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30/09/2022
2022-09-30
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No description of principal activities is disclosed
2021-10-01
Sage Accounts Production 21.0 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
NI046363
2021-10-01
2022-09-30
NI046363
2022-09-30
NI046363
2021-09-30
NI046363
2020-10-01
2021-09-30
NI046363
2021-09-30
NI046363
bus:Director1
2021-10-01
2022-09-30
NI046363
core:NetGoodwill
2022-09-30
NI046363
core:PlantMachinery
2021-09-30
NI046363
core:FurnitureFittingsToolsEquipment
2021-09-30
NI046363
core:MotorVehicles
2021-09-30
NI046363
core:PlantMachinery
2022-09-30
NI046363
core:FurnitureFittingsToolsEquipment
2022-09-30
NI046363
core:MotorVehicles
2022-09-30
NI046363
core:WithinOneYear
2022-09-30
NI046363
core:WithinOneYear
2021-09-30
NI046363
core:ShareCapital
2022-09-30
NI046363
core:ShareCapital
2021-09-30
NI046363
core:RetainedEarningsAccumulatedLosses
2022-09-30
NI046363
core:RetainedEarningsAccumulatedLosses
2021-09-30
NI046363
core:PlantMachinery
2021-10-01
2022-09-30
NI046363
core:NetGoodwill
2021-09-30
NI046363
core:PlantMachinery
2021-09-30
NI046363
bus:SmallEntities
2021-10-01
2022-09-30
NI046363
bus:AuditExempt-NoAccountantsReport
2021-10-01
2022-09-30
NI046363
bus:FullAccounts
2021-10-01
2022-09-30
NI046363
bus:SmallCompaniesRegimeForAccounts
2021-10-01
2022-09-30
NI046363
bus:PrivateLimitedCompanyLtd
2021-10-01
2022-09-30
NI046363
1
2021-10-01
2022-09-30
Company registration number:
NI046363
Professional Travel Limited
Unaudited filleted financial statements
30 September 2022
Professional Travel Limited
Contents
Statement of financial position
Notes to the financial statements
Professional Travel Limited
Statement of financial position
30 September 2022
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Intangible assets |
|
6 |
- |
|
|
|
- |
|
|
Tangible assets |
|
7 |
2,211 |
|
|
|
2,872 |
|
|
|
|
|
________ |
|
|
|
________ |
|
|
|
|
|
|
|
2,211 |
|
|
|
2,872 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Debtors |
|
8 |
236,635 |
|
|
|
127,313 |
|
|
Cash at bank and in hand |
|
|
489,910 |
|
|
|
546,872 |
|
|
|
|
|
________ |
|
|
|
________ |
|
|
|
|
|
726,545 |
|
|
|
674,185 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
9 |
(
404,424) |
|
|
|
(
384,150) |
|
|
|
|
|
________ |
|
|
|
________ |
|
|
Net current assets |
|
|
|
|
322,121 |
|
|
|
290,035 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
________ |
|
|
|
________ |
Net assets |
|
|
|
|
324,332 |
|
|
|
292,907 |
|
|
|
|
|
________ |
|
|
|
________ |
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
|
|
|
100,000 |
|
|
|
100,000 |
Profit and loss account |
|
|
|
|
224,332 |
|
|
|
192,907 |
|
|
|
|
|
________ |
|
|
|
________ |
Shareholders funds |
|
|
|
|
324,332 |
|
|
|
292,907 |
|
|
|
|
|
________ |
|
|
|
________ |
|
|
|
|
|
|
|
|
|
|
For the year ending 30 September 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
06 April 2023
, and are signed on behalf of the board by:
S A Smyth
Director
Company registration number:
NI046363
Professional Travel Limited
Notes to the financial statements
Year ended 30 September 2022
1.
General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 76-78 Church Street, Portadown, Co Armagh, BT62 3EU.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and in accordance with the Companies Act 2006.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
The fair values of the company's financial assets, cash and cash equivalents and financial liabilities are assumed to be approximate to their book value. The company does not enter into derivative financial instruments.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4.
Operating profit
Operating profit is stated after charging/(crediting):
|
|
|
|
2022 |
2021 |
|
|
|
|
£ |
£ |
|
Depreciation of tangible assets |
|
|
1,154 |
1,079 |
|
|
|
|
________ |
________ |
|
|
|
|
|
|
5.
Employee numbers
The average number of persons employed by the company during the year amounted to
8
(2021:
7
).
6.
Intangible assets
|
|
Goodwill |
Total |
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
At 1 October 2021 and 30 September 2022 |
50,000 |
50,000 |
|
|
|
|
|
|
________ |
________ |
|
|
|
|
|
Amortisation |
|
|
|
|
|
|
|
At 1 October 2021 and 30 September 2022 |
50,000 |
50,000 |
|
|
|
|
|
|
________ |
________ |
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
At 30 September 2022 |
- |
- |
|
|
|
|
|
|
________ |
________ |
|
|
|
|
|
At 30 September 2021 |
- |
- |
|
|
|
|
|
|
________ |
________ |
|
|
|
|
|
|
|
|
|
|
|
|
7.
Tangible assets
|
|
Plant and machinery |
Fixtures, fittings and equipment |
Motor vehicles |
Total |
|
|
|
|
|
£ |
£ |
£ |
£ |
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 October 2021 |
57,941 |
15,516 |
33,700 |
107,157 |
|
|
|
|
Additions |
493 |
- |
- |
493 |
|
|
|
|
|
________ |
________ |
________ |
________ |
|
|
|
|
At 30 September 2022 |
58,434 |
15,516 |
33,700 |
107,650 |
|
|
|
|
|
________ |
________ |
________ |
________ |
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 October 2021 |
55,069 |
15,516 |
33,700 |
104,285 |
|
|
|
|
Charge for the year |
1,154 |
- |
- |
1,154 |
|
|
|
|
|
________ |
________ |
________ |
________ |
|
|
|
|
At 30 September 2022 |
56,223 |
15,516 |
33,700 |
105,439 |
|
|
|
|
|
________ |
________ |
________ |
________ |
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 30 September 2022 |
2,211 |
- |
- |
2,211 |
|
|
|
|
|
________ |
________ |
________ |
________ |
|
|
|
|
At 30 September 2021 |
2,872 |
- |
- |
2,872 |
|
|
|
|
|
________ |
________ |
________ |
________ |
|
|
|
|
|
|
|
|
|
|
|
|
8.
Debtors
|
|
|
2022 |
2021 |
|
|
|
£ |
£ |
|
Trade debtors |
|
149,525 |
60,145 |
|
Other debtors |
|
87,110 |
67,168 |
|
|
|
________ |
________ |
|
|
|
236,635 |
127,313 |
|
|
|
________ |
________ |
|
|
|
|
|
9.
Creditors: amounts falling due within one year
|
|
|
2022 |
2021 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
- |
150,000 |
|
Trade creditors |
|
360,084 |
210,007 |
|
Corporation tax |
|
21,522 |
3,905 |
|
Social security and other taxes |
|
6,938 |
58 |
|
Other creditors |
|
15,880 |
20,180 |
|
|
|
________ |
________ |
|
|
|
404,424 |
384,150 |
|
|
|
________ |
________ |
|
|
|
|
|
10.
Directors advances, credits and guarantees
At the year end the directors had loans of £24,354 (2021 - £51,906) due to the company. These loans are interest free and repayable on demand.
11.
Controlling party
The ultimate controlling party is S A Smyth who owns 70% of the ordinary share capital.
12.
Bank Accounts
Funds to the value of £128,570 are held in trust for Professional Travel Ltd in bank accounts in the names of Mr P E Smyth, Mrs S A Smyth and Miss K L Smyth.
13.
COVID-19 Pandemic
The company has been affected by the restrictions on global travel and with Government's lockdown measures on 23 March 2020 which led to reduced trading with only the continuance of essential work being carried out and operating with a skeleton staff, but with the Government's assistance of grants and rates relief the company have maintained cash resources and facilities as positively as possible. Despite the Covid-19 threat and the resultant economic turmoil the company's focus has not changed and they continue to monitor their performance and the work opportunities available.