Travel Sector Property Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 04037220 (England and Wales)

Financial Statements

for the Year Ended 31 July 2017

for

Travel Sector Property Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

A E Long

Mrs J Long

SECRETARY:

A E Long

REGISTERED OFFICE:

The Old Rectory

Rectory Road

Coleby

Lincoln

Lincolnshire

LN5 0AJ

REGISTERED NUMBER:

04037220 (England and Wales)

ACCOUNTANTS:

Wright Vigar Limited

Chartered Accountants & Business Advisers

15 Newland

Lincoln

Lincolnshire

LN1 1XG

FIXED ASSETS

Tangible assets

4

33,374

60,433

Investments

5

51

51

Investment property

6

360,000

294,715

393,425

355,199

CURRENT ASSETS

Debtors

7

238,664

230,417

Cash at bank

16,030

40,199

254,694

270,616

CREDITORS

Amounts falling due within one year

8

21,577

16,294

NET CURRENT ASSETS

233,117

254,322

TOTAL ASSETS LESS CURRENT LIABILITIES

626,542

609,521

CREDITORS

Amounts falling due after more than one year

9

186,164

186,280

NET ASSETS

440,378

423,241

CAPITAL AND RESERVES

Called up share capital

11

100

100

Fair value reserve

12

65,285

-

Retained earnings

374,993

423,141

SHAREHOLDERS' FUNDS

440,378

423,241

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2017 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 on 27 March 2018 and were signed on its behalf by:

A E Long - Director

1.	STATUTORY INFORMATION

Travel Sector Property Limited 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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

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

Long leasehold

-

not provided

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Computer equipment

-

20% on reducing balance

Investments in associates

Investments in associate undertakings are recognised at cost.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

fair value is recognised in profit or loss.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2016 - NIL).

4.	TANGIBLE FIXED ASSETS

Fixtures

Long

Plant and

and

Computer

leasehold

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 August 2016

49,966

32,877

31,860

5,650

120,353

Impairments

(24,966

)

-

-

-

(24,966

)

At 31 July 2017

25,000

32,877

31,860

5,650

95,387

DEPRECIATION

At 1 August 2016

-

29,491

25,249

5,180

59,920

Charge for year

-

677

1,322

94

2,093

At 31 July 2017

-

30,168

26,571

5,274

62,013

NET BOOK VALUE

At 31 July 2017

25,000

2,709

5,289

376

33,374

At 31 July 2016

49,966

3,386

6,611

470

60,433

5.	FIXED ASSET INVESTMENTS

Interest

in

Other

associate

investments

Totals

£

£

£

COST

At 1 August 2016

and 31 July 2017

50

1

51

NET BOOK VALUE

At 31 July 2017

50

1

51

At 31 July 2016

50

1

51

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 August 2016

294,715

Revaluations

65,285

At 31 July 2017

360,000

NET BOOK VALUE

At 31 July 2017

360,000

At 31 July 2016

294,715

Fair value at 31 July 2017 is represented by:

£

Valuation in 2017

65,285

Cost

294,715

360,000

If investment property had not been revalued it would have been included at the following historical cost:

2017

2016

£

£

Cost

294,715

294,715

Investment property was valued on an open market basis on 31 July 2017 by the directors .

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

1,000

2,803

Other debtors

237,664

227,614

238,664

230,417

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

8,870

5,000

Trade creditors

6,172

5,051

Other creditors

6,535

6,243

21,577

16,294

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loan

115,890

116,006

Andrew Long Portugal Ltd

70,274

70,274

186,164

186,280

Amounts falling due in more than five years:

Repayable by instalments

Bank loan

91,866

96,006

10.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loan

121,896

121,006

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

100

Ordinary

£1

100

100

12.

RESERVES

Fair

value

reserve

£

Transfer

65,285

At 31 July 2017

65,285

13.	OTHER FINANCIAL COMMITMENTS

Total financial commitments which are not included in the balance sheet amount to £714,000 (2016 £630,000).

These amounts consist of lease commitments payable over the next seventeen (2016 eighteen) years.

14.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 July 2017 and

31 July 2016:

2017

2016

£

£

A E Long and Mrs J Long

Balance outstanding at start of year

130,730

148,282

Amounts advanced

149,021

83,898

Amounts repaid

(130,730

)

(101,450

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

149,021

130,730

15.	FIRST YEAR ADOPTION

No adjustment arose on the adoption of FRS 102 1A.