1.
General Information
Hodge's Travel Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
03265935
. The registered office is Deepnell House, 100 Yorktown Road, Sandhurst, Berkshire, GU47 9BH.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.4.
Investment in subsidiary
Investments in subsidiary undertakings are recognised at cost less provision for impairment, where appropriate.
3.
Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 3)
Hodge's Travel Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
4.
Investments
| Subsidiaries | |
|---|---|
| £ | |
| Cost or Valuation | |
| As at 1 January 2024 |
|
| As at 31 December 2024 |
|
| Provision | |
| As at 1 January 2024 |
|
| As at 31 December 2024 |
|
| Net Book Value | |
| As at 31 December 2024 |
|
| As at 1 January 2024 |
|
5.
Debtors
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Amounts owed by group undertakings | 158,387 | 306,887 | |
6.
Creditors: Amounts Falling Due Within One Year
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Accruals and deferred income |
|
|
|
| Directors' loan accounts |
|
|
|
|
|
|
||
8.
Dividends
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| On equity shares: | |||
| Final dividend paid |
|
|
|
Hodge's Travel Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
9.
Reserves
|
Retained Earnings
|
Share Premium
|
Total
|
|
|
£
|
£
|
£
|
|
|
At 31 January 2024
|
369
|
610,496
|
610,865
|
|
Profit for the year
|
1,500
|
-
|
1,500
|
|
Dividends
|
(1,500)
|
-
|
(1,500)
|
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|
|
|
|
|
At 31 December 2024
|
369
![image](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 5" preserveAspectRatio="none">
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|
610,496
|
610,865
|
10.
Related Party Transactions
During the year, total dividends of £1,500 were paid to the directors.
At the beginning of the year the company was owed £306,887 by its wholly owned subsidiary undertaking, Hodges Coaches (Sandhurst) Limited. During the year, the company was declared a dividend of £1,500 from the subsidiary and received payments amounting to £150,000 so at the balance sheet date, the amount owed by the subsidiary was £158,387.
This amount was unsecured, interest free and payable on demand.
At the beginning of the year, the company owed the amount of £101,702 to Paul Hodge, a director and shareholder. During the year, the company declared a dividend of £500 to Paul Hodge and made repayments amounting to £50,000 to him so at the balance sheet date, the amount owed to Paul Hodge was £52,202. This amount was unsecured and payable on demand.
At the beginning of the year, the company owed the amount of £101,702 to Mark Hodge, a director and shareholder. During the year, the company declared a dividend of £500 to Mark Hodge and made repayments amounting to £50,000 to him so at the balance sheet date, the amount owed to Mark Hodge was £52,202. This amount was unsecured and payable on demand.
At the beginning of the year, the company owed the amount of £101,702 to Martin Hodge, a director and shareholder. During the year, the company declared a dividend of £500 to Martin Hodge and made repayments of £50,000 to him so at the balance sheet date, the amount owed to Martin Hodge was £52,202. This amount was unsecured and payable on demand.
11.
Ultimate Controlling Party
The company's ultimate controlling parties are Paul Hodge, Mark Hodge and Martin Hodge by virtue of their ownership of 100% of the issued share capital in the company.