Company Registration No. NI068997 (Northern Ireland)
Travel Ireland Coach Tours Ltd
Unaudited accounts
for the year ended 31 December 2020
Travel Ireland Coach Tours Ltd
Statement of financial position
as at 31 December 2020
Intangible assets
71,893
80,880
Tangible assets
1,222,515
1,379,262
Cash at bank and in hand
688
688
Creditors: amounts falling due within one year
(1,068,493)
(758,378)
Net current liabilities
(1,003,247)
(619,272)
Total assets less current liabilities
291,186
840,895
Creditors: amounts falling due after more than one year
(706,160)
(774,780)
Net (liabilities)/assets
(414,974)
66,115
Called up share capital
70,000
70,000
Revaluation reserve
168,150
168,150
Capital contribution reserve
2,000
2,000
Profit and loss account
(655,124)
(174,035)
Shareholders' funds
(414,974)
66,115
For the year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 21 February 2022 and were signed on its behalf by
Paul Cunningham
Director
Company Registration No. NI068997
Travel Ireland Coach Tours Ltd
Notes to the Accounts
for the year ended 31 December 2020
Travel Ireland Coach Tours Ltd is a private company, limited by shares, registered in Northern Ireland, registration number NI068997. The registered office is UNITS 14 & 15 DUNCRUE INDUSTRIAL PARK, DUNCRUE ROAD, BELFAST, BT3 9BP.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Whilst the COVID-19 pandemic and the resulting travel restrictions imposed by Government have had a significant impact on the company, it continues to trade and has recovered post lockdown. The directors acknowledge that the business continues to place reliance on its bank loans and overdraft, and asset financing facilities.
Having considered the impact of COVID-19 on the Company's financial performance and cash flows, and having held discussions with the Company's finance providers, the directors believe that Travel Ireland Coach Tours Ltd has sufficient resources available to enable it to continue in operation for a least a period of 12 months from the date of approval of the financial statements. Accordingly, Travel Ireland Coach Tours Ltd continues to adopt the going concern basis in preparation of its financial statements.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from coach hire and tour operator services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Motor vehicles
10-20% straight line
Fixtures & fittings
20% straight line
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation. Amortisation is applied at 10% straight line.
Travel Ireland Coach Tours Ltd
Notes to the Accounts
for the year ended 31 December 2020
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
4
Intangible fixed assets
Goodwill
At 31 December 2020
89,867
At 31 December 2020
17,974
At 31 December 2020
71,893
At 31 December 2019
80,880
5
Tangible fixed assets
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At 1 January 2020
1,619,346
36,259
1,655,605
At 31 December 2020
1,619,346
51,808
1,671,154
At 1 January 2020
265,150
11,193
276,343
Charge for the year
161,935
10,361
172,296
At 31 December 2020
427,085
21,554
448,639
At 31 December 2020
1,192,261
30,254
1,222,515
At 31 December 2019
1,354,196
25,066
1,379,262
Travel Ireland Coach Tours Ltd
Notes to the Accounts
for the year ended 31 December 2020
6
Investments
Other investments
Valuation at 1 January 2020
25
Valuation at 31 December 2020
25
Finished goods
4,800
12,000
8
Debtors: amounts falling due within one year
2020
2019
Trade debtors
40,575
100,975
Accrued income and prepayments
16,323
15,000
Other debtors
2,860
10,443
9
Creditors: amounts falling due within one year
2020
2019
Bank loans and overdrafts
55,562
89,051
Obligations under finance leases and hire purchase contracts
271,589
235,907
Trade creditors
268,846
131,522
Amounts owed to group undertakings and other participating interests
249,835
126,263
Taxes and social security
86,888
16,475
Other creditors
1,312
22,117
Loans from directors
19,849
107,505
Bank loans and overdrafts are secured by way of floating charge over the company assets.
10
Creditors: amounts falling due after more than one year
2020
2019
Obligations under finance leases and hire purchase contracts
656,160
774,780
Allotted, called up and fully paid:
70 Ordinary shares of £1,000 each
70,000
70,000
Travel Ireland Coach Tours Ltd
Notes to the Accounts
for the year ended 31 December 2020
12
Transactions with related parties
Creditors includes amounts owed to connected companies of £249,835 as at 31 December 2020 (2019: £126,263).
13
Average number of employees
During the year the average number of employees was 49 (2019: 49).
