Global Tourism Solutions (UK) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03423266 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2018

FOR

GLOBAL TOURISM SOLUTIONS (UK) LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

Mr D J James

Mrs A V James

Professor S R C Wanhill

Mr D F J Calway

Mrs C H James

Mr R J MacDonald

SECRETARY:

Mrs A V James

REGISTERED OFFICE:

12-13 Alma Square

Scarborough

North Yorkshire

YO11 1JU

REGISTERED NUMBER:

03423266 (England and Wales)

FIXED ASSETS

Intangible assets

4

-

30,001

Property, plant and equipment

5

15,847

19,677

15,847

49,678

CURRENT ASSETS

Debtors

6

125,303

104,774

Cash at bank

282,022

273,023

407,325

377,797

CREDITORS

Amounts falling due within one year

7

89,322

93,701

NET CURRENT ASSETS

318,003

284,096

TOTAL ASSETS LESS CURRENT LIABILITIES

333,850

333,774

PROVISIONS FOR LIABILITIES

-

1,880

NET ASSETS

333,850

331,894

CAPITAL AND RESERVES

Called up share capital

211

211

Retained earnings

333,639

331,683

SHAREHOLDERS' FUNDS

333,850

331,894

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 29 November 2018 and were signed on its behalf by:

Mr D J James - Director

1.	STATUTORY INFORMATION

Global Tourism Solutions (UK) Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

In preparing the financial statements, management is required to make estimates and assumptions which affect reported

income, expenses, assets, liabilities and disclosure of contingent assets and liabilities. Use of available information and

application of judgement are inherent in the formation of estimates, together with past experience and expectations of future

events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such

estimates.

Critical accounting estimates and assumptions

The directors do not consider that any of the estimates and assumptions used in the preparation of these financial statements

have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next

financial year.

Turnover

Turnover represents goods and services supplied, excluding value added tax. Revenue is recognised to the extent that the

company has obtained the right to consideration through its performance and is measured at the fair value of the right to

consideration. Where payments are received from customers in advance of the right to consideration being earned, the

amounts are recorded as deferred income and included within creditors falling due within one year.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

20% on cost

Office equipment

-

25% on reducing balance

Computer equipment

-

25% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that

it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively

enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of

financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in

which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted

or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of

financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the

date of transaction. Exchange differences are taken into account in arriving at the operating result.

Intangible assets

Intangible assets are included at cost and are amortised over their expected useful life of 10 years. No amortisation is

provided in the year of purchase.

Going concern

The company has a net asset position and a healthy bank position and the directors are satisfied that there are sufficient

resources in place to continue operating for the foreseeable future. Thus the directors continue to adopt the going concern

basis of accounting in preparing the annual financial statements.

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and

liabilities such as trade, other accounts receivable and payable and loans to related parties.

Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured,

initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

Debt instruments such as loans and other accounts receivable and payable are initially measured at present value of the future

payments and subsequently at amortised costs using the effective interest method.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2017 - 12 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 April 2017

and 31 March 2018

300,001

AMORTISATION

At 1 April 2017

270,000

Charge for year

30,001

At 31 March 2018

300,001

NET BOOK VALUE

At 31 March 2018

-

At 31 March 2017

30,001

5.	PROPERTY, PLANT AND EQUIPMENT

Improvements

to

Office

Computer

property

equipment

equipment

Totals

£

£

£

£

COST

At 1 April 2017

2,255

7,756

62,844

72,855

Additions

-

-

2,673

2,673

At 31 March 2018

2,255

7,756

65,517

75,528

DEPRECIATION

At 1 April 2017

902

6,961

45,315

53,178

Charge for year

451

199

5,853

6,503

At 31 March 2018

1,353

7,160

51,168

59,681

NET BOOK VALUE

At 31 March 2018

902

596

14,349

15,847

At 31 March 2017

1,353

795

17,529

19,677

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

113,370

96,657

Other debtors

11,933

8,117

125,303

104,774

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

904

653

Taxation and social security

58,859

54,673

Other creditors

29,559

38,375

89,322

93,701

8.	OTHER FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £7,650

(2017 - £12,750).