REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2016 |
for |
Excursions Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2016 |
for |
Excursions Ltd |
Excursions Ltd (Registered number: 03826560) |
Contents of the Financial Statements |
for the Year Ended 31 December 2016 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Excursions Ltd |
Company Information |
for the Year Ended 31 December 2016 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
38-42 Newport Street |
Swindon |
Wiltshire |
SN1 3DR |
Excursions Ltd (Registered number: 03826560) |
Balance Sheet |
31 December 2016 |
2016 | 2015 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
Excursions Ltd (Registered number: 03826560) |
Balance Sheet - continued |
31 December 2016 |
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 |
Excursions Ltd (Registered number: 03826560) |
Notes to the Financial Statements |
for the Year Ended 31 December 2016 |
1. | STATUTORY INFORMATION |
Excursions Ltd is a |
registered number and registered office address can be found on the Company Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared under the historical cost convention. |
Turnover |
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and |
the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or |
receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Revenue in respect of tour operator services is recognised on the date of commencement of the services; the date |
at which revenue can be measured with certainty and no further amendments can be made to arrangements. |
Client monies received at the balance sheet date relating to operations commencing after the year end are |
deferred and included within creditors. |
Tangible fixed assets |
Fixtures and fittings | - |
Computer equipment | - |
Taxation |
Taxation expense for the period comprises current and deferred tax recognised in the reporting period. Tax is |
recognised in the profit and loss account, except to the extent that it relates to items recognised in other |
comprehensive income or directly in equity. In this case tax is also recognised in other comprehensive income or |
directly in equity respectively. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax |
Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior years. Tax is |
calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end. |
Management periodically evaluates positions taken in tax returns with respect to situations in which applicable |
tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amount |
expected to be paid to the tax authorities. |
Excursions Ltd (Registered number: 03826560) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
3. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax arises from timing differences that are differences between taxable profit and total comprehensive |
income as stated in the financial statements. These timing differences arise from the inclusion of income and |
expenses in tax assessment in periods different from those in which are recognised in financial statements. |
Deferred tax is recognised on all timing differences at the reporting date except for certain exceptions. |
Unrelieved tax losses and other deferred tax assets are only recognised when it is probable that they will be |
recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period |
end and that are expected to apply to the reversal of the timing difference. |
Trade and other creditors |
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the |
effective interest method unless the effect of discounting would be immaterial, in which case they are stated at |
cost. |
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. |
Pension costs and other post-retirement benefits |
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 payment obligations. The obligations are recognised as an expense when they |
are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately |
from the company in independently administered funds. |
Leased assets |
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the |
period of the lease. |
Cash and cash equivalent |
Cash and cash equivalents includes cash in hand and deposits held at call with banks. |
Trade and other debtors |
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the |
effective interest method, less impairment losses for bad and doubtful debts except where the effect of |
discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad |
and doubtful debts. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Excursions Ltd (Registered number: 03826560) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2016 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2016 |
DEPRECIATION |
At 1 January 2016 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2016 |
NET BOOK VALUE |
At 31 December 2016 |
At 31 December 2015 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Trade debtors |
Other debtors |
Directors' current accounts | 2,559 | - |
VAT |
Prepayments and accrued income |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Trade creditors |
Tax |
Social security and other taxes |
Other creditors |
Deferred income | 4,898 | 58,238 |
Directors' current accounts | 201,528 | 8,088 |
Accrued expenses |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2016 | 2015 |
value: | £ | £ |
Ordinary | £1 | 2 | 2 |
Excursions Ltd (Registered number: 03826560) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
9. | GUARANTEES, CONTINGENCIES AND OTHER FINANCIAL COMMITMENTS |
The company had total operating lease commitments at the year end of £30,769 (2015 - £23,176). |
10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 31 December 2016 and |
31 December 2015: |
2016 | 2015 |
£ | £ |
Balance outstanding at start of year | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) | ( |
) |
Balance outstanding at start of year | ( |
) | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) |
Balance outstanding at start of year | ( |
) | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
11. | ULTIMATE CONTROLLING PARTY |
The company is under the joint control of the two shareholders, Mr R P N Woodard and Mrs A M Woodard. |
12. | FIRST YEAR ADOPTION |
Potential FRS 102 transitional adjustments have been reviewed. It has been deemed that no adjustments are |
required to be made. |