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Registered number: 02480904 GOLD CREST HOLIDAYS LIMITED UNAUDITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 30 APRIL 2025
GOLD CREST HOLIDAYS LIMITED REGISTERED NUMBER: 02480904 STATEMENT OF FINANCIAL POSITION AS AT 30 APRIL 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 7 |  | 95,074 |  | 108,269
Investments | 8 |  | 2 |  | 2
Investment property | 9 |  | 623,000 |  | 623,000
|  |  | 718,076 |  | 731,271
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 10 | 128,966 |  | 150,836 |
Cash at bank and in hand |  | 1,110 |  | 1,865 |
|  | 130,076 |  | 152,701 |
Creditors: amounts falling due within one year | 11 | (497,134) |  | (409,147) |
Net current liabilities |  |  | (367,058) |  | (256,446)
Total assets less current liabilities |  |  | 351,018 |  | 474,825
Creditors: amounts falling due after more than one year | 12 |  | (12,518) |  | (42,540)
Provisions for liabilities |  |  |  |  |
Deferred tax | 14 | (3,564) |  | (4,718) |
|  |  | (3,564) |  | (4,718)
Net assets |  |  | 334,936 |  | 427,567
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 50,000 |  | 50,000
Revaluation reserve | 15 |  | 481,800 |  | 481,800
Profit and loss account | 15 |  | (196,864) |  | (104,233)
|  |  | 334,936 |  | 427,567
Page 1
GOLD CREST HOLIDAYS LIMITED REGISTERED NUMBER: 02480904 STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 30 APRIL 2025 The Directors consider 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 Directors acknowledge their 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 on 9 October 2025.
M T Hartshorne
Director
The notes on pages 3 to 14 form part of these financial statements. Page 2
GOLD CREST HOLIDAYS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
1. | General information
Gold Crest Holidays Limited is a private company limited by shares incorporated in England and Wales. The address of the registered office is Holiday House, Valley Drive, Ilkley, West Yorkshire, LS29 8PB. The nature of the company's operations and principal activities are that of a tour operator. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
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. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
| 2.2 | Turnover
Turnover represents amounts receivable for holidays sold and services rendered net of TOMS VAT and trade discounts. Income is recognised at date of departure.
| 2.3 | Going concern
The directors have confirmed their willingness to provide financial support as may be necessary to enable the company to meet its working capital requirements. On this basis, the directors believe that it is appropriate to prepare the financial statements on a going concern basis.
| 2.4 | Foreign currency translation
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.
| 2.5 | Interest income
Interest income is recognised in profit or loss using the effective interest method. Page 3
GOLD CREST HOLIDAYS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.6 | Finance costs
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.
| 2.7 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.8 | Pensions
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.
| 2.9 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. 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. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date. Page 4
GOLD CREST HOLIDAYS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.10 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. 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.
| 2.11 | Tangible fixed assets
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, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Freehold property | - | Nil
|  |  |  | Freehold fitout | - | 10% Straight line
|  |  |  | Fixtures and fittings | - | 10% Straight line
|  |  |  | Computer equipment | - | 25% Straight line
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.
| 2.12 | Revaluation of tangible fixed assets
Individual freehold and leasehold properties are carried at current year value 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 reporting date. Fair values are determined from market based evidence normally undertaken by professionally qualified valuers. Revaluation gains and losses are recognised in 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 profit or loss. Page 5
GOLD CREST HOLIDAYS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.13 | Investment property
Investment property is carried at fair value determined annually 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. No depreciation is provided. Changes in fair value are recognised in profit or loss.
| 2.14 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.15 | Debtors
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.
| 2.16 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.17 | Creditors
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.
| 2.18 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.19 | Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. Page 6
GOLD CREST HOLIDAYS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.20 | Advance bookings
All amounts received from customers relating to holidays with departures after the year end are disclosed under accruals and deferred income. All amounts paid to suppliers relating to holidays with departures after the year end are disclosed under prepayments and accrued income.
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
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. The 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. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the Statement of comprehensive income in the period in which the estimate is revised where the revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.
4. | Other operating income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Net rents receivable | 51,536 | 50,095
|  | 51,536 | 50,095
5. | Employees
| The average monthly number of employees, including directors, during the year was 12 (2024 - 11).
Page 7
GOLD CREST HOLIDAYS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
6. | Intangible assets
|  | Goodwill
|  | £
| Cost |
| At 1 May 2024 | 41,250
| At 30 April 2025 | 41,250
| Amortisation |
| At 1 May 2024 | 41,250
| At 30 April 2025 | 41,250
| Net book value |
| At 30 April 2025 | -
| At 30 April 2024 | -
Page 8
GOLD CREST HOLIDAYS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
7. | Tangible fixed assets
|  | Freehold property and fitout | Fixtures and fittings | Computer equipment | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 May 2024 | 160,426 | 57,949 | 35,114 | 253,489
| Additions | - | - | 834 | 834
| At 30 April 2025 | 160,426 | 57,949 | 35,948 | 254,323
| Depreciation |  |  |  |
| At 1 May 2024 | 75,090 | 39,822 | 30,308 | 145,220
| Charge for the year on owned assets | 8,333 | 3,714 | 1,982 | 14,029
| At 30 April 2025 | 83,423 | 43,536 | 32,290 | 159,249
| Net book value |  |  |  |
| At 30 April 2025 | 77,003 | 14,413 | 3,658 | 95,074
| At 30 April 2024 | 85,336 | 18,127 | 4,806 | 108,269
8. | Fixed asset investments
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 May 2024 | 2
| At 30 April 2025 | 2
Page 9
GOLD CREST HOLIDAYS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
| Subsidiary undertaking
| The following was a subsidiary undertaking of the Company:
| Name | Class of shares | Holding
| Gold Crest Transport Limited | Ordinary | 100%
| The aggregate of the share capital and reserves as at 30 April 2025 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:
| Name | Aggregate of share capital and reserves | Profit/(Loss)
| Gold Crest Transport Limited | 7,418 | -
9. | Investment property
|  | Freehold investment property
|  | £
| Valuation |
| At 1 May 2024 | 623,000
| At 30 April 2025 | 623,000
The 2022 valuations were made by Cartner Towler, on an open market value for existing use basis.
Page 10
GOLD CREST HOLIDAYS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
10. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 3,731 | 10,166
| Other debtors | 20,281 | 25,511
| Prepayments and accrued income | 104,954 | 115,159
|  | 128,966 | 150,836
| Included within prepayments and accrued income are advance payments of £67,500 (2024: £90,671) made to suppliers for holidays departing after the year end.
11. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank overdrafts | 31,077 | 21,057
| Bank loans | 30,000 | 30,000
| Trade creditors | 17,918 | 22,840
| Amounts owed to group undertakings | 40,808 | 16,500
| Other taxation and social security | 5,482 | 6,333
| Other creditors | 121,744 | 1,789
| Accruals and deferred income | 250,105 | 310,628
|  | 497,134 | 409,147
| Included within accruals and deferred income are advance receipts of £223,108 (2024: £250,055) for holidays departing after the year end. There is a legal charge over part of Holiday House, Valley Drive, Ilkley, LS29 8PB, for the use of the overdraft.
12. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 12,518 | 42,540
|  | 12,518 | 42,540
Page 11
GOLD CREST HOLIDAYS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
13. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Bank loans | 30,000 | 30,000
|  | 30,000 | 30,000
| Amounts falling due 1-2 years |  |
| Bank loans | 12,518 | 30,000
|  | 12,518 | 30,000
| Amounts falling due 2-5 years |  |
| Bank loans | - | 12,540
|  | - | 12,540
|  | 42,518 | 72,540
| In 2021, a government backed Coronavirus Business Interruption Loan (CBIL) was taken with Barclays Bank UK PLC by the Company amounting to £150,000. This is repayable in 5 years on a floating rate basis.
Page 12
GOLD CREST HOLIDAYS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
14. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (4,718)
| Charged to profit or loss | 1,154
| At end of year | (3,564)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (3,564) | (4,718)
|  | (3,564) | (4,718)
15. | Reserves
Revaluation reserve Revaluation reserve records the surplus arising on the valuation of property held for own use of the company in prior years. Profit and loss account Profit and loss includes all current and prior year retained profit.
16. | Contingent liabilities
The company is a member of the Association of British Travel Agents Limited ('ABTA'). As at 30th April 2025, there were contingent liabilities given by the company in the normal course of business to Barclays Bank Plc in respect of ABTA bonds amounting £248,500 (2024: 248,500) .
17. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £9,327 (2024: £9,116). Contributions totalling £1,744 (2024: £1,789) were payable to the fund at the reporting date and are included in creditors. Page 13
GOLD CREST HOLIDAYS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
18. | Commitments under operating leases
| At 30 April 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 13,071 | 13,289
| Later than 1 year and not later than 5 years | 6,154 | 19,226
|  | 19,225 | 32,515
19. | Related party transactions
| As at 30 April 2025, the company owed £40,808 (2024: £16,500) to Gold Crest Transport Limited, a wholly owned subsidiary and a company in which M T Hartshorne also serves as a director. As at 30 April 2025, the company was owed £12,279 (2024: £12,077) by Web Gazette LLP, an LLP in which the Directors have an interest. As at 30 April 2025, the company owed £120,000 (2024: £180 (owed from)) to the directors, comprising £70,000 to M T Hartshorne and £50,000 due to R C W Rigg.
20. | Controlling party
During the year R C W Rigg, a director, controlled the company by virtue of a controlling interest of 76% of the issued ordinary share capital.
21. | Post balance sheet events
The directors have concluded that no material events have occurred since the date of approval of these financial statements that would affect the financial statements of the company.
Page 14