Oxalis Holidays Limited Filleted accounts for Companies House (small and micro)

OXALIS HOLIDAYS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05464394

OXALIS HOLIDAYS LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 May 2018

OXALIS HOLIDAYS LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 MAY 2018

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

OXALIS HOLIDAYS LIMITED

STATEMENT OF FINANCIAL POSITION

31 May 2018

	2018		2017
Note	£	£	£	£

Fixed assets

Tangible assets	5	141,182	284,819
Investments	6	48,043	47,367
		---------	---------
		189,225	332,186

Current assets

Debtors	7	1,615,554	1,242,964
Cash at bank and in hand		1,848,660	854,709
		------------	------------
		3,464,214	2,097,673

Creditors: amounts falling due within one year	8	1,003,421		674,742
		------------		------------
Net current assets			2,460,793		1,422,931
			------------		------------
Total assets less current liabilities			2,650,018		1,755,117

Provisions

Taxation including deferred tax	4,263	4,904
	------------	------------
Net assets	2,645,755	1,750,213
	------------	------------

Capital and reserves

Called up share capital	15,000	15,000
Profit and loss account	2,630,755	1,735,213
	------------	------------
Shareholders funds	2,645,755	1,750,213
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 May 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

OXALIS HOLIDAYS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 May 2018

These financial statements were approved by the board of directors and authorised for issue on 4 August 2018 , and are signed on behalf of the board by:

M Malcomson
Director

Company registration number: 05464394

OXALIS HOLIDAYS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MAY 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lynton House, 7-12 Tavistock Square, London, WC1H 9BQ.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102.(a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property	-	Buildings element depreciated at 2% straight line
Website	-	20% reducing balance
Fixtures and fittings	-	20% reducing balance
Equipment	-	20% reducing balance

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 4 (2017: 4 ).

5. Tangible assets

	Investment property	Freehold property	Plant and machinery	Fixtures and fittings	Equipment	Total
	£	£	£	£	£	£
Cost
At 1 Jun 2017	138,764	124,526	9,978	6,538	38,368	318,174
Additions	–	–	–	–	2,229	2,229
Disposals	( 138,764)	–	–	–	–	( 138,764)
	---------	---------	-------	-------	--------	---------
At 31 May 2018	–	124,526	9,978	6,538	40,597	181,639
	---------	---------	-------	-------	--------	---------
Depreciation
At 1 Jun 2017	–	4,284	4,869	5,586	18,616	33,355
Charge for the year	–	1,494	1,022	190	4,396	7,102
	---------	---------	-------	-------	--------	---------
At 31 May 2018	–	5,778	5,891	5,776	23,012	40,457
	---------	---------	-------	-------	--------	---------
Carrying amount
At 31 May 2018	–	118,748	4,087	762	17,585	141,182
	---------	---------	-------	-------	--------	---------
At 31 May 2017	138,764	120,242	5,109	952	19,752	284,819
	---------	---------	-------	-------	--------	---------

6. Investments

	Shares in group undertakings
	£
Cost
At 1 June 2017	47,367
Additions	676
	--------
At 31 May 2018	48,043
	--------
Impairment
At 1 June 2017 and 31 May 2018	–
	--------

Carrying amount
At 31 May 2018	48,043
	--------
At 31 May 2017	47,367
	--------

Fixed asset investments bought forward of £47,367 (9,000,000 Japanese Yen) represents 100% of the share capital of Oku Japan, a company incorporated in Japan.

FIxed asset investment additions of £676 (100,000 Japanese Yen) represents 100% of the share capital of Kumano Ventures, a company incorporated in Japan.

7. Debtors

	2018	2017
	£	£
Trade debtors	298,494	136,779
Amounts owed by group undertakings and undertakings in which the company has a participating interest	1,066,301	22,431
Other debtors	250,759	1,083,754
	------------	------------
	1,615,554	1,242,964
	------------	------------

8. Creditors: amounts falling due within one year

	2018	2017
	£	£
Trade creditors	699,623	505,658
Corporation tax	266,437	147,374
Social security and other taxes	627	611
Other creditors	36,734	21,099
	------------	---------
	1,003,421	674,742
	------------	---------

9. Director's advances, credits and guarantees

At the year end the company owed £16,435 (2017: £16,435) to the director in respect of monies introduced into the business.

10. Controlling party

The company is under the control of Mr M Malcomson , the director, whom owns 100% of the issued share capital