Excursions Limited 03826560 false 2024-01-01 2024-12-31 2024-12-31 The principal activity of the company is the provision of tour operator activities. Digita Accounts Production Advanced 6.30.9574.0 true true 03826560 2024-01-01 2024-12-31 03826560 2024-12-31 03826560 core:AcceleratedTaxDepreciationDeferredTax 2024-12-31 03826560 core:CurrentFinancialInstruments 2024-12-31 03826560 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 03826560 core:FurnitureFittingsToolsEquipment 2024-12-31 03826560 core:LandBuildings 2024-12-31 03826560 core:OtherPropertyPlantEquipment 2024-12-31 03826560 bus:SmallEntities 2024-01-01 2024-12-31 03826560 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 03826560 bus:FilletedAccounts 2024-01-01 2024-12-31 03826560 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 03826560 bus:RegisteredOffice 2024-01-01 2024-12-31 03826560 bus:CompanySecretaryDirector1 2024-01-01 2024-12-31 03826560 bus:Director2 2024-01-01 2024-12-31 03826560 bus:Director4 2024-01-01 2024-12-31 03826560 bus:Director5 2024-01-01 2024-12-31 03826560 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 03826560 core:ComputerEquipment 2024-01-01 2024-12-31 03826560 core:FurnitureFittings 2024-01-01 2024-12-31 03826560 core:FurnitureFittingsToolsEquipment 2024-01-01 2024-12-31 03826560 core:LandBuildings 2024-01-01 2024-12-31 03826560 core:LeaseholdImprovements 2024-01-01 2024-12-31 03826560 core:OtherPropertyPlantEquipment 2024-01-01 2024-12-31 03826560 countries:EnglandWales 2024-01-01 2024-12-31 03826560 2023-12-31 03826560 core:FurnitureFittingsToolsEquipment 2023-12-31 03826560 core:LandBuildings 2023-12-31 03826560 core:OtherPropertyPlantEquipment 2023-12-31 03826560 2023-01-01 2023-12-31 03826560 2023-12-31 03826560 core:AcceleratedTaxDepreciationDeferredTax 2023-12-31 03826560 core:CurrentFinancialInstruments 2023-12-31 03826560 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 03826560 core:FurnitureFittingsToolsEquipment 2023-12-31 03826560 core:LandBuildings 2023-12-31 03826560 core:OtherPropertyPlantEquipment 2023-12-31 iso4217:GBP xbrli:pure

Registration number: 03826560

Prepared for the registrar

Excursions Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2024

 

Excursions Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Excursions Limited

Company Information

Directors

Mrs A Desmond

Mrs R E Fletcher

Ms H C Snooks

Mr N R Philpot

Company secretary

Mrs R E Fletcher

Registered office

First Floor
2 Gateway North
Latham Road
Swindon
SN25 4DL

 

Excursions Limited

(Registration number: 03826560)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

140,071

154,888

Current assets

 

Debtors

5

496,901

319,525

Cash at bank and in hand

 

4,803,602

4,569,604

 

5,300,503

4,889,129

Creditors: Amounts falling due within one year

6

(1,845,118)

(1,501,024)

Net current assets

 

3,455,385

3,388,105

Total assets less current liabilities

 

3,595,456

3,542,993

Deferred tax liabilities

7

(22,963)

(29,463)

Net assets

 

3,572,493

3,513,530

Capital and reserves

 

Called up share capital

2

2

Retained earnings

3,572,491

3,513,528

Shareholders' funds

 

3,572,493

3,513,530

For the financial year ending 31 December 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 Profit and Loss Account.

Approved and authorised by the Board on 13 March 2025 and signed on its behalf by:
 

Mrs R E Fletcher
Company secretary and director

   
     
 

Excursions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
First Floor
2 Gateway North
Latham Road
Swindon
SN25 4DL
United Kingdom

 

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

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

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

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 and after eliminating sales within the company.

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.

 

Excursions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

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

The current corporation 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.

Deferred corporation tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred corporation tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet 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

Property Improvements

10 years straight line

Fixtures and Fittings

5 years straight line

Office Equipment

3 years straight line

 

Excursions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Trade debtors

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

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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 debtors.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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 are all repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

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.

 

Excursions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

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.

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.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 54 (2023 - 39).

 

4

Tangible assets

Property Improvements
£

Fixtures and fittings
 £

Office equipment
 £

Total
£

Cost

At 1 January 2024

95,816

56,649

172,301

324,766

Additions

14,684

2,536

21,751

38,971

Disposals

-

(478)

(31,795)

(32,273)

At 31 December 2024

110,500

58,707

162,257

331,464

Depreciation

At 1 January 2024

33,722

41,750

94,406

169,878

Charge for the year

10,675

10,780

31,896

53,351

Eliminated on disposal

-

(478)

(31,358)

(31,836)

At 31 December 2024

44,397

52,052

94,944

191,393

Carrying amount

At 31 December 2024

66,103

6,655

67,313

140,071

At 31 December 2023

62,094

14,899

77,895

154,888

 

5

Debtors

2024
£

2023
£

Trade debtors

280,208

100,786

Prepayments

183,394

149,860

Other debtors

33,299

68,879

496,901

319,525

 

Excursions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

 

6

Creditors

2024
£

2023
£

Due within one year

Trade creditors

89,211

57,334

Taxation and social security

892,818

733,524

Accruals and deferred income

726,199

648,861

Other creditors

136,890

61,305

1,845,118

1,501,024

 

7

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Fixed asset timing differences

22,963

22,963

2023

Liability
£

Fixed asset timing differences

29,463

29,463

 

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments in respect of rental agreements not included in the balance sheet is £384,386 (2023 - £79,344) of which £76,500 (2023 - £76,500) is due within one year, £76,500 (2023 - £2,844) is due within 1-2 years, £229,500 (2023 - £nil) is due within 2-5 years and £1,886 (2023 - £nil) is due over 5 years.