Company registration number 00787075 (England and Wales)
TRAVELSPORT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
TRAVELSPORT LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
TRAVELSPORT LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
94,687
95,233
Current assets
Debtors
5
133,568
84,536
Cash at bank and in hand
184,615
142,047
318,183
226,583
Creditors: amounts falling due within one year
6
(136,264)
(93,289)
Net current assets
181,919
133,294
Total assets less current liabilities
276,606
228,527
Creditors: amounts falling due after more than one year
7
(44,104)
(47,483)
Provisions for liabilities
(813)
(657)
Net assets
231,689
180,387
Capital and reserves
Called up share capital
76,100
76,100
Profit and loss reserves
155,589
104,287
Total equity
231,689
180,387
TRAVELSPORT LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
31 December 2024
- 2 -
For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 Companies Act 2006 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.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 12 April 2025 and are signed on its behalf by:
Mr J S Moulden
Director
Company registration number 00787075 (England and Wales)
TRAVELSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information
Travelsport Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2 Crown Square, Denbigh, Denbighshire, LL16 3AA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable as an agent and principal for holidays, travel services and handling fees net of VAT and discounts. Commission is recognised in turnover at the point of booking.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
1% Straight Line Basis
Fixtures, fittings & equipment
10% Straight Line Basis
Computer equipment
25% Straight Line Basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
TRAVELSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.5
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
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 amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
3
TRAVELSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2024
97,634
8,862
106,496
Additions
1,174
1,174
Disposals
(301)
(301)
At 31 December 2024
97,634
9,735
107,369
Depreciation and impairment
At 1 January 2024
5,859
5,404
11,263
Depreciation charged in the year
976
623
1,599
Eliminated in respect of disposals
(180)
(180)
At 31 December 2024
6,835
5,847
12,682
Carrying amount
At 31 December 2024
90,799
3,888
94,687
At 31 December 2023
91,775
3,458
95,233
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
129,950
80,872
Other debtors
3,618
3,664
133,568
84,536
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
5,824
3,132
Trade creditors
96,687
59,287
Corporation tax
13,966
8,086
Other taxation and social security
15,056
12,331
Other creditors
4,731
10,453
136,264
93,289
TRAVELSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
44,104
47,483
The long-term loans are secured by fixed charges over 2 Crown Square, Denbigh, Denbighshire, LL16 3AA.
8
Financial commitments, guarantees and contingent liabilities
Travelsport is a member of the Association of British Travel Agents (ABTA). A condition of ABTA membership requires the company to take out a bond guarantee in favour of ABTA. The bond is for £31,752, has an expiry date of 30 November 2026, and is renewed annually.
9
Directors' transactions
Interest free loans have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Mrs D Moulden - Loan
-
-
110,000
(110,500)
(500)
-
110,000
(110,500)
(500)