Silverfin false false 31/12/2024 01/01/2024 31/12/2024 M J Redwood 06/04/2014 16 June 2025 The principal activity of the Company during the financial year was the provision of coach and bus services. 06445699 2024-12-31 06445699 bus:Director1 2024-12-31 06445699 2023-12-31 06445699 core:CurrentFinancialInstruments 2024-12-31 06445699 core:CurrentFinancialInstruments 2023-12-31 06445699 core:ShareCapital 2024-12-31 06445699 core:ShareCapital 2023-12-31 06445699 core:RetainedEarningsAccumulatedLosses 2024-12-31 06445699 core:RetainedEarningsAccumulatedLosses 2023-12-31 06445699 core:Goodwill 2023-12-31 06445699 core:Goodwill 2024-12-31 06445699 core:LeaseholdImprovements 2023-12-31 06445699 core:PlantMachinery 2023-12-31 06445699 core:Vehicles 2023-12-31 06445699 core:FurnitureFittings 2023-12-31 06445699 core:LeaseholdImprovements 2024-12-31 06445699 core:PlantMachinery 2024-12-31 06445699 core:Vehicles 2024-12-31 06445699 core:FurnitureFittings 2024-12-31 06445699 2024-01-01 2024-12-31 06445699 bus:FilletedAccounts 2024-01-01 2024-12-31 06445699 bus:SmallEntities 2024-01-01 2024-12-31 06445699 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 06445699 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 06445699 bus:Director1 2024-01-01 2024-12-31 06445699 core:Goodwill core:TopRangeValue 2024-01-01 2024-12-31 06445699 core:Goodwill 2024-01-01 2024-12-31 06445699 core:LeaseholdImprovements core:TopRangeValue 2024-01-01 2024-12-31 06445699 core:PlantMachinery 2024-01-01 2024-12-31 06445699 core:Vehicles 2024-01-01 2024-12-31 06445699 core:FurnitureFittings 2024-01-01 2024-12-31 06445699 2023-01-01 2023-12-31 06445699 core:LeaseholdImprovements 2024-01-01 2024-12-31 iso4217:GBP xbrli:pure

Company No: 06445699 (England and Wales)

REDWOODS TRAVEL LTD

Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

REDWOODS TRAVEL LTD

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

REDWOODS TRAVEL LTD

BALANCE SHEET

As at 31 December 2024
REDWOODS TRAVEL LTD

BALANCE SHEET (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 1 1
Tangible assets 4 719,091 663,852
719,092 663,853
Current assets
Stocks 8,000 5,000
Debtors 5 496,326 369,515
Cash at bank and in hand 405,212 269,065
909,538 643,580
Creditors: amounts falling due within one year 6 ( 290,313) ( 265,023)
Net current assets 619,225 378,557
Total assets less current liabilities 1,338,317 1,042,410
Provision for liabilities ( 176,051) ( 163,110)
Net assets 1,162,266 879,300
Capital and reserves
Called-up share capital 100 100
Profit and loss account 1,162,166 879,200
Total shareholder's funds 1,162,266 879,300

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.

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Redwoods Travel Ltd (registered number: 06445699) were approved and authorised for issue by the Director on 16 June 2025. They were signed on its behalf by:

M J Redwood
Director
REDWOODS TRAVEL LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
REDWOODS TRAVEL LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Redwoods Travel Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Goodwood House, Blackbrook Park Avenue, Taunton, TA1 2PX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the provision of coach and bus 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.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Goodwill

Goodwill arises on business combinations and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 50 years straight line
Plant and machinery 20 % reducing balance
Vehicles 20 % reducing balance
Fixtures and fittings 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials held on site. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Loans and 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.

Assets held under hire purchase agreements are capitalised as tangible fixed assets with the future obligation being recognised as a liability. Finance costs are recognised in the Profit and Loss Account calculated at a constant periodic rate of interest over the term of the liability.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 16 16

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 January 2024 40,000 40,000
At 31 December 2024 40,000 40,000
Accumulated amortisation
At 01 January 2024 39,999 39,999
At 31 December 2024 39,999 39,999
Net book value
At 31 December 2024 1 1
At 31 December 2023 1 1

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 January 2024 22,351 73,953 2,034,578 27,417 2,158,299
Additions 620 4,738 184,977 1,366 191,701
At 31 December 2024 22,971 78,691 2,219,555 28,783 2,350,000
Accumulated depreciation
At 01 January 2024 457 52,647 1,423,229 18,114 1,494,447
Charge for the financial year 459 4,498 129,436 2,069 136,462
At 31 December 2024 916 57,145 1,552,665 20,183 1,630,909
Net book value
At 31 December 2024 22,055 21,546 666,890 8,600 719,091
At 31 December 2023 21,894 21,306 611,349 9,303 663,852

5. Debtors

2024 2023
£ £
Trade debtors 64,856 1,000
Amounts owed by Group undertakings 318,466 107,418
Other debtors 113,004 261,097
496,326 369,515

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 73,826 64,707
Taxation and social security 172,486 137,598
Other creditors 44,001 62,718
290,313 265,023

7. Related party transactions

Transactions with the entity's director

The director's loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates

At 1 January 2024, the balance owed by the directors was £nil. During the year, £50,929 was advanced to the directors, and £50,929 was repaid by the directors. The balance owed to the company by the directors at 31 December 2024 was £nil.

At 1 January 2023, the balance owed by the directors was £nil. During the year, £5,043 was advanced to the directors, and £5,043 was repaid by the directors. The balance owed to the company by the directors at 31 December 2023 was £nil.