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Registration number: 01472305

Mayne Travel Mcr Limited

Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Mayne Travel Mcr Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Mayne Travel Mcr Limited

(Registration number: 01472305)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

568,497

1,234,989

Current assets

 

Debtors

5

233,222

454,770

Cash at bank and in hand

 

-

328,640

 

233,222

783,410

Creditors: Amounts falling due within one year

6

(348,389)

(437,361)

Net current (liabilities)/assets

 

(115,167)

346,049

Total assets less current liabilities

 

453,330

1,581,038

Creditors: Amounts falling due after more than one year

6

(294,078)

(738,938)

Provisions for liabilities

(141,636)

(139,965)

Net assets

 

17,616

702,135

Capital and reserves

 

Called up share capital

8,292

8,292

Share premium reserve

5,353

5,353

Capital redemption reserve

725

725

Retained earnings

3,246

687,765

Shareholders' funds

 

17,616

702,135

 

Mayne Travel Mcr Limited

(Registration number: 01472305)
Balance Sheet as at 31 March 2024

For the financial year ending 31 March 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 year 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.

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 26 November 2024
 

.........................................
Mr W A Goodwin
Director

   
     
 

Mayne Travel Mcr Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
C/O Seemore Travel,
2b Marsland Road,
Sale
Greater Manchester
M33 3HQ
England

These financial statements were authorised for issue by the director on 26 November 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.

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.

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.

 

Mayne Travel Mcr Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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

Motor vehicles

10% straight line

Plant and machinery

25% Straight line

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.

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.

 

Mayne Travel Mcr Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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 year, was 14 (2023 - 11).

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

-

1,403,354

1,403,354

Additions

2,196

349,023

351,219

Disposals

-

(1,004,884)

(1,004,884)

At 31 March 2024

2,196

747,493

749,689

Depreciation

At 1 April 2023

-

168,365

168,365

Charge for the year

73

189,431

189,504

Eliminated on disposal

-

(176,677)

(176,677)

At 31 March 2024

73

181,119

181,192

Carrying amount

At 31 March 2024

2,123

566,374

568,497

At 31 March 2023

-

1,234,989

1,234,989

5

Debtors

Note

2024
£

2023
£

Trade debtors

 

116,449

160,450

Amounts owed by group undertakings

8

74,201

231,067

Other debtors

 

42,572

63,253

 

233,222

454,770

 

Mayne Travel Mcr Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

93,303

261,312

Trade creditors

 

53,211

105,312

Taxation and social security

 

147,305

6,156

Other creditors

 

54,570

64,581

 

348,389

437,361

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

294,078

738,938

2024
£

2023
£

Due after more than five years

After more than five years by instalments

-

90,238

-

-

7

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

12,500

22,500

Hire purchase contracts

281,578

716,438

294,078

738,938

 

Mayne Travel Mcr Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

2024
£

2023
£

Current loans and borrowings

Bank borrowings

10,000

10,000

Bank overdrafts

2,778

-

Hire purchase contracts

80,525

251,312

93,303

261,312


Secured creditors
The hire purchase agreements are secured on the assets to which they relate.

 

Mayne Travel Mcr Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Related party transactions

Transactions with the director

2024

At 1 April 2023
£

Repayments by director
£

At 31 March 2024
£

Mr W A Goodwin

Amounts advanced

18,565

(18,565)

-

Interest charged

421

(421)

-

 

18,986

(18,986)

-

     

 

2023

At 1 October 2022
£

Advances to director
£

At 31 March 2023
£

Amounts advanced

-

18,565

18,565

Interest charged

-

421

421

 

-

18,986

18,986

     

 

The loan is repayable on demand. Interest has been charged at 2.25% (2023 2%).