Registration number:
Luxury Travel Ltd
for the Year Ended 31 October 2024
Luxury Travel Ltd
(Registration number: NI601052)
Balance Sheet as at 31 October 2024
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Note |
2024 |
(As restated) |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Debtors |
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Investments |
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- |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
30,000 |
30,000 |
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Revaluation reserve |
18,289 |
4,202 |
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Retained earnings |
1,037,084 |
803,355 |
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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:
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• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Luxury Travel Ltd
(Registration number: NI601052)
Balance Sheet as at 31 October 2024
Approved and authorised by the
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......................................... |
Luxury Travel Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024
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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:
These financial statements were authorised for issue by the
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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
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:
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Asset class |
Depreciation method and rate |
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Land and buildings |
2% straight line |
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Plant and equipment |
20% straight line |
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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:
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Asset class |
Amortisation method and rate |
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Internally generated software development costs |
25% straight line |
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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
Recognition and measurement
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
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.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Luxury Travel Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024
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Intangible assets |
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Goodwill |
Internally generated software development costs |
Other intangible assets |
Total |
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Cost or valuation |
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At 1 November 2023 |
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Revaluations |
- |
- |
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Additions |
- |
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- |
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At 31 October 2024 |
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Amortisation |
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At 1 November 2023 |
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- |
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Amortisation charge |
- |
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- |
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At 31 October 2024 |
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- |
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Carrying amount |
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At 31 October 2024 |
- |
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At 31 October 2023 |
- |
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Tangible assets |
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Land and buildings |
Plant and machinery |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 November 2023 |
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Additions |
- |
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- |
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At 31 October 2024 |
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Depreciation |
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At 1 November 2023 |
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Charge for the year |
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At 31 October 2024 |
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Carrying amount |
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At 31 October 2024 |
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At 31 October 2023 |
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Luxury Travel Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024
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Debtors |
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Current |
2024 |
(As restated) |
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Trade debtors |
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Prepayments |
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Other debtors |
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Current asset investments |
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2024 |
2023 |
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Other investments |
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- |
Luxury Travel Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024
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Creditors |
Creditors: amounts falling due within one year
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Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Corporation tax |
132,715 |
139,913 |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
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Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Other non-current financial liabilities |
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Share capital |
Allotted, called up and fully paid shares
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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30,000 |
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30,000 |
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Reserves |
The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:
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Revaluation reserve |
Total |
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Surplus/deficit on revaluation of other assets |
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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
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Revaluation reserve |
Total |
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Surplus/deficit on revaluation of other assets |
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Related party transactions |
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Transactions with directors |
|
2024 |
At 1 November 2023 |
Advances to director |
Repayments by director |
At 31 October 2024 |
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Gregory Fox |
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( |
- |
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Christopher Golding |
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- |
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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.
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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.