|
Registered number: 00807844
VILLA CENTRE HOLIDAYS LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2021
|
|
VILLA CENTRE HOLIDAYS LIMITED
COMPANY INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Xeinadin Audit Limited T/A Elman Wall
|
|
|
Chartered Accountants & Statutory Auditor
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VILLA CENTRE HOLIDAYS LIMITED
CONTENTS
|
|
|
Statement of financial position
|
|
Notes to the financial statements
|
|
|
|
VILLA CENTRE HOLIDAYS LIMITED
REGISTERED NUMBER: 00807844
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debtors: amounts falling due within one year
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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:
The notes on pages 2 to 8 form part of these financial statements.
|
|
VILLA CENTRE HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Villa Centre Holidays Limited is a private company limited by shares incorporated in England and Wales, United Kingdom.
The address of the registered office is given on the Company Information page of these financial statements.
The principal activity continued to be that of a tour operator and licensed travel agency.
2.Accounting policies
|
|
|
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:
|
|
VILLA CENTRE HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.Accounting policies (continued)
The Company has paid special attention to the COVID-19 pandemic and the associated impact on
the business. This includes:
The impact of government-imposed travel restrictions on our continued operation and those of our
suppliers;
The economic and social impact on our existing and potential customer base and the resulting fall in
revenue.
The current and future financial position of the Company, its cash flows and liquidity position have
been reviewed by the directors. These have been prepared with a very prudent view on the likely
gradual recovery in each of the Company's operating locations and have been stress tested to
ensure that cash flows and liquidity are sufficiently robust to allow the Company to continue to trade
during this period.
In managing its cash flows, the Company has taken other actions to manage short and longer
term liquidity including reducing the Company’s overhead base.
Although it is not possible to reliably estimate the length of severity of the COVID-19 outbreak and its
long term impact, at the date of approving the financial statements, the directors are confident that
the existing funding facilities will provide sufficient headroom to meet the forecast cash requirements
during the twelve months from the date of approval of the financial statements having considered any.
additional requirements that would be contingent on a downturn in activity over the same period
(specifically in relation to the COVID-19 pandemic).
The directors consider it appropriate to prepare the financial statements on a going concern basis.
Turnover represents the amounts receivable from the sales of holidays and other services supplied to customers net of TOMS VAT. Revenue and expenses are taken to the Statement of comprehensive income on date of departure.
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.
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 third parties, loans to related parties and investments in ordinary shares.
|
|
VILLA CENTRE HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.Accounting policies (continued)
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.
|
|
|
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 profit or loss within 'other operating income'.
|
|
|
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.
|
|
The average monthly number of employees, including directors, during the year was 3 (2020 - 3).
|
|
|
VILLA CENTRE HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
|
|
Amounts owed by group undertakings
|
|
|
|
|
|
|
|
|
|
Prepayments and accrued income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: Amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed to group undertakings
|
|
|
|
|
|
|
|
|
|
Accruals and deferred income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: Amounts falling due after more than one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share capital treated as debt
|
|
|
|
|
|
|
|
Disclosure of the terms and conditions attached to the non-equity shares is made in note 7.
|
|
VILLA CENTRE HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares classified as equity
|
|
|
|
Allotted, called up and fully paid
|
|
|
|
|
|
|
|
|
|
|
|
130,000 (2020 - 130,000) Ordinary shares of £1.00 each
|
|
|
|
|
Ordinary shares are as follows:
30,000 Ordinary shares of £1 each amounting to £30,000
100,000 12.5% Cum. Redeemable Preference shares of £1 each amounting to £100,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares classified as debt
|
|
|
|
Allotted, called up and fully paid
|
|
|
|
|
|
|
|
|
|
|
|
279,000 (2020 - 279,000) Preference shares of £1.00 each
|
|
|
|
|
VILLA CENTRE HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
7.Share capital (continued)
Preference shares are as follows:
30,000 "A" Redeemable Preference shares of £1 each amounting to £30,000.
60,000 "B" Redeemable Preference shares of £1 each amounting to £60,000.
189,000 "C" Redeemable Preference shares of £1 each amounting to £189,000.
The "A" Redeemable Preference shares confer to the holders the right to a fixed cumulative preferential dividend at 3% above the Lloyds TSB plc base rate payable on a half yearly basis commencing from 1 December 1998. Holders are entitled to repayment of capital paid up on shares in priority to any payment to the holder of Ordinary shares in the event of a winding up or repayment of capital. The holders of "A" Redeemable Preference shares are not entitled to vote at any General Meeting of the Company.
The "B" Redeemable Preference shares confer to the holders the right to a fixed cumulative preferential dividend at 5.9% per annum commencing from 1 December 1998 to 31 January 2000 and thereafter at the residential mortgage lending rate at Lloyds TSB plc payable on a half yearly basis. Holders are entitled to repayment of capital paid up on those shares in priority to any payment to the holders of Ordinary shares in the event of a winding up or a repayment of capital. The holders of "B" Redeemable Preference shares are not entitled to vote at any General Meeting of the Company.
The "C" Redeemable Preference shares carry no right to dividends. Holders are not entitled to vote at any General Meeting of the Company.
In the event of a redemption the following shall apply:
(i) The "A" Redeemable Preference shares shall first be released; the "B" Redeemable Preference shares will then be redeemed; and finally the "C" Redeemable Preference shares shall be redeemed.
(ii) An amount shall be paid on redemption dependent on the performance of the Company up to the time of redemption.
|
|
Related party transactions
|
|
|
During the year under review, there were £NIl (2020: £nil) intercompany recharges with Discovery Worldwide Limited. An amount of £600 (2020: £600) is due from Discovery Worldwide Limited at the year end.
During the year under review, there were £nil (2020: £nil) intercompany recharges with Sunvil UK Limited. An amount of £54 (2020: £54) is due from Sunvil UK Limited at the year end.
The Company has taken the exemption available to not disclose transactions within the year, between wholly owned subsidiaries.
An amount of £8,555,109 (2020: £8,497,788) is due from Sunvil International Sales Limited at the year end, a connected company.
An amount of £8,003,876 (2020: £8,003,876) is due from Sunvil Holidays Limited at the year end, a connected company.
|
|
|
VILLA CENTRE HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
|
|
Post balance sheet events
|
The effect of the Covid 19 pandemic continues to be felt after the year end. We have assessed its operational and financial impact on the Company and continue to take measures to monitor and mitigate the effect of Covid 19.
We refer to note 2.2 on going concern.
The directors have concluded that no other material events have occurred since the date of approval of
these financial statements that would affect the financial statements of the Company.
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.
The auditors' report on the financial statements for the year ended 31 December 2021 was unqualified.
The audit report was signed on 30 August 2022 by Ian Palmer FCA (Senior statutory auditor) on behalf of Xeinadin Audit Limited T/A Elman Wall.
|
