| Oxford Flight Savers Limited |
| Registered number: |
08072753 |
| Balance Sheet |
| as at 31 May 2017 |
|
| Notes |
|
|
2017 |
|
|
2016 |
| £ |
£ |
| Fixed assets |
| Intangible assets |
3 |
|
|
34,178 |
|
|
41,014 |
| Tangible assets |
4 |
|
|
732 |
|
|
976 |
|
|
|
|
34,910 |
|
|
41,990 |
|
| Current assets |
| Debtors |
5 |
|
91,744 |
|
|
55,099 |
| Cash at bank and in hand |
|
|
- |
|
|
40,458 |
|
|
|
91,744 |
|
|
95,557 |
|
| Creditors: amounts falling due within one year |
6 |
|
(126,554) |
|
|
(119,911) |
|
| Net current liabilities |
|
|
|
(34,810) |
|
|
(24,354) |
|
| Net assets |
|
|
|
100 |
|
|
17,636 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
100 |
|
|
100 |
| Profit and loss account |
|
|
|
- |
|
|
17,536 |
|
| Shareholder's funds |
|
|
|
100 |
|
|
17,636 |
|
|
|
|
|
|
|
|
| The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The member has not required the company to obtain an audit in accordance with section 476 of the Act. |
| The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| R. Habgood Esq. |
| Director |
| Approved by the board on 31 August 2017 |
|
| Oxford Flight Savers Limited |
| Notes to the Accounts |
| for the year ended 31 May 2017 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover represents gross sales values to customers of air tickets, travel insurance, hotel bookings and other related services.
Transactions are recognised in the financial statements at the time the booking is confirmed by the customer. Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company, and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows: |
|
|
Plant and machinery |
25% reducing balance |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
| 2 |
Employees |
2017 |
|
2016 |
| Number |
Number |
|
|
Average number of persons employed by the company |
1 |
|
1 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Intangible fixed assets |
£ |
|
Goodwill: |
|
|
Cost |
|
At 1 June 2016 |
68,358 |
|
At 31 May 2017 |
68,358 |
|
|
|
|
|
|
|
|
|
|
Amortisation |
|
At 1 June 2016 |
27,344 |
|
Provided during the year |
6,836 |
|
At 31 May 2017 |
34,180 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 May 2017 |
34,178 |
|
At 31 May 2016 |
41,014 |
|
|
|
|
|
|
|
|
|
|
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years. |
|
|
| 4 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Plant and machinery etc |
| £ |
|
Cost |
|
At 1 June 2016 |
3,087 |
|
At 31 May 2017 |
3,087 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 June 2016 |
2,111 |
|
Charge for the year |
244 |
|
At 31 May 2017 |
2,355 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 May 2017 |
732 |
|
At 31 May 2016 |
976 |
|
|
| 5 |
Debtors |
2017 |
|
2016 |
| £ |
£ |
|
|
Trade debtors |
73,808 |
|
34,814 |
|
Other debtors |
17,936 |
|
20,285 |
|
|
|
|
|
|
91,744 |
|
55,099 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due within one year |
2017 |
|
2016 |
| £ |
£ |
|
|
Bank loans and overdrafts |
14,958 |
|
- |
|
Trade creditors |
73,259 |
|
54,314 |
|
Corporation tax |
25,956 |
|
33,539 |
|
Other taxes and social security costs |
- |
|
24 |
|
Other creditors |
12,381 |
|
32,034 |
|
|
|
|
|
|
126,554 |
|
119,911 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Loans with directors |
|
Description and conditions |
B/fwd |
Paid |
Repaid |
C/fwd |
| £ |
£ |
£ |
£ |
|
R. Habgood Esq. |
|
Loan to director |
99 |
|
(121,811) |
|
108,675 |
|
(13,037) |
|
|
|
99 |
|
(121,811) |
|
108,675 |
|
(13,037) |
|
|
|
|
|
|
|
|
|
|
| 8 |
Related party transactions |
| £ |
£ |
|
R. Habgood |
|
Director/ shareholder |
|
Dividends paid to related party |
|
92,506 |
|
81,000 |
|
|
| 9 |
Controlling party |
|
|
The company is controlled by its director. |
|
|
| 10 |
Other information |
|
|
Oxford Flight Savers Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
30 Bankside Court |
|
Stationfields |
|
Kidlington |
|
Oxon |
|
OX5 1JE |
