SUNDOWNERS TRAVEL CENTRE LIMTED - Period Ending 2017-11-30

SUNDOWNERS TRAVEL CENTRE LIMTED - Period Ending 2017-11-30


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Registration number: 2293514

SUNDOWNERS TRAVEL CENTRE LIMTED

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2017

Riaz Ahmad & Co Limited
Chartered Certified Accountants
Lord House
51 Lord Street
Manchester
M3 1HE

 

SUNDOWNERS TRAVEL CENTRE LIMTED

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Financial Statements

8 to 13

 

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

62 Bridge Street
Manchester
M3 3BW

Accountants

Riaz Ahmad & Co Limited
Chartered Certified Accountants
Lord House
51 Lord Street
Manchester
M3 1HE

 

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:

Ms Naila Zafar - Company secretary and director

Mrs Leena Haider

Ms Munawar Sultana

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 30 May 2018 and signed on its behalf by:

.........................................
Ms Naila Zafar
Company secretary and director

 

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.

......................................

Riaz Ahmad & Co Limited
Chartered Certified Accountants
Lord House
51 Lord Street
Manchester
M3 1HE

30 May 2018

 

SUNDOWNERS TRAVEL CENTRE LIMTED

Profit and Loss Account for the Year Ended 30 November 2017

Note

Total
30 November
2017
£

Total
30 November
2016
£

Turnover

 

34,848

288,349

Cost of sales

 

(26,816)

(196,684)

Gross profit

 

8,032

91,665

Administrative expenses

 

(72,908)

(100,921)

Operating loss

 

(64,876)

(9,256)

Other interest receivable and similar income

 

11

21

 

11

21

Loss before tax

4

(64,865)

(9,235)

Loss for the financial year

 

(64,865)

(9,235)

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

SUNDOWNERS TRAVEL CENTRE LIMTED

Statement of Comprehensive Income for the Year Ended 30 November 2017

Note

2017
£

2016
£

Loss for the year

 

(64,865)

(9,235)

Total comprehensive income for the year

 

(64,865)

(9,235)

 

SUNDOWNERS TRAVEL CENTRE LIMTED

(Registration number: 2293514)
Balance Sheet as at 30 November 2017

Note

2017
£

2016
£

Fixed assets

 

Tangible assets

5

265,524

266,259

Current assets

 

Debtors

6

828,261

912,553

Cash at bank and in hand

 

123,716

129,520

 

951,977

1,042,073

Creditors: Amounts falling due within one year

7

(323,041)

(329,007)

Net current assets

 

628,936

713,066

Total assets less current liabilities

 

894,460

979,325

Provisions for liabilities

(418)

(418)

Net assets

 

894,042

978,907

Capital and reserves

 

Called up share capital

50,000

50,000

Revaluation reserve

67,574

67,574

Profit and loss account

776,468

861,333

Total equity

 

894,042

978,907

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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 Board on 30 May 2018 and signed on its behalf by:
 

.........................................

Ms Naila Zafar

Company secretary and director

 

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

50,000

67,574

861,333

978,907

Loss for the year

-

-

(64,865)

(64,865)

Total comprehensive income

-

-

(64,865)

(64,865)

Dividends

-

-

(20,000)

(20,000)

At 30 November 2017

50,000

67,574

776,468

894,042

Share capital
£

Revaluation reserve
£

Profit and loss account
£

Total
£

At 1 December 2015

50,000

67,574

882,568

1,000,142

Loss for the year

-

-

(9,235)

(9,235)

Total comprehensive income

-

-

(9,235)

(9,235)

Dividends

-

-

(12,000)

(12,000)

At 30 November 2016

50,000

67,574

861,333

978,907

 

SUNDOWNERS TRAVEL CENTRE LIMTED

Notes to the Financial Statements for the Year Ended 30 November 2017

1

General information

The company is a private company limited by share capital incorporated in England.

The address of its registered office is:
62 Bridge Street
Manchester
M3 3BW

These financial statements were authorised for issue by the Board on 30 May 2018.

2

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.

 

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.

3

Staff numbers

4

Loss before tax

Arrived at after charging/(crediting)

2017
£

2016
£

Depreciation expense

735

735

 

SUNDOWNERS TRAVEL CENTRE LIMTED

Notes to the Financial Statements for the Year Ended 30 November 2017

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 December 2016

268,640

47,642

316,282

At 30 November 2017

268,640

47,642

316,282

Depreciation

At 1 December 2016

3,640

46,383

50,023

Charge for the year

-

735

735

At 30 November 2017

3,640

47,118

50,758

Carrying amount

At 30 November 2017

265,000

524

265,524

At 30 November 2016

265,000

1,259

266,259

Included within the net book value of land and buildings above is £265,000 (2016 - £265,000) in respect of freehold land and buildings.
 

6

Debtors

Note

2017
£

2016
£

Trade debtors

 

6,000

6,000

Amounts owed by group undertakings and undertakings in which the company has a participating interest

742,746

742,746

Other debtors

 

79,515

163,807

Total current trade and other debtors

 

828,261

912,553

7

Creditors

Note

2017
£

2016
£

Due within one year

 

Trade creditors

 

10,520

1,870

Amounts owed to group undertakings and undertakings in which the company has a participating interest

36,937

437

Other creditors

 

275,584

326,700

 

323,041

329,007

 

SUNDOWNERS TRAVEL CENTRE LIMTED

Notes to the Financial Statements for the Year Ended 30 November 2017

8

Dividends

 

2017

2016

 

£

£

9

Transition to FRS 102

Balance Sheet at 1 December 2015
 

Note

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Capital and reserves

 

Total equity

 

-

-

-

-

 

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

 

-

-

-

-

 

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

 

-

-

-

-

 

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)

 

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)

 

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