Handmade Travel Limited 31/12/2022 iXBRL

HANDMADE TRAVEL LIMITED - Company Information

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Company registration number: 05625673

(England and Wales)

Handmade Travel Limited

Unaudited filleted financial statements

for the year ended

31 December 2022

Handmade Travel Limited

Contents

Directors and other information

Accountants report

Statement of financial position

Notes to the financial statements

Handmade Travel Limited

Directors and other information


	Directors	A R Scarfe
		C J Chambers


	Company number	05625673


	Registered office	4 & 5 The Cedars
		Apex 12
		Old Ipswich Road
		Essex
		CO7 7QR


	Accountants	Griffin Chapman
		4 & 5 The Cedars
		Apex 12
		Old Ipswich Road
		Colchester
		CO7 7QR

Handmade Travel Limited

Chartered accountants report to the board of directors on the preparation of the

unaudited statutory financial statements of Handmade Travel Limited

Year ended 31 December 2022

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Handmade Travel Limited for the year ended 31 December 2022 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.

This report is made solely to the board of directors of Handmade Travel Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Handmade Travel Limited and state those matters that we have agreed to state to the board of directors of Handmade Travel Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Handmade Travel Limited and its board of directors as a body for our work or for this report.

It is your duty to ensure that Handmade Travel Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Handmade Travel Limited. You consider that Handmade Travel Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Handmade Travel Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Griffin Chapman

Chartered Accountants

4 & 5 The Cedars

Apex 12

Old Ipswich Road

Colchester

CO7 7QR

21 July 2023

Handmade Travel Limited

Statement of financial position

31 December 2022

		2022		2021
	Note	£	£	£	£

Fixed assets
Intangible assets	5	7,480		8,005
Tangible assets	6	40,231		40,126
		_______		_______
			47,711		48,131

Current assets
Debtors	7	34,213		25,395
Cash at bank and in hand		3,763		687
		_______		_______
		37,976		26,082
Creditors: amounts falling due
within one year	8	( 64,380)		( 61,473)
		_______		_______
Net current liabilities			( 26,404)		( 35,391)
			_______		_______
Total assets less current liabilities			21,307		12,740

Creditors: amounts falling due
after more than one year	9		( 17,500)		( 17,500)
			_______		_______
Net assets/(liabilities)			3,807		( 4,760)
			_______		_______

Capital and reserves
Called up share capital	10		248		248
Share premium account			19,952		19,952
Profit and loss account			( 16,393)		( 24,960)
			_______		_______
Shareholders funds/(deficit)			3,807		( 4,760)
			_______		_______

For the year ending 31 December 2022 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 financial statements for the year in question in accordance with section 476;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 21 July 2023 , and are signed on behalf of the board by:

A R Scarfe

Director

Company registration number: 05625673

Handmade Travel Limited

Notes to the financial statements

Year ended 31 December 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4 & 5 The Cedars, Apex 12, Old Ipswich Road, Essex, CO7 7QR.

The principal activity of the company continues to be that of travel agency activites.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, the director continues to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:


Personalised number plates	-	Amortised over economic life of 20 years

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Land	-	Not depreciated
Office equipment	-	15 %	straight line

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2021: 1 ).

5. Intangible assets

	Other intangible assets	Total
	£	£
Cost
At 1 January 2022 and 31 December 2022	10,500	10,500
	_______	_______
Amortisation
At 1 January 2022	2,495	2,495
Charge for the year	525	525
	_______	_______
At 31 December 2022	3,020	3,020
	_______	_______
Carrying amount
At 31 December 2022	7,480	7,480
	_______	_______
At 31 December 2021	8,005	8,005
	_______	_______

6. Tangible assets

	Freehold property	Fixtures, fittings and equipment	Total
	£	£	£
Cost
At 1 January 2022	40,000	763	40,763
Additions	-	189	189
	_______	_______	_______
At 31 December 2022	40,000	952	40,952
	_______	_______	_______
Depreciation
At 1 January 2022	-	637	637
Charge for the year	-	84	84
	_______	_______	_______
At 31 December 2022	-	721	721
	_______	_______	_______
Carrying amount
At 31 December 2022	40,000	231	40,231
	_______	_______	_______
At 31 December 2021	40,000	126	40,126
	_______	_______	_______

7. Debtors

	2022	2021
	£	£
Other debtors	34,213	25,395
	_______	_______

The debtors above include the following amounts falling due after more than one year:

	2022	2021
	£	£
Other debtors	7,944	7,944
	_______	_______

8. Creditors: amounts falling due within one year

	2022	2021
	£	£
Bank loans and overdrafts	2,917	5,000
Taxation and social security	3	3,319
Other creditors	61,460	53,154
	_______	_______
	64,380	61,473
	_______	_______

9. Creditors: amounts falling due after more than one year

	2022	2021
	£	£
Bank loans and overdrafts	17,500	17,500
	_______	_______

10. Called up share capital

Issued, called up and fully paid

	2022		2021
	No	£	No	£
Ordinary shares shares of £ 1.00 each	248	248	248	248
	_______	_______	_______	_______

11. Directors advances, credits and guarantees

	During the year the directors entered into the following advances and credits with the company:

2022
		Balance brought forward	Advances /(credits) to the directors	Amounts repaid	Balance o/standing
		£	£	£	£
	A R Scarfe	9,230	64,279	( 54,727)	18,782
		_______	_______	_______	_______

2021
		Balance brought forward	Advances /(credits) to the directors	Amounts repaid	Balance o/standing
		£	£	£	£
	A R Scarfe	24,444	43,670	( 58,884)	9,230
		_______	_______	_______	_______

The directors loan is interest free and repayable on demand.