REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 July 2024 |
for |
Easy Travel & Tours Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 July 2024 |
for |
Easy Travel & Tours Limited |
Easy Travel & Tours Limited (Registered number: 05007269) |
Contents of the Financial Statements |
for the Year Ended 31 July 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
Easy Travel & Tours Limited |
Company Information |
for the Year Ended 31 July 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
20 Tadworth Parade |
Elm Park |
RM12 5AS |
Easy Travel & Tours Limited (Registered number: 05007269) |
Statement of Financial Position |
31 July 2024 |
31.7.24 | 31.7.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings | 10 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Easy Travel & Tours Limited (Registered number: 05007269) |
Notes to the Financial Statements |
for the Year Ended 31 July 2024 |
1. | STATUTORY INFORMATION |
Easy Travel & Tours Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The directors have, at the time of approving the financial statements, a reasonable expectation that they have adequate resources to continue in operational existence for the foreseeable future. Based on their assessment of the potential impact of Russia & Ukraine war and wider corporate cost inflation, the company has sufficient working capital, no impact on the profitability during the year, positive net current assets and have investment property to support the business for the foreseeable future. Thus they continue to adopt the going concern basis of accounting In preparing the financial statements. |
Turnover |
Turnover represents revenue from the sale of flight tickets and trade discounts and insurance intermediary income. In respect of flight tickets, the income is recognised at the time of issuing the ticket. In respect of insurance intermediary, the income is recognised at the time of insurance is arranged. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Freehold property | - | 2% on reducing balance |
Fixtures and fittings | - | 25% on reducing balance |
Computer equipment | - | 25% on reducing balance |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
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 statement of financial position date. |
Easy Travel & Tours Limited (Registered number: 05007269) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | and | Computer |
property | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 August 2023 |
Disposals | ( |
) | ( |
) |
At 31 July 2024 |
DEPRECIATION |
At 1 August 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
Easy Travel & Tours Limited (Registered number: 05007269) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2024 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 August 2023 |
and 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
The bank has fixed and floating charge on the investment property and over the assets of the company for providing overdraft facility. The company has given guarantee in favour of Pakistan International Airlines for £75,000 and also holding £30,000 in savings account for the same reason. |
As per company policy, the valuation of investment property was made as at 31 July 2024 by the directors on an open market basis at £191,966 (Cost £191,966). |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.24 | 31.7.23 |
£ | £ |
Trade debtors |
Other debtors |
VAT |
Included within other debtors is a short term loan of £732.00 paid to a connected party to the directors. |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.24 | 31.7.23 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Tax |
Social security and other taxes |
Wages control account | 3,758 | 3,707 |
Directors' current accounts | 14,302 | 247,570 |
Accruals and deferred income |
Included within trade creditors at year end is an amount of £67,867 payable to BSP. |
Easy Travel & Tours Limited (Registered number: 05007269) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2024 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.7.24 | 31.7.23 |
£ | £ |
Bank loans - 2-5 years |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.7.24 | 31.7.23 |
value: | £ | £ |
Ordinary | 1 | 100,000 | 100,000 |
10. | RESERVES |
Retained |
earnings |
£ |
At 1 August 2023 |
Profit for the year |
Dividends | ( |
) |
At 31 July 2024 |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
For and on behalf of |
12. | RELATED PARTY DISCLOSURES |
During the year, the company declared dividends of £30,000 to A Shabbir and £30,000 to T Shabbir, directors and shareholders of the company. |
During the year, freehold property was personally bought by one of the director at market value. |
13. | ULTIMATE CONTROLLING PARTY |
A Shabbir and T Shabbir who are company directors control the company by virtue of their shareholding. |