Registered number: 00556014
Goring Travel Agency Limited
Unaudited
Financial statements
Information for filing with the registrar
For the Year Ended 31 October 2024
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Goring Travel Agency Limited
Chartered Accountants' Report to the Director on the preparation of the Unaudited Statutory Financial Statements of Goring Travel Agency Limited for the Year Ended 31 October 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Goring Travel Agency Limited for the year ended 31 October 2024 which comprise the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.
This report is made solely to the director of Goring Travel Agency Limited in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Goring Travel Agency Limited and state those matters that we have agreed to state to the director of Goring Travel Agency Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Goring Travel Agency Limited and its director for our work or for this report.
It is your duty to ensure that Goring Travel Agency Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Goring Travel Agency Limited. You consider that Goring Travel Agency Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or review of the financial statements of Goring Travel Agency Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Kreston Reeves LLP
Chartered Accountants
9 Donnington Park
85 Birdham Road
Chichester
West Sussex
PO20 7AJ
25 April 2025
Page 1
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Goring Travel Agency Limited
Registered number: 00556014
Balance Sheet
As at 31 October 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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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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The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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C Craft
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Page 2
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Goring Travel Agency Limited
Notes to the Financial Statements
For the Year Ended 31 October 2024
The company is a private company limited by share capital incorporated in England and Wales (registered number 00556014).
The address of its registered office and principal place of business is 5 North Road, Lancing, West Sussex, BN15 9AH.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:
These accounts are prepared on a going concern basis.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Tangible fixed assets under the cost model are stated at historical cost or deemed cost less accumulated depreciation and any accumulated impairment losses. Cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
The estimated useful lives range as follows:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.
Page 3
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Goring Travel Agency Limited
Notes to the Financial Statements
For the Year Ended 31 October 2024
2.Accounting policies (continued)
Short term debtors are measured at transaction price, less any impairment.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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.
Short term creditors are measured at the transaction price.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Page 4
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Goring Travel Agency Limited
Notes to the Financial Statements
For the Year Ended 31 October 2024
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
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The average monthly number of employees, including directors, during the year was 6 (2023 - 6).
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Page 5
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Goring Travel Agency Limited
Notes to the Financial Statements
For the Year Ended 31 October 2024
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Charge for the year on owned assets
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The company's freehold property was revalued on 31 October 2014 which has been adopted as deemed cost on transition to FRS 102. The property remains at deemed cost and is being depreciated from the date of revaluation and has a net book value of £87,189. The historic cost of this property is £63,320.
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The net book value of land and buildings may be further analysed as follows:
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Page 6
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Goring Travel Agency Limited
Notes to the Financial Statements
For the Year Ended 31 October 2024
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Creditors: Amounts falling due after more than one year
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Page 7
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Goring Travel Agency Limited
Notes to the Financial Statements
For the Year Ended 31 October 2024
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 2-5 years
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Amounts falling due after more than 5 years
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Financial assets measured at fair value through profit or loss
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Financial assets measured at fair value through profit or loss comprise...
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Charged to profit or loss
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Page 8
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Goring Travel Agency Limited
Notes to the Financial Statements
For the Year Ended 31 October 2024
10.Deferred taxation (continued)
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The deferred tax asset is made up as follows:
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Short term timing differences
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Tax losses carried forward
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11.Other financial commitments
The company has an ABTA bond which is secured on the freehold land and buildings. The value of this bond has been set at £29,467.
Page 9
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