REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 |
FOR |
BALDWINS TRAVEL AGENCY LIMITED |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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 |
Investments | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 9 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Share capital | 12 |
Revaluation reserve | 13 |
Capital redemption reserve |
Retained earnings | ( |
) | ( |
) |
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 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 July 2022 |
and 30 June 2023 |
AMORTISATION |
At 1 July 2022 |
and 30 June 2023 |
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 |
Disposals | ( |
) | ( |
) |
At 30 June 2023 |
DEPRECIATION |
At 1 July 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
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 | 54,614 |
PROVISIONS |
At 1 July 2022 |
and 30 June 2023 | 49,613 | - | 49,613 |
NET BOOK VALUE |
At 30 June 2023 | 5,001 |
At 30 June 2022 | 5,001 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: Kemp House, 160 City Road, London, EC1V 2NX |
Nature of business: |
% |
Class of shares: | holding |
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 |
Other debtors |
Amounts falling due after more than one year: |
Amounts owed by group undertakings |
Aggregate amounts |
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 |
Trade creditors |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Amounts owed to group undertakings |
Other creditors |
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 |
Between one and five years |
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 |
14. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
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. |