Company registration number:
for the Year Ended
Norman Allen Group Travel Limited
Contents
Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Norman Allen Group Travel Limited
(Registration number: 02763841)
Balance Sheet as at 31 December 2016
Note |
2016 |
2015 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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Deferred tax liabilities |
(19,242) |
(14,683) |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Capital redemption reserve |
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- |
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Profit and loss reserve |
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Total equity |
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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:
• |
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• |
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
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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 |
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At 1 January 2016 |
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- |
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Movement in year : |
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Profit for the year |
- |
- |
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Total comprehensive income |
- |
- |
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Dividends |
- |
- |
( |
( |
New share capital subscribed |
|
- |
- |
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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 |
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Share capital |
Profit and loss reserve |
Total |
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At 1 January 2015 |
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Movement in year : |
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Profit for the year |
- |
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Total comprehensive income |
- |
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Dividends |
- |
( |
( |
Total movement for the year |
- |
70,156 |
70,156 |
At 31 December 2015 |
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Page 3
Norman Allen Group Travel Limited
Notes to the Financial Statements
for the Year Ended 31 December 2016
General information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
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
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
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Intangible assets |
Software costs |
Total |
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Cost or valuation |
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At 1 January 2016 |
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Additions |
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At 31 December 2016 |
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Amortisation |
Page 7
Norman Allen Group Travel Limited
Notes to the Financial Statements
for the Year Ended 31 December 2016
Software costs |
Total |
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At 1 January 2016 |
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Amortisation charge |
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At 31 December 2016 |
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Carrying amount |
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At 31 December 2016 |
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At 31 December 2015 |
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Page 8
Norman Allen Group Travel Limited
Notes to the Financial Statements
for the Year Ended 31 December 2016
Tangible assets |
Leasehold improvements |
Furniture, fittings and equipment |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 January 2016 |
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Additions |
- |
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At 31 December 2016 |
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Depreciation |
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At 1 January 2016 |
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Charge for the year |
- |
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At 31 December 2016 |
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Carrying amount |
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At 31 December 2016 |
- |
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At 31 December 2015 |
- |
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Investments |
2016 |
2015 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 January 2016 |
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Provision |
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Carrying amount |
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At 31 December 2016 |
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At 31 December 2015 |
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Page 9
Norman Allen Group Travel Limited
Notes to the Financial Statements
for the Year Ended 31 December 2016
Debtors |
2016 |
2015 |
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Trade debtors |
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Other debtors |
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Creditors |
Note |
2016 |
2015 |
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Due within one year |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Corporation tax |
49,187 |
15,617 |
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Other creditors |
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Financial commitments, guarantees and contingencies |
The total amount of financial commitments not included in the balance sheet is £
Financial commitments also include commitments to purchase £1,251,000 (2015 - £1,545,000) of foreign currency within one year.
Related party transactions |
Summary of transactions with other related parties
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
Non adjusting events after the financial period |
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Transition to FRS 102 |
Balance Sheet at 1 January 2015
As originally reported |
Re- |
Re- |
As restated |
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Fixed assets |
||||
Intangible assets |
48,900 |
- |
- |
48,900 |
Tangible assets |
1,011 |
- |
- |
1,011 |
Investments |
1 |
- |
- |
1 |
49,912 |
- |
- |
49,912 |
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Current assets |
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Stocks |
2,545 |
- |
- |
2,545 |
Debtors |
112,428 |
- |
- |
112,428 |
Cash at bank and in hand |
780,792 |
- |
- |
780,792 |
895,765 |
- |
- |
895,765 |
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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 |
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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- |
Re- |
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 |
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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 |
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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