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Registration number: SC259117

Fishers Tours Limited

Unaudited Financial Statements

for the Year Ended 30 June 2024

 

Fishers Tours Limited

Contents

Statement of Income and Retained Earnings

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Fishers Tours Limited

Statement of Income and Retained Earnings for the Year Ended 30 June 2024

Note

2024
£

2023
£

Turnover

 

2,298,429

2,133,284

Cost of sales

 

(2,000)

(2,370)

Gross profit

 

2,296,429

2,130,914

Administrative expenses

 

(2,322,167)

(2,031,011)

Operating (loss)/profit

 

(25,738)

99,903

Interest payable and similar charges

 

(8,458)

(3,867)

 

(8,458)

(3,867)

(Loss)/profit before tax

(34,196)

96,036

Taxation

 

-

(18,346)

(Loss)/profit for the financial year

 

(34,196)

77,690

Retained earnings brought forward

 

41,119

(36,571)

Retained earnings carried forward

 

6,923

41,119

 

Fishers Tours Limited

(Registration number: SC259117)
Statement of Financial Position as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

47,200

59,000

Tangible assets

5

212,160

48,061

 

259,360

107,061

Current assets

 

Stocks

6

11,500

13,500

Debtors

7

163,129

192,101

Cash at bank and in hand

 

35,779

62,196

 

210,408

267,797

Creditors: Amounts falling due within one year

8

(248,504)

(159,858)

Net current (liabilities)/assets

 

(38,096)

107,939

Total assets less current liabilities

 

221,264

215,000

Creditors: Amounts falling due after more than one year

8

(214,221)

(173,761)

Net assets

 

7,043

41,239

Capital and reserves

 

Called up share capital

120

120

Retained earnings

6,923

41,119

Shareholders' funds

 

7,043

41,239

For the financial 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 accounts for the year in question in accordance with section 476; and

The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Income Statement.

 

Fishers Tours Limited

(Registration number: SC259117)
Statement of Financial Position as at 30 June 2024

Approved and authorised by the Board on 26 March 2025 and signed on its behalf by:
 

.........................................
Miss Carrie Telfer
Director

 

Fishers Tours Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The Company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Block D, Mid Craigie Trading
Mid Craigie Road
Dundee
DD4 7RH

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Fishers Tours Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & Machinery

Reducing Balance 15%

Office Equipment

Reducing Balance 15%

Motor Vehicle

Reducing Balance 25%

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Straight Line 10%

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

 

Fishers Tours Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Fishers Tours Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Share based payments

The Company operates an equity-settled, share-based compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) of the entity. The fair value of the employee services received is measured by reference to the estimated fair value at the grant date of equity instruments granted and is recognised as an expense over the vesting period. The estimated fair value of the option granted is calculated using the Black Scholes option pricing model. The total amount expensed is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied.

The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual agreement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
 

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 28 (2023 - 34).

 

Fishers Tours Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 July 2023

118,000

118,000

At 30 June 2024

118,000

118,000

Amortisation

At 1 July 2023

59,000

59,000

Amortisation charge

11,800

11,800

At 30 June 2024

70,800

70,800

Carrying amount

At 30 June 2024

47,200

47,200

At 30 June 2023

59,000

59,000

5

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

50,735

16,674

19,006

86,415

Additions

187,898

5,707

3,200

196,805

Disposals

(18,250)

-

-

(18,250)

At 30 June 2024

220,383

22,381

22,206

264,970

Depreciation

At 1 July 2023

19,945

10,200

8,209

38,354

Charge for the year

10,800

1,478

3,333

15,611

Eliminated on disposal

(1,155)

-

-

(1,155)

At 30 June 2024

29,590

11,678

11,542

52,810

Carrying amount

At 30 June 2024

190,793

10,703

10,664

212,160

At 30 June 2023

30,790

6,474

10,797

48,061

 

Fishers Tours Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

6

Stocks

2024
£

2023
£

Other inventories

11,500

13,500

7

Debtors

Current

2024
£

2023
£

Trade debtors

100,345

165,916

Other debtors

62,784

26,185

 

163,129

192,101

 

Fishers Tours Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

48,194

56,405

Trade creditors

 

73,911

42,416

Taxation and social security

 

106,277

46,052

Accruals and deferred income

 

5,892

5,856

Other creditors

 

14,230

9,129

 

248,504

159,858

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

214,221

173,761

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

17,529

28,467

Other borrowings

196,692

145,294

214,221

173,761

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

10,000

Bank overdrafts

15,958

42,029

Other borrowings

22,236

4,376

48,194

56,405