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Company registration number: 12744035
Heritage Collection Travel Ltd
Unaudited filleted financial statements
31 December 2023
Heritage Collection Travel Ltd
Contents
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Heritage Collection Travel Ltd
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 13,078 17,472
_______ _______
13,078 17,472
Current assets
Debtors 6 16,750 21,085
Cash at bank and in hand 1,064 2,146
_______ _______
17,814 23,231
Creditors: amounts falling due
within one year 7 ( 30,201) ( 32,619)
_______ _______
Net current liabilities ( 12,387) ( 9,388)
_______ _______
Total assets less current liabilities 691 8,084
_______ _______
Net assets 691 8,084
_______ _______
Capital and reserves
Called up share capital 15,100 15,100
Share premium account 19,980 19,980
Profit and loss account ( 34,389) ( 26,996)
_______ _______
Shareholder funds 691 8,084
_______ _______
For the 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 member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 24 September 2024 , and are signed on behalf of the board by:
Mr M P Davies
Director
Company registration number: 12744035
Heritage Collection Travel Ltd
Statement of changes in equity
Year ended 31 December 2023
Called up share capital Share premium account Profit and loss account
£ £ £
At 1 January 2022 100 19,980 ( 13,630)
Loss for the year ( 13,366)
_______ _______ _______
Total comprehensive income for the year - - ( 13,366)
Issue of shares 15,000 -
_______ _______ _______
Total investments by and distributions to owners 15,000 - -
_______ _______ _______
At 31 December 2022 and 1 January 2023 15,100 19,980 ( 26,996)
Loss for the year ( 7,393)
_______ _______ _______
Total comprehensive income for the year - - ( 7,393)
_______ _______ _______
At 31 December 2023 15,100 19,980 ( 34,389)
_______ _______ _______
Heritage Collection Travel Ltd
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Popes Head Court Offices, Peter Lane, York, YO1 8SU.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property - 20 % straight line
Fittings fixtures and equipment - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tangible assets
Short leasehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 January 2023 and 31 December 2023 21,025 943 21,968
_______ _______ _______
Depreciation
At 1 January 2023 4,242 254 4,496
Charge for the year 4,205 189 4,394
_______ _______ _______
At 31 December 2023 8,447 443 8,890
_______ _______ _______
Carrying amount
At 31 December 2023 12,578 500 13,078
_______ _______ _______
At 31 December 2022 16,783 689 17,472
_______ _______ _______
6. Debtors
2023 2022
£ £
Other debtors 16,750 21,085
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Social security and other taxes 795 -
Other creditors 29,406 32,619
_______ _______
30,201 32,619
_______ _______
8. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr M P Davies ( 30,630) 3,738 ( 26,892)
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr M P Davies ( 33,009) 2,379 ( 30,630)
_______ _______ _______