Company Registration No. SC406579 (Scotland)
CHARLIE REID TRAVEL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2020
PAGES FOR FILING WITH REGISTRAR
CHARLIE REID TRAVEL LIMITED
Contents
Page
Accountants' report
1
Statement of financial position
2
Notes to the financial statements
3 - 9
CHARLIE REID TRAVEL LIMITED
Report To The Directors On The Preparation Of The Unaudited Statutory Accounts Of Charlie Reid Travel Limited
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Charlie Reid Travel Limited for the year ended 30 November 2020 which comprise, the statement of financial position and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the I
CAS
we are subject to its ethical and other professional requirements which are detailed at https://www.icas.com/professional-resources/ethics/support-and-guidance.
This report is made solely to the Board of Directors of Charlie Reid Travel Limited, as a body, in accordance with the terms of our engagement letter dated 26 January 2015. Our work has been undertaken solely to prepare for your approval the financial statements of Charlie Reid Travel Limited and state those matters that we have agreed to state to the Board of Directors of Charlie Reid Travel Limited, as a body, in this report in accordance with the requirements of the
ICAS
as detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-january-2017. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Charlie Reid Travel Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Charlie Reid Travel Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and loss
of Charlie Reid Travel Limited. You consider that Charlie Reid Travel Limited 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 financial statements of Charlie Reid Travel Limited. 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 financial statements.
Condie & Co Limited
19 May 2021
Chartered Accountants
10 Abbey Park Place
Dunfermline
Fife
KY12 7NZ
CHARLIE REID TRAVEL LIMITED
Statement Of Financial Position
As At 30 November 2020
30 November 2020
- 2 -
2020
2019
Notes
£
£
£
£
Fixed assets
Intangible assets
4
6,056
11,646
Tangible assets
5
105,163
109,391
Current assets
Debtors
6
34,108
31,054
Cash at bank and in hand
81,224
159,500
115,332
190,554
Creditors: amounts falling due within one year
7
(114,622)
(190,379)
Net current assets
710
175
Total assets less current liabilities
111,929
121,212
Creditors: amounts falling due after more than one year
8
(99,557)
(89,388)
Provisions for liabilities
9
(1,650)
Net assets
12,372
30,174
Capital and reserves
Called up share capital
10
30,000
30,000
Profit and loss reserves
(17,628)
174
Total equity
12,372
30,174
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 30 November 2020 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.
The financial statements were approved by the board of directors and authorised for issue on 19 May 2021 and are signed on its behalf by:
Mr G C Reid
Director
Company Registration No. SC406579
CHARLIE REID TRAVEL LIMITED
Notes To The Financial Statements
For The Year Ended 30 November 2020
- 3 -
1
Accounting policies
Company information
Charlie Reid Travel Limited is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
2 Victoria Road, Kirkcaldy, Fife, KY1 2SA.
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. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for 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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
CHARLIE REID TRAVEL LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 November 2020
1
Accounting policies
(Continued)
- 4 -
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Heritable property
2% p.a. straight line
Fixtures, fittings & equipment
15% p.a. reducing balance
Computer equipment
25% p.a. straight line
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
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible 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.
1.6
Cash at bank and in hand
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.
CHARLIE REID TRAVEL LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 November 2020
1
Accounting policies
(Continued)
- 5 -
1.7
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 statement of financial position 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.
1.8
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.
1.9
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 income statement 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.
CHARLIE REID TRAVEL LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 November 2020
1
Accounting policies
(Continued)
- 6 -
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 income statement, 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.
1.10
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.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
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.
1.13
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
CHARLIE REID TRAVEL LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 November 2020
- 7 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
8
8
4
Intangible fixed assets
Goodwill
£
Cost
At 1 December 2019 and 30 November 2020
55,900
Amortisation and impairment
At 1 December 2019
44,254
Amortisation charged for the year
5,590
At 30 November 2020
49,844
Carrying amount
At 30 November 2020
6,056
At 30 November 2019
11,646
5
Tangible fixed assets
Heritable property
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
£
Cost
At 1 December 2019 and 30 November 2020
118,539
11,258
4,023
133,820
Depreciation and impairment
At 1 December 2019
18,769
5,584
76
24,429
Depreciation charged in the year
2,371
851
1,006
4,228
At 30 November 2020
21,140
6,435
1,082
28,657
Carrying amount
At 30 November 2020
97,399
4,823
2,941
105,163
At 30 November 2019
99,770
5,674
3,947
109,391
Tangible fixed assets with a
net book value
of £97,399
(2019 - £99,770)
have been
pledged
as security in favour of Bank of Scotland PLC.
CHARLIE REID TRAVEL LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 November 2020
- 8 -
6
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
12,048
26,054
Other debtors
9,779
5,000
Prepayments and accrued income
12,281
34,108
31,054
7
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
84,494
124,463
Corporation tax
7,741
Other taxation and social security
5,122
Other creditors
24,000
45,465
Accruals and deferred income
6,128
7,588
114,622
190,379
The Bank of Scotland PLC hold a standard security dated 22 October 2012 over the heritable property of the company.
8
Creditors: amounts falling due after more than one year
2020
2019
£
£
Other creditors
99,557
89,388
9
Provisions for liabilities
2020
2019
£
£
Deferred tax liabilities
1,650
10
Called up share capital
2020
2019
2020
2019
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
30,000
30,000
30,000
30,000
CHARLIE REID TRAVEL LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 November 2020
- 9 -
11
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:
2020
2019
£
£
1,314
2,191
12
Related party transactions
The company has taken advantage of Section 1AC35 of FRS 102 whereby only material transactions which are not under the normal market conditions need to be disclosed.
13
Directors' transactions
Description
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Mr G C Reid
65,694
15,300
(19,130)
61,864
Miss J Reid
65,694
15,300
(19,301)
61,693
131,388
30,600
(38,431)
123,557
The balance due to the directors, which is included in other creditors,
incurs interest at 7%
and
is
repayable on demand.
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19 May 2021
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Mr Gordon C Reid
Miss Julie Reid
J C Reid
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