Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2022-04-01falsetour operators and travel agents54falsetrue 01528158 2022-04-01 2023-03-31 01528158 2021-04-01 2022-03-31 01528158 2023-03-31 01528158 2022-03-31 01528158 2021-04-01 01528158 2 2022-04-01 2023-03-31 01528158 2 2021-04-01 2022-03-31 01528158 5 2022-04-01 2023-03-31 01528158 5 2021-04-01 2022-03-31 01528158 1 2022-04-01 2023-03-31 01528158 e:Director1 2022-04-01 2023-03-31 01528158 d:ComputerEquipment 2022-04-01 2023-03-31 01528158 d:ComputerEquipment 2023-03-31 01528158 d:ComputerEquipment 2022-03-31 01528158 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 01528158 d:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 01528158 d:CurrentFinancialInstruments 2023-03-31 01528158 d:CurrentFinancialInstruments 2022-03-31 01528158 d:Non-currentFinancialInstruments 2023-03-31 01528158 d:Non-currentFinancialInstruments 2022-03-31 01528158 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 01528158 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 01528158 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 01528158 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 01528158 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 01528158 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-03-31 01528158 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 01528158 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-03-31 01528158 d:ShareCapital 2023-03-31 01528158 d:ShareCapital 2022-03-31 01528158 d:ShareCapital 2021-04-01 01528158 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 01528158 d:RetainedEarningsAccumulatedLosses 2023-03-31 01528158 d:RetainedEarningsAccumulatedLosses 2021-04-01 2022-03-31 01528158 d:RetainedEarningsAccumulatedLosses 2022-03-31 01528158 d:RetainedEarningsAccumulatedLosses 2021-04-01 01528158 e:FRS102 2022-04-01 2023-03-31 01528158 e:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 01528158 e:AbridgedAccounts 2022-04-01 2023-03-31 01528158 e:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 01528158 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 01528158 d:AcceleratedTaxDepreciationDeferredTax 2022-03-31 01528158 2 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registered number: 01528158









TRAVELWISE LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
TRAVELWISE LIMITED
REGISTERED NUMBER: 01528158

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 3 
30,836
13,562

  
30,836
13,562

Current assets
  

Debtors: amounts falling due within one year
 4 
379,643
376,063

Cash at bank and in hand
 5 
733,189
521,950

  
1,112,832
898,013

Creditors: amounts falling due within one year
 6 
(419,195)
(418,736)

Net current assets
  
 
 
693,637
 
 
479,277

Total assets less current liabilities
  
724,473
492,839

Creditors: amounts falling due after more than one year
 7 
(145,833)
(195,833)

Provisions for liabilities
  

Deferred tax
 9 
(6,255)
(3,087)

  
 
 
(6,255)
 
 
(3,087)

Net assets
  
572,385
293,919


Capital and reserves
  

Called up share capital 
  
30,000
30,000

Profit and loss account
  
542,385
263,919

  
572,385
293,919

Page 1

 
TRAVELWISE LIMITED
REGISTERED NUMBER: 01528158
    
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 income statement 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 9 August 2023.


K R Hart
Director

The notes on pages 5 to 13 form part of these financial statements.
Page 2

 
TRAVELWISE 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
30,000
165,192
195,192


Comprehensive income for the year

Profit for the year
-
98,727
98,727



At 1 April 2022
30,000
263,919
293,919


Comprehensive income for the year

Profit for the year
-
318,466
318,466


Contributions by and distributions to owners

Dividends
-
(40,000)
(40,000)


At 31 March 2023
30,000
542,385
572,385


The notes on pages 5 to 13 form part of these financial statements.
Page 3

 
TRAVELWISE LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
318,466
98,727

Adjustments for:

Depreciation of tangible assets
5,434
3,999

Loss on disposal of tangible assets
-
2,124

Interest paid
9,339
7,923

Interest received
(160)
-

Taxation charge
79,939
22,982

(Increase) in debtors
(3,581)
(18,237)

(Decrease)/increase in creditors
(70,921)
105,527

Corporation tax (paid)
(5,390)
(18,427)

Net cash generated from operating activities

333,126
204,618


Cash flows from investing activities

Purchase of tangible fixed assets
(22,708)
-

Sale of tangible fixed assets
-
200

Interest received
160
-

Net cash from investing activities

(22,548)
200

Cash flows from financing activities

Repayment of loans
(50,000)
-

Repayment of debenture loans
-
(2,875)

Dividends paid
(40,000)
-

Interest paid
(9,339)
(7,923)

Net cash used in financing activities
(99,339)
(10,798)

Net increase in cash and cash equivalents
211,239
194,020

Cash and cash equivalents at beginning of year
521,950
327,930

Cash and cash equivalents at the end of year
733,189
521,950


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
733,189
521,950


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

Page 4

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

1.


General information

Travelwise Limited is a private company limited by shares and incorporated in England. Its registered office is 2nd Floor Nucleus House, Lower Mortlake Road, Richmond, England, 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 members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors have reviewed the budgets and bookings already for the following 12 months and the position looks positive. The directors are confident that the company has adequate funding and liquidity, despite the impact of Covid-19, to continue to apply the going concern basis for the 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.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Income Statement within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 5

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

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue 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. Turnover represents gross commissions, flight and holiday sales, excluding value added tax, income is recognised by the departure date.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
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

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.

Page 6

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

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

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 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.

 
2.10

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, .

Depreciation is provided on the following basis:

Computer equipment
-
15%
Reducing Balance
Other fixed assets
-
10%
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.

 
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.

Page 7

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

2.Accounting policies (continued)

 
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

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company 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 Company 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.
Page 8

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

2.Accounting policies (continued)

 
2.15

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.

Investments in non-derivative instruments that are equity to the issuer are measured:
at fair value with changes recognised in the Income Statement if the shares are publicly traded or their fair value can otherwise be measured reliably;
at cost less impairment for all other investments.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Income Statement.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

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.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.

Page 9

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

2.Accounting policies (continued)

 
2.16

Dividends

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.


3.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 April 2022
54,814


Additions
22,708



At 31 March 2023

77,522



Depreciation


At 1 April 2022
41,252


Charge for the year on owned assets
5,434



At 31 March 2023

46,686



Net book value



At 31 March 2023
30,836



At 31 March 2022
13,562


4.


Debtors

2023
2022
£
£


Trade debtors
256,173
252,592

Amounts owed by group undertakings
123,470
123,471

379,643
376,063


Page 10

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

5.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
733,189
521,950

733,189
521,950



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
50,000
50,000

Customer payments on account
252,045
273,457

Corporation tax
76,771
5,390

Other taxation and social security
33,449
52,796

Other creditors
880
400

Accruals and deferred income
6,050
36,693

419,195
418,736



7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
145,833
195,833

145,833
195,833


Page 11

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

8.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
50,000
50,000


50,000
50,000

Amounts falling due 1-2 years

Bank loans
50,000
50,000


50,000
50,000

Amounts falling due 2-5 years

Bank loans
95,833
145,833


95,833
145,833


195,833
245,833


The above bank loan is a government-backed Coronavirus Business Interruption Loan Support Scheme ('CBILS') loans. 
The loan from Lloyds Bank is due to be repaid through 60 monthly instalments ending in February 2027. The applicable interest rate will be fixed at 2.58%. In addition to the 12 month capital repayment holiday, the loan benefits from a Business Interruption Payment ('BIP') made by the UK Government on behalf of the Company to cover interest arising on the CBILS loan for the first 12 months.
Page 12

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

9.


Deferred taxation




2023


£






At beginning of year
(3,087)


Charged to the profit or loss
(3,168)



At end of year
(6,255)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(6,255)
(3,087)

(6,255)
(3,087)


10.


Contingent liabilities

During the year under review, the company provided a guarantee and bond, to the value of £74,988      (2022 - £74,988), to the Association of British Travel Agents (ABTA).


11.


Mortgages and charges

On 24 March 2015 a fixed and floating charge in favour of the company's bank, Lloyds Bank Plc, was registered.

 
Page 13