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Registration number: 03463799

Good News Holidays Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

Good News Holidays Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 10

 

Good News Holidays Ltd

Company Information

Directors

P J Mahoney

Mrs K Mahoney

Company secretary

P J Mahoney

Registered office

3 Station Approach
Higher Denham
Uxbridge
Middlesex
UB9 5EL

Bankers

Natwest
63 High Street
Ruislip
Middlesex
HA4 8JD

Accountants

MG Group (Professional Services) Ltd
Chartered Accountants166 College Road
Harrow
Middlesex
HA1 1BH

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Good News Holidays Ltd
for the Year Ended 31 December 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Good News Holidays Ltd for the year ended 31 December 2024 as set out on pages 3 to 10 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
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Good News Holidays Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Good News Holidays Ltd and state those matters that we have agreed to state to the Board of Directors of Good News Holidays Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Good News Holidays Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Good News Holidays Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Good News Holidays Ltd. You consider that Good News Holidays Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Good News Holidays Ltd. 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 accounts.

......................................

MG Group (Professional Services) Ltd
Chartered Accountants
166 College Road
Harrow
Middlesex
HA1 1BH

21 May 2025

 

Good News Holidays Ltd

(Registration number: 03463799)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

16,470

24,292

Investments

5

100

100

 

16,570

24,392

Current assets

 

Debtors

6

501,430

335,960

Cash at bank and in hand

 

1,379,783

1,268,558

 

1,881,213

1,604,518

Creditors: Amounts falling due within one year

7

(1,499,876)

(1,279,953)

Net current assets

 

381,337

324,565

Net assets

 

397,907

348,957

Capital and reserves

 

Called up share capital

11

30,000

30,000

Retained earnings

367,907

318,957

Shareholders' funds

 

397,907

348,957

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 21 May 2025 and signed on its behalf by:
 

.........................................
P J Mahoney
Company secretary and director

 

Good News Holidays Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
3 Station Approach
Higher Denham
Uxbridge
Middlesex
UB9 5EL

These financial statements were authorised for issue by the Board on 21 May 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and 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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Good News Holidays Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer equipment

33% on cost

Motor vehicles

25% on reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Good News Holidays Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2023 - 10). There are full time equivalent of 7 employees.

 

Good News Holidays Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4

Tangible assets

Fixtures and fittings
£

Motor vehicles
 £

Other tangible assets
 £

Total
£

Cost or valuation

At 1 January 2024

4,091

55,354

53,553

112,998

Additions

-

-

798

798

At 31 December 2024

4,091

55,354

54,351

113,796

Depreciation

At 1 January 2024

4,091

34,938

49,675

88,704

Charge for the year

-

5,101

3,521

8,622

At 31 December 2024

4,091

40,039

53,196

97,326

Carrying amount

At 31 December 2024

-

15,315

1,155

16,470

At 31 December 2023

-

20,416

3,876

24,292

5

Investments

2024
£

2023
£

Investments in subsidiaries

100

100

Subsidiaries

£

Cost or valuation

At 1 January 2024

100

Provision

Carrying amount

At 31 December 2024

100

At 31 December 2023

100

 

Good News Holidays Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

6

Debtors

Current

Note

2024
£

2023
£

Amounts owed by related parties

10

976

-

Prepayments

 

496,348

331,950

Other debtors

 

4,106

4,010

   

501,430

335,960

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

30,497

39,396

Amounts owed to related parties

10

-

5,548

Taxation and social security

 

115,384

114,038

Accruals and deferred income

 

1,176,369

1,040,259

Other creditors

 

29,440

30,441

Directors' current accounts

148,186

50,271

 

1,499,876

1,279,953

8

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

1,703

-

Later than one year and not later than five years

4,967

-

6,670

-

The amount of non-cancellable operating lease payments recognised as an expense during the year was £455 (2023 - £Nil).

9

Dividends

2024

2023

£

£

Interim dividend of £5.00 (2023 - £1.83) per ordinary share

150,000

55,000

 

 
 

Good News Holidays Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

10

Related party disclosures

The rent is paid to the directors, and this is considered to be market rate.

The Company received a management fee of £ 20,041 (2023: £32,596) in the period from G N Transport Limited a wholly owned subsidiary.

At the balance sheet date, the amount due to the Directors was £ 148,186 (2023: £50,271).
 

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

15,029

15,000

Contributions paid to money purchase schemes

159,600

78,000

174,629

93,000

The number of directors for whom retirement benefits are accruing under defined contributions schemes amounted to 2 ( 2023 - 2 )



In respect of the highest paid director:

2024
£

2023
£

Remuneration

12,840

12,840

Company contributions to money purchase pension schemes

78,800

78,000

Directors are considered to be key management personnel.
 

 

Good News Holidays Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

11

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Share Capital of £1 each

30,000

30,000

30,000

30,000