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 2021

for

Travel Sector Property Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

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)

ACCOUNTANT:

Wright Vigar Limited

Chartered Accountants & Business Advisers

15 Newland

Lincoln

Lincolnshire

LN1 1XG

FIXED ASSETS

Tangible assets

4

30,194

24,288

Investments

5

186,468

166,829

Investment property

6

1,063,004

400,000

1,279,666

591,117

CURRENT ASSETS

Debtors

7

97,695

89,075

Cash at bank

34,994

10,930

132,689

100,005

CREDITORS

Amounts falling due within one year

8

18,575

31,357

NET CURRENT ASSETS

114,114

68,648

TOTAL ASSETS LESS CURRENT LIABILITIES

1,393,780

659,765

CREDITORS

Amounts falling due after more than one year

9

935,719

168,713

NET ASSETS

458,061

491,052

CAPITAL AND RESERVES

Called up share capital

11

100

100

Fair value reserve

12

149,158

149,158

Retained earnings

308,803

341,794

SHAREHOLDERS' FUNDS

458,061

491,052

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2021 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 18 July 2022 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.

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.

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 1 (2020 - NIL ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Long

Plant and

and

Computer

leasehold

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 August 2020

25,000

32,877

31,860

5,650

95,387

Additions

-

-

7,764

-

7,764

At 31 July 2021

25,000

32,877

39,624

5,650

103,151

DEPRECIATION

At 1 August 2020

5,000

31,490

29,152

5,457

71,099

Charge for year

1,000

277

542

39

1,858

At 31 July 2021

6,000

31,767

29,694

5,496

72,957

NET BOOK VALUE

At 31 July 2021

19,000

1,110

9,930

154

30,194

At 31 July 2020

20,000

1,387

2,708

193

24,288

5.	FIXED ASSET INVESTMENTS

Interest

in

Other

Other

associate

investments

investments

Totals

£

£

£

£

COST OR VALUATION

At 1 August 2020

98

1

166,730

166,829

Additions

-

-

19,639

19,639

At 31 July 2021

98

1

186,369

186,468

NET BOOK VALUE

At 31 July 2021

98

1

186,369

186,468

At 31 July 2020

98

1

166,730

166,829

Cost or valuation at 31 July 2021 is represented by:

Interest

in

Other

Other

associate

investments

investments

Totals

£

£

£

£

Valuation in 2019

-

-

43,873

43,873

Cost

98

1

142,496

142,595

98

1

186,369

186,468

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

2021

2020

£

£

Cost

122,857

122,857

Other investment was valued on an open market basis on 31 July 2021 by the directors .

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 August 2020

400,000

Additions

663,004

At 31 July 2021

1,063,004

NET BOOK VALUE

At 31 July 2021

1,063,004

At 31 July 2020

400,000

Fair value at 31 July 2021 is represented by:

£

Valuation in 2017

65,285

Valuation in 2018

20,000

Valuation in 2020

20,000

Cost

957,719

1,063,004

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

2021

2020

£

£

Cost

957,719

294,715

Investment property was valued on an open market basis on 31 July 2021 by the directors .

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

1,000

1,000

Other debtors

96,695

88,075

97,695

89,075

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

6,468

6,723

Trade creditors

3,845

2,162

VAT

-

1,120

Other creditors

320

99

Directors' loan accounts

-

15,784

Accrued expenses

2,200

2,060

Deferred income

5,742

3,409

18,575

31,357

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loan - 2-5 years

27,088

28,156

Bank loan more than 5 years

59,551

70,283

Andrew Long Portugal Ltd

70,274

70,274

Directors' loan account

778,806

-

935,719

168,713

Amounts falling due in more than five years:

Repayable by instalments

Bank loan more than 5 years

59,551

70,283

10.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank loan

93,107

105,162

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

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

100

Ordinary

£1

100

100

12.

RESERVES

Fair

value

reserve

£

At 1 August 2020

and 31 July 2021

149,158

13.	OTHER FINANCIAL COMMITMENTS

Total financial commitments which are not included in the balance sheet amount to £546,000 (2020 £588,000).

These amounts consist of lease commitments payable over the next thirteen (2020 fourteen) years.

14.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 July 2021 and 31 July 2020:

2021

2020

£

£

A E Long and Mrs J Long

Balance outstanding at start of year

-

6,765

Amounts repaid

-

(6,765

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-