Registered number
03827312
Principal World Travel Limited
Report and Accounts
31 May 2024
Principal World Travel Limited
Registered number: 03827312
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 10,276 12,883
Current assets
Debtors 4 52,058 110,341
Cash at bank and in hand 1,047 25,423
53,105 135,764
Creditors: amounts falling due within one year 5 (72,492) (132,581)
Net current (liabilities)/assets (19,387) 3,183
Total assets less current liabilities (9,111) 16,066
Creditors: amounts falling due after more than one year 6 (61,155) (21,071)
Net liabilities (70,266) (5,005)
Capital and reserves
Called up share capital 8,000 8,000
Profit and loss account (78,266) (13,005)
Shareholder's funds (70,266) (5,005)
The directors are 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 directors acknowledge their 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.
I R Sanderson
Director
Approved by the board on 14 January 2025
Principal World Travel Limited
Notes to the Accounts
for the year ended 31 May 2024
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 (as applied to small entities by section 1A of the standard).
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:
Plant and machinery over 4 years
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 9 8
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2023 24,971
At 31 May 2024 24,971
Depreciation
At 1 June 2023 12,088
Charge for the year 2,607
At 31 May 2024 14,695
Net book value
At 31 May 2024 10,276
At 31 May 2023 12,883
4 Debtors 2024 2023
£ £
Trade debtors 50,976 109,259
Other debtors and prepayments 1,082 1,082
52,058 110,341
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans due within 12 months and credit card balances 14,009 74,072
Trade creditors 17,466 25,028
Corporation tax 6,541 6,479
Other taxes and social security costs 43,457 37,761
Received in advance 2,968 -
Director's current account (11,949) (10,759)
72,492 132,581
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 6,017 11,933
Director's long term finance 55,138 9,138
61,155 21,071
7 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 7,560 7,560
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
I R Sanderson
Directors current account (10,579) (24,218) 25,876 (8,921)
J M Prince
Long term finance (9,138) (60,500) 14,500 (55,138)
(19,717) (84,718) 40,376 (64,059)
9 Related party transactions
Rent paid for the occupancy of home office under licence dated 1st April 2015. Year ended 31.05.24 - £ 1,800 (Period ended 31.05.23 - £1,800)
10 Controlling party
The company is controlled by director I R Sanderson.
11 Other information
Principal World Travel Limited is a private company limited by shares and incorporated in England. Its registered office is:
Honey Cottages
Longparish
Andover
Hampshire
SP11 6PG
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