Registration number:
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Pindar Travel Information Systems Limited
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Brebners
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Pindar Travel Information Systems Limited
Contents
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Company Information |
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Statement of Financial Position |
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Notes to the Financial Statements |
Pindar Travel Information Systems Limited
Company Information
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Directors |
P Horseman C Thomas R C Smith |
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Registered office |
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Auditor |
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Pindar Travel Information Systems Limited
Statement of Financial Position as at 30 June 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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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
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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
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal activity of the company continued to be that of the design and production of information media specialising in travel.
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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
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:
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Asset class |
Depreciation method and rate |
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Furniture, Fittings and Equipment |
33% straight line |
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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:
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Asset class |
Amortisation method and rate |
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Goodwill |
Over 10 years |
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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.
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Audit Report |
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Staff numbers |
The average number of persons employed by the company during the year, was
Pindar Travel Information Systems Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
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Taxation |
Tax charged/(credited) in the income statement
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2024 |
2023 |
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Current taxation |
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Deferred taxation |
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Arising from origination and reversal of timing differences |
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Tax expense in the income statement |
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Deferred tax
Deferred tax assets and liabilities
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2024 |
Liability |
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Capital allowances in excess of depreciation |
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Tax losses |
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Other timing differences |
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2023 |
Asset |
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Capital allowances in excess of depreciation |
( |
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Tax losses |
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Other timing differences |
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Pindar Travel Information Systems Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
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Intangible assets |
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Goodwill |
Other intangible assets |
Total |
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Cost or valuation |
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At 1 July 2023 |
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Additions acquired separately |
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At 30 June 2024 |
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Amortisation |
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At 1 July 2023 |
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Amortisation charge |
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At 30 June 2024 |
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Carrying amount |
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At 30 June 2024 |
- |
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At 30 June 2023 |
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Tangible assets |
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Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 July 2023 |
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Additions |
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- |
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At 30 June 2024 |
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Depreciation |
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At 1 July 2023 |
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Charge for the year |
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- |
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At 30 June 2024 |
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Carrying amount |
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At 30 June 2024 |
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- |
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At 30 June 2023 |
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Pindar Travel Information Systems Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
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Stocks |
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2024 |
2023 |
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Work in progress |
93,393 |
107,090 |
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Debtors |
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2024 |
2023 |
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Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
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2024 |
2023 |
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Due within one year |
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Trade creditors |
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Amounts owed to group undertakings |
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Other creditors |
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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.
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Related party transactions |
Summary of transactions with parent and fellow subsidiaries
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
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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.