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Registered number: 7406828
THE ABSOLUTELY TRAVEL LIMITED
Directors' Report and
Unaudited Financial Statements
For The Year Ended 31 December 2014
O'Hara Accounting & Tax Ltd

6/7 Ashdown House
Riverside Business Park
Benarth Road
Conwy
LL32 8UB
THE ABSOLUTELY TRAVEL LIMITED
Directors' Report and Financial Statements
For The Year Ended 31 December 2014
Directors' Report and Financial Statements
Contents
Page
Company Information 1
Directors' Report 2
Accountant's Report 3
Profit and Loss Account 4
Balance Sheet 5
Notes to the Accounts 7
The following pages do not form part of the statutory accounts:
Trading Profit and Loss Account 11—12
THE ABSOLUTELY TRAVEL LIMITED
Company Information
For The Year Ended 31 December 2014
Company Information
Directors Mr Neil Newman
Mr Duncan Gilroy
Company Number 7406828
Registered Office 6/7 Ashdown House
Riverside Business Park
Benarth Road
Conwy
LL32 8UB
Accountants O'Hara Accounting & Tax Ltd
6/7 Ashdown House
Riverside Business Park
Benarth Road
Conwy
LL32 8UB
Page 1
THE ABSOLUTELY TRAVEL LIMITED
Company No. 7406828
Directors' Report For The Year Ended 31 December 2014
Directors' Report
The directors present their report and the financial statements for the year ended 31 December 2014
Statement of Directors' Responsibilities
Company Law requires directors to prepare financial statements for each financial year, giving a true and fair view of the affairs of the Company. In preparing these financial statements directors are required to select suitable accounting policies, making judgments and estimates which are reasonable, and prepare financial statements on a going concern basis. The company qualifies as a small company under the Companies Act 2006 and the accounting standards of FRSSE have been applied.
Principal Activity
The company's principal activity continues to be that of acting as a travel agent and organising holidays for the general public.
Directors
The directors who held office during the period were as follows:
Mr Duncan Gilroy
Mr Neil Newman
Political and Charitable Donations
Political and charitable donations were £70.00 during the period.
Small Company Rules
This report has 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.
On behalf of the board
Mr Duncan Gilroy
30/03/2015
Page 2
THE ABSOLUTELY TRAVEL LIMITED
Accountant's Report
For The Year Ended 31 December 2014
Accountant's Report
Report to the Directors of THE ABSOLUTELY TRAVEL LIMITED on the unaudited financial statements in order to assist you to fulfill your duties under the Companies Act 2006, we have prepared for your approval the accounts of the company to its year end from the accounting records as supplied to us, and from explanations which you have given us. As practising members of the Association of Certified Public Accountants, we are subject to its ethical and professional requirements a copy of which is available from their offices in Manchester. Based on our work nothing has come to light to refute the directors confirmation that the statements give a true and fair view of the state of the company at its financial year end.
Mr V G OHara FCPA.
30/03/2015
O'Hara Accounting & Tax Ltd
6/7 Ashdown House
Riverside Business Park
Benarth Road
Conwy
LL32 8UB
Page 3
THE ABSOLUTELY TRAVEL LIMITED
Profit and Loss Account
For The Year Ended 31 December 2014
Profit and Loss Account
31 December 2014 Period to 31 December 2013
Notes £ £
TURNOVER 719,933 1,400,755
Cost of sales (526,441) (1,009,031)
GROSS PROFIT 193,492 391,724
Administrative expenses (175,349) (321,131)
OPERATING PROFIT 2 18,143 70,593
PROFIT ON ORDINARY ACTIVITIES BEFORE INTEREST 18,143 70,593
Interest payable and similar charges (10,574) (13,588)
PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION 7,569 57,005
Tax on profit on ordinary activities 4 (4,425) -
PROFIT FOR THE FINANCIAL YEAR 12 3,144 57,005
Page 4
THE ABSOLUTELY TRAVEL LIMITED
Balance Sheet
As at 31 December 2014
Balance Sheet
31 December 2014 Period to 31 December 2013
Notes £ £ £ £
FIXED ASSETS
Tangible assets 5 71,594 82,863
71,594 82,863
CURRENT ASSETS
Debtors 6 268,247 275,775
Cash at bank and in hand 2,011 56,975
270,258 332,750
Creditors: Amounts Falling Due Within One Year 7 (77,586) (258,134)
NET CURRENT ASSETS (LIABILITIES) 192,672 74,616
TOTAL ASSETS LESS CURRENT LIABILITIES 264,266 157,479
Creditors: Amounts Falling After More Than One Year 8 (159,074) (88,856)
PROVISIONS FOR LIABILITIES
Provisions for charges 10 (3,099) -
Deferred Taxation 9 (1,326) -
NET ASSETS 100,767 68,623
CAPITAL AND RESERVES
Called up share capital 11 30,000 1,000
Profit and Loss account 70,767 67,623
SHAREHOLDERS' FUNDS 12 100,767 68,623
Page 5
THE ABSOLUTELY TRAVEL LIMITED
Balance Sheet (continued)
As at 31 December 2014
For the year ending 31 December 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
  • The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
  • These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2008).
On behalf of the board
Mr Duncan Gilroy
30/03/2015
Page 6
THE ABSOLUTELY TRAVEL LIMITED
Notes to the Unaudited Accounts
For The Year Ended 31 December 2014
Notes to the Unaudited Accounts
Accounting Policies
Basis of Preparation of Financial Statements
The financial statements are prepared under historical cost of convention and have been prepared in accordance with FRSSE 2006 standards.
Statement of Cash Flow
The company qualifies as a small company under the Companies Act 1985. The directors have elected to take advantage of the exemption under FRS1 not to prepare a cashflow statement.
Turnover
All turnover was generated in the UK.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. 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 Depreciates annually by 20% reducing balance.
Motor Vehicles Depreciates annually by 20% reducing balance
Fixtures & Fittings Depreciates annually by 20% reducing balance.
Operating Profit
The operating profit is stated after charging:
31 December 2014 Period to 31 December 2013
£ £
Directors' Remuneration 48,922 10,256
Depreciation of tangible fixed assets 17,899 22,237
Directors' Remuneration
31 December 2014 Period to 31 December 2013
£ £
Emoluments 46,805 5,620
Company contributions to money purchase pension schemes 2,117 4,636
48,922 10,256
Page 7
THE ABSOLUTELY TRAVEL LIMITED
Notes to the Unaudited Accounts (continued)
For The Year Ended 31 December 2014
Tax on Profit on Ordinary Activities
Tax Rate 31 December 2014 Period to 31 December 2013
31 December 2014 Period to 31 December 2013 £ £
UK Corporation Tax 20% 20% 4,425 -
Total Current Tax Charge 4,425 -
Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 January 2014 28,907 59,676 22,048 110,631
Additions 6,630 - - 6,630
As at 31 December 2014 35,537 59,676 22,048 117,261
Depreciation
As at 1 January 2014 8,323 13,526 5,919 27,768
Provided during the period 5,443 9,230 3,226 17,899
As at 31 December 2014 13,766 22,756 9,145 45,667
Net Book Value
As at 31 December 2014 21,771 36,920 12,903 71,594
As at 1 January 2014 20,584 46,150 16,129 82,863
Debtors
31 December 2014 Period to 31 December 2013
£ £
Due within one year
Trade debtors 266,454 275,775
Other debtors 1,793 -
268,247 275,775
Page 8
THE ABSOLUTELY TRAVEL LIMITED
Notes to the Unaudited Accounts (continued)
For The Year Ended 31 December 2014
Creditors: Amounts Falling Due Within One Year
31 December 2014 Period to 31 December 2013
£ £
Trade creditors 77,586 258,134
Creditors: Amounts Falling After More Than One Year
31 December 2014 Period to 31 December 2013
£ £
Other creditors 110,767 -
Directors loan account 48,307 88,856
159,074 88,856
Deferred Taxation
31 December 2014 Period to 31 December 2013
£ £
Deferred taxation - -
Deferred tax 1,326 -
The provision for deferred taxation is made up of accelerated capital allowances
Provisions for Liabilities
£
As at 1 January 2014 -
Additional provisions made during the period 3,099
As at 31 December 2014 3,099
Share Capital
Value Number 31 December 2014 Period to 31 December 2013
Allotted, called up and fully paid: £ £ £
Ordinary shares 1.000 30000 30,000 1,000
Page 9
THE ABSOLUTELY TRAVEL LIMITED
Notes to the Unaudited Accounts (continued)
For The Year Ended 31 December 2014
Reconciliation of Reserves
Share Capital Profit & Loss Account
£ £
As at 1 January 2014 30,000 67,623
Profit for year - 3,144
As at 31 December 2014 30,000 70,767
Page 10
THE ABSOLUTELY TRAVEL LIMITED
Trading Profit and Loss Account
For The Year Ended 31 December 2014
Trading Profit and Loss Account
31 December 2014 Period to 31 December 2013
£ £ £ £
TURNOVER
Sales 719,933 1,981,227
Forward sales - (580,625)
Other trading income - 153
719,933 1,400,755
COST OF SALES
Leasing and hire of plant, equipment and vehicles - 478
Other direct costs 526,441 1,008,553
(526,441) (1,009,031)
GROSS PROFIT 193,492 391,724
Administrative Expenses
Directors' salaries 46,805 5,620
Directors' pension - defined contribution schemes 2,117 4,636
Wages and salaries 4,907 21,393
Employers pensions - defined benefits scheme - 529
Subcontractor costs - 46,974
Recruitment costs - 200
Staff training 150 1,835
Health and safety costs 3,851 3,218
Travel expenses 485 8,093
Rent & rates 2,200 5,983
Light and heat 1,844 2,660
Hire and leasing of plant, equipment and vehicles 5,032 8,440
Other vehicle costs 5,964 58,835
Computer software, consumables and maintenance 1,453 602
Repairs, renewals and maintenance 4,477 3,690
Insurance 17,253 19,001
Printing, postage and stationery 2,094 7,072
Advertising and marketing costs 30,395 61,570
Telecommunications 11,813 16,314
Professional fees 11,267 16,643
Subscriptions 1,666 738
licence fees payable (General admin) 679 1,231
Charitable donations 70 1,390
Other office costs 2,800 2,135
...CONTINUED
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THE ABSOLUTELY TRAVEL LIMITED
Trading Profit and Loss Account (continued)
For The Year Ended 31 December 2014
Depreciation 17,899 22,237
Entertaining 128 92
(175,349) (321,131)
PROFIT ON ORDINARY ACTIVITIES BEFORE INTEREST 18,143 70,593
Finance Costs
Bank charges 10,574 13,588
(10,574) (13,588)
NET PROFIT 7,569 57,005
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