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Registration number: 07168229

The Travel Book Group Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

The Travel Book Group Ltd

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6 to 7

Statement of Changes in Equity

8

Notes to the Unaudited Financial Statements

9 to 18

 

The Travel Book Group Ltd

Company Information

Directors

Mr. Eleftherios Sergidis

Mr Johan Andreas Burden

Company secretary

Britannia Accountancy & Tax Services Ltd

Registered office

A24 The Sanderson Centre
Lees Lane
Gosport
Hampshire
PO12 3UL

Accountants

Britannia Accountancy & Tax Services Ltd
A24 The Sanderson Centre
Lees Lane
Gosport
Hampshire
PO12 3UL

 

The Travel Book Group Ltd

Directors' Report for the Year Ended 31 March 2023

The directors present their report and the financial statements for the year ended 31 March 2023.

Directors of the company

The directors who held office during the year were as follows:

Mr. Eleftherios Sergidis

Mr Johan Andreas Burden

Principal activity

The principal activity of the company is that of a travel agent and broker

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the Board on 1 November 2023 and signed on its behalf by:

.........................................
Mr. Eleftherios Sergidis
Director

   
     
 

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
The Travel Book Group Ltd
for the Year Ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of The Travel Book Group Ltd for the year ended 31 March 2023 as set out on pages 4 to 18 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of The Travel Book Group Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of The Travel Book Group Ltd and state those matters that we have agreed to state to the Board of Directors of The Travel Book Group Ltd, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Travel Book Group Ltd and its Board of Directors as a body for our work or for this report. To the best of our knowledge at the time of preparation; all information contained in this report is accurate, based upon the information and representations made to us by The Travel Book Group Ltd

It is your duty to ensure that The Travel Book Group Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of The Travel Book Group Ltd. You consider that The Travel Book Group Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of The Travel Book Group Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Britannia Accountancy & Tax Services Ltd
A24 The Sanderson Centre
Lees Lane
Gosport
Hampshire
PO12 3UL

1 November 2023

 

The Travel Book Group Ltd

Profit and Loss Account for the Year Ended 31 March 2023

Note

2023
£

2022
£

Turnover

 

3,892,279

2,184,130

Cost of sales

 

(248,566)

(166,123)

Gross profit

 

3,643,713

2,018,007

Administrative expenses

 

(3,636,053)

(1,889,156)

Operating profit

 

7,660

128,851

Interest payable and similar expenses

 

(3,343)

(2,659)

Profit before tax

4

4,317

126,192

Tax on profit

 

(1,400)

(18,973)

Profit for the financial year

 

2,917

107,219

The above results were derived from continuing operations.

 

The Travel Book Group Ltd

Statement of Comprehensive Income for the Year Ended 31 March 2023

2023
£

2022
£

Profit for the year

2,917

107,219

(Deficit)/surplus on property, plant and equipment revaluation

(28,000)

28,000

Total comprehensive income for the year

(25,083)

135,219

 

The Travel Book Group Ltd

(Registration number: 07168229)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

6

829,187

844,451

Current assets

 

Stocks

7

158,311

150,711

Debtors

8

432,682

315,490

Cash at bank and in hand

 

369,562

91,649

 

960,555

557,850

Creditors: Amounts falling due within one year

9

(1,030,091)

(570,961)

Net current liabilities

 

(69,536)

(13,111)

Total assets less current liabilities

 

759,651

831,340

Creditors: Amounts falling due after more than one year

9

(143,280)

(189,886)

Net assets

 

616,371

641,454

Capital and reserves

 

Called up share capital

10

600,002

600,002

Revaluation reserve

-

28,000

Retained earnings

16,369

13,452

Shareholders' funds

 

616,371

641,454

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 1 November 2023 and signed on its behalf by:
 

 

The Travel Book Group Ltd

(Registration number: 07168229)
Balance Sheet as at 31 March 2023

.........................................
Mr. Eleftherios Sergidis
Director

   
     
 

The Travel Book Group Ltd

Statement of Changes in Equity for the Year Ended 31 March 2023

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 April 2022

600,002

28,000

13,452

641,454

Profit for the year

-

-

2,917

2,917

Other comprehensive income

-

(28,000)

-

(28,000)

Total comprehensive income

-

(28,000)

2,917

(25,083)

At 31 March 2023

600,002

-

16,369

616,371

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 April 2021

600,002

-

(18,767)

581,235

Profit for the year

-

-

107,219

107,219

Other comprehensive income

-

28,000

-

28,000

Total comprehensive income

-

28,000

107,219

135,219

Dividends

-

-

(75,000)

(75,000)

At 31 March 2022

600,002

28,000

13,452

641,454

 

The Travel Book Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
A24 The Sanderson Centre
Lees Lane
Gosport
Hampshire
PO12 3UL

The principal place of business is:
2 London Road
Cowplain
Hampshire
PO8 0BZ
England

These financial statements were authorised for issue by the Board on 1 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

The Travel Book Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

18% on net book value

Vehicles

18% on net book value

Office equipment

18% on net book value

Furniture and fittings

18% on net book value

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% on cost

 

The Travel Book Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

The Travel Book Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 5).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

15,845

19,197

 

The Travel Book Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

5

Intangible assets

Cost or valuation

Amortisation

Carrying amount

At 31 March 2023

6

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

757,000

73,240

90,339

920,579

Revaluations

-

-

(26,181)

(26,181)

Additions

-

582

26,180

26,762

At 31 March 2023

757,000

73,822

90,338

921,160

Depreciation

At 1 April 2022

-

46,533

29,595

76,128

Charge for the year

-

4,911

10,934

15,845

At 31 March 2023

-

51,444

40,529

91,973

Carrying amount

At 31 March 2023

757,000

22,378

49,809

829,187

At 31 March 2022

757,000

26,707

60,744

844,451

Included within the net book value of land and buildings above is £757,000 (2022 - £757,000) in respect of freehold land and buildings.
 

7

Stocks

2023
£

2022
£

Work in progress

158,311

150,711

 

The Travel Book Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

8

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

394,729

268,227

Amounts owed by related parties

14

3

3

Other debtors

 

37,950

47,260

   

432,682

315,490

 

The Travel Book Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

12

86,285

312,834

Trade creditors

 

859,437

165,027

Taxation and social security

 

46,740

70,899

Accruals and deferred income

 

6,929

5,826

Other creditors

 

30,700

16,375

 

1,030,091

570,961

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

12

143,280

189,886

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

Preference 16.5% of £1,000 each

600

600,000

600

600,000

 

602

600,002

602

600,002

11

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

 

The Travel Book Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

(28,000)

(28,000)

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

28,000

28,000

12

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

138,945

90,886

Redeemable preference shares

4,335

99,000

143,280

189,886

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

-

2

Other borrowings

86,285

312,832

86,285

312,834

13

Dividends

Final dividends paid

 

2023
£

2022
£

Final dividend of £0 per each Ordinary share

-

-

     

Interim dividends paid

 

2023
£

2022
£

Interim dividend of £0 (2022 - £37,500) per each Ordinary share

-

75,000

     
 

The Travel Book Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

14

Related party transactions

 

The Travel Book Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

7,200

7,200