Company registration number:
for the Year Ended
The Independents Hotel Reservations Limited
Contents
Balance Sheet |
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Notes to the Financial Statements |
The Independents Hotel Reservations Limited
(Registration number: 07422718)
Balance Sheet as at 30 November 2017
Note |
2017 |
2016 |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Tangible assets |
|
|
|
Other financial assets |
367,015 |
352,739 |
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
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 |
|||
Deferred tax liabilities |
(13,003) |
- |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Fair value reserve |
4,261 |
18,002 |
|
Profit and loss reserve |
|
|
|
Total equity |
|
|
Page 1
The Independents Hotel Reservations Limited
(Registration number: 07422718)
Balance Sheet as at 30 November 2017
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.
Director's responsibilities:
• |
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• |
The director acknowledges his 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The option not to file the profit and loss account and directors’ report has been taken.
Approved and authorised by the
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Page 2
The Independents Hotel Reservations Limited
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 and Wales.
The address of its registered office is:
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.
These financial statements are presented in Sterling (£).
Page 3
The Independents Hotel Reservations Limited
Notes to the Financial Statements
for the Year Ended 30 November 2017
Turnover recognition
Turnover comprises the fair value of the consideration received or receivable for the 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.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised on timing differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.
Tangible assets
Tangible assets are stated at cost, less accumulated depreciation and accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation of tangible assets
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 |
Furniture, fittings and equipment |
20% reducing balance |
Motor vehicles |
20% reducing balance |
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Website costs |
20% straight line |
Page 4
The Independents Hotel Reservations Limited
Notes to the Financial Statements
for the Year Ended 30 November 2017
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.
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.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.
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.
Defined contribution pension obligation
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.
The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
Staff numbers |
The average number of persons employed by the company (including the director) during the year was
Page 5
The Independents Hotel Reservations Limited
Notes to the Financial Statements
for the Year Ended 30 November 2017
Intangible assets |
Software development costs |
Total |
|
Cost or valuation |
||
At 1 December 2016 |
|
|
Additions acquired separately |
|
|
At 30 November 2017 |
|
|
Amortisation |
||
At 1 December 2016 |
|
|
Amortisation charge |
|
|
At 30 November 2017 |
|
|
Carrying amount |
||
At 30 November 2017 |
|
|
At 30 November 2016 |
|
|
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Total |
|
Cost or valuation |
|||
At 1 December 2016 |
|
|
|
Additions |
|
|
|
Disposals |
- |
( |
( |
At 30 November 2017 |
|
|
|
Depreciation |
|||
At 1 December 2016 |
|
|
|
Charge for the year |
|
|
|
Eliminated on disposal |
- |
( |
( |
At 30 November 2017 |
|
|
|
Carrying amount |
|||
At 30 November 2017 |
|
|
|
At 30 November 2016 |
|
|
|
Page 6
The Independents Hotel Reservations Limited
Notes to the Financial Statements
for the Year Ended 30 November 2017
Other financial assets (current and non-current) |
Financial assets at fair value through profit and loss |
Total |
|
Non-current financial assets |
||
Cost or valuation |
||
At 1 December 2016 |
352,739 |
352,739 |
Fair value adjustments |
(13,741) |
(13,741) |
Additions |
28,017 |
28,017 |
At 30 November 2017 |
367,015 |
367,015 |
Impairment |
||
Carrying amount |
||
At 30 November 2017 |
|
367,015 |
Investments are held at fair value being the quoted stock exchange value. |
Stocks |
2017 |
2016 |
|
Other stocks |
|
|
Debtors |
2017 |
2016 |
|
Trade debtors |
|
|
Corporation tax |
13,103 |
14,070 |
Other debtors |
|
|
Total current trade and other debtors |
|
|
Page 7
The Independents Hotel Reservations Limited
Notes to the Financial Statements
for the Year Ended 30 November 2017
Creditors |
Creditors: amounts falling due within one year
2017 |
2016 |
|
Due within one year |
||
Trade creditors |
|
|
Taxation and social security |
|
|
Other creditors |
|
|
|
|
Reserves reconciliation |
Fair value reserve |
|
At 1 December 2016 |
|
Movement in year : |
|
Transfer of fair value adjustment |
(13,741) |
At 30 November 2017 |
4,261 |
Fair value reserve |
|
At 1 December 2015 |
|
Movement in year : |
|
Transfer of fair value adjustment |
(18,539) |
At 30 November 2016 |
|
Page 8
The Independents Hotel Reservations Limited
Notes to the Financial Statements
for the Year Ended 30 November 2017
Transition to FRS 102 |
Balance Sheet at 1 December 2015
As originally reported |
Re- |
Re- |
As restated |
|
Fixed assets |
||||
Intangible assets |
24,000 |
- |
- |
24,000 |
Tangible assets |
24,986 |
- |
- |
24,986 |
Investments |
327,793 |
36,541 |
- |
364,334 |
376,779 |
36,541 |
- |
413,320 |
|
Current assets |
||||
Stocks |
300 |
- |
- |
300 |
Debtors |
1,067,053 |
- |
- |
1,067,053 |
Cash at bank and in hand |
933,083 |
- |
- |
933,083 |
2,000,436 |
- |
- |
2,000,436 |
|
Creditors: Amounts falling due within one year |
(1,163,053) |
- |
- |
(1,163,053) |
Net current assets |
837,383 |
- |
- |
837,383 |
Total assets less current liabilities |
1,214,162 |
36,541 |
- |
1,250,703 |
Provisions for liabilities |
(4,733) |
- |
- |
(4,733) |
Net assets |
1,209,429 |
36,541 |
- |
1,245,970 |
Capital and reserves |
||||
Called up share capital |
100 |
- |
- |
100 |
Fair value reserve |
- |
36,541 |
- |
36,541 |
Profit and loss reserve |
1,209,329 |
- |
- |
1,209,329 |
Total equity |
1,209,429 |
36,541 |
- |
1,245,970 |
Page 9
The Independents Hotel Reservations Limited
Notes to the Financial Statements
for the Year Ended 30 November 2017
Balance Sheet at 30 November 2016
As originally reported |
Re- |
Re- |
As restated |
|
Fixed assets |
||||
Intangible assets |
112,119 |
- |
- |
112,119 |
Investment property |
19,989 |
- |
- |
19,989 |
Investments |
334,737 |
18,002 |
- |
352,739 |
466,845 |
18,002 |
- |
484,847 |
|
Current assets |
||||
Stocks |
300 |
- |
- |
300 |
Debtors |
934,483 |
- |
- |
934,483 |
Cash at bank and in hand |
830,413 |
- |
- |
830,413 |
1,765,196 |
- |
- |
1,765,196 |
|
Creditors: Amounts falling due within one year |
(1,166,379) |
- |
- |
(1,166,379) |
Net current assets |
598,817 |
- |
- |
598,817 |
Net assets |
1,065,662 |
18,002 |
- |
1,083,664 |
Capital and reserves |
||||
Called up share capital |
100 |
- |
- |
100 |
Fair value reserve |
- |
18,002 |
- |
18,002 |
Profit and loss reserve |
1,084,136 |
- |
- |
1,084,136 |
Total equity |
1,084,236 |
18,002 |
- |
1,102,238 |
Page 10