| The Mountain Trekking Company Limited |
| Registered number: |
05309471 |
| Balance Sheet |
| as at 31 December 2023 |
|
| Notes |
|
|
2023 |
|
|
2022 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
4 |
|
|
8,703 |
|
|
10,460 |
|
| Current assets |
| Debtors |
5 |
|
10,387 |
|
|
6,710 |
| Cash at bank and in hand |
|
|
261,267 |
|
|
208,091 |
|
|
|
271,654 |
|
|
214,801 |
|
| Creditors: amounts falling due within one year |
6 |
|
(46,047) |
|
|
(31,178) |
|
| Net current assets |
|
|
|
225,607 |
|
|
183,623 |
|
| Net assets |
|
|
|
234,310 |
|
|
194,083 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
20,000 |
|
|
20,000 |
| Profit and loss account |
|
|
|
214,310 |
|
|
174,083 |
|
| Shareholder's funds |
|
|
|
234,310 |
|
|
194,083 |
|
|
|
|
|
|
|
|
| The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The member has not required the company to obtain an audit in accordance with section 476 of the Act. |
| The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| Roland Hunter |
| Director |
| Approved by the board on 16 February 2024 |
|
| The Mountain Trekking Company Limited |
| Notes to the Accounts |
| for the year ended 31 December 2023 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
The company's director has evaluated the position of the company, and based on future cashflows and forecasts, believes that the company will continue in operational existence for the foreseeable future. The company has therefore adopted the going concern basis in preparing its financial statements. |
|
|
Turnover |
|
Turnover is recognised to the extent that it is probable that economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes in respect of travel related services provided to customers during the year.
All revenue relating to bookings that depart after the balance sheet date is treated as advance receipts and is included in other creditors. Revenue is recognised on the date of the customer's departure. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Fixtures, fittings, tools and equipment |
over 3 years |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Cash and cash equivalents |
|
Cash is represented by cash in hands 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. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
| 1 |
Accounting policies (continued) |
|
|
Financial instruments |
|
The Company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to or from related parties.
The Company also enters into derivatives, including foreign exchange forward contracts, which are not basic financial instruments. Derivatives are initially recognised at fair value on the date that the derivative contract is entered into, and are subsequently remeasured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in administrative expenses. The Company does not apply hedge accounting for foreign exchange derivatives. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
Foreign currency translation |
|
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
|
|
Government grants |
|
Grants that do not impose specified future performance-related conditions on the recipient are recognised in other operating income when the grant proceeds are received or receivable. |
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
| 2 |
Grants |
2023 |
|
2022 |
| £ |
£ |
|
|
Covid-19 business grant |
- |
|
2,450 |
|
|
|
|
|
|
- |
|
2,450 |
|
|
|
|
|
|
|
|
|
|
During the year ended 31 December 2022, the company received £2,450 (2023: £nil) of local authority Additional Restrictions Grants which were made available to support businesses that were severely impacted by coronavirus restrictions. No conditions were attached to these grants. |
|
|
| 3 |
Employees |
2023 |
|
2022 |
| Number |
Number |
|
|
Average number of persons employed by the company |
2 |
|
2 |
|
|
|
|
|
|
|
|
|
| 4 |
Tangible fixed assets |
|
|
|
|
|
|
|
Equipment, fixtures and fittings |
| £ |
|
Cost |
|
At 1 January 2023 |
40,149 |
|
Disposals |
(7,395) |
|
At 31 December 2023 |
32,754 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 January 2023 |
29,689 |
|
Charge for the year |
1,757 |
|
On disposals |
(7,395) |
|
At 31 December 2023 |
24,051 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 December 2023 |
8,703 |
|
At 31 December 2022 |
10,460 |
|
|
| 5 |
Debtors |
2023 |
|
2022 |
| £ |
£ |
|
|
Other debtors |
10,387 |
|
6,710 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due within one year |
2023 |
|
2022 |
| £ |
£ |
|
|
Trade creditors |
92 |
|
83 |
|
Taxation and social security costs |
9,946 |
|
15,864 |
|
Other creditors |
36,009 |
|
15,231 |
|
|
|
|
|
|
46,047 |
|
31,178 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Financial Instruments |
|
|
|
Fair values of financial instruments at 31 December were as follows: |
|
|
|
|
|
|
|
2023 |
|
2022 |
| £ |
£ |
|
Fair value of foreign exchange forward contracts - asset |
231 |
|
- |
|
Fair value of foreign exchange forward contracts - liability |
- |
|
- |
|
|
|
|
|
|
231 |
|
- |
|
|
|
|
|
|
|
|
|
|
Amounts recognised in the profit and loss account for the year to 31 December were as follows: |
|
|
|
|
|
|
2023 |
|
2022 |
| £ |
£ |
|
Gains on settled foreign exchange forward contracts |
806 |
|
4,707 |
|
(Losses) on settled foreign exchange forward contracts |
(1,175) |
|
Fair value gains on unsettled foreign exchange forward contracts |
231 |
|
- |
|
Fair value (losses) on unsettled foreign exchange forward contracts |
- |
|
- |
|
|
|
|
|
|
(138) |
|
4,707 |
|
|
|
|
|
|
|
|
|
|
| 8 |
Other information |
|
|
The Mountain Trekking Company Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
Westcott Farm |
|
Chagford |
|
Newton Abbot |
|
Devon |
|
TQ13 8JF |
