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REGISTERED NUMBER: 13313382 (England and Wales)















Financial Statements for the Year Ended 30 September 2023

for

Weroad UK Ltd

Weroad UK Ltd (Registered number: 13313382)






Contents of the Financial Statements
for the Year Ended 30 September 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Weroad UK Ltd

Company Information
for the Year Ended 30 September 2023







DIRECTORS: Andrea D'Amico
Elena Giombelli
Alberto Poma





REGISTERED OFFICE: Huckletree Shoreditch Alphabeta Building
18 Finsbury Square,
London
EC2A 1AH





REGISTERED NUMBER: 13313382 (England and Wales)





AUDITORS: Merali's
Chartered Accountants & Statutory Auditors
Scottish Provident House
76-80 College Road
Harrow
Middlesex
HA1 1BQ

Weroad UK Ltd (Registered number: 13313382)

Balance Sheet
30 September 2023

2023 2022
Notes £    £   
CURRENT ASSETS
Debtors 4 1,588,482 411,044
Cash at bank 264,609 78,382
1,853,091 489,426
CREDITORS
Amounts falling due within one year 5 (758,930 ) (1,609,711 )
NET CURRENT ASSETS/(LIABILITIES) 1,094,161 (1,120,285 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,094,161

(1,120,285

)

CREDITORS
Amounts falling due after more than one year 6 (488,628 ) (474,431 )
NET ASSETS/(LIABILITIES) 605,533 (1,594,716 )

CAPITAL AND RESERVES
Called up share capital 4,256,949 361,009
Retained earnings (3,651,416 ) (1,955,725 )
605,533 (1,594,716 )

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 4 April 2024 and were signed on its behalf by:





Andrea D'Amico - Director


Weroad UK Ltd (Registered number: 13313382)

Notes to the Financial Statements
for the Year Ended 30 September 2023

1. STATUTORY INFORMATION

Weroad UK Ltd 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable when the tour is completed (when tour returns).

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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Going concern
Business is relatively new and in the initial phase, hence revenues, margins and admin expenses are fluctuating and not fully matured yet. Nonetheless, revenues, gross profit margins, net assets and net current assets have all improved significantly in the year.
After making enquiries, the directors have formed a judgement at the time of approving the financial statements, that there is a reasonable expectation that the company has adequate resources together with positive gross profits to enable the company to continue in its operational existence for the foreseeable future.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 6 ) .

Weroad UK Ltd (Registered number: 13313382)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 422,681 222,665
Amounts owed by group undertakings 476 353
Other debtors 298,000 177,500
VAT 11,426 10,526
Deferred tax asset 853,340 -
Prepayments 2,559 -
1,588,482 411,044

Other debtors includes medium term , more then 1 year travel bonds receivable of £183,000 (2022: £127,500) for ABTA & £100,000 (2022: £50,000) for ATOL.

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 11,541 1,305,923
Social security and other taxes 6,056 41,628
Pension Payable 12,299 8,714
Accrued expenses 33,479 4,500
Deferred Income 695,555 248,946
758,930 1,609,711

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Amounts owed to group undertakings 488,628 474,431

7. DEFERRED TAX
£   
Provided during year (853,340 )
Balance at 30 September 2023 (853,340 )

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

The Report of the Auditors was unqualified.

MPK Merali (Senior Statutory Auditor)
for and on behalf of Merali's

Weroad UK Ltd (Registered number: 13313382)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

9. RELATED PARTY DISCLOSURES

As of Sep 2023, One day group in Italy was the controlling party of the company, but no longer the controlling party since Dec 2023 as they effectively owns 42%.

Weroad S.R.L, Italy is parent company of Weroad UK Ltd.

Related party transactions with Weroad S.R.L for the year ended 30th September 2023 are as below:

Recharges of direct costs by Weroad S.R.L during the the year are £994,140 (2022: £346,516).
Recharges of coordinator costs by Weroad S.R.L during the year are £286,965 (2022: £11,524)..
Recharges of advertising and marketing costs by Weroad S.R.L during the year are £853,183 (2022: £844,348)
Recharges during the year to Weroad S.R.L of salaries £45,739, staff national insurance contributions £26,180, and staff pensions £6,497
Management charges by Weroad S.R.L as per service agreement are £395,494 (2022: £83,766)
Interest on loan payable to Weroad S.R.L during the year is £17,185 (2022: £10,108.13)

Related party balances as at year ended 30th September 2023 with Weroad S.R.L resulted from above transactions is as below:

Amount of loan payable to Weroad S.R.L is £488,628 (2022: £474,431). Loan is interest bearing and repayable on demand.
Amount of trade payable to Weroad S.R.L is £233 (2022: £1,268,231)
Amount of trade receivable from Weroad Germany is £3,411.
Amount of trade receivable from Weroad France is £384.


Loan payable by the company to WeRoad S.R.L for £488,628 (2022: £474,431) is a subordinated loan in favour of the Civil Aviation Authority (CAA).

800,000 ordinary shares of £1 issued to Weroad S.R.L for £800,000 in April 2023 (paid in cash) and further issue of 3,095,940 ordinary shares at £1 as capitalisation of credit balance with Weroad S.R.L.