Visions Holiday Group Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04499296 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2021

FOR

VISIONS HOLIDAY GROUP LTD

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J F Brown

T D Davey

SECRETARY:

J F Brown

REGISTERED OFFICE:

Bolney Place

Cowfold Road

Bolney

Haywards Heath

West Sussex

RH17 5QT

REGISTERED NUMBER:

04499296 (England and Wales)

AUDITORS:

GBJ LLP

Statutory Auditor

Sterling House

27 Hatchlands Road

Redhill

Surrey

RH1 6RW

FIXED ASSETS

Intangible assets

4

-

5,100

Tangible assets

5

5,941

12,674

Investments

6

3,166

3,166

9,107

20,940

CURRENT ASSETS

Debtors

759,513

716,124

Cash at bank

346,839

176,576

1,106,352

892,700

CREDITORS

Amounts falling due within one year

1,156,316

1,372,361

NET CURRENT LIABILITIES

(49,964

)

(479,661

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(40,857

)

(458,721

)

CREDITORS

Amounts falling due after more than one year

7

517,529

13,363

NET LIABILITIES

(558,386

)

(472,084

)

CAPITAL AND RESERVES

Called up share capital

8

50,000

50,000

Retained earnings

(608,386

)

(522,084

)

SHAREHOLDERS' FUNDS

(558,386

)

(472,084

)

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 October 2021 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 March 2022 and were signed on its behalf by:

T D Davey - Director

1.	STATUTORY INFORMATION

Visions Holiday Group Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis as the group companies have confirmed that they will continue to support Visions Holiday Group Limited in order that it can meet its liabilities as they fall due.

Preparation of consolidated financial statements

The financial statements contain information about Visions Holiday Group Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover and revenue recognition

Turnover represents income from travel organising net of VAT for travel taking place during the year. This is recognised on date of departure.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of ten 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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Office equipment and furniture

-

33% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Financial instruments

Financial instruments are classified and accounted for according to the substance of the contractual arrangement as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2020 - 25 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 November 2020

and 31 October 2021

51,000

AMORTISATION

At 1 November 2020

45,900

Amortisation for year

5,100

At 31 October 2021

51,000

NET BOOK VALUE

At 31 October 2021

-

At 31 October 2020

5,100

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 November 2020

and 31 October 2021

53,049

DEPRECIATION

At 1 November 2020

40,375

Charge for year

6,733

At 31 October 2021

47,108

NET BOOK VALUE

At 31 October 2021

5,941

At 31 October 2020

12,674

6.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

COST

At 1 November 2020

and 31 October 2021

3,166

NET BOOK VALUE

At 31 October 2021

3,166

At 31 October 2020

3,166

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

2021

2020

£

£

Repayable otherwise than by instalments

Preference shares

13,363

13,363

Repayable by instalments

Bank loans more 5 yr by instal

64,166

-

As at 31st October 2021 there was an unlimited cross guarantee in place in respect of the bank loan, as detailed in Note 12.

The preference shares may be redeemed at any time at the option of the company at £1 per share provided that such redemption shall not put the company in breach of the requirements of the Civil Aviation Authority in respect of the business of the company as carried on at the relevant time and subject to the prior written consent of the holders of the relevant classes of shares.

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

50,000

Ordinary shares

£1

50,000

50,000

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Nigel Green (Senior Statutory Auditor)

for and on behalf of GBJ LLP

10.	CONTINGENT LIABILITIES

As at 31st October 2021 there was an unlimited cross guarantee in place, in respect of the bank loan, by the company and its parent company Independent Aviation Group Limited.

11.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

The company is wholly owned by Independent Aviation Group Limited, and the ultimate holding company is IAG Holdings Limited. Both companies are incorporated in England and Wales. The registered office of both companies is Bolney Place, Cowfold Road, Bolney, West Sussex, RH17 5QT.

As at 31 October 2021 the company was owed £12,627 (2020: £22,725) by Pure Crete Limited, a 75% subsidiary.

As at 31 October 2021 the company owed £21,673 (2020: £24,419) to Pure Aviation Limited, a wholly owned subsidiary of Pure Crete Limited.