7 31/12/2023 2023-12-31 false false false false true false false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2023-01-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 05644422 2023-01-01 2023-12-31 05644422 2023-12-31 05644422 2022-12-31 05644422 2022-01-01 2022-12-31 05644422 2022-12-31 05644422 2021-12-31 05644422 core:NetGoodwill 2023-01-01 2023-12-31 05644422 core:PlantMachinery 2023-01-01 2023-12-31 05644422 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 05644422 bus:RegisteredOffice 2023-01-01 2023-12-31 05644422 bus:LeadAgentIfApplicable 2023-01-01 2023-12-31 05644422 bus:Director1 2023-01-01 2023-12-31 05644422 core:IntangibleAssetsOtherThanGoodwill 2022-12-31 05644422 core:IntangibleAssetsOtherThanGoodwill 2023-12-31 05644422 core:LandBuildings core:ShortLeaseholdAssets 2022-12-31 05644422 core:FurnitureFittingsToolsEquipment 2022-12-31 05644422 core:LandBuildings core:ShortLeaseholdAssets 2023-12-31 05644422 core:FurnitureFittingsToolsEquipment 2023-12-31 05644422 core:WithinOneYear 2023-12-31 05644422 core:WithinOneYear 2022-12-31 05644422 core:AfterOneYear 2023-12-31 05644422 core:AfterOneYear 2022-12-31 05644422 core:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 05644422 core:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 05644422 core:ShareCapital 2023-12-31 05644422 core:ShareCapital 2022-12-31 05644422 core:RetainedEarningsAccumulatedLosses 2023-12-31 05644422 core:RetainedEarningsAccumulatedLosses 2022-12-31 05644422 core:ShareCapital 2021-12-31 05644422 core:RetainedEarningsAccumulatedLosses 2021-12-31 05644422 core:IntangibleAssetsOtherThanGoodwill 2023-01-01 2023-12-31 05644422 core:LandBuildings core:ShortLeaseholdAssets 2023-01-01 2023-12-31 05644422 core:IntangibleAssetsOtherThanGoodwill 2022-12-31 05644422 core:LandBuildings core:ShortLeaseholdAssets 2022-12-31 05644422 core:FurnitureFittingsToolsEquipment 2022-12-31 05644422 bus:SmallEntities 2023-01-01 2023-12-31 05644422 bus:Audited 2023-01-01 2023-12-31 05644422 bus:FullAccounts 2023-01-01 2023-12-31 05644422 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 05644422 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31
Company registration number: 05644422
RIGHT HOLIDAYS LTD
Filleted financial statements
31 December 2023
Pearlman Rose
Chartered Accountants & Statutory Auditors
Suite 1, First Floor
Jack Dash House
2 Lawn House Close
London E14 9YQ
RIGHT HOLIDAYS LTD
Contents
Directors and other information
Director's responsibilities statement
Statement of financial position
Statement of changes in equity
Notes to the financial statements
RIGHT HOLIDAYS LTD
Directors and other information
Director Ms Arzu Pamuk
Company number 05644422
Registered office 59 Stoke Newington High Street
Stoke Newington
London
England
N16 8EL
Business address 59 Stoke Newington High Street
Stoke Newington
London
England
N16 8EL
Auditor Pearlman Rose
Chartered Accountants & Statutory Auditors
Suite1, First Floor, Jack Dash House
2 Lawn House Close
London
E14 9YQ
Accountants Pearlman Rose
Chartered Accountants & Statutory Auditors
Suite1, First Floor, Jack Dash House
2 Lawn House Close
London
E14 9YQ
RIGHT HOLIDAYS LTD
Director's responsibilities statement
Year ended 31 December 2023
The director is responsible for preparing the director's report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless she is satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the director is required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable her to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
RIGHT HOLIDAYS LTD
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 24,353 33,807
Tangible assets 6 63,761 44,981
_______ _______
88,114 78,788
Current assets
Debtors 7 416,210 174,782
Cash at bank and in hand 175,072 486,751
_______ _______
591,282 661,533
Creditors: amounts falling due
within one year 8 ( 124,043) ( 161,966)
_______ _______
Net current assets 467,239 499,567
_______ _______
Total assets less current liabilities 555,353 578,355
Creditors: amounts falling due
after more than one year 9 ( 73,494) ( 122,476)
Provisions for liabilities ( 2,873) ( 2,284)
_______ _______
Net assets 478,986 453,595
_______ _______
Capital and reserves
Called up share capital 30,000 30,000
Profit and loss account 448,986 423,595
_______ _______
Shareholder funds 478,986 453,595
_______ _______
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 03 May 2024 , and are signed on behalf of the board by:
Ms Arzu Pamuk
Director
Company registration number: 05644422
RIGHT HOLIDAYS LTD
Statement of changes in equity
Year ended 31 December 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 January 2022 30,000 362,132 392,132
Profit for the year 69,463 69,463
_______ _______ _______
Total comprehensive income for the year - 69,463 69,463
Dividends paid and payable ( 8,000) ( 8,000)
_______ _______ _______
Total investments by and distributions to owners - ( 8,000) ( 8,000)
_______ _______ _______
At 31 December 2022 and 1 January 2023 30,000 423,595 453,595
Profit for the year 27,391 27,391
_______ _______ _______
Total comprehensive income for the year - 27,391 27,391
Dividends paid and payable ( 2,000) ( 2,000)
_______ _______ _______
Total investments by and distributions to owners - ( 2,000) ( 2,000)
_______ _______ _______
At 31 December 2023 30,000 448,986 478,986
_______ _______ _______
RIGHT HOLIDAYS LTD
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is 59 Stoke Newington High Street, Stoke Newington, London, England, N16 8EL.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Website development costs - 20 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property - Over the life of the lease
Plant and machinery - 20 % straight line
Fittings fixtures and equipment - 20 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2022: 7 ).
5. Intangible assets
Other intangible assets Total
£ £
Cost
At 1 January 2023 62,509 62,509
Additions 3,810 3,810
_______ _______
At 31 December 2023 66,319 66,319
_______ _______
Amortisation
At 1 January 2023 28,702 28,702
Charge for the year 13,264 13,264
_______ _______
At 31 December 2023 41,966 41,966
_______ _______
Carrying amount
At 31 December 2023 24,353 24,353
_______ _______
At 31 December 2022 33,807 33,807
_______ _______
6. Tangible assets
Short leasehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 January 2023 83,600 71,793 155,393
Additions 19,120 9,000 28,120
_______ _______ _______
At 31 December 2023 102,720 80,793 183,513
_______ _______ _______
Depreciation
At 1 January 2023 50,638 59,774 110,412
Charge for the year 5,136 4,204 9,340
_______ _______ _______
At 31 December 2023 55,774 63,978 119,752
_______ _______ _______
Carrying amount
At 31 December 2023 46,946 16,815 63,761
_______ _______ _______
At 31 December 2022 32,962 12,019 44,981
_______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors 95,710 123,363
Other debtors 320,500 51,419
_______ _______
416,210 174,782
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 80,836 67,670
Trade creditors 25,974 32,631
Corporation tax 9,728 17,979
Social security and other taxes 2,275 7,344
Other creditors 5,230 36,342
_______ _______
124,043 161,966
_______ _______
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 73,494 122,476
_______ _______
10. Summary audit opinion
The auditor's report for the year dated 03 May 2024 was unqualified.
The senior statutory auditor was Mohammad Jilani for and on behalf of Pearlman Rose
11. Related party transactions
Included in Other debtors is an amount of £264,674 owed by Right Holidays Investments Limited,, a company in which Ms A Pamuk is a shareholder and director.