Registered number: 10983417
INTELETRAVEL UK LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2023
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INTELETRAVEL UK LIMITED
REGISTERED NUMBER: 10983417
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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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.
The notes on pages 3 to 10 form part of these financial statements.
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INTELETRAVEL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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
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Basis of preparation of financial statements
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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:
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.
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Foreign currency translation
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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'.
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INTELETRAVEL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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.
Interest income is recognised in profit or loss using the effective interest method.
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.
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Current and deferred taxation
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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.
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.
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INTELETRAVEL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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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:
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.
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.
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Cash and cash equivalents
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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.
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.
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Provisions for liabilities
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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.
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INTELETRAVEL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Judgments in applying accounting policies and key sources of estimation uncertainty
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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.
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The average monthly number of employees, including directors, during the year was 2 (2022 - 2).
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Charge for the year on owned assets
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INTELETRAVEL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Prepayments and accrued income
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Cash and cash equivalents
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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").
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Creditors: Amounts falling due within one year
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Amounts owed to related party undertakings
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Other taxation and social security
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Accruals and deferred income
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INTELETRAVEL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Creditors: Amounts falling due after more than one year
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Amounts owed to related party undertakings
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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").
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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INTELETRAVEL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Charged to profit or loss
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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.
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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.
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Related party transactions
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Pinpoint Travel Solutions Limited
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Mrs P K Hughes, a director, is also a director and shareholder in this company
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Services provided to the Company
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Amount due to the related party at the balance sheet date
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Mr J Traina, a director, is also a director and shareholder in this company
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Services provided to the Company
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Amount due to the related party at the balance sheet date
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INTELETRAVEL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
13.Related party transactions (continued)
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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.
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Post balance sheet events
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On 16 May 2024 the entire share capital in the Company, 127,580 ordinary £1 shares was transferred to Inteletravel UK Holdings Limited.
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.
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.
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