Oxalis Holidays Limited Small abbreviated accounts

OXALIS HOLIDAYS LIMITED - Company Information

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Company Registration Number 05464394

OXALIS HOLIDAYS LIMITED

UNAUDITED ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED

31 May 2016

OXALIS HOLIDAYS LIMITED

ABBREVIATED BALANCE SHEET

AS AT 31 MAY 2016

	2016	2015
Note	£	£	£	£
FIXED ASSETS	2
Tangible assets		277,453		281,531
Investments		47,367		47,367
		---------		---------
		324,820		328,898

CURRENT ASSETS

Debtors	336,952		358,276
Cash at bank and in hand	988,184		545,490
	------------		---------
	1,325,136		903,766
CREDITORS: Amounts falling due within one year	( 301,741)		( 314,209)
	------------		---------
NET CURRENT ASSETS		1,023,395		589,557
		------------		---------
TOTAL ASSETS LESS CURRENT LIABILITIES		1,348,215		918,455
		------------		---------

CAPITAL AND RESERVES

Called up equity share capital	3		15,000		15,000
Profit and loss account		1,333,215		903,455
		------------		---------
SHAREHOLDERS' FUNDS		1,348,215		918,455
		------------		---------

For the year ended 31 May 2016 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 accounts for the year in question in accordance with section 476; and

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

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

These abbreviated accounts were approved and signed by the director and authorised for issue on 31 October 2016 .

M Malcomson

Company Registration Number: 05464394

OXALIS HOLIDAYS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

YEAR ENDED 31 MAY 2016

1. ACCOUNTING POLICIES

Basis of accounting

The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

Depreciation

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

Website- 20 reducing balance

Fixtures and fittings-20% reducing balance

Equipment-20% reducing balance

Investment properties

Investment properties are shown at their open market value. The surplus or deficit arising from the annual revaluation is transferred to the investment revaluation reserve unless a deficit, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.

This is in accordance with the FRSSE which, unlike Schedule 4 to the Companies Act 1985, does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance. The departure from the provisions of the Act is required in order to give a true and fair view.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

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.

2. FIXED ASSETS

Tangible Assets	Investments	Total
£	£	£

COST

At 1 June 2015	296,424	47,367	343,791
Additions	3,647	–	3,647
	---------	--------	---------
At 31 May 2016	300,071	47,367	347,438
	---------	--------	---------

DEPRECIATION

At 1 June 2015	14,893	–	14,893
Charge for year	7,725	–	7,725
	--------	----	--------
At 31 May 2016	22,618	–	22,618
	--------	----	--------

NET BOOK VALUE

At 31 May 2016	277,453	47,367	324,820
	---------	--------	---------

At 31 May 2015	281,531	47,367	328,898
	---------	--------	---------

	Country of incorporation	Share holding	Proportion held	Nature of business

Subsidiary undertakings Name

Oku Japan KK	Japan	Ordinary shares	100%	Tour operator

		2016		2015
		£		£

Aggregate capital and reserves

Oku Japan KK		317,961		–

Profit and (loss) for the year

Oku Japan KK		104,885		–

On 20 of January 2015 the company acquired the entire share capital of Oku Japan KK, a company incorporated in Japan. The investment of £47,367 represents a holding of 900 ordinary shares of ¥10,000 each.

3. SHARE CAPITAL

Allotted, called up and fully paid:

2016	2015
No	£	No	£
Ordinary shares of £ 1 each	15,000	15,000	15,000	15,000
	--------	--------	--------	--------