Diplomat Travel Services Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01461715 (England and Wales)

Financial Statements for the Year Ended 31st December 2018

for

Diplomat Travel Services Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr Ozkul Beyzade

Mrs Seyerre Beyzade

SECRETARY:

Mrs Havva Beyzade

REGISTERED OFFICE:

12 Eccleston Street

London

SW1W 9LT

REGISTERED NUMBER:

01461715 (England and Wales)

AUDITORS:

Bayar Hughes & Co Ltd

Statutory Auditor

Chartered Certified Accountants

4 Green Lane Business Park

238 Green Lane

New Eltham

London

SE9 3TL

FIXED ASSETS

Tangible assets

4

14,783

15,469

CURRENT ASSETS

Debtors

5

105,552

93,791

Cash at bank

6

156,648

206,506

262,200

300,297

CREDITORS

Amounts falling due within one year

7

140,729

174,417

NET CURRENT ASSETS

121,471

125,880

TOTAL ASSETS LESS CURRENT LIABILITIES

136,254

141,349

PROVISIONS FOR LIABILITIES

9

2,624

2,749

NET ASSETS

133,630

138,600

CAPITAL AND RESERVES

Called up share capital

10

56,000

56,000

Retained earnings

11

77,630

82,600

SHAREHOLDERS' FUNDS

133,630

138,600

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 25th June 2019 and were signed on its behalf by:

Mr Ozkul Beyzade - Director

1.	STATUTORY INFORMATION

Diplomat Travel Services 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

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 is expenditure is recognised at this point as the income is non-refundable

as per the company's booking terms and conditions.

Tangible fixed assets

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

Plant and machinery

-

25% on reducing balance

Motor vehicles

-

10% on reducing balance

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

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 5 (2017 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1st January 2018

18,174

45,967

64,141

Additions

-

1,654

1,654

At 31st December 2018

18,174

47,621

65,795

DEPRECIATION

At 1st January 2018

18,174

30,498

48,672

Charge for year

-

2,340

2,340

At 31st December 2018

18,174

32,838

51,012

NET BOOK VALUE

At 31st December 2018

-

14,783

14,783

At 31st December 2017

-

15,469

15,469

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/18

31/12/17

£

£

Trade debtors

64,324

69,725

Trade debtors (commissions)

13,510

5,468

VAT

6,059

2,408

Prepayments and accrued income

11,128

6,134

Prepayments

10,531

10,056

105,552

93,791

6.	CASH AT BANK

31/12/18

31/12/17

£

£

Other deposits (ABTA Bond)

25,000

25,000

Bank account no. 1

3,714

22,476

Bank account no. 2

107,606

105,839

Bank account no. 3

5,123

8,670

Bank account no. 4

15,205

44,521

156,648

206,506

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.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/18

31/12/17

£

£

Payments on account

3,150

-

Trade creditors

119,633

148,226

Tax

1,806

6,300

Social security and other taxes

2,632

2,180

Pension contribution liability

320

66

Directors' current accounts

8,554

13,023

Accrued expenses

4,634

4,622

140,729

174,417

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31/12/18

31/12/17

£

£

In more than five years

29,000

29,000

9.	PROVISIONS FOR LIABILITIES

31/12/18

31/12/17

£

£

Deferred tax

Accelerated capital allowances

2,624

2,749

Deferred

tax

£

Balance at 1st January 2018

2,749

Difference in NBV and WDV

(89

)

Expense not deductible for tax

Adjustment for deferred tax

(36

)

Salary bonuses

Credit notes reversal

Current year credit notes

Balance at 31st December 2018

2,624

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31/12/18

31/12/17

value:

£

£

56,000

Ordinary

1

56,000

56,000

11.

RESERVES

Retained

earnings

£

At 1st January 2018

82,600

Profit for the year

7,350

Dividends

(12,320

)

At 31st December 2018

77,630

12.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Bayar Chakarto FCCA (Senior Statutory Auditor)

for and on behalf of Bayar Hughes & Co Ltd

13.	RELATED PARTY DISCLOSURES

Mr Ozkul Beyzade

A Director and Shareholder

The Directors has given an interest free short term loan to the company of £8,554 (2017 £13,023), which is

payable on demand, through surplus funds within the company.

31/12/18

31/12/17

£

£

Amount due to related party at the balance sheet date

8,554

13,023

14.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the company's director, Mr O Beyzade.