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Registration number: 07363365

Spitfire Travel Shefford Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Spitfire Travel Shefford Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Spitfire Travel Shefford Ltd

Company Information

Directors

Mr. Richard Ernest Abery

Mrs. Anne Lillian Butler

Registered office

222 Wolverton Road
Blakelands
Milton Keynes
MK14 5AB

Accountants

Veracitas Financial Consultants Ltd
Chartered8 Park View
Tickford Street
Newport Pagnell
Buckinghamshire
MK16 9AD

 

Spitfire Travel Shefford Ltd

(Registration number: 07363365)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,304

1,739

Current assets

 

Debtors

5

489

106

Cash at bank and in hand

 

5,796

6,379

 

6,285

6,485

Creditors: Amounts falling due within one year

6

(700)

1,430

Net current assets

 

5,585

7,915

Total assets less current liabilities

 

6,889

9,654

Creditors: Amounts falling due after more than one year

6

(98,364)

(98,287)

Net liabilities

 

(91,475)

(88,633)

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

(91,575)

(88,733)

Shareholders' deficit

 

(91,475)

(88,633)

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.

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 and 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 13 May 2024 and signed on its behalf by:
 

 

Spitfire Travel Shefford Ltd

(Registration number: 07363365)
Balance Sheet as at 31 March 2024

.........................................
Mr. Richard Ernest Abery
Director

.........................................
Mrs. Anne Lillian Butler
Director

 

Spitfire Travel Shefford Ltd

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 England.

The address of its registered office is:
222 Wolverton Road
Blakelands
Milton Keynes
MK14 5AB

These financial statements were authorised for issue by the Board on 13 May 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.

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

Depreciation

25%

 

Spitfire Travel Shefford Ltd

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

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 0 (2023 - 0).

 

Spitfire Travel Shefford Ltd

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

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 April 2023

7,760

1,992

9,752

At 31 March 2024

7,760

1,992

9,752

Depreciation

At 1 April 2023

7,454

559

8,013

Charge for the year

77

358

435

At 31 March 2024

7,531

917

8,448

Carrying amount

At 31 March 2024

229

1,075

1,304

At 31 March 2023

306

1,433

1,739

5

Debtors

Current

2024
£

2023
£

Other debtors

489

106

 

489

106

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

-

(2,130)

Accruals and deferred income

 

700

700

 

700

(1,430)

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

98,364

98,287

 

Spitfire Travel Shefford Ltd

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

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Class Shares of £1 each

100

100

100

100

       

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

-

8,563

Other borrowings

98,364

89,724

98,364

98,287

Current loans and borrowings

2024
£

2023
£

Bank borrowings

-

(2,130)