Norad Travel Limited - Accounts to registrar (filleted) - small 18.2
Norad Travel Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Financial Statements for the Year Ended 28 February 2022 |
| for |
| NORAD TRAVEL LIMITED |
| NORAD TRAVEL LIMITED (REGISTERED NUMBER: 01540852) |
| Contents of the Financial Statements |
| for the year ended 28 February 2022 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| NORAD TRAVEL LIMITED |
| Company Information |
| for the year ended 28 February 2022 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants |
| Statutory Auditor |
| 11 Laura Place |
| Bath |
| BA2 4BL |
| NORAD TRAVEL LIMITED (REGISTERED NUMBER: 01540852) |
| Balance Sheet |
| 28 February 2022 |
| 2022 | 2021 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| Investments | 6 |
| Investment property | 7 |
| CURRENT ASSETS |
| Debtors | 8 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 9 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
10 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 13 |
| Share premium |
| Capital redemption reserve |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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 |
| NORAD TRAVEL LIMITED (REGISTERED NUMBER: 01540852) |
| Notes to the Financial Statements |
| for the year ended 28 February 2022 |
| 1. | STATUTORY INFORMATION |
| Norad Travel Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Going concern |
| The results for the 2021 financial year showed the full impact of COVID-19, and the current year results show the start of the post COVID recovery period. |
| Throughout this period the directors have followed the government advice and taken advantage of the government schemes to ensure the company was prepared for when business returned to normal. Due to the length of time the travel restrictions in were place, the shareholders secured further financial support to ensure liquidity is in place tor the period of recovery. Post year end sale and profitability have continued to recover. |
| On this basis the directors are satisfied that the company remains a going concern and the accounts have been prepared on a going concern basis. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Rendering of services |
| Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: |
| - the amount of revenue can be measured reliably; |
| - it is probable that the Company will receive the consideration due under the contract; |
| - the stage of completion of the contract at the end of the reporting period can be measured reliably; |
| - the costs incurred and the costs to complete the contract can be measured reliably. |
| Goodwill |
| Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of Comprehensive Income over its useful economic life. |
| The estimated useful economic life of goodwill is 10 years. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| NORAD TRAVEL LIMITED (REGISTERED NUMBER: 01540852) |
| Notes to the Financial Statements - continued |
| for the year ended 28 February 2022 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Improvements to property | - |
| Office Equipment | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Government grants |
| Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. |
| Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same |
| period as the related expenditure. |
| Investment property |
| Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss. |
| 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 third parties, loans to related parties and investments in ordinary shares. |
| Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan. |
| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income. |
| For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date. |
| Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
| NORAD TRAVEL LIMITED (REGISTERED NUMBER: 01540852) |
| Notes to the Financial Statements - continued |
| for the year ended 28 February 2022 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| 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. |
| Dividends |
| Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. |
| Valuation of investments |
| Investments in subsidiaries are measured at cost less accumulated impairment. |
| Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment. |
| Provision for liabilities |
| Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. |
| Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. |
| When payments are eventually made, they are charged to the provision carried in the Balance |
| Sheet. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| NORAD TRAVEL LIMITED (REGISTERED NUMBER: 01540852) |
| Notes to the Financial Statements - continued |
| for the year ended 28 February 2022 |
| 4. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 1 March 2021 |
| and 28 February 2022 |
| AMORTISATION |
| At 1 March 2021 |
| Amortisation for year |
| At 28 February 2022 |
| NET BOOK VALUE |
| At 28 February 2022 |
| At 28 February 2021 |
| 5. | TANGIBLE FIXED ASSETS |
| Improvements | Fixtures |
| to | Office | and | Motor |
| property | Equipment | fittings | vehicles | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 March 2021 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 28 February 2022 |
| DEPRECIATION |
| At 1 March 2021 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 28 February 2022 |
| NET BOOK VALUE |
| At 28 February 2022 |
| At 28 February 2021 |
| 6. | FIXED ASSET INVESTMENTS |
| Other |
| investments |
| £ |
| COST |
| At 1 March 2021 |
| and 28 February 2022 |
| NET BOOK VALUE |
| At 28 February 2022 |
| At 28 February 2021 |
| NORAD TRAVEL LIMITED (REGISTERED NUMBER: 01540852) |
| Notes to the Financial Statements - continued |
| for the year ended 28 February 2022 |
| 7. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 March 2021 |
| and 28 February 2022 |
| NET BOOK VALUE |
| At 28 February 2022 |
| At 28 February 2021 |
| The 2022 valuations were made by the directors, on an open market value for existing use basis. |
| 8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Bank loans |
| Hire purchase contracts |
| 11. | SECURED DEBTS |
| The hire purchase liabilities are secured on the assets to which they relate. |
| The bank loan is guaranteed by the UK Government under the Coronavirus Large Business Interruption Loan Scheme, and security has been given over the investment property. |
| 12. | DEFERRED TAX |
| £ |
| Balance at 1 March 2021 | ( |
) |
| Accelerated Capital Allowances | (5,470 | ) |
| Balance at 28 February 2022 | ( |
) |
| NORAD TRAVEL LIMITED (REGISTERED NUMBER: 01540852) |
| Notes to the Financial Statements - continued |
| for the year ended 28 February 2022 |
| 13. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2022 | 2021 |
| value: | £ | £ |
| Ordinary A | £1 | 2,828 | 2,828 |
| Ordinary B | £1 | 37,793 | 37,793 |
| Ordinary C | £1 | 62,207 | 62,207 |
| 102,828 | 102,828 |
| The A, B and C shares rank pari passu. |
| 14. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 15. | OTHER FINANCIAL COMMITMENTS |
| At the year end, the total of future minimum lease payments under non-cancellable operating leases was £395,744 (2021: £510,819). |
| 16. | POST BALANCE SHEET EVENTS |
| On 30 March 2022, 100% of the ordinary share capital of the Company was acquired by Talma Shlomo Travel Solutions Limited. |