Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31The company's principal activity during the year continued to be that of a transport provider to its holdingcompany, Imagine Cruising Limited, under the TOMS VAT Transport Company Scheme.2022-04-010false0falsetrue 09613466 2022-04-01 2023-03-31 09613466 2021-04-01 2022-03-31 09613466 2023-03-31 09613466 2022-03-31 09613466 2021-04-01 09613466 c:Director2 2022-04-01 2023-03-31 09613466 d:CurrentFinancialInstruments 2023-03-31 09613466 d:CurrentFinancialInstruments 2022-03-31 09613466 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 09613466 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 09613466 d:ShareCapital 2022-04-01 2023-03-31 09613466 d:ShareCapital 2023-03-31 09613466 d:ShareCapital 2021-04-01 2022-03-31 09613466 d:ShareCapital 2022-03-31 09613466 d:ShareCapital 2021-04-01 09613466 c:FRS102 2022-04-01 2023-03-31 09613466 c:Audited 2022-04-01 2023-03-31 09613466 c:FullAccounts 2022-04-01 2023-03-31 09613466 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 09613466 c:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registered number: 09613466









IMAGINE TRANSPORT LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
IMAGINE TRANSPORT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF IMAGINE TRANSPORT LIMITED
UNDER SECTION 449 OF THE COMPANIES ACT 2006
 

Opinion


We have audited the financial statements of Imagine Transport Limited (the 'Company') for the year ended 31 March 2023, which comprise  the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 March 2023 and of its result for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Page 1

 
IMAGINE TRANSPORT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF IMAGINE TRANSPORT LIMITED (CONTINUED)
UNDER SECTION 449 OF THE COMPANIES ACT 2006



Material uncertainty related to going concern


In forming our opinion on the financial statements, which is not modified, we have considered the adequacy of the disclosure made in note 2.2 to the financial statements concerning the Company's ability to continue as a going concern.
As explained in note 2.2, the COVID-19 pandemic and the recent war in Ukraine had an unprecedented impact upon the global economy and especially upon the travel industry. These problematic trading conditions negatively impacted the Company’s trade, the Company’s current assets, as well as its immediate and projected cash flows.
We draw attention to note 2.2 of the financial statements as to the review and actions undertaken by the Board of Directors to ensure that the Company has adequate resources to continue trading for at least 12 months. The financial statements have therefore been prepared on a going concern basis.


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the directors' assessment of the Company's ability to continue to adopt the going concern basis of accounting included obtaining and testing the Company's budgets and forecasts for the years ended 31 March 2024 and 31 March 2025, including reviewing the key assumptions behind these from the latest available information, both internal and external; reviewing the continuing steps taken by management to manage liquidity, control current costs, utilise government assistance and raise further finance; reviewing the Company's continued compliance and correspondence with its key regulator, the Civil Aviation Authority (CAA) and assessing any threat to the continuation of its Air Travel Organisers Licence (ATOL); reviewing the minutes of the regular Board meetings and performing an overall assessment of the Company's internal finance function and controls.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditors' Report thereon.  The directors are responsible for the other information contained within the Annual Report.  Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated.  If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves.  If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 2

 
IMAGINE TRANSPORT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF IMAGINE TRANSPORT LIMITED (CONTINUED)
UNDER SECTION 449 OF THE COMPANIES ACT 2006


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' Report has been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 3

 
IMAGINE TRANSPORT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF IMAGINE TRANSPORT LIMITED (CONTINUED)
UNDER SECTION 449 OF THE COMPANIES ACT 2006


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
- We exercise professional judgment and maintain professional skepticism throughout the audit;
- We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the deliberate override of internal control;
- We obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of internal control;
- We evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made;
- We assess the risk of management override of controls, including testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business;
- We review the scope of the Company's compliance with The Package and Linked Travel Arrangements Regulations 2018 (“PTRs”) and sample test relevant documentation to assess this and the effectiveness of its control environment;
- We request and review the minutes of management meetings, and assess any matters identified not already provided for or disclosed that may materially impact the financial statements;
- We review the Company's relationships with related parties, identifying and disclosing transactions during the year and balances at year-end with such parties;
- We conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the entity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditor's Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the entity to cease to continue as a going concern.
 
Page 4

 
IMAGINE TRANSPORT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF IMAGINE TRANSPORT LIMITED (CONTINUED)
UNDER SECTION 449 OF THE COMPANIES ACT 2006


Auditors' responsibilities for the audit of the financial statements (continued)


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.





Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.



Ms N A Spoor FCA, FCCA (Senior Statutory Auditor)
  
for and on behalf of
White Hart Associates (London) Limited
 
Chartered Accountants and Statutory Auditors
  
2nd Floor
Nucleus House
2 Lower Mortlake Road
Richmond
TW9 2JA

24 October 2023
Page 5

 
IMAGINE TRANSPORT LIMITED
REGISTERED NUMBER: 09613466

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
3,436,723
1,314,874

Cash at bank and in hand
 5 
226,389
-

  
3,663,112
1,314,874

Creditors: amounts falling due within one year
 6 
(3,661,112)
(1,312,874)

Net current assets
  
 
 
2,000
 
 
2,000

Total assets less current liabilities
  
2,000
2,000

  

Net assets
  
2,000
2,000


Capital and reserves
  

Called up share capital 
  
2,000
2,000

  
2,000
2,000


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 on 24 October 2023.


................................................
R J Deller
Director

The notes on pages 8 to 13 form part of these financial statements.

Page 6

 
IMAGINE TRANSPORT LIMITED
 

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


Called up share capital
Total equity

£
£


At 1 April 2021
2,000
2,000
Total comprehensive income for the year
-
-



At 1 April 2022
2,000
2,000
Total comprehensive income for the year
-
-


At 31 March 2023
2,000
2,000


The notes on pages 8 to 13 form part of these financial statements.

Page 7

 
IMAGINE TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

As disclosed in the Directors' Report, the principal activity during the year continued to be that of a transport provider to its holding company, Imagine Cruising Limited, under the TOMS VAT Transport Company Scheme. 
      
The Company is a private company limited by shares and is incorporated in England. The address of the Company's principal place of business, being different to the registered office stated on the Company Information page, is:
Portland House 
Interface Business Park
Bincknoll Lane
Royal Wootton Bassett
SN4 8SY

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

Page 8

 
IMAGINE TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
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 and supplier capacity has been gradually recovering back to pre-pandemic levels. This, combined with consumer unease in relation to the current economic environment, with increasing energy costs and inflation, has meant that Company management and the directors have continued to review the Company’s financial position, as well as forecasts and plan 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, as evidenced by deferred income maintaining strong levels of £25m for future travel arrangements.
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. This is supported by the strong performance seen so far in the first half of 2023, which has seen a significant upside in demand. The Company has been well placed to meet and service the additional volume.
The Company is part of a much larger group, with the 51% shareholder being dnata, which is one of the world’s largest air services providers and is owned by The Investment Corporation of Dubai, a Government of Dubai entity. The Company therefore benefits from the guaranteed financial support of its shareholders.  The directors have considered profitability, cash flows and the financial support in detail for a period of over 12 months from the date of these financial statements and believe that it is still appropriate to apply the going concern basis for the foreseeable future. 

 
2.3

Turnover

Turnover represents the value, net of value added tax and discounts, of transport services provided to Imagine Cruising Limited during the year, recognised on a date of departure date basis, in accordance with HMRC VAT information Sheet 01/97.

Page 9

 
IMAGINE TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.4

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.

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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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.

 
2.5

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.

 
2.6

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.

 
2.7

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 10

 
IMAGINE TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.8

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.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.


3.


Employees

The Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL).

Page 11

 
IMAGINE TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Debtors

2023
2022
£
£


Other debtors
3,436,723
1,314,874

3,436,723
1,314,874



5.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
226,389
-

226,389
-



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Amounts owed to group undertakings
3,661,112
1,312,874

3,661,112
1,312,874



7.


Related party transactions

During the period, the Company entered into the following related party transactions:


2023
2022
£
£

Immediate holding company
Sales to the related party
86,700,022
33,144,680
Management charges payable to the related party
(18,183,616)
(8,075,555)
Amount due to the related party (included in creditors)
(3,661,112)
(1,312,874)
Amount due from the related party (included in debtors)
-
-

Page 12

 
IMAGINE TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

8.


Ultimate Controlling party

The immediate holding company is Imagine Cruising Limited whose registerd office is situated at 2nd Floor, Nucleus House, 2 Lower Mortlake Road, Richmond, TW9 2JA. The ultimate holding company is dnata, a company incorporated and domiciled in the Emirate of Dubai, UAE  whose registered office is situated at dnata Travel Centre, Sheikh Zayed Road, PO Box 1515, Dubai, UAE Copies of the accounts of dnata can be obtained from The Emirates Group website at www.theemiratesgroup.com/annualreport.
In the opinion of the directors there is no one single controlling party.

 
Page 13