Absolute Travel Ltd
Registered number: 06328699
Balance Sheet
as at 31 August 2017
Notes 2017 2016
£ £
Fixed assets
Tangible assets 3 266 355
Current assets
Debtors 4 53,537 47,092
Cash at bank and in hand 756 1,020
54,293 48,112
Creditors: amounts falling due within one year 5 (38,036) (50,250)
Net current assets/(liabilities) 16,257 (2,138)
Net assets/(liabilities) 16,523 (1,783)
Capital and reserves
Called up share capital 1 1
Profit and loss account 16,522 (1,784)
Shareholder's funds 16,523 (1,783)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J Pillai
Director
Approved by the board on 24 January 2018
Absolute Travel Ltd
Notes to the Accounts
for the year ended 31 August 2017
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover as a tour operator includes revenue earned from the sale of holidays for which the company acts as principal. Holidays booked but not departed are shown as deferred income and the associated costs are included within prepayments.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods.
2 Employees 2017 2016
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery
£
Cost
At 1 September 2016 3,955
At 31 August 2017 3,955
Depreciation
At 1 September 2016 3,600
Charge for the year 89
At 31 August 2017 3,689
Net book value
At 31 August 2017 266
At 31 August 2016 355
4 Debtors 2017 2016
£ £
Trade debtors 53,537 47,092
5 Creditors: amounts falling due within one year 2017 2016
£ £
Bank loans and overdrafts 14,017 -
Trade creditors 4,356 39,460
Corporation tax 3,990 -
Other creditors 15,673 10,790
38,036 50,250
6 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
J Pillai
Loan 186 - 186
186 - - 186
7 Related party transactions
J Pillai , Flightserve UK Ltd and Flightserve Medical Air Charter LLP are related parties by virtue of common control. The balance is non interest bearing. At the balance sheet date, Flightserve UK Ltd was owed £4,937(2016-£4,937). Flightserve Medical Air Charter LLP was owed £8,150 (2016- £4,273). The trade debtors at the balance sheet date relate to Flightserve £53,537(2016-£47,092). J Pillai was owed £186(2016-£186).
8 Controlling party
John Pillai is the controlling party by virtue of his shareholding.
9 Other information
Absolute Travel Ltd is a private company limited by shares and incorporated in England. Its registered office is:
C/o A K E
The Salisbury Restaurant Office,
15 The Broadway,
Hatfield, Hertfordshire,
AL9 5HZ
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