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Registered number: 10983417









INTELETRAVEL UK LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
INTELETRAVEL UK LIMITED
REGISTERED NUMBER: 10983417

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
3,194
6,572

  
3,194
6,572

Current assets
  

Debtors: amounts falling due within one year
 6 
6,256,791
1,134,159

Cash at bank and in hand
 7 
882,395
826,034

  
7,139,186
1,960,193

Creditors: amounts falling due within one year
 8 
(4,888,941)
(109,294)

Net current assets
  
 
 
2,250,245
 
 
1,850,899

Total assets less current liabilities
  
2,253,439
1,857,471

Creditors: amounts falling due after more than one year
 9 
(1,563,934)
(1,563,934)

Provisions for liabilities
  

Deferred tax
 10 
(799)
(1,643)

Other provisions
 11 
(75,472)
(51,260)

  
 
 
(76,271)
 
 
(52,903)

Net assets
  
613,234
240,634


Capital and reserves
  

Called up share capital 
  
127,580
127,580

Profit and loss account
  
485,654
113,054

  
613,234
240,634


Page 1

 
INTELETRAVEL UK LIMITED
REGISTERED NUMBER: 10983417
    
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 1 August 2024.





P K Hughes
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

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

1.


General information

Inteletravel UK Limited is a private company limited by shares and incorporated in England under registered number 10983417. Its registered office is at 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 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

Company management and the directors 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.
The directors consider the Company to be a going concern based upon detailed profits and loss account, balance sheet and cashflow projections drawn up to 31 July 2025. The directors believe they have taken all necessary steps to mitigate the impact of any risks mentioned and potential recession.

 
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'.

Page 3

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

2.Accounting policies (continued)

 
2.4

Revenue

Turnover represents the net commission earned in respect of holiday and travel arrangement sales, recognised on the date of booking basis where the Company acts as a merchant of record. In cases where commission is due to the Company from suppliers, turnover is recognised upon receipt of the commission.Turnover relating to training events is recognised in the period in which the events take place.

 
2.5

Interest income

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

 
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

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.

 
2.8

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.

Page 4

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

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

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.

 
2.9

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.

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 5

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

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgments,estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised in the period in which the estimates are revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.


4.


Employees

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


5.


Tangible fixed assets





Computer equipment

£



Cost


At 1 January 2023
10,135



At 31 December 2023

10,135



Depreciation


At 1 January 2023
3,563


Charge for the year on owned assets
3,378



At 31 December 2023

6,941



Net book value



At 31 December 2023
3,194



At 31 December 2022
6,572

Page 6

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

6.


Debtors

2023
2022
£
£


Trade debtors
259,930
331,137

Other debtors
5,965,827
770,228

Prepayments and accrued income
31,034
32,794

6,256,791
1,134,159



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
882,395
826,034

882,395
826,034


Included in cash at bank are restricted funds in the sum of £332,004 (2022: £255,014) being pipeline monies cash held in trust for specific supplier principals.
Included in cash at bank are restricted funds in the sum of £22,212 (2022: £13,663) being cash held in trust as part of the terms of the grant of the Company's Air Travel Organisers Licence ("ATOL") by the Civil Aviation Authority ("CAA").


8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
32,769
15,357

Amounts owed to related party undertakings
3,297,182
-

Corporation tax
145,125
25,265

Other taxation and social security
202,969
52,111

Other creditors
1,195,896
1,561

Accruals and deferred income
15,000
15,000

4,888,941
109,294


Page 7

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

9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Amounts owed to related party undertakings
1,543,834
1,543,834

Shareholder loan
20,100
20,100

1,563,934
1,563,934


The loan provided by Mr J Traina in the sum of £20,100 is interest free and has no specific repayment date. 
The related party loan in the sum of £4,841,016 (2022: £1,543,834) included within amounts due within one year and more than one year provided by 45 Buyers Group Inc is interest free and has no specific repayment date. Of the total loan amount, £840,000 is subject to a subordinated undertaking and cannot be repaid without the prior written consent of the Civil Aviation Authority ("CAA").


10.


Deferred taxation




2023


£






At beginning of year
(1,643)


Charged to profit or loss
844



At end of year
(799)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(799)
(1,643)

(799)
(1,643)

Page 8

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

11.


Provisions




Cancellation provision

£





At 1 January 2023
51,260


Charged to profit or loss
24,212



At 31 December 2023
75,472

The company has provided an estimate for the loss of commissions receivable as a result of possible future cancellations of bookings included in its turnover.


12.


Contingent liabilities

At 31 December 2023, there were contingent liabilities outstanding in respect of counter indemnities and guarantees given by the company in the normal course of business to its travel bond obligors in respect of an Association of British Travel Agents (ABTA) bond amounting to £596,598 (2022: £715,768). The company has provided a cash deposit of £100,000 to the insurers.


13.


Related party transactions


2023
2022
£
£

Pinpoint Travel Solutions Limited
 
Mrs P K Hughes, a director, is also a director and shareholder in this company
Services provided to the Company
115,229
91,566
Amount due to the related party at the balance sheet date
7,750
1,223
 
45 Buyers Group Inc.
 
Mr J Traina, a director, is also a director and shareholder in this company
Services provided to the Company
-
-
Amount due to the related party at the balance sheet date
4,841,016
1,543,834

Page 9

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

13.Related party transactions (continued)

On 7 January 2019, 45 Buyers Group Inc. provided a cross company guarantee to ABTA Limited in relation to the ABTA membership of Inteletravel UK Limited and to the Civil Aviation Authority in relation to the Company's ATOL.
45 Buyers Group Inc. also provided third party counter indemnities to the bond obligors in respect of the Association of British Travel Agents (ABTA) bond as set out in note 11.


14.


Post balance sheet events

On 16 May 2024 the entire share capital in the Company, 127,580 ordinary £1 shares was transferred to Inteletravel UK Holdings Limited.


15.


Controlling party

The ultimate controlling party is Mr J Traina, a director of the company, by virtue of his ownership of the entire issued share capital of the company.


16.


Holding company

The Company is a 100% owned subsidiary of Inteletravel UK Holdings Limited, a company incorporated in England and Wales, whose registered office is situated at Nucleus House, 2 Lower Mortlake Road, Richmond, TW9 2JA.

 
Page 10