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Registered number: 03797791


ALTOUR INTERNATIONAL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 
ALTOUR INTERNATIONAL LIMITED
 
 
COMPANY INFORMATION


Directors
J D O'Hara 
R Klug 
J Oshiokpekhai 
A Taiwo 
H Daras 




Registered number
03797791



Registered office
101 St. Martin's Lane
First Floor

London

WC2N 4AZ




Auditor
Xeinadin Audit Limited
Chartered Accountants & Registered Auditor

36 Old Jewry

London

EC2R 8DD





 
ALTOUR INTERNATIONAL LIMITED
 

CONTENTS



Page
Strategic report
1 - 4
Directors' report
5 - 6
Directors' responsibilities statement
7
Independent auditors' report
8 - 12
Profit and loss account
13
Statement of comprehensive income
14
Balance sheet
15
Statement of changes in equity
16
Notes to the financial statements
17 - 32


 
ALTOUR INTERNATIONAL LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors present their annual report for Altour International Limited (the Company) for the year ended 31 December 2023.

Business review
 
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:


2023
£
2022
£
Turnover
13,233,049
10,275,482
Gross profit margin
6,354,245
4,373,535
EBITDA
(377,749)
(142,063)
Net Current Liabilities
(2,628,881)
(1,682,171)
Cash Funds
3,941,952
2,573,084
Average number of employees
108
97


Page 1

 
ALTOUR INTERNATIONAL LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Key risks and mitigating factors
 
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. 
 
Page 2

 
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.  
 

Strategic review and future prospects
 
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.

Page 3

 
ALTOUR INTERNATIONAL LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Post balance sheet events
 
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.



................................................
A Taiwo
Director

Date: 26 June 2024

Page 4

 
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.

Principal activity

The principal activity of the company in the year under review was that of travel agents and business travel consultants.

Results and dividends

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).

Directors

The Directors who served during the year were:

A H Chemla (resigned 31 December 2023)
B Noskeau (resigned 29 February 2024)
J D O'Hara 
R Klug  
J Oshiokpekhai 
A Taiwo
H Daras
 

Political contributions

The company made no political donations or incurred any political expenditure during the year (2022: nil).

Disclosure of information to auditors

Each of the persons who are Directors at the time when this Directors' report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

The auditorsXeinadin Audit Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 5

 
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.
 





................................................
A Taiwo
Director

Date: 26 June 2024

101 St. Martin's Lane
First Floor
London
WC2N 4AZ

Page 6

 
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.

Page 7

 
ALTOUR INTERNATIONAL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALTOUR INTERNATIONAL LIMITED
 

Opinion


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 policiesThe 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).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


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.


Conclusions relating to going concern


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.


Page 8

 
ALTOUR INTERNATIONAL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALTOUR INTERNATIONAL LIMITED (CONTINUED)


Other information


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 ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

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.


Matters on which we are required to report by exception
 

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.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 7, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 9

 
ALTOUR INTERNATIONAL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALTOUR INTERNATIONAL LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

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
Page 10

 
ALTOUR INTERNATIONAL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALTOUR INTERNATIONAL LIMITED (CONTINUED)


Auditors' report.


Page 11

 
ALTOUR INTERNATIONAL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALTOUR INTERNATIONAL LIMITED (CONTINUED)


Use of our report
 

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 2006Our 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.





Yasin Khandwalla FCCA (Senior statutory auditor)
  
for and on behalf of
Xeinadin Audit Limited
 
Chartered Accountants
Registered Auditor
  
36 Old Jewry
London
EC2R 8DD

26 June 2024
Page 12

 
ALTOUR INTERNATIONAL LIMITED
 
 
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023

As restated
2023
2022
Note
£
£

Total Transactional Value                                                                                           87,985,038       71,593,311            



  

Turnover
  
13,233,049
10,275,482

Cost of sales
  
(6,878,804)
(5,901,947)

Gross profit
  
6,354,245
4,373,535

Distribution costs
  
(1,970)
(535)

Administrative expenses
  
(6,782,471)
(4,587,501)

Operating loss
 4 
(430,196)
(214,501)

Income from other fixed asset investments
  
500,000
300,000

Interest receivable and similar income
 8 
51,852
6,099

Interest payable and similar expenses
 9 
(57,760)
(60,193)

Profit before tax
  
63,896
31,405

Tax on profit
 10 
(110,261)
(81,248)

Loss for the financial year
  
(46,365)
(49,843)

There are no items of other comprehensive income for 2023 or 2022 other than the loss for the year

The notes on pages 17 to 32 form part of these financial statements.

Page 13

 
ALTOUR INTERNATIONAL LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£


Profit for the financial year

  

(46,365)
(49,843)

Other comprehensive income
  

Total comprehensive income for the year
  
(46,365)
(49,843)

The notes on pages 17 to 32 form part of these financial statements.

Page 14

 
ALTOUR INTERNATIONAL LIMITED
REGISTERED NUMBER: 03797791

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 12 
42,688
50,552

Tangible assets
 13 
170,286
31,545

Investments
 14 
11,914,766
8,114,766

  
12,127,740
8,196,863

Current assets
  

Debtors: amounts falling due within one year
 15 
3,105,475
3,577,612

Cash at bank and in hand
 16 
3,941,952
2,573,084

  
7,047,427
6,150,696

Creditors: amounts falling due within one year
 17 
(9,676,308)
(7,832,867)

Net current liabilities
  
 
 
(2,628,881)
 
 
(1,682,171)

Total assets less current liabilities
  
9,498,859
6,514,692

Creditors: amounts falling due after more than one year
 18 
(5,328,916)
(2,298,384)

  

Net assets
  
4,169,943
4,216,308


Capital and reserves
  

Called up share capital 
 20 
100,000
100,000

Profit and loss account
  
4,069,943
4,116,308

  
4,169,943
4,216,308


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 June 2024.




................................................
A Taiwo
Director

The notes on pages 17 to 32 form part of these financial statements.

Page 15

 

 
ALTOUR INTERNATIONAL LIMITED


 

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



Called up share capital
Profit and loss account
Total equity


£
£
£



At 1 January 2022
100,000
4,166,151
4,266,151



Comprehensive income for the year


Loss for the year
-
(49,843)
(49,843)

Total comprehensive income for the year
-
(49,843)
(49,843)



Total transactions with owners
-
-
-





At 1 January 2023
100,000
4,116,308
4,216,308



Comprehensive income for the year


Loss for the year
-
(46,365)
(46,365)

Total comprehensive income for the year
-
(46,365)
(46,365)



Total transactions with owners
-
-
-



At 31 December 2023
100,000
4,069,943
4,169,943



The notes on pages 17 to 32 form part of these financial statements.

Page 16

 
ALTOUR INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

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

 
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 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

 
2.2

Exemption from preparing consolidated financial statements

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.

 
2.3

Going concern

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.

Page 17

 
ALTOUR INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

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.

 
2.5

Revenue recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales
taxes.
Turnover represents 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.

 
2.6

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.

 
2.7

Interest income

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

 
2.8

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.

Page 18

 
ALTOUR INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
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.

 
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.

Page 19

 
ALTOUR INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
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.

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:

Computer equipment
-
25%

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

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.14

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.

 
2.15

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.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 20

 
ALTOUR INTERNATIONAL 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 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.
 

 
2.18

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
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.



Page 21

 
ALTOUR INTERNATIONAL 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. These 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.


4.


Operating loss

The operating loss is stated after charging:

2023
2022
£
£

Exchange differences
(67,237)
62,603

Other operating lease rentals
247,119
241,829


5.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors and their associates:


2023
2022
£
£

Fees payable for the audit of the Company's financial statements
26,600
26,866

Fees payable to the Company's auditors and their associates in respect of:

Fees payable for non-audit services
11,400
11,400

Page 22

 
ALTOUR INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Employees

Staff costs were as follows:


As restated
2023
2022
£
£

Wages and salaries
4,377,956
2,680,873

Social security costs
445,034
325,381

Cost of defined contribution scheme
112,573
69,963

4,935,563
3,076,217


The average monthly number of employees, including the Directors, during the year was as follows:


        2023
        2022
            No.
            No.







Administration, operations and sales
104
90



IT support
4
7

108
97

No remuneration was paid to the directors during the current year (2022 - £nil). The directors are responsible for a group of companies and are remunerated from the main company in the USA which is where they reside.


7.


Income from investments

2023
2022
£
£

Dividends
500,000
300,000

500,000
300,000






Income from investments represents dividends received from Infinity Travel Limited.

Page 23

 
ALTOUR INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Interest receivable

2023
2022
£
£


Other interest receivable
51,852
6,099

51,852
6,099


9.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
14
2,447

Other loan interest payable
57,746
57,746

57,760
60,193


10.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
5,285
-

Adjustments in respect of previous periods
-
(125,631)


5,285
(125,631)


Total current tax
5,285
(125,631)

Deferred tax


Fixed assets and short term timing differences
(32,302)
(19,541)

Losses and other deductions
137,278
226,420

Total deferred tax
104,976
206,879


Taxation on profit on ordinary activities
110,261
81,248
Page 24

 
ALTOUR INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is the standard rate of corporation tax in the UK of 23.52% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
63,896
31,405


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
15,029
5,967

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
809
995

Fixed asset differences
(68)
-

Adjustments to tax charge in respect of prior periods
-
(125,631)

Exempt distributions
(117,603)
-

Other differences leading to an increase (decrease) in the tax charge - deferred tax
79,870
199,917

Group relief
132,224
-

Total tax charge for the year
110,261
81,248


11.


Factors that may affect future tax charges

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%.

Page 25

 
ALTOUR INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Intangible assets




Software development
Goodwill
Total

£
£
£



Cost


At 1 January 2023
67,090
676,247
743,337


Additions
11,100
-
11,100



At 31 December 2023

78,190
676,247
754,437



Amortisation


At 1 January 2023
16,538
676,247
692,785


Charge for the year on owned assets
18,964
-
18,964



At 31 December 2023

35,502
676,247
711,749



Net book value



At 31 December 2023
42,688
-
42,688



At 31 December 2022
50,552
-
50,552



Page 26

 
ALTOUR INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Tangible fixed assets





Plant and machinery
Computer equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
55,370
214,332
269,702


Additions
-
172,224
172,224


Disposals
(55,370)
(176,035)
(231,405)



At 31 December 2023

-
210,521
210,521



Depreciation


At 1 January 2023
55,370
182,787
238,157


Charge for the year on owned assets
-
33,483
33,483


Disposals
(55,370)
(176,035)
(231,405)



At 31 December 2023

-
40,235
40,235



Net book value



At 31 December 2023
-
170,286
170,286



At 31 December 2022
-
31,545
31,545


14.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
8,114,766


Additions
3,800,000



At 31 December 2023
11,914,766




On 10 February 2023 , the company acquired the remaining 40% of the issued capital of Infinity Travel Limited for a total consideration of £3,800,000. The assets acquired and liabilities assumed at the acqusition date were recognised at their fair values. 

Page 27

 
ALTOUR INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

BBTF Travel Limited
101 St. Martin's Lane, First Floor, London, England, WC2N 4AZ
Ordinary
100%
BBTF Travel (Holland) BV*
Operetteweg 9, 1323VJ, Almere, Netherlands
Ordinary
100%
Infinity Travel Limited
101 St. Martin's Lane, First Floor, London, England, WC2N 4AZ
Ordinary
100%

*BBTF Travel (Holland) BV are indirect holdings through BBTF Travel Limited.

The aggregate of the share capital and reserves as at 31 December 2023 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

BBTF Travel Limited
724,474
(36,391)

BBTF Travel (Holland) B.V
185,479
(1,590)

Infinity Travel Limited
705,208
541,471


15.


Debtors

2023
2022
£
£


Trade debtors
1,946,385
2,568,500

Amounts owed by group undertakings
384,134
99,361

Other debtors
401,791
369,393

Prepayments and accrued income
111,117
23,071

Tax recoverable
150,000
150,000

Deferred taxation
112,048
367,287

3,105,475
3,577,612


Page 28

 
ALTOUR INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
3,941,952
2,573,084

3,941,952
2,573,084



17.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
4,137,428
2,836,674

Amounts owed to group undertakings
5,278,302
3,269,583

Other taxation and social security
25,349
-

Other creditors
23,595
990,757

Accruals and deferred income
211,634
735,853

9,676,308
7,832,867


The following liabilities were secured:
A debenture in Altour International Limited in favour of Barclays Bank Plc which includes fixed and floating charges over the undertaking.
A cross guarantee and debenture between Altour International Limited and BBTF Travel Limited, an immediate subsidiary undertaking, in favour of Barclays Bank Plc which includes fixed and floating charges over the undertakings.


18.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Amounts owed to group undertakings
3,821,003
848,371

Other creditors
1,507,913
1,450,013

5,328,916
2,298,384


Amount owed to other creditors includes an interest bearing loan of £823,478 (2022: £792,382) secured by way of a promissory note on 30 January 2019, and raised to fund the acquisition of Infinity Travel Limited. There are no fixed repayment terms so long as the loan is repaid by 31 May 2024. Interest is chargeable on the loan at 5.33% per annum.

Page 29

 
ALTOUR INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

19.


Deferred taxation




2023


£






At beginning of year
367,287


Charged to profit or loss
(255,239)



At end of year
112,048

The deferred tax asset is made up as follows:

2023
2022
£
£


Fixed assets and short term timing differences
(32,302)
26,546

Losses and other deductions
144,350
340,741

112,048
367,287


20.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100,000 (2022 - 100,000) Ordinary shares of £1.00 each
100,000
100,000



21.


Prior year reclassification

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. 


22.


Pension commitments

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).

Page 30

 
ALTOUR INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

23.


Related party transactions

The company has taken advantage of the exemption available under FRS102 section 33.1A where disclosures of transactions between group members are not required, provided that the subsidiary is wholly-owned.
The following balances with fellow group companies were outstanding at the balance sheet date:

2023
2022
£
£



Altour International NY
(2,074,783)
(2,740,605)

Travel Leaders Corporate LLC
160,479
-

Infinity Travel Limited
130,296
(110,349)

Internova Travel Group LLC
365,733
-

BBTF Travel Limited
(1,351,285)
(848,371)

Global Travel Collection UK, Limited
(2,800,896)
(344,041)

BBTF Travel (Holland) B.V.
92,936
24,773

(5,477,520)
(4,018,593)

At the year end the company owed Y.E.S. (Your Event Solutions) Limited £1,391,381 (2022: £1,333,635) a company related by common control.


24.


Post balance sheet events

The directors confirm there have been no significant event affecting the Company since the year end.


25.


Controlling party

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.

Page 31

 
ALTOUR INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

26.


Accounting estimates and judgements

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.

 
Page 32