Company Registration No. 06008480 (England and Wales)
TRAVELSMITH HOLIDAYS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
PAGES FOR FILING WITH REGISTRAR
TRAVELSMITH HOLIDAYS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
TRAVELSMITH HOLIDAYS LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
3,530,428
3,550,679
Investment property
5
600,000
600,000
4,130,428
4,150,679
Current assets
Stocks
600
2,500
Debtors
6
106,093
86,202
Cash at bank and in hand
9,304
39,538
115,997
128,240
Creditors: amounts falling due within one year
7
(780,080)
(733,183)
Net current liabilities
(664,083)
(604,943)
Total assets less current liabilities
3,466,345
3,545,736
Creditors: amounts falling due after more than one year
8
(1,064,670)
(1,160,498)
Provisions for liabilities
(82,000)
(89,700)
Net assets
2,319,675
2,295,538
Capital and reserves
Called up share capital
771,826
771,826
Share premium account
1,134,696
1,134,696
Profit and loss reserves
413,153
389,016
Total equity
2,319,675
2,295,538
TRAVELSMITH HOLIDAYS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2024
31 October 2024
- 2 -

For the financial year ended 31 October 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 8 April 2025 and are signed on its behalf by:
JD Smith
SA Kesson-Smith
Director
Director
Company registration number 06008480 (England and Wales)
TRAVELSMITH HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -
1
Accounting policies
Company information

Travelsmith Holidays Limited is a private company limited by shares incorporated in England and Wales. The registered office is Porth Veor Manor Hotel, Porth Way, Porth, Cornwall, TR7 3LW.

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
Going concern

The nature of the company's business is such that there trueare seasonal variations in the timing of cash inflows. The company meets its day to day working capital requirements with the assistance of an overdraft facility which is repayable on demand, and through financial support from its group companies. The directors of Travelsmith Holidays Limited have been assured that the group financial assistance will be made available for at least the next twelve months from the date of approval of the financial statements, and will continue to provide support for the foreseeable future.

 

The financial statements do not include any adjustments that would result from a withdrawal of the overdraft facility by the company's bankers.

1.3
Turnover

Revenue from holiday property letting is recognised when the letting period commences, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 

Revenue from the sale of properties are recognised where the building has been completed and the property has been legally transferred to the purchaser.

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:

Land and buildings Freehold
Held at valuation and 1-2% on cost
Fixtures, fittings & equipment
30% on cost
Motor vehicles
25% 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.

TRAVELSMITH HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

TRAVELSMITH HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 5 -
1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
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.

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.

1.11
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.

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.

TRAVELSMITH HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 6 -
3
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
10,000
6,945
Deferred tax
Origination and reversal of timing differences
(7,700)
15,029
Total tax charge
2,300
21,974

In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2024
2023
£
£
Deferred tax arising on:
Revaluation of property
-
14,976
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 November 2023
3,591,193
136,716
3,727,909
Additions
-
0
1,148
1,148
At 31 October 2024
3,591,193
137,864
3,729,057
Depreciation and impairment
At 1 November 2023
72,322
104,908
177,230
Depreciation charged in the year
9,791
11,608
21,399
At 31 October 2024
82,113
116,516
198,629
Carrying amount
At 31 October 2024
3,509,080
21,348
3,530,428
At 31 October 2023
3,518,871
31,808
3,550,679

Freehold land and buildings with a carrying amount of £3,509,080 (2023 - £3,518,871) have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.

Land and buildings include a hotel which was revalued in January 2024 on the basis of an independent valuation carried out by professional valuers and Chartered Surveyors not associated to the company. The valuation was made on an open market basis by reference to market evidence of transaction prices for similar properties.

TRAVELSMITH HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 7 -
5
Investment property
2024
£
Fair value
At 1 November 2023 and 31 October 2024
600,000

Investment properties comprise of the Pendeen Hotel. The fair value of the investment property has been arrived at on the basis of an independent valuation carried out by professional valuers and Chartered Surveyors not associated to the company in January 2024. The valuation was made on an open market basis by reference to market evidence of transaction prices for similar properties.

6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
16,867
10,911
Other debtors
89,226
75,291
106,093
86,202
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
83,832
80,344
Corporation tax
10,000
6,945
Other creditors
686,248
645,894
780,080
733,183
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
475,574
555,380
Other creditors
589,096
605,118
1,064,670
1,160,498
TRAVELSMITH HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 8 -
9
Loans and overdrafts
2024
2023
£
£
Bank loans
559,406
635,724
Loans from group undertakings and related parties
589,096
605,118
1,148,502
1,240,842
Payable within one year
83,832
80,344
Payable after one year
1,064,670
1,160,498

The bank loans and overdraft is secured by a cross guarantee given by Travelsmith Holidays Limited, Travelsmith Cornwall Limited and Travelsmith Investments Limited on the assets of these companies..

10
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
15,079
22,779
Revaluations
66,921
66,921
82,000
89,700
2024
Movements in the year:
£
Liability at 1 November 2023
89,700
Credit to profit or loss
(7,700)
Liability at 31 October 2024
82,000

The deferred tax liability set out above is expected to reverse within the foreseeable future and partially relates to accelerated capital allowances as disclosed above that are expected to mature within the same period.

11
Financial commitments, guarantees and contingent liabilities

At 31 October 2024 Barclays Bank Plc held cross guarantees from Travelsmith Holidays Limited in respect of Travelsmith Cornwall Limited and Travelsmith Investments Limited. This is in respect of security over group assets for the bank loans and overdrafts. At 31 October 2024 the total borrowings guaranteed were £nil (2023: £nil), in addition to amounts disclosed in creditors notes 7 and 8, and net of cash at bank and in hand, in this company's balance sheet.

TRAVELSMITH HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 9 -
12
Non-distributable losses reserve

The company has non-distributable losses of £32,888 relating to investment property revaluation of £26,712, net of deferred tax and property revaluation losses of £59,600, net of deferred tax.

 

13
Related party transactions

The company has taken advantage of exemptions available not to disclose transactions with wholly owned group companies.

As at 31 October 2024 the company owed £589,096 (2023: £605,118) to group companies.

 

14
Parent company

For this and the preceding year, the company is a wholly owned subsidiary of Travelsmith Investments Limited, incorporated in England and Wales. No one individual has control over the group for this or the preceding year.

 

The financial statements of all group companies are filed at Companies House.

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