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Registration number: SC215094

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Marina Executive Travel Ltd

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Marina Executive Travel Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

4 to 7

 

Marina Executive Travel Ltd

Company Information

Directors

Andrew Craik

Lee-Ann Craik

Thomas Craik

Company secretary

Roderick Brian Gunkel

Registered office

61 Tamfourhill Road
Falkirk
FK1 4RJ

Bankers

Clydesdale Bank plc
1 Bank Street
Falkirk
FK1 1NB

Accountants

RGA Scotland Limited
Chartered Accountants
Orchardlea
Callander
FK17 8BG

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Marina Executive Travel Ltd
for the Year Ended 29 February 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Marina Executive Travel Ltd for the year ended 29 February 2024 as set out on pages 3 to 7 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 Marina Executive Travel Ltd , as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Marina Executive Travel Ltd and state those matters that we have agreed to state to the Board of Directors of Marina Executive Travel Ltd, as a body, in this report.

This is in accordance with the requirements of such bodies as the ACCA, ICAS and ICAEW, to the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Marina Executive Travel Ltd and its Board of Directors as a body for our work or for this report.
 

It is your duty to ensure that Marina Executive Travel 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 loss of Marina Executive Travel Ltd. You consider that Marina Executive Travel 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 Marina Executive Travel 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.

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

RGA Scotland Limited
Chartered Accountants
Orchardlea
Callander
FK17 8BG


 

15 August 2024

 

Marina Executive Travel Ltd

(Registration number: SC215094)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

26,554

65,734

Current assets

 

Debtors

6

-

5,408

Cash at bank and in hand

 

(5,864)

(6,334)

 

(5,864)

(926)

Creditors: Amounts falling due within one year

7

(234,229)

(214,559)

Net current liabilities

 

(240,093)

(215,485)

Total assets less current liabilities

 

(213,539)

(149,751)

Creditors: Amounts falling due after more than one year

7

(10,445)

(22,271)

Net liabilities

 

(223,984)

(172,022)

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

(224,084)

(172,122)

Shareholders' deficit

 

(223,984)

(172,022)

For the financial year ending 29 February 2024 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.

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 15 August 2024 and signed on its behalf by:
 

.........................................
Andrew Craik
Director

 

Marina Executive Travel Ltd

Notes to the Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
61 Tamfourhill Road
Falkirk
FK1 4RJ

These financial statements were authorised for issue by the Board on 15 August 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.

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

Fixtures, fittings, equipment

no depreciation necessary this year

Office and workshop

no depreciation necessary this year

Cars

20-30% p.a reducing balance basis

 

Marina Executive Travel Ltd

Notes to the Financial Statements for the Year Ended 29 February 2024

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.

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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

Marina Executive Travel Ltd

Notes to the Financial Statements for the Year Ended 29 February 2024

4

Loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

15,845

23,496

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

4,348

32,724

103,984

141,056

Additions

-

-

33,165

33,165

Disposals

-

-

(93,820)

(93,820)

At 29 February 2024

4,348

32,724

43,329

80,401

Depreciation

At 1 March 2023

1,230

32,608

41,484

75,322

Charge for the year

-

-

15,845

15,845

Eliminated on disposal

-

-

(37,320)

(37,320)

At 29 February 2024

1,230

32,608

20,009

53,847

Carrying amount

At 29 February 2024

3,118

116

23,320

26,554

At 28 February 2023

3,118

116

62,500

65,734

6

Debtors

Current

2024
£

2023
£

Trade debtors

-

4,499

Other debtors

-

909

 

-

5,408

 

Marina Executive Travel Ltd

Notes to the Financial Statements for the Year Ended 29 February 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

232,519

205,653

Taxation and social security

 

(115)

2,744

Accruals and deferred income

 

1,825

6,162

 

234,229

214,559

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

9

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

10,445

22,271

2024
£

2023
£

Current loans and borrowings

Bank borrowings

9,200

14,487

Director current account

223,319

191,166

232,519

205,653