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Registered number: 01718867
EALING TRAVEL SERVICES LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2022
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EALING TRAVEL SERVICES LIMITED
COMPANY INFORMATION
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Xeinadin Audit Limited T/A Elman Wall
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Statutory Auditor & Chartered Accountants
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EALING TRAVEL SERVICES LIMITED
CONTENTS
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Statement of financial position
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Notes to the financial statements
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EALING TRAVEL SERVICES LIMITED
REGISTERED NUMBER: 01718867
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2022
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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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 7 form part of these financial statements.
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EALING TRAVEL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
Ealing Travel Services Limited is a private company limited by shares, registered in England and Wales, United Kingdom.
The registered office is shown on the Company Information page of these accounts.
The principal activity continues to be that of a tour agent.
2.Accounting policies
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Basis of preparation of financial statements
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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 following principal accounting policies have been applied:
Turnover represents the value of net commissions, transaction fees and other income earned for the arrangement of travel services. Transactional and management fee income is recognised when it arises and it is certain that economic benefits associated with the transaction will flow.
Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure. During the year the company benefitted from government support in the form of the Coronavirus Job Retention Scheme and Local Council Government Grant (Note 8).
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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EALING TRAVEL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
2.Accounting policies (continued)
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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.
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EALING TRAVEL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
2.Accounting policies (continued)
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Cash and cash equivalents
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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.
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.
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The average monthly number of employees, including directors, during the year was 15 (2021 - 20).
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Charge for the year on owned assets
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EALING TRAVEL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
4.Tangible fixed assets (continued)
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The net book value of land and buildings may be further analysed as follows:
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EALING TRAVEL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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Prepayments and accrued income
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Fixed charge over book and other debts, goodwill, uncalled capital and intellectual property and a floating charge over all other assets dated 28 July 1992.
First legal charge dated 31 January 2008 over Leasehold Property known as 116 South Ealing Road, South Ealing, W5 4QJ.
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EALING TRAVEL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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Coronavirus Job Retention Scheme
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Local Council Government Grant
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The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £6,369 (2021: £7,410). Contributions totalling £Nil (2021: £-) were payable to the fund at the reporting date and are included in creditors.
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Related party transactions
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During the year the company had a loan account with the director, D Harridge. Advances totalled £500 and interest of £9,466 (2021: £1,831) has been charged. At the year end the Company owed D Harridge £430,572 (2021: £420,606).
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Post balance sheet events
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Following the year end, since all the restrictions imposed to control coronavirus has been lifted, the directors expect these jobs to continue as normal at pre covid level.
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 Company is controlled by D B Harridge by virtue of his majority shareholding.
The auditors' report on the financial statements for the year ended 31 March 2022 was unqualified.
The audit report was signed on 20 July 2022 by Yasin Khandwalla FCCA (Senior statutory auditor) on behalf of Xeinadin Audit Limited T/A Elman Wall.
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