VERY_CHEAP_HOLIDAYS_LIMIT

VERY CHEAP HOLIDAYS LIMITED

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 4

VERY CHEAP HOLIDAYS LIMITED

ABBREVIATED BALANCE SHEET

AS AT

30 APRIL 2014

- 1 -

2014

2013

Notes

£

Fixed assets

Intangible assets

2

71,381

42,412

Tangible assets

2

15,028

16,687

86,409

59,099

Current assets

Debtors

274,728

301,152

Cash at bank and in hand

214

9

274,942

301,161

Creditors: amounts falling due within one year

3

(287,959)

(264,460)

Net current (liabilities)/assets

(13,017)

36,701

Total assets less current liabilities

73,392

95,800

Provisions for liabilities

(15,557)

(9,717)

57,835

86,083

Capital and reserves

Called up share capital

4

100

Share premium account

24,900

Profit and loss account

32,835

61,083

Shareholders' funds

57,835

86,083

VERY CHEAP HOLIDAYS LIMITED

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

30 APRIL 2014

- 2 -

For the financial year ended 30 April 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

-

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

-

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 28 January 2015

M P Jones

Director

Company Registration No. 07152438

VERY CHEAP HOLIDAYS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 APRIL 2014

1

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

1.2

Turnover

Turnover represents commission receivable for goods and services at the date when the sale was made.

1.3

Website

Website development costs are being amortised evenly over their estimated useful economic life.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Computer equipment

33% reducing balance

Fixtures, fittings & equipment

25% reducing balance

1.5

Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

2

Fixed assets

Intangible assets

Tangible assets

Total

£

Cost

At 1 May 2013

56,568

41,210

97,778

Additions

50,441

4,391

54,832

At 30 April 2014

107,009

45,601

152,610

Depreciation

At 1 May 2013

14,156

24,523

38,679

Charge for the year

21,472

6,050

27,522

At 30 April 2014

35,628

30,573

66,201

Net book value

At 30 April 2014

71,381

15,028

86,409

At 30 April 2013

42,412

16,687

59,099

VERY CHEAP HOLIDAYS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 30 APRIL 2014

- 4 -

3

Creditors: amounts falling due within one year

The aggregate amount of creditors for which security has been given amounted to £21,010 (2013 - £11,937).

4

Share capital

2014

2013

£

Allotted, called up and fully paid

100 Ordinary of £1 each

100

5

Related party relationships and transactions

Loans to directors

Mr N Jackson,a director, had an interest free loan from the company during the year. Advances to Mr N Jackson in the year amounted to £67,451 (2013: £74,412), with amounts repaid totalling £57,400 (2013: £58,021). The loan was £76,396 (2013:£66,345) at the end of the year and is repayable on demand. The maximum amount of the loan during the year was £103,751 (2013: £89,250).

Mr M P Jones, a director, also had an interest free loan from the company during the year. Advances to Mr M P Jones in the year amounted to £337,854 (2013: £365,235), with amounts repaid totalling £406,167 (2013: £300,682). The loan was £40,994 (2013: £109,307) at the year end and is repayable on demand. The maximum amount of the loan during the year was £149,806 (2013: £176,165).

VERY_CHEAP_HOLIDAYS_LIMIT - Accounts

VERY_CHEAP_HOLIDAYS_LIMIT - Accounts