Company registration number 01594129 (England and Wales)
NORSEMAN TRAVEL LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
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 - 8
NORSEMAN TRAVEL LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2025
31 October 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
164,499
176,719
Current assets
Debtors
4
503,541
595,087
Cash at bank and in hand
166,123
86,468
669,664
681,555
Creditors: amounts falling due within one year
5
(379,529)
(400,294)
Net current assets
290,135
281,261
Total assets less current liabilities
454,634
457,980
Creditors: amounts falling due after more than one year
6
(45,493)
(8,671)
Provisions for liabilities
8
(3,080)
(5,123)
Net assets
406,061
444,186
Capital and reserves
Called up share capital
10
30,000
30,000
Revaluation reserve
11
108,992
110,362
Capital redemption reserve
11,000
11,000
Profit and loss reserves
256,069
292,824
Total equity
406,061
444,186

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 31 March 2026
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 2025
- 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 a mounts 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 2025
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 2025
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:

2025
2024
Number
Number
Total
7
7
NORSEMAN TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 5 -
3
Tangible fixed assets
Freehold property
Fixtures and equipment
Computer equipment
Total
£
£
£
£
Cost or valuation
At 1 November 2024
170,000
25,398
57,675
253,073
Additions
-
0
-
0
2,280
2,280
Disposals
-
0
-
0
(48,329)
(48,329)
At 31 October 2025
170,000
25,398
11,626
207,024
Depreciation and impairment
At 1 November 2024
10,200
24,617
41,537
76,354
Depreciation charged in the year
3,400
114
1,031
4,545
Eliminated in respect of disposals
-
0
-
0
(38,374)
(38,374)
At 31 October 2025
13,600
24,731
4,194
42,525
Carrying amount
At 31 October 2025
156,400
667
7,432
164,499
At 31 October 2024
159,800
781
16,138
176,719

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 11.

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
2025
2024
£
£
Cost
101,503
101,503
Accumulated depreciation
(54,096)
(52,066)
Carrying value
47,407
49,437
NORSEMAN TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 6 -
4
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
201,572
221,884
Amounts owed by group undertakings
292,559
291,324
Prepayments and accrued income
9,410
81,879
503,541
595,087
5
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
7
-
0
25,013
Trade creditors
324,641
339,884
Corporation tax
14,920
13,435
Other taxation and social security
9,064
6,015
Other creditors
4,132
3,226
Accruals and deferred income
26,772
12,721
379,529
400,294
6
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Other creditors
7
45,493
8,671
7
Loans and overdrafts
2025
2024
£
£
Bank loans
-
0
25,013
Other loans
45,493
8,671
45,493
33,684
Payable within one year
-
0
25,013
Payable after one year
45,493
8,671
8
Provisions for liabilities
2025
2024
£
£
Deferred tax liabilities
9
3,080
5,123
NORSEMAN TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 7 -
9
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
3,080
5,123
2025
Movements in the year:
£
Liability at 1 November 2024
5,123
Credit to profit or loss
(2,043)
Liability at 31 October 2025
3,080
10
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
30,000
30,000
30,000
30,000
11
Revaluation reserve
2025
2024
£
£
At the beginning of the year
110,362
111,732
Other movements
(1,370)
(1,370)
At the end of the year
108,992
110,362
12
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 is unqualified and includes the following:

Opinion

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 October 2025 and of its profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

NORSEMAN TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
12
Audit report information
(Continued)
- 8 -
Senior Statutory Auditor:
Peter Charles BSc FCA
Statutory Auditor:
Robson Laidler Accountants Limited
Date of audit report:
31 March 2026
13
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.

Other interest receivable
2025
2024
£
£
Key management personnel
4,510
-

The following amounts were outstanding at the reporting end date:

2025
2024
Amounts due to related parties
£
£
Key management personnel
45,493
8,671

The above loan is unsecured and interest free.

14
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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