Iceland Protravel Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05664110 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2019

for

ICELAND PROTRAVEL LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

G Kjartansson

V A Brocker

REGISTERED OFFICE:

The Old Workshop

1 Ecclesall Road South

Sheffield

S11 9PA

REGISTERED NUMBER:

05664110 (England and Wales)

ACCOUNTANTS:

Brown McLeod Limited

Chartered Accountants

The Old Workshop

1 Ecclesall Road South

Sheffield

South Yorkshire

S11 9PA

FIXED ASSETS

Tangible assets

4

761

1,413

CURRENT ASSETS

Debtors

5

301,209

253,146

Cash at bank

9,778

8,210

310,987

261,356

CREDITORS

Amounts falling due within one year

6

70,163

100,116

NET CURRENT ASSETS

240,824

161,240

TOTAL ASSETS LESS CURRENT LIABILITIES

241,585

162,653

CAPITAL AND RESERVES

Called up share capital

72,000

72,000

Retained earnings

169,585

90,653

241,585

162,653

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 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 applicable to companies subject to the small companies regime.

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 and authorised for issue on 6 July 2020 and were signed on its behalf by:

G Kjartansson - Director

1.	STATUTORY INFORMATION

Iceland Protravel Ltd 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 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.

Plant and machinery etc

-

20% on cost

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.

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 NIL (2018 - 2 ).

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2019

and 31 December 2019

3,261

DEPRECIATION

At 1 January 2019

1,848

Charge for year

652

At 31 December 2019

2,500

NET BOOK VALUE

At 31 December 2019

761

At 31 December 2018

1,413

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Trade debtors

25,558

70,963

Amounts owed by group undertakings

269,098

165,094

Other debtors

6,553

17,089

301,209

253,146

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Trade creditors

2,652

9,461

Taxation and social security

25,705

2,289

Other creditors

41,806

88,366

70,163

100,116

7.	ULTIMATE CONTROLLING PARTY

The controlling party is Island Protravel Holding EHF.