ACCOUNTS - Final Accounts

SUNVIL HOLIDAYS LIMITED - Company Information

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Registered number: 01162721

SUNVIL HOLIDAYS LIMITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2019

SUNVIL HOLIDAYS LIMITED

REGISTERED NUMBER: 01162721

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2019

		2019		2018
Note		£		£

Current assets
Debtors: amounts falling due within one year	4	178,132		62,048
Creditors: amounts falling due within one year	5	(176,132)		(60,048)
Net assets			2,000		2,000

Capital and reserves
Called up share capital	2,000	2,000
	2,000	2,000

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 by:

N C L Josephides

Director

Date: 16 December 2020

The notes on pages 2 to 4 form part of these financial statements.

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SUNVIL HOLIDAYS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

1.	General information

Sunvil Holidays Limited is a private company limited by shares incorporated in England. The address of the registered office is given on the Company Information page of these financial statements.
The principal activity of the Company is that of the provision of transport services to its parent company Sunvil International Sales Limited and fellow group company Villa Centre Holidays Limited.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

2.2

Going concern

Following the year end, in common with many travel companies, the company has experienced a reduction in bookings due to concern over the coronavirus. While the effect of the coronavirus cannot currently be predicted with any certainty, the directors have prepared forecasts taking into account their assessment of the potential reduction in sales and are confident that the company will be able to continue to meet their liabilities as they fall due for a period of not less than 12 months from the date these accounts are signed.

2.3

Revenue

Turnover represents amounts receivable from parent and fellow group companies in respect of transportation services provided.
Turnover is recognised on a departure date basis.

2.4

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.

2.5

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.

2.6

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

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SUNVIL HOLIDAYS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

2.Accounting policies (continued)

2.6

Financial instruments (continued)

third parties, loans to related parties and investments in ordinary shares.

2.7

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.

2.8

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.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of comprehensive income within 'other operating income'.

2.9

Advanced receipts and payments

All revenue received relating to bookings that depart after the balance sheet date is treated as advance receipts and is separately disclosed under accruals and deferred income. Payments made to suppliers relating to bookings that depart after the balance sheet date are treated as advance payments and are separately disclosed under prepayments and accrued income.

Employees

The Company has no employees other than the directors, who did not receive any remuneration (2018 - £NIL).

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SUNVIL HOLIDAYS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

Debtors

					2019	2018
					£	£

	Prepayments and accrued income	178,132	62,048

The full amount (2018: the full amount) included within prepayments and accrued income includes advance payments to suppliers for departures after the balance sheet date.

5.	Creditors: Amounts falling due within one year
		2019	2018
		£	£

Amounts owed to group undertakings	82,206	41,110
Other creditors	93,926	18,938
	176,132	60,048

6.	Related party transactions
	During the year under review, there were £Nil (2018: £4,594) intercompany recharges with Discovery Worldwide Limited. An amount of £3,188,608 (2018: £3,155,034) is due from Discovery Worldwide Limited at the year end. Other than the transactions noted above, the Company's related party transactions are with wholly owned group entities so therefore have not been disclosed.

7.	Post balance sheet events

As a result of the coronavirus, future revenues and profit are likely to be affected by the restrictions on travel and consumer confidence to travel. The directors cannot determine at present the extent to which the company is likely to be affected.

8.	Controlling party

The ultimate parent company is Sunvil International Sales Limited, whose registered office and prinicpal place of business is carried out at Sunvil House, Upper Square, Isleworth, Middlesex, TW7 7BJ.

9.	Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2019 was unqualified.

The audit report was signed on 16 December 2020 by Ian Palmer (Senior statutory auditor) on behalf of Elman Wall Limited.

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