Registered number: 01136085
STOKE NEWINGTON TRAVEL LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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STOKE NEWINGTON TRAVEL LIMITED
COMPANY INFORMATION
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STOKE NEWINGTON TRAVEL LIMITED
CONTENTS
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Statement of Financial Position
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Notes to the Financial Statements
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STOKE NEWINGTON TRAVEL LIMITED
REGISTERED NUMBER: 01136085
STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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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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STOKE NEWINGTON TRAVEL LIMITED
REGISTERED NUMBER: 01136085
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 SEPTEMBER 2024
The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 12 form part of these financial statements.
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STOKE NEWINGTON TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Stoke Newington Travel Limited is a private company limited by shares incorporated in England and Wales. The address of the registered office is given in the company information of these financial statements. The nature of the company's operations and the principal activity continued to be that of a tour operator and travel agent.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
Turnover represents the gross value to customers for air tickets, travel insurance, hotel bookings and sundry related services net of VAT and trade discounts. Income is recognised on a departure date basis including non refundable margin on holidays booked.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Intangible fixed assets are stated at cost less amortisation. Amortisation is provided at rates calculated to write off the cost of the assets over their expected useful lives on the following basis:
Website development - 5 years straight line
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STOKE NEWINGTON TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
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Advanced Receipts and Payments
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All revenue relating to tours with departure dates after the year end, less the margin on non-refundable tours booked in the year, are treated as advance receipts at the balance sheet date and are separately disclosed under accruals and deferred income. Payments made to suppliers in respect of these tours are included in prepayments and accrued income.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
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STOKE NEWINGTON TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
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 income.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as set out below.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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Revaluation of tangible fixed assets
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Individual freehold and leasehold properties are carried at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the Statement of financial position date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
Revaluation gains and losses are recognised in the other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in the statement of comprehensive income.
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STOKE NEWINGTON TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
Investment property is carried at fair value, determined by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the Statement of financial position date. No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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In the application of the Company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. These estimates and associated assumptions are based on historical experience and other factors that are recognised to be relevant. Actual results may differ from these estimates. These estimates include depreciation of tangible fixed assets, and amortisation of intangible fixed assets.
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The average monthly number of employees, including directors, during the year was 12 (2023 - 12).
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STOKE NEWINGTON TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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STOKE NEWINGTON TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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Charge for the year on owned assets
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The net book value of land and buildings may be further analysed as follows:
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Cost or valuation at 30 September 2024 is as follows:
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Revaluation at 30 September 2017
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STOKE NEWINGTON TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
6.Tangible fixed assets (continued)
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If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:
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Freehold investment property
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The 2024 valuations were made by the Director, on an open market value for existing use basis.
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Annual revaluation surplus/(deficit):
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The 2024 valuations were made by the Director, on an open market value for existing use basis.
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STOKE NEWINGTON TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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Prepayments and accrued income
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Prepayments and accrued income above includes payments made to suppliers for future travel amounting to £379,346 (2023: £445,458).
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Accruals and deferred income includes net payments received from customers in advance in relation to future bookings amounting to £781,206 (2023: £791,581).
In June 2020 the company secured a bank loan of £125,000 through a Coronovirus Business Interruption Loan. This loan is secured by a first charge over the land and buildings of the company.
As at 30 September 2024 the BSP liability was £25,956 (2023: £59,323).
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STOKE NEWINGTON TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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Creditors: Amounts falling due after more than one year
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Accruals and deferred income
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Accruals and deferred income includes net payments received from customers in advance in relation to future bookings amounting to £10,018 (2023: £8,745).
The £95,000 (2023: £95,000) has been subordinated in accordance with the terms set out by the Civil Aviation Authority (CAA). This means the £95,000 cannot be repaid whilst the Company holds an Air Travel Organisers' License unless written consent has been received from the CAA and all other liabilities incurred by the Company in the period which it held an Air Travel Organiser's License have been satisfied.
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Revaluation reserve
Revaluation reserve records the surplus arising on the valuation of property held for own use by the company in prior years.
Profit and loss account
Profit and loss includes all current and prior periods retained profit. Included within the profit and loss
account, there are non-distributable reserves of £112,500 (2023: £112,500)
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Regulatory requirements and contingent liabilities
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The company currently holds an Air Travel Organisers’ License (‘ATOL’) issued by the Civil Aviation Authority (‘CAA’) and is an accredited agent of the International Air Transport Association (‘IATA’).
As of 30 September 2024, the company had in place an insurance backed bond with the CAA amounting to £50,000.
As at 30 September the company had no other material contingent liabilities.
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Related party transactions
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Included in other debtors is a balance of £2,927 (2023: £13,003) owed by SN Travel Global Limited, a connected company. This is a company based in Caribbean & is owned by the director Sandra Dyer.
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STOKE NEWINGTON TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
The company is controlled by the director, by virtue of a majority shareholding.
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