Switzerland Travel Centre Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03649940 (England and Wales)

SWITZERLAND TRAVEL CENTRE LIMITED

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M H Maeder

T Allemann

REGISTERED OFFICE:

30 Bedford Street

London

WC2E 9ED

REGISTERED NUMBER:

03649940 (England and Wales)

SENIOR STATUTORY AUDITOR:

Kiran Patel BA FCA

AUDITORS:

Albury Associates Limited

2nd Floor, One Hobbs House,

Harrovian Business Village

Bessborough Road

Harrow

Middlesex

HA1 3EX

BANKERS:

National Westminster Bank plc

2 Charing Cross Road

London

WC2H 0NH

FIXED ASSETS

Tangible assets

4

32,217

27,695

CURRENT ASSETS

Debtors

5

1,461,533

1,909,704

Cash at bank and in hand

1,992,376

1,817,410

3,453,909

3,727,114

CREDITORS

Amounts falling due within one year

6

2,534,864

2,845,900

NET CURRENT ASSETS

919,045

881,214

TOTAL ASSETS LESS CURRENT LIABILITIES

951,262

908,909

CREDITORS

Amounts falling due after more than one year

7

(300,000

)

(291,876

)

PROVISIONS FOR LIABILITIES

(492

)

(492

)

NET ASSETS

650,770

616,541

CAPITAL AND RESERVES

Called up share capital

8

50,000

50,000

Other reserves

9

40,524

40,524

Retained earnings

9

560,246

526,017

SHAREHOLDERS' FUNDS

650,770

616,541

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:

M H Maeder - Director

1.	STATUTORY INFORMATION

Switzerland Travel Centre 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 the provisions of Section 1A "Small Entities"

of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of

Ireland" and the Companies Act 2006.

The financial statements have been prepared in sterling, which is the functional currency of the company.

Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include certain

financial instruments at fair value. The principal accounting policies adopted are set out below.

Turnover

Turnover represents the sale value of air tickets, rail tickets, coach tickets, travel insurance, hotel bookings,

package holidays and related services net of VAT and trade discounts. Revenue is recognised at the date of first

travel.

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.

Tangible fixed assets are started at cost less than depreciation. Depreciation is provided at rates calculated to

write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Fixtures, fittings & equipment 5 years straight line

Computer equipment 3 years straight line

The gain of 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 of loss.

Financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference

shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes

a financing transaction, where the debt instrument is measured at the present value of the future receipts

discounted at a market rate of interest. Financial liabilities classified as payable within one year are not

amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of

business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or

less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction

price and subsequently measured at amortised cost using the effective interest method.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee services are

received.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 44 (2018 - 41 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2019

191,471

Additions

25,629

Disposals

(2,012

)

At 31 December 2019

215,088

DEPRECIATION

At 1 January 2019

163,776

Charge for year

20,228

Eliminated on disposal

(1,133

)

At 31 December 2019

182,871

NET BOOK VALUE

At 31 December 2019

32,217

At 31 December 2018

27,695

5.

DEBTORS

2019

2018

£

£

Amounts falling due within one year:

Trade debtors

522,348

794,786

Other debtors

843,975

1,114,918

1,366,323

1,909,704

Amounts falling due after more than one year:

Other debtors

95,210

-

Aggregate amounts

1,461,533

1,909,704

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

615,563

944,057

Amounts owed to associates

177,749

251,553

Taxation and social security

89,050

48,945

Other creditors

1,652,502

1,601,345

2,534,864

2,845,900

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Amounts owed to group undertakings

300,000

291,876

Loans from group undertakings disclosed within Creditors: Amounts falling due after more than one year, relate

to an amount of £300,000 which was subordinated to the Civil Aviation Authority (CAA) and cannot be withdrawn

without the CAA's prior written consent.

8.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

2019

2018

value:

£

£

50,000

Ordinary shares

£1

50,000

50,000

9.

RESERVES

Retained

Other

earnings

reserves

Totals

£

£

£

At 1 January 2019

526,017

40,524

566,541

Profit for the year

34,229

34,229

At 31 December 2019

560,246

40,524

600,770

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Kiran Patel BA FCA (Senior Statutory Auditor)

for and on behalf of Albury Associates Limited

11.	RELATED PARTY DISCLOSURES

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 transactions entered

into between two or more members of a group, as the company is a wholly owned subsidiary undertaking of the

group to which it is party to the transactions.

12.	POST BALANCE SHEET EVENTS & COVID-19

The rapid spread of Covid-19 and increased travel restrictions has resulted in a substantial fall in projected

turnover since the year-end date. The Directors are reacting with resiliency and are hopeful for a return to

normality in the foreseeable future, subject to the uncertainties surrounding the pandemic and the Governments

plans and support for recovery.

Specific actions taken by the Directors and Senior Management include:

-

A detailed review of overheads and curtailment wherever possible.

-

Taking advantage of the Coronavirus Job Retention Scheme set up by the UK Government.

-

Preparation and management of detailed cash flow forecasts to assess liquidity and the ability of the Company to continue in the foreseeable future

-

Review and application for all additional support from the UK Government and banks.

-

Assessment of available support from the immediate and ultimate controlling parties.

Given the strong position of liquidity at the year-end date, the Directors are confident that the Company has

sufficient resources and support to enable it to return to a reasonable level of trading, subject to any external

factors specifically affecting the aviation and travel sector, globally, and to continue in business for the

foreseeable future.

13.	PARENT COMPANY

The immediate parent company is Switzerland Travel Centre AG, a company registered in Switzerland, by virtue

of owning 100% of the issued share capital. The joint ultimate controlling parties are SBB (Switzerland),

Switzerland Tourism and Hotelleriesuisse. No one party is the ultimate controlling party.