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Registration number: 07578980

Transforma Travel Group Ltd (formerly The Dragon Trip PTE. Ltd.)


Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2023

 

Transforma Travel Group Ltd (formerly The Dragon Trip PTE. Ltd.)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 9

 

Transforma Travel Group Ltd (formerly The Dragon Trip PTE. Ltd.)

Company Information

Directors

Ramsay Kerr

Daniel Oliver Nivern

Alexander James Seigel

Registered office

37 Tanner Street
London
SE1 3LF

Accountants

Carbon Accountancy Limited
Chartered Accountants
80-83 Long Lane
London
EC1A 9ET

 

Transforma Travel Group Ltd (formerly The Dragon Trip PTE. Ltd.)

(Registration number: 07578980)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

8,772

13,159

Current assets

 

Debtors

5

2,327,631

600,242

Cash at bank and in hand

 

379,130

218,107

 

2,706,761

818,349

Creditors: Amounts falling due within one year

(2,526,933)

(995,717)

Net current assets/(liabilities)

 

179,828

(177,368)

Total assets less current liabilities

 

188,600

(164,209)

Creditors: Amounts falling due after more than one year

(102,044)

(143,790)

Provisions for liabilities

(2,193)

-

Net assets/(liabilities)

 

84,363

(307,999)

Capital and reserves

 

Called up share capital

6

248

248

Share premium reserve

25,649

25,649

Retained earnings

58,466

(333,896)

Shareholders' funds/(deficit)

 

84,363

(307,999)

For the financial year ending 31 October 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 11 March 2024 and signed on its behalf by:
 

 

Transforma Travel Group Ltd (formerly The Dragon Trip PTE. Ltd.)

(Registration number: 07578980)
Balance Sheet as at 31 October 2023

.........................................
Alexander James Seigel
Director

 

Transforma Travel Group Ltd (formerly The Dragon Trip PTE. Ltd.)

Notes to the Financial Statements for the Year Ended 31 October 2023

1

General information

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

The address of its registered office is:
37 Tanner Street
London
SE1 3LF

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.

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 and deferred 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.

 

Transforma Travel Group Ltd (formerly The Dragon Trip PTE. Ltd.)

Notes to the Financial Statements for the Year Ended 31 October 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

25% Straight Line

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.

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.

 

Transforma Travel Group Ltd (formerly The Dragon Trip PTE. Ltd.)

Notes to the Financial Statements for the Year Ended 31 October 2023

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2022 - 3).

 

Transforma Travel Group Ltd (formerly The Dragon Trip PTE. Ltd.)

Notes to the Financial Statements for the Year Ended 31 October 2023

4

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

At 1 November 2022

17,546

17,546

At 31 October 2023

17,546

17,546

Depreciation

At 1 November 2022

4,387

4,387

Charge for the year

4,387

4,387

At 31 October 2023

8,774

8,774

Carrying amount

At 31 October 2023

8,772

8,772

At 31 October 2022

13,159

13,159

5

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

1,767,611

492,335

Amounts owed by related parties

8

125,010

-

Prepayments

 

241,527

90,043

Other debtors

 

193,483

17,864

   

2,327,631

600,242

 

Transforma Travel Group Ltd (formerly The Dragon Trip PTE. Ltd.)

Notes to the Financial Statements for the Year Ended 31 October 2023

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

41,745

55,660

Trade creditors

 

43,326

28,091

Amounts owed to group undertakings and undertakings in which the company has a participating interest

8

-

74,210

Taxation and social security

 

14,879

1,885

Accruals and deferred income

 

2,425,841

835,750

Other creditors

 

1,142

121

 

2,526,933

995,717

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

102,044

143,790

6

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

A Ordinary shares of £0.01 each

17,050

171

17,050

171

B Ordinary shares of £0.01 each

1,240

12

1,240

12

C ordinary shares of £0.01 each

5,890

59

5,890

59

D ordinary shares of £0.01 each

620

6

620

6

 

24,800

248

24,800

248

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

102,044

143,790

 

Transforma Travel Group Ltd (formerly The Dragon Trip PTE. Ltd.)

Notes to the Financial Statements for the Year Ended 31 October 2023

2023
£

2022
£

Current loans and borrowings

Bank borrowings

41,745

55,660

8

Related party transactions

Summary of transactions with parent

The company is controlled by the The Dragon Trip Adventure Travel Ltd, a company incorporated in Hong Kong.

 

Loans to related parties

2023

Associates
£

Total
£

At start of period

45,549

45,549

Advanced

152,570

152,570

At end of period

198,119

198,119

2022

Associates
£

Total
£

Advanced

45,549

45,549

At end of period

45,549

45,549

Terms of loans to related parties

Amount owed from Transforma Travel Group LLC - £313,925 ( 2022 - £45,549) - Associate
Amount owed to Shanghai Zhonglei Travel Co Ltd. - (£115,806) ( 2022 - Nil) - Associate

 

Loans from related parties

2023

Parent
£

Total
£

At start of period

(119,759)

(119,759)

Advanced

46,650

46,650

At end of period

(73,109)

(73,109)

2022

Parent
£

Total
£

At start of period

(108,188)

(108,188)

Advanced

(11,571)

(11,571)

At end of period

(119,759)

(119,759)