Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2023
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ALTOUR INTERNATIONAL LIMITED
COMPANY INFORMATION
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ALTOUR INTERNATIONAL LIMITED
CONTENTS
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ALTOUR INTERNATIONAL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors present their annual report for Altour International Limited (the Company) for the year ended 31 December 2023.
The principal activity of the Company during the year continued to be as direct corporate travel (travel agent) based in The United Kingdom, France & The Netherlands. The Company continued to make progress in developing its travel service for the business community.
The Company has seen remarkable expansion with both new and existing customers. This includes securing a significant global corporate client that could contribute to a major increase in revenue. The company continues to invest in technology and improving processes, which suggests the potential for even more growth and enhanced profit margins going forward. Similarly, Altour France, our French overseas inhouse business has achieved unprecedented sales and profits. Our Mission: To empower our network of travel advisors with the most exceptional programs, products, and support to deliver unparalleled experiences to the traveller our clients. Our Vision: To be recognised as the undisputed leader in passionately delivering the power of our travel advisors’ human touch and expertise to clients and consumers everywhere. Our Values: • Clients First: We exist to deliver the power of our travel advisors and agencies to the world. Their success is our success and, as a result, they are first in everything we do. • We, Not Me: Collaboration, teamwork and relationships are the tenets of our success. The collective power of our employees, clients, advisors, agencies, and suppliers is what moves us forward. • Human Always: We are a human first business. We believe in the power and competitive advantage created through the innate traits of being human. Trust, integrity, experience, empathy and building positive relationships are at the very core of how we operate. • Act As Owners: We are all leaders fully vested in the success of our organisation. We are empowered decision makers that take pride in doing the right thing always. • Go The Extra Mile: We always go the extra mile to make things exceptional. Good is the enemy of great. Complacency is the enemy of innovation. Just like our advisors go the extra mile for their clients; we go the distance for our advisors and each other. • Everyone Belongs: We believe in the power that comes from a diverse team of respectful professionals that is inclusive of all people and thought. Key performance indicators Financial KPI's during the year were as follows:
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ALTOUR INTERNATIONAL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Consumer demand
Potential Impact: a reduction in profitability levels Mitigation: Customer feedback is obtained to ensure our product is continually evolving to meet the market demand. Our pricing policy is reviewed regularly to ensure it remains competitive. Sales progress is regularly reviewed, and marketing strategy adjusted accordingly. Competitive risks Potential impact: The risk that a new entrant or an existing Group may take business away. Mitigation: the directors believe that they "have their fingers on the pulse" and thereby will take the necessary steps. Business closure due to any health emergency Potential impact: Business closure resulting in loss of revenue and profit Mitigation: Continued control over the company’s cost and agility to implement whatever measures required to ensure the Company can withstand any storms coming its way. This and the additional comfort given by its immediate and ultimate parent. Key supplier management Potential impact: The risk of losing its major suppliers Mitigation: The Company ensures that all the reports are reconciled, and payments are made in a timely manner. It also makes sure that all the correct procedures are adhered to. Operating costs may not be controlled Potential impact: a reduction in profits might occur Mitigation: All cost variances are reviewed in a timely manner and any remedial action taken immediately. Business continuity and IT Systems Potential impact: The risk of failure of the Company's IT Systems and processes. Mitigation: The Company is highly dependent on its IT systems to record and process vast volumes of bookings, financial information and other data. The directors have a policy of constantly updating its software and hardware to ensure that the systems are operating efficiently and can cope with the ongoing demands. The systems are regularly backed up to ensure that the Company can continue to function without interruption. Liquidity Risk Potential impact: the risk of shortage of working capital Mitigation: The directors keep a keen eye on the working capital requirements of the Company and take appropriate action to ensure that the company always has adequate working capital. The Company has adequate finance in place to cover its short to medium term operations. Credit risk Potential impact: Profitability may reduce due to non-payment by our clients. Mitigation: The Company continues to have tight credit control management in place. Credit continues to be phased out as much as possible with clients being encouraged to move to direct debit settlement or alternatively settle by credit card. Lack of sustainability improvements. Potential impact: the risk that we are not successful in driving social and environmental improvements across our operations, that our suppliers do not uphold our corporate and social responsibility standards. failure to influence our clientele and suppliers to manage their travel more sustainably. Mitigation: For the Company, economic, environmental and social sustainability is a fundamental management principle and a cornerstone of our strategy for continually enhancing the value of our company. By doing this, we create the conditions for long-term economic success and assume responsibility for sustainable transformation in the travel industry.
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ALTOUR INTERNATIONAL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Our focus is to reduce the environmental impact of our operations and promote responsible social policies and outcomes, both, directly through our own business and indirectly via our influence over supply chain partners, thereby driving sustainable transformation of the travel agent industry.
The conflicts in Israel/Palestine and Russia/Ukraine, as well as the strikes by actors and writers, caused some fluctuations in travel demand that affected the outcomes, but the desire for travel remained robust. The Company keeps witnessing a solid recovery in consumer confidence that led to a significant increase in revenues for all the businesses in the Company.
Overall, the Directors are happy with the Company's performance. Funding, liquidity and going concern As of 31 December 2023, the Company had net asset of £4,170m (2022: £4,216m) and net current liabilities of £2,629m (2022: £1,682m). The directors have considered the impact of going concern of the business and this is documented in more detail in the accounting policy note 2.3. They have a reasonable expectation that the Company has adequate resources to continue and therefore the going concern basis has been adopted in preparing the annual report and accounts. Employee involvement and communication We continue to engage colleagues with great ideas and endeavour to involve our people with matters affecting them. We collate feedback through employee opinion surveys. This forms an important strategic tool across the Company, as they provide honest feedback that can drive business improvements. We are proud to highlight Internova’s unwavering dedication and investment in the well-being and growth of our employees. As a company, we prioritize creating a supportive and rewarding work environment that nurtures their professional development and personal success. We are committed to fostering a culture of transparency, respect, and continuous learning. We believe in providing opportunities for skill enhancement, career advancement, and work-life balance to ensure that each team member feels valued and motivated. Through initiatives such as professional development programs, mentorship opportunities, flexible work arrangements, and employee well-being initiatives, we strive to empower our employees to reach their full potential. We understand that their growth and satisfaction are essential to our collective success. As we navigate challenges and celebrate triumphs together, our employee’s well-being and growth are at the forefront of our priorities. We encourage two-way communication, having a significant number of proactive employee forums in place, to ensure that we have an on-going dialogue to involve colleagues with matters that are important to them. This is facilitated through team meetings and Company and Quarterly Company Townhalls. Disabled employees The policy of the Company is to give full and fair consideration to applications for employment from disabled persons having regard to their aptitudes and abilities. Whenever possible the Company continues to employ those employees who have become disabled. The Company plans for the training and career development of all disabled employees.
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ALTOUR INTERNATIONAL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
No material events have occurred since the date of approval of these financial statements that would affect the financial statements of the Company.
This report was approved by the board and signed on its behalf.
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ALTOUR INTERNATIONAL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The Directors present their report and the financial statements for the year ended 31 December 2023.
The loss for the year, after taxation, amounted to £46,365 (2022 - loss £49,843).
No Dividends will be distributed for the year ended 31 December 2023 (2022: Nil).
The Directors who served during the year were:
The auditors, Xeinadin Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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ALTOUR INTERNATIONAL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
This report was approved by the board and signed on its behalf.
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ALTOUR INTERNATIONAL LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
The Directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the Directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the and to enable them to ensure that the financial statements comply with the Companies Act 2006. also responsible for safeguarding the assets of the and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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ALTOUR INTERNATIONAL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALTOUR INTERNATIONAL LIMITED
We have audited the financial statements of Altour International Limited (the 'Company') for the year ended 31 December 2023, which comprise the Profit and loss account, the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In forming our opinion, we have considered the adequacy of the disclosures made in the financial statements concerning the company's ability to continue as a going concern.
Based on the work we have performed, and comments made in Note 2.3, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.
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ALTOUR INTERNATIONAL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALTOUR INTERNATIONAL LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The Directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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ALTOUR INTERNATIONAL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALTOUR INTERNATIONAL LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙Enquiry of management and those charged with governance around actual and potential litigation and claims;
∙Reviewing minutes of meetings of meetings of those charged with governance;
∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias
∙Enquiry of management and those charged with governance to identify any instances of non-compliance with laws and regulations;
The potential effect of these laws and regulations on the financial statements varies considerably. Firstly, the Company is subject to laws and regulations that directly affect the financial statements including financial reprting legislation (including related companies legislation), distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Secondly, the Company is subject to many other laws and regulations where the consequence of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance the imposition of fines or litigation or the loss of the Company's license to operate. We identified the following areas as those most likely to have such an effect: health and safety including data protection laws, employment law compliance recognising the nature of the Company’s activities. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our
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ALTOUR INTERNATIONAL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALTOUR INTERNATIONAL LIMITED (CONTINUED)
Auditors' report.
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ALTOUR INTERNATIONAL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALTOUR INTERNATIONAL LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Registered Auditor
36 Old Jewry
EC2R 8DD
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ALTOUR INTERNATIONAL LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
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ALTOUR INTERNATIONAL LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
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ALTOUR INTERNATIONAL LIMITED
REGISTERED NUMBER: 03797791
BALANCE SHEET
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 17 to 32 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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ALTOUR INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
General Information
Altour International Limited is a private company limited by shares incorporated in England and Wales, United Kingdom. The address of the registered office is: 101 St. Martin's Lane, First Floor, London, England, WC2N 4AZ. The nature of the company's operations and its principal activities are set out in the Directors Report.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Judgements made by the directors, in the application of these accounting policies that have significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year are discussed in note 26.
The accounting policies set out below have, otherwise stated, been applied consistently to all periods presented in these financial statements. The exemptions taken under FRS 102, including the following: - Key Management Personnel compensation disclosure; - Reconciliation of the number of shares outstanding from the beginning to the end of the period; - Preparation of separate Cash Flow Statement
The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.
The Company and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Global Travel Collection UK, Ltd (formerly known as: Travel Leaders Group UK, Limited), 101 St Martin's Lane, London WC2N 4AZ.
The company is a wholly owned subsidiary of Global Travel Collection UK, Ltd. The Company's business activities, together with the factors likely to affect its future trading performance, are set out in its Strategic report.
Forecasts are also dependent on Global Travel Collection UK, Ltd, the Company’s parent undertaking, to provide additional financial support if needed. Global Travel Collection UK, Ltd has indicated its intention to continue to make available such funds as are needed by the company for the period covered by the forecasts. Based on these indications the Directors believe that it remains appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result from the basis of preparation being inappropriate.
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ALTOUR INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
taxes. Turnover represents amounts earned during the year from transaction fees, management fees, commissions receivable, and other income in accordance with contractual arrangements, exclusive of Value Added tax. Revenue from the rendering of services is measured at the point when risk of service transaction is transferred in the reporting period provided that the outcome can be reliably estimated, which is considered to be the booking date. Commission income is recognised in its entirety as the risk is carried in full. When the outcome cannot be reliably estimated, revenue is estimated only to the extent that expenses recognised are recoverable.
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ALTOUR INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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.
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ALTOUR INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (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:
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.
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ALTOUR INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by 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 and loss in the year that the Company becomes aware of the obligations, 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.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its 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.
Financial instruments are recognised in the Company's Balance sheet 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.
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ALTOUR INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the statement of comprehensive income in the period in which the estimate is revised where the revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods. Estimates and judgements were applied in accounting for, depreciation, amortisation , tangible assets and all provisions.
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ALTOUR INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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ALTOUR INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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ALTOUR INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
10.Taxation (continued)
The rate of corporation tax has been increased from 19% to 25% with effect from 1 April 2023. Deferred tax assets and liabilities have therefore been remeasured at 25%.
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ALTOUR INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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ALTOUR INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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ALTOUR INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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ALTOUR INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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ALTOUR INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
During the year, the directors reclassified some costs that were previously recognised as turnover to administrative expenses. A prior year reclassification was also made to this effect.
There was no effect on the brought forward reserves.
The company operates a defined contribution pension scheme in respect of the Directors. The scheme and its assets are held by independent managers. The pension charge represents contributions due from the company and amounted to £112,573 (2022: £69,963).
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ALTOUR INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Global Travel Collection UK, Ltd owns 100% of Altour International Limited and is the immediate parent company. Global Travel Collection UK, Ltd's registered address is 101 St. Martin's Lane, London, WC2N 4AZ.
Altour International Limited's ultimate controlling party is Internova Holdings LLC, a company incorporated in Delaware, USA.
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ALTOUR INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
In the application of the company's accounting policies, the directors are required to make judgements, 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 recognised to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the statement of comprehensive income in the period in which the estimate is revised where the revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods. Estimates and judgements were applied in accounting for depreciation, amortisation, tangible assets and all provisions.
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