Penny Furseman Travel Limited 31/12/2019 iXBRL

Penny Furseman Travel Limited 31/12/2019 iXBRL

PENNY FURSEMAN TRAVEL LTD - Company Information

Print Friendly Version

31/12/2019 2019-12-31 false false true false false false false false false false true false false true false false false false false false false false No description of principal activities is disclosed 2019-01-01 Sage Accounts Production 19.0 - FRS102_2014 xbrli:pure xbrli:shares iso4217:GBP 08330145 2019-01-01 2019-12-31 08330145 2019-12-31 08330145 2018-12-31 08330145 2018-01-01 2018-12-31 08330145 2018-12-31 08330145 bus:Director1 2019-01-01 2019-12-31 08330145 core:WithinOneYear 2019-12-31 08330145 core:WithinOneYear 2018-12-31 08330145 core:FurnitureFittingsToolsEquipment 2018-12-31 08330145 core:FurnitureFittingsToolsEquipment 2019-12-31 08330145 core:ShareCapital 2019-12-31 08330145 core:ShareCapital 2018-12-31 08330145 core:RetainedEarningsAccumulatedLosses 2019-12-31 08330145 core:RetainedEarningsAccumulatedLosses 2018-12-31 08330145 core:FurnitureFittingsToolsEquipment 2019-01-01 2019-12-31 08330145 core:FurnitureFittingsToolsEquipment 2018-12-31 08330145 bus:Director1 2018-12-31 08330145 bus:Director1 2019-12-31 08330145 bus:Director1 2017-12-31 08330145 bus:Director1 2018-12-31 08330145 bus:Director1 2018-01-01 2018-12-31 08330145 bus:SmallEntities 2019-01-01 2019-12-31 08330145 bus:AuditExemptWithAccountantsReport 2019-01-01 2019-12-31 08330145 bus:FullAccounts 2019-01-01 2019-12-31 08330145 bus:SmallCompaniesRegimeForAccounts 2019-01-01 2019-12-31 08330145 bus:PrivateLimitedCompanyLtd 2019-01-01 2019-12-31 08330145 1 2019-01-01 2019-12-31
Company registration number: 08330145
Penny Furseman Travel Limited
Unaudited filleted financial statements
31 December 2019
PENNY FURSEMAN TRAVEL LIMITED
Contents
Statement of financial position
Notes to the financial statements
PENNY FURSEMAN TRAVEL LIMITED
STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2019
2019 2018
Note £ £ £ £
Fixed assets
Tangible assets 5 209 313
_______ _______
209 313
Current assets
Debtors 6 528 2,105
_______ _______
528 2,105
Creditors: amounts falling due
within one year 7 ( 1,910) ( 2,486)
_______ _______
Net current liabilities ( 1,382) ( 381)
_______ _______
Total assets less current liabilities ( 1,173) ( 68)
_______ _______
Net liabilities ( 1,173) ( 68)
_______ _______
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 8 ( 2,173) ( 1,068)
_______ _______
Shareholder deficit ( 1,173) ( 68)
_______ _______
For the year ending 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 08 October 2020 , and are signed on behalf of the board by:
Mrs P S Furseman
Director
Company registration number: 08330145
PENNY FURSEMAN TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2019
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the principal place of business is 85 Meadow Brook, Roundswell, Barnstaple, Devon, EX31 3TQ.
Principal activity
The principal activity of the company is travel agent activities.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The director has assessed that the company will have adequate resources available to finance its trading and other obligations during the course of the twelve months from the date of approval of these financial statements. These financial statements have therefore been prepared on a going concern basis.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2018: 1 ).
5. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 January 2019 and 31 December 2019 417 417
_______ _______
Depreciation
At 1 January 2019 104 104
Charge for the year 104 104
_______ _______
At 31 December 2019 208 208
_______ _______
Carrying amount
At 31 December 2019 209 209
_______ _______
At 31 December 2018 313 313
_______ _______
6. Debtors
2019 2018
£ £
Other debtors 528 2,105
_______ _______
7. Creditors: amounts falling due within one year
2019 2018
£ £
Bank loans and overdrafts 522 226
Accruals and deferred income 750 750
Social security and other taxes 178 (-)
Other creditors 460 1,510
_______ _______
1,910 2,486
_______ _______
8. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
9. Events after the end of the reporting period
Although there are no specific known factors which could have an impact on the company's financial statements, it should be noted that after the end of the financial year there was instability relating to the global health emergency in respect of Coronavirus.Due to government guidance for COVID-19, the company has had restricted operations after the balance sheet date and the effects of this have since become clearer.
10. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
Loans to / (from) director at 1 January 2019 Loans to / (from) the director Amounts repaid Balance at 31 December 2019
£ £ £ £
Director 1,245 916 ( 1,633) 528
_______ _______ _______ _______
Loans to / (from) director at 1 January 2018 Loans to / (from) the director Amounts repaid Balance at 31 December 2018
£ £ £ £
Director 602 8,525 ( 7,882) 1,245
_______ _______ _______ _______