LAI Travel Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01383022 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 October 2020

for

LAI Travel Ltd

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

V Raccuglia

REGISTERED OFFICE:

925 Finchley Road

London

NW11 7PE

REGISTERED NUMBER:

01383022 (England and Wales)

CURRENT ASSETS

Debtors

141,702

228,814

Cash at bank

47

18,524

141,749

247,338

CREDITORS

Amounts falling due within one year

153,447

126,528

NET CURRENT (LIABILITIES)/ASSETS

(11,698

)

120,810

TOTAL ASSETS LESS CURRENT LIABILITIES

(11,698

)

120,810

CREDITORS

Amounts falling due after more than one year

109,421

48,170

NET (LIABILITIES)/ASSETS

(121,119

)

72,640

CAPITAL AND RESERVES

Called up share capital

92,000

92,000

Retained earnings

(213,119

)

(19,360

)

SHAREHOLDERS' FUNDS

(121,119

)

72,640

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 October 2020 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the director and authorised for issue on 28 January 2022 and were signed by:

V Raccuglia - Director

1.	STATUTORY INFORMATION

LAI Travel 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 represents the total invoice value, excluding value added tax, of sales made during the year. Revenue is recognised on the date of departure.

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 and 5% on cost

Government grants

Government Grant receivable are in respect of UK Government's support to businesses under the Coronavirus Job Retention Scheme and is recognised in the period in which the wages cost was incurred.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2019 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 November 2019

and 31 October 2020

5,756

DEPRECIATION

At 1 November 2019

and 31 October 2020

5,756

NET BOOK VALUE

At 31 October 2020

-

At 31 October 2019

-

5.	SECURED DEBTS

The following secured debts are included within creditors:

31.10.20

31.10.19

£

£

Bank overdraft

21,518

-

Bank loans

93,001

61,720

114,519

61,720

6.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 October 2020 and 31 October 2019:

31.10.20

31.10.19

£

£

V Raccuglia

Balance outstanding at start of year

-

9,761

Amounts advanced

77,378

-

Amounts repaid

-

(9,761

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

77,378

-