General Information
Ariana Travel Limited is a private company, limited by shares, registered in England and Wales, registration number 04682544, registration address 136 The Broadway, Southal, Middlesex, UB1 1QN
1. |
Accounting policies
Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The directors have considered cash flow for a period of at least 12 months from the date of approval of these financial statements. Taking account of a reasonably possible downside, the company will have sufficient funds to meets its liabilities as they fall due for the period, Therefore have prepared the financial statements on a going concern basis.
Turnover
Turnover represents sales of airline tickets and package tours, net of value-added tax. Turnover in respect of tours and packages is recognised on the departure date of travel. Revenue relating to flight-only sales is recognised at the point of booking.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Finance lease and hire purchase charges
Assets acquire under the hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives or the lease term, whichever is shorter. The interest element of these obligations is charged to the profit or loss over the relevant period. The capital element of the future payments is treated as a liability.
Rentals paid under operating leases are charged to profit and loss on straight line basis over the period of the lease.
Exemption to prepare cashflow statement
Exemption has been taken to prepare cashflow statement as the company qualifies as a small company.
Website cost
Planning and operating costs for the company's website are charged to the income statement as incurred.
Presentation currency
The presentation currency for the Financial Statements is sterling pounds. Assets and liabilities in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating result.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Deferred tax is measured using 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. 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. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is stated at cost at the date of acquisition. Director believe that the residual value of goodwill is considered to remained as same amount at cost at the date of acquisition and no further goodwill amortization is considered necessary.
Software License
Software License is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the Software License of [5] years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery |
15% Reducing Balance
|
Motor Vehicles |
25% Reducing Balance
|
Fixtures and Fittings |
15% Reducing Balance
|
Computer Equipment |
15% Reducing Balance
|
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
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2. |
Average number of employees
Average number of employees during the year was 13 (2022 : 13).
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3. |
Financial Commitments, Guarantees and Contingencies
The Company had no financial commitments as of the balance sheet date.
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4. |
Audit Information
The auditor's report on the accounts of Ariana Travel Limited for the year ended 31 December 2023 was unqualified/qualified.
The auditor's report was signed by Krishna Prasad Dahal (Senior Statutory Auditor)
for and on behalf of Focus Somar Audit & Tax Accountants Ltd Chartered Certified Accountants and Statutory Auditors on 14 June 2024.
|
5. |
Intangible fixed assets
Cost |
Goodwill |
|
Software License |
|
Total |
|
£ |
|
£ |
|
£ |
At 01 January 2023 |
758,270 |
|
92,139 |
|
850,409 |
Additions |
- |
|
- |
|
- |
Disposals |
- |
|
- |
|
- |
At 31 December 2023 |
758,270 |
|
92,139 |
|
850,409 |
Amortisation |
At 01 January 2023 |
- |
|
72,792 |
|
72,792 |
Charge for year |
250,229 |
|
18,428 |
|
268,657 |
On disposals |
- |
|
- |
|
- |
At 31 December 2023 |
250,229 |
|
91,220 |
|
341,449 |
Net book values |
At 31 December 2023 |
508,041 |
|
919 |
|
508,960 |
At 31 December 2022 |
758,270 |
|
19,347 |
|
777,617 |
|
6. |
Tangible fixed assets
Cost or valuation |
Plant and Machinery |
|
Motor Vehicles |
|
Fixtures and Fittings |
|
Computer Equipment |
|
Total |
|
£ |
|
£ |
|
£ |
|
£ |
|
£ |
At 01 January 2023 |
54,738 |
|
63,361 |
|
50,235 |
|
58,493 |
|
226,827 |
Additions |
- |
|
- |
|
- |
|
- |
|
- |
Disposals |
- |
|
- |
|
- |
|
- |
|
- |
At 31 December 2023 |
54,738 |
|
63,361 |
|
50,235 |
|
58,493 |
|
226,827 |
Depreciation |
At 01 January 2023 |
51,335 |
|
48,338 |
|
10,909 |
|
48,034 |
|
158,616 |
Charge for year |
511 |
|
3,756 |
|
5,899 |
|
1,569 |
|
11,735 |
On disposals |
- |
|
- |
|
- |
|
- |
|
- |
At 31 December 2023 |
51,846 |
|
52,094 |
|
16,808 |
|
49,603 |
|
170,351 |
Net book values |
Closing balance as at 31 December 2023 |
2,892 |
|
11,267 |
|
33,427 |
|
8,890 |
|
56,476 |
Opening balance as at 01 January 2023 |
3,403 |
|
15,023 |
|
39,326 |
|
10,459 |
|
68,211 |
|
7. |
Debtors: amounts falling due within one year
|
2023 £ |
|
2022 £ |
Trade Debtors |
75,786 |
|
36,645 |
Prepayments & Accrued Income |
11,865 |
|
11,937 |
Other Debtors |
3,273 |
|
375 |
VAT |
2,372 |
|
2,564 |
|
93,296 |
|
51,521 |
|
8. |
Creditors: amount falling due within one year
|
2023 £ |
|
2022 £ |
Trade Creditors |
52,527 |
|
210,818 |
Bank Loans & Overdrafts |
108,599 |
|
110,827 |
Corporation Tax |
18,870 |
|
18,498 |
PAYE & Social Security |
2,023 |
|
6,562 |
Accrued Expenses |
17,457 |
|
18,430 |
Other Creditors |
15,141 |
|
22,879 |
|
214,617 |
|
388,014 |
|
9. |
Creditors: amount falling due after more than one year
|
2023 £ |
|
2022 £ |
Bank Loans & Overdrafts |
129,879 |
|
145,595 |
Other Creditors |
40,088 |
|
118,883 |
Directors' Loan Accounts |
11,824 |
|
11,824 |
|
181,791 |
|
276,302 |
|
10. |
Provisions for liabilities
|
2023 £ |
|
2022 £ |
Deferred Tax |
10,730 |
|
12,960 |
|
10,730 |
|
12,960 |
|
11. |
Director's Advances, Credits and Guarantees
At the year-end, the amount owed to Mr. Yasir Ahmad the director of the company was £11,824 (2022: £11,824).
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12. |
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.
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13. |
Ultimate Controlling Party
The ultimate controlling party is Mr. Yasir Ahmad.
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14. |
AUDITORS INFORMATION
The auditors report for the year ended 31st December 2023 is not qualified.
Auditors Name:
Focus Somar Audit & Tax Accountants Ltd
Address: 301 Third Floor Middlesex House, 130 College Road, Harrow, HA1 1BQ
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