REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
CLEVELAND TRAVEL LIMITED |
REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
CLEVELAND TRAVEL LIMITED |
CLEVELAND TRAVEL LIMITED (REGISTERED NUMBER: 02797491) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
CLEVELAND TRAVEL LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Certified Accountants |
&Registered Auditors |
187 High Road Leyton |
London |
E15 2BY |
CLEVELAND TRAVEL LIMITED (REGISTERED NUMBER: 02797491) |
BALANCE SHEET |
30 JUNE 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Investments | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Retained earnings | 12 |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
CLEVELAND TRAVEL LIMITED (REGISTERED NUMBER: 02797491) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
1. | STATUTORY INFORMATION |
Cleveland Travel Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents net invoiced sales of services, excluding value added tax. The total turnover of the company for the year has been derived from the provision of services falling within the company's principal activities. Turnover is recognised at the date of departure. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
FF & equipment | - |
CLEVELAND TRAVEL LIMITED (REGISTERED NUMBER: 02797491) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company only enters into basic financial instrument transitions that results in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from bank and other third parties, loans to relate to parties and investments in ordinary shares. |
Debt instruments (other than those wholly repayable or receivable within one year) including loans and other accounts receivables and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest rate method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or order consideration expected to be paid or received. However, if the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at the market rates of interest for a similar debt instrument and subsequently at amortised cost, unless it quantifies as a loan from a director in the case of a small company or a public benefit entity concessionary loan. |
Investments is a non-derivative instrument that are equity to the issuer are measured at: |
" fair value which change is recognised in the statement of comprehensive income the shares are publicly traded or they are favourable you can otherwise be measured reliably, |
" at a cost less impairment of all other investments |
Financial assets that are measured at cost and amortised are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income. |
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the assets if it were to be sold at the reporting date. |
Financial assets and liabilities are offsets and the net amount reported in the Statement of Financial Position where there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the assets and settle the liability simultaneously. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
CLEVELAND TRAVEL LIMITED (REGISTERED NUMBER: 02797491) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
2. | ACCOUNTING POLICIES - continued |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Pension costs |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Going concern |
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, a period of not less than 12 months from the date of approval of these financial statements. |
Investments |
Current asset investments are stated at cost less provision for permanent diminution in value. |
Leasing |
Rentals under operating leases are charged to the profit and loss account as they fall due. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Computer |
software |
£ |
COST |
At 1 July 2023 |
and 30 June 2024 |
AMORTISATION |
At 1 July 2023 |
Amortisation for year |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
CLEVELAND TRAVEL LIMITED (REGISTERED NUMBER: 02797491) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
5. | TANGIBLE FIXED ASSETS |
FF & |
equipment |
£ |
COST |
At 1 July 2023 |
and 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
Trade debtors |
Other debtors |
7. | CURRENT ASSET INVESTMENTS |
30.6.24 | 30.6.23 |
£ | £ |
Unlisted investments | 57,476 | 57,476 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
BSP OUTSTANDING |
As at 30 June 2024 an amount of £274,972 (2023 : £246,444) was payable to International Air Transport Association (IATA) for tickets issued in the mouth of June 2024. This amount is included in the Trade Creditors figure above. |
CLEVELAND TRAVEL LIMITED (REGISTERED NUMBER: 02797491) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
Bank loans |
Other creditors |
Included in the Other creditors above is an amount £535,156 (2023 : £535,156) Directors loan subordinated to Civil Aviation Authority (the CAA). |
10. | SECURED DEBTS |
The bank has a debenture charge over all the assets of the company. |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.6.24 | 30.6.23 |
value: | £ | £ |
Ordinary "A" | £1 | 72,000 | 72,000 |
Ordinary "B" | £1 | 8,000 | 8,000 |
80,000 | 80,000 |
12. | RESERVES |
Retained |
earnings |
£ |
At 1 July 2023 |
Profit for the year |
At 30 June 2024 |
13. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
14. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
At the balance sheet date, the company owed the directors £2,584 (2023 : £2,584). |
The company's banking facilities are secured by the personal guarantees from directors, Ms F Geoghegan and Mr G Bayol. |
The company has 6.25% investment (note 9) in BGW Communications (Pty) Ltd, a South Africa company in which the directors are also shareholders. |
At the balance sheet date, Cleveland Travel Limited was owed £576,133 (2023 : £318,965) by BGW Communications (Pty) Ltd. |
CLEVELAND TRAVEL LIMITED (REGISTERED NUMBER: 02797491) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
15. | FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES |
In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements. |
16. | ULTIMATE CONTROLLING PARTY |
During the current and the previous years, the company was controlled by directors, by virtue of their ownership of the majority of the issued share capital. |