Registered number
10425074
L&B Travel Limited
Unaudited Filleted Accounts
31 December 2023
L&B Travel Limited
Registered number: 10425074
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 225,437 234,872
Current assets
Debtors 5 89,455 176,878
Cash at bank and in hand 57,500 6
146,955 176,884
Creditors: amounts falling due within one year 6 (213,281) (175,180)
Net current (liabilities)/assets (66,326) 1,704
Total assets less current liabilities 159,111 236,576
Creditors: amounts falling due after more than one year 7 (99,658) (140,700)
Provisions for liabilities (56,359) (44,031)
Net assets 3,094 51,845
Capital and reserves
Called up share capital 100 100
Profit and loss account 2,994 51,745
Shareholders' funds 3,094 51,845
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Lee Clydesdale William Campbell
Director Director
Approved by the board on 23 December 2024
L&B Travel Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% on WDV
Motor coaches 25% on WDV
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 11 14
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2023 10,000
At 31 December 2023 10,000
Amortisation
At 1 January 2023 10,000
At 31 December 2023 10,000
Net book value
At 31 December 2023 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 3 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2023 23,557 414,830 438,387
Additions 5,058 66,229 71,287
Disposals - (35,000) (35,000)
At 31 December 2023 28,615 446,059 474,674
Depreciation
At 1 January 2023 8,748 194,767 203,515
Charge for the year 3,176 64,043 67,219
On disposals - (21,497) (21,497)
At 31 December 2023 11,924 237,313 249,237
Net book value
At 31 December 2023 16,691 208,746 225,437
At 31 December 2022 14,809 220,063 234,872
5 Debtors 2023 2022
£ £
Trade debtors 86,537 70,247
Amounts owed by group undertakings and undertakings in which the company has a participating interest 24,982 93,595
Other debtors (22,064) 13,036
89,455 176,878
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 21,246 23,245
Obligations under finance lease and hire purchase contracts 56,348 53,559
Trade creditors 6,430 10,440
Taxation and social security costs 5,526 17,596
Other creditors 123,731 70,340
213,281 175,180
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 56,646 76,646
Obligations under finance lease and hire purchase contracts 43,012 64,054
99,658 140,700
8 Loans 2023 2022
£ £
Creditors include:
Secured hire purchase loans 99,360 117,613
The loans are secured on the assets to which they relate.
9 Pension commitments
The company operates a defined contribution pension scheme on behalf of its employees. The pension contributions payable by the company for the year are £1,180 (2021 - £781).
10 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 20,000 20,000
11 Related party transactions
Transactions with entities under common control 2023 2022
£ £
Monies received on behalf of related parties 98,894 58,861
Expenses paid on behalf of related parties 169,556 118,526
Balance due from/(to) related parties (34,431) 36,231
12 Controlling party
In the opinion of the diirectors there is no controlling party.
13 Other information
L&B Travel Limited is a private company limited by shares and incorporated in England. Its registered office is:
Salvus House
Aykley Heads
Durham City
Durham
DH1 5TS
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