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 2019

for

Diplomat Travel Services Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr Ozkul Beyzade

Mrs Seyyare Beyzade

SECRETARY:

Mrs Havva Beyzade

REGISTERED OFFICE:

12 Eccleston Street

London

SW1W 9LT

REGISTERED NUMBER:

01461715 (England and Wales)

AUDITORS:

R I Mehmet & Co

Chartered Certified Accountants &

Registered Auditors

312a Westwood Lane

Woodman Parade

Sidcup

Kent

DA15 9PT

FIXED ASSETS

Tangible assets

4

12,833

14,783

CURRENT ASSETS

Debtors

5

60,805

105,552

Cash at bank

6

168,151

156,648

228,956

262,200

CREDITORS

Amounts falling due within one year

7

121,272

140,729

NET CURRENT ASSETS

107,684

121,471

TOTAL ASSETS LESS CURRENT LIABILITIES

120,517

136,254

PROVISIONS FOR LIABILITIES

9

2,287

2,624

NET ASSETS

118,230

133,630

CAPITAL AND RESERVES

Called up share capital

10

56,000

56,000

Retained earnings

11

62,230

77,630

SHAREHOLDERS' FUNDS

118,230

133,630

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 28th August 2020 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.

The accounts have been prepared on a going concern basis which assumes that the company will continue to trade into the foreseeable future and at least twelve months from the approval date of these accounts. No adjustments have been made within the financial accounts to reflect any amendments to the figures that may become necessary in the event that the going concern basis was not deemed appropriate.

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 (2018 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1st January 2019

and 31st December 2019

18,174

47,621

65,795

DEPRECIATION

At 1st January 2019

18,174

32,838

51,012

Charge for year

-

1,950

1,950

At 31st December 2019

18,174

34,788

52,962

NET BOOK VALUE

At 31st December 2019

-

12,833

12,833

At 31st December 2018

-

14,783

14,783

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/19

31/12/18

£

£

Trade debtors

17,503

64,324

Trade debtors (commissions)

20,633

13,510

VAT

250

6,059

Prepayments and accrued income

10,747

11,128

Prepayments

11,672

10,531

60,805

105,552

6.	CASH AT BANK

31/12/19

31/12/18

£

£

Other deposits (ABTA Bond)

25,000

25,000

Bank account no. 1

34,555

3,714

Bank account no. 2

81,011

107,606

Bank account no. 3

4,934

5,123

Bank account no. 4

22,651

15,205

168,151

156,648

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

31/12/19

31/12/18

£

£

Payments on account

-

3,150

Trade creditors

113,735

119,633

Tax

665

1,806

Social security and other taxes

1,962

2,632

Pension contribution liability

270

320

Directors' current accounts

640

8,554

Accrued expenses

4,000

4,634

121,272

140,729

8.	LEASING AGREEMENTS

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

31/12/19

31/12/18

£

£

In more than five years

29,000

29,000

9.	PROVISIONS FOR LIABILITIES

31/12/19

31/12/18

£

£

Deferred tax

Accelerated capital allowances

2,287

2,624

Deferred

tax

£

Balance at 1st January 2019

2,624

Difference in NBV and WDV

(337

)

Expense not deductible for tax

Adjustment for deferred tax

Salary bonuses

Credit notes reversal

Post year end credit notes

Balance at 31st December 2019

2,287

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31/12/19

31/12/18

value:

£

£

56,000

Ordinary

1

56,000

56,000

11.

RESERVES

Retained

earnings

£

At 1st January 2019

77,630

Profit for the year

1,400

Dividends

(16,800

)

At 31st December 2019

62,230

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

The Report of the Auditors was unqualified.

We draw attention to the directors' report and notes to the financial statements on page 2 and 8 respectively, relating to going concern, which have been added to the financial statements approved on 28th August 2020. The note describes the economic and social disruption the company is facing as a result of the Covid-19 pandemic and the impact this may have on the firm’s future finances. Our opinion is not modified in respect of this matter.

Bayar Chakarto FCCA (Senior Statutory Auditor)

for and on behalf of R I Mehmet & Co

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 £640 (2018 £8,554), which is payable on demand, through surplus funds within the company.

31/12/19

31/12/18

£

£

Amount due to related party at the balance sheet date

640

8,554

14.	ULTIMATE CONTROLLING PARTY

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