Company Registration No. 02596234 (England and Wales)
ASLA LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
PAGES FOR FILING WITH REGISTRAR
ASLA LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 11
ASLA LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2019
31 December 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
19,808
39,575
Investments
4
800,000
800,000
819,808
839,575
Current assets
Debtors
6
623,592
796,583
Cash at bank and in hand
181,909
498,661
805,501
1,295,244
Creditors: amounts falling due within one year
7
(553,166)
(1,149,255)
Net current assets
252,335
145,989
Total assets less current liabilities
1,072,143
985,564
Creditors: amounts falling due after more than one year
8
(88,085)
-
Provisions for liabilities
(139,149)
(142,414)
Net assets
844,909
843,150
Capital and reserves
Called up share capital
9
1,165
1,165
Revaluation reserve
662,317
662,317
Capital redemption reserve
165
165
Profit and loss reserves
181,262
179,503
Total equity
844,909
843,150
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
ASLA LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2019
31 December 2019
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 14 December 2020 and are signed on its behalf by:
Mr S C Penney
Director
Company Registration No. 02596234
ASLA LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2019
- 3 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2018
1,330
662,317
-
169,095
832,742
Year ended 31 December 2018:
Profit and total comprehensive income for the year
-
-
-
10,573
10,573
Own shares acquired
-
-
-
(165)
(165)
Redemption of shares
9
(165)
-
165
-
-
Balance at 31 December 2018
1,165
662,317
165
179,503
843,150
Year ended 31 December 2019:
Profit and total comprehensive income for the year
-
-
-
1,759
1,759
Balance at 31 December 2019
1,165
662,317
165
181,262
844,909
ASLA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
- 4 -
1
Accounting policies
Company information
Asla Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Montagu House, 81 High Street, Huntingdon, Cambs, PE29 3NY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The financial statements present information about the company as an individual entity and not about its group
.
1.2
Going concern
As a consequence of the COVID19 outspread, the current economic conditions create uncertainty over the demand for the company's services. The directors have taken account of the reasonably possible changes in trading performance in the preparation of the company's forecast and projections and have also secured additional funding which show that the company should be able to operate within the level of its current facilities despite the expected downturn. At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statement.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Turnover represents the aggregate amount of gross revenue receivable from tours, and other services supplied to customers in the ordinary course of business. Revenue and expenses relating to tours are taken to the profit and Loss account on holiday departure date. Non-refundable deposits, other revenues and associated expenses are taken to the Profit and Loss account as earned.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer equipment
20-33.3% per annum of cost
ASLA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 5 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Transaction costs are expensed to profit or loss as incurred. Changes in fair value are recognised in other comprehensive income
and accumulated in equity,
except to the extent that a gain reverses a loss previously recognised in profit or loss, or a loss exceeds the accumulated gains recognised in equity
;
such gains and loss are recognised in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
ASLA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 6 -
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method 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.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, 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
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
The company enters into foreign exchange forward contracts in order to manage its exposure to foreign exchange risk.
ASLA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 7 -
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.14
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.15
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
ASLA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 8 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2019
2018
Number
Number
Total
18
19
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2019
438,851
Additions
11,225
At 31 December 2019
450,076
Depreciation and impairment
At 1 January 2019
399,276
Depreciation charged in the year
30,992
At 31 December 2019
430,268
Carrying amount
At 31 December 2019
19,808
At 31 December 2018
39,575
4
Fixed asset investments
2019
2018
£
£
Shares in group undertakings and participating interests
800,000
800,000
Fixed asset investments not carried at market value
The value of investments has been estimated by the directors by using the price/earnings basis adjusted for the lack of an active market which is believed to be an appropriate basis to determine the value of an investment where there is not an active market.
ASLA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
4
Fixed asset investments
(Continued)
- 9 -
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2019 & 31 December 2019
800,000
Carrying amount
At 31 December 2019
800,000
At 31 December 2018
800,000
5
Financial instruments
2019
2018
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
44,646
-
Carrying amount of financial liabilities
Measured at fair value through profit or loss
- Other financial liabilities
-
6,687
6
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
478,490
530,350
Amounts owed by group undertakings
-
25,913
Derivative financial instruments
44,646
-
Other debtors
20,674
4,146
Prepayments and accrued income
79,782
236,174
623,592
796,583
ASLA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 10 -
7
Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans
-
44,409
Trade creditors
86,277
196,780
Amounts owed to group undertakings
21,010
-
Corporation tax
4,011
1,228
Other taxation and social security
33,847
39,151
Derivative financial instruments
-
6,687
Other creditors
6,310
204,475
Accruals and deferred income
401,711
656,525
553,166
1,149,255
There is a fixed and floating charge registered from July 2017 in relation to the bank overdraft.
8
Creditors: amounts falling due after more than one year
2019
2018
£
£
Other creditors
88,085
-
9
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
1,165 Ordinary Share of £1 each
1,165
1,165
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2019
2018
£
£
77,400
77,400
ASLA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 11 -
11
Events after the reporting date
Since 31 December 2019 the spread of COVID19 has severely impacted many local economies around the globe. Measures taken to contain the spread of the virus have triggered significant disruptions to businesses worldwide, resulting in an economic slowdown. Governments and central banks have responded with fiscal and monetary interventions to stabilise economic conditions. The impact on the company will be restriction to travel, consequently resulting in a fall in demand and reduction in sales in 2020.
The company has determined that these events are non-adjusting events. Accordingly the financial position and results as of and for the year ended 31 December 2019 have not been adjusted. The duration and impact of the COVID19 pandemic remains unclear at this time. It is not possible to reliably estimate the duration and severity of these consequences as well as their impact of the financial position and results of the company for future periods.
12
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Select Travel Service Limited - subsidiary
Management Service charges of £193,840 (2018 £155,187) were charged to Select Travel Services Ltd
Direct expenses of £Nil (2018 £6,729) were recharged to Select Travel Service Ltd
Overhead expenses of £98,315 (2018 £75,778) were recharged to Select Travel Service Ltd
Expenses repaid of £Nil (2018 £280) to Select Travel Services Ltd
Included in creditors is an amount owed to Select Travel Service Limited of £21,010 (2018 debtor £25,913)
Arktur Limited - associate
Included in cost of sales are purchases from Arktur Ltd of £2,400,341 (2018 £3,599,499)
Included in turnover are sales to Arktur Ltd of £2,413,182 (2018 £3,582,936)
Management Service charges of £26,702 (2018 £43,420 were charged to Arktur Ltd
Included in debtors is an amount owed by Arktur of £20,674 (2018 creditor £204,002)
Asla Limited owns 40% (2018 40%) of the share capital of Arktur Ltd
S C Penney is a director of Arktur Ltd
Included in other creditors in amounts falling due after one year is an amount of £88,085 due to the director Mr S C Penney. This amount is interest free and does not fall due for payment within the next 12 months.
2019-12-31
2019-01-01
false
14 December 2020
CCH Software
CCH Accounts Production 2020.310
No description of principal activity
Mrs C Penney
Mrs C W Penney
Mr S C Penney
P Tann
D Mash
Mrs C W Penney
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