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Registration number: 04894211

Pindar Travel Information Systems Limited

Financial Statements

for the Year Ended 30 June 2024

Brebners
Chartered Accountants & Statutory Auditor
130 Shaftesbury Avenue
London
W1D 5AR

 

Pindar Travel Information Systems Limited

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3 to 10

 

Pindar Travel Information Systems Limited

Company Information

Directors

P Horseman

C Thomas

R C Smith

Registered office

2-10 Plantation Road
Amersham
Buckinghamshire
HP6 6HJ

Auditor

Brebners
Chartered Accountants & Statutory Auditor
130 Shaftesbury Avenue
London
W1D 5AR

 

Pindar Travel Information Systems Limited

Statement of Financial Position as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

6

49,576

22,053

Tangible assets

7

28,292

33,185

 

77,868

55,238

Current assets

 

Stocks

8

93,393

107,090

Debtors

9

583,823

110,673

Cash at bank and in hand

 

75,012

1,058,350

 

752,228

1,276,113

Creditors: Amounts falling due within one year

10

(373,137)

(931,361)

Net current assets

 

379,091

344,752

Total assets less current liabilities

 

456,959

399,990

Provisions for liabilities

5

(6,145)

-

Net assets

 

450,814

399,990

Capital and reserves

 

Called up share capital

50,001

50,001

Profit and loss account

400,813

349,989

Total equity

 

450,814

399,990

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

Approved and authorised by the Board on 12 May 2025 and signed on its behalf by:
 

.........................................

R C Smith

Director

Company registration number: 04894211

 

Pindar Travel Information Systems Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
2-10 Plantation Road
Amersham
Buckinghamshire
HP6 6HJ

The principal activity of the company continued to be that of the design and production of information media specialising in travel.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Going concern

The company made a profit for the year ended 30 June 2024 and had net assets at that date of £450,814 including cash at bank of £75,012.

The directors have considered and monitored the ongoing economic uncertainty in the United Kingdom and the directors' view is that the impact on the company will be manageable. The company operates within the public services information sector working for local government and specialised travel organisations and its services remain in demand. The directors have reviewed the business operations and are taking steps to actively manage overheads so that they align with revenue projections.

The directors have prepared a forecast of the projected financial performance of the company, and the group, of which the company is a member, for the next 12 months on a stressed basis, factoring in the potential ongoing impact of high inflation, interest rates and energy prices. The group finance their operations via bank borrowings, cash reserves and hire purchase leases which the board believe are likely to continue.

On the basis of the above, and after making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

 

Pindar Travel Information Systems Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Revenue recognition

Turnover is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Turnover is measured at the fair value of the consideration received or receivable from customers and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

The following criteria must also be met before turnover is recognised:

Sale of goods

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, specific criteria have been met by the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Provision of services

Revenues from consultancy services are normally recognised as services are performed, on a time and materials basis. Occasionally projects are sold on a fixed price basis. In these cases, the profitability of the project is measured on a monthly basis and any loss is recognised immediately in the profit and loss account. If the project to date is profitable then revenue is recognised to the extent that the contract is performed and the right to consideration has been earned.

Government grants

Government grants have been recognised when there is reasonable assurance that the entity will comply with the conditions attaching to them and that the grants will be received. The grants have been recognised based on the accrual model as a grant relating to revenue, which has been recognised in other operating income in the period of the related expenditure.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

 

Pindar Travel Information Systems Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, Fittings and Equipment

33% straight line

Motor vehicles

25% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Intangible assets

Other intangible assets relate to separately acquired customer-related intangible assets and are shown at historical cost.

Other intangible assets are recognised at fair value at the acquisition date and subsequently carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Over 10 years

Other intangible assets

Over 5 to 10 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Pindar Travel Information Systems Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Finance leases and hire purchase agreements

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit and loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Audit Report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 12 May 2025 was Darren Bond, who signed for and on behalf of Brebners.

4

Staff numbers

The average number of persons employed by the company during the year, was 13 (2023 - 13).

 

Pindar Travel Information Systems Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

5

Taxation

Tax charged/(credited) in the income statement

2024
 £

2023
 £

Current taxation

-

-

Deferred taxation

Arising from origination and reversal of timing differences

15,782

4,096

Tax expense in the income statement

15,782

4,096

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Capital allowances in excess of depreciation

6,145

Tax losses

-

Other timing differences

-

 

6,145

2023

Asset
£

Capital allowances in excess of depreciation

(7,164)

Tax losses

16,800

Other timing differences

-

 

9,636

 

Pindar Travel Information Systems Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

6

Intangible assets

Goodwill
 £

Other intangible assets
 £

Total
£

Cost or valuation

At 1 July 2023

11,254

51,567

62,821

Additions acquired separately

-

38,470

38,470

At 30 June 2024

11,254

90,037

101,291

Amortisation

At 1 July 2023

11,254

29,514

40,768

Amortisation charge

-

10,947

10,947

At 30 June 2024

11,254

40,461

51,715

Carrying amount

At 30 June 2024

-

49,576

49,576

At 30 June 2023

-

22,053

22,053

7

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

90,544

65,000

155,544

Additions

11,320

-

11,320

At 30 June 2024

101,864

65,000

166,864

Depreciation

At 1 July 2023

57,359

65,000

122,359

Charge for the year

16,213

-

16,213

At 30 June 2024

73,572

65,000

138,572

Carrying amount

At 30 June 2024

28,292

-

28,292

At 30 June 2023

33,185

-

33,185

 

Pindar Travel Information Systems Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

8

Stocks

2024
£

2023
£

Work in progress

93,393

107,090

9

Debtors

2024
£

2023
£

Trade debtors

111,379

82,366

Amounts owed by group undertakings

453,425

685

Other debtors

19,019

27,622

583,823

110,673

10

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

71,574

47,865

Amounts owed to group undertakings

19,566

664,624

Other creditors

281,997

218,872

373,137

931,361

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the statement of financial position

The total amount of guarantees not included in the statement of financial position is £2,402,665 (2023: £2,396,494). The company has an unlimited multilateral cross guarantee between Pindar Travel Information Systems Limited, Halstan Holdings Limited and Halstan & Co. Limited over all bank borrowings and loans.

12

Related party transactions

Summary of transactions with parent and fellow subsidiaries

In accordance with FRS 102 paragraph 33.1A exemption is taken not to disclose transactions in the year between group undertakings where 100% of the voting rights are controlled within the group.

Amounts due to and from group undertakings are aggregated as permitted by FRS 102 and shown separately in debtors and creditors.

 

 

Pindar Travel Information Systems Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

13

Parent and ultimate parent undertaking

The ultimate parent is Halstan Holdings Limited, incorporated in England and Wales.

The most senior parent entity producing publicly available financial statements is Halstan Holdings Limited. These financial statements are available upon request from Companies House.

The address of Halstan Holdings Limited is: 2-10 Plantation Road, Amersham, Buckinghamshire, HP6 6HJ.