Caseware UK (AP4) 2022.0.179 2022.0.179 2023-10-312023-10-312022-11-01falseTransport provider11falsetrue 04176334 2022-11-01 2023-10-31 04176334 2021-11-01 2022-10-31 04176334 2023-10-31 04176334 2022-10-31 04176334 2021-11-01 04176334 1 2022-11-01 2023-10-31 04176334 1 2021-11-01 2022-10-31 04176334 d:Director1 2022-11-01 2023-10-31 04176334 e:PlantMachinery 2022-11-01 2023-10-31 04176334 e:PlantMachinery 2023-10-31 04176334 e:PlantMachinery 2022-10-31 04176334 e:PlantMachinery e:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 04176334 e:CurrentFinancialInstruments 2023-10-31 04176334 e:CurrentFinancialInstruments 2022-10-31 04176334 e:CurrentFinancialInstruments e:WithinOneYear 2023-10-31 04176334 e:CurrentFinancialInstruments e:WithinOneYear 2022-10-31 04176334 e:ShareCapital 2022-11-01 2023-10-31 04176334 e:ShareCapital 2023-10-31 04176334 e:ShareCapital 2021-11-01 2022-10-31 04176334 e:ShareCapital 2022-10-31 04176334 e:ShareCapital 2021-11-01 04176334 e:RetainedEarningsAccumulatedLosses 2022-11-01 2023-10-31 04176334 e:RetainedEarningsAccumulatedLosses 2023-10-31 04176334 e:RetainedEarningsAccumulatedLosses 2021-11-01 2022-10-31 04176334 e:RetainedEarningsAccumulatedLosses 2022-10-31 04176334 e:RetainedEarningsAccumulatedLosses 2021-11-01 04176334 d:FRS102 2022-11-01 2023-10-31 04176334 d:Audited 2022-11-01 2023-10-31 04176334 d:FullAccounts 2022-11-01 2023-10-31 04176334 d:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 04176334 d:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 iso4217:GBP xbrli:pure

Registered number: 04176334









IAG BROKING LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2023

 
IAG BROKING LIMITED
REGISTERED NUMBER: 04176334

STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,607
-

  
1,607
-

Current assets
  

Debtors: amounts falling due within one year
 5 
1,000,071
601,322

Cash at bank and in hand
 6 
443,995
286,559

  
1,444,066
887,881

Creditors: amounts falling due within one year
 7 
(1,228,984)
(825,398)

Net current assets
  
 
 
215,082
 
 
62,483

Total assets less current liabilities
  
216,689
62,483

  

Net assets
  
216,689
62,483


Capital and reserves
  

Called up share capital 
  
1,100
1,100

Profit and loss account
  
215,589
61,383

  
216,689
62,483


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 14 February 2024.




T D Davey
Director

The notes on pages 5 to 10 form part of these financial statements.

Page 1

 
IAG BROKING LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 November 2022
1,100
61,383
62,483


Comprehensive income for the year

Profit for the year
-
154,206
154,206
Total comprehensive income for the year
-
154,206
154,206


At 31 October 2023
1,100
215,589
216,689


The notes on pages 5 to 10 form part of these financial statements.

Page 2

 
IAG BROKING LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 November 2021
1,100
48,374
49,474


Comprehensive income for the year

Profit for the year
-
13,009
13,009
Total comprehensive income for the year
-
13,009
13,009


At 31 October 2022
1,100
61,383
62,483


The notes on pages 5 to 10 form part of these financial statements.

Page 3

 
IAG BROKING LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
154,206
13,009

Adjustments for:

Depreciation of tangible assets
804
-

(Increase) in debtors
(404,246)
(335,199)

Decrease/(increase) in amounts owed by groups
5,497
(3,717)

Increase in creditors
322,875
283,967

Increase in amounts owed to groups
80,711
27,720

Net cash generated from operating activities

159,847
(14,220)


Cash flows from investing activities

Purchase of tangible fixed assets
(2,411)
-

Net cash from investing activities

(2,411)
-


Net increase/(decrease) in cash and cash equivalents
157,436
(14,220)

Cash and cash equivalents at beginning of year
286,559
300,779

Cash and cash equivalents at the end of year
443,995
286,559


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
443,995
286,559

443,995
286,559


The notes on pages 5 to 10 form part of these financial statements.

Page 4

 
IAG BROKING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

IAG Broking Limited is a private company limited by shares and incorporated in England under registered number 04176334. Its registered office is: Bolney Place, Cowfold Road, Bolney West Sussex RH17 5QT.

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 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.

The following principal accounting policies have been applied:

 
2.2

Going concern

The travel industry experienced the benefit of a post-Covid-19 bounce back in travel; however, with consumer unease in relation to the current economic environment, increasing energy costs, and the impact of inflation, Company management and the directors have continued to review the Company’s financial position. This is to ensure a swift response to any changes in planned trading performance.
The directors have prepared budgets and cashflow forecasts to 30 April 2025 which reflect good operational liquidity and profitability throughout. Additionally, they have also performed a sensitivity analysis on the Company's budgets and forecasts to assess the financial impact of any potential further slowdown in trading from the reforecast and its impact, whch still shows a healthy financial position ongoing. 
Company management and the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, being at least the following 12 months from the signing of these financial statements.
As a result, and with the Company continuing to receive the full support of its shareholders, the directors believe that it is still appropriate to apply the going concern basis for the foreseeable future.

Page 5

 
IAG BROKING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
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'.

 
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 is the amount derived from ordinary activities and represents the aggregate revenue receivable from flights departed during the year.

 
2.5

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.

 
2.6

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 6

 
IAG BROKING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.7

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.

 
2.8

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.

 
2.9

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.

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.

Page 7

 
IAG BROKING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Average number of employees
1
1


4.


Tangible fixed assets





Plant and machinery

£



Cost or valuation


Additions
2,411



At 31 October 2023

2,411



Depreciation


Charge for the year on owned assets
804



At 31 October 2023

804



Net book value



At 31 October 2023
1,607



At 31 October 2022
-

Page 8

 
IAG BROKING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
387,918
164,102

Amounts owed by group undertakings
-
5,497

Other debtors
171,699
172,111

Prepayments and accrued income
440,454
259,612

1,000,071
601,322


Included in prepayments and accrued income is the sum of £430,799 (2022 - £259,612) of supplier payments made in advance for departures post 31 October 2023.


6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
443,995
286,559

443,995
286,559



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
246,450
209,807

Amounts owed to group undertakings
115,824
35,113

Other creditors
94,464
95,038

Accruals and deferred income
772,246
485,440

1,228,984
825,398


Included in accruals and deferred income is the sum of £411,750 (2022- £315,949) of customer monies received in advance for departures post 31 October 2023.


8.


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 charge represents contributions payable by the Company to the fund and amounted to £1,313 (2022: £1,313).

Page 9

 
IAG BROKING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

9.


Related party transactions

The Company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with other wholly owned subsidiaries within the group. This is because the ultimate parent company prepares consolidated financial statements in which these transactions are eliminated in full.
Rookfield Financial Services Limited - A company where T D Davey a director is also a director and a shareholder. Amount owed by the related party £166,646 (2022: £166,646), included in debtors due within one year.


10.


Ultimate and immediate holding company

The Company's immediate holding company is Independent Aviation Group Limited, registered in England and Wales under company 02535246 with its registered office is at: Bolney Place, Cowfold Road, Bolney, West Sussex RH17 5QT.
The Company's ultimate holding company is IAG Holdings Limited. IAG Holdings Limited, registered in England and Wales under company number 03646321 with its registered office at Bolney Place, Cowfold Road, Bolney, West Sussex RH17 5QT.


11.


Controlling party

The directors considers that the ultimate controlling party is Ms T D Davey by virtue of her controlling interest in the parent undertaking IAG Holdings Limited.


12.


Auditors' information

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

The audit report was signed on 14 February 2024 by Ms N A Spoor FCA FCCA (Senior Statutory Auditor) on behalf of White Hart Associates ( London) Limited.

 
Page 10