Registration number:
Cultural Tours Limited
for the Year Ended 31 December 2024
Cultural Tours Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Cultural Tours Limited
Company Information
Directors |
Mr Y Guo Ms Hua Bi |
Company secretary |
D Wu |
Registered office |
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Registered number |
01814715 |
Auditors |
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Cultural Tours Limited
(Registration number: 01814715)
Balance Sheet as at 31 December 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
67,000 |
67,000 |
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Retained earnings |
127,221 |
63,444 |
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Shareholders' funds |
194,221 |
130,444 |
Approved and authorised by the
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Cultural Tours Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
The principal place of business is:
7 & 8 Regency Parade
Finchley Road
London
NW3 5EG
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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.
The financial statements are presented in Sterling (£) and figures are shown to the nearest whole pound.
Audit report
Cultural Tours Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Revenue recognition
Turnover represents invoiced sales of travel and tour packages, excluding value added tax. Revenue is recognised based on departure dates that fall within the period under review.
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.
Foreign currency transactions and balances
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
Tax
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.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
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 |
Fixtures, fitting & equipment |
15% reducing balance |
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.
Cultural Tours Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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.
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.
Exemption from preparing a cash flow statement
Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a small company.
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Cultural Tours Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 January 2024 |
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Additions |
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At 31 December 2024 |
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Depreciation |
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At 1 January 2024 |
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Charge for the year |
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At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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Debtors |
Current |
Note |
2024 |
2023 |
Trade debtors |
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Amounts owed by related parties |
- |
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Prepayments |
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Other debtors |
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Cultural Tours Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
2024 |
2023 |
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Other non-current financial liabilities |
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Other creditors of £52,000 is a loan from a director of the parent company and is subject to a deed of subordination and is not repayable without the prior written consent of the Civil Aviation Authority.
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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67,000 |
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67,000 |
Related party transactions |
Connected company - China Travel Service (UK) Limited
During the year, rent of £24,835 (2023: £25,593) were paid to related company, China Travel Service (UK) Limited.
As at year end, China Travel Service (UK) Limited owed £Nil (2023: -4,349 ) to the company.
Ultimate parent company - China Tourism Group
On 27 September 2013, the ultimate parent company signed a Deed of Undertaking to the trustees of the Air Travel Trust for a maximum liability of £1M.
Cultural Tours Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
Ultimate parent company |
The company's ultimate parent company is a company incorporated in China, China Tourism Group.