Registered number: 01615851
TRANSUN TRAVEL LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2022
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TRANSUN TRAVEL LIMITED
CONTENTS
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Consolidated Statement of Financial Position
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Company Statement of Financial Position
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Notes to the Financial Statements
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TRANSUN TRAVEL LIMITED
REGISTERED NUMBER: 01615851
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2022
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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TRANSUN TRAVEL LIMITED
REGISTERED NUMBER: 01615851
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2022
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Equity attributable to owners of the parent Company
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Non-controlling interests
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The Group's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the consolidated statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 5 to 20 form part of these financial statements.
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TRANSUN TRAVEL LIMITED
REGISTERED NUMBER: 01615851
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2022
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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TRANSUN TRAVEL LIMITED
REGISTERED NUMBER: 01615851
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2022
The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the consolidated statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 5 to 20 form part of these financial statements.
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TRANSUN TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
Transun Travel Limited is a private company limited by shares incorporated in England and Wales.
The address of the registered office is given in the company information of these financial statements.
The nature of the company's operations and principal activities are that of a tour operator.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
The Group has recovered well from the Coronavirus pandemic with business returning to pre pandemic levels. The directors consider it appropriate to prepare the financial statements on a going concern basis.
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TRANSUN TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
2.Accounting policies (continued)
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Foreign currency translation
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Functional and presentation currency
The Group's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.
Turnover represents amounts receivable and received for holidays travelled in the year excluding value added tax. Income and related costs are recognised on a departure date basis. Other turnover is recognised when the amount can be reliably measured and it is probable that future economic benefits will flow to the entity.
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Advance holiday payments and receipts
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All revenue relating to tours with departure dates after the year end are treated as advance receipts at the balance sheet date and disclosed within accruals and deferred income. Payments made to suppliers in respect of future tours are included within other debtors
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TRANSUN TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
2.Accounting policies (continued)
Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the consolidated profit and loss account in the same period as the related expenditure.
During the year the UK Companies benefited from taking advantage of the UK government Job Retention Scheme.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Defined contribution pension plan
The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.
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TRANSUN TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
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TRANSUN TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis. Land is not depreciated..
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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Revaluation of tangible fixed assets
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Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments held in foreign subsidiaries are measured at fair value in GBP using the exchange rates at the date when the fair value was determined as per FRS102.30.9.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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TRANSUN TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
2.Accounting policies (continued)
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Provisions for liabilities
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Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.
The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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Other operating income - Government grants receivable
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Coronavirus Job Retention Scheme
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TRANSUN TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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The average monthly number of employees, including directors, during the year was 8 (2021 - 9).
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Charge for the year on owned assets
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TRANSUN TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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Fixtures, fittings and equipment
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Charge for the year on owned assets
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The net book value of land and buildings may be further analysed as follows:
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TRANSUN TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
7.Tangible fixed assets (continued)
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If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:
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TRANSUN TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
7.Tangible fixed assets (continued)
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Fixtures, fittings and equipment
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Charge for the year on owned assets
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The net book value of land and buildings may be further analysed as follows:
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The freehold property at 1A Iffley Road was revalued by Aitchison Raffety Chartered Surveyor, as at 18 June 2020. The valuation was done on the basis of open market value.
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TRANSUN TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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Investments in subsidiary companies
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TRANSUN TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
8.Fixed asset investments (continued)
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The following were subsidiary undertakings of the Company:
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1a Iffley Road, Oxford, Oxfordshire, United Kingdom, OX4 1AS
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1a Iffley Road Oxford OX4 1AS United Kingdom
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87/2 Building CRC Tower All Season Floor 33 Thanon Witthayu Bang Na Bangkok Thailand
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NUI International Company Limited
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87/2 Building
CRC Tower All Season Floor 33
Thanon Witthayu
Bang Na
Bangkok
Thailand
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200/4 Mu 2 Thanon Hadchaweang
Bang Na
Bangkok
Thailand
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In turn, TTM Holdings Co., Ltd owns 88% of the ordinary shares and 100% of the preference shares in NUI International Company Limited, giving Transun Travel Limited 100% of the voting rights and control of NUI International Company Limited.
Transun Flights Limited carries out flight purchasing operations. NUI invests in real estate and engages in resort and hotel operations in Thailand. TTM Holdings Co., Ltd is a sub holding company. TTM (Thailand) Co., Ltd acts as a travel agency.
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TRANSUN TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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Amounts owed by group undertakings
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Prepayments and accrued income
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Other debtors includes includes payments in advance to suppliers of £18,763 (2021: £1,317,506) which relate to bookings departing after the year end.
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Cash and cash equivalents
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TRANSUN TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Accruals and deferred income includes advance receipts from customers for future travel amounting to £1,552,537 (2021: £2,580,674).
Svenska Handelsbanken Ab (Publ) hold a security over the cash deposits held within their bank accounts, to a value of £25,000, in relation to a bond for IATA.
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Creditors: Amounts falling due after more than one year
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The rate of interest being applied to the borrowing is 1.75% over ther clearing banks base rate.
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Financial assets measured at fair value through profit or loss
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Financial assets measured at fair value through profit or loss comprise of cash at bank and in hand.
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TRANSUN TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
Revaluation reserve
Revaluation reserve records the surplus arising on the valuation of property held for own use of the company in prior years.
Foreign exchange reserve
Foreign exchange reserve records the difference between translated values of assets and liabilities of foreign operations into the entity's functional currency.
Profit and loss account
Profit and loss included all current and prior periods retained profit.
The Company currently holds an Air Travel Organiser's License (ATOL) issued by the Civil Aviation Authority (CAA).
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £7,413 (2021: £6,170). Contributions totalling £5,954 (2021: £844) were payable to the fund at the balance sheet date and are included in creditors.
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Commitments under operating leases
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At 31 March 2022 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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TRANSUN TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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Related party transactions
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During the year the group advanced £13,334 (2021: £12,098) to a director and shareholder of the company and repayments in the year totalled £183,971 (2021: £64,549). Dividends were declared amounting to £1,100,000 (2020: £nil). At the year end the Company owed the director £307,502 (2021: £963,135 owed from the director) to the group. No interest is charged on this balance.
Commitments under non-cancellable operating leases include a 15 year lease, which commenced on 1 October 2008, with an annual value of £19,200. The lease operates between the group and the director.
On 16 February 2004 the group borrowed £209,500 from the director's pension fund. The loan is at an interest rate of 1.75% over the clearing bank's base rate. The pension fund has not sought repayment and the group is currently looking to extend the credit period for another fixed term.
As at the year end, the Company was owed £1,670,712 (2021: £1,626,908) by the Thai entities within the Group.
Transun Flights Limited, a fellow group Company, were owed £65,000 (2021: £nil) by the Company as at the year end.
The Group has taken the exemption available to not disclose transactions within the year, between wholly owned subsidiaries.
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The ultimate controlling party is P Kostich by virtue of his shareholding.
The auditors' report on the financial statements for the year ended 31 March 2022 was unqualified.
The audit report was signed on 28 July 2022 by Karanjit Gill FCCA (Senior Statutory Auditor) on behalf of Xeinadin Audit Limited t/a Elman Wall.
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