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Registration number: 08925165

Independent School Travel Ltd

Filleted Annual Report and Unaudited Abridged Financial Statements

for the Period from 1 June 2023 to 30 April 2024

 

Independent School Travel Ltd

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 9

 

Independent School Travel Ltd

Company Information

Director

Mr A Williams

Registered office

Severn House
Hazell Drive
Newport
South Wales
NP10 8FY

Accountants

HSJ Accountants Ltd
Severn House
Hazell Drive
Newport
South Wales
NP10 8FY

 

Independent School Travel Ltd

(Registration number: 08925165)
Abridged Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

3,848

4,289

Tangible assets

5

982

704

 

4,830

4,993

Current assets

 

Debtors

100,656

143,964

Cash at bank and in hand

 

32,110

50,416

 

132,766

194,380

Prepayments and accrued income

 

110,791

105,480

Creditors: Amounts falling due within one year

6.1

(25,085)

(52,246)

Net current assets

 

218,472

247,614

Total assets less current liabilities

 

223,302

252,607

Creditors: Amounts falling due after more than one year

6.2

(23,750)

(36,917)

Accruals and deferred income

 

(74,440)

(140,548)

Net assets

 

125,112

75,142

Capital and reserves

 

Called up share capital

8

35,300

35,300

Share premium reserve

44,697

44,697

Retained earnings

45,115

(4,855)

Shareholders' funds

 

125,112

75,142

 

Independent School Travel Ltd

(Registration number: 08925165)
Abridged Balance Sheet as at 30 April 2024

For the financial period ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges his 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.

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 10 September 2024
 

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

Mr A Williams
Director

 

Independent School Travel Ltd

Notes to the Unaudited Abridged Financial Statements for the Period from 1 June 2023 to 30 April 2024

1

General information

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

The address of its registered office is:
Severn House
Hazell Drive
Newport
South Wales
NP10 8FY

The principal place of business is:
Cae Mawr Farm
Clyro
Powys
HR3 5LB

These financial statements were authorised for issue by the director on 10 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 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.

Going concern

The directors consider the going concern basis of preparing the accounts to be appropriate because, in their opinion, the company will continue to secure access to sufficient funding in order to pay its debts as they fall due. Accordingly, the financial statements have been prepared on the 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 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.

 

Independent School Travel Ltd

Notes to the Unaudited Abridged Financial Statements for the Period from 1 June 2023 to 30 April 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

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.

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.

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% straight line

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

Intangibles

10% straight line

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.

 

Independent School Travel Ltd

Notes to the Unaudited Abridged Financial Statements for the Period from 1 June 2023 to 30 April 2024

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.

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.

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 the director) during the period, was 2 (2023 - 3).

 

Independent School Travel Ltd

Notes to the Unaudited Abridged Financial Statements for the Period from 1 June 2023 to 30 April 2024

4

Intangible assets

Total
£

Cost or valuation

At 1 June 2023

4,810

At 30 April 2024

4,810

Amortisation

At 1 June 2023

521

Amortisation charge

441

At 30 April 2024

962

Carrying amount

At 30 April 2024

3,848

At 31 May 2023

4,289

 

Independent School Travel Ltd

Notes to the Unaudited Abridged Financial Statements for the Period from 1 June 2023 to 30 April 2024

5

Tangible assets

Plant and machinery
£

Total
£

Cost or valuation

At 1 June 2023

3,405

3,405

Additions

668

668

At 30 April 2024

4,073

4,073

Depreciation

At 1 June 2023

2,701

2,701

Charge for the period

390

390

At 30 April 2024

3,091

3,091

Carrying amount

At 30 April 2024

982

982

At 31 May 2023

704

704

6

Creditors

Creditors: amounts falling due within one year

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £14,483 (2023 - £18,800).

Creditors: amounts falling due after more than one year

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £23,750 (2023 - £36,917).

7

Related party transactions

Transactions with the director

2024

At 1 June 2023
£

Advances to director
£

Repayments by director
£

At 30 April 2024
£

Mr A Williams

Advance/ Repaid

22,232

(309,727)

288,140

645

 

Independent School Travel Ltd

Notes to the Unaudited Abridged Financial Statements for the Period from 1 June 2023 to 30 April 2024

2023

At 1 June 2022
£

Advances to director
£

At 31 May 2023
£

Mr A Williams

Advance/ Repaid

23,782

(1,550)

22,232

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

35,300

35,300

35,300

35,300