Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-302024-04-30The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false2023-05-01The nature of the company's operations and principal activities are that of a tour operator.1111truetrue 02480904 2023-05-01 2024-04-30 02480904 c:KeyManagementIndividualGroup1 2023-05-01 2024-04-30 02480904 c:EntityControlledByKeyManagementPersonnel2 2023-05-01 2024-04-30 02480904 2022-05-01 2023-04-30 02480904 2024-04-30 02480904 c:KeyManagementIndividualGroup1 2024-04-30 02480904 c:EntityControlledByKeyManagementPersonnel2 2024-04-30 02480904 2023-04-30 02480904 c:KeyManagementIndividualGroup1 2023-04-30 02480904 c:EntityControlledByKeyManagementPersonnel2 2023-04-30 02480904 1 2023-05-01 2024-04-30 02480904 1 2022-05-01 2023-04-30 02480904 e:Director1 2023-05-01 2024-04-30 02480904 c:Buildings 2023-05-01 2024-04-30 02480904 c:Buildings 2024-04-30 02480904 c:Buildings 2023-04-30 02480904 c:Buildings c:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 02480904 c:Buildings c:LongLeaseholdAssets 2023-05-01 2024-04-30 02480904 c:FurnitureFittings 2023-05-01 2024-04-30 02480904 c:FurnitureFittings 2024-04-30 02480904 c:FurnitureFittings 2023-04-30 02480904 c:FurnitureFittings c:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 02480904 c:ComputerEquipment 2023-05-01 2024-04-30 02480904 c:ComputerEquipment 2024-04-30 02480904 c:ComputerEquipment 2023-04-30 02480904 c:ComputerEquipment c:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 02480904 c:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 02480904 c:Goodwill 2024-04-30 02480904 c:Goodwill 2023-04-30 02480904 c:FreeholdInvestmentProperty 2024-04-30 02480904 c:FreeholdInvestmentProperty 2023-04-30 02480904 c:CurrentFinancialInstruments 2024-04-30 02480904 c:CurrentFinancialInstruments 2023-04-30 02480904 c:Non-currentFinancialInstruments 2024-04-30 02480904 c:Non-currentFinancialInstruments 2023-04-30 02480904 c:CurrentFinancialInstruments c:WithinOneYear 2024-04-30 02480904 c:CurrentFinancialInstruments c:WithinOneYear 2023-04-30 02480904 c:Non-currentFinancialInstruments c:AfterOneYear 2024-04-30 02480904 c:Non-currentFinancialInstruments c:AfterOneYear 2023-04-30 02480904 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2024-04-30 02480904 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2023-04-30 02480904 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2024-04-30 02480904 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2023-04-30 02480904 c:ShareCapital 2024-04-30 02480904 c:ShareCapital 2023-04-30 02480904 c:RevaluationReserve 2023-05-01 2024-04-30 02480904 c:RevaluationReserve 2024-04-30 02480904 c:RevaluationReserve 2023-04-30 02480904 c:RetainedEarningsAccumulatedLosses 2023-05-01 2024-04-30 02480904 c:RetainedEarningsAccumulatedLosses 2024-04-30 02480904 c:RetainedEarningsAccumulatedLosses 2023-04-30 02480904 e:FRS102 2023-05-01 2024-04-30 02480904 e:AuditExempt-NoAccountantsReport 2023-05-01 2024-04-30 02480904 e:FullAccounts 2023-05-01 2024-04-30 02480904 e:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 02480904 c:Subsidiary1 2023-05-01 2024-04-30 02480904 c:Subsidiary1 1 2023-05-01 2024-04-30 02480904 c:WithinOneYear 2024-04-30 02480904 c:WithinOneYear 2023-04-30 02480904 c:BetweenOneFiveYears 2024-04-30 02480904 c:BetweenOneFiveYears 2023-04-30 02480904 2 2023-05-01 2024-04-30 02480904 5 2023-05-01 2024-04-30 02480904 6 2023-05-01 2024-04-30 02480904 c:AcceleratedTaxDepreciationDeferredTax 2024-04-30 02480904 c:AcceleratedTaxDepreciationDeferredTax 2023-04-30 iso4217:GBP xbrli:pure
Registered number: 02480904


GOLD CREST HOLIDAYS LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 APRIL 2024

 
GOLD CREST HOLIDAYS LIMITED
REGISTERED NUMBER: 02480904

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 7 
108,269
107,561

Investments
 8 
2
2

Investment property
 9 
623,000
623,000

  
731,271
730,563

Current assets
  

Debtors: amounts falling due within one year
 10 
150,836
150,873

Cash at bank and in hand
  
1,865
158,468

  
152,701
309,341

Creditors: amounts falling due within one year
 11 
(409,147)
(484,421)

Net current liabilities
  
 
 
(256,446)
 
 
(175,080)

Total assets less current liabilities
  
474,825
555,483

Creditors: amounts falling due after more than one year
 12 
(42,540)
(72,500)

Provisions for liabilities
  

Deferred tax
  
(4,718)
-

  
 
 
(4,718)
 
 
-

Net assets
  
427,567
482,983


Capital and reserves
  

Called up share capital 
  
50,000
50,000

Revaluation reserve
 15 
481,800
481,800

Profit and loss account
 15 
(104,233)
(48,817)

  
427,567
482,983


Page 1

 
GOLD CREST HOLIDAYS LIMITED
REGISTERED NUMBER: 02480904
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2024

The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 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 September 2024.




M T Hartshorne
Director

The notes on pages 3 to 14 form part of these financial statements.

Page 2

 
GOLD CREST HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Gold Crest Holidays Limited is a private company limited by shares incorporated in England and Wales.  The address of the registered office is Holiday House, Valley Drive, Ilkley, West Yorkshire, LS29 8PB.
The nature of the company's operations and principal activities are that of a tour operator.

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 judgement in applying the Company's accounting policies (see note 3).

  
2.2

Turnover

Turnover represents amounts receivable for holidays sold and services rendered net of TOMS VAT and trade discounts.  Income is recognised at date of departure.

 
2.3

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.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
GOLD CREST HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred taxation

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

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 4

 
GOLD CREST HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
Nil
Freehold fitout
-
10% Straight line
Fixtures and fittings
-
10% Straight line
Computer equipment
-
25% Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.11

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 5

 
GOLD CREST HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.13

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.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.15

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.

 
2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.17

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.

  
2.18

Advance bookings

All amounts received from customers relating to holidays with departures after the year end are disclosed under accruals and deferred income.
All amounts paid to suppliers relating to holidays with departures after the year end are disclosed under prepayments and accrued income.

Page 6

 
GOLD CREST HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

3.


Judgements in applying accounting policies 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 recognised 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 Statement of comprehensive income in the period in which the estimate is revised where the revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.


4.


Other operating income

2024
2023
£
£

Net rents receivable
50,095
49,545

50,095
49,545



5.


Employees

The average monthly number of employees, including directors, during the year was 11 (2023 - 11).

Page 7

 
GOLD CREST HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

6.


Intangible assets




Goodwill

£



Cost


At 1 May 2023
41,250



At 30 April 2024

41,250



Amortisation


At 1 May 2023
41,250



At 30 April 2024

41,250



Net book value



At 30 April 2024
-



At 30 April 2023
-



Page 8

 
GOLD CREST HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

7.


Tangible fixed assets





Freehold property and fitout
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 May 2023
160,426
47,614
33,900
241,940


Additions
-
11,279
3,863
15,142


Disposals
-
(944)
(2,649)
(3,593)



At 30 April 2024

160,426
57,949
35,114
253,489



Depreciation


At 1 May 2023
66,747
37,248
30,384
134,379


Charge for the year on owned assets
8,343
3,518
2,573
14,434


Disposals
-
(944)
(2,649)
(3,593)



At 30 April 2024

75,090
39,822
30,308
145,220



Net book value



At 30 April 2024
85,336
18,127
4,806
108,269



At 30 April 2023
93,679
10,366
3,516
107,561


8.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 May 2023
2



At 30 April 2024
2




Page 9

 
GOLD CREST HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Class of shares

Holding

Gold Crest Transport Limited
Ordinary
100%

The aggregate of the share capital and reserves as at 30 April 2024 and the profit or loss for the year ended on that date for the subsidiary undertaking was as follows:

Name
Profit/(Loss)

Gold Crest Transport Limited
7,420


9.


Investment property


Freehold investment property

£



Valuation


At 1 May 2023
623,000



At 30 April 2024
623,000

The 2022 valuations were made by Cartner Towler, on an open market value for existing use basis.




Page 10

 
GOLD CREST HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

10.


Debtors

2024
2023
£
£


Trade debtors
10,166
-

Other debtors
25,511
23,909

Prepayments and accrued income
115,159
126,964

150,836
150,873


Included within prepayments and accrued income are advance payments of £90,671 (2023:£83,604) made to suppliers for holidays departing after the year end.


11.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
21,057
-

Bank loans
30,000
30,000

Trade creditors
22,840
122,802

Amounts owed to group undertakings
16,500
5,196

Other taxation and social security
6,333
7,279

Other creditors
1,789
1,411

Accruals and deferred income
310,628
317,733

409,147
484,421


Included within accruals and deferred income are advance receipts of £250,055 (2023: £267,917) for holidays departing after the year end.
There is a legal charge over part of Holiday House, Valley Drive, Ilkley, LS29 8PB, for the use of the overdraft.


12.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
42,540
72,500

42,540
72,500


Page 11

 
GOLD CREST HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

13.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
30,000
30,000


30,000
30,000

Amounts falling due 1-2 years

Bank loans
30,000
30,000


30,000
30,000

Amounts falling due 2-5 years

Bank loans
12,540
42,500


12,540
42,500


72,540
102,500


In 2021, a government backed Coronavirus Business Interruption Loan (CBIL) was taken with Barclays Bank UK PLC by the Company amounting to £150,000. This is repayable in 5 years on a floating rate basis.


14.


Deferred taxation




2024


£






Charged to profit or loss
(4,718)



At end of year
(4,718)

Page 12

 
GOLD CREST HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
 
14.Deferred taxation (continued)

The deferred taxation balance is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(4,718)
-

(4,718)
-


15.


Reserves

Revaluation reserve

Revaluation reserve records the surplus arising on the valuation of property held for own use of the company in prior years.

Profit and loss account

Profit and loss includes all current and prior year retained profit.


16.


Contingent liabilities

The company is a member of the Association of British Travel Agents Limited (’ABTA’).
As at 30th April 2024, there were contingent liabilities given by the company in the normal course of business to Barclays Bank Plc in respect of ABTA bonds amounting £248,500 (2023: 248,500) .


17.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £9,116 (2023: £7,590). Contributions totalling £1,789 (2023: £1,411) were payable to the fund at the reporting date and are included in creditors.

Page 13

 
GOLD CREST HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

18.


Commitments under operating leases

At 30 April 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
13,289
2,568

Later than 1 year and not later than 5 years
19,226
4,917

32,515
7,485


19.


Related party transactions

As at 30 April 2024, the company owed £16,500 (2023: £5,196) to Gold Crest Transport Limited, a wholly owned subsidiary and a company in which M Harthorne also serves as a director.
As at 30 April 2024, the company was owed £12,077 (2023: £11,938) by Web Gazette LLP, an LLP in which the Directors have an interest.
As at 30 April 2024, the company was owed £180 (2023: £-Nil) from M T Hartshorne, the director of the company. This was repaid within nine months post year end.


20.


Controlling party

During the year R C W Rigg, a director, controlled the company by virtue of a controlling interest of 76% of the issued ordinary share capital.


21.


Post balance sheet events

The directors have concluded that no material events have occurred since the date of approval of these financial statements that would affect the financial statements of the company.

 
Page 14