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CORINTHIAN TRAVEL LIMITED
REGISTERED NUMBER:06704491
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STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2021
Notes
Corinthian Travel Limited is a private company limited by shares incorporated in England, United Kingdom.
The nature of the Company’s operations and principal activities are that of a luxury travel operator.
The address of the registered office is given in the company information of these financial statements.
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 received £50,000 funding through a Bounce Back Loan Scheme and taken other actions to manage short and longer term liquidity including reducing the Company’s overhead base and taking advantage of the UK Job Retention Scheme.
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.
Average number of employees
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The average monthly number of employees, including directors, during the year was 2 (2020 - 2).
Directors' benefits: advances, credits and guarantees
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At the year end, the company had an outstanding loan account with the director, H Fraser. Advances totalled £nil (2020: £43,182) and credits totalled £nil (2020: £58,837). At the year end H Fraser was owed £18,800 (2020: £18,800) by the Company.
Director's confirmations
The Director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
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