Gatwick Connect Ltd 03860618 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is that of tour company representatives and hotel transfers Digita Accounts Production Advanced 6.30.9574.0 true true 03860618 2023-01-01 2023-12-31 03860618 2023-12-31 03860618 bus:Director1 1 2023-12-31 03860618 bus:OrdinaryShareClass1 2023-12-31 03860618 core:FinanceLeases core:CurrentFinancialInstruments 2023-12-31 03860618 core:FinanceLeases core:Non-currentFinancialInstruments 2023-12-31 03860618 core:CurrentFinancialInstruments 2023-12-31 03860618 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 03860618 core:Non-currentFinancialInstruments 2023-12-31 03860618 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 03860618 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 03860618 core:FurnitureFittingsToolsEquipment 2023-12-31 03860618 core:LandBuildings 2023-12-31 03860618 core:MotorVehicles 2023-12-31 03860618 core:OtherPropertyPlantEquipment 2023-12-31 03860618 bus:SmallEntities 2023-01-01 2023-12-31 03860618 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 03860618 bus:FullAccounts 2023-01-01 2023-12-31 03860618 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 03860618 bus:RegisteredOffice 2023-01-01 2023-12-31 03860618 bus:CompanySecretaryDirector1 2023-01-01 2023-12-31 03860618 bus:Director1 2023-01-01 2023-12-31 03860618 bus:Director1 1 2023-01-01 2023-12-31 03860618 bus:Director4 2023-01-01 2023-12-31 03860618 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 03860618 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03860618 bus:Agent1 2023-01-01 2023-12-31 03860618 core:ComputerSoftware 2023-01-01 2023-12-31 03860618 core:FurnitureFittings 2023-01-01 2023-12-31 03860618 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 03860618 core:LandBuildings 2023-01-01 2023-12-31 03860618 core:MotorVehicles 2023-01-01 2023-12-31 03860618 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 03860618 core:PlantMachinery 2023-01-01 2023-12-31 03860618 countries:AllCountries 2023-01-01 2023-12-31 03860618 2022-12-31 03860618 bus:Director1 1 2022-12-31 03860618 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 03860618 core:FurnitureFittingsToolsEquipment 2022-12-31 03860618 core:LandBuildings 2022-12-31 03860618 core:MotorVehicles 2022-12-31 03860618 core:OtherPropertyPlantEquipment 2022-12-31 03860618 2022-01-01 2022-12-31 03860618 2022-12-31 03860618 bus:Director1 1 2022-12-31 03860618 bus:OrdinaryShareClass1 2022-12-31 03860618 core:FinanceLeases core:CurrentFinancialInstruments 2022-12-31 03860618 core:FinanceLeases core:Non-currentFinancialInstruments 2022-12-31 03860618 core:CurrentFinancialInstruments 2022-12-31 03860618 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 03860618 core:Non-currentFinancialInstruments 2022-12-31 03860618 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 03860618 core:FurnitureFittingsToolsEquipment 2022-12-31 03860618 core:LandBuildings 2022-12-31 03860618 core:MotorVehicles 2022-12-31 03860618 core:OtherPropertyPlantEquipment 2022-12-31 03860618 bus:Director1 1 2022-01-01 2022-12-31 03860618 bus:Director1 1 2021-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 03860618

Gatwick Connect Ltd

trading as Complete Travel Connections.com

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Gatwick Connect Ltd

trading as Complete Travel Connections.com

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 12

 

Gatwick Connect Ltd

trading as Complete Travel Connections.com

Company Information

Directors

Mr P Mitchell

Mrs S A Mitchell

Mr S C Hodges

Company secretary

Mrs S A Mitchell

Registered office

CTC House
151 Albert Road
Horley
Surrey
RH6 7HS

Accountants

Andrews & O'Shea Ltd
Accountants
Optima House
1 Mill Court
Spindle Way
Crawley
West Sussex
RH10 1TT

 

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Gatwick Connect Ltd

trading as Complete Travel Connections.com
for the Year Ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Gatwick Connect Ltd for the year ended 31 December 2023 as set out on pages 3 to 12 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Gatwick Connect Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Gatwick Connect Ltd and state those matters that we have agreed to state to the Board of Directors of Gatwick Connect Ltd, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Gatwick Connect Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Gatwick Connect Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Gatwick Connect Ltd. You consider that Gatwick Connect Ltd 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 accounts of Gatwick Connect Ltd. 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 accounts.

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

Andrews & O'Shea Ltd
Accountants
Optima House
1 Mill Court
Spindle Way
Crawley
West Sussex
RH10 1TT

11 September 2024

 

Gatwick Connect Ltd

trading as Complete Travel Connections.com

(Registration number: 03860618)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

6

13,849

22,719

Current assets

 

Debtors

7

80,067

70,593

Cash at bank and in hand

 

362,614

236,485

 

442,681

307,078

Creditors: Amounts falling due within one year

8

(243,531)

(197,016)

Net current assets

 

199,150

110,062

Total assets less current liabilities

 

212,999

132,781

Creditors: Amounts falling due after more than one year

8

(17,117)

(50,587)

Provisions for liabilities

(2,631)

(4,317)

Net assets

 

193,251

77,877

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

193,151

77,777

Shareholders' funds

 

193,251

77,877

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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.

Approved and authorised by the Board on 11 September 2024 and signed on its behalf by:
 

.........................................
Mr P Mitchell
Director

 

Gatwick Connect Ltd

trading as Complete Travel Connections.com

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

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
CTC House
151 Albert Road
Horley
Surrey
RH6 7HS

These financial statements were authorised for issue by the Board on 11 September 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 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 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.

Going concern

The financial statements have been prepared on a going concern basis.

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 sales/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.

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.

 

Gatwick Connect Ltd

trading as Complete Travel Connections.com

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

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.

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

Plant and machinery

25% on a reducing balance basis

Furniture and fittings

33% on a reducing balance basis

Motor vehicles

25% on a reducing balance basis

Improvements to property

20% on a straight line basis

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Internally developed software costs

33% and 20% on a straight line basis

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.

 

Gatwick Connect Ltd

trading as Complete Travel Connections.com

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

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.

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Gatwick Connect Ltd

trading as Complete Travel Connections.com

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2022 - 10).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

8,870

14,139

 

Gatwick Connect Ltd

trading as Complete Travel Connections.com

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

5

Intangible assets

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 January 2023

42,790

42,790

At 31 December 2023

42,790

42,790

Amortisation

At 1 January 2023

42,790

42,790

At 31 December 2023

42,790

42,790

Carrying amount

At 31 December 2023

-

-

6

tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Cost or valuation

At 1 January 2023

42,410

26,348

81,008

3,821

At 31 December 2023

42,410

26,348

81,008

3,821

Depreciation

At 1 January 2023

42,410

22,205

62,543

3,710

Charge for the year

-

4,143

4,616

111

At 31 December 2023

42,410

26,348

67,159

3,821

Carrying amount

At 31 December 2023

-

-

13,849

-

At 31 December 2022

-

4,143

18,465

111

 

Gatwick Connect Ltd

trading as Complete Travel Connections.com

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

6

tangible assets (continued)

Total
£

Cost or valuation

At 1 January 2023

153,587

At 31 December 2023

153,587

Depreciation

At 1 January 2023

130,868

Charge for the year

8,870

At 31 December 2023

139,738

Carrying amount

At 31 December 2023

13,849

At 31 December 2022

22,719

Included within the net book value of land and buildings above is £Nil (2022 - £Nil) in respect of freehold land and buildings.
 

7

Debtors

Current

2023
£

2022
£

Trade debtors

76,680

66,173

Other debtors

3,387

4,420

 

80,067

70,593

 

Gatwick Connect Ltd

trading as Complete Travel Connections.com

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

33,333

44,733

Trade creditors

 

52,128

66,882

Taxation and social security

 

109,540

81,121

Accruals and deferred income

 

47,328

2,640

Other creditors

 

1,202

1,640

 

243,531

197,016

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

17,117

50,587

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

17,117

46,474

Finance lease liabilities

-

4,113

17,117

50,587

 

Gatwick Connect Ltd

trading as Complete Travel Connections.com

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

10

Loans and borrowings (continued)

2023
£

2022
£

Current loans and borrowings

Bank borrowings

33,333

37,309

Finance lease liabilities

-

7,317

Other borrowings

-

107

33,333

44,733

11

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £654 (2022 - £987) per ordinary share

 

65,374

 

98,684

         

12

Related party transactions

Transactions with directors

2023

At 1 January 2023
£

Advances to director
£

At 31 December 2023
£

Mr P Mitchell

Interest free loan (from)/to director

(107)

107

-

       
     

 

2022

At 1 January 2022
£

Advances to director
£

At 31 December 2022
£

Mr P Mitchell

Interest free loan (from)/to director

(977)

870

(107)

       
     

 

Gatwick Connect Ltd

trading as Complete Travel Connections.com

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

12

Related party transactions (continued)

 

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

21,020

9,185

Dividends paid to directors

   

2023
£

 

2022
£

Mr P Mitchell

       

Current year interim dividends paid

 

65,374

 

98,684