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GROUP TRAVEL CONNECTION (TRANSPORT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Group Travel Connection (Transport) Limited is a private company limited by shares, incorporated in England and Wales. The address of its registered office is First Floor, 12 Charlotte Street, Bath, BA1 2NE.
The Company's principal activity is that of a transport provider to its holding company, Heritage Group Travel Limited, under the TOMS VAT Transport Company Scheme.
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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
The Board and management meet regularly during the year and continue to review the Group's financial position, budgets and forecasts in order to neutralise the potential financial impact from any
significant downturn in trading.
As a result of these reviews and projections, the Board and management have a reasonable
expectation that the Group and Company have adequate resources to continue in operational existence for the foreseeable future, being at least the following 12 months from the signing of these financial statements. The Company also continues to receive the full support of the Group.
Consequently, the directors believe that it is still appropriate to apply the going concern basis for the
foreseeable future.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Turnover represents amounts receivable for flights and transport costs sold to the parent company, net of value added tax and trade discounts.
Interest income is recognised in profit or loss using the effective interest method.
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.
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