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REGISTERED NUMBER: 05887997 (England and Wales)


Cyprus Premier Holidays Ltd

Abridged Audited Financial Statements

for the Year Ended 31 December 2024






Cyprus Premier Holidays Ltd (Registered number: 05887997)






Contents of the Financial Statements
for the year ended 31 December 2024




Page

Company Information 1

Statement of Financial Position 2 to 3

Notes to the Financial Statements 4 to 8


Cyprus Premier Holidays Ltd

Company Information
for the year ended 31 December 2024







DIRECTORS: Dr M Yasarata
Mr D Caginer



SECRETARY: Dr M Yasarata



REGISTERED OFFICE: 239-241 Kennington Lane
London
SE11 5QU



REGISTERED NUMBER: 05887997 (England and Wales)



AUDITORS: Alton & Co
Chartered Accountants
& Statutory Auditors
239-241 Kennington Lane
London
SE11 5QU



BANKERS: Barclays Bank Plc
17 North Street
Ashford
Kent
TN24 8LF

Cyprus Premier Holidays Ltd (Registered number: 05887997)

Statement of Financial Position
31 December 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 2,024 165,117
2,024 165,117

CURRENT ASSETS
Debtors 6 1,564,041 1,598,675
Cash at bank 392,797 341,989
1,956,838 1,940,664
CREDITORS
Amounts falling due within one year 7 309,609 480,438
NET CURRENT ASSETS 1,647,229 1,460,226
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,649,253

1,625,343

CREDITORS
Amounts falling due after more than one
year

8

(227,949

)

(277,975

)

PROVISIONS FOR LIABILITIES 10 (402 ) -
NET ASSETS 1,420,902 1,347,368

CAPITAL AND RESERVES
Called up share capital 11 369,436 369,436
Retained earnings 12 1,051,466 977,932
SHAREHOLDERS' FUNDS 1,420,902 1,347,368

Cyprus Premier Holidays Ltd (Registered number: 05887997)

Statement of Financial Position - continued
31 December 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Statement of Comprehensive Income for the year ended 31 December 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 May 2025 and were signed on its behalf by:





Dr M Yasarata - Director


Cyprus Premier Holidays Ltd (Registered number: 05887997)

Notes to the Financial Statements
for the year ended 31 December 2024

1. STATUTORY INFORMATION

Cyprus Premier Holidays Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is derived from the ordinary activities of the company and represents the sale of flights and accommodation net of VAT and trade discounts. Income is recognised by travel date.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2008, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings- 33% on cost
Motor vehicles - 20% on reducing balance
Computer equipment- 33% on cost
Website development costs- 10% on cost

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 positionstatement of financial position date.


Cyprus Premier Holidays Ltd (Registered number: 05887997)

Notes to the Financial Statements - continued
for the year ended 31 December 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 yearyear 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 statementstatement 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 8 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2024
and 31 December 2024 77,000
AMORTISATION
At 1 January 2024
and 31 December 2024 77,000
NET BOOK VALUE
At 31 December 2024 -
At 31 December 2023 -

Goodwill represents the purchase cost of the passenger database and domain name of an ATOL registered tour operator which has now ceased trading. The purchase cost will be amortised over a period of ten years from the year of purchase as in the opinion of the Directors this represents a reasonable and prudent period over which to write off an investment which generates additional turnover to the business.

Cyprus Premier Holidays Ltd (Registered number: 05887997)

Notes to the Financial Statements - continued
for the year ended 31 December 2024

5. TANGIBLE FIXED ASSETS
Website Fixtures
development and Computer
costs fittings equipment Totals
£    £    £    £   
COST
At 1 January 2024 378,653 20,395 113,537 512,585
Additions 72,985 - - 72,985
Disposals (309,644 ) - - (309,644 )
At 31 December 2024 141,994 20,395 113,537 275,926
DEPRECIATION
At 1 January 2024 219,168 20,395 107,905 347,468
Charge for year 1,689 - 3,608 5,297
Eliminated on disposal (78,863 ) - - (78,863 )
At 31 December 2024 141,994 20,395 111,513 273,902
NET BOOK VALUE
At 31 December 2024 - - 2,024 2,024
At 31 December 2023 159,485 - 5,632 165,117

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 99,168 32,270
Other debtors 1,464,873 1,566,405
1,564,041 1,598,675

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 86,581 86,279
Trade creditors 15,645 42,266
Taxation and social security 25,120 8,478
Other creditors 182,263 343,415
309,609 480,438

Payments received on account represent receipts relating to those bookings whose departure date is after 31 December 2024.

Cyprus Premier Holidays Ltd (Registered number: 05887997)

Notes to the Financial Statements - continued
for the year ended 31 December 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 20,871 70,897
Other creditors 207,078 207,078
227,949 277,975

Amounts falling due after more than one year consist of £207,078 of unsecured loans made to the company by the majority shareholder, £205,121 of which is subordinated and covered by a deed of undertaking given to the CAA that the company will not repay the creditor and the creditor shall not accept repayment from the company of any part of the loan a) for the period during which the company holds Air Travel Organiser's License unless the Creditor and the Company each obtain prior written consent by the CAA to such repayment b) after the company has ceased to hold any Air Travel Organiser's License until all claims of other creditors in respect of liabilities incurred by the company in the period during which it had any Air Travel Organiser's License have been satisfied.

The undertaking cannot be discharged or released or varied by any arrangement between the Creditor and the Company without prior written consent of the CAA and remains a continuing security binding the creditor regardless of any change in style or constitution of the Company.

The undertaking remains in force notwithstanding the Creditor ceasing to hold all or any of the issued shares in the Company.

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loan 70,871 120,897

BARCLAYS:
On 1st March 2020 Barclays Bank Plc created a deed of charge over all balances owed to Barclays Bank Plc secured on any Barclays Bank Plc Account held by the company.

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 402 -

Cyprus Premier Holidays Ltd (Registered number: 05887997)

Notes to the Financial Statements - continued
for the year ended 31 December 2024

10. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Charge to Income Statement during year 402
Balance at 31 December 2024 402

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
369,436 Ordinary £1 369,436 369,436

12. RESERVES
Retained
earnings
£   

At 1 January 2024 977,932
Profit for the year 73,534
At 31 December 2024 1,051,466

13. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mr Altan Kemal FCA FCCA (Senior Statutory Auditor)
for and on behalf of Alton & Co

14. RELATED PARTY DISCLOSURES

Entities with control, joint control or significant influence over the entity

Other debtors includes advanced payments of £1,281,827 (2023 - £1,243,920) made to a supplier, both companies are under common control. See Note 8.

During the year hotel, transfer and car-hire costs of £2,483,213 (2023- £2,616,256) were purchased from the related party.

15. ULTIMATE CONTROLLING PARTY

Mr D Caginer, who is a resident of Northern Cyprus