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Company registration number: 07289898
M & I Travel Limited
Unaudited filleted financial statements
For the year ended
30 June 2024
M & I Travel Limited
Contents
Statement of financial position
Notes to the financial statements
M & I Travel Limited
Statement of financial position
30 June 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 3 9,000 -
Tangible assets 4 1,101,679 819,695
Investment property - -
________ ________
1,110,679 819,695
Current assets
Stocks 6,000 6,000
Debtors 5 368,332 310,006
Cash at bank and in hand 260,316 153,796
________ ________
634,648 469,802
Creditors: amounts falling due
within one year 6 ( 515,315) (476,389)
________ ________
Net current assets/(liabilities) 119,333 ( 6,587)
________ ________
Total assets less current liabilities 1,230,012 813,108
Creditors: amounts falling due
after more than one year 7 ( 728,066) ( 497,955)
Provisions for liabilities ( 244,437) ( 140,511)
________ ________
Net assets 257,509 174,642
________ ________
Capital and reserves
Called up share capital 4 4
Profit and loss account 257,505 174,638
________ ________
Shareholders funds 257,509 174,642
________ ________
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 26 March 2025 , and are signed on behalf of the board by:
Mr M Burgess
Director
Company registration number: 07289898
M & I Travel Limited
Notes to the financial statements
Year ended 30 June 2024
1. Accounting policies
General information
The company is a private company limited by shares, registered in England and Wales, registration number 07289898 . The address of the registered office is Unit 10, Pitwood Road, Lillyhall, Workington, CA14 4JP.
Basis of preparation
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied with the same financial statements.
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. It includes the relevant proportion of contract values where work is partially performed in the period.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Deferred taxation
Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for fixed asset investments which are measured at fair value, with changes recognised in the fair value reserve.
Defined contribution plans
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in comprehensive income when due.
2. Employee numbers
The average number of persons employed by the company during the year amounted to 65 (2023: 55 ).
3. Intangible assets
Goodwill Total
£ £
Cost
At 1 July 2023 50,000 50,000
Additions 10,000 10,000
________ ________
At 30 June 2024 60,000 60,000
________ ________
Amortisation
At 1 July 2023 50,000 50,000
Charge for the year 1,000 1,000
________ ________
At 30 June 2024 51,000 51,000
________ ________
Carrying amount
At 30 June 2024 9,000 9,000
________ ________
At 30 June 2023 - -
________ ________
4. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 July 2023 38,878 1,378,506 1,417,384
Additions 36,000 456,829 492,829
________ ________ ________
At 30 June 2024 74,878 1,835,335 1,910,213
________ ________ ________
Depreciation
At 1 July 2023 27,595 570,094 597,689
Charge for the year 9,456 201,389 210,845
________ ________ ________
At 30 June 2024 37,051 771,483 808,534
________ ________ ________
Carrying amount
At 30 June 2024 37,827 1,063,852 1,101,679
________ ________ ________
At 30 June 2023 11,283 808,412 819,695
________ ________ ________
5. Debtors
2024 2023
£ £
Trade debtors 270,743 261,881
Other debtors 97,589 48,125
________ ________
368,332 310,006
________ ________
6. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 80,309 96,612
Trade creditors 65,246 60,271
Taxation and social security 18,346 51,725
Obligations under finance leases (secured) 329,207 256,523
Other creditors 22,207 11,258
________ ________
515,315 476,389
________ ________
Obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.
7. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 88,987 -
Obligations under finance leases (secured) 639,079 497,955
________ ________
728,066 497,955
________ ________
Obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.