Company No:
Contents
| Note | 2025 | 2024 | ||
| £ | £ | |||
| Fixed assets | ||||
| Tangible assets | 3 |
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| 11,935 | 2,139 | |||
| Current assets | ||||
| Stocks | 4 |
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| Debtors | 5 |
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| Cash at bank and in hand |
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| 897,284 | 777,106 | |||
| Creditors: amounts falling due within one year | 6 | (
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| Net current assets | 357,571 | 460,294 | ||
| Total assets less current liabilities | 369,506 | 462,433 | ||
| Net assets |
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| Capital and reserves | ||||
| Called-up share capital |
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| Profit and loss account |
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| Total shareholders' funds |
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Director's responsibilities:
The financial statements of Peter Sommer Travels Ltd (registered number:
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P A Sommer
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Peter Sommer Travels Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Albert Goodman, Lupin Way, Yeovil, BA22 8WW, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
The full value of turnover earned from the provision of tours is recognised where the departure date is within the accounting period. Where the departure date is after the accounting period, the full value of consideration received in advance is recognised within other creditors.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Goodwill has been fully amortised.
| Land and buildings |
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| Leasehold improvements |
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| Fixtures and fittings |
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| Office equipment |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
| 2025 | 2024 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including the director |
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| Land and buildings | Leasehold improve- ments |
Fixtures and fittings | Office equipment | Total | |||||
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| Cost | |||||||||
| At 01 February 2024 |
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| Additions |
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| At 31 January 2025 |
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| Accumulated depreciation | |||||||||
| At 01 February 2024 |
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| Charge for the financial year |
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| At 31 January 2025 |
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| Net book value | |||||||||
| At 31 January 2025 |
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| At 31 January 2024 |
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| 2025 | 2024 | ||
| £ | £ | ||
| Stocks |
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| £ | £ | ||
| Amounts owed by director |
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| Prepayments |
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| VAT recoverable |
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| Other debtors |
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| £ | £ | ||
| Trade creditors |
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| Amounts owed to director |
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| Accruals and deferred income |
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| Taxation and social security |
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| Other creditors |
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Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
| 2025 | 2024 | ||
| £ | £ | ||
| within one year |
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| between one and five years |
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The total amount of financial commitments not included in the balance sheet is £40,137 (2024 - £17,110). The commitment relates to non-cancellable operating leases.
Transactions with the entity's director
Advances
At 1 February 2024, the balance owed by the director and shareholder was £17,492. During the period, £12,566 was advanced to the director and shareholder, and £30,058 was repaid by the director and shareholder. At 31 January 2025, the balance owed by the director and shareholder was £nil.
At 1 February 2023, the balance owed by the director and shareholder was £nil. During the period, £17,492 was advanced to the director and shareholder, and £nil was repaid by the director and shareholder. At 31 January 2024, the balance owed by the director and shareholder was £17,492.