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Company registration number: 02763841

Norman Allen Group Travel Limited

Filleted Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2016

 

Norman Allen Group Travel Limited

Contents

Balance Sheet

1 to 2

Statement of Changes in Equity

3

Notes to the Financial Statements

4 to 12

 

Norman Allen Group Travel Limited

(Registration number: 02763841)
Balance Sheet as at 31 December 2016

Note

2016
 £

2015
 £

Fixed assets

 

Intangible assets

4

64,449

51,844

Tangible assets

5

15,870

4,159

Investments

6

1

1

 

80,320

56,004

Current assets

 

Stocks

1,986

1,986

Debtors

7

198,630

168,507

Cash at bank and in hand

 

734,650

709,140

 

935,266

879,633

Creditors: Amounts falling due within one year

8

(537,125)

(508,188)

Net current assets

 

398,141

371,445

Total assets less current liabilities

 

478,461

427,449

Provisions for liabilities

 

Deferred tax liabilities

 

(19,242)

(14,683)

Net assets

 

459,219

412,766

Capital and reserves

 

Called up share capital

83,750

50,000

Capital redemption reserve

11,250

-

Profit and loss reserve

364,219

362,766

Total equity

 

459,219

412,766

For the financial year ending 31 December 2016 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 year 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The option not to file the profit and loss account and directors’ report has been taken.

Page 1

 

Norman Allen Group Travel Limited

(Registration number: 02763841)
Balance Sheet as at 31 December 2016

Approved and authorised by the Board on 16 June 2017 and signed on its behalf by:
 


P R Mallon
Director


S Hunter
Director

 

Page 2

 

Norman Allen Group Travel Limited

Statement of Changes in Equity
for the Year Ended 31 December 2016

Share capital
£

Capital redemption reserve
£

Profit and loss reserve
£

Total
£

At 1 January 2016

50,000

-

362,766

412,766

Movement in year :

Profit for the year

-

-

214,980

214,980

Total comprehensive income

-

-

214,980

214,980

Dividends

-

-

(71,777)

(71,777)

New share capital subscribed

45,000

-

-

45,000

Purchase of own share capital

(11,250)

-

(141,750)

(153,000)

Other capital redemption reserve movements

-

11,250

-

11,250

Total movement for the year

33,750

11,250

1,453

46,453

At 31 December 2016

83,750

11,250

364,219

459,219

Share capital
£

Profit and loss reserve
£

Total
£

At 1 January 2015

50,000

292,610

342,610

Movement in year :

Profit for the year

-

120,156

120,156

Total comprehensive income

-

120,156

120,156

Dividends

-

(50,000)

(50,000)

Total movement for the year

-

70,156

70,156

At 31 December 2015

50,000

362,766

412,766

Page 3

 

Norman Allen Group Travel Limited

Notes to the Financial Statements
for the Year Ended 31 December 2016

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:
Portfield House
Daws Road
Hereford
Herefordshire
HR1 2JJ

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. This is the first year the accounts have been prepared under FRS102. Note 13 to the financial statements sets out the effects of the transition to FRS 102.

Basis of preparation

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

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts. .

Turnover recognition

Turnover represents the amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Page 4

 

Norman Allen Group Travel Limited

Notes to the Financial Statements
for the Year Ended 31 December 2016

Tangible assets

Tangible assets are stated at cost, less accumulated depreciation and 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

Leasehold improvements

25% straight line

Plant & machinery

33% straight line

Fixtures & fittings

12.5% straight line

Intangible assets

Intangible assets comprise software costs. Software costs are stated at cost, less accumulated depreciation and accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Computer software

8 years straight line

Investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

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.

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.

Other debtors comprise prepaid tour expenses and forward exchange contract balances. Other debtors are recognised at the transaction price, less provision for impairment.

Page 5

 

Norman Allen Group Travel Limited

Notes to the Financial Statements
for the Year Ended 31 December 2016

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Other creditors comprise receipts on account and accruals for univoiced expenses. Other crediors are recognised initially at the transaction price and subseuqnetly measured at the amortised cost using the effective interest method.

Page 6

 

Norman Allen Group Travel Limited

Notes to the Financial Statements
for the Year Ended 31 December 2016

Reserves

Called up share capital represents the nominal value of shares that have been issued.

Profit and loss account includes all current and prior period profits and losses.

Capital redemption reserve records the nominal value of shares repurchased by the company.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Defined contribution pension obligation

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.

The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 25 (2015 - 24).

4

Intangible assets

Software costs
 £

Total
£

Cost or valuation

At 1 January 2016

59,250

59,250

Additions

23,281

23,281

At 31 December 2016

82,531

82,531

Amortisation

Page 7

 

Norman Allen Group Travel Limited

Notes to the Financial Statements
for the Year Ended 31 December 2016

Software costs
 £

Total
£

At 1 January 2016

7,406

7,406

Amortisation charge

10,676

10,676

At 31 December 2016

18,082

18,082

Carrying amount

At 31 December 2016

64,449

64,449

At 31 December 2015

51,844

51,844

Page 8

 

Norman Allen Group Travel Limited

Notes to the Financial Statements
for the Year Ended 31 December 2016

5

Tangible assets

Leasehold improvements
£

Furniture, fittings and equipment
 £

Plant and machinery
 £

Total
£

Cost or valuation

At 1 January 2016

2,025

18,788

61,702

82,515

Additions

-

13,375

3,114

16,489

At 31 December 2016

2,025

32,163

64,816

99,004

Depreciation

At 1 January 2016

2,025

18,634

57,697

78,356

Charge for the year

-

1,758

3,020

4,778

At 31 December 2016

2,025

20,392

60,717

83,134

Carrying amount

At 31 December 2016

-

11,771

4,099

15,870

At 31 December 2015

-

154

4,005

4,159

6

Investments

2016
£

2015
£

Investments in subsidiaries

1

1

Subsidiaries

£

Cost or valuation

At 1 January 2016

1

Provision

Carrying amount

At 31 December 2016

1

At 31 December 2015

1

Page 9

 

Norman Allen Group Travel Limited

Notes to the Financial Statements
for the Year Ended 31 December 2016

7

Debtors

2016
 £

2015
 £

Trade debtors

264

124

Other debtors

198,366

168,383

198,630

168,507

8

Creditors

Note

2016
£

2015
£

Due within one year

 

Trade creditors

 

134,820

129,439

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

1

1

Taxation and social security

 

15,818

29,494

Corporation tax

 

49,187

15,617

Other creditors

 

337,299

333,637

 

537,125

508,188

9

Financial commitments, guarantees and contingencies

The total amount of financial commitments not included in the balance sheet is £1,496,696 (2015 - £1,828,556). This includes commitments under non-cancellable operating leases amounting to £245,696 (2015 - £283,556) and commitments to buy-back shares amounting to £425,250 (2015 - £nil) in total, of which: £127,537 (2015 - £42,487) is due for payment in one year, £493,534 (2015 - £153,694) in two to five years and £49,875 (2015 - £87,375) in more than five.

Financial commitments also include commitments to purchase £1,251,000 (2015 - £1,545,000) of foreign currency within one year.

10

Related party transactions

Summary of transactions with other related parties

S N and E M Allen IPS Pension Builder
 (Pension fund of S N and E M Allen, directors until 31 May 2016)
 The company made rent payments of £15,625 (2015 - £37,500) until 31 May 2016, during the period of directorship.
 

Page 10

 

Norman Allen Group Travel Limited

Notes to the Financial Statements
for the Year Ended 31 December 2016

11

Non adjusting events after the financial period

On 31 May 2017, 6,750 C ordinary shares of £1 each were bought back by the company for £85,050, with the remaining C ordinary shares in issue to be bought back by the company in four equal annual tranches.

12

Transition to FRS 102

Balance Sheet at 1 January 2015
 

As originally reported
£

Re-
classification
£

Re-
measurement
£

As restated
£

Fixed assets

Intangible assets

48,900

-

-

48,900

Tangible assets

1,011

-

-

1,011

Investments

1

-

-

1

49,912

-

-

49,912

Current assets

Stocks

2,545

-

-

2,545

Debtors

112,428

-

-

112,428

Cash at bank and in hand

780,792

-

-

780,792

895,765

-

-

895,765

Creditors: Amounts falling due within one year

(557,517)

-

(45,289)

(602,806)

Net current assets/(liabilities)

338,248

-

(45,289)

292,959

Total assets less current liabilities

388,160

-

(45,289)

342,871

Provisions for liabilities

(9,319)

-

9,058

(261)

Net assets/(liabilities)

378,841

-

(36,231)

342,610

Capital and reserves

Called up share capital

50,000

-

-

50,000

Profit and loss reserve

328,841

-

(36,231)

292,610

Total equity

378,841

-

(36,231)

342,610

Page 11

 

Norman Allen Group Travel Limited

Notes to the Financial Statements
for the Year Ended 31 December 2016

Balance Sheet at 31 December 2015
 

As originally reported
£

Re-
classification
£

Re-
measurement
£

As restated
£

Fixed assets

Intangible assets

51,844

-

-

51,844

Tangible assets

4,159

-

-

4,159

Investments

1

-

-

1

Other financial assets

-

-

20,132

20,132

56,004

-

20,132

76,136

Current assets

Stocks

1,986

-

-

1,986

Debtors

148,375

-

-

148,375

Cash at bank and in hand

709,140

-

-

709,140

859,501

-

-

859,501

Creditors: Amounts falling due within one year

(508,188)

-

-

(508,188)

Net current assets

351,313

-

-

351,313

Total assets less current liabilities

407,317

-

20,132

427,449

Provisions for liabilities

(10,657)

-

(4,026)

(14,683)

Net assets

396,660

-

16,106

412,766

Capital and reserves

Called up share capital

50,000

-

-

50,000

Profit and loss reserve

346,660

-

16,106

362,766

Total equity

396,660

-

16,106

412,766

Page 12