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Registered number: 03355729


GLOBAL TRAVEL MANAGEMENT LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2023

 
GLOBAL TRAVEL MANAGEMENT LIMITED
 

CONTENTS



Page
Statement of Financial Position
1 - 2
Notes to the Financial Statements
3 - 13


 
GLOBAL TRAVEL MANAGEMENT LIMITED
REGISTERED NUMBER: 03355729

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
  
35,000
35,000

Tangible assets
 5 
313,086
290,301

  
348,086
325,301

Current assets
  

Debtors
 6 
970,635
646,367

Cash at bank and in hand
 7 
514,659
532,134

  
1,485,294
1,178,501

Creditors: amounts falling due within one year
 8 
(1,139,918)
(792,245)

Net current assets
  
 
 
345,376
 
 
386,256

Total assets less current liabilities
  
693,462
711,557

Provisions for liabilities
  

Deferred tax
  
(27,184)
(2,883)

  
 
 
(27,184)
 
 
(2,883)

Net assets
  
666,278
708,674


Capital and reserves
  

Called up share capital 
  
100,000
100,000

Profit and loss account
  
566,278
608,674

  
666,278
708,674

Page 1

 
GLOBAL TRAVEL MANAGEMENT LIMITED
REGISTERED NUMBER: 03355729
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2023

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 by: 14 September 2023.




S L Pawley
Director

Page 2

 
GLOBAL TRAVEL MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Global Travel Management Limited is a private company limited by shares incorporated in England and Wales, United Kingdom. The registered office is shown on the Company Information page of these financial statements. 
The principal activity of the Company continues to be that of travel management for corporate clients.

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 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.

 
2.2

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 are recognised in the profit and loss account.

 
2.3

Revenue

Turnover represents the value of net commissions, transaction fees and other income earned for the arrangement of travel services. Transactional and management fee income is recognised when it arises and it is certain that economic benefits associated with the transaction will flow.



 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. 
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

Page 3

 
GLOBAL TRAVEL MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.5

Interest income

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

 
2.6

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.

  
2.7

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 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.
 
  
2.8

Deferred Tax

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 ofbusiness combinations, when deferred tax is recognised on the differences between the fair values ofassets acquired and the future tax deductions available for them and the differences between the fairvalues of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determinedusing tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 4

 
GLOBAL TRAVEL MANAGEMENT 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

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over its useful economic life.

Other 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.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.11

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.

Page 5

 
GLOBAL TRAVEL MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on cost and reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
2%
on cost (building only)
Motor vehicles
-
25%
on reducing balance
Fixtures and fittings
-
20%
on reducing balance
Computer equipment
-
20%
on reducing balance

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.

 
2.12

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.

 
2.13

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.

 
2.14

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.

 
2.15

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 6

 
GLOBAL TRAVEL MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.16

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.

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.

 
2.17

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.

  
2.18

Holiday Pay Accrual

A liability is recognized to the extent of any unused holiday pay entitlement which is accrued at the Statement of Financial Position date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the Statement of Financial position.
The company has no Holiday pay accrual at year end.


3.


Employees

The average monthly number of employees, including directors, during the year was 20 (2022 - 19).

Page 7

 
GLOBAL TRAVEL MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Intangible assets




Goodwill

£



Cost


At 1 April 2022
35,000



At 31 March 2023

35,000






Net book value



At 31 March 2023
35,000



At 31 March 2022
35,000



Page 8

 
GLOBAL TRAVEL MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Tangible fixed assets





Freehold property
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 April 2022
436,971
7,000
39,484
117,168
600,623


Additions
5,710
4,999
27,912
-
38,621



At 31 March 2023

442,681
11,999
67,396
117,168
639,244



Depreciation


At 1 April 2022
166,171
4,775
38,226
101,150
310,322


Charge for the year on owned assets
5,354
1,445
5,834
3,203
15,836



At 31 March 2023

171,525
6,220
44,060
104,353
326,158



Net book value



At 31 March 2023
271,156
5,779
23,336
12,815
313,086



At 31 March 2022
270,800
2,225
1,258
16,018
290,301

Included in cost of freehold propery is freehold land of £175,000 (2021: £175,000) which has not been depreciated.

Page 9

 
GLOBAL TRAVEL MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Debtors

2023
2022
£
£



Trade debtors
890,893
579,970

Provisions for bad debt
3,144
-

Other debtors
53,279
45,331

Prepayments and accrued income
23,319
21,066

970,635
646,367



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
514,659
532,133

514,659
532,133

Page 10

 
GLOBAL TRAVEL MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
462,177
601,666

Corporation tax
9,203
-

Other taxation and social security
68,847
19,610

Other creditors
585,691
170,969

Accruals and deferred income
14,000
-

1,139,918
792,245



The current facility of £300,000 with HSBC Bank PLC is available to use if the company needs additional working capital. The additional facility was not used as at the year end date. The facility is secured by way of fixed and floating charges over the freehold property and other assets of the company.

IATA
Included in Trade creditors is BSP outstanding as at 31 March 2023 of £448,422 (2022: £570,114).


9.


Deferred taxation




2023


£






At beginning of year
(2,883)


Charged to profit or loss
(24,301)



At end of year
(27,184)
Page 11

 
GLOBAL TRAVEL MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
 
9.Deferred taxation (continued)

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(27,461)
(2,883)

Short term timing differences
277
-

(27,184)
(2,883)


10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100,000 (2022 - 100,000) Ordinary shares of £1.00 each
100,000
100,000



11.


Contingent liabilities and regulatory requirements

The Company currently holds an Air Travel Organisers' License (ATOL) issued by the Civil Aviation Authority (CAA), and is an accredited agent of the International Air Transport Association (IATA).
In order to offer air inclusive package holidays, the company requires the annual renewal by the CAA of its ATOL licence. The CAA grants this license on the basis of meeting agreed financial criteria and renews this in September (effective 1st October) each year. The company has complied with these requirements in previous years. The directors see no reason why the ATOL license will not be renewed  on substantially the same terms and conditions as currently agreed with the CAA.
The company also complies with the financial criteria requirements of IATA.
The Company is currently a member of the Association of British Travel Agents Limited ('ABTA').
As at 31 March 2023, there were contingent liabilities given by the Company in the normal course of business to HSBC UK Bank Plc in respect of ABTA bonds, amounting to £25,000 (2022: £25,000).


12.


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 £15,604 (2022: £3,760). Contributions totalling £3,132 (2022: £2,985) were payable to the fund at the balance sheet date.

Page 12

 
GLOBAL TRAVEL MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

13.


Related party transactions

During the year, a director loaned the company £300,000. At the year end this balance remained repayable.
The company was owed £39,671 (2022: £45,141) by a related party under common control. During the year, the company received  £5,470 (2022: £7,345.19).


14.


Post balance sheet events

The directors have concluded that no material events have occurred since the date of approval of these
financial statements.


15.


Controlling party

S L Pawley is the controlling party.


16.


Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2023 was unqualified.

The audit report was signed on 14 September 2023 by Yasin Khandwalla FCCA (Senior Statutory Auditor) on behalf of Xeinadin Audit Limited.

 
Page 13