SUNDOWNERS TRAVEL CENTRE LIMTED - Period Ending 2017-11-30
SUNDOWNERS TRAVEL CENTRE LIMTED - Period Ending 2017-11-30
Registration number:
SUNDOWNERS TRAVEL CENTRE LIMTED
for the Year Ended 30 November 2017
Chartered Certified Accountants
Lord House
51 Lord Street
Manchester
M3 1HE
SUNDOWNERS TRAVEL CENTRE LIMTED
Contents
Company Information |
|
Directors' Report |
|
Accountants' Report |
|
Profit and Loss Account |
|
Statement of Comprehensive Income |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Notes to the Financial Statements |
SUNDOWNERS TRAVEL CENTRE LIMTED
Company Information
Directors |
Ms Naila Zafar Mrs Leena Haider Ms Munawar Sultana |
Company secretary |
Ms Naila Zafar Ms Naila Zafar |
Registered office |
|
Accountants |
|
Page 1 |
SUNDOWNERS TRAVEL CENTRE LIMTED
Directors' Report for the Year Ended 30 November 2017
The directors present their report and the financial statements for the year ended 30 November 2017.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is running a travel agency, selling airlin tickets.
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved by the Board on
.........................................
Ms Naila Zafar
Company secretary and director
Page 2 |
Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
SUNDOWNERS TRAVEL CENTRE LIMTED
for the Year Ended 30 November 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of SUNDOWNERS TRAVEL CENTRE LIMTED for the year ended 30 November 2017 as set out on pages 4 to 13 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/discover/public-value/rulebook.html.
This report is made solely to the Board of Directors of SUNDOWNERS TRAVEL CENTRE LIMTED, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of SUNDOWNERS TRAVEL CENTRE LIMTED and state those matters that we have agreed to state to the Board of Directors of SUNDOWNERS TRAVEL CENTRE LIMTED, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than SUNDOWNERS TRAVEL CENTRE LIMTED and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that SUNDOWNERS TRAVEL CENTRE LIMTED has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of SUNDOWNERS TRAVEL CENTRE LIMTED. You consider that SUNDOWNERS TRAVEL CENTRE LIMTED 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 accounts of SUNDOWNERS TRAVEL CENTRE LIMTED. 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 accounts.
......................................
Chartered Certified Accountants
51 Lord Street
Manchester
M3 1HE
Page 3 |
SUNDOWNERS TRAVEL CENTRE LIMTED
Profit and Loss Account for the Year Ended 30 November 2017
Note |
Total |
Total |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Operating loss |
( |
( |
|
Other interest receivable and similar income |
|
|
|
11 |
21 |
||
Loss before tax |
( |
( |
|
Loss for the financial year |
( |
( |
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Page 4 |
SUNDOWNERS TRAVEL CENTRE LIMTED
Statement of Comprehensive Income for the Year Ended 30 November 2017
Note |
2017 |
2016 |
|
Loss for the year |
( |
( |
|
Total comprehensive income for the year |
( |
( |
Page 5 |
SUNDOWNERS TRAVEL CENTRE LIMTED
(Registration number: 2293514)
Balance Sheet as at 30 November 2017
Note |
2017 |
2016 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Revaluation reserve |
|
|
|
Profit and loss account |
|
|
|
Total equity |
|
|
For the financial year ending 30 November 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
.........................................
Ms Naila Zafar
Company secretary and director
Page 6 |
SUNDOWNERS TRAVEL CENTRE LIMTED
Statement of Changes in Equity for the Year Ended 30 November 2017
Share capital |
Revaluation reserve |
Profit and loss account |
Total |
|
At 1 December 2016 |
|
|
|
|
Loss for the year |
- |
- |
( |
( |
Total comprehensive income |
- |
- |
( |
( |
Dividends |
- |
- |
( |
( |
At 30 November 2017 |
|
|
|
|
Share capital |
Revaluation reserve |
Profit and loss account |
Total |
|
At 1 December 2015 |
|
|
|
|
Loss for the year |
- |
- |
( |
( |
Total comprehensive income |
- |
- |
( |
( |
Dividends |
- |
- |
( |
( |
At 30 November 2016 |
|
|
|
|
Page 7 |
SUNDOWNERS TRAVEL CENTRE LIMTED
Notes to the Financial Statements for the Year Ended 30 November 2017
General information |
The company is a private company limited by share capital incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
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.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent 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 |
Fixtures & Fittings |
10% Straight Line |
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.
Page 8 |
SUNDOWNERS TRAVEL CENTRE LIMTED
Notes to the Financial Statements for the Year Ended 30 November 2017
Trade 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.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.
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.
Staff numbers |
Average number of employees
Loss before tax |
Arrived at after charging/(crediting)
2017 |
2016 |
|
Depreciation expense |
|
|
Page 9 |
SUNDOWNERS TRAVEL CENTRE LIMTED
Notes to the Financial Statements for the Year Ended 30 November 2017
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Total |
|
Cost or valuation |
|||
At 1 December 2016 |
|
|
|
At 30 November 2017 |
|
|
|
Depreciation |
|||
At 1 December 2016 |
|
|
|
Charge for the year |
- |
|
|
At 30 November 2017 |
|
|
|
Carrying amount |
|||
At 30 November 2017 |
|
|
|
At 30 November 2016 |
|
|
|
Included within the net book value of land and buildings above is £265,000 (2016 - £265,000) in respect of freehold land and buildings.
Debtors |
Note |
2017 |
2016 |
|
Trade debtors |
|
|
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
|
|
Other debtors |
|
|
|
Total current trade and other debtors |
|
|
Creditors |
Note |
2017 |
2016 |
|
Due within one year |
|||
Trade creditors |
|
|
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
|
|
Other creditors |
|
|
|
|
|
Page 10 |
SUNDOWNERS TRAVEL CENTRE LIMTED
Notes to the Financial Statements for the Year Ended 30 November 2017
Dividends |
2017 |
2016 |
|
£ |
£ |
Transition to FRS 102 |
Balance Sheet at 1 December 2015
Note |
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Capital and reserves |
|||||
Total equity |
- |
- |
- |
- |
Page 11 |
SUNDOWNERS TRAVEL CENTRE LIMTED
Notes to the Financial Statements for the Year Ended 30 November 2017
Balance Sheet at 30 November 2016
Note |
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Capital and reserves |
|||||
Total equity |
- |
- |
- |
- |
Page 12 |
SUNDOWNERS TRAVEL CENTRE LIMTED
Notes to the Financial Statements for the Year Ended 30 November 2017
Profit and Loss Account for the year ended 30 November 2016
Note |
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Turnover |
- |
- |
- |
- |
|
Operating profit/(loss) |
- |
- |
- |
- |
|
Profit/(loss) before tax |
- |
- |
- |
- |
|
Profit/(loss) for the financial year |
- |
- |
- |
- |
Page 13 |
SUNDOWNERS TRAVEL CENTRE LIMTED
Detailed Profit and Loss Account for the Year Ended 30 November 2017
2017 |
2016 |
|
Turnover (analysed below) |
34,848 |
288,349 |
Cost of sales (analysed below) |
(26,816) |
(196,684) |
Gross profit |
8,032 |
91,665 |
Gross profit (%) |
23.05% |
31.79% |
Administrative expenses |
||
Employment costs (analysed below) |
(20,075) |
(23,131) |
Establishment costs (analysed below) |
(17,991) |
(22,390) |
General administrative expenses (analysed below) |
(33,743) |
(52,638) |
Finance charges (analysed below) |
(364) |
(2,027) |
Depreciation costs (analysed below) |
(735) |
(735) |
(72,908) |
(100,921) |
|
Operating loss |
(64,876) |
(9,256) |
Other interest receivable and similar income (analysed below) |
11 |
21 |
Loss before tax |
(64,865) |
(9,235) |
Page 14 |
SUNDOWNERS TRAVEL CENTRE LIMTED
Detailed Profit and Loss Account for the Year Ended 30 November 2017
2017 |
2016 |
Turnover |
||
Rendering of services, UK |
27,548 |
254,023 |
Rental income from investment property |
7,300 |
- |
Rent receivable |
- |
34,326 |
34,848 |
288,349 |
Cost of sales |
||
Purchases |
26,816 |
196,684 |
Employment costs |
||
Wages and salaries (excluding directors) |
(18,979) |
(21,131) |
Staff welfare |
(1,096) |
(2,000) |
(20,075) |
(23,131) |
Establishment costs |
||
Rent |
- |
(4,536) |
Rates |
(11,888) |
(13,267) |
Water rates |
- |
(129) |
Light, heat and power |
(1,827) |
(369) |
Insurance |
(4,180) |
(4,089) |
Repairs and renewals |
(96) |
- |
(17,991) |
(22,390) |
General administrative expenses |
||
Telephone and fax |
(4,157) |
(5,680) |
Computer software and maintenance costs |
(882) |
(3,332) |
Printing, postage and stationery |
(2,951) |
(530) |
Trade subscriptions |
(1,890) |
(1,317) |
Charitable donations |
- |
(5,000) |
Sundry expenses |
(1,170) |
(927) |
Cleaning |
(2,570) |
(4,749) |
Motor expenses |
(1,936) |
(2,074) |
Travel and subsistence |
(2,977) |
(12,297) |
Advertising |
(1,518) |
- |
Staff entertaining (allowable for tax) |
(895) |
(850) |
Customer entertaining (disallowable for tax) |
(2,561) |
(2,160) |
Accountancy fees |
(960) |
(3,172) |
Legal and professional fees |
(9,276) |
(10,550) |
(33,743) |
(52,638) |
Finance charges |
||
Bank charges |
(364) |
(2,027) |
Page 15 |
SUNDOWNERS TRAVEL CENTRE LIMTED
Detailed Profit and Loss Account for the Year Ended 30 November 2017
Depreciation costs |
||
Depreciation of fixtures and fittings (owned) |
(735) |
(735) |
Other interest receivable and similar income |
||
Bank interest receivable |
11 |
21 |
Page 16 |