Travel Sector Property Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04037220 (England and Wales)

Financial Statements

for the Year Ended 31 July 2019

for

Travel Sector Property Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

A E Long

Mrs J Long

SECRETARY:

A E Long

REGISTERED OFFICE:

The Old Rectory

Rectory Road

Coleby

Lincoln

Lincolnshire

LN5 0AJ

REGISTERED NUMBER:

04037220 (England and Wales)

ACCOUNTANTS:

Wright Vigar Limited

Chartered Accountants & Business Advisers

15 Newland

Lincoln

Lincolnshire

LN1 1XG

FIXED ASSETS

Tangible assets

4

26,360

29,699

Investments

5

160,099

99

Investment property

6

380,000

380,000

566,459

409,798

CURRENT ASSETS

Debtors

7

95,729

89,037

Cash at bank

20,503

177,887

116,232

266,924

CREDITORS

Amounts falling due within one year

8

17,391

33,804

NET CURRENT ASSETS

98,841

233,120

TOTAL ASSETS LESS CURRENT LIABILITIES

665,300

642,918

CREDITORS

Amounts falling due after more than one year

9

174,158

180,719

NET ASSETS

491,142

462,199

CAPITAL AND RESERVES

Called up share capital

11

100

100

Fair value reserve

12

129,158

85,285

Retained earnings

361,884

376,814

SHAREHOLDERS' FUNDS

491,142

462,199

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 May 2020 and were signed on its behalf by:

A E Long - Director

1.	STATUTORY INFORMATION

Travel Sector Property 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Long leasehold

-

Straight line over 25 years

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Computer equipment

-

20% on reducing balance

Investments in associates

Investments in associate undertakings are recognised at cost.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

fair value is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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.

Foreign currencies

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.

Other investments

Other investments are stated at cost or valuation. Any aggregate surplus or deficit arising from changes in fair

value is recognised in profit or loss.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2018 - NIL).

4.	TANGIBLE FIXED ASSETS

Fixtures

Long

Plant and

and

Computer

leasehold

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 August 2018

and 31 July 2019

25,000

32,877

31,860

5,650

95,387

DEPRECIATION

At 1 August 2018

2,000

30,710

27,629

5,349

65,688

Charge for year

2,000

433

846

60

3,339

At 31 July 2019

4,000

31,143

28,475

5,409

69,027

NET BOOK VALUE

At 31 July 2019

21,000

1,734

3,385

241

26,360

At 31 July 2018

23,000

2,167

4,231

301

29,699

5.	FIXED ASSET INVESTMENTS

Interest

in

Other

Other

associate

investments

investments

Totals

£

£

£

£

COST OR VALUATION

At 1 August 2018

98

1

-

99

Additions

-

-

116,127

116,127

Revaluations

-

-

43,873

43,873

At 31 July 2019

98

1

160,000

160,099

NET BOOK VALUE

At 31 July 2019

98

1

160,000

160,099

At 31 July 2018

98

1

-

99

Cost or valuation at 31 July 2019 is represented by:

Interest

in

Other

Other

associate

investments

investments

Totals

£

£

£

£

Valuation in 2019

-

-

43,873

43,873

Cost

98

1

116,127

116,226

98

1

160,000

160,099

If other investment had not been revalued it would have been included at the following historical cost:

2019

2018

£

£

Cost

116,127

-

Other investment was valued on an open market basis on 31 July 2019 by the directors .

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 August 2018

and 31 July 2019

380,000

NET BOOK VALUE

At 31 July 2019

380,000

At 31 July 2018

380,000

Fair value at 31 July 2019 is represented by:

£

Valuation in 2017

65,285

Valuation in 2018

20,000

Cost

294,715

380,000

If investment property had not been revalued it would have been included at the following historical cost:

2019

2018

£

£

Cost

294,715

294,715

Investment property was valued on an open market basis on 31 July 2018 by the directors .

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

1,000

1,000

Other debtors

94,729

88,037

95,729

89,037

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

6,508

6,424

Trade creditors

2,992

2,635

Other creditors

7,891

24,745

17,391

33,804

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loan

103,884

110,445

Andrew Long Portugal Ltd

70,274

70,274

174,158

180,719

Amounts falling due in more than five years:

Repayable by instalments

Bank loan

76,426

83,678

10.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank loan

110,392

116,869

Bank loan is secured against the properties to which it relates.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

100

Ordinary

£1

100

100

12.

RESERVES

Fair

value

reserve

£

At 1 August 2018

85,285

Transfer

43,873

At 31 July 2019

129,158

13.	OTHER FINANCIAL COMMITMENTS

Total financial commitments which are not included in the balance sheet amount to £630,000 (2018 £672,000).

These amounts consist of lease commitments payable over the next fifteen (2018 sixteen) years.

14.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 July 2019 and

31 July 2018:

2019

2018

£

£

A E Long and Mrs J Long

Balance outstanding at start of year

(16,402

)

149,021

Amounts advanced

158,167

-

Amounts repaid

(135,000

)

(165,423

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

6,765

(16,402

)