Company registration number 00546349 (England and Wales)
SKILLS TRAVEL LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
SKILLS TRAVEL LIMITED
COMPANY INFORMATION
Directors
Mr S C R Skill
Mr N S A Skill
Mr P Hallam
Mr P Mctiernan
Secretary
Mr S C R Skill
Company number
00546349
Registered office
White House
Wollaton Street
Nottingham
NG1 5GF
Auditor
RWB CA Limited t/a RWB Chartered Accountants
Northgate House
North Gate
New Basford
Nottingham
NG7 7BG
Business address
Belgrave Business Park
Bulwell
Nottingham
NG6 8LY
SKILLS TRAVEL LIMITED
CONTENTS
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
SKILLS TRAVEL LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
-
-
Tangible assets
5
-
-
Current assets
Debtors
3,471,126
2,667,067
Cash at bank and in hand
276,692
118,915
3,747,818
2,785,982
Creditors: amounts falling due within one year
(3,559,999)
(2,730,943)
Net current assets
187,819
55,039
Total assets less current liabilities
187,819
55,039
Capital and reserves
Called up share capital
7
6,000
6,000
Profit and loss reserves
181,819
49,039
Total equity
187,819
55,039

In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 20 January 2025 and are signed on its behalf by:
Mr S C R Skill
Director
Company Registration No. 00546349
SKILLS TRAVEL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 May 2022
6,000
28,047
34,047
Year ended 30 April 2023:
Profit and total comprehensive income
-
20,992
20,992
Balance at 30 April 2023
6,000
49,039
55,039
Year ended 30 April 2024:
Profit and total comprehensive income
-
132,780
132,780
Balance at 30 April 2024
6,000
181,819
187,819
SKILLS TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information

Skills Travel Limited is a private company limited by shares incorporated in England and Wales. The registered office is White House, Wollaton Street, Nottingham, NG1 5GF. The Company's principal activity is that of a coach operator and travel agent.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The Directors believe that the Company’s financial statements should be prepared on a going concern basis and have considered a period of twelve months from the date of approval of these accounts.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is presumed not to exceed ten years..

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

SKILLS TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
20% straight line
Motor vehicles
10% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

SKILLS TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.12

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses from impairment are recognised in the profit and loss accounts in other administrative expenses.

SKILLS TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Employees
8
8
4
Intangible fixed assets
Total
£
Cost
At 1 May 2023
48,874
Disposals
(48,874)
At 30 April 2024
-
0
Amortisation and impairment
At 1 May 2023
48,874
Disposals
(48,874)
At 30 April 2024
-
0
Carrying amount
At 30 April 2024
-
0
At 30 April 2023
-
0
SKILLS TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
5
Tangible fixed assets
Plant and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 May 2023
122,748
152,123
274,871
Disposals
(122,748)
(152,123)
(274,871)
At 30 April 2024
-
0
-
0
-
0
Depreciation and impairment
At 1 May 2023
122,748
152,123
274,871
Eliminated in respect of disposals
(122,748)
(152,123)
(274,871)
At 30 April 2024
-
0
-
0
-
0
Carrying amount
At 30 April 2024
-
0
-
0
-
0
At 30 April 2023
-
0
-
0
-
0
6
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
5,729
5,420

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
6,000
6,000
6,000
6,000
8
Audit report information

The auditor's report on the financial statements for the year ended 30 April 2024 was unqualified. The audit report was signed by Neil Coupland FCA (Senior Statutory Auditor) on behalf of RWB CA Limited t/a RWB Chartered Accountants.

 

SKILLS TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
9
Related party transactions

The Company has taken advantage of the exemption available within FRS102 not to disclose details of any transactions between itself and its 100% owned subsidiaries.

 

At 30th April 2024 £3,193,247 (2023: £2,433,322) was owed by group companies which are not wholly owned within the group.

 

At 30th April 2024 £Nil (2023: £Nil) was owed to group companies which are not wholly owned within the group.

 

The amounts owed to and from Group undertakings are interest free and repayable on demand.

 

At 30th April 2024 £25,351 (2023: £25,351) was owed from a connected company with directors in common. The amounts owed are interest free and repayable on demand.

10
Parent company

At the balance sheet date the company was under control of Skills Leisure Limited, a company incorporated in England, by virtue of their 100% shareholding in Skills Travel Limited. Their registered office is White House, Clarendon Street, Nottingham, NG1 5GF. The group accounts of Skills Leisure Limited are freely available by writing to Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ.

 

The ultimate controlling party is considered to be S C R Skill and N S A Skill by virtue of their shareholdings in Skills Leisure Limited.

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