Registered number
01017626
Global Service Travel Agents (UK) Limited
Filleted Accounts
31 December 2023
TEMPLETONS ( UK) LIMITED
CHARTERED ACCOUNTANTS
309 HOE STREET
WALTHAMSTOW
LONDON E17 9BG
Global Service Travel Agents (UK) Limited
Registered number: 01017626
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 8,187 6,613
Current assets
Debtors 4 18,868 36,894
Cash at bank and in hand 78,534 131,261
97,402 168,155
Creditors: amounts falling due within one year 5 (36,644) (105,935)
Net current assets 60,758 62,220
Total assets less current liabilities 68,945 68,833
Creditors: amounts falling due after more than one year 6 (31,843) (36,422)
Provisions for liabilities (1,046) (602)
Net assets 36,056 31,809
Capital and reserves
Called up share capital 30,000 30,000
Profit and loss account 6,056 1,809
Shareholders' funds 36,056 31,809
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 S H Naqvi
Director
Approved by the board on 14 May 2024
Global Service Travel Agents (UK) Limited
Notes to the Accounts
for the year ended 31 December 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 represents commission receivable from sale of airline tickets and other related services to the customers.
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:
Plant and machinery 20% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice 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 (which is usually the invoice 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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 58,872
Additions 3,620
At 31 December 2023 62,492
Depreciation
At 1 January 2023 52,259
Charge for the year 2,046
At 31 December 2023 54,305
Net book value
At 31 December 2023 8,187
At 31 December 2022 6,613
4 Debtors 2023 2022
£ £
Trade debtors 18,868 36,894
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loan 5,067 5,556
Trade creditors 27,272 46,369
Corporation tax 2,444 2,527
Other taxes and social security costs 936 867
Other creditors 925 50,616
36,644 105,935
The company director's has given a personal guarantee to the airline regarding its ticket stock in the event that the company is unable to fulfil its liabilities.
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loan 31,843 36,422
The Bank loan is unsecured and is repayable over a period of 10 years.
7 Ultimate Controlling party
The ultimate controlling party is Ms K S Syed , a Director and shareholder of the company throughout the year.
8 Other information
Global Service Travel Agents (UK) Limited is a private company limited by shares and incorporated in England. Its registered office is:
428 Hoe Street
Walthamstow
London
E17 9AA
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