Registered number
05514236
Preferred Travel Solutions Limited
Filleted Accounts
31 July 2024
Preferred Travel Solutions Limited
Registered number: 05514236
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 60,517 87,159
Current assets
Debtors 4 75,349 77,160
Cash at bank and in hand 871,244 680,406
946,593 757,566
Creditors: amounts falling due within one year 5 (383,454) (357,812)
Net current assets 563,139 399,754
Total assets less current liabilities 623,656 486,913
Provisions for liabilities (15,102) (21,756)
Net assets 608,554 465,157
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 607,554 464,157
Shareholders' funds 608,554 465,157
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 members have 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.
Mr P J Young
Director
Approved by the board on 4 April 2025
Preferred Travel Solutions Limited
Notes to the Accounts
for the year ended 31 July 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 from the rendering of services and is recognised by reference to the stage of completion of the contract.
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:
Furniture and fittings 20% straight line
Plant and machinery 25% straight line
Debtors
Short term debtors are measured at transaction 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. 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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
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 11 10
3 Tangible fixed assets
Plant and Machinery Furniture and fittings Total
£ £ £
Cost
At 1 August 2023 152,975 14,759 167,734
Additions 3,546 - 3,546
At 31 July 2024 156,521 14,759 171,280
Depreciation
At 1 August 2023 67,096 13,479 80,575
Charge for the year 29,902 286 30,188
At 31 July 2024 96,998 13,765 110,763
Net book value
At 31 July 2024 59,523 994 60,517
At 31 July 2023 85,879 1,280 87,159
4 Debtors 2024 2023
£ £
Trade debtors - 2,352
Other debtors 75,349 74,808
75,349 77,160
5 Creditors: amounts falling due within one year 2024 2023
£ £
Loans 196,219 202,766
Trade creditors 11,916 7,848
Directors' loan account 1,872 3,104
Taxation and social security costs 172,436 138,140
Other creditors 1,011 5,954
383,454 357,812
Loans totalling £196,219 (2023 £202,766) represent money forwarded against advanced
commissions on travel bookings. The company releases 25% of this income to profit and loss
being expected sales at the year end.
6 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 31,066 89,522
7 Controlling party
The company is controlled by the directors who each own 50% of the shares.
8 Other information
Preferred Travel Solutions Limited is a private company limited by shares and incorporated in England. Its registered office is:
69 Castle Street
Farnham
Surrey
GU9 7LP
Preferred Travel Solutions Limited 05514236 false 2023-08-01 2024-07-31 2024-07-31 VT Final Accounts July 2024 Mr P J Young No description of principal activity 05514236 2022-08-01 2023-07-31 05514236 core:WithinOneYear 2023-07-31 05514236 core:ShareCapital 2023-07-31 05514236 core:RetainedEarningsAccumulatedLosses 2023-07-31 05514236 core:AllPeriods 2023-07-31 05514236 2023-08-01 2024-07-31 05514236 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 05514236 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 05514236 bus:Director40 2023-08-01 2024-07-31 05514236 1 2023-08-01 2024-07-31 05514236 2 2023-08-01 2024-07-31 05514236 core:PlantMachinery 2023-08-01 2024-07-31 05514236 core:Vehicles 2023-08-01 2024-07-31 05514236 countries:England 2023-08-01 2024-07-31 05514236 bus:FRS102 2023-08-01 2024-07-31 05514236 bus:FilletedAccounts 2023-08-01 2024-07-31 05514236 2024-07-31 05514236 core:WithinOneYear 2024-07-31 05514236 core:ShareCapital 2024-07-31 05514236 core:RetainedEarningsAccumulatedLosses 2024-07-31 05514236 core:PlantMachinery 2024-07-31 05514236 core:Vehicles 2024-07-31 05514236 core:AllPeriods 2024-07-31 05514236 2023-07-31 05514236 core:PlantMachinery 2023-07-31 05514236 core:Vehicles 2023-07-31 iso4217:GBP xbrli:pure