Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31982023-04-01falseNo description of principal activityfalsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 02773456 2023-04-01 2024-03-31 02773456 2022-04-01 2023-03-31 02773456 2024-03-31 02773456 2023-03-31 02773456 c:Director1 2023-04-01 2024-03-31 02773456 d:ComputerEquipment 2023-04-01 2024-03-31 02773456 d:ComputerEquipment 2024-03-31 02773456 d:ComputerEquipment 2023-03-31 02773456 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02773456 d:CurrentFinancialInstruments 2024-03-31 02773456 d:CurrentFinancialInstruments 2023-03-31 02773456 d:Non-currentFinancialInstruments 2024-03-31 02773456 d:Non-currentFinancialInstruments 2023-03-31 02773456 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 02773456 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 02773456 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 02773456 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 02773456 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-03-31 02773456 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 02773456 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-03-31 02773456 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 02773456 d:ShareCapital 2024-03-31 02773456 d:ShareCapital 2023-03-31 02773456 d:RetainedEarningsAccumulatedLosses 2024-03-31 02773456 d:RetainedEarningsAccumulatedLosses 2023-03-31 02773456 c:OrdinaryShareClass1 2023-04-01 2024-03-31 02773456 c:OrdinaryShareClass1 2024-03-31 02773456 c:OrdinaryShareClass1 2023-03-31 02773456 c:FRS102 2023-04-01 2024-03-31 02773456 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 02773456 c:FullAccounts 2023-04-01 2024-03-31 02773456 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 02773456 2 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 02773456









TRAVELCO LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
TRAVELCO LIMITED
REGISTERED NUMBER: 02773456

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
  
4,296
5,370

  
4,296
5,370

Current assets
  

Debtors: amounts falling due within one year
  
1,279,388
1,172,212

Cash at bank and in hand
  
744,555
644,131

  
2,023,943
1,816,343

Creditors: amounts falling due within one year
  
(1,548,146)
(1,385,455)

Net current assets
  
 
 
475,797
 
 
430,888

Total assets less current liabilities
  
480,093
436,258

Creditors: amounts falling due after more than one year
  
(223,786)
(243,786)

  

Net assets
  
256,307
192,472


Capital and reserves
  

Called up share capital 
  
30,000
30,000

Profit and loss account
  
226,307
162,472

  
256,307
192,472


Page 1

 
TRAVELCO LIMITED
REGISTERED NUMBER: 02773456
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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 statement of comprehensive income 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 29 July 2024.



N R Smithson
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
TRAVELCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Travelco Limited is a private company limited by shares, incorporated in England and Wales, registration number 02773456. The registered office is 2nd Floor, Nucleus House, 2 Lower Mortlake Road, Richmond, TW9 2JA.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors continue to monitor and review the Company’s financial position, including its budgets and forecasts, to assess the potential financial impact of any slowdown in trading and its impact on the liquidity of the business. This on-going sensitivity analysis enables the directors to 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. This is supported by the continued strong performance seen so far in the first half of 2024. The Company has been well placed to meet and service the additional volume.
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.

 
2.3

Revenue

Turnover is the amount derived from ordinary activities and represents the aggregate revenue receivable from tours booked during the financial year, stated net of value added tax and trade discounts.
Turnover is attributable to one continuing activity.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
TRAVELCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.7

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.

 
2.8

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated 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:

Computer equipment
-
33%

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 profit or loss.

 
2.10

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 4

 
TRAVELCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.11

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.

 
2.12

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.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 9 (2023 - 8).

Page 5

 
TRAVELCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 April 2023
5,977


Additions
1,400


Disposals
(326)



At 31 March 2024

7,051



Depreciation


At 1 April 2023
607


Charge for the year on owned assets
2,148



At 31 March 2024

2,755



Net book value



At 31 March 2024
4,296



At 31 March 2023
5,370

Page 6

 
TRAVELCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Debtors

2024
2023
£
£


Trade debtors
1,202,404
1,123,235

Other debtors
45,929
24,622

Prepayments and accrued income
31,055
24,355

1,279,388
1,172,212



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
744,555
644,131

744,555
644,131



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
20,000
20,000

Trade creditors
1,482,414
1,341,071

Other taxation and social security
12,965
12,297

Other creditors
6,111
7,706

Accruals and deferred income
26,656
4,381

1,548,146
1,385,455


Page 7

 
TRAVELCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
21,667
41,667

Other loans
202,119
202,119

223,786
243,786


Included in other loans above is the amount of £150,000 from a director, N Smithson, that is subject to a subordinated undertaking given to the Civil Aviation Authority (CAA) and which cannot be repaid without their prior written consent. 


9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
20,000
20,000


20,000
20,000

Amounts falling due 1-2 years

Bank loans
20,000
20,000

Other loans
202,119
202,119


222,119
222,119

Amounts falling due 2-5 years

Bank loans
1,667
21,667


1,667
21,667


243,786
263,786


Included above is a bank loan from the Company's bankers, Lloyds Bank Plc, under the Coronavirus Business Interruption Loan Scheme (CBILS). The loan is for a term of 6 years, with no capital repayments for the the first 12 months. There is also no interest payable for the first 12 months, with a rate of 2.64% per annum charged thereafter.

Page 8

 
TRAVELCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



30,000 (2023 - 30,000) Ordinary shares of £1.00 each
30,000
30,000

On 28 March 2024, the company purchased and cancelled 10,500 ordinary shares of £1 for £108,849.
On 31 March 2024, the company made a bonus issue of 10,500 ordinary shares of £1 each.



11.


Contingent liabilities

At 31 March 2024, there were contingent liabilities in respect of counter indemnities and guarantees given by the Company in the normal course of business to the Company's bond insurance obligors in respect of ABTA and other similar bonds of £98,060 (2023 - £24,000).


12.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £39,250 (2023 - £3,404). Contributions totalling £854 (2023 - £568) were payable to the fund at the reporting date and are included in creditors.


13.


Related party transactions

Travelbrands Limited: A company in which one of the directors, Mr N R Smithson, is also a director. The Company makes gross cost purchases of travel arrangements from Travelbrands Limited. The total gross cost purchases made for the year amounted to £36,211 (2023 - £45,489). 
As at the year end, the amount owed by Travelbrands Limited to the company amounted to £Nil (2023 - amount owed by the company was £400).


14.


BSP Outstanding

As at 31 March 2024, the Company had £3,538 of payments due to International Air Transport Association (IATA) for tickets issued in the month of March 2024.


15.


Controlling party

In the opinion of the directors, there is no ultimate controlling party.

 
Page 9