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Registration number: 01022514

Holiday World International Travel Limited

Filleted Annual Report and Audited Abridged Financial Statements

for the Year Ended 31 December 2023

 

Holiday World International Travel Limited

Contents

Company Information

1

Directors' Report

2

Statement of Directors' Responsibilities

3

Abridged Balance Sheet

4 to 5

Notes to the Abridged Financial Statements

6 to 11

 

Holiday World International Travel Limited

Company Information

Directors

Mr DR Cousins

Mr DL Pearce

Company secretary

Mr DL Pearce

Registered office

Office 6, 4th Floor
Oldway House
Castle Street
Merthyr Tydfil
CF47 8UX

Auditors

HSJ Audit Limited
Chartered Accountants and Statutory Auditor
Severn House
Hazell Drive
Newport
South Wales
NP10 8FY

 

Holiday World International Travel Limited

Directors' Report for the Year Ended 31 December 2023

The directors present their report and the abridged financial statements for the year ended 31 December 2023.

Directors of the company

The directors who held office during the year were as follows:

Mr DR Cousins

Mr DL Pearce - Company secretary and director

Principal activity

The principal activity of the company is the sale of holidays as a tour operator.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the Board on 31 May 2024 and signed on its behalf by:

.........................................
Mr DR Cousins
Director

 

Holiday World International Travel Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006 and in accordance with FRS 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Holiday World International Travel Limited

(Registration number: 01022514)
Abridged Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

14,053

12,212

Investment property

4

382,125

380,613

 

396,178

392,825

Current assets

 

Debtors

3,833

11,814

Cash at bank and in hand

 

274,120

404,259

 

277,953

416,073

Prepayments and accrued income

 

97,290

41,527

Creditors: Amounts falling due within one year

8

(132,542)

(86,053)

Net current assets

 

242,701

371,547

Total assets less current liabilities

 

638,879

764,372

Creditors: Amounts falling due after more than one year

7

(15,024)

(24,902)

Provisions for liabilities

(35,061)

(43,733)

Accruals and deferred income

 

(260,867)

(377,307)

Net assets

 

327,927

318,430

Capital and reserves

 

Called up share capital

5

40,500

40,500

Revaluation reserve

171,784

171,784

Profit and loss account

115,643

106,146

Total equity

 

327,927

318,430

 

Holiday World International Travel Limited

(Registration number: 01022514)
Abridged Balance Sheet as at 31 December 2023

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 31 May 2024 and signed on its behalf by:
 

.........................................

Mr DR Cousins

Director

 

Holiday World International Travel Limited

Notes to the Abridged Financial Statements for the Year Ended 31 December 2023

1

General information

The company registration number is: 01022514

The address of its registered office is:
Office 6, 4th Floor
Oldway House
Castle Street
Merthyr Tydfil
CF47 8UX

These financial statements were authorised for issue by the Board on 31 May 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

 

Holiday World International Travel Limited

Notes to the Abridged Financial Statements for the Year Ended 31 December 2023

Audit report

The Independent Auditor's Report was unqualified . The name of the Senior Statutory Auditor who signed the audit report on 31 May 2024 was Alex Finch, who signed for and on behalf of HSJ Audit Limited.

In alignment with the option not to file the profit and loss account, the company has taken up the option not to file the auditor's report.

Key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is 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 the revision and future periods where the revisions affects both current and future periods.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets by equal annual instalments. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

Foreign currency transactions and balances

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Holiday World International Travel Limited

Notes to the Abridged Financial Statements for the Year Ended 31 December 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

15% per annum straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Holiday World International Travel Limited

Notes to the Abridged Financial Statements for the Year Ended 31 December 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company's shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Defined benefit pension obligation

Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation.

The liability recognised in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the reporting date minus the fair value of plan assets. The defined benefit obligation is measured using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future payments by reference to market yields at the reporting date on high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension liability.

Actuarial gains and losses are charged or credited to other comprehensive income in the period in which they arise.

 

Holiday World International Travel Limited

Notes to the Abridged Financial Statements for the Year Ended 31 December 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 4).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

20,432

20,432

Additions

5,340

5,340

Disposals

(3,667)

(3,667)

At 31 December 2023

22,105

22,105

Depreciation

At 1 January 2023

8,220

8,220

Charge for the year

3,498

3,498

Eliminated on disposal

(3,666)

(3,666)

At 31 December 2023

8,052

8,052

Carrying amount

At 31 December 2023

14,053

14,053

At 31 December 2022

12,212

12,212

Investment properties

2023
£

At 1 January

380,613

Acquired through business combinations

1,512

At 31 December

382,125

There has been no valuation of investment property by an independent valuer.

 

Holiday World International Travel Limited

Notes to the Abridged Financial Statements for the Year Ended 31 December 2023

5

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

40,500

40,500

40,500

40,500

         

6

Related party transactions

Key management personnel

Relationship: Director

Summary of transactions with key management

During the year the director made unsecured, interest free, repayable on demand loans to the company.At the balance sheet date the amount owed to the director was £8,596 (2022 - £14,124).
 

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

40,817

35,311

7

Creditors: amounts falling due after more than one year

Creditors include bank loans of £15,024 (2022: £24,902) which are secured on the assets of the company.

8

Creditors: amounts falling due within one year

Creditors include bank loans of £10,377 (2022: £10,648) which are secured on the assets of the company.