REGISTERED NUMBER:
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CHALET SKI HOLIDAYS LIMITED |
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AUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MAY 2021 |
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REGISTERED NUMBER:
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CHALET SKI HOLIDAYS LIMITED |
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AUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MAY 2021 |
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CHALET SKI HOLIDAYS LIMITED (REGISTERED NUMBER: 04261154) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2021 |
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Page |
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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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CHALET SKI HOLIDAYS LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MAY 2021 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants |
Statutory Auditors |
Sidings House |
Sidings Court |
Lakeside |
Doncaster |
South Yorkshire |
DN4 5NU |
CHALET SKI HOLIDAYS LIMITED (REGISTERED NUMBER: 04261154) |
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BALANCE SHEET |
31 MAY 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
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Tangible assets | 6 |
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CURRENT ASSETS |
Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
9 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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Share premium |
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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 Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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CHALET SKI HOLIDAYS LIMITED (REGISTERED NUMBER: 04261154) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2021 |
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1. | STATUTORY INFORMATION |
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Chalet Ski Holidays Limited is a
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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 |
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The financial statements are presented in sterling which is the functional currency of the company, rounded to the nearest £1. |
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Going concern |
The accounts have been prepared on the going concern basis, despite the impact of the COVID-19 pandemic and limitation on international travel. |
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The directors have acted to reduce costs and claim government assistance where available, resulting in the Company remaining solvent despite the challenges caused by the ongoing pandemic. |
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The directors therefore consider the going concern basis appropriate. |
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Turnover |
Turnover represents net invoiced sales of winter holiday packages, excluding value added tax. |
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Goodwill |
Goodwill, being the amount paid in connection with the acquisition of a business in 2002, is being amortised evenly over its revised estimated useful life of thirty years, based on an assessment of its value carried out by the directors in the context of the business customer base and long term operational strategy. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Government grants |
Grant income relating to revenue is recognised on an accruals basis. Income is recognised on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. A grant that becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support with no future related costs is recognised in income in the period in which it becomes receivable. |
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CHALET SKI HOLIDAYS LIMITED (REGISTERED NUMBER: 04261154) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2021 |
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3. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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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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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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5. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 June 2020 |
and 31 May 2021 |
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AMORTISATION |
At 1 June 2020 |
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Charge for year |
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At 31 May 2021 |
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NET BOOK VALUE |
At 31 May 2021 |
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At 31 May 2020 |
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CHALET SKI HOLIDAYS LIMITED (REGISTERED NUMBER: 04261154) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2021 |
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6. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
COST |
At 1 June 2020 |
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Additions |
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Disposals | ( |
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At 31 May 2021 |
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DEPRECIATION |
At 1 June 2020 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 May 2021 |
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NET BOOK VALUE |
At 31 May 2021 |
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At 31 May 2020 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
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Other debtors |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2021 | 2020 |
£ | £ |
Bank loans |
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CHALET SKI HOLIDAYS LIMITED (REGISTERED NUMBER: 04261154) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2021 |
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9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
2021 | 2020 |
£ | £ |
Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | 19,686 | - |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
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Ordinary | £1 | 1,221,020 | 1,221,020 |
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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. | RELATED PARTY DISCLOSURES |
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Sarl Rocky's |
Mutual directors and shareholders. |
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During the year the company traded with Sarl Rocky's, a business based in France. |
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2021 | 2020 |
£ | £ |
Management charge received | NIL | 38,438 |
Trade debtor at the year end | NIL | NIL |
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Osborne family |
Directors and majority shareholders. |
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At the year end the company owed the Osborne family £21,078 (2020: £54,043, by way of a directors loan account. The loan is interest free with no fixed repayment terms. |
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The company paid £NIL (2020: £239,644) in respect of chalet rental costs for two properties owned personally by Mr B J H and Mrs F M Osborne. The amounts paid were below commercial rates. |
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The company paid dividends to the Osborne family in total of £NIL (2020: £NIL). |
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The company has an outstanding loan balance due to Sci Vierge a company owned by members of the Osborne family. The balance at the year end was £NIL (2020: £NIL). |
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The company paid £8,400 (2020: £8,400) in respect of rental costs for a property owned personally by the director, used within the business. |
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At the year end, the company was owed £NIL (2020: £7,710) by Made2 Developments, a company which the director Mr J S Osborne is a shareholder. |
CHALET SKI HOLIDAYS LIMITED (REGISTERED NUMBER: 04261154) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2021 |
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13. | FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES |
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In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements. |
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14. | ULTIMATE CONTROLLING PARTY |
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The company is under the control of Mr J S Osborne by virtue of the 92.6% holding in its issued ordinary share capital. |