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FINANCIAL STATEMENTS |
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FOR THE PERIOD 1 JULY 2018 TO 31 DECEMBER 2019 |
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FOR |
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SPORTS TOURS LIMITED |
REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE PERIOD 1 JULY 2018 TO 31 DECEMBER 2019 |
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FOR |
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SPORTS TOURS LIMITED |
SPORTS TOURS LIMITED (REGISTERED NUMBER: 02365433) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the period 1 July 2018 to 31 December 2019 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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SPORTS TOURS LIMITED |
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COMPANY INFORMATION |
for the period 1 July 2018 to 31 December 2019 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants |
Statutory Auditor |
Magma House, 16 Davy Court |
Castle Mound Way |
Rugby |
CV23 0UZ |
SPORTS TOURS LIMITED (REGISTERED NUMBER: 02365433) |
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BALANCE SHEET |
31 December 2019 |
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2019 | 2018 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
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Tangible assets | 6 |
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Investments | 7 |
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CURRENT ASSETS |
Stocks |
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Debtors | 8 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 9 | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
signed on its behalf by: |
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SPORTS TOURS LIMITED (REGISTERED NUMBER: 02365433) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the period 1 July 2018 to 31 December 2019 |
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1. | STATUTORY INFORMATION |
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Sports Tours Limited is a limited company, registered in England and Wales. Its registered office address is |
Rayburn House, 37 Brunel Parkway, Pride Park, Derby, Derbyshire, DE24 8HR and the registered number is |
02365433. |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The |
Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section |
1A "Small Entities" and the Companies Act 2006. The financial statements are prepared on a going concern |
basis, under the historical cost convention. |
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These financial statements are presented in Sterling (£). |
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The current accounting period covers an 18 month period in order to bring the year end in line with the rest of the |
group, and as such the comparative figures are not entirely comparable. |
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Going concern |
At 31 December 2019 the company had net current assets of £1,018,595 (2018: £1,067,377) and net assets of |
£1,140,429 (2018: £1,167,245). The directors have prepared the financial statements on a going concern basis |
and in doing so have considered the impact of the COVID-19 outbreak which will have a detrimental impact upon |
its immediate future financial performance and cash flows. The Directors are in the process of mitigating this |
situation by, among other measures, taking advantage of appropriate support initiatives which the government |
has introduced to help businesses minimise the impact of COVID-19. This includes an approved Coronavirus |
Business Interruption Loan to support the cash flow of the company. The directors have also confirmed that |
fellow group companies will have the ability to support this company in the short term if needed. This will |
continue to be a developing situation, however the directors consider the company to have sufficient resources |
and support to meet it liabilities as they fall due for at least 12 months from the signing of these financial |
statements and have therefore prepared the financial statements on a going concern basis. |
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Preparation of consolidated financial statements |
The financial statements contain information about Sports Tours Limited as an individual company and do not |
contain consolidated financial information as the parent of a group. The company is exempt under Section |
399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable and represents the amount |
receivable for the provision of goods and services throughout the year, net of returns, discounts and rebates |
allowed by the company and value added taxes. |
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The company recognises revenue when (a) a tour departs (b) the significant risks and rewards of ownership |
have been transferred to the buyer; (c) the company retains no continuing involvement or control over the |
services; (d) the amount of revenue can be measured reliably; (e) it is probable that future economic benefits will |
flow to the entity and (f) when the specific criteria relating to the each of company’s sales channels have been |
met. |
SPORTS TOURS LIMITED (REGISTERED NUMBER: 02365433) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 1 July 2018 to 31 December 2019 |
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3. | ACCOUNTING POLICIES - continued |
Turnover (continued) |
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Deposits received at the period end relating to tours commencing after the period end are deferred and are |
included within other creditors. Where tours depart after more than one year from the period end amounts are |
included within other creditors due after more than one year. |
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Tangible fixed assets |
Tangible fixed assets, except for short leasehold land and buildings, are stated at cost less accumulated |
depreciation. Short leasehold land & buildings are shown at their open market value less accumulated |
depreciation. Cost is based on the original purchase price, costs directly attributable to bringing the assets to its |
working condition for its intended use, dismantling and restoration costs and borrowing costs capitalised and is |
reviewed by the directors. |
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(i) Short leasehold land & buildings, fixtures and fittings and motor vehicles. |
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Short leasehold land & buildings, are shown at fair value less accumulated depreciation. |
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A full valuation is obtained from a qualified valuer for each property with sufficient regularity to ensure that the |
valuation is not materially different from the fair value, with interim annual valuations carried out by the directors. |
The surplus or deficit arising from the annual revaluation is recognised through profit or loss and transferred to |
the revaluation reserve. |
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Fixtures and fittings and motor vehicles are stated at cost less accumulated depreciation and accumulated |
impairment losses. |
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(ii) Depreciation and residual values |
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Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful |
economic life of that asset as follows: |
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Leasehold land & buildings | - 4% straight line per annum |
Fixtures and fittings | - 15-40% reducing balance per annum |
Motor vehicles | - 25% reducing balance per annum |
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The depreciation charge is pro-rated in the years of acquisition and disposal of assets. |
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The assets' residual values and useful economic lives are reviewed, and adjusted, if appropriate, at the end of |
each reporting period. The effect of any change is accounted for prospectively. |
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(iii) Derecognition |
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Tangible fixed assets are derecognised on disposal or when no future economic benefits are expected. On |
disposal, the difference between net disposal proceeds and the carrying amount is recognised in the profit and |
loss and included in 'Other operating (losses)/gains'. |
SPORTS TOURS LIMITED (REGISTERED NUMBER: 02365433) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 1 July 2018 to 31 December 2019 |
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3. | ACCOUNTING POLICIES - continued |
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Intangible fixed assets |
Intangible fixed assets are stated at valuation less accumulated amortisation. Valuation is based on the original |
purchase price, costs directly attributable to bringing the assets to its working condition for its intended use, |
dismantling and restoration costs and borrowing costs capitalised. |
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(i) Computer software |
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Computer software is stated at cost less accumulated amortisation and accumulated impairment losses. |
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(ii) Amortisation and residual values |
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Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful |
economic life of that asset as follows: |
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Computer software | - 20% straight line per annum |
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The amortisation charge is pro-rated in the years of acquisition and disposal of assets. |
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The assets' residual values and useful economic lives are reviewed, and adjusted, if appropriate, at the end of |
each reporting period. The effect of any change is accounted for prospectively. |
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(iii) Derecognition |
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Intangible fixed assets are derecognised on disposal or when no future economic benefits are expected. On |
disposal, the difference between net disposal proceeds and the carrying amount is recognised in the profit and |
loss account and included in 'Other operating (losses)/gains'. |
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Investments in subsidiaries |
Investment in the subsidiary company is held at cost less accumulated impairment losses. The charge for |
impairment is recognised in the profit and loss account. |
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Distributions to equity holders |
Dividends and other distributions to company’s shareholders are recognised as a liability in the financial |
statements in the period in which the dividends and other distributions are approved by the company’s |
shareholders. These amounts are recognised in the statement of changes in equity. |
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Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based |
on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and |
attributable overheads. |
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At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is |
reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in |
profit or loss. |
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Financial instruments |
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 non-puttable ordinary shares. |
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Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period |
for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is |
recognised in profit or loss. |
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Financial liabilities, including trade and other creditors are initially recognised at transaction price, unless the |
arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of |
the future payments discounted at a market rate of interest Debt instruments are subsequently carried at |
amortised cost, using the effective interest rate method. |
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Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an |
enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise |
the asset and settle the liability simultaneously. |
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SPORTS TOURS LIMITED (REGISTERED NUMBER: 02365433) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 1 July 2018 to 31 December 2019 |
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3. | ACCOUNTING POLICIES - continued |
Taxation |
The tax expense for the year comprises current and deferred tax. |
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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. |
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Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by |
the Balance Sheet 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. |
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Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively |
enacted by the balance sheet date. |
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Foreign currencies |
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items |
measured at historical cost are translated using the exchange rate at the date of the transaction and |
non-monetary items measured at fair value are measured using the exchange rate when fair value was |
determined. |
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Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at the |
period end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised |
in the profit and loss account. |
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Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in |
the profit and loss account within 'finance (expense)/income'. All other foreign exchange gains and losses are |
presented in the profit and loss account within administrative expenses. |
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Operating lease commitments |
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the |
period of the lease. |
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Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
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Debtors |
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the |
arrangement constitutes a financing transaction, where the transaction is measured at the present value of the |
future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost |
using the effective interest method, less any impairment. |
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Cash and cash equivalents |
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and |
other short-term 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. |
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Creditors |
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related |
parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, |
where the debt instrument is measured at the present value of the future payments discounted at a market rate |
of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less |
any impairment. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the period was
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SPORTS TOURS LIMITED (REGISTERED NUMBER: 02365433) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 1 July 2018 to 31 December 2019 |
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5. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
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COST |
Additions |
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At 31 December 2019 |
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AMORTISATION |
Charge for period |
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At 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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6. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 July 2018 |
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Additions |
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Disposals |
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At 31 December 2019 |
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DEPRECIATION |
At 1 July 2018 |
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Charge for period |
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Eliminated on disposal |
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At 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 30 June 2018 |
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7. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertaking |
£ |
COST |
At 1 July 2018 |
and 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 30 June 2018 |
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SPORTS TOURS LIMITED (REGISTERED NUMBER: 02365433) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 1 July 2018 to 31 December 2019 |
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8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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10. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2019 | 2018 |
£ | £ |
Within one year |
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Between one and five years |
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11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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12. | CONSUMER PROTECTION AND BONDING |
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The company is a member of the Association of British Travel Agents Limited (ABTA) (membership number |
Y5331) and the Association of Independent Tour Operators and is licensed by the Civil Aviation Authority under |
Air Tour Operators Licence ATOL 5631. |
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As at 31 December 2019 the Company is fully bonded under the ABTA rules by Travel & General Insurance |
Company plc at the amount of £321,510. |
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13. | RELATED PARTY DISCLOSURES |
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The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party |
transactions with wholly owned subsidiaries within the group. |
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The smallest group for which consolidated financial statements are prepared which include the results of this |
company is that headed by RTFH Limited, whose registered office is Rayburn House, Derby, DE24 8HR. |
SPORTS TOURS LIMITED (REGISTERED NUMBER: 02365433) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 1 July 2018 to 31 December 2019 |
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14. | POST BALANCE SHEET EVENTS |
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Since the balance sheet date the world has suffered a COVID-19 outbreak, which is having a significant impact |
upon the industry in which the company operates. |
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The directors are continually monitoring the impact this outbreak is having on the Company and at the date |
these financial statements were authorised for issue, tours which were due to depart during the period from late |
February to the end of June have been suspended. The effect on tours from July to the end of the year is, as yet, |
unknown and to be assessed later. The total travel ban imposed by the government, which is, at this date, still in |
place, will have a material impact upon the financial performance and cash flows of the company although the |
extent of this financial impact is unknown at the date of signing these financial statements. This situation is |
expected to be temporary and the directors hope that tours will resume later in 2020. |
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15. | ULTIMATE CONTROLLING PARTY |
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In the prior period, S L Da Costa was deemed to be the ultimate controlling party by virtue of their majority |
shareholding. |
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During the period there has been a change in ownership and control. There was no ultimate controlling party at |
the end of the current period as no one shareholder held a majority. |