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REGISTERED NUMBER: 05521674 (England and Wales)





















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

FOR

TRAVELSTAR EUROPEAN LTD

TRAVELSTAR EUROPEAN LTD (REGISTERED NUMBER: 05521674)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 July 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


TRAVELSTAR EUROPEAN LTD

COMPANY INFORMATION
for the Year Ended 31 July 2024







DIRECTORS: Mr A Fazal
Mr M Asif





REGISTERED OFFICE: 42-44 Portland Street
Walsall
West Midlands
WS2 8AA





REGISTERED NUMBER: 05521674 (England and Wales)





ACCOUNTANTS: Rice & Co (Brownhills) Limited
Chartered Accountants
90 High Street
Brownhills
Walsall
West Midlands
WS8 6EW

TRAVELSTAR EUROPEAN LTD (REGISTERED NUMBER: 05521674)

BALANCE SHEET
31 July 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,804,973 2,754,273

CURRENT ASSETS
Stocks 31,240 20,735
Debtors 5 963,869 512,145
Cash at bank 745,181 941,166
1,740,290 1,474,046
CREDITORS
Amounts falling due within one year 6 915,386 1,149,042
NET CURRENT ASSETS 824,904 325,004
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,629,877

3,079,277

CREDITORS
Amounts falling due after more than one
year

7

(1,122,567

)

(230,715

)

PROVISIONS FOR LIABILITIES (743,423 ) (478,198 )
NET ASSETS 2,763,887 2,370,364

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 2,763,885 2,370,362
SHAREHOLDERS' FUNDS 2,763,887 2,370,364

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

TRAVELSTAR EUROPEAN LTD (REGISTERED NUMBER: 05521674)

BALANCE SHEET - continued
31 July 2024


The 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.

The financial statements were approved by the Board of Directors and authorised for issue on 18 February 2025 and were signed on its behalf by:





Mr M Asif - Director


TRAVELSTAR EUROPEAN LTD (REGISTERED NUMBER: 05521674)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 July 2024

1. STATUTORY INFORMATION

Travelstar European Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised when goods have been delivered to customers, or services completed, such that risks and rewards of ownership have transferred to them.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Property improvements - 10% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 12.5% on reducing balance
Computer equipment - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

TRAVELSTAR EUROPEAN LTD (REGISTERED NUMBER: 05521674)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 July 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 52 (2023 - 51 ) .

4. TANGIBLE FIXED ASSETS
Freehold Property Plant and
property improvements machinery
£    £    £   
COST
At 1 August 2023 790,898 116,507 112,947
Additions - - 15,590
Disposals - - -
At 31 July 2024 790,898 116,507 128,537
DEPRECIATION
At 1 August 2023 - 77,296 87,752
Charge for year - 9,516 10,197
Eliminated on disposal - - -
At 31 July 2024 - 86,812 97,949
NET BOOK VALUE
At 31 July 2024 790,898 29,695 30,588
At 31 July 2023 790,898 39,211 25,195

TRAVELSTAR EUROPEAN LTD (REGISTERED NUMBER: 05521674)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 July 2024

4. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 August 2023 114,011 3,198,662 55,410 4,388,435
Additions 3,325 1,966,568 3,157 1,988,640
Disposals - (923,295 ) - (923,295 )
At 31 July 2024 117,336 4,241,935 58,567 5,453,780
DEPRECIATION
At 1 August 2023 72,076 1,352,285 44,753 1,634,162
Charge for year 11,315 415,639 3,454 450,121
Eliminated on disposal - (435,476 ) - (435,476 )
At 31 July 2024 83,391 1,332,448 48,207 1,648,807
NET BOOK VALUE
At 31 July 2024 33,945 2,909,487 10,360 3,804,973
At 31 July 2023 41,935 1,846,377 10,657 2,754,273

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 August 2023 562,044
Additions 1,543,204
Transfer to ownership (562,044 )
At 31 July 2024 1,543,204
DEPRECIATION
At 1 August 2023 252,998
Charge for year 192,900
Transfer to ownership (252,998 )
At 31 July 2024 192,900
NET BOOK VALUE
At 31 July 2024 1,350,304
At 31 July 2023 309,046

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 13,828 19,263
Other debtors 950,041 492,882
963,869 512,145

TRAVELSTAR EUROPEAN LTD (REGISTERED NUMBER: 05521674)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 July 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 29,537 29,537
Hire purchase contracts (see note 8) 462,961 38,021
Trade creditors 140,396 738,141
Taxation and social security 24,540 77,655
Other creditors 257,952 265,688
915,386 1,149,042

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 215,935 230,715
Hire purchase contracts (see note 8) 906,632 -
1,122,567 230,715

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 97,787 112,567

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 462,961 38,021
Between one and five years 906,632 -
1,369,593 38,021

Non-cancellable operating leases
2024 2023
£    £   
Within one year - 87,084