Company registration number 09757261 (England and Wales)
AL-SYED TRAVEL & TOURS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
PAGES FOR FILING WITH REGISTRAR
AL-SYED TRAVEL & TOURS LTD
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 5
AL-SYED TRAVEL & TOURS LTD
STATEMENT OF FINANCIAL POSITION
AS AT
30 SEPTEMBER 2022
30 September 2022
- 1 -
2022
2021
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
3
7,311
8,601
Current assets
Trade and other receivables
18,826
12,253
Cash and cash equivalents
14,778
38,638
33,604
50,891
Current liabilities
(13,247)
(10,612)
Net current assets
20,357
40,279
Total assets less current liabilities
27,668
48,880
Non-current liabilities
(25,294)
(34,135)
Provisions for liabilities
(1,389)
(1,634)
Net assets
985
13,111
Equity
Called up share capital
100
100
Retained earnings
885
13,011
Total equity
985
13,111
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 30 September 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
AL-SYED TRAVEL & TOURS LTD
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
30 SEPTEMBER 2022
30 September 2022
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 21 June 2023
Mr J Ur-Rehman
Director
Company Registration No. 09757261
AL-SYED TRAVEL & TOURS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
- 3 -
1
Accounting policies
Company information
Al-Syed Travel & Tours Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 424 Blackburn Road, Accrington, Lancashire, BB5 0DE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The director has given his assurance that he will continue to support the company for 12 months following the approval of these financial statement. Thus, the director will continue to adopt the going concern basis of accounting in preparing the financial statements.true
1.3
Revenue
Turnover represents the value, net of value added tax and discounts, of sale of Airline tickets to customers and the commission earned in respect of money transfer services provided to customers.
Turnover in respect of sale of airline tickets is recognised at the point of booking whereas, revenue relating to money transfer commissions is recognised at the point of payment made to end customer.
1.4
Property, plant and equipment
Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
15% Reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
AL-SYED TRAVEL & TOURS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.8
Government grants
Government grants relate to financial support provided by the government to reduce the impact of COVID19 on businesses.
Grants received in the year relate to grants from HMRC in respect of Job Retention Scheme.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
1
1
AL-SYED TRAVEL & TOURS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
- 5 -
3
Property, plant and equipment
Total
£
Cost
At 1 October 2021 and 30 September 2022
14,465
Depreciation and impairment
At 1 October 2021
5,864
Depreciation charged in the year
1,290
At 30 September 2022
7,154
Carrying amount
At 30 September 2022
7,311
At 30 September 2021
8,601