Caseware UK (AP4) 2021.0.152 2021.0.152 2022-03-312022-03-3190false2021-04-01No description of principal activityfalsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 02773456 2021-04-01 2022-03-31 02773456 2020-04-01 2021-03-31 02773456 2022-03-31 02773456 2021-03-31 02773456 c:Director1 2021-04-01 2022-03-31 02773456 d:CurrentFinancialInstruments 2022-03-31 02773456 d:CurrentFinancialInstruments 2021-03-31 02773456 d:Non-currentFinancialInstruments 2022-03-31 02773456 d:Non-currentFinancialInstruments 2021-03-31 02773456 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 02773456 d:CurrentFinancialInstruments d:WithinOneYear 2021-03-31 02773456 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 02773456 d:Non-currentFinancialInstruments d:AfterOneYear 2021-03-31 02773456 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-03-31 02773456 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2021-03-31 02773456 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-03-31 02773456 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2021-03-31 02773456 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-03-31 02773456 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2021-03-31 02773456 d:ShareCapital 2022-03-31 02773456 d:ShareCapital 2021-03-31 02773456 d:RetainedEarningsAccumulatedLosses 2022-03-31 02773456 d:RetainedEarningsAccumulatedLosses 2021-03-31 02773456 c:FRS102 2021-04-01 2022-03-31 02773456 c:AuditExempt-NoAccountantsReport 2021-04-01 2022-03-31 02773456 c:FullAccounts 2021-04-01 2022-03-31 02773456 c:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure

Registered number: 02773456









TRAVELCO LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2022

 
TRAVELCO LIMITED
REGISTERED NUMBER: 02773456

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2022

2022
2021
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
1,285,185
983,041

Cash at bank and in hand
 5 
347,801
284,858

  
1,632,986
1,267,899

Creditors: amounts falling due within one year
 6 
(1,291,035)
(841,140)

Net current assets
  
 
 
341,951
 
 
426,759

Total assets less current liabilities
  
341,951
426,759

Creditors: amounts falling due after more than one year
 7 
(265,072)
(382,602)

  

Net assets
  
76,879
44,157


Capital and reserves
  

Called up share capital 
  
30,000
8,100

Profit and loss account
  
46,879
36,057

  
76,879
44,157

Page 1

 
TRAVELCO LIMITED
REGISTERED NUMBER: 02773456
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2022

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The 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 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 on 30 August 2022.



N R Smithson
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
TRAVELCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

1.


General information

Travelco Limited is a private company limited by shares, incorporated in England and Wales, registration number 02773456. The registered office is 2nd Floor, Nucleus House, 2 Lower Mortlake Road, Richmond, TW9 2JA.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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:

 
2.2

Going concern

The COVID-19 pandemic had an unprecedented impact upon the global economy and in particular upon the travel industry, causing many consumers to cancel, amend their travel arrangements or not travel at all. The travel industry is experiencing the benefit of a post COVID-19 bounce back in travel, however it is also still experiencing the knock-on effect of the pandemic in relation to supplier resource and ability to service. This, combined with consumer unease in relation to the current economic environment, with increasing energy costs and inflation and the impact of a further potential surge in infection rates in the coming winter months, has meant that the directors have continued to review the Company’s financial position, as well as forecasts, and maintain mitigation actions in order to neutralise the financial impact from the significant downturn in trading seen during the COVID-19 pandemic period.
Additionally, they have also performed a sensitivity analysis on the Company's budgets and forecasts to assess the financial impact of any potential further slowdown in trading from the reforecast and its impact on the liquidity of the business. This sensitivity analysis shows that the Company has enough liquidity and cash to trade through a further slowdown.
The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, being at least the following 12 months from the signing of these financial statements. This is supported by the strong performance seen so far in the first half of 2022, which has seen a significant upside in demand. The Company has been well placed to meet and service the additional volume.
As a result, and with the Company continuing to receive the full support of its shareholders, the directors believe that it is still appropriate to apply the going concern basis for the foreseeable future.

Page 3

 
TRAVELCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company'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 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'.

 
2.4

Revenue

evenue is recognised to the extent that it is probable that the economic benefits will flow to the mpany and the revenue can be reliably measured. evenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.6

Finance costs

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.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
TRAVELCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Company in independently administered funds.

 
2.9

Taxation

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 operates and generates income.

 
2.10

Debtors

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.

 
2.11

Cash and cash equivalents

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.

 
2.12

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
TRAVELCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

3.


Employees

The average monthly number of employees, including directors, during the year was 0 (2021 - 9).


4.


Debtors

2022
2021
£
£


Trade debtors
1,242,417
933,794

Other debtors
24,700
27,414

Prepayments
18,068
21,833

1,285,185
983,041



5.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
347,801
284,858

347,801
284,858



6.


Creditors: Amounts falling due within one year

2022
2021
£
£

Bank loans - CBILS (see note 8 below)
20,000
18,333

Trade creditors
1,251,491
802,688

Other taxation and social security
3,661
9,639

Other creditors
11,677
1,515

Accruals and deferred income
4,206
8,965

1,291,035
841,140


Page 6

 
TRAVELCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

7.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Bank loans - CBILS (see note 8 below)
61,667
81,667

Other loans
203,405
300,935

265,072
382,602


Included in other loans above is the amount of £150,000 from a director, N Smithson, that is subject to a subordinated undertaking given to the Civil Aviation Authority (CAA) and which cannot be repaid without their prior written consent. 

Page 7

 
TRAVELCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

8.


Loans


Analysis of the maturity of loans is given below:


2022
2021
£
£

Amounts falling due within one year

Bank loans - CBILS
20,000
18,333


20,000
18,333

Amounts falling due 1-2 years

Bank loans - CBILS
20,000
20,000

Other loans
203,405
300,935


223,405
320,935

Amounts falling due 2-5 years

Bank loans - CBILS
41,667
60,000


41,667
60,000

Amounts falling due after more than 5 years

Bank loans - CBILS
-
1,667

-
1,667

285,072
400,935


Included above is a bank loan from the Company's bankers, Lloyds Bank Plc, under the Coronavirus Business Interruption Loan Scheme (CBILS). The loan is for a term of 6 years, with no capital repayments for the the first 12 months. There is also no interest payable for the first 12 months, with a rate of 2.64% per annum charged thereafter.


9.


Contingent liabilities

At 31 March 2022, there were contingent liabilities in respect of counter indemnities and guarantees given by the Company in the normal course of business to the Company's bond insurance obligors in respect of ABTA and other similar bonds of £30,000 (2021 - £30,000).

Page 8

 
TRAVELCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

10.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £3,291 (2021 - £3,564). Contributions totalling £95 (2021 - £527) were payable to the fund at the reporting date and are included in creditors.


11.


Related party transactions

Travelbrands Limited: A company in which one of the directors, Mr N R Smithson, is also a director. The Company makes gross cost purchases of travel arrangements from Travelbrands Limited. The total gross cost purchases made for the year amounted to £18,004 (2021 - £2,662). 
As at the year end, the amount owed to Travelbrands Limited amounted to £6,281 (2021 - £Nil).


12.


BSP Outstanding

As at 31 March 2022, the Company had £1,723 of payments due to International Air Transport Association (IATA) for tickets issued in the month of March 2022.


13.


Controlling party

In the opinions of the directors, there is no ultimate controlling party.

 
Page 9