1 April 2023 v2024.44.1 limited_company_frs_102_section_1a_v1_1_1 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP020672782023-04-012024-03-31020672782024-03-31020672782023-03-3102067278core:WithinOneYear2024-03-3102067278core:WithinOneYear2023-03-3102067278core:AfterOneYear2024-03-3102067278core:AfterOneYear2023-03-3102067278core:ShareCapital2024-03-3102067278core:ShareCapital2023-03-3102067278core:SharePremium2024-03-3102067278core:SharePremium2023-03-3102067278core:RetainedEarningsAccumulatedLosses2024-03-3102067278core:RetainedEarningsAccumulatedLosses2023-03-3102067278bus:Director12023-04-012024-03-3102067278bus:RegisteredOffice2023-04-012024-03-31020672782022-04-012023-03-310206727812023-04-012024-03-3102067278countries:EnglandWales2023-04-012024-03-3102067278bus:AuditExemptWithAccountantsReport2023-04-012024-03-3102067278bus:PrivateLimitedCompanyLtd2023-04-012024-03-3102067278bus:SmallEntities2023-04-012024-03-3102067278bus:FullAccounts2023-04-012024-03-31
Company registration number:
02067278
Mosaic Holidays Limited
Unaudited Filleted Financial Statements for the year ended
31 March 2024
Mosaic Holidays Limited
Statement of Financial Position
31 March 2024
20242023
Note££
Current assets    
Debtors 5
190,202
 
207,971
 
Cash at bank and in hand
3,550
 
3,557
 
193,752
 
211,528
 
Creditors: amounts falling due within one year 6
(165,864
)
(205,265
)
Net current assets
27,888
 
6,263
 
Total assets less current liabilities 27,888   6,263  
Creditors: amounts falling due after more than one year 7
(337,867
)
(337,391
)
Net liabilities
(309,979
)
(331,128
)
Capital and reserves    
Called up share capital
407,179
 
407,179
 
Share premium
9,241
 
9,241
 
Profit and loss account
(726,399
)
(747,548
)
Shareholders deficit
(309,979
)
(331,128
)
For the year ending
31 March 2024
, 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 financial statements for the year in question in accordance with section 476;
  • The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
financial statements
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
30 September 2024
, and are signed on behalf of the board by:
B M Ghabbour
Director
Company registration number:
02067278
Mosaic Holidays Limited
Notes to the Financial Statements
Year ended
31 March 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
AMP House
,
4th Floor, Suite 16 & 17
,
Dingwall Road, Croydon.
,
Surrey
,
CR0 2LX
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover represents amounts receivable from the sale of tours and other services supplied, net of discounts and Value Added Tax.
Revenue from the sale of services is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on departure basis; 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.

Current tax

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.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost.
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.

Operating leases

A lease is classified as an operating lease if it does not transfer substantially all the risks and rewards incidental to ownership. Lease payments are recognised as an expense over the lease term on a straight-line basis.

Foreign currency translation

Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical costs are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Income statement except when deferred in other income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Income statement within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Income statement within 'other operating income'.

4 Average number of employees

The average number of persons employed by the company during the year was
2
(2023:
2.00
).

5 Debtors

20242023
££
Trade debtors
15,603
 
43,298
 
Other debtors
174,599
 
164,673
 
190,202
 
207,971
 

6 Creditors: amounts falling due within one year

20242023
££
Bank loans and overdrafts
12,500
 
12,500
 
Trade creditors -  
14,329
 
Taxation and social security
62,102
 
40,815
 
Other creditors
91,262
 
137,621
 
165,864
 
205,265
 

7 Creditors: amounts falling due after more than one year

20242023
££
Bank loans and overdrafts
27,976
 
27,500
 
Other creditors
309,891
 
309,891
 
337,867
 
337,391
 
Included in other creditors due after more than one year is an amount of £290,000 (2023: £290,000) which is a subordinated loan in favour of the Civil Aviation Authority. This amount cannot be repaid without their consent.

8 Director's advances, credit and guarantees

Included in long term creditors is the amount of £309,891 (2023: £309,890) owed to the director B M Ghabbour.

10 Controlling party

The ultimate controlling party is M B Ghabbour, by virtue of his shareholding in the ultimate parent company SGI Sakkara Holding Limited.