Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-3132022-04-01falseThe principal activity of the company is that of sale of golfing holidays as a tour operator.3falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03986222 2022-04-01 2023-03-31 03986222 2021-04-01 2022-03-31 03986222 2023-03-31 03986222 2022-03-31 03986222 2021-04-01 03986222 1 2022-04-01 2023-03-31 03986222 1 2021-04-01 2022-03-31 03986222 5 2022-04-01 2023-03-31 03986222 5 2021-04-01 2022-03-31 03986222 d:Director1 2022-04-01 2023-03-31 03986222 e:FurnitureFittings 2022-04-01 2023-03-31 03986222 e:FurnitureFittings 2023-03-31 03986222 e:FurnitureFittings 2022-03-31 03986222 e:Goodwill 2023-03-31 03986222 e:Goodwill 2022-03-31 03986222 e:CurrentFinancialInstruments 2023-03-31 03986222 e:CurrentFinancialInstruments 2022-03-31 03986222 e:Non-currentFinancialInstruments 2023-03-31 03986222 e:Non-currentFinancialInstruments 2022-03-31 03986222 e:CurrentFinancialInstruments e:WithinOneYear 2023-03-31 03986222 e:CurrentFinancialInstruments e:WithinOneYear 2022-03-31 03986222 e:Non-currentFinancialInstruments e:AfterOneYear 2023-03-31 03986222 e:Non-currentFinancialInstruments e:AfterOneYear 2022-03-31 03986222 e:ShareCapital 2023-03-31 03986222 e:ShareCapital 2022-03-31 03986222 e:ShareCapital 2021-04-01 03986222 e:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 03986222 e:RetainedEarningsAccumulatedLosses 2023-03-31 03986222 e:RetainedEarningsAccumulatedLosses 2021-04-01 2022-03-31 03986222 e:RetainedEarningsAccumulatedLosses 2022-03-31 03986222 e:RetainedEarningsAccumulatedLosses 2021-04-01 03986222 d:FRS102 2022-04-01 2023-03-31 03986222 d:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 03986222 d:FullAccounts 2022-04-01 2023-03-31 03986222 d:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 03986222 e:Subsidiary1 2022-04-01 2023-03-31 03986222 e:Subsidiary1 1 2022-04-01 2023-03-31 03986222 6 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registered number: 03986222









ZANC TRAVEL GROUP LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
ZANC TRAVEL GROUP LIMITED
REGISTERED NUMBER: 03986222

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 7 
2,001
2,001

  
2,001
2,001

Current assets
  

Debtors: amounts falling due within one year
 8 
88,597
157,286

Cash at bank and in hand
 9 
417,468
254,857

  
506,065
412,143

Creditors: amounts falling due within one year
 10 
(368,858)
(310,016)

Net current assets
  
 
 
137,207
 
 
102,127

Total assets less current liabilities
  
139,208
104,128

Creditors: amounts falling due after more than one year
 11 
(115,438)
(120,923)

  

Net assets/(liabilities)
  
23,770
(16,795)


Capital and reserves
  

Called up share capital 
  
89,000
89,000

Profit and loss account
  
(65,230)
(105,795)

  
23,770
(16,795)


Page 1

 
ZANC TRAVEL GROUP LIMITED
REGISTERED NUMBER: 03986222
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2023

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 25 September 2023.




................................................
N Spyrou
Director

Page 2

 
ZANC TRAVEL GROUP LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 April 2021
89,000
(114,004)
(25,004)


Comprehensive income for the year

Profit for the year
-
8,209
8,209



At 1 April 2022
89,000
(105,795)
(16,795)


Comprehensive income for the year

Profit for the year
-
40,565
40,565


At 31 March 2023
89,000
(65,230)
23,770


The notes on pages 5 to 13 form part of these financial statements.

Page 3

 
ZANC TRAVEL GROUP LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
40,565
8,209

Adjustments for:

Interest paid
1,355
461

Taxation charge
9,217
1,925

Decrease/(increase) in debtors
68,689
(89,977)

Increase in creditors
53,694
55,235

(Decrease)/increase in amounts owed to groups
(1,272)
-

Corporation tax (paid)
(2,950)
(702)

Net cash generated from operating activities

169,298
(24,849)



Cash flows from financing activities

New secured loans
-
50,000

Repayment of loans
(5,332)
(1,961)

Interest paid
(1,355)
(461)

Net cash used in financing activities
(6,687)
47,578

Net increase in cash and cash equivalents
162,611
22,729

Cash and cash equivalents at beginning of year
254,857
232,128

Cash and cash equivalents at the end of year
417,468
254,857


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
417,468
254,857

417,468
254,857


The notes on pages 5 to 13 form part of these financial statements.

Page 4

 
ZANC TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

The company is a private company limited by shares incorporated in England and Wales. The registered office address is 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

Company management and 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.
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.

 
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

Turnover represents the total value of travel, holiday and holiday accommodation arrangements provided by the company, recognised on a departure date basis.

Page 5

 
ZANC TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
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.

 
2.8

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.

 
2.9

Tangible fixed assets

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as per table below.

Depreciation is provided on the following basis:

Fixtures and fittings
-
20 - 25% Straight Line

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.

Page 6

 
ZANC TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.11

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.

 
2.12

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.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.13

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.

 
2.14

Financial instruments

The Company 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.

Page 7

 
ZANC TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of company's accounting policies, the directors are required to make judgments, estimates and assumptions about the carrying amount of assets and liabilities that are readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to according estimates are recognised in the period in which the estimates is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
a) Critical judgments in applying the Company's accounting policies
The directors believe that there are no critical judgments involved in applying the Company's accounting policies that warrant disclosure.
b) Key accounting estimates and assumptions
The directors believe that there are no accounting estimates and assumptions involved in applying the Company's accounting policies that warrant disclosure.


4.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 3).

Page 8

 
ZANC TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Intangible assets




Goodwill

£



Cost


At 1 April 2022
140,000



At 31 March 2023

140,000



Amortisation


At 1 April 2022
140,000



At 31 March 2023

140,000



Net book value



At 31 March 2023
-



At 31 March 2022
-



Page 9

 
ZANC TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 April 2022
46,584



At 31 March 2023

46,584



Depreciation


At 1 April 2022
46,584



At 31 March 2023

46,584



Net book value



At 31 March 2023
-



At 31 March 2022
-

Page 10

 
ZANC TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2022
2,001



At 31 March 2023
2,001





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Exclusive Aviation Limited
Nucleus House, 2 Lower Mortlake Road, Richmond, TW9 2JA
Ordinary
100%

The aggregate of the share capital and reserves as at 31 March 2023 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)

Exclusive Aviation Limited
1,246
(1,272)


8.


Debtors

2023
2022
£
£


Other debtors
1,913
60,043

Prepayments and accrued income
86,684
97,243

88,597
157,286


Included in prepayments and accrued income is the sum of £85,829 (2022: £97,243) which relates to advance supplier payments for bookings departing from 1 April 2023 onwards.

Page 11

 
ZANC TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

9.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
417,468
254,857

417,468
254,857



10.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
5,485
5,332

Trade creditors
-
3,012

Amounts owed to group undertakings
-
1,272

Corporation tax
9,217
2,950

Other taxation and social security
-
2,065

Other creditors
26,178
35,272

Accruals and deferred income
327,978
260,113

368,858
310,016


Included in accruals and deferred income is the sum of £323,178 (2022: £254,877) which relates to advance customer receipts received for bookings departing from 1 April 2023 onwards.


11.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
37,438
42,923

Other loans
78,000
78,000

115,438
120,923


Other loans related to a subordinated loan of £78,000 that cannot be released without the permission of the Civil Aviation Authority.
Included above is a bounce back bank loan from Company's bankers, National Westminster Bank Plc,  The loan is for a term of 8.5 years, with no capital repayments for the first 6 months  and repayment starting from December 2021.
 There is also no interest payable for the first 12 months, with a rate of 2.75% per annum charged thereafter.

Page 12

 
ZANC TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

12.


Related party transactions

During the year, the company has not purchased flight seats from Exclusive Aviation Limited a wholly owned subsidiary. 
As at the year end, the amount owed to Exclusive Aviation Limited amounted  £Nil (2022: £1,272).


13.


Controlling party

The company is controlled by its directors by virtue of the issued share capital of the company.

 
Page 13