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REGISTERED NUMBER: 01061976 (England and Wales)















TRAVELSCOPE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024






TRAVELSCOPE LIMITED (REGISTERED NUMBER: 01061976)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


TRAVELSCOPE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2024







DIRECTORS: Mrs J Y A Christodoulou
G Christodoulou





SECRETARY: Mrs J Y A Christodoulou





REGISTERED OFFICE: 3rd Floor, Marlborough House
298 Regents Park Road
Finchley
London
N3 2SZ





REGISTERED NUMBER: 01061976 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
3rd Floor
Malborough House
298 Regents Park Road
Finchley
London
N3 2SZ

TRAVELSCOPE LIMITED (REGISTERED NUMBER: 01061976)

STATEMENT OF FINANCIAL POSITION
31 AUGUST 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 224 263
Investment property 5 550,000 550,000
550,224 550,263

CURRENT ASSETS
Debtors 6 21,299 5,008
Cash at bank 8,635 18,819
29,934 23,827
CREDITORS
Amounts falling due within one year 7 18,309 22,633
NET CURRENT ASSETS 11,625 1,194
TOTAL ASSETS LESS CURRENT LIABILITIES 561,849 551,457

PROVISIONS FOR LIABILITIES 85,416 64,916
NET ASSETS 476,433 486,541

CAPITAL AND RESERVES
Called up share capital 8 20,000 20,000
Retained earnings 9 456,433 466,541
SHAREHOLDERS' FUNDS 476,433 486,541

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 May 2025 and were signed on its behalf by:





G Christodoulou - Director


TRAVELSCOPE LIMITED (REGISTERED NUMBER: 01061976)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1. STATUTORY INFORMATION

Travelscope Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents rents receivable from the letting of the company's investment properties and is recognised evenly over the lease terms.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Financial instruments
The company has chosen to adopt the FRS102 1A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

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. Accounts 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


TRAVELSCOPE LIMITED (REGISTERED NUMBER: 01061976)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 September 2023
and 31 August 2024 12,406
DEPRECIATION
At 1 September 2023 12,143
Charge for year 39
At 31 August 2024 12,182
NET BOOK VALUE
At 31 August 2024 224
At 31 August 2023 263

TRAVELSCOPE LIMITED (REGISTERED NUMBER: 01061976)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

5. INVESTMENT PROPERTY
Total
£   
COST
At 1 September 2023
and 31 August 2024 550,000
NET BOOK VALUE
At 31 August 2024 550,000
At 31 August 2023 550,000

Fair value at 31 August 2024 is represented by:
£
Valuation in 2024 550,000
-----------
550,000
=======

If investment property had not been revalued they would have been included at the following historical cost:

2024 2023
£ £
Cost 69,703 69,703
====== ======

The director believes that the fair value of the investment property at 31 August 2024 has not changed.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 21,299 5,008

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation and social security 2,916 2,076
Other creditors 15,393 20,557
18,309 22,633

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
20,000 Ordinary shares £1.00 20,000 20,000

9. RESERVES

Included in the retained earnings of £456,433 are non-distributable reserves of £394,881 representing cumulative revaluations to investment properties of £480,297 less cumulative deferred tax provided of £85,416. Distributable reserves as at 31 August 2024 are therefore £61,552. The directors were paid dividends of £2,000 (2023: £2,000) during the year.

TRAVELSCOPE LIMITED (REGISTERED NUMBER: 01061976)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 August 2024 and 31 August 2023:

2024 2023
£    £   
G Christodoulou
Balance outstanding at start of year (2,267 ) (6,431 )
Amounts advanced 11,193 5,164
Amounts repaid (1,000 ) (1,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 7,926 (2,267 )

Mrs J Y A Christodoulou
Balance outstanding at start of year (2,267 ) (6,431 )
Amounts advanced 11,192 5,164
Amounts repaid (1,000 ) (1,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 7,925 (2,267 )

Interest was charged on the directors' overdrawn loan accounts in the year at the HMRC beneficial loan rate. This is an unsecured loan. The overdrawn directors loan account was repaid within 9 months.