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REGISTERED NUMBER: 07271628 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 September 2023

for

PAXOS ISLAND HOLIDAYS LTD

PAXOS ISLAND HOLIDAYS LTD (REGISTERED NUMBER: 07271628)






Contents of the Financial Statements
for the year ended 30 September 2023




Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


PAXOS ISLAND HOLIDAYS LTD

Company Information
for the year ended 30 September 2023







DIRECTOR: N J Harvey





REGISTERED OFFICE: 11 Laura Place
Bath
BA2 4BL





REGISTERED NUMBER: 07271628 (England and Wales)





ACCOUNTANTS: Richardson Swift
Chartered Accountants
11 Laura Place
Bath
BA2 4BL

Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
Paxos Island Holidays Ltd

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Paxos Island Holidays Ltd for the year ended 30 September 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Paxos Island Holidays Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Paxos Island Holidays Ltd and state those matters that we have agreed to state to the director of Paxos Island Holidays Ltd in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Paxos Island Holidays Ltd and its director for our work or for this report.

It is your duty to ensure that Paxos Island Holidays Ltd 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 Paxos Island Holidays Ltd. You consider that Paxos Island Holidays Ltd 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 Paxos Island Holidays Ltd. 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.






Richardson Swift
Chartered Accountants
11 Laura Place
Bath
BA2 4BL


5 February 2024

PAXOS ISLAND HOLIDAYS LTD (REGISTERED NUMBER: 07271628)

Balance Sheet
30 September 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 1,580 1,235
Investments 6 2,000 2,000
3,580 3,235

CURRENT ASSETS
Debtors 7 54,623 70,309
Cash at bank and in hand 126,237 180,544
180,860 250,853
CREDITORS
Amounts falling due within one year 8 116,414 132,122
NET CURRENT ASSETS 64,446 118,731
TOTAL ASSETS LESS CURRENT
LIABILITIES

68,026

121,966

CREDITORS
Amounts falling due after more than one
year

9

(115,346

)

(125,424

)

PROVISIONS FOR LIABILITIES 10 (300 ) (235 )
NET LIABILITIES (47,620 ) (3,693 )

CAPITAL AND RESERVES
Called up share capital 11 30,010 30,010
Retained earnings (77,630 ) (33,703 )
SHAREHOLDERS' FUNDS (47,620 ) (3,693 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

PAXOS ISLAND HOLIDAYS LTD (REGISTERED NUMBER: 07271628)

Balance Sheet - continued
30 September 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 5 February 2024 and were signed by:





N J Harvey - Director


PAXOS ISLAND HOLIDAYS LTD (REGISTERED NUMBER: 07271628)

Notes to the Financial Statements
for the year ended 30 September 2023

1. STATUTORY INFORMATION

Paxos Island Holidays Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The accounts are prepared on the going concern basis as the Directors are confident the company will continue to trade for the next 12 months.

Preparation of consolidated financial statements
The financial statements contain information about Paxos Island Holidays Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is recognised on the date of travel.

Tangible fixed assets
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as stated below

Depreciation is provided on the following basis:

Fixtures and fittings - 15% reducing balance
Office equipment - 15% reducing balance
Computer equipment - 33% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Government grants
Government grants are accounted for under the accruals method, with those in relation to expenditure credited when the expenditure is charged to the profit and loss.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.


PAXOS ISLAND HOLIDAYS LTD (REGISTERED NUMBER: 07271628)

Notes to the Financial Statements - continued
for the year ended 30 September 2023

2. 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.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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.

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.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors, loans from banks and other third parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

PAXOS ISLAND HOLIDAYS LTD (REGISTERED NUMBER: 07271628)

Notes to the Financial Statements - continued
for the year ended 30 September 2023

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 October 2022
and 30 September 2023 80,000
AMORTISATION
At 1 October 2022
and 30 September 2023 80,000
NET BOOK VALUE
At 30 September 2023 -
At 30 September 2022 -

5. TANGIBLE FIXED ASSETS
Fixtures
Office and Computer
Equipment fittings equipment Totals
£    £    £    £   
COST
At 1 October 2022 4,033 3,399 1,983 9,415
Additions - - 801 801
At 30 September 2023 4,033 3,399 2,784 10,216
DEPRECIATION
At 1 October 2022 3,405 2,827 1,948 8,180
Charge for year 94 86 276 456
At 30 September 2023 3,499 2,913 2,224 8,636
NET BOOK VALUE
At 30 September 2023 534 486 560 1,580
At 30 September 2022 628 572 35 1,235

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 October 2022
and 30 September 2023 2,000
NET BOOK VALUE
At 30 September 2023 2,000
At 30 September 2022 2,000

The investment is 100% of the issued share capital of Paxos Island Holiday (Flights) Ltd.

PAXOS ISLAND HOLIDAYS LTD (REGISTERED NUMBER: 07271628)

Notes to the Financial Statements - continued
for the year ended 30 September 2023

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 9,643 9,601
Amounts owed by group undertakings 19,623 23,082
Other debtors 25,357 37,626
54,623 70,309

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,078 9,829
Trade creditors 2,815 1,422
Taxation and social security 10,580 1,995
Other creditors 92,941 118,876
116,414 132,122

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 17,346 27,424
Other creditors 98,000 98,000
115,346 125,424

The bank loan is a government supported bounce back loan and is repayable in installments over 5 years from June 2021.

The amount in Other Creditors is owed to the director and is subordinated to the CAA with no scheduled repayments.

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 300 235

Deferred
tax
£   
Balance at 1 October 2022 235
Accelerated capital allowances 65
Balance at 30 September 2023 300

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
30,010 Ordinary £1.00 30,010 30,010

PAXOS ISLAND HOLIDAYS LTD (REGISTERED NUMBER: 07271628)

Notes to the Financial Statements - continued
for the year ended 30 September 2023

12. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

At the year end, the director owed the company a balance of £21,996 (2022: £21,996).