Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-310falseThat of a tour operator specialising in the Far East2023-04-011314falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 06318621 2023-04-01 2024-03-31 06318621 2022-01-01 2023-03-31 06318621 2024-03-31 06318621 2023-03-31 06318621 2022-01-01 06318621 1 2023-04-01 2024-03-31 06318621 1 2022-01-01 2023-03-31 06318621 5 2023-04-01 2024-03-31 06318621 5 2022-01-01 2023-03-31 06318621 d:Director1 2023-04-01 2024-03-31 06318621 e:FurnitureFittings 2023-04-01 2024-03-31 06318621 e:FurnitureFittings 2024-03-31 06318621 e:FurnitureFittings 2023-03-31 06318621 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 06318621 e:PatentsTrademarksLicencesConcessionsSimilar 2023-04-01 2024-03-31 06318621 e:ComputerSoftware 2024-03-31 06318621 e:ComputerSoftware 2023-03-31 06318621 e:CurrentFinancialInstruments 2024-03-31 06318621 e:CurrentFinancialInstruments 2023-03-31 06318621 e:CurrentFinancialInstruments 6 2024-03-31 06318621 e:CurrentFinancialInstruments 6 2023-03-31 06318621 e:Non-currentFinancialInstruments 2024-03-31 06318621 e:Non-currentFinancialInstruments 2023-03-31 06318621 e:CurrentFinancialInstruments e:WithinOneYear 2024-03-31 06318621 e:CurrentFinancialInstruments e:WithinOneYear 2023-03-31 06318621 e:Non-currentFinancialInstruments e:AfterOneYear 2024-03-31 06318621 e:Non-currentFinancialInstruments e:AfterOneYear 2023-03-31 06318621 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2024-03-31 06318621 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2023-03-31 06318621 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2024-03-31 06318621 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2023-03-31 06318621 e:ShareCapital 2023-04-01 2024-03-31 06318621 e:ShareCapital 2024-03-31 06318621 e:ShareCapital 2022-01-01 2023-03-31 06318621 e:ShareCapital 2023-03-31 06318621 e:ShareCapital 2022-01-01 06318621 e:CapitalRedemptionReserve 2023-04-01 2024-03-31 06318621 e:CapitalRedemptionReserve 2024-03-31 06318621 e:CapitalRedemptionReserve 1 2023-04-01 2024-03-31 06318621 e:CapitalRedemptionReserve 2022-01-01 2023-03-31 06318621 e:CapitalRedemptionReserve 2023-03-31 06318621 e:CapitalRedemptionReserve 2022-01-01 06318621 e:RevaluationReserve 1 2022-01-01 2023-03-31 06318621 e:OtherMiscellaneousReserve 2023-04-01 2024-03-31 06318621 e:OtherMiscellaneousReserve 2024-03-31 06318621 e:OtherMiscellaneousReserve 1 2023-04-01 2024-03-31 06318621 e:OtherMiscellaneousReserve 2022-01-01 2023-03-31 06318621 e:OtherMiscellaneousReserve 2023-03-31 06318621 e:OtherMiscellaneousReserve 2022-01-01 06318621 e:OtherMiscellaneousReserve 1 2022-01-01 2023-03-31 06318621 e:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 06318621 e:RetainedEarningsAccumulatedLosses 2024-03-31 06318621 e:RetainedEarningsAccumulatedLosses 1 2023-04-01 2024-03-31 06318621 e:RetainedEarningsAccumulatedLosses 2022-01-01 2023-03-31 06318621 e:RetainedEarningsAccumulatedLosses 2023-03-31 06318621 e:RetainedEarningsAccumulatedLosses 2022-01-01 06318621 e:RetainedEarningsAccumulatedLosses 1 2022-01-01 2023-03-31 06318621 d:FRS102 2023-04-01 2024-03-31 06318621 d:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 06318621 d:FullAccounts 2023-04-01 2024-03-31 06318621 d:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 06318621 2 2023-04-01 2024-03-31 06318621 9 2023-04-01 2024-03-31 06318621 e:AcceleratedTaxDepreciationDeferredTax 2024-03-31 06318621 e:AcceleratedTaxDepreciationDeferredTax 2023-03-31 06318621 e:TaxLossesCarry-forwardsDeferredTax 2024-03-31 06318621 e:TaxLossesCarry-forwardsDeferredTax 2023-03-31 iso4217:GBP xbrli:pure

Registered number: 06318621









SELECTIVE ASIA LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
SELECTIVE ASIA LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SELECTIVE ASIA LIMITED
FOR THE YEAR ENDED 31 MARCH 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Selective Asia Limited for the year ended 31 March 2024 which comprise  the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of Directors of Selective Asia Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Selective Asia Limited and state those matters that we have agreed to state to the Board of Directors of Selective Asia Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Selective Asia Limited and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that Selective Asia Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Selective Asia Limited. You consider that Selective Asia Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Selective Asia Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



White Hart Associates (London) Limited
 
Chartered Accountants and Statutory Auditors
  
2nd Floor, Nucleus House
2 Lower Mortlake Road
Richmond
TW9 2JA
5 August 2024
Page 1

 
SELECTIVE ASIA LIMITED
REGISTERED NUMBER: 06318621

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
5,314
7,086

  
5,314
7,086

Current assets
  

Debtors: amounts falling due within one year
 6 
457,970
405,402

Cash at bank and in hand
 7 
846,014
841,741

  
1,303,984
1,247,143

Creditors: amounts falling due within one year
 8 
(944,178)
(1,120,571)

Net current assets
  
 
 
359,806
 
 
126,572

Total assets less current liabilities
  
365,120
133,658

Creditors: amounts falling due after more than one year
 9 
(152,360)
(177,419)

  

Net assets/(liabilities)
  
212,760
(43,761)


Capital and reserves
  

Called up share capital 
  
30,000
30,000

Capital redemption reserve
 12 
1,257
1,257

Other reserves
 12 
(17,269)
(64,715)

Profit and loss account
 12 
198,772
(10,303)

  
212,760
(43,761)


Page 2

 
SELECTIVE ASIA LIMITED
REGISTERED NUMBER: 06318621
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 5 August 2024.




Mr N Pulley
Director

The notes on pages 6 to 18 form part of these financial statements.

Page 3

 
SELECTIVE ASIA LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Capital redemption reserve
Cash flow hedging reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 January 2022
30,000
1,257
-
121,796
153,053


Comprehensive income for the period

Loss for the period
-
-
-
(132,099)
(132,099)

Fair value gain/(loss) on cash flow hedges
-
-
(64,715)
-
(64,715)
Total comprehensive income for the period
-
-
(64,715)
(132,099)
(196,814)



At 1 April 2023
30,000
1,257
(64,715)
(10,303)
(43,761)


Comprehensive income for the year

Profit for the year
-
-
-
209,075
209,075

Fair value gain/(loss) on cash flow hedges
-
-
47,446
-
47,446
Total comprehensive income for the year
-
-
47,446
209,075
256,521


At 31 March 2024
30,000
1,257
(17,269)
198,772
212,760


The notes on pages 6 to 18 form part of these financial statements.

Page 4

 
SELECTIVE ASIA LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
£
£

Cash flows from operating activities

Profit/(loss) for the financial year
209,075
(132,099)

Adjustments for:

Depreciation of tangible assets
1,772
3,221

Interest paid
12,005
12,279

Taxation charge
(9,611)
(60,729)

(Increase) in debtors
(52,125)
(183,869)

(Decrease)/increase in creditors
(104,304)
398,375

Corporation tax received
9,168
-

Net cash generated from operating activities

65,980
37,178



Cash flows from financing activities

Repayment of loans
(49,702)
(54,167)

Interest paid
(12,005)
(12,279)

Net cash used in financing activities
(61,707)
(66,446)

Net increase/(decrease) in cash and cash equivalents
4,273
(29,268)

Cash and cash equivalents at beginning of year
841,741
871,009

Cash and cash equivalents at the end of year
846,014
841,741


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
846,014
841,741


The notes on pages 6 to 18 form part of these financial statements.

Page 5

 
SELECTIVE ASIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

As disclosed in the Directors' Report, the principal activity of the Company in the year under review was that of a tour operator specialising in the Far East.
Selective Asia Ltd is a private company limited by shares and is incorporated in England. The address of the Company's principal place of business and registered office is Citibase Building, 95 Ditchling Road, Brighton, East Sussex, BN1 4ST.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

Company management and the directors continue to constantly review the Company’s financial position as well as forecasts, and plan mitigation actions in order to neutralise the potential financial impact from any significant downturn in trading. This work has also enabled them to assess and plan for the potential impact of any additional capital requirements that might be required by its regulators.
Based on the above and the sensitised forecasts and budgets, Company management have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, being at least the following 12 months from the signing of these financial statements. This is supported by the strong performance seen so far at the start of 2024. The Company has been well placed to meet and service the additional volume.
The directors will continue to take all reasonably commercial steps, including the pursuit of further financing or support if required, to mitigate against potential future threats to trade that could impact the Company's ability to continue as a going concern. For this reason, the directors believe that it is still appropriate to apply the going concern basis in the financial statements.

Page 6

 
SELECTIVE ASIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

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 cost 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 profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 
Turnover is recognised on a date of departure basis for travel arrangements provided to customers. 

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term. 

 
2.6

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Page 7

 
SELECTIVE ASIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.10

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 8

 
SELECTIVE ASIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.12

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Computer software
-
Straight line over 4 years

 
2.13

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures, fittings and equipment
-
Reducing balance at 25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 9

 
SELECTIVE ASIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.
 
 
2.18

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Page 10

 
SELECTIVE ASIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.18
Financial instruments (continued)


Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
 
Page 11

 
SELECTIVE ASIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.18
Financial instruments (continued)


Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

 
2.19

Hedge accounting

The Company uses foreign currency forward contracts to manage its exposure to cash flow risk on its future creditors payable in foreign currencies. These derivatives are measured at fair value at each reporting date.

To the extent the cash flow hedge is effective, movements in fair value are recognised in other comprehensive income and presented in a separate cash flow hedge reserve. Any ineffective portions of those movements are recognised in profit or loss for the year.

Gains and losses on the hedging instruments and the hedged items are recognised in profit or loss for the year. When a hedged item is an unrecognised firm commitment, the cumulative hedging gain or loss on the hedged item is recognised as an asset or liability with a corresponding gain or loss recognised in profit or loss.


3.


Employees

The average monthly number of employees, including directors, during the year was 13 (2023 - 14).

Page 12

 
SELECTIVE ASIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Intangible assets




Computer software

£



Cost


At 1 April 2023
82,155



At 31 March 2024

82,155



Amortisation


At 1 April 2023
82,155



At 31 March 2024

82,155



Net book value



At 31 March 2024
-



At 31 March 2023
-



Page 13

 
SELECTIVE ASIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Tangible fixed assets





Fixtures, fittings and equipment

£



Cost or valuation


At 1 April 2023
62,144



At 31 March 2024

62,144



Depreciation


At 1 April 2023
55,058


Charge for the year on owned assets
1,772



At 31 March 2024

56,830



Net book value



At 31 March 2024
5,314



At 31 March 2023
7,086

Page 14

 
SELECTIVE ASIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Debtors

2024
2023
£
£


Trade debtors
1,644
2,062

Other debtors
34,500
27,342

Prepayments and accrued income
360,654
315,269

Deferred taxation
61,172
60,729

457,970
405,402


Included in prepayments and accrued income balance is the sum of £356,813 (2023 - £313,022) which relates to advance supplier payments for bookings departing from 1 April 2024 onwards.


7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
846,014
841,741

846,014
841,741


Included in cash at bank above as of 31 March 2024 were restricted funds held in a Trust Account of £41,175 (2023 - £110,334).


8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
50,123
50,000

Trade creditors
40,636
54,574

Other taxation and social security
10,017
11,841

Other creditors
4,574
2,749

Accruals and deferred income
821,559
936,692

Financial instruments
17,269
64,715

944,178
1,120,571


Included in accruals and deferred income is the sum of £851,151 (2023 - £980,771) which relates to advance customer receipts for bookings departing from 1 April 2024 onwards. Of the advance customer receipts, £51,352 relate to bookings departing from 1 April 2025 onwards and have therefore been classified as due after one year. 

Page 15

 
SELECTIVE ASIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
71,008
120,833

Other creditors
30,000
-

Accruals and deferred income
51,352
56,586

152,360
177,419


Included within other creditors above is a loan from Mr N Pulley, one of the directors, totalling £30,000 (2023 - £Nil), which is subject to a subordinated undertaking in favour of the Civil Aviation Authority ('CAA'), in relation to the Company's ATOL licence and cannot be repaid without the CAA's prior written consent. 


10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Bank loans due within one year
50,123
50,000

Bank loans due within 1-2 years
50,123
50,000

Bank loans due within 2-5 years
20,885
70,833


121,131
170,833


Bank loans above include a loan from the Company's bankers, Barclays Bank Plc, amounting to £225,000 drawn down in June 2020 and supported by the Coronavirus Business Interruption Loan Scheme (CBILS). The loan is for a 6 year term with a capital repayment holiday for the first 18 months. There was no interest payable for the first 12 months and an interest rate at 2.84% above the base rate per annum is charged thereafter.

Page 16

 
SELECTIVE ASIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Deferred taxation




2024
2023


£

£






At beginning of year
60,729
-


Charged to profit or loss
443
60,729



At end of year
61,172
60,729

The deferred tax asset is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(1,328)
(1,771)

Tax losses carried forward
62,500
62,500

61,172
60,729


12.


Reserves

Share based payment reserve
The share based payment reserve relates to shares issued by the company for the operation of an employee share benefit scheme

Profit and loss account

The profit and loss account represents all current and prior period retained profits and losses, less any dividends paid to the Company's shareholders.

Cash flow hedging reserve
The cash flow hedging reserve relates to, in accordance with the Company's accounting policies, the effective portion of changes in the fair value of foreign exchange forward contract derivatives are recognised. During the current year. as there are no future contracts, the reserve balance is nullified.


13.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £11,813 (2023 - £12,034). Contributions totalling £2,725 (2023 - £2,552) were payable to the fund at the balance sheet date and are included in creditors.

Page 17

 
SELECTIVE ASIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

14.


Transactions with directors

The following advances and credits to directors subsisted during the years ended 31 March 2024 and 31 March 2023:


2024
2023
£
£

Mr K Sell


Balance outstanding at the start of the year
1,320
890

Amounts advanced
5,600
430

Amounts repaid
-
-

Balance outstanding at the end of the year

6,920
1,320

Mr N Pulley


Balance outstanding at the start of the year
12,193
1,140

Amounts advanced
77
11,053

Amounts loaned
(30,000)
-

Balance outstanding at the end of the year

(17,730)
12,193


15.


Controlling party

The ultimate controlling party of the Company is Mr N Pulley, by virtue of his ownership of the entire issued share capital of the Company. 

Page 18