Interrailing Packages Ltd
Registered number: NI633624
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 51,475 60,476
Current assets
Debtors 4 1,787 52,767
Cash at bank and in hand 322,594 85,942
324,381 138,709
Creditors: amounts falling due within one year 5 (236,688) (101,599)
Net current assets 87,693 37,110
Total assets less current liabilities 139,168 97,586
Creditors: amounts falling due after more than one year 6 (14,290) (26,947)
Net assets 124,878 70,639
Capital and reserves
Called up share capital 10,000 10,000
Profit and loss account 114,878 60,639
Shareholder's funds 124,878 70,639
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.
Donal McKenna
Director
Approved by the board on 14 February 2024
Interrailing Packages Ltd
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.
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:
Office equipment 20% reducing balance
Motor vehicles 20% straight line
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.
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 7 8
3 Tangible fixed assets
Land and buildings Office Equipment Motor vehicles Total
£ £ £ £
Cost
At 1 January 2023 43,234 31,674 13,333 88,241
At 31 December 2023 43,234 31,674 13,333 88,241
Depreciation
At 1 January 2023 - 18,427 9,338 27,765
Charge for the year - 6,333 2,668 9,001
At 31 December 2023 - 24,760 12,006 36,766
Net book value
At 31 December 2023 43,234 6,914 1,327 51,475
At 31 December 2022 43,234 13,247 3,995 60,476
4 Debtors 2023 2022
£ £
Advance payments - 30,052
Prepayments 1,787 2,750
Directors loan account - 19,965
1,787 52,767
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 86,486 73,829
Obligations under finance lease and hire purchase contracts 1,250 3,000
Directors loan account 1,882 -
Corporation tax 25,243 24,770
Advance deposits 121,827 -
236,688 101,599
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 14,290 25,697
Obligations under finance lease and hire purchase contracts - 1,250
14,290 26,947
7 Other information
Interrailing Packages Ltd is a private company limited by shares and incorporated in Northern Ireland.
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