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Registered Number: 12912634
England and Wales

 

 

 

TRUE NORTH TRAVEL LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 October 2023

End date: 30 September 2024
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 12,022    4,034 
12,022    4,034 
Current assets      
Debtors 4 2,907,161    2,186,284 
Cash at bank and in hand 1,069,864    554,912 
3,977,025    2,741,196 
Creditors: amount falling due within one year 5 (168,373)   (237,036)
Net current assets 3,808,652    2,504,160 
 
Total assets less current liabilities 3,820,674    2,508,194 
Accruals and deferred income (3,774,825)   (2,716,149)
Provisions for liabilities 6 (795)   (669)
Net assets 45,054    (208,624)
 

Capital and reserves
     
Called up share capital 7 200    200 
Profit and loss account 44,854    (208,824)
Shareholders' funds 45,054    (208,624)
 


For the year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. 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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 07 February 2025 and were signed on its behalf by:


-------------------------------
Christopher Beaumont
Director
1
General Information
True North Travel Limited is a private company, limited by shares, registered in England and Wales, registration number 12912634, registration address Unit 10 English Business Park, English Close, Hove, East Sussex, BN3 7ET.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
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 comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Fixtures and Fittings 4 Years Straight Line
Computer Equipment 4 Years Straight Line
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 8 (2023 : 5).
3.

Tangible fixed assets

Cost or valuation Fixtures and Fittings   Computer Equipment   Total
  £   £   £
At 01 October 2023 482    7,163    7,645 
Additions 4,206    5,779    9,985 
Disposals    
At 30 September 2024 4,688    12,942    17,630 
Depreciation
At 01 October 2023 26    3,585    3,611 
Charge for year 576    1,421    1,997 
On disposals    
At 30 September 2024 602    5,006    5,608 
Net book values
Closing balance as at 30 September 2024 4,086    7,936    12,022 
Opening balance as at 01 October 2023 456    3,578    4,034 


4.

Debtors: amounts falling due within one year

2024
£
  2023
£
Trade Debtors 2,533,953    2,025,155 
Prepayments & Accrued Income 366,429    157,313 
Other Debtors 1,246    1,439 
VAT 5,533    2,377 
2,907,161    2,186,284 

5.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 3,195    1,427 
Credit Card 38,423    52,380 
Corporation Tax 7,025   
PAYE & Social Security 14,170    5,895 
Other Creditors 105,560    177,333 
Wages & Salaries Control Account  
168,373    237,036 

6.

Provisions for liabilities

2024
£
  2023
£
Pension Provisions 795    669 
795    669 

7.

Share Capital

Allotted, called up and fully paid
2024
£
  2023
£
200 Ordinary shares of £1.00 each 200    200 
200    200 

8.

Director’s loan

Directors' Loans

During the accounting period the company repaid £71,773 to the directors. The balance owing to the directors at the end of the accounting period is £105,560 (2023: £177,333).
9.

Related Party

During the year the company incurred consultancy expenses with Simon Richardson (a director). The value of the expenses incurred totalled £57,596 during the year.
2