONTENTS
Page
Directors' report
1
Accountants' report
2
Profit and loss account
3
Balance sheet
4
Statement of changes in equity
5
Notes to the financial statements
6 - 10
OUTOFOFFICEDOTCOM LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2024
- 1 -
The directors present their annual report and financial statements for the year ended 31 May 2024.
Principal activities
The principal activity of the company continues to be that of the provision of travel agency services.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr D Burn
Mr R A Marshall
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mr D Burn
Director
6 September 2024
OUTOFOFFICEDOTCOM LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF OUTOFOFFICEDOTCOM LIMITED FOR THE YEAR ENDED 31 MAY 2024
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of OutOfOfficeDotCom Limited for the year ended 31 May 2024 which comprise the profit and loss account, the balance sheet, the 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 at https://www.icaew.com/regulation.
This report is made solely to the Board of Directors of OutOfOfficeDotCom Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of OutOfOfficeDotCom Limited and state those matters that we have agreed to state to the Board of Directors of OutOfOfficeDotCom Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than OutOfOfficeDotCom Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that OutOfOfficeDotCom 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 OutOfOfficeDotCom Limited. You consider that OutOfOfficeDotCom Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of OutOfOfficeDotCom 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.
Beavis Morgan LLP
11 September 2024
Accountants, Business and Tax Advisers
82 St John Street
London
EC1M 4JN
OUTOFOFFICEDOTCOM LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
2024
2023
£
£
Turnover
5,153,917
3,509,440
Cost of sales
(3,840,978)
(2,577,446)
Gross profit
1,312,939
931,994
Administrative expenses
(709,184)
(538,497)
Other operating income
6,000
Operating profit
603,755
399,497
Interest receivable and similar income
34,403
Interest payable and similar expenses
(20,789)
(34,035)
Profit before taxation
617,369
365,462
Tax on profit
(173,938)
(81,200)
Profit for the financial year
443,431
284,262
OUTOFOFFICEDOTCOM LIMITED
BALANCE SHEET
- 4 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
256,572
328,499
Tangible assets
5
2,118
3,832
258,690
332,331
Current assets
Debtors
6
1,653,329
1,268,843
Cash at bank and in hand
2,037,821
959,560
3,691,150
2,228,403
Creditors: amounts falling due within one year
7
(2,293,320)
(1,517,090)
Net current assets
1,397,830
711,313
Total assets less current liabilities
1,656,520
1,043,644
Creditors: amounts falling due after more than one year
8
(467,972)
(156,027)
Net assets
1,188,548
887,617
Capital and reserves
Called up share capital
9
50,000
50,000
Revaluation reserve
281,675
281,675
Profit and loss reserves
856,873
555,942
Total equity
1,188,548
887,617
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 directors acknowledge their 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 in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 6 September 2024 and are signed on its behalf by:
Mr D Burn
Director
Company registration number 09315268 (England and Wales)
OUTOFOFFICEDOTCOM LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
- 5 -
Share capital
Other reserves
Profit and loss reserves
Total
£
£
£
£
Balance at 1 June 2022
50,000
782,834
832,834
Year ended 31 May 2023:
Profit for the year
-
-
284,262
284,262
Dividends
-
-
(511,154)
(511,154)
Other movements
-
281,675
-
281,675
Balance at 31 May 2023
50,000
281,675
555,942
887,617
Year ended 31 May 2024:
Profit for the year
-
-
443,431
443,431
Dividends
-
-
(142,500)
(142,500)
Balance at 31 May 2024
50,000
281,675
856,873
1,188,548
OUTOFOFFICEDOTCOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 6 -
1
Accounting policies
Company information
OutOfOfficeDotCom Limited is a private company limited by shares incorporated in England and Wales. The registered office is Sovereign House, Church Street, Brighton, BN1 1UJ.
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.
1.2
Turnover
Turnover represents amounts receivable for the provision of tailor-made travel packages.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software and website development
20% straight line
Inhouse software development
20% straight line
Brand
20% straight line
Domain
20% straight line
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer equipment
20% 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.
1.5
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.
OUTOFOFFICEDOTCOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 7 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from related parties, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. 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.
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.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
OUTOFOFFICEDOTCOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 8 -
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.
1.12
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Estimated useful lives of intangible assets
Estimation is required in determining the useful lives of such assets and their residual values.
Estimated useful lives of tangible assets
Estimation is required in determining the useful lives of such assets and their residual values.
OUTOFOFFICEDOTCOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 9 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
13
13
4
Intangible fixed assets
Software & website development
Inhouse software development
Brand
Domain
Total
£
£
£
£
£
Cost
At 1 June 2023 and 31 May 2024
125,588
206,149
34,089
15,000
380,826
Amortisation and impairment
At 1 June 2023
17,088
31,150
4,089
-
52,327
Amortisation charged for the year
24,385
37,724
6,818
3,000
71,927
At 31 May 2024
41,473
68,874
10,907
3,000
124,254
Carrying amount
At 31 May 2024
84,115
137,275
23,182
12,000
256,572
At 31 May 2023
108,500
174,999
30,000
15,000
328,499
5
Tangible fixed assets
Computer equipment
£
Cost
At 1 June 2023 and 31 May 2024
14,842
Depreciation and impairment
At 1 June 2023
11,010
Depreciation charged in the year
1,714
At 31 May 2024
12,724
Carrying amount
At 31 May 2024
2,118
At 31 May 2023
3,832
OUTOFOFFICEDOTCOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 10 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,605,808
1,066,677
Amounts owed by related parties
185,000
Other debtors
47,521
17,166
1,653,329
1,268,843
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loan
32,269
28,609
Trade creditors
25,936
44,047
Corporation tax
171,363
72,645
Other taxation and social security
29,210
11,966
Other creditors
2,034,542
1,359,823
2,293,320
1,517,090
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loan
123,758
156,027
Other creditors
344,214
467,972
156,027
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
50,000
50,000
50,000
50,000
10
Ultimate controlling party
The ultimate parent company is Out Travel Limited by virtue of 100% shareholding in the company.
11
Related party transactions
At the balance sheet date, the company was owed £Nil (2023: £185,000) by Out4You Limited.
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