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REGISTERED NUMBER: 04788038 (England and Wales)













Financial Statements

for the Year Ended 31 July 2024

for

Scallywag Travel Limited

Scallywag Travel Limited (Registered number: 04788038)






Contents of the Financial Statements
for the Year Ended 31 July 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Scallywag Travel Limited

Company Information
for the Year Ended 31 July 2024







DIRECTOR: Mrs S E Roberts





REGISTERED OFFICE: Boston House
Henley-On-Thames
RG9 1DY





REGISTERED NUMBER: 04788038 (England and Wales)





AUDITORS: Villars Hayward LLP
Chartered Accountants,
Chartered Tax Advisers and Statutory Auditors
Boston House
Henley-on-Thames
RG9 1DY

Scallywag Travel Limited (Registered number: 04788038)

Balance Sheet
31 July 2024

31.7.24 31.7.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 66,603 88,227
Investment property 5 415,000 415,000
481,603 503,227

CURRENT ASSETS
Debtors 6 217,759 180,370
Cash at bank and in hand 86,162 119,822
303,921 300,192
CREDITORS
Amounts falling due within one year 7 155,076 150,890
NET CURRENT ASSETS 148,845 149,302
TOTAL ASSETS LESS CURRENT LIABILITIES 630,448 652,529

CREDITORS
Amounts falling due after more than one year 8 (90,848 ) (120,034 )

PROVISIONS FOR LIABILITIES (25,998 ) (26,686 )
NET ASSETS 513,602 505,809

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Revaluation reserve 10 107,711 107,711
Retained earnings 404,891 397,098
513,602 505,809

The 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.

The financial statements were approved by the director and authorised for issue on 19 December 2024 and were signed by:





Mrs S E Roberts - Director


Scallywag Travel Limited (Registered number: 04788038)

Notes to the Financial Statements
for the Year Ended 31 July 2024

1. STATUTORY INFORMATION

Scallywag Travel Limited is a private company, limited by shares incorporated in England and Wales and has its registered office at Boston House, Boston Road, Henley-on-Thames, RGY 1D9.

The principal activity of the company was that of the provision of travel services.

The financial statements are presented in Sterling (£), which is also the functional currency of the company.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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

The accounting 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 if the revision affects only that period, or in the period of revision and future periods if the revision affects both current and future periods.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are considered to be the valuation of investment property. Investment property is stated at fair value based on the valuation performed by the director.

Turnover
Revenue (described as Turnover) is the amount receivable for services rendered, net of returns, discounts and value added tax. Revenue is measured at the fair value of consideration received or receivable and is recognised at the point the service is delivered.

Tangible fixed assets
Tangible fixed asses held for the companies own use are stated at cost less accumulated depreciation and accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives as below:

Boat- 10% on reducing balance
Plant and machinery- 25% on reducing balance
Motor vehicles- 25% on reducing balance

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss, if any.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Tax on profit represents the sum of the tax currently payable and deferred tax.

Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end.


Scallywag Travel Limited (Registered number: 04788038)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.

Deferred tax is recognised on all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are only recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Financial instruments
Trade and other debtors are initially recognised at transaction price and are subsequently remeasured to amortised cost using the effective interest method, less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within current liabilities.

Trade and other creditors are initially recognised at transaction price and are subsequently remeasured to amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

Loans payable are measured initially at fair value, net of transaction costs, and non-current loans payable are subsequently remeasured to amortised cost using the effective interest method, less any impairment.

Going concern
The accounts have been prepared on the assumption that the company is able to carry on business as a going concern which the directors consider appropriate having regard to the circumstances outlined in the notes to the accounts.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Fixtures,fittings Motor
Boat & equip vehicles Totals
£    £    £    £   
COST
At 1 August 2023
and 31 July 2024 72,495 21,163 81,949 175,607
DEPRECIATION
At 1 August 2023 42,058 18,859 26,463 87,380
Charge for year 3,043 576 18,005 21,624
At 31 July 2024 45,101 19,435 44,468 109,004
NET BOOK VALUE
At 31 July 2024 27,394 1,728 37,481 66,603
At 31 July 2023 30,437 2,304 55,486 88,227

Scallywag Travel Limited (Registered number: 04788038)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 August 2023
and 31 July 2024 415,000
NET BOOK VALUE
At 31 July 2024 415,000
At 31 July 2023 415,000

The carrying value of the investment property shown in the financial statements is deemed by the director to be a fair reflection of its market value as at the balance sheet date.

Fair value at 31 July 2024 is represented by:
£   
Valuation in 2021 77,000
Valuation in 2023 30,711
Cost 307,289
415,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Trade debtors 50,518 26,536
Other debtors 167,241 153,834
217,759 180,370

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Bank loans and overdrafts 25,549 25,350
Hire purchase contracts 7,140 8,801
Trade creditors 14,328 7,217
Taxation and social security 23,176 29,940
Other creditors 84,883 79,582
155,076 150,890

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.7.24 31.7.23
£    £   
Bank loans 84,475 106,936
Hire purchase contracts 6,373 13,098
90,848 120,034

Scallywag Travel Limited (Registered number: 04788038)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
31.7.24 31.7.23
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 22,328

9. SECURED DEBTS

The following secured debts are included within creditors:

31.7.24 31.7.23
£    £   
Bank loans 109,998 132,260

A first legal mortgage and debenture in favour of Barclays Bank Plc existed at the balance sheet date over the investment property.

10. RESERVES
Revaluation
reserve
£   
At 1 August 2023
and 31 July 2024 107,711

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Nicholas Smith BFP, ACA, CTA (Senior Statutory Auditor)
for and on behalf of Villars Hayward LLP

12. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 July 2024 and 31 July 2023:

31.7.24 31.7.23
£    £   
Mrs S E Roberts
Balance outstanding at start of year 5,384 1,663
Amounts advanced 10,183 5,384
Amounts repaid - (1,663 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 15,567 5,384

13. RELATED PARTY TRANSACTIONS

Included within other debtors is a balance owed by one of the shareholders totalling £134,607 (2023: £124,425).