Company registration number 2788725 (England and Wales)
EXPRESS TRAVEL (HOLDINGS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
EXPRESS TRAVEL (HOLDINGS) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
EXPRESS TRAVEL (HOLDINGS) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,275,327
1,272,284
Current assets
Stocks
415,153
444,228
Debtors
4
229,648
264,990
Cash at bank and in hand
1,000
40,535
645,801
749,753
Creditors: amounts falling due within one year
5
(426,640)
(457,051)
Net current assets
219,161
292,702
Total assets less current liabilities
1,494,488
1,564,986
Creditors: amounts falling due after more than one year
6
(836,256)
(1,065,640)
Net assets
658,232
499,346
Capital and reserves
Called up share capital
4,000,005
4,000,005
Revaluation reserve
7
957,250
965,837
Profit and loss reserves
(4,299,023)
(4,466,496)
Total equity
658,232
499,346
EXPRESS TRAVEL (HOLDINGS) 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 3 March 2025 and are signed on its behalf by:
Mr GG Watt
Director
Company registration number 2788725 (England and Wales)
EXPRESS TRAVEL (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information
Express Travel (Holdings) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 27-29 Woodend Avenue, Speke, Liverpool, L24 9NB.
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is measured at fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes..
1.3
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.4
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:
Freehold land and buildings
over 40 years on cost or revalued amount
Plant and equipment
15% reducing balance
Fixtures and fittings
15% reducing balance
Motor vehicles
15% reducing balance
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.
1.5
Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
EXPRESS TRAVEL (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
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.
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.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.10
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.
EXPRESS TRAVEL (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
20
19
3
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 January 2024
1,261,460
217,740
240,492
67,049
1,786,741
Additions
24,991
6,910
5,477
37,378
At 31 December 2024
1,286,451
224,650
245,969
67,049
1,824,119
Depreciation and impairment
At 1 January 2024
119,183
183,373
170,883
41,018
514,457
Depreciation charged in the year
14,193
5,328
10,909
3,905
34,335
At 31 December 2024
133,376
188,701
181,792
44,923
548,792
Carrying amount
At 31 December 2024
1,153,075
35,949
64,177
22,126
1,275,327
At 31 December 2023
1,142,277
34,367
69,609
26,031
1,272,284
Land and buildings with a carrying amount of £1,286,451 were valued by the directors as at 31st December 2024 on the basis of market value.
Freehold land and buildings are carried at valuation. If freehold land and buildings were measured using the cost model, the carrying amounts would have been as follows:
2024
2023
£
£
Cost
376,119
351,128
Accumulated depreciation
(134,978)
(129,372)
Carrying value
241,141
221,756
EXPRESS TRAVEL (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
144,653
228,344
Other debtors
500
2,641
Prepayments and accrued income
84,495
34,005
229,648
264,990
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
70,233
5,236
Trade creditors
90,655
184,996
Taxation and social security
41,779
63,527
Other creditors
203,708
158,302
Accruals and deferred income
20,265
44,990
426,640
457,051
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
25,364
30,640
Other creditors
810,892
1,035,000
836,256
1,065,640
7
Revaluation reserve
2024
2023
£
£
At the beginning of the year
965,837
974,830
Transfer to retained earnings
(8,587)
(8,993)
At the end of the year
957,250
965,837
8
Tax losses
No tax is payable for 2024 (2023: nil) as a result of available losses being brought forward from earlier years. Further tax losses of approximately £6.5m are available for utilisation against future profits from the same trade.