Company Registration No. 04735210 (England and Wales)
EASY TRAVEL (LEEDS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 APRIL 2024
30 April 2024
PAGES FOR FILING WITH REGISTRAR
PM+M Solutions for Business LLP
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
EASY TRAVEL (LEEDS) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
EASY TRAVEL (LEEDS) LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
11,000
22,000
Tangible assets
5
788,149
560,059
Investment property
6
109,836
109,836
908,985
691,895
Current assets
Stocks
7
2,981
8,020
Debtors
8
1,135,217
904,273
Cash at bank and in hand
371,542
718,026
1,509,740
1,630,319
Creditors: amounts falling due within one year
9
(484,310)
(529,914)
Net current assets
1,025,430
1,100,405
Total assets less current liabilities
1,934,415
1,792,300
Provisions for liabilities
10
(144,871)
(68,626)
Net assets
1,789,544
1,723,674
Capital and reserves
Called up share capital
11
1,000
1,000
Profit and loss reserves
1,788,544
1,722,674
Total equity
1,789,544
1,723,674
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
EASY TRAVEL (LEEDS) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 29 January 2025 and are signed on its behalf by:
Mr JC Pearce
Director
Company registration number 04735210 (England and Wales)
EASY TRAVEL (LEEDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information
Easy Travel (Leeds) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ashfield Way, Whitehall Industrial Estate, Whitehall Road, Leeds, LS12 5JB.
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
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 during the year, 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.
1.3
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.
1.4
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:
Leasehold improvements
Straight line over 5 years
Factory & Office equipment
Straight line over 3 years
Motor vehicles
Straight line over 3 years
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.
The directors anticipate the residual value of the freehold building to be greater than its cost and accordingly no depreciation has been charged in respect of the freehold building.
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
EASY TRAVEL (LEEDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
Where fair value cannot be achieved without unique cost or effort, investment property is accounted for as tangible fixed assets.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
1.7
Cash at bank and in hand
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.
1.8
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 balance sheet 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.
1.9
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.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.11
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.
EASY TRAVEL (LEEDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
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
Total
83
82
4
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
225,000
Amortisation and impairment
At 1 May 2023
203,000
Amortisation charged for the year
11,000
At 30 April 2024
214,000
Carrying amount
At 30 April 2024
11,000
At 30 April 2023
22,000
EASY TRAVEL (LEEDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
5
Tangible fixed assets
Leasehold improvements
Factory & Office equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 May 2023
75,762
10,634
999,460
1,085,856
Additions
357
569,830
570,187
Disposals
(140,175)
(140,175)
At 30 April 2024
75,762
10,991
1,429,115
1,515,868
Depreciation and impairment
At 1 May 2023
58,577
9,000
458,220
525,797
Depreciation charged in the year
15,152
1,315
315,083
331,550
Eliminated in respect of disposals
(129,628)
(129,628)
At 30 April 2024
73,729
10,315
643,675
727,719
Carrying amount
At 30 April 2024
2,033
676
785,440
788,149
At 30 April 2023
17,185
1,634
541,240
560,059
6
Investment property
2024
£
Fair value
At 1 May 2023 and 30 April 2024
109,836
The fair value of the investment property has been arrived at on the basis of a valuation by the directors on an open market value basis by reference to market evidence of transaction prices for similar properties.
7
Stocks
2024
2023
£
£
Vehicles
2,981
8,020
2024
2023
8
Debtors: amounts falling due within one year:
£
£
Trade debtors
495,928
476,744
Loans to directors
249,596
-
Other debtors
318,594
356,844
Prepayments and accrued income
71,099
70,685
1,135,217
904,273
EASY TRAVEL (LEEDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
9
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
43,330
73,015
Other taxation and social security
270,168
223,041
Other creditors
160,312
58,358
Accruals and deferred income
10,500
175,500
484,310
529,914
10
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
144,871
98,626
Short term timing differences
-
(30,000)
144,871
68,626
2024
Movements in the year:
£
Liability at 1 May 2023
68,626
Provision for the year
76,245
Liability at 30 April 2024
144,871
The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances and short term timing differences that are expected to mature within the same period.
EASY TRAVEL (LEEDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
11
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
"A" Ordinary shares of £1 each
200
247
200
247
"B" Ordinary shares of £1 each
396
491
396
491
"C" Ordinary share of £1 each
1
1
1
1
"D" Ordinary share of £1 each
1
1
1
1
"E" Ordinary share of £1 each
1
1
1
1
"F" Ordinary share of £1 each
1
1
1
1
"G" Ordinary shares of £1 each
99
10
99
10
"H" Ordinary shares of £1 each
200
248
200
248
"I" Ordinary shares of £1 each
50
-
50
-
"J" Ordinary shares of £1 each
1
-
1
-
"K" Ordinary shares of £1 each
50
-
50
-
1,000
1,000
1,000
1,000
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