Registered number
11158193
HOLIDAYS FRIEND LIMITED
Filleted Accounts
31 March 2024
HOLIDAYS FRIEND LIMITED
Registered number: 11158193
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 56,796 26,870
Current assets
Stocks 35,992 33,108
Debtors 4 58,951 14,400
Cash at bank and in hand 206,327 231,543
301,270 279,051
Creditors: amounts falling due within one year 5 (51,399) (77,236)
Net current assets 249,871 201,815
Total assets less current liabilities 306,667 228,685
Creditors: amounts falling due after more than one year 6 (44,751) (20,685)
Net assets 261,916 208,000
Capital and reserves
Called up share capital 2 2
Profit and loss account 261,914 207,998
Shareholder's funds 261,916 208,000
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
A Weldesenbet
Director
Approved by the board on 13 August 2024
HOLIDAYS FRIEND LIMITED
Notes to the Accounts
for the year ended 31 March 2024
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 earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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 over 4 years straight line
Fixtures, fittings, tools and equipment over 10 years straight line
Motor vehicles over 10 years straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 7 7
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 2,581 50,300 - 52,881
Additions 732 - 37,544 38,276
At 31 March 2024 3,313 50,300 37,544 91,157
Depreciation
At 1 April 2023 983 25,028 - 26,011
Charge for the year 504 5,030 2,816 8,350
At 31 March 2024 1,487 30,058 2,816 34,361
Net book value
At 31 March 2024 1,826 20,242 34,728 56,796
At 31 March 2023 1,598 25,272 - 26,870
4 Debtors 2024 2023
£ £
Trade debtors 11,951 -
Other debtors 30,600 -
Prepayments 2,000 -
Rent Deposit 14,400 14,400
58,951 14,400
5 Creditors: amounts falling due within one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 4,329 10,279
Trade creditors 87 10,304
Wages Payable 6,197 4,565
PAYE Payable 921 476
Pension Payable 64 43
VAT 5,305 7,954
Amounts owed to director 624 6,351
Taxation and social security costs 32,296 36,939
Other creditors 1,576 325
51,399 77,236
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 20,915 20,685
Obligations under finance lease and hire purchase contracts 23,836 -
44,751 20,685
Bank loan relates to Bounce Back Loan scheme set up by the Government to help businesses with Covid-19. It is Government backed unsecured loan. The loan is for a period of six years. No interest is payable for the first year of the loan, and thereafter interest is charged at 2.5% per annum.
The company entered into a finance lease for a period of 3 years, due to end by 16th July 2026 and the applicable interest is 4% per annum.
7 Other information
HOLIDAYS FRIEND LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Renaissance Hotel
Bath Road
Heathrow
Hounslow
TW6 2AQ
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