Company registration number 01594129 (England and Wales)
NORSEMAN TRAVEL LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
PAGES FOR FILING WITH REGISTRAR
NORSEMAN TRAVEL LIMITED
COMPANY INFORMATION
Director
Mr A P Ruffman
Company number
01594129
Registered office
157 Kenton Road
Gosforth
Newcastle upon Tyne
Tyne and Wear
NE3 4NQ
Auditor
Robson Laidler Accountants Limited
Fernwood House
Fernwood Road
Jesmond
Newcastle upon Tyne
Tyne and Wear
England
NE2 1TJ
NORSEMAN TRAVEL LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
NORSEMAN TRAVEL LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
176,719
183,720
Current assets
Debtors
5
595,087
621,720
Cash at bank and in hand
86,468
19,074
681,555
640,794
Creditors: amounts falling due within one year
6
(400,294)
(334,825)
Net current assets
281,261
305,969
Total assets less current liabilities
457,980
489,689
Creditors: amounts falling due after more than one year
7
(8,671)
(77,836)
Provisions for liabilities
9
(5,123)
(5,989)
Net assets
444,186
405,864
Capital and reserves
Called up share capital
11
30,000
30,000
Revaluation reserve
12
110,362
111,732
Capital redemption reserve
11,000
11,000
Profit and loss reserves
292,824
253,132
Total equity
444,186
405,864

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

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 7 March 2025
Mr A P Ruffman
Director
Company registration number 01594129 (England and Wales)
NORSEMAN TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -
1
Accounting policies
Company information

Norseman Travel Limited is a private company limited by shares incorporated in England and Wales. The registered office is 157 Kenton Road, Gosforth, Newcastle upon Tyne, Tyne and Wear, NE3 4NQ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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.

The financial statements are prepared in UK sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents business transacted as a travel agent and is inclusive of commissions receivable and value added tax.

 

Revenue related directly to the company's travel agency business is recognised on departure date.

 

Other revenue is recognised as earned.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold property
2% straight line
Fixtures and equipment
15% reducing balance
Computer equipment
10% straight line

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.

1.4
Impairment of assets

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds the recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

1.5
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 current liabilities.

NORSEMAN TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Taxation

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

 

Current and deferred taxation assets and liabilities are not discounted.

Current tax

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

 

Timing differences arise form the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the 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.

1.7
Provisions

Provisions are recognised when the company has an obligation at the balance sheet as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9
Leases

Rentals paid under operating leases are charged to the profit or loss on a straight line basis over the period of the lease.

1.10
Foreign exchange

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

1.11

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

NORSEMAN TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 4 -
1.12

Loans and borrowings

Loans and borrowings are initially recorded at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
7
8
3
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
13,435
9,600
Deferred tax
Origination and reversal of timing differences
(866)
(669)
Total tax charge
12,569
8,931
4
Tangible fixed assets
Freehold property
Fixtures and equipment
Computer equipment
Total
£
£
£
£
Cost or valuation
At 1 November 2023
170,000
25,398
56,525
251,923
Additions
-
0
-
0
1,150
1,150
At 31 October 2024
170,000
25,398
57,675
253,073
Depreciation and impairment
At 1 November 2023
6,800
24,480
36,923
68,203
Depreciation charged in the year
3,400
137
4,614
8,151
At 31 October 2024
10,200
24,617
41,537
76,354
Carrying amount
At 31 October 2024
159,800
781
16,138
176,719
At 31 October 2023
163,200
918
19,602
183,720
NORSEMAN TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
4
Tangible fixed assets
(Continued)
- 5 -

Land and buildings were revalued at £170,000 on 25 November 2021 by Sanderson Weatherall LLP, independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

The revaluation surplus is disclosed in note 12.

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

Freehold property
2024
2023
£
£
Cost
101,503
101,503
Accumulated depreciation
(52,066)
(50,036)
Carrying value
49,437
51,467
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
221,884
216,506
Amounts owed by group undertakings
291,324
290,239
Other debtors
-
0
32,500
Prepayments and accrued income
81,879
82,475
595,087
621,720
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
8
25,013
25,013
Trade creditors
339,884
288,334
Corporation tax
13,435
9,600
Other taxation and social security
6,015
2,366
Other creditors
3,226
3,226
Accruals and deferred income
12,721
6,286
400,294
334,825
NORSEMAN TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 6 -
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
8
-
0
25,013
Other creditors
8
8,671
52,823
8,671
77,836
8
Loans and overdrafts
2024
2023
£
£
Bank loans
25,013
50,026
Other loans
8,671
52,823
33,684
102,849
Payable within one year
25,013
25,013
Payable after one year
8,671
77,836
9
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
10
5,123
5,989
10
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
5,123
5,989
2024
Movements in the year:
£
Liability at 1 November 2023
5,989
Credit to profit or loss
(866)
Liability at 31 October 2024
5,123
NORSEMAN TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 7 -
11
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
30,000
30,000
30,000
30,000
12
Revaluation reserve
2024
2023
£
£
At the beginning of the year
111,732
113,102
Other movements
(1,370)
(1,370)
At the end of the year
110,362
111,732
13
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Peter Charles BSc FCA
Statutory Auditor:
Robson Laidler Accountants Limited
Date of audit report:
7 March 2025
14
Related party transactions
Transactions with related parties

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

2024
2023
Amounts due to related parties
£
£
Key management personnel
8,671
52,823

The above loan is unsecured and interest free.

15
Ultimate parent company

Norseman Travel Holdings Limited, a company registered in England and Wales, is regarded by the director as being the company's ultimate parent company.

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