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Registered number: 08344290










LOGITRAVEL LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 28 FEBRUARY 2023

 
LOGITRAVEL LIMITED
REGISTERED NUMBER: 08344290

STATEMENT OF FINANCIAL POSITION
AS AT 28 FEBRUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
937
1,874

  
937
1,874

Current assets
  

Debtors: amounts falling due within one year
 5 
74,775
197,317

Cash at bank and in hand
 6 
682,577
42,566

  
757,352
239,883

Creditors: amounts falling due within one year
 7 
(847,031)
(381,400)

Net current liabilities
  
 
 
(89,679)
 
 
(141,517)

Total assets less current liabilities
  
(88,742)
(139,643)

  

Net liabilities
  
(88,742)
(139,643)


Capital and reserves
  

Called up share capital 
  
865,000
865,000

Profit and loss account
  
(953,742)
(1,004,643)

  
(88,742)
(139,643)


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 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  29 August 2023.




Mr A Dotor Martin-Sanz
Director

The notes on pages 2 to 7 form part of these financial statements.

Page 1

 
LOGITRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1.


General information

Logitravel Limited is a private company limited by shares incorporated in England and Wales, United Kingdom. The registered office is 8th Floor, Becket House, 36 Old Jewry, London, EC2R 8DD.

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 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 Company’s forecasts and projections show that the company is expected to have adequate funding to meet its operational working capital requirements for the foreseeable future. The ultimate controlling party has provided the necessary financial support to the company to ensure that it meets its liabilities and obligations as and when they fall due and has confirmed his agreement to continue doing so for a period of at least 12 months from the date of these financial statements.

 
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.

  
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Revenue comprises amounts receivable from the provision of services falling within the company's ordinary activities, predominatly sales comprise of commissions made. Revenue is recognised on a departure date basis.

Page 2

 
LOGITRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.5

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.

 
2.6

Borrowing costs

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

 
2.7

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.

 
2.8

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

Intangible assets

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.


 
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.

Page 3

 
LOGITRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
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.

 
2.13

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.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Employees
1
1

Page 4

 
LOGITRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

4.


Intangible assets




Computer software

£



Cost


At 1 March 2022
3,750



At 28 February 2023

3,750



Amortisation


At 1 March 2022
1,876


Charge for the year on owned assets
937



At 28 February 2023

2,813



Net book value



At 28 February 2023
937



At 28 February 2022
1,874




5.


Debtors

2023
2022
£
£


Trade debtors
42,651
55,487

Amounts owed by group undertakings
18,649
125,728

Other debtors
13,475
16,102

74,775
197,317


Page 5

 
LOGITRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
682,577
42,566

Less: bank overdrafts
-
(24,893)

682,577
17,673



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
-
24,893

Trade creditors
27,715
9,948

Amounts owed to group undertakings
561,103
202,091

Other taxation and social security
25,271
20,804

Other creditors
20,150
12,711

Accruals and deferred income
212,792
110,953

847,031
381,400


Included in Trade creditors is BSP outstanding as at 28 February 2023 of £612.


8.


Contingent liabilities

The Company is an accredited agent of the International Air Transport Association (IATA) and acts as an agents meaning the company does not sell packages and flights in its own name.
The company also complies with the financial criteria requirements of IATA.
There are no other material contigent liabilities.


9.


Pension commitments

The Company operates a defined contribution 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 £Nil (2022: £1,538). Contributions totalling £Nil were payable to the fund at the balance sheet date.


10.


Related party transactions

The Group has taken advantage of the exemption available under FRS 102A Section 33 'Related Party Transactions' from disclosing related party transactions with other Group entities that are wholly owned.

Page 6

 
LOGITRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

11.


Controlling party

Logitravel is a wholly owned subsidiary of Aperture Travel, S.L., a company incorporated in Spain. On 28 February 2022, the group entered into a joint venture with El Corte Inglés, S.A. and the company became part of the El Corte Inglés Group, headed by El Corte Inglés, S.A. The results of Logitravel Limited are included in the consolidated financial statements of El Corte Inglés, S.A. which are available from: C/ Hermosilla, nº 112, Madrid, Spain.


12.


Auditors' information

The auditors' report on the financial statements for the year ended 28 February 2023 was unqualified.

The audit report was signed on 29 August 2023 by Ian Palmer (Senior Statutory Auditor) on behalf of Xeinadin Audit Limited.

 
Page 7