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Registered number: 02483167










GLOBAL-LINK TRAVEL & TOURS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
GLOBAL-LINK TRAVEL & TOURS LIMITED
REGISTERED NUMBER: 02483167

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
37,149
41,276

Investment property
 5 
40,000
40,000

  
77,149
81,276

Current assets
  

Debtors: amounts falling due after more than one year
 6 
7,500
7,500

Debtors: amounts falling due within one year
 6 
134,932
103,809

Cash at bank and in hand
 7 
37,924
17,606

  
180,356
128,915

Creditors: amounts falling due within one year
 8 
(28,060)
(54,599)

Net current assets
  
 
 
152,296
 
 
74,316

Total assets less current liabilities
  
229,445
155,592

Creditors: amounts falling due after more than one year
 9 
(120,189)
(66,402)

Provisions for liabilities
  

Deferred tax
  
(3,178)
(3,613)

  
 
 
(3,178)
 
 
(3,613)

Net assets
  
106,078
85,577


Capital and reserves
  

Called up share capital 
  
50,000
50,000

Revaluation reserve
 11 
5,049
5,049

Profit and loss account
 11 
51,029
30,528

  
106,078
85,577

Page 1

 
GLOBAL-LINK TRAVEL & TOURS LIMITED
REGISTERED NUMBER: 02483167
    
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 15 August 2024.




Mr D P Kemwal
Director

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

Page 2

 
GLOBAL-LINK TRAVEL & TOURS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Global-Link Travel & Tours Limited is a private company limited by shares, incorporated in England & Wales. The address of the registered office is Capricorn House, 1 Mandeville Place, London, W1U 3AW.

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

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.

 
2.3

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. Revenue and expenses relating to travel is taken to the profit and loss account on a date of booking basis.

 
2.4

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.

 
2.5

Borrowing costs

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

Page 3

 
GLOBAL-LINK TRAVEL & TOURS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.7

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, on a reducing balance basis.

Depreciation is provided on the following basis:

Short-term leasehold property
-
7%
Straight line over 15 year term of the lease
Fixtures and fittings
-
10%
under reducing balance
Office equipment
-
10%
under reducing balance

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.

Page 4

 
GLOBAL-LINK TRAVEL & TOURS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.9

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.

 
2.10

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.

 
2.11

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.


3.


Employees



The average monthly number of employees, including directors, during the year was 5 (2023 - 3).

Page 5

 
GLOBAL-LINK TRAVEL & TOURS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Short-term leasehold property
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 April 2023
53,172
77,531
98,186
228,889



At 31 March 2024

53,172
77,531
98,186
228,889



Depreciation


At 1 April 2023
53,172
55,977
78,464
187,613


Charge for the year on owned assets
-
2,155
1,972
4,127



At 31 March 2024

53,172
58,132
80,436
191,740



Net book value



At 31 March 2024
-
19,399
17,750
37,149



At 31 March 2023
-
21,554
19,722
41,276


5.


Investment property


Long term leasehold investment property

£



Valuation


At 1 April 2023
40,000



At 31 March 2024
40,000

The 2024 valuations were made by the directors, on an open market value for existing use basis.




Page 6

 
GLOBAL-LINK TRAVEL & TOURS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
7,500
7,500

7,500
7,500


2024
2023
£
£

Due within one year

Trade debtors
110,800
78,143

Other debtors
24,132
18,139

Prepayments and accrued income
-
7,527

134,932
103,809



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
37,924
17,606

37,924
17,606



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
9,996
9,996

Trade creditors
10,919
-

Other taxation and social security
5,448
3,366

Other creditors
-
39,710

Accruals and deferred income
1,697
1,527

28,060
54,599


Page 7

 
GLOBAL-LINK TRAVEL & TOURS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
13,334
23,329

Other creditors
106,855
43,073

120,189
66,402



10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
9,996
9,996


9,996
9,996

Amounts falling due 1-2 years

Bank loans
13,334
23,329


13,334
23,329



23,330
33,325


A Government backed Coronavirus Business Interruption Loan (CBIL) was taken by the Company amounting to £50,000 in November 2020. This is repayable over 6 years.


11.


Reserves

Profit and loss account

Profit and loss includes all current and prior periods retained profit.


12.


Related party transactions

At the year end company owed director D P Kemwal an amount  £46,689 (2023: £43,073).

Page 8

 
GLOBAL-LINK TRAVEL & TOURS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

13.


Controlling party

The controlling party is that of the directors, by virtue of their shareholding.

 
Page 9