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Company No: 07422718 (England and Wales)

THE INDEPENDENTS HOTEL RESERVATIONS LIMITED

Unaudited Financial Statements
For the financial year ended 30 November 2024
Pages for filing with the registrar

THE INDEPENDENTS HOTEL RESERVATIONS LIMITED

Unaudited Financial Statements

For the financial year ended 30 November 2024

Contents

THE INDEPENDENTS HOTEL RESERVATIONS LIMITED

BALANCE SHEET

As at 30 November 2024
THE INDEPENDENTS HOTEL RESERVATIONS LIMITED

BALANCE SHEET (continued)

As at 30 November 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 46,531 15,415
Investments 5 667,166 509,080
713,697 524,495
Current assets
Debtors 6 1,583,990 2,240,109
Cash at bank and in hand 2,979,004 1,392,319
4,562,994 3,632,428
Creditors: amounts falling due within one year 7 ( 3,294,504) ( 2,581,868)
Net current assets 1,268,490 1,050,560
Total assets less current liabilities 1,982,187 1,575,055
Provision for liabilities ( 1,903) ( 3,697)
Net assets 1,980,284 1,571,358
Capital and reserves
Called-up share capital 100 100
Fair value reserve ( 6,656 ) ( 74,184 )
Profit and loss account 1,986,840 1,645,442
Total shareholders' funds 1,980,284 1,571,358

For the financial year ending 30 November 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of The Independents Hotel Reservations Limited (registered number: 07422718) were approved and authorised for issue by the Director on 02 May 2025. They were signed on its behalf by:

P C Nash
Director
THE INDEPENDENTS HOTEL RESERVATIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2024
THE INDEPENDENTS HOTEL RESERVATIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

The Independents Hotel Reservations Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Windsor Farm Capland, Hatch Beauchamp, Taunton, TA3 6TR, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
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.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably).

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Development costs 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Vehicles 20 % reducing balance
Fixtures and fittings 20 % reducing balance
Office equipment 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Fair value measurement
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 10 8

3. Intangible assets

Development costs Total
£ £
Cost
At 01 December 2023 161,041 161,041
At 30 November 2024 161,041 161,041
Accumulated amortisation
At 01 December 2023 161,041 161,041
At 30 November 2024 161,041 161,041
Net book value
At 30 November 2024 0 0
At 30 November 2023 0 0

4. Tangible assets

Vehicles Fixtures and fittings Office equipment Total
£ £ £ £
Cost
At 01 December 2023 44,931 2,071 29,910 76,912
Additions 40,730 0 0 40,730
Disposals ( 20,000) 0 0 ( 20,000)
At 30 November 2024 65,661 2,071 29,910 97,642
Accumulated depreciation
At 01 December 2023 38,328 1,958 21,211 61,497
Charge for the financial year 6,569 23 1,740 8,332
Disposals ( 18,718) 0 0 ( 18,718)
At 30 November 2024 26,179 1,981 22,951 51,111
Net book value
At 30 November 2024 39,482 90 6,959 46,531
At 30 November 2023 6,603 113 8,699 15,415

5. Fixed asset investments

Listed investments Total
£ £
Cost or valuation before impairment
At 01 December 2023 688,571 688,571
Additions 90,559 90,559
At 30 November 2024 779,130 779,130
Provisions for impairment
At 01 December 2023 179,491 179,491
Reversal of impairment ( 67,527) ( 67,527)
At 30 November 2024 111,964 111,964
Carrying value at 30 November 2024 667,166 667,166
Carrying value at 30 November 2023 509,080 509,080

6. Debtors

2024 2023
£ £
Trade debtors 1,550,645 1,728,030
Other debtors 33,345 512,079
1,583,990 2,240,109

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 3,099,361 2,355,245
Taxation and social security 184,548 111,520
Other creditors 10,595 115,103
3,294,504 2,581,868

8. Related party transactions

Transactions with the entity's director

The director's loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

At 1 December 2023, the balance owed by the director was £497,163. During the year, £nil was advanced to the director, and £497,163 was repaid by the director. At 30 November 2024, the balance owed by the director was £nil.

At 1 December 2022, the balance owed by the director was £nil. During the year, £507,011 was advanced to the director, and £9,848 was repaid by the director. At 30 November 2023, the balance owed by the director was £497,163.