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Registered number: 03186102
GILES TRAVEL LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2021
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GILES TRAVEL LIMITED
COMPANY INFORMATION
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Chartered Accountants & Statutory Auditor
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GILES TRAVEL LIMITED
CONTENTS
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Statement of financial position
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Statement of changes in equity
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Notes to the financial statements
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GILES TRAVEL LIMITED
REGISTERED NUMBER: 03186102
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2021
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Provisions for liabilities
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 8 form part of these financial statements.
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GILES TRAVEL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2021
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Comprehensive income for the year
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Total comprehensive income for the year
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Comprehensive income for the year
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Total comprehensive income for the year
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The notes on pages 3 to 8 form part of these financial statements.
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GILES TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
Giles Travel Limited is private company limited by shares incorporated in England and Wales, United Kingdom.
The address of the registered company is given on the Company Information page of these financial statements.
The principal activity of the Company continued to be that of business travel sales, group events arrangements and retail holiday sales.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
Due to the Covid-19 pandemic business was interrupted from March 2020. As at the date of approval of these financial statements, the impact of Covid-19 on the company's trading continues to be assessed and is subject to rapidly changing external factors, including Government responses to controlling the spread of the virus towards future business and leisure travel.
The Company has a net current liabilities position of £8.7k and net liabilities of £20k whilst generating a profit of £87.7k generated for the year ended 31 March 2021. The directors have taken steps to reduce outgoings by controlling overhead expenses.
Subsequent to the year end the net assets and trading activity of the Company has been transferred to immediate parent undertaking; Gray Dawes Travel Limited.
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Foreign currency translation
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The Company's functional and presentational currency is GBP.
Turnover represents amounts earned during the year from transaction fees, management fees, commissions receivable and other income in accordance with contractural arrangement, exclusive of Value Added Tax.
Turnover is recognised in the financial statements when there is reasonable certainty income is earned.
Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure. During the year, support in the form of the Coronavirus Job Retention scheme and Business Rates grant was obtained (Note 11).
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GILES TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
2.Accounting policies (continued)
Defined contribution pension plan
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 contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of financial position date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
Depreciation is provided on the following basis:
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Long-term leasehold property
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GILES TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
2.Accounting policies (continued)
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Provisions for liabilities
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Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of financial position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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In the application of the company's accounting policies, the directors are required to make judgements, estiamtes and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
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GILES TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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The Company has taken advantage of the exemption not to disclose amounts paid for non audit services as these are disclosed in the group accounts of the parent Company.
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The average monthly number of employees, including directors, during the year was 21 (2020 - 36).
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Long-term leasehold property
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Charge for the year on owned assets
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GILES TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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Amounts owed by group undertakings
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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The Company operates a defined contributions pension scheme. The assets of the scheme are held seperately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £18,345 (2020: £30,985).
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Commitments under operating leases
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At 31 March 2021 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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GILES TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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Government grants receivable
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Coronavirus job retention scheme
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Related party transactions
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The Company has taken advantage of the exemption to disclose related party transactions with companies that are wholly owned within the Group.
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Post balance sheet events
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The effect of the Covid 19 pandemic continues to be felt after the year end. The directors continue to take measures to monitor and mitigate the effect of Covid 19, such as health and safety for our people (such as social distances and working from home) and using technology to continue serving our customers.
Depending on the duration of the Covid 19 crisis and continued negative impact on economic activity, the company might experience negative results. We also refer to note 2.2 on Going concern.
The directors have concluded that no other material events have occurred since the date of approval of these financial statements that would affect the financial statements of the company.
Subsequent to the year end the net assets and trading activity of the Company has been transferred to immediate parent undertaking; Gray Dawes Travel Limited.
The immediate parent undertaking is Gray Dawes Travel Limited.
The ultimate parent company is Castle Street Nominees Limited.
The largest group to consolidate these financial statements is Inchcape Family Estates Limited. Copies of the consolidated financial statements can be obtained from the Company Secretary at 16 Northumberland Avenue, Craven House, London, WC2N 5AP.
The auditors' report on the financial statements for the year ended 31 March 2021 was unqualified.
The audit report was signed on 28 September 2021 by Yasin Khandwalla (Senior statutory auditor) on behalf of Elman Wall Limited.
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