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Company No: 08024936 (England and Wales)

PETER SOMMER TRAVELS LTD

Unaudited Financial Statements
For the financial year ended 31 January 2025
Pages for filing with the registrar

PETER SOMMER TRAVELS LTD

Unaudited Financial Statements

For the financial year ended 31 January 2025

Contents

PETER SOMMER TRAVELS LTD

BALANCE SHEET

As at 31 January 2025
PETER SOMMER TRAVELS LTD

BALANCE SHEET (continued)

As at 31 January 2025
Note 2025 2024
£ £
Fixed assets
Tangible assets 3 11,935 2,139
11,935 2,139
Current assets
Stocks 4 515 515
Debtors 5 370,193 250,184
Cash at bank and in hand 526,576 526,407
897,284 777,106
Creditors: amounts falling due within one year 6 ( 539,713) ( 316,812)
Net current assets 357,571 460,294
Total assets less current liabilities 369,506 462,433
Net assets 369,506 462,433
Capital and reserves
Called-up share capital 30,000 30,000
Profit and loss account 339,506 432,433
Total shareholders' funds 369,506 462,433

For the financial year ending 31 January 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Peter Sommer Travels Ltd (registered number: 08024936) were approved and authorised for issue by the Director on 06 May 2025. They were signed on its behalf by:

P A Sommer
Director
PETER SOMMER TRAVELS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2025
PETER SOMMER TRAVELS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2025
1. Accounting policies

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.

General information and basis of accounting

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 £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

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

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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.

Employee benefits

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.

Taxation

Current tax
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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill

Goodwill arises on business combinations and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Goodwill has been fully amortised.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Leasehold improvements 15 % reducing balance
Fixtures and fittings 5 years straight line
Office equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Financial instruments

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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2025 2024
Number Number
Monthly average number of persons employed by the Company during the year, including the director 9 8

3. Tangible assets

Land and buildings Leasehold improve-
ments
Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 01 February 2024 0 0 8,576 21,176 29,752
Additions 5,542 1,807 949 2,760 11,058
At 31 January 2025 5,542 1,807 9,525 23,936 40,810
Accumulated depreciation
At 01 February 2024 0 0 7,183 20,430 27,613
Charge for the financial year 34 90 395 743 1,262
At 31 January 2025 34 90 7,578 21,173 28,875
Net book value
At 31 January 2025 5,508 1,717 1,947 2,763 11,935
At 31 January 2024 0 0 1,393 746 2,139

4. Stocks

2025 2024
£ £
Stocks 515 515

5. Debtors

2025 2024
£ £
Amounts owed by director 0 17,492
Prepayments 329,052 198,128
VAT recoverable 11,554 17,350
Other debtors 29,587 17,214
370,193 250,184

6. Creditors: amounts falling due within one year

2025 2024
£ £
Trade creditors 51,579 46,714
Amounts owed to director 15,398 0
Accruals and deferred income 444,367 207,031
Taxation and social security 9,386 48,803
Other creditors 18,983 14,264
539,713 316,812

7. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2025 2024
£ £
within one year 18,370 7,080
between one and five years 21,767 10,030
40,137 17,110

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.

8. Related party transactions

Transactions with the entity's director

Advances

The joint director and shareholders' loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 per director and shareholder at the official HMRC rates.

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.