Travel Sector Property Limited - Accounts to registrar (filleted) - small 23.1.5
Travel Sector Property Limited - Accounts to registrar (filleted) - small 23.1.5
| REGISTERED NUMBER: |
| Financial Statements |
| for the Year Ended 31 July 2022 |
| for |
| Travel Sector Property Limited |
| Travel Sector Property Limited (Registered number: 04037220) |
| Contents of the Financial Statements |
| for the Year Ended 31 July 2022 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Travel Sector Property Limited |
| Company Information |
| for the Year Ended 31 July 2022 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants & Business Advisers |
| 15 Newland |
| Lincoln |
| Lincolnshire |
| LN1 1XG |
| Travel Sector Property Limited (Registered number: 04037220) |
| Balance Sheet |
| 31 July 2022 |
| 2022 | 2021 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investments | 5 |
| Investment property | 6 |
| CURRENT ASSETS |
| Debtors | 7 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
9 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 11 |
| Fair value reserve | 12 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| 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 |
| Travel Sector Property Limited (Registered number: 04037220) |
| Notes to the Financial Statements |
| for the Year Ended 31 July 2022 |
| 1. | STATUTORY INFORMATION |
| Travel Sector Property Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Preparation of consolidated financial statements |
| The financial statements contain information about Travel Sector Property Limited 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 |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Tangible fixed assets |
| Long leasehold | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| Motor vehicles are not depreciated as the value of the items is not estimated to decrease due to being classic vehicles. Regular impairment reviews are undertaken. |
| Investments in subsidiaries and associates |
| Investments in subsidiary and associate undertakings are recognised at cost. |
| Investment property |
| Investment properties are properties which are held either to earn rental income or for capital appreciation or for both. Investment properties are recognised initially at cost. |
| Subsequent to initial recognition investment properties are carried at fair value determined annually by company directors 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 the Statement of comprehensive income. |
| 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. |
| Travel Sector Property Limited (Registered number: 04037220) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 July 2022 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| 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. |
| Other investments |
| Other investments are stated at cost or valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Long | Plant and | and |
| leasehold | machinery | fittings |
| £ | £ | £ |
| COST |
| At 1 August 2021 |
| Additions |
| At 31 July 2022 |
| DEPRECIATION |
| At 1 August 2021 |
| Charge for year |
| At 31 July 2022 |
| NET BOOK VALUE |
| At 31 July 2022 |
| At 31 July 2021 |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 August 2021 |
| Additions |
| At 31 July 2022 |
| DEPRECIATION |
| At 1 August 2021 |
| Charge for year |
| At 31 July 2022 |
| NET BOOK VALUE |
| At 31 July 2022 |
| At 31 July 2021 |
| Travel Sector Property Limited (Registered number: 04037220) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 July 2022 |
| 5. | FIXED ASSET INVESTMENTS |
| Shares in | Interest |
| group | in | Other | Other |
| undertakings | associate | investments | investments | Totals |
| £ | £ | £ | £ | £ |
| COST OR VALUATION |
| At 1 August 2021 | 186,468 |
| Additions | 7,207,879 |
| Disposals | ( |
) | (54,948 | ) |
| At 31 July 2022 | 7,339,399 |
| NET BOOK VALUE |
| At 31 July 2022 | 7,339,399 |
| At 31 July 2021 | 186,468 |
| Cost or valuation at 31 July 2022 is represented by: |
| Shares in | Interest |
| group | in | Other | Other |
| undertakings | associate | investments | investments | Totals |
| £ | £ | £ | £ | £ |
| Valuation in 2019 | - | - | - | 43,873 | 43,873 |
| Cost | 6,727,475 | 98 | 1 | 567,952 | 7,295,526 |
| 6,727,475 | 98 | 1 | 611,825 | 7,339,399 |
| If other investments had not been revalued it would have been included at the following historical cost: |
| 2022 | 2021 |
| £ | £ |
| Cost | 567,952 | 122,857 |
| Other investment was valued on an open market basis on 31 July 2022 by the directors . |
| 6. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 August 2021 |
| Disposals | ( |
) |
| At 31 July 2022 |
| NET BOOK VALUE |
| At 31 July 2022 |
| At 31 July 2021 |
| 7. | DEBTORS |
| 2022 | 2021 |
| £ | £ |
| Amounts falling due within one year: |
| Trade debtors |
| Other debtors |
| Travel Sector Property Limited (Registered number: 04037220) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 July 2022 |
| 7. | DEBTORS - continued |
| 2022 | 2021 |
| £ | £ |
| Amounts falling due after more than one year: |
| Amounts owed by group undertakings |
| Aggregate amounts |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Other creditors |
| Accrued expenses |
| Deferred income | - | 5,742 |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Bank loan - 2-5 years |
| Bank loan more than 5 years |
| Andrew Long Portugal Ltd |
| Amounts owed to related |
| parties | 22,300,000 | - |
| Amounts owed to group undertakings |
| Directors' loan account | 1,097,915 | 778,806 |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loan more than 5 years | - | 59,551 |
| 10. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2022 | 2021 |
| £ | £ |
| Bank loan |
| Bank loan is secured against the properties to which it relates. |
| 11. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2022 | 2021 |
| value: | £ | £ |
| Ordinary | £1 | 100 | 100 |
| Travel Sector Property Limited (Registered number: 04037220) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 July 2022 |
| 12. | RESERVES |
| Fair |
| value |
| reserve |
| £ |
| At 1 August 2021 |
| Transfer | (105,285 | ) |
| At 31 July 2022 |
| 13. | OTHER FINANCIAL COMMITMENTS |
| Total financial commitments which are not included in the balance sheet amount to £504,000 (2021 £546,000). These amounts consist of lease commitments payable over the next twelve (2021: thirteen) years. |