Registered number
05514236
Preferred Travel Solutions Limited
Filleted Accounts
31 July 2023
Preferred Travel Solutions Limited
Registered number: 05514236
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 87,159 55,103
Current assets
Debtors 4 77,160 187,561
Cash at bank and in hand 680,406 404,717
757,566 592,278
Creditors: amounts falling due within one year 5 (357,812) (360,829)
Net current assets 399,754 231,449
Total assets less current liabilities 486,913 286,552
Creditors: amounts falling due after more than one year 6 - -
Provisions for liabilities (21,756) (10,438)
Net assets 465,157 276,114
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 464,157 275,114
Shareholders' funds 465,157 276,114
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr P J Young
Director
Approved by the board on 23 November 2023
Preferred Travel Solutions Limited
Notes to the Accounts
for the year ended 31 July 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue from the rendering of services and is recognised by reference to the stage of completion of the contract.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Furniture and fittings 20% straight line
Plant and machinery 25% straight line
Debtors
Short term debtors are measured at transaction price less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price. Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 10 9
3 Tangible fixed assets
Plant and Machinery Furniture and fittings Total
£ £ £
Cost
At 1 August 2022 97,052 13,329 110,381
Additions 55,923 1,430 57,353
At 31 July 2023 152,975 14,759 167,734
Depreciation
At 1 August 2022 43,112 12,166 55,278
Charge for the year 23,984 1,313 25,297
At 31 July 2023 67,096 13,479 80,575
Net book value
At 31 July 2023 85,879 1,280 87,159
At 31 July 2022 53,940 1,163 55,103
4 Debtors 2023 2022
£ £
Trade debtors 2,352 115,874
Other debtors 74,808 71,687
77,160 187,561
5 Creditors: amounts falling due within one year 2023 2022
£ £
Loans 202,766 190,064
Trade creditors 7,848 3,259
Directors' loan account 3,104 624
Taxation and social security costs 138,140 162,743
Other creditors 5,954 4,139
357,812 360,829
Loans totalling £202,766 (2022 £190,064) represent money forwarded against advanced
commissions on travel bookings. The company releases 25% of this income to profit and loss
being expected sales at the year end.
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans - -
7 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 89,522 148,974
8 Controlling party
The company is controlled by the directors who each own 50% of the shares.
9 Other information
Preferred Travel Solutions Limited is a private company limited by shares and incorporated in England. Its registered office is:
25 The Borough
Farnham
Surrey
GU9 7NJ
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