Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-3124282023-01-01falseTravel agency activitiesfalsetrue 04338219 2023-01-01 2023-12-31 04338219 2022-01-01 2022-12-31 04338219 2023-12-31 04338219 2022-12-31 04338219 2022-01-01 04338219 1 2023-01-01 2023-12-31 04338219 1 2022-01-01 2022-12-31 04338219 d:Director1 2023-01-01 2023-12-31 04338219 e:PlantMachinery 2023-01-01 2023-12-31 04338219 e:PlantMachinery 2023-12-31 04338219 e:PlantMachinery 2022-12-31 04338219 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04338219 e:FurnitureFittings 2023-01-01 2023-12-31 04338219 e:FurnitureFittings 2023-12-31 04338219 e:FurnitureFittings 2022-12-31 04338219 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04338219 e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04338219 e:ComputerSoftware 2023-12-31 04338219 e:ComputerSoftware 2022-12-31 04338219 e:CurrentFinancialInstruments 2023-12-31 04338219 e:CurrentFinancialInstruments 2022-12-31 04338219 e:Non-currentFinancialInstruments 2023-12-31 04338219 e:Non-currentFinancialInstruments 2022-12-31 04338219 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 04338219 e:CurrentFinancialInstruments e:WithinOneYear 2022-12-31 04338219 e:Non-currentFinancialInstruments e:AfterOneYear 2023-12-31 04338219 e:Non-currentFinancialInstruments e:AfterOneYear 2022-12-31 04338219 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2023-12-31 04338219 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2022-12-31 04338219 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2023-12-31 04338219 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2022-12-31 04338219 e:ShareCapital 2023-01-01 2023-12-31 04338219 e:ShareCapital 2023-12-31 04338219 e:ShareCapital 2022-01-01 2022-12-31 04338219 e:ShareCapital 2022-12-31 04338219 e:ShareCapital 2022-01-01 04338219 e:CapitalRedemptionReserve 2023-01-01 2023-12-31 04338219 e:CapitalRedemptionReserve 2023-12-31 04338219 e:CapitalRedemptionReserve 1 2023-01-01 2023-12-31 04338219 e:CapitalRedemptionReserve 2022-01-01 2022-12-31 04338219 e:CapitalRedemptionReserve 2022-12-31 04338219 e:CapitalRedemptionReserve 2022-01-01 04338219 e:RevaluationReserve 1 2022-01-01 2022-12-31 04338219 e:OtherMiscellaneousReserve 2023-01-01 2023-12-31 04338219 e:OtherMiscellaneousReserve 2023-12-31 04338219 e:OtherMiscellaneousReserve 1 2023-01-01 2023-12-31 04338219 e:OtherMiscellaneousReserve 2022-01-01 2022-12-31 04338219 e:OtherMiscellaneousReserve 2022-12-31 04338219 e:OtherMiscellaneousReserve 2022-01-01 04338219 e:OtherMiscellaneousReserve 1 2022-01-01 2022-12-31 04338219 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 04338219 e:RetainedEarningsAccumulatedLosses 2023-12-31 04338219 e:RetainedEarningsAccumulatedLosses 1 2023-01-01 2023-12-31 04338219 e:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 04338219 e:RetainedEarningsAccumulatedLosses 2022-12-31 04338219 e:RetainedEarningsAccumulatedLosses 2022-01-01 04338219 e:RetainedEarningsAccumulatedLosses 1 2022-01-01 2022-12-31 04338219 d:FRS102 2023-01-01 2023-12-31 04338219 d:Audited 2023-01-01 2023-12-31 04338219 d:FullAccounts 2023-01-01 2023-12-31 04338219 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04338219 d:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 04338219 e:ComputerSoftware e:InternallyGeneratedIntangibleAssets 2023-01-01 2023-12-31 04338219 2 2023-01-01 2023-12-31 04338219 7 2023-01-01 2023-12-31 04338219 9 2023-01-01 2023-12-31 04338219 e:AcceleratedTaxDepreciationDeferredTax 2023-12-31 04338219 e:AcceleratedTaxDepreciationDeferredTax 2022-12-31 04338219 e:TaxLossesCarry-forwardsDeferredTax 2023-12-31 04338219 e:TaxLossesCarry-forwardsDeferredTax 2022-12-31 04338219 e:ComputerSoftware e:OwnedIntangibleAssets 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 04338219









TRAVEL NATION LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
TRAVEL NATION LIMITED
REGISTERED NUMBER: 04338219

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
103,641
-

Tangible assets
 5 
29,539
35,289

  
133,180
35,289

Current assets
  

Debtors: amounts falling due within one year
 6 
2,817,911
1,890,494

Cash at bank and in hand
 7 
2,612,163
2,259,183

  
5,430,074
4,149,677

Creditors: amounts falling due within one year
 8 
(4,707,458)
(3,582,953)

Net current assets
  
 
 
722,616
 
 
566,724

Total assets less current liabilities
  
855,796
602,013

Creditors: amounts falling due after more than one year
 9 
(59,794)
(135,175)

Provisions for liabilities
  

Deferred tax
 11 
(7,385)
(3,078)

  
 
 
(7,385)
 
 
(3,078)

Net assets
  
788,617
463,760


Capital and reserves
  

Called up share capital 
  
30,000
30,000

Capital redemption reserve
 12 
20,000
20,000

Other reserves
 12 
2,585
(5,167)

Profit and loss account
 12 
736,032
418,927

  
788,617
463,760


Page 1

 
TRAVEL NATION LIMITED
REGISTERED NUMBER: 04338219
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

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 8 April 2024.

H Wrath
Director

The notes on pages 5 to 16 form part of these financial statements.

Page 2

 
TRAVEL NATION LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Capital redemption reserve
Foreign exchange reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 January 2023
30,000
20,000
(5,167)
418,927
463,760


Comprehensive income for the year

Profit for the year

-
-
-
317,105
317,105

Changes in fair value of foreign exchange hedging instrument
-
-
7,752
-
7,752


Other comprehensive income for the year
-
-
7,752
-
7,752


Total comprehensive income for the year
-
-
7,752
317,105
324,857


Total transactions with owners
-
-
-
-
-


At 31 December 2023
30,000
20,000
2,585
736,032
788,617


The notes on pages 5 to 16 form part of these financial statements.
Page 3

 
TRAVEL NATION LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Capital redemption reserve
Foreign exchange reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 January 2022
30,000
20,000
-
265,599
315,599


Comprehensive income for the year

Profit for the year

-
-
-
153,328
153,328

Changes in fair value of foreign exchange hedging instrument
-
-
(5,167)
-
(5,167)


Other comprehensive income for the year
-
-
(5,167)
-
(5,167)


Total comprehensive income for the year
-
-
(5,167)
153,328
148,161


Total transactions with owners
-
-
-
-
-


At 31 December 2022
30,000
20,000
(5,167)
418,927
463,760


The notes on pages 5 to 16 form part of these financial statements.

Page 4

 
TRAVEL NATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Travel Nation Limited is a private company limited by shares incorporated in England, United Kingdom. The address of the registered office is 2nd Floor Nucleus House, 2 Lower Mortlake Road, Richmond, England, TW9 2JA. The nature of the company's operations and principle activities are that of a tour operator.

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.

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'.

 
2.3

Revenue

Turnover represents amounts receivable from the sale of tours and other services supplied to customers net of VAT and arises primarily in the United Kingdom. Revenue and expenses relating to tours are recognised in the profit and loss account on departure and the related costs of distribution and of providing the holidays and flights are charged to the profit and loss account on the same basis.

Page 5

 
TRAVEL NATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

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.

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.6

Interest income

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

 
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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 6

 
TRAVEL NATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

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 balance sheet 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 balance sheet 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 balance sheet date.

 
2.11

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.

 
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.

Page 7

 
TRAVEL NATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.12
Tangible fixed assets (continued)

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:

Plant and machinery
-
25%
reducing balance
Fixtures and fittings
-
25%
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.

 
2.13

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.

 
2.14

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.

 
2.15

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.

 
2.16

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

Page 8

 
TRAVEL NATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.17

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

 
2.18

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Investments in non-derivative instruments that are equity to the issuer are measured:
at fair value with changes recognised in the Statement of Comprehensive Income if the shares are publicly traded or their fair value can otherwise be measured reliably;
at cost less impairment for all other investments.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a
Page 9

 
TRAVEL NATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.18
Financial instruments (continued)

net basis or to realise the asset and settle the liability simultaneously.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.

 
2.19

Hedge accounting

The Company uses foreign currency forward contracts to manage its exposure to cash flow risk on its future creditors payable in foreign currencies. These derivatives are measured at fair value at each balance sheet date.

To the extent the cash flow hedge is effective, movements in fair value are recognised in other comprehensive income and presented in a separate cash flow hedge reserve. Any ineffective portions of those movements are recognised in profit or loss for the year.

Gains and losses on the hedging instruments and the hedged items are recognised in profit or loss for the year. When a hedged item is an unrecognised firm commitment, the cumulative hedging gain or loss on the hedged item is recognised as an asset or liability with a corresponding gain or loss recognised in profit or loss.




3.


Employees

The average monthly number of employees, including directors, during the year was 28 (2022 - 24).

Page 10

 
TRAVEL NATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Intangible assets




Computer software

£



Cost


Additions
109,593



At 31 December 2023

109,593



Amortisation


Charge for the year on owned assets
5,952



At 31 December 2023

5,952



Net book value



At 31 December 2023
103,641



At 31 December 2022
-



Page 11

 
TRAVEL NATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 January 2023
79,297
612
79,909


Additions
2,893
583
3,476


Disposals
-
(51)
(51)



At 31 December 2023

82,190
1,144
83,334



Depreciation


At 1 January 2023
44,569
51
44,620


Charge for the year on owned assets
9,011
164
9,175



At 31 December 2023

53,580
215
53,795



Net book value



At 31 December 2023
28,610
929
29,539



At 31 December 2022
34,728
561
35,289


6.


Debtors

2023
2022
£
£


Trade debtors
17,788
5,132

Other debtors
156,939
191,664

Prepayments and accrued income
2,643,184
1,693,698

2,817,911
1,890,494


Page 12

 
TRAVEL NATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
2,612,163
2,259,183

2,612,163
2,259,183



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
65,480
60,071

Trade creditors
24,766
98,781

Corporation tax
62,471
-

Other taxation and social security
22,290
19,272

Other creditors
7,738
32,710

Accruals and deferred income
4,524,713
3,372,119

4,707,458
3,582,953



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
59,794
125,175

Other loans
-
10,000

59,794
135,175


Included in other loans in the prior year is a loan amounting to £10,000 that was subject to subordinated undertakings given to the Civil Aviation Authority (CAA) and which was repaid with their consent during the year.

Page 13

 
TRAVEL NATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
65,480
60,071


65,480
60,071

Amounts falling due 1-2 years

Bank loans
59,794
65,381

Other loans
-
10,000


59,794
75,381

Amounts falling due 2-5 years

Bank loans
-
59,794


-
59,794


125,274
195,246


The above bank loan is made up of a government-backed Coronavirus Business Interruption Loan Support Scheme ('CBILS') loan.
The loan from Funding Circle is due to be repaid through 48 monthly instalments ending in October 2025. The applicable interest rate will be fixed at 8.90%. In addition to the 12 month capital repayment holiday, the loan benefits from a Business Interruption Payment ('BIP') made by the UK Government on behalf of the Company to cover interest arising on the CBILS loan for the first 12 months.
The other loan shown above in the prior year is a subordinated loan of £10,000. During the year it was repaid in full.
Page 14

 
TRAVEL NATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Deferred taxation




2023
2022


£

£






At beginning of year
(3,078)
-


Charged to profit or loss
(4,307)
(3,078)



At end of year
(7,385)
(3,078)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(7,385)
(6,705)

Tax losses carried forward
-
3,627

(7,385)
(3,078)


12.


Reserves

Capital redemption reserve

On 16 April 2019, the company repurchased 20,000 Ordinary shares of £1 each out of the profits of the company at a par value of £20,000.

Other reserves

Other reserves relate to a cash flow hedging reserve to which, in accordance with the Company's
accounting policies, the effective portion of changes in the fair value of foreign exchange forward
contract derivatives are recognised.

Profit and loss account

The profit and loss account represents all current and prior period retained profits and losses, less any
dividends paid to shareholders.


13.


Contingent liabilities

The Company currently holds an Air Travel Organisers' License ("ATOL") issued by the Civil Aviation Association Authority ("CAA"), is a member of the Association of British Travel Agents Limited ("ABTA") and is an accredited agent of the International Air Transport Association ("IATA").
As at 31 December 2023, there were contingent liabilities given by the Company in the normal course of business in respect of ABTA bonds amounting to £104,151 (2022: £75,500).

Page 15

 
TRAVEL NATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


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 £42,829 (2022: £27,129). Contributions totalling to £6,618 (2022: £5,182) were payable to the fund at balance sheet date and are included in other creditors.


15.


Related party transactions

The Company  has a trading relationship with H and K Consultancy Limited, a company registered in New Zealand in which H Wrath is a director. During the year Travel Nation Limited purchased consultancy services amounting to £151,602 (2022: £77,410) from H and K Consultancy Limited.


16.


Controlling party

The Company is controlled by director H Wrath, by virtue of his shareholding.


17.


IATA

As at 31 December 2023 the Company had zero IATA BSP outstanding. As at that date the Company also did not have any undrawn bank credit facilities.


18.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 8 April 2024 by Ms N A Spoor FCA FCCA (Senior Statutory Auditor) on behalf of White Hart Associates (London) Limited.

 
Page 16