Dragoman Overseas Travel Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02732524 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2018

for

Dragoman Overseas Travel Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr C H K Hopkinson

Mr G Durie

Mr G B Manchester

SECRETARY:

Mr C H K Hopkinson

REGISTERED OFFICE:

Camp Green

Kenton Road

Debenham

Stowmarket

Suffolk

IP14 6LA

REGISTERED NUMBER:

02732524 (England and Wales)

ACCOUNTANTS:

Turner & Ellerby

Chartered Certified Accountants

5 Church Street

Framlingham

Woodbridge

Suffolk

IP13 9BQ

FIXED ASSETS

Tangible assets

4

607,231

584,487

CURRENT ASSETS

Stocks

16,907

21,895

Debtors

5

371,667

308,887

Cash at bank and in hand

1,799,732

1,758,387

2,188,306

2,089,169

CREDITORS

Amounts falling due within one year

6

1,839,070

1,799,844

NET CURRENT ASSETS

349,236

289,325

TOTAL ASSETS LESS CURRENT LIABILITIES

956,467

873,812

CREDITORS

Amounts falling due after more than one year

7

(209,593

)

(289,593

)

PROVISIONS FOR LIABILITIES

9

(54,464

)

-

NET ASSETS

692,410

584,219

CAPITAL AND RESERVES

Called up share capital

30,000

30,000

Undistribuable Revaluation

Reserve

10

127,631

127,631

Retained earnings

534,779

426,588

SHAREHOLDERS' FUNDS

692,410

584,219

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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

The financial statements were approved by the Board of Directors on 27 March 2019 and were signed on its behalf by:

Mr G Durie - Director

Mr C H K Hopkinson - Director

1.	STATUTORY INFORMATION

Dragoman Overseas Travel Limited 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

not provided

Improvements to property

-

5% on cost

Plant and machinery

-

25% on cost

Fixtures and fittings

-

15% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

The Company has adopted a policy of revaluing it's Freehold Property in accordance with the

provisions of FRS 102 section 1a. As a result, the director's consider that Freehold Properties are

shown at fair value.

Freehold properties are therefore not depreciated but are subject to regular revaluations and

impairment reviews by the directors who will instruct independent valuations if needed.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet 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 year 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 balance sheet 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.

Forward currency contracts and other financial instruments are recognised at fair value on initial

recognition. Fair value movements on forward contracts held at the balance sheet date are recognised

in profit or loss.

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 62 (2017 - 61 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Freehold

to

Plant and

property

property

machinery

£

£

£

COST OR VALUATION

At 1 January 2018

275,000

61,020

126,328

Additions

-

-

10,920

At 31 December 2018

275,000

61,020

137,248

DEPRECIATION

At 1 January 2018

-

28,253

111,798

Charge for year

-

3,816

8,328

Eliminated on disposal

-

-

-

At 31 December 2018

-

32,069

120,126

NET BOOK VALUE

At 31 December 2018

275,000

28,951

17,122

At 31 December 2017

275,000

32,767

14,530

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST OR VALUATION

At 1 January 2018

51,931

930,236

138,674

1,583,189

Additions

-

137,005

-

147,925

Disposals

-

(47,838

)

-

(47,838

)

At 31 December 2018

51,931

1,019,403

138,674

1,683,276

DEPRECIATION

At 1 January 2018

49,499

677,793

131,359

998,702

Charge for year

394

108,937

3,706

125,181

Eliminated on disposal

-

(47,838

)

-

(47,838

)

At 31 December 2018

49,893

738,892

135,065

1,076,045

NET BOOK VALUE

At 31 December 2018

2,038

280,511

3,609

607,231

At 31 December 2017

2,432

252,443

7,315

584,487

Cost or valuation at 31 December 2018 is represented by:

Improvements

Freehold

to

Plant and

property

property

machinery

£

£

£

Valuation in 2019

127,631

-

-

Cost

147,369

61,020

137,248

275,000

61,020

137,248

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

Valuation in 2019

-

-

-

127,631

Cost

51,931

1,019,403

138,674

1,555,645

51,931

1,019,403

138,674

1,683,276

If freehold land and buildings had not been revalued they would have been included at the following

historical cost:

2018

2017

£

£

Cost

147,369

147,369

Freehold land and buildings were valued on an open market basis on 19 February 2019 by James Aldridge Chartered Surveyors

.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

180,049

102,460

VAT

17,615

6,383

Prepayments and accrued income

174,003

200,044

371,667

308,887

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

1,342,840

1,399,062

Tax

31,738

334

Social security and other taxes

32,192

29,190

Accrued expenses

432,300

371,258

1,839,070

1,799,844

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Other loans (see note 8)

209,593

209,593

Directors' loan accounts

-

80,000

209,593

289,593

8.

LOANS

An analysis of the maturity of loans is given below:

2018

2017

£

£

Amounts falling due between one and two years:

Dragoman Travel Limited

209,593

209,593

9.	PROVISIONS FOR LIABILITIES

2018

2017

£

£

Deferred tax

54,464

-

Deferred

tax

£

Charge to Income Statement during year

54,464

Balance at 31 December 2018

54,464

10.

RESERVES

Undistribuable

Revaluation

Reserve

£

At 1 January 2018

and 31 December 2018

127,631