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01/02/2024
31/01/2025
2025-01-31
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No description of principal activities is disclosed
2024-02-01
Sage Accounts Production 24.0 - FRS102_2024
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Company registration number:
SC289398
Jimmy Martin Travel Ltd
Unaudited filleted financial statements
31 January 2025
Jimmy Martin Travel Ltd
Contents
Statement of financial position
Notes to the financial statements
Jimmy Martin Travel Ltd
Statement of financial position
31 January 2025
|
|
|
2025 |
|
|
|
2024 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
|
Intangible assets |
|
5 |
- |
|
|
|
- |
|
|
|
Tangible assets |
|
6 |
114,194 |
|
|
|
113,673 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
114,194 |
|
|
|
113,673 |
|
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
|
Debtors |
|
7 |
61,376 |
|
|
|
71,768 |
|
|
|
Cash at bank and in hand |
|
|
202,046 |
|
|
|
220,665 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
263,422 |
|
|
|
292,433 |
|
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
|
within one year |
|
8 |
(
230,584) |
|
|
|
(
242,079) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
Net current assets |
|
|
|
|
32,838 |
|
|
|
50,354 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
Total assets less current liabilities |
|
|
|
|
147,032 |
|
|
|
164,027 |
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
|
after more than one year |
|
9 |
|
|
(
94,937) |
|
|
|
(
113,492) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
Net assets |
|
|
|
|
52,095 |
|
|
|
50,535 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
|
Called up share capital |
|
10 |
|
|
50,000 |
|
|
|
50,000 |
|
Profit and loss account |
|
|
|
|
2,095 |
|
|
|
535 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
Shareholders funds |
|
|
|
|
52,095 |
|
|
|
50,535 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
For the year ending 31 January 2025 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 financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act 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 and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
16 May 2025
, and are signed on behalf of the board by:
Mr J Martin
Director
Company registration number:
SC289398
Jimmy Martin Travel Ltd
Notes to the financial statements
Year ended 31 January 2025
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 29 York Place, Edinburgh, EH1 3HP.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity
.
Turnover
Where the company acts as agent turnover represents commissions earned on the collection of receipts in respect of passenger fares and holiday tours (excluding VAT) during the year. Such commission is recognised at the point a booking becomes non-cancellable.In relation to all other sales turnover represents the gross value of the sale.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
|
|
| Goodwill |
- |
5 years straight line.
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible fixed assets are initially recorded at cost and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
|
|
|
|
|
Computer & other equipment |
- |
4 year straight line |
|
|
Fittings fixtures and equipment |
- |
6 year straight line |
|
|
Motor vehicles |
- |
20% reducing balance |
|
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates
.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets
.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrumentDebt instruments are subsequently measured at amortised cost.Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.Cash at bank and in hand includes cash and short term highly liquid investments.Creditors are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.
Defined contribution plans
The company make contributions to defined contribution plans. The contributions are recognised as an expense in the period in which the related service is provided.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
4
(2024:
4
).
5.
Intangible assets
|
|
Goodwill |
Total |
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
At 1 February 2024 and 31 January 2025 |
70,000 |
70,000 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Amortisation |
|
|
|
|
|
|
|
At 1 February 2024 and 31 January 2025 |
70,000 |
70,000 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
At 31 January 2025 |
- |
- |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
At 31 January 2024 |
- |
- |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
6.
Tangible assets
|
|
Plant and machinery |
Fixtures, fittings and equipment |
Motor vehicles |
Total |
|
|
|
|
|
£ |
£ |
£ |
£ |
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 February 2024 |
19,462 |
42,054 |
108,343 |
169,859 |
|
|
|
|
Additions |
- |
19,250 |
- |
19,250 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
At 31 January 2025 |
19,462 |
61,304 |
108,343 |
189,109 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 February 2024 |
17,463 |
17,054 |
21,669 |
56,186 |
|
|
|
|
Charge for the year |
1,394 |
- |
17,335 |
18,729 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
At 31 January 2025 |
18,857 |
17,054 |
39,004 |
74,915 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 31 January 2025 |
605 |
44,250 |
69,339 |
114,194 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
At 31 January 2024 |
1,999 |
25,000 |
86,674 |
113,673 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
7.
Debtors
|
|
|
2025 |
2024 |
|
|
|
£ |
£ |
|
Other debtors |
|
61,376 |
71,768 |
|
|
|
_______ |
_______ |
|
|
|
|
|
8.
Creditors: amounts falling due within one year
|
|
|
2025 |
2024 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
6,360 |
6,360 |
|
Trade creditors |
|
1,779 |
3,594 |
|
Corporation tax |
|
12,229 |
902 |
|
Social security and other taxes |
|
18,435 |
12,240 |
|
Other creditors |
|
191,781 |
218,983 |
|
|
|
_______ |
_______ |
|
|
|
230,584 |
242,079 |
|
|
|
_______ |
_______ |
|
|
|
|
|
9.
Creditors: amounts falling due after more than one year
|
|
|
2025 |
2024 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
23,270 |
28,825 |
|
Other creditors |
|
71,667 |
84,667 |
|
|
|
_______ |
_______ |
|
|
|
94,937 |
113,492 |
|
|
|
_______ |
_______ |
|
|
|
|
|
10.
Called up share capital
Issued, called up and fully paid
|
|
|
2025 |
|
|
|
2024 |
|
|
|
|
|
No |
|
£ |
|
No |
|
£ |
|
Ordinary A shares of £
1.00 each |
|
40,000 |
|
40,000 |
|
40,000 |
|
40,000 |
|
Ordinary B shares of £
1.00 each |
|
10,000 |
|
10,000 |
|
10,000 |
|
10,000 |
|
|
|
_______ |
|
_______ |
|
_______ |
|
_______ |
|
|
|
50,000 |
|
50,000 |
|
50,000 |
|
50,000 |
|
|
|
_______ |
|
_______ |
|
_______ |
|
_______ |
|
|
|
|
|
|
|
|
|
|
11.
Other financial commitments
As at the balance sheet date the company has total future minimum payments under non-cancellable operating leases of £19,480 (2024 - £19,480).
12.
Directors advances, credits and guarantees
Included in other debtors is a loan from the company to the director of £11,959 (2024: £20,083). The loan is interest free and repayable on demand.