Direct Travel (Higham) Ltd Filleted accounts for Companies House (small and micro)

Direct Travel (Higham) Ltd Filleted accounts for Companies House (small and micro)

DIRECT TRAVEL (HIGHAM) LTD - Company Information

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COMPANY REGISTRATION NUMBER: 06520064
Direct Travel (Higham) Ltd
Filleted Unaudited Financial Statements
31 October 2021
Direct Travel (Higham) Ltd
Financial Statements
Year ended 31 October 2021
Contents
Pages
Officers and professional advisers
1
Statement of financial position
2 to 3
Notes to the financial statements
4 to 8
Direct Travel (Higham) Ltd
Officers and Professional Advisers
Director Mr P Bunting
- Director
Company secretary
Mr P Bunting
Registered office
34 Strattea Lane
Higham
Alfreton
Derbyshire
DE55 6EJ
Accountants
Gregory Priestley & Stewart
Chartered Accountants
Alexandra House
123 Priestsic Road
Sutton in Ashfield
Nottinghamshire
NG17 4EA
Direct Travel (Higham) Ltd
Statement of Financial Position
31 October 2021
2021
2020
Note
£
£
Fixed assets
Tangible assets
6
25
8,721
Current assets
Debtors
7
4,788
1,155
Cash at bank and in hand
3,140
1,105
-------
-------
7,928
2,260
Creditors: amounts falling due within one year
8
8,679
8,609
-------
-------
Net current liabilities
751
6,349
----
-------
Total assets less current liabilities
( 726)
2,372
Creditors: amounts falling due after more than one year
9
14,128
17,317
--------
--------
Net liabilities
( 14,854)
( 14,945)
--------
--------
Capital and reserves
Called up share capital
2
2
Profit and loss account
( 14,856)
( 14,947)
--------
--------
Shareholders deficit
( 14,854)
( 14,945)
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 October 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Direct Travel (Higham) Ltd
Statement of Financial Position (continued)
31 October 2021
These financial statements were approved by the board of directors and authorised for issue on 19 May 2022 , and are signed on behalf of the board by:
Mr P Bunting
Director
Company registration number: 06520064
Direct Travel (Higham) Ltd
Notes to the Financial Statements
Year ended 31 October 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 34 Strattea Lane, Higham, Alfreton, DE55 6EJ, Derbyshire.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The accounts have been prepared on a going concern basis. This may not be appropriate as the company had a balance sheet deficit of £14,854 at the 31st October 2021 (2020 - £14,945). The company is therefore dependent on the continued support of the bank. Should this support be withdrawn and the company be unable to continue trading, adjustments would have to be made to reduce the value of the assets and their net realisable value and to provide any further liabilities which might arise.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% reducing balance
Motor vehicles
-
25% straight line
Equipment
-
25% reducing balance
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
The company only enters into basic financial instruments 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2020: 2 ).
5. Events during the reporting period
The outbreak of the Coronavirus (COVID-19) has impacted the normal trading activities of all companies in the UK. The company has, and continues to review the situation and make appropriate adjustments to its plans and operations in order to minimise the impact of the situation on the company. It has reviewed all accounting estimates included within the financial statements to ensure that they remain accurate, complete and correctly valued based on the events since the year end. The company also took steps to furlough its workforce under the Government Coronavirus job retention scheme to protect jobs and cash flow whilst the business was closed. The company has recommenced trading since some restrictions were lifted on a reduced level and is returning furloughed staff to work as the work becomes available for them. The financial impact of Coronavirus on the company cannot be accurately measured at this stage as some Government restrictions remain and no timescale for their complete removal and return to normal trading conditions has been established.
6. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 November 2020
477
26,300
107
26,884
Disposals
–
( 11,000)
–
( 11,000)
----
--------
----
--------
At 31 October 2021
477
15,300
107
15,884
----
--------
----
--------
Depreciation
At 1 November 2020
477
17,613
73
18,163
Charge for the year
–
3,188
9
3,197
Disposals
–
( 5,501)
–
( 5,501)
----
--------
----
--------
At 31 October 2021
477
15,300
82
15,859
----
--------
----
--------
Carrying amount
At 31 October 2021
–
–
25
25
----
--------
----
--------
At 31 October 2020
–
8,687
34
8,721
----
--------
----
--------
7. Debtors
2021
2020
£
£
Trade debtors
200
–
Other debtors
4,588
1,155
-------
-------
4,788
1,155
-------
-------
8. Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
4,147
3,330
Social security and other taxes
21
–
Other creditors
4,511
5,279
-------
-------
8,679
8,609
-------
-------
9. Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
14,128
17,317
--------
--------
10. Events after the end of the reporting period
On 24 February 2022 Russia launched a full scale invasion of Ukraine. The invasion was hostile and a war is ongoing between the two countries. Countries across the world have levied sanctions against Russia and Russian owned businesses and assets. The company does not have any direct trade links to Russian or Ukrainian businesses. The impact of the war as it currently stands is considered to be immaterial to the trade of the company. The indirect impact of economic consequences and possible future expansion of the war to include other countries cannot be measured with any degree of certainty or accuracy.
11. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2021
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr P Bunting
( 4,175)
4,377
( 3,609)
( 3,407)
-------
-------
-------
-------
2020
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr P Bunting
( 360)
6,389
( 10,204)
( 4,175)
----
-------
--------
-------