Company registration number 07803927 (England and Wales)
NORSEMAN TRAVEL HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
PAGES FOR FILING WITH REGISTRAR
NORSEMAN TRAVEL HOLDINGS LIMITED
COMPANY INFORMATION
Director
Mr A P Ruffman
Company number
07803927
Registered office
157 Kenton Road
Gosforth
Newcastle upon Tyne
Tyne and Wear
NE3 4NQ
Accountants
Robson Laidler Accountants Limited
Fernwood House
Fernwood Road
Jesmond
Newcastle upon Tyne
Tyne and Wear
England
NE2 1TJ
NORSEMAN TRAVEL HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT 31 OCTOBER 2024
31 October 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
30,157
40,813
Tangible assets
5
171,876
180,629
202,033
221,442
Current assets
Debtors
8
226,537
254,255
Cash at bank and in hand
86,468
19,074
313,005
273,329
Creditors: amounts falling due within one year
9
(401,527)
(335,908)
Net current liabilities
(88,522)
(62,579)
Total assets less current liabilities
113,511
158,863
Creditors: amounts falling due after more than one year
10
(8,671)
(77,836)
Provisions for liabilities
12
(4,974)
(5,840)
Net assets
99,866
75,187
Capital and reserves
Called up share capital
14
100
100
Revaluation reserve
15
46,621
46,959
Profit and loss reserves
53,145
28,128
Total equity
99,866
75,187

The director of the group have elected not to include a copy of the profit and loss account within the financial statements.

For the financial year ended 31 October 2024 the group was entitled to exemption from audit under section 477 of the Companies Act 2006.

Director's responsibilities under the Companies Act 2006:

 

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

NORSEMAN TRAVEL HOLDINGS LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2024
31 October 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 7 March 2025
07 March 2025
Mr A P Ruffman
Director
Company Registration No. 07803927
NORSEMAN TRAVEL HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 OCTOBER 2024
31 October 2024
- 3 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
6
505,000
505,000
Current assets
Debtors
8
100
100
Creditors: amounts falling due within one year
9
(369,886)
(368,651)
Net current liabilities
(369,786)
(368,551)
Net assets
135,214
136,449
Capital and reserves
Called up share capital
14
100
100
Profit and loss reserves
135,114
136,349
Total equity
135,214
136,449

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £1,235 (2023 £5,045 loss).

For the financial year ended 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved and signed by the director and authorised for issue on 7 March 2025
07 March 2025
Mr A P Ruffman
Director
Company Registration No. 07803927
NORSEMAN TRAVEL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 4 -
1
Accounting policies
Company information

Norseman Travel Holdings Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

 

The group consists of Norseman Travel Holdings Limited and all of its subsidiaries.

 

 

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
Basis of consolidation

The results of all subsidiaries are included in the group profit and loss account from the date of acquisition under the acquisition method of accounting.

1.3
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.

1.4
Intangible fixed assets - goodwill

This is goodwill arising on consolidation.

 

Goodwill is the excess of purchase consideration over fair value of the assets of the company acquired. In the consolidated accounts the amount of goodwill is capitalised and amortised over 15 years, which, in the opinion of the director, is the period the company will derive the economic benefit from this goodwill.

NORSEMAN TRAVEL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 5 -
1.5
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 recognised in the profit and loss account.

1.6
Fixed asset investments

Fixed asset investments are initially measured at cost but are carried in the balance sheet at no more than their recoverable amount.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.7
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.

1.8
Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the consolidated 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 from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in 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.

1.9
Provisions

Provisions are recognised when the company has an obligation at the balance sheet date 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.

NORSEMAN TRAVEL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 6 -
1.10
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.

1.11
Leases

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

1.12
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.

1.13

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.

1.14

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 asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its 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.

1.15

Loans and borrowings

Loans and borrowings are initially recognised 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 group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Total
7
8
-
0
-
0
NORSEMAN TRAVEL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 7 -
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
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 November 2023 and 31 October 2024
159,805
Amortisation and impairment
At 1 November 2023
118,992
Amortisation charged for the year
10,656
At 31 October 2024
129,648
Carrying amount
At 31 October 2024
30,157
At 31 October 2023
40,813
The company had no intangible fixed assets at 31 October 2024 or 31 October 2023.
NORSEMAN TRAVEL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 8 -
5
Tangible fixed assets
Group
Freehold property
Fixtures and equipment
Computer equipment
Total
£
£
£
£
Cost or valuation
At 1 November 2023
170,000
6,660
56,708
233,368
Additions
-
0
-
0
1,150
1,150
At 31 October 2024
170,000
6,660
57,858
234,518
Depreciation and impairment
At 1 November 2023
10,304
5,096
37,339
52,739
Depreciation charged in the year
5,152
137
4,614
9,903
At 31 October 2024
15,456
5,233
41,953
62,642
Carrying amount
At 31 October 2024
154,544
1,427
15,905
171,876
At 31 October 2023
159,696
1,564
19,369
180,629
The company had no tangible fixed assets at 31 October 2024 or 31 October 2023.

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

2024
2023
£
£
Group
Cost
158,822
158,822
Accumulated depreciation
(50,896)
(46,082)
Carrying value
107,926
112,740
6
Fixed asset investments
Group
Company
2024
2023
2024
2023
£
£
£
£
Shares in group undertakings and participating interests
-
-
505,000
505,000
NORSEMAN TRAVEL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
6
Fixed asset investments
(Continued)
- 9 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 November 2023 and 31 October 2024
505,000
Carrying amount
At 31 October 2024
505,000
At 31 October 2023
505,000
7
Subsidiaries

Details of the company's subsidiaries at 31 October 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Norseman Travel Limited
England and Wales
Travel agent
Ordinary £1
100.00
8
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
221,884
216,506
-
0
-
0
Unpaid share capital
100
100
100
100
Other debtors
-
32,500
-
0
-
0
Prepayments and accrued income
4,553
5,149
-
0
-
0
226,537
254,255
100
100
9
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
11
25,013
25,013
-
0
-
0
Trade creditors
339,884
288,334
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
291,324
290,239
Corporation tax payable
13,435
9,600
-
0
-
0
Other taxation and social security
6,015
2,366
-
-
Other creditors
3,226
3,226
-
0
-
0
Accruals and deferred income
13,954
7,369
78,562
78,412
401,527
335,908
369,886
368,651
NORSEMAN TRAVEL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 10 -
10
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
11
-
0
25,013
-
0
-
0
Other borrowings
11
8,671
52,823
-
0
-
0
8,671
77,836
-
-
11
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
25,013
50,026
-
0
-
0
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
-
0
-
0
12
Provisions for liabilities
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Deferred tax liabilities
13
4,974
5,840
-
0
-
0
13
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
4,974
5,840
The company has no deferred tax assets or liabilities.
NORSEMAN TRAVEL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
13
Deferred taxation
(Continued)
- 11 -
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 November 2023
5,840
-
Credit to profit or loss
(866)
-
Liability at 31 October 2024
4,974
-

 

14
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary of £1 each
100
100
100
100
15
Revaluation reserve
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning of the year
46,959
47,297
-
0
-
0
Revaluation surplus arising in the year
-
0
-
0
-
0
-
0
Other movements
(338)
(338)
-
-
At the beginning and end of the year
46,621
46,959
-
0
-
16
Related party transactions

The following amounts were outstanding at the reporting end date:

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

The above loan is unsecured and interest free.

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