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COMPANY REGISTRATION NUMBER: 04658220
Panoramic Journeys Limited
Filleted Unaudited Financial Statements
31 December 2022
Panoramic Journeys Limited
Statement of Financial Position
31 December 2022
2022
2021
Note
£
£
£
Fixed assets
Tangible assets
5
10,463
18,120
Current assets
Debtors
6
81,048
331,545
Cash at bank and in hand
345,234
142,638
---------
---------
426,282
474,183
Creditors: amounts falling due within one year
7
141,106
307,677
---------
---------
Net current assets
285,176
166,506
---------
---------
Total assets less current liabilities
295,639
184,626
Creditors: amounts falling due after more than one year
8
30,000
30,000
Provisions
Taxation including deferred tax
3,443
---------
---------
Net assets
265,639
151,183
---------
---------
Capital and reserves
Called up share capital
10,000
10,000
Profit and loss account
255,639
141,183
---------
---------
Shareholders funds
265,639
151,183
---------
---------
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 income and retained earnings has not been delivered.
For the year ending 31 December 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 .
Panoramic Journeys Limited
Statement of Financial Position (continued)
31 December 2022
These financial statements were approved by the board of directors and authorised for issue on 16 October 2023 , and are signed on behalf of the board by:
Mr J F S Moreton
Mrs K B Moreton
Director
Director
Company registration number: 04658220
Panoramic Journeys Limited
Notes to the Financial Statements
Year ended 31 December 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Granary Barn, Chapel Road, Chadlington, Chipping Norton, Oxon, OX7 3NX.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
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.
Judgements and key sources of estimation uncertainty
The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and 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.
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:
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Office equipment
-
33% reducing balance
Government grants
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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 as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2021: 4 ).
5. Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 January 2022
19,673
36,320
35,134
91,127
Disposals
( 19,673)
( 12,483)
( 32,156)
--------
--------
--------
--------
At 31 December 2022
36,320
22,651
58,971
--------
--------
--------
--------
Depreciation
At 1 January 2022
18,058
25,067
29,882
73,007
Charge for the year
2,813
996
3,809
Disposals
( 18,058)
( 10,250)
( 28,308)
--------
--------
--------
--------
At 31 December 2022
27,880
20,628
48,508
--------
--------
--------
--------
Carrying amount
At 31 December 2022
8,440
2,023
10,463
--------
--------
--------
--------
At 31 December 2021
1,615
11,253
5,252
18,120
--------
--------
--------
--------
6. Debtors
2022
2021
£
£
Trade debtors
6,198
Other debtors
81,048
325,347
--------
---------
81,048
331,545
--------
---------
7. Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
780
Corporation tax
25,830
Other creditors
115,276
306,897
---------
---------
141,106
307,677
---------
---------
8. Creditors: amounts falling due after more than one year
2022
2021
£
£
Subordinate loan
30,000
30,000
--------
--------
9. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2022
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr J F S Moreton
13,473
1,104
( 30,000)
( 15,423)
Mrs K B Moreton
17,090
5,099
( 30,000)
( 7,811)
--------
-------
--------
--------
30,563
6,203
( 60,000)
( 23,234)
--------
-------
--------
--------
2021
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr J F S Moreton
( 2,600)
16,815
( 176)
14,039
Mrs K B Moreton
( 2,600)
19,158
( 34)
16,524
-------
--------
----
--------
( 5,200)
35,973
( 210)
30,563
-------
--------
----
--------