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REGISTERED NUMBER: 02645135 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

FOR

BALDWINS TRAVEL AGENCY LIMITED

BALDWINS TRAVEL AGENCY LIMITED (REGISTERED NUMBER: 02645135)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 30 June 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


BALDWINS TRAVEL AGENCY LIMITED

COMPANY INFORMATION
for the Year Ended 30 June 2023







DIRECTORS: N F Marks
J Mason
C Hatfield





REGISTERED OFFICE: 128 City Road
London
EC1V 2NX





REGISTERED NUMBER: 02645135 (England and Wales)





AUDITORS: WBD Accountants Limited
Statutory Auditor
Marlbridge House
Enterprise Way
Edenbridge
Kent
TN8 6HF

BALDWINS TRAVEL AGENCY LIMITED (REGISTERED NUMBER: 02645135)

BALANCE SHEET
30 June 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 2,250,396 2,277,651
Investments 6 5,001 5,001
2,255,397 2,282,652

CURRENT ASSETS
Debtors 7 5,838,048 5,306,890
Cash at bank and in hand 340,710 660,947
6,178,758 5,967,837
CREDITORS
Amounts falling due within one year 8 6,669,980 6,571,598
NET CURRENT LIABILITIES (491,222 ) (603,761 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,764,175

1,678,891

CREDITORS
Amounts falling due after more than one year 9 (1,640,086 ) (1,652,990 )

PROVISIONS FOR LIABILITIES (16,047 ) (17,324 )
NET ASSETS 108,042 8,577

CAPITAL AND RESERVES
Share capital 12 1,154,000 1,154,000
Revaluation reserve 13 384,795 384,795
Capital redemption reserve 18,000 18,000
Retained earnings (1,448,753 ) (1,548,218 )
108,042 8,577

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 January 2024 and were signed on its behalf by:



C Hatfield - Director


BALDWINS TRAVEL AGENCY LIMITED (REGISTERED NUMBER: 02645135)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 30 June 2023

1. STATUTORY INFORMATION

Baldwins Travel Agency Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
The turnover shown in the profit and loss accounts represents commissions receivable on sales from retail and business travel agency activities, recognised on a booking date basis. Turnover also represents ancillary services booked during the year together with sales of foreign currency, net of value added tax.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any 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, using the straight line method.

Depreciation is provided on the following basis:

Long term leasehold property - 10% on cost
Fixtures and fittings - 10% on cost
Office equipment - 20% on cost


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 the income statement.

No depreciation has been charged in respect of land and buildings held by the company as the depreciation in aggregate is immaterial due to the length of the expected useful life of the buildings and the expected high residual values of the buildings.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less any provision for impairment.


BALDWINS TRAVEL AGENCY LIMITED (REGISTERED NUMBER: 02645135)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 53 (2022 - 52 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 July 2022
and 30 June 2023 265,803
AMORTISATION
At 1 July 2022
and 30 June 2023 265,803
NET BOOK VALUE
At 30 June 2023 -
At 30 June 2022 -

BALDWINS TRAVEL AGENCY LIMITED (REGISTERED NUMBER: 02645135)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2023

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Long and Computer
property leasehold fittings equipment Totals
£    £    £    £    £   
COST OR VALUATION
At 1 July 2022 2,184,999 37,867 271,206 114,946 2,609,018
Disposals - - - (58,847 ) (58,847 )
At 30 June 2023 2,184,999 37,867 271,206 56,099 2,550,171
DEPRECIATION
At 1 July 2022 - 37,867 185,319 108,181 331,367
Charge for year - - 22,205 5,050 27,255
Eliminated on disposal - - - (58,847 ) (58,847 )
At 30 June 2023 - 37,867 207,524 54,384 299,775
NET BOOK VALUE
At 30 June 2023 2,184,999 - 63,682 1,715 2,250,396
At 30 June 2022 2,184,999 - 85,887 6,765 2,277,651

Cost or valuation at 30 June 2023 is represented by:

Fixtures
Freehold Long and Computer
property leasehold fittings equipment Totals
£    £    £    £    £   
Valuation in 2018 60,000 - - - 60,000
Valuation in 2022 58,290 - - - 58,290
Cost 2,066,709 37,867 271,206 56,099 2,431,881
2,184,999 37,867 271,206 56,099 2,550,171

During the year, a valuation was carried out on the freehold properties by various RICS chartered surveyors.

BALDWINS TRAVEL AGENCY LIMITED (REGISTERED NUMBER: 02645135)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2023

6. FIXED ASSET INVESTMENTS
Shares in
group Unlisted
undertakings investments Totals
£    £    £   
COST
At 1 July 2022
and 30 June 2023 49,614 5,000 54,614
PROVISIONS
At 1 July 2022
and 30 June 2023 49,613 - 49,613
NET BOOK VALUE
At 30 June 2023 1 5,000 5,001
At 30 June 2022 1 5,000 5,001

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Sevenoaks Travel Limited
Registered office: Kemp House, 160 City Road, London, EC1V 2NX
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

The company also has an investment costing £5,000 in 10,000 non-voting preference shares of 'The Independents' Advantage Insurance Company Limited

7. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 4,467,534 4,117,680
Other debtors 832,198 396,137
5,299,732 4,513,817

Amounts falling due after more than one year:
Amounts owed by group undertakings 538,316 793,073

Aggregate amounts 5,838,048 5,306,890

BALDWINS TRAVEL AGENCY LIMITED (REGISTERED NUMBER: 02645135)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 5,060 -
Trade creditors 5,123,625 4,812,510
Taxation and social security 119,537 185,852
Other creditors 1,421,758 1,573,236
6,669,980 6,571,598

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Amounts owed to group undertakings - 179,984
Other creditors 1,640,086 1,473,006
1,640,086 1,652,990

The group undertakings refer to Sevenoaks Travel Limited, a 100 % subsidiary and other companies in the wider group.

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 134,924 117,625
Between one and five years 240,208 276,125
375,132 393,750

11. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Loans from other providers 1,366,667 2,771,006

Security by way of fixed and floating charges over the company's assets are held by the parent, International Travel Holdings BVI Limited and third party lenders.

12. SHARE CAPITAL

In January 2022, 1,100,000 £1 shares were allotted and then part of the loan from the parent, International Travel Holdings (BVI) Limited, was capitalised up to the total nominal value of £1,100,000.

BALDWINS TRAVEL AGENCY LIMITED (REGISTERED NUMBER: 02645135)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2023

13. RESERVES
Revaluation
reserve
£   
At 1 July 2022
and 30 June 2023 384,795

14. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Kevin Wood (Senior Statutory Auditor)
for and on behalf of WBD Accountants Limited

15. CONTINGENT LIABILITIES

The company has a contingent liability in respect of bonds issued on its behalf by Great American International Insurance DAC, totalling £287,460 (2022: £287,460) assigned to ABTA.

16. ULTIMATE CONTROLLING PARTY

The ultimate holding company and controlling party is Worldwide Travel Holdings Inc, company number 2686956, a company registered in Delaware USA and owned by its sole director.

17. GOING CONCERN AND FINANCIAL SUPPORT

The company's ability to continue as a going concern is dependent upon the continued support of the group and the company's other lenders. The directors have no reason to believe that on going support will not be provided to allow the company to continue trading for the foreseeable future. Accordingly, the directors consider it appropriate to prepare the financial statements on a going concern basis.

The financial statements do not include any adjustment that would result from the withdrawal of this support.