Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31falsefalse2023-01-01No description of principal activity2513falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 04083364 2023-01-01 2023-12-31 04083364 2021-10-01 2022-12-31 04083364 2023-12-31 04083364 2022-12-31 04083364 1 2023-01-01 2023-12-31 04083364 d:Director1 2023-01-01 2023-12-31 04083364 d:Director2 2023-01-01 2023-12-31 04083364 c:PlantMachinery 2023-01-01 2023-12-31 04083364 c:PlantMachinery 2023-12-31 04083364 c:PlantMachinery 2022-12-31 04083364 c:PlantMachinery c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04083364 c:FurnitureFittings 2023-01-01 2023-12-31 04083364 c:ComputerEquipment 2023-01-01 2023-12-31 04083364 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 04083364 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 04083364 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 04083364 c:Goodwill 2023-01-01 2023-12-31 04083364 c:Goodwill 2023-12-31 04083364 c:Goodwill 2022-12-31 04083364 c:CurrentFinancialInstruments 2023-12-31 04083364 c:CurrentFinancialInstruments 2022-12-31 04083364 c:Non-currentFinancialInstruments 2023-12-31 04083364 c:Non-currentFinancialInstruments 2022-12-31 04083364 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 04083364 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 04083364 c:Non-currentFinancialInstruments c:AfterOneYear 2023-12-31 04083364 c:Non-currentFinancialInstruments c:AfterOneYear 2022-12-31 04083364 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2023-12-31 04083364 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2022-12-31 04083364 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2023-12-31 04083364 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2022-12-31 04083364 c:ShareCapital 2023-12-31 04083364 c:ShareCapital 2022-12-31 04083364 c:SharePremium 2023-12-31 04083364 c:SharePremium 2022-12-31 04083364 c:CapitalRedemptionReserve 2023-12-31 04083364 c:CapitalRedemptionReserve 2022-12-31 04083364 c:RetainedEarningsAccumulatedLosses 2023-12-31 04083364 c:RetainedEarningsAccumulatedLosses 2022-12-31 04083364 d:OrdinaryShareClass1 2023-01-01 2023-12-31 04083364 d:OrdinaryShareClass1 2023-12-31 04083364 d:OrdinaryShareClass1 2022-12-31 04083364 d:FRS102 2023-01-01 2023-12-31 04083364 d:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 04083364 d:FullAccounts 2023-01-01 2023-12-31 04083364 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04083364 c:Subsidiary1 2023-01-01 2023-12-31 04083364 c:Subsidiary1 1 2023-01-01 2023-12-31 04083364 c:DevelopmentCostsCapitalisedDevelopmentExpenditure c:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 04083364 c:Goodwill c:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 04083364 6 2023-01-01 2023-12-31 04083364 c:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 04083364 c:Goodwill c:OwnedIntangibleAssets 2023-01-01 2023-12-31 04083364 c:DevelopmentCostsCapitalisedDevelopmentExpenditure c:OwnedIntangibleAssets 2023-01-01 2023-12-31 04083364 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 04083364









WORLD TRAVELLERS UK LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
WORLD TRAVELLERS UK LIMITED
REGISTERED NUMBER: 04083364

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
16,919
7,500

Tangible assets
 5 
15,712
30,779

Investments
 6 
2
2

  
32,633
38,281

Current assets
  

Debtors: amounts falling due within one year
 7 
4,182,282
2,389,195

Cash at bank and in hand
 8 
2,123
21,649

  
4,184,405
2,410,844

Creditors: amounts falling due within one year
 9 
(5,796,625)
(4,013,149)

Net current liabilities
  
 
 
(1,612,220)
 
 
(1,602,305)

Total assets less current liabilities
  
(1,579,587)
(1,564,024)

Creditors: amounts falling due after more than one year
 10 
(27,598)
(37,394)

  

Net liabilities
  
(1,607,185)
(1,601,418)


Capital and reserves
  

Called up share capital 
 12 
200
200

Share premium account
  
109,627
109,627

Capital redemption reserve
  
26
26

Profit and loss account
  
(1,717,038)
(1,711,271)

  
(1,607,185)
(1,601,418)


Page 1

 
WORLD TRAVELLERS UK LIMITED
REGISTERED NUMBER: 04083364
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

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 19 August 2024.




K D Harrison
T W L Dunkley
Director
Director

The notes on pages 3 to 16 form part of these financial statements.

Page 2

 
WORLD TRAVELLERS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

World Travellers UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is at 2nd Floor, Nucleus House, 2 Lower Mortlake Road, Richmond, TW9 2JA. The principal place of business is The Spice Building, 8 Devonshire Square, London, EC2M 4PL.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors and management continue to review the Company’s financial position, as well as its budgets and forecasts, and plan mitigation actions in order to neutralise the financial impact from any potential downturn in trading.
As a result of these reviews and forecasts, and specifically with the continuing support of the Company's directors, management 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. 
Consequently, the directors believe that it is still appropriate to apply the going concern basis for the foreseeable future.

Page 3

 
WORLD TRAVELLERS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 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 Statement of Comprehensive Income 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 represents commission earned on transport arrangement sales for holidays, recognised on the date of booking basis.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 4

 
WORLD TRAVELLERS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.7

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.

 
2.8

Borrowing costs

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

 
2.9

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.

 
2.10

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.

Page 5

 
WORLD TRAVELLERS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Development expenditure
-
3
years
Goodwill
-
5
years

 
2.12

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:

Fixtures and fittings
-
33%
staright line
Computer equipment
-
25%
staright line

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.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 6

 
WORLD TRAVELLERS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.14

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.

 
2.15

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.

 
2.16

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.

Page 7

 
WORLD TRAVELLERS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.17

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 8

 
WORLD TRAVELLERS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Employees

The average monthly number of employees, including directors, during the year was 25 (2022 - 13).


4.


Intangible assets




Domain names
Goodwill
Total

£
£
£



Cost


At 1 January 2023
-
60,000
60,000


Additions
16,919
-
16,919



At 31 December 2023

16,919
60,000
76,919



Amortisation


At 1 January 2023
-
52,500
52,500


Charge for the year on owned assets
-
7,500
7,500



At 31 December 2023

-
60,000
60,000



Net book value



At 31 December 2023
16,919
-
16,919



At 31 December 2022
-
7,500
7,500



Page 9

 
WORLD TRAVELLERS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Plant and machinery

£



Cost or valuation


At 1 January 2023
532,311


Additions
7,536



At 31 December 2023

539,847



Depreciation


At 1 January 2023
501,532


Charge for the year on owned assets
22,603



At 31 December 2023

524,135



Net book value



At 31 December 2023
15,712



At 31 December 2022
30,779

Page 10

 
WORLD TRAVELLERS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
2



At 31 December 2023
2





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Class of shares

Holding

Holiday Booking Management Limited
Ordinary
100%

The aggregate of the share capital and reserves as at 31 December 2023 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Loss

Holiday Booking Management Limited

435,048
(222,726)

Page 11

 
WORLD TRAVELLERS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Debtors

2023
2022
£
£


Trade debtors
8,205
10,736

Amounts owed by group undertakings
-
460

Other debtors
36,382
150,697

Prepayments and accrued income
4,137,695
2,227,302

4,182,282
2,389,195



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
2,123
21,649

2,123
21,649



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
9,794
9,503

Trade creditors
450,728
285,623

Amounts owed to group undertakings
4,735,926
3,278,615

Corporation tax
741
-

Other taxation and social security
347,475
305,093

Other creditors
168,147
10,051

Accruals and deferred income
83,814
124,264

5,796,625
4,013,149


Page 12

 
WORLD TRAVELLERS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
27,598
37,394

27,598
37,394



11.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
9,794
9,503


9,794
9,503

Amounts falling due 1-2 years

Bank loans
10,093
9,795


10,093
9,795

Amounts falling due 2-5 years

Bank loans
17,505
27,599


17,505
27,599


37,392
46,897


Included above is an unsecured bank loan from Company's bankers, National Westminster Bank Plc, under the Bounce Back Loan Scheme (BBLS). The loan is for a term of 6 years, with no capital repayments for the first 18 months. There is also no interest payable for the first 12 months, with a rate of 2.5% per annum charged thereafter.

Page 13

 
WORLD TRAVELLERS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



200 (2022 - 200) Ordinary shares shares of £1.00 each
200
200



13.


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 £13,630 (2022: £8,951). Contributions totalling £2,665 (2022: £1,988) were payable to the fund at the reporting date and are included in creditors.

Page 14

 
WORLD TRAVELLERS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Related party transactions

During the period, the Company entered into the following related party transactions:


2023
2022
£
£

Holiday Booking Management Limited


A wholly owned subsidiary. Two of the Company's directors, T W L Dunkley and K D Harrison, are also directors of the company.

 
Management charges receivable from Holiday Booking Management Limited
2,810,000
2,225,000

Loan amount due to Holiday Booking Management Limited
4,694,976
3,252,615

 
MB Travel & Technology IP Holdings Limited


A group company. Two of the Company's directors, T W L Dunkley and K D Harrison, are also directors of the company, and T W L Dunkley is also a shareholder. The Company's ultimate holding company, Hammersmith Holdings (Canada) Limited, is also a shareholder.

Fees paid to the related party for computer and software services provided
44,931
28,810

Loan amount due from MB Travel & Technology IP Holding Limited
17,315
17,315

 
MB Worldwide Travel Holdings Limited


A group company. The Company's ultimate holding company, Hammersmith Holdings (Canada) Limited, is a shareholder.

Management fees paid to the related party
146,655

Amount due to the related party
33,723

Philosophia Limited


A related company. One of the Company's directors, T W L Dunkley, is also a director and shareholder of Philosophia Limited.

Consultancy fees paid to the related party
100,000
100,000

Lending fees paid to the related party
11,000
-

Amount due to the related party
124,800
60,000

 
Open Water Consulting Inc


A related company. One of the Company's directors, K D Harrison, is also a director and shareholder of Open Water Consulting Inc.

Consultancy fees paid to the related party
100,000
100,000

Amount due to the related party
100,065
50,000
Page 15

 
WORLD TRAVELLERS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 
 
 
 
 
 
T W L Dunkley


A director of the company

Loan amount due to the related party
100,000
-

Interest paid on loan
11,000
-


15.


Post balance sheet events

In June 2024, the Company made a final payment of £333,692 to HMRC in relation to VAT deferred from March 2020 during the Covid-19 pandemic.


16.


Controlling party

The immediate holding company is MB Worldwide Travel Holdings Limited, a company registered in Ireland.
The ultimate holding company is Hammersmith Holdings (Canada) Limited, a company registered in Canada.
In the opinion of the directors, there is no ultimate controlling party.

 
Page 16