Henry Cookson Adventures Limited - Period Ending 2017-03-31

Registration number: 07065040

Henry Cookson Adventures Limited

Annual Report and Unaudited Financial Statements

for the Period from 1 December 2015 to 31 March 2017

Sterlings Ltd
Chartered Accountants
Lawford House
Albert Place
London
N3 1QA

Henry Cookson Adventures Limited

Contents

Company Information	1
Directors' Report	2
Accountants' Report	3
Profit and Loss Account	4
Statement of Comprehensive Income	5
Balance Sheet	6
Statement of Changes in Equity	7
Notes to the Financial Statements	8 to 15

Henry Cookson Adventures Limited

Company Information

Directors

Rupert Michael Shaun Longsdon Henry Cookson George Mungo Pyne Mackay-Lewis Piers Charles Kirshaw Rooke

Registered office

2 Clearwater Terrace London W11 4XL

Accountants

Sterlings Ltd Chartered Accountants Lawford House Albert Place London N3 1QA

Page 1

Henry Cookson Adventures Limited

Directors' Report for the Period from 1 December 2015 to 31 March 2017

The directors present their report and the financial statements for the period from 1 December 2015 to 31 March 2017.

Directors of the company

The directors who held office during the period were as follows:

Rupert Michael Shaun Longsdon (appointed 2 March 2016)

Henry Cookson

George Mungo Pyne Mackay-Lewis (appointed 30 November 2016)

Piers Charles Kirshaw Rooke (appointed 2 March 2016)

Principal activity

The principal activity of the company is luxury bespoke travel

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the Board on 23 October 2017 and signed on its behalf by:

.........................................
Henry Cookson
Director

Page 2

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Henry Cookson Adventures Limited
for the Period Ended 31 March 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Henry Cookson Adventures Limited for the period ended 31 March 2017 as set out on pages 4 to 15 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Henry Cookson Adventures Limited, as a body, in accordance with the terms of our engagement letter dated 4 September 2012. Our work has been undertaken solely to prepare for your approval the accounts of Henry Cookson Adventures Limited and state those matters that we have agreed to state to the Board of Directors of Henry Cookson Adventures Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Henry Cookson Adventures Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Henry Cookson Adventures Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Henry Cookson Adventures Limited. You consider that Henry Cookson Adventures Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of Henry Cookson Adventures Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Sterlings Ltd
Chartered Accountants
Lawford House
Albert Place
London
N3 1QA

23 October 2017

Page 3

Henry Cookson Adventures Limited

Profit and Loss Account for the Period from 1 December 2015 to 31 March 2017

	Note	Total 31 March 2017 £	Total 30 November 2015 £
Turnover		6,879,510	2,059,235
Cost of sales		(5,940,843)	(1,336,364)
Gross profit		938,667	722,871
Administrative expenses		(988,168)	(273,115)
Other operating income		15,993	-
Operating (loss)/profit		(33,508)	449,756
Other interest receivable and similar income		836	4
Interest payable and similar expenses		79,790	8,900
		80,626	8,904
Profit before tax	4	47,118	458,660
Taxation		(54,242)	(91,189)
(Loss)/profit for the financial period		(7,124)	367,471

The above results were derived from continuing operations.

The company has no recognised gains or losses for the period other than the results above.

The notes on pages 8 to 15 form an integral part of these financial statements.

Page 4

Henry Cookson Adventures Limited

Statement of Comprehensive Income for the Period from 1 December 2015 to 31 March 2017

	Note	2017 £	2015 £
(Loss)/profit for the period		(7,124)	367,471
Total comprehensive income for the period		(7,124)	367,471

The notes on pages 8 to 15 form an integral part of these financial statements.

Page 5

Henry Cookson Adventures Limited

(Registration number: 07065040)
Balance Sheet as at 31 March 2017

	Note	2017 £	2015 £
Fixed assets
Tangible assets	5	18,996	15,610
Current assets
Debtors	6	415,045	116,022
Cash at bank and in hand		655,667	461,345
		1,070,712	577,367
Creditors: Amounts falling due within one year	7	(792,667)	(244,222)
Net current assets		278,045	333,145
Net assets		297,041	348,755
Capital and reserves
Called up share capital		36	2
Profit and loss account		297,005	348,753
Total equity		297,041	348,755

For the financial period ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 23 October 2017 and signed on its behalf by:
 

.........................................

Henry Cookson

Director

The notes on pages 8 to 15 form an integral part of these financial statements.

Page 6

Henry Cookson Adventures Limited

Statement of Changes in Equity for the Period from 1 December 2015 to 31 March 2017

	Share capital £	Profit and loss account £	Total £
At 1 December 2015	2	348,753	348,755
Loss for the period	-	(7,124)	(7,124)
Total comprehensive income	-	(7,124)	(7,124)
Dividends	-	(44,624)	(44,624)
New share capital subscribed	34	-	34
At 31 March 2017	36	297,005	297,041

	Share capital £	Profit and loss account £	Total £
At 1 December 2014	2	11,282	11,284
Profit for the period	-	367,471	367,471
Total comprehensive income	-	367,471	367,471
Dividends	-	(30,000)	(30,000)
At 30 November 2015	2	348,753	348,755

The notes on pages 8 to 15 form an integral part of these financial statements.

Page 7

Henry Cookson Adventures Limited

Notes to the Financial Statements for the Period from 1 December 2015 to 31 March 2017

1	General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
2 Clearwater Terrace
London
W11 4XL
United Kingdom

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in Pounds Sterling, which is also the functional currency of the Company. Rounding of amounts shown in the financial statements is to the nearest Pound.

Disclosure of long or short period

The company has prepared the financial statements for a period of sixteen months to 31 March 2017 with comparatives shown for the twelve months to 30 November 2015. As a result of this change, the comparative amounts presented in the financial statements and notes to the financial statements are not entirely comparable. The new period end date is considered by the directors to be more appropriate for the company.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Page 8

Henry Cookson Adventures Limited

Notes to the Financial Statements for the Period from 1 December 2015 to 31 March 2017

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures, fittings and equipment	Over 4 years
Plant and machinery	Over 3 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Page 9

Henry Cookson Adventures Limited

Notes to the Financial Statements for the Period from 1 December 2015 to 31 March 2017

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the period, was 7 (2015 - 3).

4	Profit before tax

Arrived at after charging/(crediting)

	2017 £	2015 £
Depreciation expense	12,770	14,044

Page 10

Henry Cookson Adventures Limited

Notes to the Financial Statements for the Period from 1 December 2015 to 31 March 2017

5	Tangible assets

	Furniture, fittings and equipment  £	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 December 2015	29,399	108,433	137,832
Additions	13,788	2,368	16,156
At 31 March 2017	43,187	110,801	153,988
Depreciation
At 1 December 2015	24,157	98,065	122,222
Charge for the year	6,796	5,974	12,770
At 31 March 2017	30,953	104,039	134,992
Carrying amount
At 31 March 2017	12,234	6,762	18,996
At 30 November 2015	5,242	10,368	15,610

6

Debtors

	2017 £	2015 £
Trade debtors	109,187	106,398
Other debtors	305,858	9,624
Total current trade and other debtors	415,045	116,022

7

Creditors

	Note	2017 £	2015 £
Due within one year
Trade creditors		160,622	79,528
Amounts owed to group undertakings and undertakings in which the company has a participating interest	9	79,912	71,705
Taxation and social security		7,220	-
Other creditors		544,913	92,989
		792,667	244,222

Page 11

Henry Cookson Adventures Limited

Notes to the Financial Statements for the Period from 1 December 2015 to 31 March 2017

8

Dividends

	2017	2015
	£	£
Final dividend of £44,624.00 (2015 - £30,000.00) per ordinary share	44,624	30,000

9	Related party transactions

Summary of transactions with other related parties

Henry Cookson Private Charter Limited - related by common directors and shareholder

Henry Cookson Property Investments Ltd - related by common directors
 
At balance sheet date, £259,283 (2015 - £1,402) - was due from Henry Cookson Private Charters Limited.

During the accounting period, the company paid rent of £15,000 to Henry Cookson Investments Ltd. As at the period end, the balance of £231,585 owing from Henry Cookson Investments Ltd was written off to Exceptional administrative expenses.

Included within 'Other creditors' is an interest free loan of £71,487 ( 2015 - £71,705) due to the Director Henry Cookson and £8,425 due to Director George Mackay-Lewis.

During the period, dividends of £22,312 (2015 - £30,000) was paid to the director Henry Cookson and £22,312 was paid to the director George Mackay-Lewis.

 

10	Transition to FRS 102

The company is presenting its financial statements under Financial Reporting Standard 102 for the first time. The reconciliation to show all adjustments for reclassification and remeasurement on adoption of the new standard are set out below.

Balance Sheet at 1 December 2014
 

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Fixed assets
Tangible assets		11,580	-	-	11,580

Page 12

Henry Cookson Adventures Limited

Notes to the Financial Statements for the Period from 1 December 2015 to 31 March 2017

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Current assets
Debtors		123,925	-	-	123,925
Cash at bank and in hand		14,356	-	-	14,356
		138,281	-	-	138,281
Creditors: Amounts falling due within one year		138,577	-	-	138,577
Net current assets		276,858	-	-	276,858
Net assets		288,438	-	-	288,438
Capital and reserves
Called up share capital		2	-	-	2
Profit and loss account		11,282	-	-	11,282
Total equity		11,284	-	-	11,284

Page 13

Henry Cookson Adventures Limited

Notes to the Financial Statements for the Period from 1 December 2015 to 31 March 2017

Balance Sheet at 30 November 2015
 

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Fixed assets
Tangible assets		15,610	-	-	15,610
Current assets
Debtors		116,022	-	-	116,022
Cash at bank and in hand		461,345	-	-	461,345
		577,367	-	-	577,367
Creditors: Amounts falling due within one year		244,222	-	-	244,222
Net current assets		821,589	-	-	821,589
Net assets		837,199	-	-	837,199
Capital and reserves
Called up share capital		2	-	-	2
Profit and loss account		348,753	-	-	348,753
Total equity		348,755	-	-	348,755

Page 14

Henry Cookson Adventures Limited

Notes to the Financial Statements for the Period from 1 December 2015 to 31 March 2017

Profit and Loss Account for the year ended 30 November 2015
 

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Turnover		2,059,235	-	-	2,059,235
Cost of sales		(1,336,364)	-	-	(1,336,364)
Gross profit		722,871	-	-	722,871
Administrative expenses		(263,602)	(9,513)	-	(273,115)
Operating profit/(loss)		459,269	(9,513)	-	449,756
Other interest receivable and similar income		4	-	-	4
Interest payable and similar expenses		(613)	9,513	-	8,900
		(609)	9,513	-	8,904
Profit before tax		458,660	-	-	458,660
Taxation		(91,189)	-	-	(91,189)
Profit for the financial period		367,471	-	-	367,471

Page 15

Henry Cookson Adventures Limited

Detailed Profit and Loss Account for the Period from 1 December 2015 to 31 March 2017

	2017 £	2015 £
Turnover (analysed below)	6,879,510	2,059,235
Cost of sales (analysed below)	(5,940,843)	(1,336,364)
Gross profit	938,667	722,871
Gross profit (%)	13.64%	35.1%
Administrative expenses
Employment costs (analysed below)	(230,327)	(66,681)
Establishment costs (analysed below)	(102,124)	(27,956)
General administrative expenses (analysed below)	(625,514)	(162,367)
Finance charges (analysed below)	(17,433)	(2,067)
Depreciation costs (analysed below)	(12,770)	(14,044)
	(988,168)	(273,115)
Other operating income (analysed below)	15,993	-
Operating (loss)/profit	(33,508)	449,756
Other interest receivable and similar income (analysed below)	836	4
Interest payable and similar expenses (analysed below)	79,790	8,900
	80,626	8,904
Profit before tax	47,118	458,660

This page does not form part of the statutory financial statements.

Page 16

Henry Cookson Adventures Limited

Detailed Profit and Loss Account for the Period from 1 December 2015 to 31 March 2017

2017 £

2015 £

Turnover
Sales, UK	9,270	19,469
Sales - type 1, rest of world	6,826,421	2,039,766
Commissions receivable	43,819	-
	6,879,510	2,059,235

Cost of sales
Direct costs	5,928,478	1,336,364
Commissions payable	12,365	-
	5,940,843	1,336,364

Employment costs
Wages and salaries	(190,388)	(50,796)
Staff NIC (Employers)	(17,040)	(3,099)
Directors remuneration	(16,224)	(10,310)
Staff pensions (Defined contribution)	(883)	-
Staff training	(3,508)	-
Staff welfare	(2,284)	(2,476)
	(230,327)	(66,681)

Establishment costs
Rent	(26,895)	(15,185)
Rates	(14,303)	-
Light, heat and power	(396)	-
Insurance	(5,573)	(5,821)
Repairs and maintenance	(54,957)	(6,950)
	(102,124)	(27,956)

General administrative expenses
Telephone and fax	(20,293)	(9,775)
Computer software and maintenance costs	(13,708)	(15,171)
Printing, postage and stationery	(8,216)	(1,252)
Trade subscriptions	(11,907)	(1,783)
Charitable donations	(3,661)	(207)
Sundry expenses	(2,310)	(1,484)
Cleaning	(2,415)	(870)
Research and development	(25,801)	-
Travel and subsistence	(47,284)	(21,323)
Advertising	(31,430)	(7,808)
Staff entertaining (allowable for tax)	(5,236)	(843)
Customer entertaining (disallowable for tax)	(5,127)	(3,208)

This page does not form part of the statutory financial statements.

Page 17

Henry Cookson Adventures Limited

Detailed Profit and Loss Account for the Period from 1 December 2015 to 31 March 2017

Accountancy fees	(8,318)	(2,677)
Consultancy fees	(173,837)	(73,505)
Legal and professional fees	(34,386)	(22,461)
Exceptional administrative expenses	(231,585)	-
	(625,514)	(162,367)

Finance charges
Bank charges	(17,433)	(2,067)

Depreciation costs
Depreciation of plant and machinery (owned)	(5,974)	(8,753)
Depreciation of fixtures and fittings (owned)	(6,796)	(5,291)
	(12,770)	(14,044)

Other operating income
Other income	15,993	-

Other interest receivable and similar income
Bank interest receivable	652	4
Other interest receivable	184	-
	836	4

Interest payable and similar expenses
Other interest payable	-	613
Foreign currency (gains)/losses	(79,790)	(9,513)
	(79,790)	(8,900)

This page does not form part of the statutory financial statements.

Page 18