Penny Furseman Travel Ltd 08330145 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is travel agent activities. Digita Accounts Production Advanced 6.30.9574.0 true true 08330145 2023-01-01 2023-12-31 08330145 2023-12-31 08330145 core:CurrentFinancialInstruments 2023-12-31 08330145 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 08330145 core:FurnitureFittings 2023-12-31 08330145 1 2023-12-31 08330145 bus:SmallEntities 2023-01-01 2023-12-31 08330145 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 08330145 bus:FilletedAccounts 2023-01-01 2023-12-31 08330145 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 08330145 bus:RegisteredOffice 2023-01-01 2023-12-31 08330145 bus:Director1 2023-01-01 2023-12-31 08330145 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 08330145 core:FurnitureFittings 2023-01-01 2023-12-31 08330145 countries:UnitedKingdom 2023-01-01 2023-12-31 08330145 1 2023-01-01 2023-12-31 08330145 2022-12-31 08330145 core:FurnitureFittings 2022-12-31 08330145 1 2022-12-31 08330145 2022-01-01 2022-12-31 08330145 2022-12-31 08330145 core:CurrentFinancialInstruments 2022-12-31 08330145 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 08330145 1 2022-12-31 08330145 1 2022-01-01 2022-12-31 08330145 1 2021-12-31 iso4217:GBP xbrli:pure

Registration number: 08330145

Penny Furseman Travel Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Penny Furseman Travel Ltd

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 6

 

Penny Furseman Travel Ltd

(Registration number: 08330145)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Current assets

 

Debtors

5

340

725

Cash at bank and in hand

 

548

547

 

888

1,272

Creditors: Amounts falling due within one year

6

(3,524)

(1,082)

Net (liabilities)/assets

 

(2,636)

190

Capital and reserves

 

Called up share capital

1,000

1,000

Profit and loss account

(3,636)

(810)

Shareholders' (deficit)/funds

 

(2,636)

190

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the director on 23 September 2024
 


Mrs P Furseman
Director

 

Penny Furseman Travel Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
47 Boutport Street
Barnstaple
Devon
EX31 1SQ

Principal activity

The principal activity of the company is travel agent activities.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The company has net liabilities at 31 December 2023 due to monies owed to the director. The director has confirmed the ongoing support of the company and as such the financial statements have been prepared on a going concern basis.

 

Penny Furseman Travel Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Penny Furseman Travel Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures fittings and equipment

25% straight line

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.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes 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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Penny Furseman Travel Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

4

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 January 2023

417

417

At 31 December 2023

417

417

Depreciation

At 1 January 2023

417

417

At 31 December 2023

417

417

Carrying amount

At 31 December 2023

-

-

5

Debtors

2023
£

2022
£

Other debtors

340

725

340

725

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

-

32

Accruals and deferred income

650

590

Other creditors

2,874

460

3,524

1,082

7

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Penny Furseman Travel Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

8

Related party transactions

Transactions with the director

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Director

573

10,803

(13,849)

(2,473)

         
       

 


 

2022

At 1 January 2022
£

Advances to director
£

At 31 December 2022
£

Director

(2,223)

2,796

573

 

The loan is repayable on demand and interest is charged on overdrawn balances at the official rate.