Diplomat Travel Services Limited

	Page
Balance Sheet	1
Notes to the Financial Statements	2—4

1. General Information

Diplomat Travel Services Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01461715 . The registered office is 471 Green Lanes , Palmers Green, London, N13 4BS.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

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

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

Specific

Turnover consists largely of the margin on sales of airline tickets as well as other travel products, net of VAT and trade discounts. To a lesser extent, turnover includes the gross amount of sales of airline tickets when the company acts as principal.

Gross sales is a memorandum disclosure and represents the total transaction value of all products sold and services provided and therefore includes the total amount paid by customers for products and services provided by the company. The company reports the total transaction value as the directors believe that it reflects more accurately the cashflows within the company and also as it is a widely used measure of the company's size within the travel sector.

Income from travel tickets is recognised when travel arrangements have been organised and payment received. Income from package holidays is also recognised when the holiday has been organised and payment received from the customer. Income and related expenditure is recognised at this point as the income is non-refundable as per the company's booking terms and conditions.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	25% on reducing balance
Motor Vehicles	10% on reducing balance

2.4. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

...CONTINUED

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Diplomat Travel Services Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.4. Taxation - continued

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 4 (2023: 4)

4. Tangible Assets

	Plant & Machinery
	£
Cost
As at 1 January 2024	25,704
Additions	1,151

As at 31 December 2024	26,855

Depreciation
As at 1 January 2024	21,918
Provided during the period	1,234

As at 31 December 2024	23,152

Net Book Value
As at 31 December 2024	3,703

As at 1 January 2024	3,786

5. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	41,697	161,793
Other debtors	7,374	9,717

	49,071	171,510

6. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	15,813	125,624
Bank loans and overdrafts	10,000	10,000
Other creditors	15,197	17,111
Taxation and social security	5,287	8,017

	46,297	160,752

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Diplomat Travel Services Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

7. Creditors: Amounts Falling Due After More Than One Year

	2024	2023
	£	£
Bank loans	7,500	17,500

8. Share Capital

	2024	2023
	£	£
Allotted, Called up and fully paid	56,000	56,000

9. Directors Advances, Credits and Guarantees

Included within Other Debtors / Creditors (-Ve) are the following loans to directors:

	As at 1 January 2024	Amounts advanced	Amounts repaid	Amounts written off	As at 31 December 2024
	£	£	£	£	£
Mr Ozkul Beyzade	(359 )	-	(1,161 )	-	(1,520 )

The above loan is unsecured, interest free and repayable on demand.

10. FRC's Ethical Standard - Provision Available for Small Entities

In common with other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

11. Controlling Party

The company's controlling party is Mr O Beyzade by virtue of his ownership of (60%)% of the issued share capital in the company.

12. Cash at Bank

The company, has also provided a bond of £25,000, which Barclay's bank is holding a charge over. This is a requirement of ABTA, and was issued on 10th November 2015.

13. Audit Information

The auditor's report on the accounts of Diplomat Travel Services Limited for the year ended 31 December 2024 was unqualified.

The auditor's report was signed by Bayar Chakarto FCCA , Statutory Auditor.

Bayar Hughes & Co Ltd

Unit 4 Green Lane Business Park

238 Green Lane

London

SE9 3TL

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		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		3,703		3,786

			3,703		3,786
CURRENT ASSETS
Debtors	5	49,071		171,510
Cash at bank and in hand		196,875		193,125

		245,946		364,635
Creditors: Amounts Falling Due Within One Year	6	(46,297 )		(160,752 )

NET CURRENT ASSETS (LIABILITIES)			199,649		203,883

TOTAL ASSETS LESS CURRENT LIABILITIES			203,352		207,669

Creditors: Amounts Falling Due After More Than One Year	7		(7,500 )		(17,500 )

PROVISIONS FOR LIABILITIES
Provisions For Charges			(1,958 )		(2,908 )
Deferred Taxation			(704 )		(692 )

NET ASSETS			193,190		186,569

CAPITAL AND RESERVES
Called up share capital	8		56,000		56,000
Profit and Loss Account			137,190		130,569

SHAREHOLDERS' FUNDS			193,190		186,569