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Registration number: NI601052

Luxury Travel Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

Luxury Travel Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 12

 

Luxury Travel Ltd

(Registration number: NI601052)
Balance Sheet as at 31 October 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Intangible assets

4

110,093

78,260

Tangible assets

5

358,783

372,373

 

468,876

450,633

Current assets

 

Debtors

6

1,198,016

1,267,162

Investments

7

784,525

-

Cash at bank and in hand

 

659,927

1,448,783

 

2,642,468

2,715,945

Creditors: Amounts falling due within one year

8

(1,749,877)

(1,809,377)

Net current assets

 

892,591

906,568

Total assets less current liabilities

 

1,361,467

1,357,201

Creditors: Amounts falling due after more than one year

8

(241,682)

(488,403)

Provisions for liabilities

(34,412)

(31,241)

Net assets

 

1,085,373

837,557

Capital and reserves

 

Called up share capital

9

30,000

30,000

Revaluation reserve

18,289

4,202

Retained earnings

1,037,084

803,355

Shareholders' funds

 

1,085,373

837,557

For the financial year ending 31 October 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.

 

Luxury Travel Ltd

(Registration number: NI601052)
Balance Sheet as at 31 October 2024

Approved and authorised by the Board on 10 June 2025 and signed on its behalf by:
 

.........................................
Christopher Golding
Director

 

Luxury Travel Ltd

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

1

General information

Luxury Travel Ltd is a private company, limited by shares, incorporated in Northern Ireland, registered number is NI601052.

The address of its registered office is:
214 - 218 Holywood Road
Belfast
BT4 1PD

These financial statements were authorised for issue by the Board on 10 June 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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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.

 

Luxury Travel Ltd

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

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Government grants are recognised using the accrual model and the performance model.

Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.

Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

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.

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

 

Luxury Travel Ltd

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

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit.
Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that
taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have
been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

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.

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.

For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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

Land and buildings

2% straight line

Plant and equipment

20% straight line

Motor vehicles

25% reducing balance

 

Luxury Travel Ltd

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

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Intangible assets

Intangible assets are initially recognised at cost and subsequently stated at cost less any accumulated amortisation and impairment losses. Internally generated software development costs are recognised as intangible assets when the recognition criteria are met. Exchange based tokens are classified as an intangible asset, initially recorded at cost and subsequently remeasured at fair value, with revaluation gains or losses recognised in other comprehensive income or profit or loss.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Internally generated software development costs

25% straight line

Exchange based tokens

Not amortised

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.

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.

 

Luxury Travel Ltd

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

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

 

Luxury Travel Ltd

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

Financial instruments

Classification
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
 Recognition and measurement
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 instrument. Debt instruments are subsequently measured at amortised cost.

Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.

Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

 Impairment
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 17 (2023 - 16).

 

Luxury Travel Ltd

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

4

Intangible assets

Goodwill
 £

Internally generated software development costs
 £

Other intangible assets
 £

Total
£

Cost or valuation

At 1 November 2023

60,000

121,730

13,952

195,682

Revaluations

-

-

14,087

14,087

Additions

-

64,238

-

64,238

At 31 October 2024

60,000

185,968

28,039

274,007

Amortisation

At 1 November 2023

60,000

57,421

-

117,421

Amortisation charge

-

46,493

-

46,493

At 31 October 2024

60,000

103,914

-

163,914

Carrying amount

At 31 October 2024

-

82,054

28,039

110,093

At 31 October 2023

-

64,308

13,952

78,260

5

Tangible assets

Land and buildings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2023

318,559

107,845

54,180

480,584

Additions

-

14,254

-

14,254

At 31 October 2024

318,559

122,099

54,180

494,838

Depreciation

At 1 November 2023

30,772

71,339

10,836

112,947

Charge for the year

6,371

8,068

8,669

23,108

At 31 October 2024

37,143

79,407

19,505

136,055

Carrying amount

At 31 October 2024

281,416

42,692

34,675

358,783

At 31 October 2023

287,787

41,242

43,344

372,373

 

Luxury Travel Ltd

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

6

Debtors

Current

2024
£

(As restated)

2023
£

Trade debtors

8,960

13,168

Prepayments

210,035

93,453

Other debtors

979,021

1,160,541

 

1,198,016

1,267,162

7

Current asset investments

2024
£

2023
£

Other investments

784,525

-

 

Luxury Travel Ltd

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

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

20,833

31,520

Trade creditors

 

91,952

19,908

Corporation tax

 

132,715

139,913

Taxation and social security

 

13,154

8,473

Accruals and deferred income

 

1,472,086

1,448,139

Other creditors

 

19,137

161,424

 

1,749,877

1,809,377

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

166,757

413,478

Other non-current financial liabilities

 

74,925

74,925

 

241,682

488,403

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Share of £1 each

30,000

30,000

30,000

30,000

       

10

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on revaluation of other assets

14,087

14,087

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

 

Luxury Travel Ltd

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

Revaluation reserve
£

Total
£

Surplus/deficit on revaluation of other assets

4,202

4,202

11

Related party transactions

Transactions with directors

2024

At 1 November 2023
£

Advances to director
£

Repayments by director
£

At 31 October 2024
£

Gregory Fox

51,165

(33,174)

-

17,991

Christopher Golding

434

-

887

1,321

The above loans are unsecured, interest free and repayable on demand.

Transactions with related companies
As the company is a wholly owned subsidiary, the directors have taken advantage of the exemption from disclosing related party transactions with other wholly owned group companies, in accordance
with FRS 102.

No other transactions with related parties were undertaken that are required to be disclosed under FRS 102 Section 1A.

12

Prior Year Restatement

During the year, the company has decided to reclassify costs relating to internally generated development costs as intangible assets. Adjustments to correct this classification have been made to the comparative financial information.