Caseware UK (AP4) 2024.0.164 2024.0.164 2025-03-31 2025-03-31 0 false false 2024-04-01 That of a tour operator specialising in the Far East 12 13 false true The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 06318621 2024-04-01 2025-03-31 06318621 2023-04-01 2024-03-31 06318621 2025-03-31 06318621 2024-03-31 06318621 2023-04-01 06318621 1 2024-04-01 2025-03-31 06318621 1 2023-04-01 2024-03-31 06318621 5 2024-04-01 2025-03-31 06318621 5 2023-04-01 2024-03-31 06318621 d:Director1 2024-04-01 2025-03-31 06318621 e:FurnitureFittings 2024-04-01 2025-03-31 06318621 e:FurnitureFittings 2025-03-31 06318621 e:FurnitureFittings 2024-03-31 06318621 e:FurnitureFittings e:OwnedOrFreeholdAssets 2024-04-01 2025-03-31 06318621 e:PatentsTrademarksLicencesConcessionsSimilar 2024-04-01 2025-03-31 06318621 e:ComputerSoftware 2025-03-31 06318621 e:ComputerSoftware 2024-03-31 06318621 e:CurrentFinancialInstruments 2025-03-31 06318621 e:CurrentFinancialInstruments 2024-03-31 06318621 e:CurrentFinancialInstruments 6 2025-03-31 06318621 e:CurrentFinancialInstruments 6 2024-03-31 06318621 e:Non-currentFinancialInstruments 2025-03-31 06318621 e:Non-currentFinancialInstruments 2024-03-31 06318621 e:CurrentFinancialInstruments e:WithinOneYear 2025-03-31 06318621 e:CurrentFinancialInstruments e:WithinOneYear 2024-03-31 06318621 e:Non-currentFinancialInstruments e:AfterOneYear 2025-03-31 06318621 e:Non-currentFinancialInstruments e:AfterOneYear 2024-03-31 06318621 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2025-03-31 06318621 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2024-03-31 06318621 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2025-03-31 06318621 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2024-03-31 06318621 e:ShareCapital 2024-04-01 2025-03-31 06318621 e:ShareCapital 2025-03-31 06318621 e:ShareCapital 2023-04-01 2024-03-31 06318621 e:ShareCapital 2024-03-31 06318621 e:ShareCapital 2023-04-01 06318621 e:CapitalRedemptionReserve 2024-04-01 2025-03-31 06318621 e:CapitalRedemptionReserve 2025-03-31 06318621 e:CapitalRedemptionReserve 1 2024-04-01 2025-03-31 06318621 e:CapitalRedemptionReserve 2023-04-01 2024-03-31 06318621 e:CapitalRedemptionReserve 2024-03-31 06318621 e:CapitalRedemptionReserve 2023-04-01 06318621 e:RevaluationReserve 1 2023-04-01 2024-03-31 06318621 e:OtherMiscellaneousReserve 2024-04-01 2025-03-31 06318621 e:OtherMiscellaneousReserve 2025-03-31 06318621 e:OtherMiscellaneousReserve 1 2024-04-01 2025-03-31 06318621 e:OtherMiscellaneousReserve 2023-04-01 2024-03-31 06318621 e:OtherMiscellaneousReserve 2024-03-31 06318621 e:OtherMiscellaneousReserve 2023-04-01 06318621 e:OtherMiscellaneousReserve 1 2023-04-01 2024-03-31 06318621 e:RetainedEarningsAccumulatedLosses 2024-04-01 2025-03-31 06318621 e:RetainedEarningsAccumulatedLosses 2025-03-31 06318621 e:RetainedEarningsAccumulatedLosses 1 2024-04-01 2025-03-31 06318621 e:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 06318621 e:RetainedEarningsAccumulatedLosses 2024-03-31 06318621 e:RetainedEarningsAccumulatedLosses 2023-04-01 06318621 e:RetainedEarningsAccumulatedLosses 1 2023-04-01 2024-03-31 06318621 d:FRS102 2024-04-01 2025-03-31 06318621 d:AuditExemptWithAccountantsReport 2024-04-01 2025-03-31 06318621 d:FullAccounts 2024-04-01 2025-03-31 06318621 d:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 06318621 2 2024-04-01 2025-03-31 06318621 e:ShareCapital 1 2024-04-01 2025-03-31 06318621 e:ShareCapital 1 2023-04-01 2024-03-31 06318621 e:AcceleratedTaxDepreciationDeferredTax 2025-03-31 06318621 e:AcceleratedTaxDepreciationDeferredTax 2024-03-31 06318621 e:TaxLossesCarry-forwardsDeferredTax 2025-03-31 06318621 e:TaxLossesCarry-forwardsDeferredTax 2024-03-31 06318621 f:PoundSterling 2024-04-01 2025-03-31 iso4217:GBP xbrli:pure

Registered number: 06318621 SELECTIVE ASIA LIMITED UNAUDITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 MARCH 2025
SELECTIVE ASIA LIMITED CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SELECTIVE ASIA LIMITED FOR THE YEAR ENDED 31 MARCH 2025 In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Selective Asia Limited for the year ended 31 March 2025 which comprise the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes from the Company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation. This report is made solely to the Board of Directors of Selective Asia Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Selective Asia Limited and state those matters that we have agreed to state to the Board of Directors of Selective Asia Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Selective Asia Limited and its Board of Directors, as a body, for our work or for this report. It is your duty to ensure that Selective Asia Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Selective Asia Limited. You consider that Selective Asia Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or review of the financial statements of Selective Asia Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. White Hart Associates (London) Limited Chartered Accountants and Statutory Auditors 2nd Floor, Nucleus House 2 Lower Mortlake Road Richmond TW9 2JA 28 July 2025 Page 1
SELECTIVE ASIA LIMITED REGISTERED NUMBER: 06318621 STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 5 |  | 6,031 |  | 5,314
|  |  | 6,031 |  | 5,314
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 6 | 460,633 |  | 457,970 |
Cash at bank and in hand | 7 | 1,287,031 |  | 846,014 |
|  | 1,747,664 |  | 1,303,984 |
Creditors: amounts falling due within one year | 8 | (1,415,044) |  | (944,178) |
Net current assets |  |  | 332,620 |  | 359,806
Total assets less current liabilities |  |  | 338,651 |  | 365,120
Creditors: amounts falling due after more than one year | 9 |  | (33,737) |  | (152,360)
Net assets |  |  | 304,914 |  | 212,760
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 30,000 |  | 30,000
Capital redemption reserve | 12 |  | 1,257 |  | 1,257
Cash flow hedging reserve | 12 |  | (10,957) |  | (17,269)
Profit and loss account | 12 |  | 284,614 |  | 198,772
|  |  | 304,914 |  | 212,760
Page 2
SELECTIVE ASIA LIMITED REGISTERED NUMBER: 06318621 STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 MARCH 2025 The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 July 2025.
Mr N Pulley
Director
The notes on pages 6 to 16 form part of these financial statements. Page 3
SELECTIVE ASIA LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2025
| Called up share capital | Capital redemption reserve | Cash flow hedging reserve | Profit and loss account | Total equity
| £ | £ | £ | £ | £
At 1 April 2023 | 30,000 | 1,257 | (64,715) | (10,303) | (43,761)
Comprehensive income for the year |  |  |  |  |
Profit for the year | - | - | - | 209,075 | 209,075
Fair value gain/(loss) on cash flow hedges | - | - | 47,446 | - | 47,446
Total comprehensive income for the year | - | - | 47,446 | 209,075 | 256,521
At 1 April 2024 | 30,000 | 1,257 | (17,269) | 198,772 | 212,760
Comprehensive income for the year |  |  |  |  |
Profit for the year | - | - | - | 85,842 | 85,842
Fair value gain/(loss) on cash flow hedges | - | - | 6,312 | - | 6,312
Total comprehensive income for the year | - | - | 6,312 | 85,842 | 92,154
At 31 March 2025 | 30,000 | 1,257 | (10,957) | 284,614 | 304,914
| The notes on pages 6 to 16 form part of these financial statements.
Page 4
SELECTIVE ASIA LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 85,842 | 209,075
Adjustments for: |  |
Depreciation of tangible assets | 1,496 | 1,772
Interest paid | 10,168 | 12,005
Investment income | - | (174)
Taxation charge | 5,159 | (9,611)
(Increase) in debtors | (8,735) | (52,125)
Increase/(decrease) in creditors | 410,430 | (104,304)
Corporation tax received | - | 9,168
Net cash generated from operating activities | 504,360 | 65,806
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (2,213) | -
Dividends received | - | 174
Net cash from investing activities | (2,213) | 174
Cash flows from financing activities |  |
Repayment of loans | (50,962) | (49,702)
Interest paid | (10,168) | (12,005)
Net cash used in financing activities | (61,130) | (61,707)
Net increase in cash and cash equivalents | 441,017 | 4,273
Cash and cash equivalents at beginning of year | 846,014 | 841,741
Cash and cash equivalents at the end of year | 1,287,031 | 846,014
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 1,287,031 | 846,014
The notes on pages 6 to 16 form part of these financial statements.
Page 5
SELECTIVE ASIA LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. | General information
As disclosed in the Directors' Report, the principal activity of the Company in the year under review was that of a tour operator specialising in the Far East. Selective Asia Ltd is a private company limited by shares and is incorporated in England. The address of the Company's principal place of business and registered office is Citibase Building, 95 Ditchling Road, Brighton, East Sussex, BN1 4ST. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies. The following principal accounting policies have been applied:
| 2.2 | Going concern
Company management and the directors continue to constantly review the Company’s financial position as well as forecasts, and plan mitigation actions in order to neutralise the potential financial impact from any significant downturn in trading. This work has also enabled them to assess and plan for the potential impact of any additional capital requirements that might be required by its regulators. Based on the above and the sensitised forecasts and budgets, Company management have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, being at least the following 12 months from the signing of these financial statements. This is supported by the strong performance seen so far at the start of 2025. The Company has been well placed to meet and service the additional volume. The directors will continue to take all reasonably commercial steps, including the pursuit of further financing or support if required, to mitigate against potential future threats to trade that could impact the Company's ability to continue as a going concern. For this reason, the directors believe that it is still appropriate to apply the going concern basis in the financial statements. Page 6
SELECTIVE ASIA LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.3 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
| 2.4 | Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover is recognised on a date of departure basis for travel arrangements provided to customers.
| 2.5 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.
| 2.6 | Research and development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years. If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only. Page 7
SELECTIVE ASIA LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.7 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.8 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.9 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.10 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
| 2.11 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date. Page 8
SELECTIVE ASIA LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.12 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. Amortisation is provided on the following bases:
|  |  |  | Computer software | - |  | Straight line at 25%
| 2.13 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis. Depreciation is provided on the following basis:
|  |  |  | Fixtures, fittings and equipment | - | Reducing balance at 25%
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.14 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. Page 9
SELECTIVE ASIA LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.15 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.
| 2.16 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.17 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.18 | Hedge accounting
The Company uses foreign currency forward contracts to manage its exposure to cash flow risk on its future creditors payable in foreign currencies. These derivatives are measured at fair value at each reporting date. To the extent the cash flow hedge is effective, movements in fair value are recognised in other comprehensive income and presented in a separate cash flow hedge reserve. Any ineffective portions of those movements are recognised in profit or loss for the year. Gains and losses on the hedging instruments and the hedged items are recognised in profit or loss for the year. When a hedged item is an unrecognised firm commitment, the cumulative hedging gain or loss on the hedged item is recognised as an asset or liability with a corresponding gain or loss recognised in profit or loss.
3. | Employees
| The average monthly number of employees, including directors, during the year was 12 (2024 - 13).
Page 10
SELECTIVE ASIA LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
4. | Intangible assets
|  | Computer software
|  | £
| Cost |
| At 1 April 2024 | 82,155
| At 31 March 2025 | 82,155
| Amortisation |
| At 1 April 2024 | 82,155
| At 31 March 2025 | 82,155
| Net book value |
| At 31 March 2025 | -
| At 31 March 2024 | -
Page 11
SELECTIVE ASIA LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
5. | Tangible fixed assets
|  | Fixtures, fittings and equipment
|  | £
| Cost or valuation |
| At 1 April 2024 | 62,144
| Additions | 2,213
| At 31 March 2025 | 64,357
| Depreciation |
| At 1 April 2024 | 56,830
| Charge for the year on owned assets | 1,496
| At 31 March 2025 | 58,326
| Net book value |
| At 31 March 2025 | 6,031
| At 31 March 2024 | 5,314
Page 12
SELECTIVE ASIA LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
6. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 647 | 1,644
| Other debtors | 10,829 | 34,500
| Prepayments and accrued income | 393,144 | 360,654
| Deferred taxation | 56,013 | 61,172
|  | 460,633 | 457,970
| Included in prepayments and accrued income balance is the sum of £387,476 (2024 - £356,813) which relates to advance supplier payments for bookings departing from 1 April 2025 onwards.
7. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 1,287,031 | 846,014
|  | 1,287,031 | 846,014
| Included in cash at bank above as of 31 March 2024 were restricted funds held in a Trust Account of £15,061 (2024 - £41,175).
8. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 50,333 | 50,123
| Trade creditors | 94,762 | 40,636
| Other taxation and social security | 12,140 | 10,017
| Other creditors | 16,911 | 4,574
| Accruals and deferred income | 1,229,941 | 821,559
| Financial instruments | 10,957 | 17,269
|  | 1,415,044 | 944,178
| Included in accruals and deferred income is the sum of £1,225,291 (2024 - £851,151) which relates to advance customer receipts for bookings departing from 1 April 2025 onwards. Of the advance customer receipts, £13,901 relate to bookings departing from 1 April 2026 onwards and have therefore been classified as due after one year.
Page 13
SELECTIVE ASIA LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
9. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 19,836 | 71,008
| Other creditors | - | 30,000
| Accruals and deferred income | 13,901 | 51,352
|  | 33,737 | 152,360
| Included within other creditors above was a loan from Mr N Pulley, one of the directors, totalling £30,000, which was subject to a subordinated undertaking in favour of the Civil Aviation Authority ('CAA'), in relation to the Company's ATOL licence. During the year, the loan was fully repaid after obtaining consent from the CAA.
10. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans due within one year | 50,333 | 50,123
| Bank loans due within 1-2 years | 19,836 | 50,123
| Bank loans due within 2-5 years | - | 20,885
|  | 70,169 | 121,131
| Bank loans above include a loan from the Company's bankers, Barclays Bank Plc, amounting to £225,000, drawn down in June 2020 and supported by the Coronavirus Business Interruption Loan Scheme (CBILS). The loan is for a 6 year term with a capital repayment holiday for the first 18 months. There was no interest payable for the first 12 months and an interest rate at 2.84% above the base rate per annum is charged thereafter.
Page 14
SELECTIVE ASIA LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
11. | Deferred taxation
|  | 2025 | 2024
|  | £ | £
| At beginning of year | 61,172 | 60,729
| Charged to profit or loss | (5,159) | 443
| At end of year | 56,013 | 61,172
| The deferred tax asset is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (1,508) | (1,328)
| Tax losses carried forward | 57,521 | 62,500
|  | 56,013 | 61,172
12. | Reserves
Capital redemption reserve The capital redemption reserve represents a non distributable reserve created upon redemption of preference shares or a share buyback and represents the nominal value or face value of the shares redeemed or bought back. Profit and loss account The profit and loss account represents all current and prior period retained profits and losses, less any dividends paid to the Company's shareholders. Cash flow hedging reserve The cash flow hedging reserve relates to, in accordance with the Company's accounting policies, the effective portion of changes in the fair value of foreign exchange forward contract derivatives are recognised. During the current year. as there are no future contracts, the reserve balance is nullified.
13. | Pension commitments
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £11,026 (2024 - £11,813). Contributions totalling £2,834 (2024 - £2,725) were payable to the fund at the balance sheet date and are included in creditors. Page 15
SELECTIVE ASIA LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
14. | Transactions with directors
| The following advances and credits to directors subsisted during the years ended 31 March 2025 and 31 March 2024:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Mr K Sell |  |
| Balance outstanding at the start of the year | 6,920 | 1,320
| Amounts advanced | - | 5,600
| Amounts repaid | (6,920) | -
| Balance outstanding at the end of the year | - | 6,920
| Mr N Pulley |  |
| Balance outstanding at the start of the year | (17,730) | 12,193
| Amounts advanced | 17,800 | 77
| Amounts repaid | - | (30,000)
| Balance outstanding at the end of the year | 70 | (17,730)
15. | Controlling party
The ultimate controlling party of the Company is Mr N Pulley, by virtue of his ownership of the entire issued share capital of the Company.
Page 16