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Registered number: 11015077









HOLIDAY BOOKING MANAGEMENT LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
HOLIDAY BOOKING MANAGEMENT LIMITED
REGISTERED NUMBER: 11015077

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
  
376,598
-

  
376,598
-

Current assets
  

Debtors: amounts falling due within one year
 5 
5,940,294
4,454,212

Cash at bank and in hand
 6 
47,634
147,064

  
5,987,928
4,601,276

Creditors: amounts falling due within one year
 7 
(5,432,544)
(3,198,709)

Net current assets
  
 
 
555,384
 
 
1,402,567

Total assets less current liabilities
  
931,982
1,402,567

Creditors: amounts falling due after more than one year
 8 
(120,336)
(744,793)

  

Net assets
  
811,646
657,774


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
811,644
657,772

  
811,646
657,774


Page 1

 
HOLIDAY BOOKING MANAGEMENT LIMITED
REGISTERED NUMBER: 11015077
    
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.



T W L Dunkley
K D Harrison
Director
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
HOLIDAY BOOKING MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Holiday Booking Management 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 at 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

 
HOLIDAY BOOKING MANAGEMENT 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

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.

Page 4

 
HOLIDAY BOOKING MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

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.

 
2.7

Borrowing costs

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

 
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

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:

Software development
-
3
years

 
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.

 
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.

Page 5

 
HOLIDAY BOOKING MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

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.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Page 6

 
HOLIDAY BOOKING MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Intangible assets




Development expenditure

£



Cost


Additions
376,598



At 31 December 2023

376,598






Net book value



At 31 December 2023
376,598



At 31 December 2022
-



Page 7

 
HOLIDAY BOOKING MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
482,363
405,070

Amounts owed by group undertakings
5,197,866
3,740,549

Other debtors
2
2

Prepayments and accrued income
260,063
308,591

5,940,294
4,454,212



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
47,634
147,064

47,634
147,064



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
10,000
10,000

Other loans
600,000
600,000

Trade creditors
122,025
29,100

Corporation tax
28,328
77,889

Other taxation and social security
279,160
141,355

Other creditors
107,011
27,964

Accruals and deferred income
4,286,020
2,312,401

5,432,544
3,198,709


Page 8

 
HOLIDAY BOOKING MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
40,000
40,000

Other loans
80,336
704,793

120,336
744,793



9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
10,000
10,000

Other loans
600,000
600,000


610,000
610,000

Amounts falling due 1-2 years

Bank loans
10,000
10,000

Other loans
80,336
704,793


90,336
714,793

Amounts falling due 2-5 years

Bank loans
30,000
30,000


30,000
30,000


730,336
1,354,793


Included above is a bank loan from Company's bankers, Barclays 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 12 months. There is also no interest payable for the first 12 months, with a rate of 2.5% per annum charged thereafter.
The other loan included above relates to secured non-interest bearing convertible loan notes 2026. Repayments will be made monthly over the five year term at the higher of £20,000 and 20% of the Net Commission Income received by the Company during the immediately preceding month.

Page 9

 
HOLIDAY BOOKING MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Related party transactions

2023
2022
£
£

World Travellers UK Limited


The immediate holding company. The Company's directors, T W L Dunkley and K Harrison, are also directors in World Travellers UK Limited.

 
Management charges payable to World Travellers UK Limited
2,810,000
2,225,000

Loan amount due from World Travellers UK 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 and A Swift are shareholders. The Company's ultimate holding company, Hammersmith Holdings (Canada) Limited, is also a shareholder.

 
Accrued fees payable for use of intellectual property rights
95,615
93,082

Website and systems maintenance fees payable
385,244
248,266

Amount due to MB Travel & Technology IP Holdings Limited
122,025
-

 
Magic Breaks Limited


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

Advertising services payable
140,678
15,620

Amount due from Magic Breaks Limited
60,556
35,600

 
MB Worldwide Travel 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.

Amount due from MB WorldWide Travel Holdings Limited
442,334
452,334

 
Hammersmith Holdings (Canada) Limited


The ultimate holding company

Amount due to Hammersmith Holdings (Canada) Limited
100,000
-

Page 10

 
HOLIDAY BOOKING MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Post balance sheet events

In June 2024, the Company fully redeemed all outstanding Convertible Loan Notes issued by the Company to The MidCounties Cooperative (“TMC”) in relation to a debt incurred to TMC arising from holiday cancellations during the period of the Covid-19 pandemic. The full amount of the Convertible Loan Notes was £1,700,584 and the final payment in June 2024 was £449,114. The full redemption of the Convertible Loan Notes was made in just 24 months. The final payment was made by way of early access to Standard Commission owed to the Company by TMC. The charge and debentures in favour of TMC were fully discharged upon the final payment being made.


12.


Controlling party

The immediate holding company is World Travellers UK Limited, a company registered in England and Wales.
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 11