Prestige Properties Abroad Limited - Period Ending 2016-05-31

Registration number: 03572191

Prestige Properties Abroad Limited

trading as Internet Travel Shop

Unaudited Abbreviated Accounts

for the Year Ended 31 May 2016
 

Paul Austen Associates
Chartered Accountants
Charter House
7-9 Wagg Street
Congleton
Congleton
Cheshire
CW12 3GU

Prestige Properties Abroad Limited
trading as Internet Travel Shop
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 5

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 5) have been prepared.

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Prestige Properties Abroad Limited
trading as Internet Travel Shop
for the Year Ended 31 May 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Prestige Properties Abroad Limited for the year ended 31 May 2016 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Prestige Properties Abroad Limited, as a body, in accordance with the terms of our engagement letterdated 3 May 2006. Our work has been undertaken solely to prepare for your approval the accounts of Prestige Properties Abroad Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Prestige Properties Abroad Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Prestige Properties Abroad Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Prestige Properties Abroad Limited. You consider that Prestige Properties Abroad Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Prestige Properties Abroad Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Paul Austen Associates
Chartered Accountants
Charter House
7-9 Wagg Street
Congleton
Congleton
Cheshire
CW12 3GU

3 October 2016

Page 1

Prestige Properties Abroad Limited
trading as Internet Travel Shop
(Registration number: 03572191)
Abbreviated Balance Sheet at 31 May 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					18,489			19,394
Current assets
Debtors					119,407			94,815
Cash at bank and in hand					61,379			78,528
					180,786			173,343
Creditors: Amounts falling due within one year					(154,296)			(135,894)
Net current assets					26,490			37,449
Net assets					44,979			56,843
Capital and reserves
Called up share capital		3			130,001			130,001
Profit and loss account					(85,022)			(73,158)
Shareholders' funds					44,979			56,843

For the year ending 31 May 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the director on 3 October 2016

.........................................
D A Maddox
Director

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

Prestige Properties Abroad Limited
trading as Internet Travel Shop
Notes to the Abbreviated Accounts for the Year Ended 31 May 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and machinery	15% reducing balance basis
Land and buildings	4% straight line basis

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 3

Prestige Properties Abroad Limited
trading as Internet Travel Shop
Notes to the Abbreviated Accounts for the Year Ended 31 May 2016
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 June 2015		54,988			54,988
Additions		1,082			1,082
At 31 May 2016		56,070			56,070
Depreciation
At 1 June 2015		35,594			35,594
Charge for the year		1,987			1,987
At 31 May 2016		37,581			37,581
Net book value
At 31 May 2016		18,489			18,489
At 31 May 2015		19,394			19,394

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
ordinary shares of £1 each		1			1			1			1
preference shares of £1,000.00 each		130			130,000			130			130,000
		131			130,001			131			130,001

Redeemable preference shares

The preference shares are redeemable at the option of the company or holder between 31 May 2014 and 31 May 2023. They are redeemable at £2,600 per share and carry no voting rights.

Page 4

Prestige Properties Abroad Limited
trading as Internet Travel Shop
Notes to the Abbreviated Accounts for the Year Ended 31 May 2016
......... continued

4	Related party transactions

Director's advances and credits

	2016 Advance/ Credit £	2016 Repaid £	2015 Advance/ Credit £	2015 Repaid £
D A Maddox
Amount loaned from director	7,296	-	11,259	-

Page 5