SELECT_TRAVEL_(TRANSPORT) - Accounts
SELECT_TRAVEL_(TRANSPORT) - Accounts
Select Travel (Transport) Limited is a
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention. The principal accounting polices adopted are set out below.
Revenue represents amounts receivable for supplies of transportation net of VAT and trade discounts and is recognised on the date of departure.
Cash and cash equivalents are basic financial assets and include deposits held at call with banks.
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Basic financial assets, which include trade and other receivables and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.
Basic financial liabilities, including trade and other payables and loans from fellow group companies that are classified as debt, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
All equity shares have been allotted, called up and fully paid.
The average monthly number of persons (including directors) employed by the company during the year was 3 (2017 - 3).
As the income statement has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The ultimate parent company is Select School Travel Limited.
Select School Travel Limited prepares consolidated financial statements and copies can be obtained from Companies House. The registered office of Select School Travel Limited is 30 Church Road, Burgess Hill, West Sussex, RH15 9AE.