Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-05-162024-05-162024-05-162024-05-162024-05-162024-05-162024-05-162024-03-3102023-04-0129falsefalsefalse32false 01805034 2023-04-01 2024-03-31 01805034 2022-04-01 2023-03-31 01805034 2024-03-31 01805034 2023-03-31 01805034 2022-04-01 01805034 1 2023-04-01 2024-03-31 01805034 1 2022-04-01 2023-03-31 01805034 5 2023-04-01 2024-03-31 01805034 5 2022-04-01 2023-03-31 01805034 d:Exceptional 2023-04-01 2024-03-31 01805034 d:Exceptional 2022-04-01 2023-03-31 01805034 e:Director1 2023-04-01 2024-03-31 01805034 e:Director3 2023-04-01 2024-03-31 01805034 e:Director3 2024-03-31 01805034 e:Director4 2023-04-01 2024-03-31 01805034 e:Director4 2024-03-31 01805034 e:Director5 2023-04-01 2024-03-31 01805034 e:Director5 2024-03-31 01805034 e:Director6 2023-04-01 2024-03-31 01805034 e:Director6 2024-03-31 01805034 e:Director7 2023-04-01 2024-03-31 01805034 e:Director7 2024-03-31 01805034 e:RegisteredOffice 2023-04-01 2024-03-31 01805034 d:FurnitureFittings 2023-04-01 2024-03-31 01805034 d:FurnitureFittings 2024-03-31 01805034 d:FurnitureFittings 2023-03-31 01805034 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 01805034 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-04-01 2024-03-31 01805034 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-03-31 01805034 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-31 01805034 d:CurrentFinancialInstruments 2024-03-31 01805034 d:CurrentFinancialInstruments 2023-03-31 01805034 d:CurrentFinancialInstruments 6 2024-03-31 01805034 d:CurrentFinancialInstruments 6 2023-03-31 01805034 d:Non-currentFinancialInstruments 2024-03-31 01805034 d:Non-currentFinancialInstruments 2023-03-31 01805034 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 01805034 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 01805034 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 01805034 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 01805034 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-03-31 01805034 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 01805034 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-03-31 01805034 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 01805034 d:ReportableOperatingSegment1 2023-04-01 2024-03-31 01805034 d:ReportableOperatingSegment1 2022-04-01 2023-03-31 01805034 f:UnitedKingdom 2023-04-01 2024-03-31 01805034 f:UnitedKingdom 2022-04-01 2023-03-31 01805034 d:ShareCapital 2024-03-31 01805034 d:ShareCapital 2023-03-31 01805034 d:ShareCapital 2022-04-01 01805034 d:OtherMiscellaneousReserve 2023-04-01 2024-03-31 01805034 d:OtherMiscellaneousReserve 2024-03-31 01805034 d:OtherMiscellaneousReserve 1 2023-04-01 2024-03-31 01805034 d:OtherMiscellaneousReserve 2023-03-31 01805034 d:OtherMiscellaneousReserve 2022-04-01 01805034 d:OtherMiscellaneousReserve 1 2022-04-01 2023-03-31 01805034 d:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 01805034 d:RetainedEarningsAccumulatedLosses 2024-03-31 01805034 d:RetainedEarningsAccumulatedLosses 1 2023-04-01 2024-03-31 01805034 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 01805034 d:RetainedEarningsAccumulatedLosses 2023-03-31 01805034 d:RetainedEarningsAccumulatedLosses 2022-04-01 01805034 d:RetainedEarningsAccumulatedLosses 1 2022-04-01 2023-03-31 01805034 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-04-01 2024-03-31 01805034 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2024-03-31 01805034 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-03-31 01805034 e:OrdinaryShareClass1 2023-04-01 2024-03-31 01805034 e:OrdinaryShareClass1 2024-03-31 01805034 e:OrdinaryShareClass1 2023-03-31 01805034 e:FRS102 2023-04-01 2024-03-31 01805034 e:Audited 2023-04-01 2024-03-31 01805034 e:FullAccounts 2023-04-01 2024-03-31 01805034 e:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 01805034 d:TaxLossesCarry-forwardsDeferredTax 2024-03-31 01805034 d:TaxLossesCarry-forwardsDeferredTax 2023-03-31 01805034 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:ExternallyAcquiredIntangibleAssets 2023-04-01 2024-03-31 01805034 2 2023-04-01 2024-03-31 01805034 4 2023-04-01 2024-03-31 01805034 9 2023-04-01 2024-03-31 01805034 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2023-04-01 2024-03-31 01805034 g:PoundSterling 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 01805034









MAJOR TRAVEL PLC









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
MAJOR TRAVEL PLC
 
 
COMPANY INFORMATION


Directors
Q Gulamhusein 
M Gulamhusein (resigned 16 May 2024)
N Hiridjee (resigned 16 May 2024)
J R Ferrara (appointed 16 May 2024)
T L Minson (appointed 16 May 2024)
P K Hughes (appointed 16 May 2024)




Registered number
01805034



Registered office
2nd Floor, Nucleus House
2 Lower Mortlake Road

Richmond

TW9 2JA




Independent auditors
White Hart Associates (London) Limited
Chartered Accountants and Statutory Auditors

2nd Floor, Nucleus House

2 Lower Mortlake Road

Richmond

TW9 2JA





 
MAJOR TRAVEL PLC
 

CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 8
Income Statement
9
Statement of Comprehensive Income
10
Statement of Financial Position
11
Statement of Changes in Equity
12 - 13
Statement of Cash Flows
14 - 15
Notes to the Financial Statements
16 - 32


 
MAJOR TRAVEL PLC
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

Introduction
 
The company has chosen in accordance with s 414c (11) Companies Act 2006 to set out in the company's strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the director's report. It has done so in respect of financial instruments and future developments.

Business review
 
Gross Retail Turnover ("GRT") for the year under review was £26,369,698 (2023: £25,022,831) which resulted in a commission/margin of £2,858,047 (2023: £2,370,527). The company's commission/margin increased from 9.5% to 10.84% during the year. The company has continued to focus on selling packages, particularly tailormade long-haul that have a higher margin.  
The company also monitors its performance by tracking other non-financial indicators that we believe are important to our long-term success. Compliance with relevant environmental laws and regulations relevant to its operations are closely followed. The company has created a positive and challenging work environment by encouraging feedback from employees and using it as a tool to drive business performance.
The directors consider that the year-end financial position was satisfactory and that the company is now well placed to sustain the present level of activity in the foreseeable future.
Principal risks and uncertainties
The management of the business and the execution of the Company's strategy are subject to a number of risks. The key business risks and uncertainties affecting the Company are considered below.
Disruption risks: The travel industry is susceptible to potential disruption caused by pandemics. Recent events, such as the outbreak of COVID-19, have demonstrated the significant impact that infectious diseases can have on the global travel ecosystem. It is important to note that the magnitude and duration of the risks associated with pandemics are unpredictable and can vary based on the specific circumstances. Our company continuously monitors the global health landscape and has developed contingency measures to mitigate these risks to the best of our ability.
Regulatory risk: The Company is exposed to various regulators, including the Civil Aviation Authority ("CAA") which issues an Air Travel Organisers Licence ("ATOL") which is required in order for the Company to operate. This license is renewed each year and is subject to assessments of fitness and financial criteria, the framework of which is available on the CAA's website (www.caa.co.uk).
Competition: The Company operates in a competitive market particularly around price and product availability. This results in downward pressure on ticket prices and margins. This risk is mitigated by seeking out opportunities to differentiate its product offering and by increasing its product range, specifically in the tailor-made segment.

Page 1

 
MAJOR TRAVEL PLC
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

 
The nature of the business exposes the Company to various commercial risks which may affect the trading performance of the Company. These include:
- Political and regulatory changes
- Changes in customer behaviour and preferences
- Acts of terrorism, particularly in key tourist destinations
- Epidemics in key tourist destinations which threaten the health of tourists
- Wars or other international uncertainty which affects air travel
- Natural disasters in key tourist destinations
- Weather conditions, both in the UK and key tourist destinations
- Increase in government taxes
These factors may affect the Company by causing potential customers to cancel or postpone travel plans, reducing the earnings potential of the Company. The Company seeks to minimise such risks by diversifying its business across multiple destinations with the ability to shift capacity where necessary.

Financial instrument risk
 
The company has adopted risk management policies that seek to mitigate these risks in a cost-effective manner and which include close monitoring of supplier and customers for financial and other material changes. The company's only financial instruments are cash, trade debtors and trade creditors that arise directly from its operations. Airline seats and other facilities are purchased to match customer's specific requirements. The company does not enter into prior commitments or speculative contracts so it has no exposure to currency, interest rate or non-performance risks.
The nature of the company's activities is such that it generates significant liquid resources. All excess funds are placed with the company's clearing bank, in instant or short-term access, interest bearing accounts in order to provide flexibility and restrict credit and liquidity risk.


This report was approved by the board on 9 August 2024 and signed on its behalf.



................................................
Q Gulamhusein
Director

Page 2

 
MAJOR TRAVEL PLC
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors' responsibilities statement

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 judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards 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 Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The company's principal activity during the year continued to be that of tour operators and travel agents.

Results and dividends

The profit for the year, after taxation, amounted to £342,770 (2023 - £230,652).

Directors

The directors who served during the year were:

Q Gulamhusein 
M Gulamhusein (resigned 16 May 2024)
N Hiridjee (resigned 16 May 2024)

Page 3

 
MAJOR TRAVEL PLC
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024


Future developments

The company's intention is to continue improving its position by providing high levels of service at competitive prices. The company will also seek to further improve its financial position by monitoring costs and by continuing to introduce enhanced systems and improvements in administrative and organisational procedures. 

Company's policy for payment of creditors

The company's creditors are paid according to specific agreed terms and average 30 days.

Disabled employees

Details of the number of employees and related costs can be found in note 7 on page 25 of the financial statements. Applicants for employment by disabled persons are always fully considered, bearing in mind the aptitude of the applicant concerned. In the event of members of staff becoming disabled every effort is made to ensure that their employment with the company can continue and appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical with that of other employees.
The company keeps employees informed of matters relevant to them as employees through briefings and internal mail.

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.

Post balance sheet events

On 16 May 2024, the Company's holding company Alliance Travel Holdings Limited underwent a change of ownership and is now 60% owned by Inteletravel UK Holdings Limited.

Auditors

The auditorsWhite Hart Associates (London) Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 9 August 2024 and signed on its behalf.
 





................................................
Q Gulamhusein
Director

Page 4

 
MAJOR TRAVEL PLC
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MAJOR TRAVEL PLC
 

Opinion


We have audited the financial statements of Major Travel Plc (the 'Company') for the year ended 31 March 2024, which comprise the Income Statement, the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, 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 March 2024 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 Group 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 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.


Based on the work we have performed, 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.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 5

 
MAJOR TRAVEL PLC
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MAJOR TRAVEL PLC (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 3, 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 6

 
MAJOR TRAVEL PLC
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MAJOR TRAVEL PLC (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:

- We exercise professional judgment and maintain professional skepticism throughout the audit;
- We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the deliberate override of internal control; 
- We obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of internal control;
- We evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made;
- We assess the risk of management override of controls, including testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business;
- We review the scope of the Company's compliance with its regulator, the Civil Aviation Authority ("CAA"), and its membership of The Association of British Travel Agents ("ABTA"), its accreditation with the International Air Transport Association ("IATA") and sample test relevant documentation to assess this and the effectiveness of its control environment;
- We request and review the minutes of management meetings, and assess any matters identified not already provided for or disclosed that may materially impact the financial statements;
- We conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the entity's ability to continue as a going concern. if we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the entity to cease to continue as a going concern.


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 Auditors' Report.


Page 7

 
MAJOR TRAVEL PLC
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MAJOR TRAVEL PLC (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.





Ms. N A Spoor FCA FCCA (Senior Statutory Auditor)
  
for and on behalf of
White Hart Associates (London) Limited
 
Chartered Accountants and Statutory Auditors
  
2nd Floor, Nucleus House
2 Lower Mortlake Road
Richmond
TW9 2JA

9 August 2024
Page 8

 
MAJOR TRAVEL PLC
 
 
INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£




Gross Retail Turnover ("GRT")
26,369,698
25,022,831

  

Turnover
 4 
2,858,047
2,370,527

Distribution costs
  
(688,352)
(766,414)

Administrative expenses
  
(2,135,945)
(1,503,352)

Exceptional income/(expenses)
  
78,830
138,701

Operating profit
 5 
112,580
239,462

Interest receivable and similar income
 9 
91,231
62,387

Interest payable and similar expenses
 10 
(60,941)
(71,197)

Profit before tax
  
142,870
230,652

Tax on profit
 11 
199,900
-

Profit for the financial year
  
342,770
230,652

The notes on pages 16 to 32 form part of these financial statements.

Page 9

 
MAJOR TRAVEL PLC
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£


Profit for the financial year

  

342,770
230,652

Other comprehensive income
  


Fair value gain on cash flow hedges
  
(37,964)
(43,116)

Other comprehensive income for the year
  
(37,964)
(43,116)

Total comprehensive income for the year
  
304,806
187,536

The notes on pages 16 to 32 form part of these financial statements.

Page 10

 
MAJOR TRAVEL PLC
REGISTERED NUMBER: 01805034

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 14 
927,136
918,473

Tangible assets
 15 
17,392
15,509

  
944,528
933,982

Current assets
  

Debtors: amounts falling due within one year
 16 
2,378,274
2,448,426

Cash at bank and in hand
 17 
3,990,830
4,135,845

  
6,369,104
6,584,271

Creditors: amounts falling due within one year
 18 
(6,622,517)
(6,239,028)

Net current (liabilities)/assets
  
 
 
(253,413)
 
 
345,243

Total assets less current liabilities
  
691,115
1,279,225

Creditors: amounts falling due after more than one year
 19 
(518,929)
(800,192)

Provisions for liabilities
  

Other provisions
 22 
(76,833)
(88,486)

  
 
 
(76,833)
 
 
(88,486)

Net assets
  
95,353
390,547


Capital and reserves
  

Called up share capital 
 23 
100,000
100,000

Other reserves
 24 
(51,642)
(13,678)

Profit and loss account
 24 
46,995
304,225

  
95,353
390,547


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 August 2024.



................................................
Q Gulamhusein
Director

The notes on pages 16 to 32 form part of these financial statements.

Page 11

 
MAJOR TRAVEL PLC
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Other reserves
Profit and loss account
Total equity

£
£
£
£

At 1 April 2023
100,000
(13,678)
304,225
390,547



Profit for the year
-
-
342,770
342,770

Movement in cashflow hedge reserve
-
(37,964)
-
(37,964)


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(600,000)
(600,000)


At 31 March 2024
100,000
(51,642)
46,995
95,353


The notes on pages 16 to 32 form part of these financial statements.

Page 12

 
MAJOR TRAVEL PLC
 

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


Called up share capital
Cashflow hedge reserves
Profit and loss account
Total equity

£
£
£
£

At 1 April 2022
100,000
29,438
73,573
203,011



Profit for the year
-
-
230,652
230,652

Movement in cashflow hedge reserve
-
(43,116)
-
(43,116)


At 31 March 2023
100,000
(13,678)
304,225
390,547


The notes on pages 16 to 32 form part of these financial statements.

Page 13

 
MAJOR TRAVEL PLC
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
342,770
230,652

Adjustments for:

Amortisation of intangible assets
96,265
98,316

Depreciation of tangible assets
1,502
1,666

Interest paid
60,941
71,197

Interest received
(91,231)
(62,387)

Taxation charge
(199,900)
-

(Increase)/decrease in debtors
(257,945)
1,085,467

Decrease/(increase) in amounts owed by groups
481,817
(68,543)

Increase/(decrease) in creditors
270,525
(1,319,023)

(Decrease)/increase in provisions
(11,653)
9,976

Net cash generated from operating activities

693,091
47,321


Cash flows from investing activities

Purchase of intangible fixed assets
(104,928)
(66,396)

Purchase of tangible fixed assets
(3,383)
(2,197)

Interest received
91,231
62,387

Net cash from investing activities

(17,080)
(6,206)
Page 14

 
MAJOR TRAVEL PLC
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024


2024
2023

£
£



Cash flows from financing activities

Repayment of loans
(160,085)
(153,896)

Dividends paid
(600,000)
-

Interest paid
(60,941)
(71,197)

Net cash used in financing activities
(821,026)
(225,093)

Net (decrease) in cash and cash equivalents
(145,015)
(183,978)

Cash and cash equivalents at beginning of year
4,135,845
4,319,823

Cash and cash equivalents at the end of year
3,990,830
4,135,845


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
3,990,830
4,135,845

3,990,830
4,135,845


The notes on pages 16 to 32 form part of these financial statements.

Page 15

 
MAJOR TRAVEL PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Major Travel Plc is a company limited by shares, domiciled in England and Wales, registration number 01805034. The registered office is 2nd Floor Nucleus House, 2 Lower Mortlake Road, Richmond, TW9 2JA. 
The company's principal place of business is Unit 7, The Linen House, 253 Kilburn Lane, London, W10 4BQ.

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.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

Company management and the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, being at least the following 12 months from the signing of these financial statements. This is supported by the strong performance seen so far in 2024/25. The Company has been well placed to meet and service the additional volume.
The directors consider the Company to be a going concern based upon detailed profit and loss account, balance sheet and cashflow projections drawn up to 31 March 2026. The directors believe they have taken all necessary steps to mitigate the impact of any risks mentioned and potential recession.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as
Page 16

 
MAJOR TRAVEL PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.3
Foreign currency translation (continued)

qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Income Statement within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income.

 
2.4

Revenue

The company does not take ownership of the products or services being sold and acts as agent, receiving commission from the supplier of the products or services being sold. Turnover therefore represents sales commission earned before sales commissions shared.
Turnover comprises revenue recognised by the company in respect of commissions and fees for the sale of flights and travel product during the year, exclusive of Value Added Tax, trade discounts and commissions.
The company recognises revenue on the basis earlier of first airline ticketing date or 84 days before departure dates.
Turnover is attributable to one continuing activity.
Total Gross Retail Turnover ("GRT") is the total gross sales amounts receivable in respect of the holiday flights and  accommodation arrangements for the period. Section 23 of FRS102 requires the statutory turnover to be the net commission earned. GRT does not represent the company's statutory turnover. GRT for the period ended 31 March 2024 was £26,369,698 (2023: £25,022,831).
Trade debtors still represent gross amounts receivable in respect of sales and trade creditors still represent gross amounts payable in respect of purchases.

 
2.5

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.6

Interest income

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

Page 17

 
MAJOR TRAVEL PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
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 Statement of Financial Position. 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 reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.11

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

Page 18

 
MAJOR TRAVEL PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.12

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.

 The estimated useful lives range as follows:

Development expenditure
-
10% - Reducing balance

 
2.13

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, as per table below.

Depreciation is provided on the following basis:

Fixtures and fittings
-
10%
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.

 
2.14

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.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

Page 19

 
MAJOR TRAVEL PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
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.

 
2.17

Provisions for liabilities

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

 
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 has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Statement of Financial Position 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.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Page 20

 
MAJOR TRAVEL PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.18
Financial instruments (continued)

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.19

Hedge accounting

The Company uses foreign currency forward contracts to manage its exposure to cash flow risk on its payments to suppliers. These derivatives are measured at fair value at each reporting 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.

Page 21

 
MAJOR TRAVEL PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.20

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

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


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Travel agency services
2,858,047
2,370,527

2,858,047
2,370,527


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
2,858,047
2,370,527

2,858,047
2,370,527



5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
53,735
(164,887)

Page 22

 
MAJOR TRAVEL PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Auditors' remuneration

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


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements

15,000
15,000


7.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
1,380,749
1,069,582

Social security costs
89,530
74,442

Cost of defined contribution scheme
26,667
17,496

1,496,946
1,161,520


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


        2024
        2023
            No.
            No.







Administration
11
12



Sales
18
20

29
32


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
36,000
25,200

36,000
25,200


Page 23

 
MAJOR TRAVEL PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Interest receivable

2024
2023
£
£


Bank interest receivable
91,231
62,387

91,231
62,387


10.


Interest payable and similar expenses

2024
2023
£
£


Loan interest payable
44,847
46,842

Other interest payable
16,094
24,355

60,941
71,197


11.


Taxation


2024
2023
£
£



Total current tax
-
-

Deferred tax


Origination and reversal of timing differences
(199,900)
-

Total deferred tax
(199,900)
-


Taxation on (loss)/profit on ordinary activities
(199,900)
-
Page 24

 
MAJOR TRAVEL PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
142,870
230,652


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
35,718
43,824

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
24,111
-

Capital allowances for year in excess of depreciation
(27,146)
15,506

Utilisation of tax losses
(32,683)
(32,082)

Increase or decrease in pension fund prepayment leading to an increase (decrease) in tax
-
(28,923)

Deferred tax movement
(199,900)
-

Unrelieved tax losses carried forward
-
1,675

Total tax charge for the year
(199,900)
-


Factors that may affect future tax charges

Changes to the UK corporation tax rates were substantively enacted as part of Finance Bill 2021 (on 11 March 2021). These include increases to the main rate of tax from 19% to 25% from 1 April 2023 for profits exceeding £50,000.


12.


Dividends

2024
2023
£
£


Dividends paid during the year
600,000
-

600,000
-

Page 25

 
MAJOR TRAVEL PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

13.


Exceptional Income

2024
2023
£
£


Expired credit vouchers
78,830
138,701

78,830
138,701


14.


Intangible assets




Software development

£



Cost


At 1 April 2023
1,446,102


Additions
104,928



At 31 March 2024

1,551,030



Amortisation


At 1 April 2023
527,629


Charge for the year on owned assets
96,265



At 31 March 2024

623,894



Net book value



At 31 March 2024
927,136



At 31 March 2023
918,473



Page 26

 
MAJOR TRAVEL PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

15.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 April 2023
20,168


Additions
3,383



At 31 March 2024

23,551



Depreciation


At 1 April 2023
4,659


Charge for the year on owned assets
1,500



At 31 March 2024

6,159



Net book value



At 31 March 2024
17,392



At 31 March 2023
15,509


16.


Debtors

2024
2023
£
£


Trade debtors
1,147,578
972,583

Amounts owed by group undertakings
218,172
699,989

Other debtors
542,687
544,303

Prepayments and accrued income
269,937
231,551

Deferred taxation
199,900
-

2,378,274
2,448,426


Page 27

 
MAJOR TRAVEL PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

17.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
3,990,830
4,135,845

3,990,830
4,135,845


Included within cash at bank balances is an amount of £100,362 (2023: £100,408) related to a guarantee held for specific supplier principals in a nominated account.
As a term of grant of the Company’s Air Travel Organisers Licence (“ATOL”) by the Civil Aviation Authority (“CAA”) the company was required to ring fence a percentage of customer advanced cash in as independently managed CAA Escrow Trust Account from 1 May 2022. The segregated account is funded as to 70% of monies for all future departing ATOL bookings.
Included within the cash balances held by the company at 31 March 2024, is an amount of £2,529,166 (2023: £3,040,210) relating to funds held in the independently managed CAA Escrow Trust Account.


18.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
167,518
160,282

Trade creditors
722,870
867,341

Other taxation and social security
106,946
102,471

Other creditors
1,665,999
1,953,120

Accruals and deferred income
3,891,069
3,114,775

Financial instruments
68,115
41,039

6,622,517
6,239,028


Included within other creditors is an amount of £1,458,960 (2023: £1,626,645) related to clients money received in advance for the bookings to be recognised as revenue post 1 April 2024.

Page 28

 
MAJOR TRAVEL PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

19.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans (See note 20)
230,876
398,200

Other taxation and social security
288,053
401,992

518,929
800,192


In December 2022, the company agreed a repayment plan with HMRC in relation to its historic PAYE liabilities. The company agreed to pay £6,930 in monthly installments for 82 months with the final payment being due on 1 October 2029. As at 31 March 2024 total liabilities outstanding under this arrangement were £371,224 (2023: £485,157) included in creditors due within one year and more than one year.


20.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
167,518
160,282

Amounts falling due 1-2 years

Bank loans
155,906
167,518

Amounts falling due 2-5 years

Bank loans
74,970
230,679

398,394
558,479


Bank loans include a loan received from the Company's bankers Coutts amounting to £500,000 drawn down in October 2020 supported by the Coronavirus Business Interruption Loan Scheme (CBILS). The loan is for 6 years with no capital repayments for the first 12 months. There is no interest payable for the first 12 months and an interest rate at 3.5% per annum charged over the base rate thereafter. 
Bank loans also include a further loan from Iwoca Skye Finance Limited (IWOCA) amounting to £250,000 drawn down in December 2020 supported by the Coronavirus Business Interruption Loan Scheme (CBILS). The loan is for 5 years with no capital repayments for the first 12 months. There is no interest payable for the first 12 months and an interest rate at 11.39% per annum charged over the base rate thereafter.

Page 29

 
MAJOR TRAVEL PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

21.


Deferred taxation




2024


£






Charged to profit or loss
199,900



At end of year
199,900

The deferred tax asset is made up as follows:

2024
2023
£
£


Tax losses carried forward
199,900
-

199,900
-


22.


Provisions




Other provision

£





At 1 April 2023
88,486


Charged to profit or loss
(7,628)


Utilised in year
(4,025)



At 31 March 2024
76,833

The provision predominently relates to the Company's GDS provider's incentive payment made in 2014. The incentive is subject to a proportion of the payment being reclaimable if targets are not met. 


23.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100,000 (2023 - 100,000) Ordinary shares of £1.00 each
100,000
100,000


Page 30

 
MAJOR TRAVEL PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

24.


Reserves

Cash flow hedge reserve

The cash flow hedge reserve relates to, 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 the net distributable reserves of the company at the date of the statement of financial position.


25.


Contingent liabilities

As at 31 March 2024, there were contingent liabilities outstanding in respect of counter indemnities and gurantees given by the Company, in the normal course of business, to the Company's bond obligors in respect of ABTA travel bonds amounting to £230,956 (2023 - £90,250). The company has also provided the bank with counter indemnities for various guarantees up to an amount of £100,000 (2023: £100,000).


26.


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 £26,667 (2023: £17,496). Contributions totalling £4,173 (2023: £3,661) were payable to the fund at the reporting date.


27.


Commitments under operating leases

The Company had no commitments under non-cancellable operating leases at the reporting date.

Page 31

 
MAJOR TRAVEL PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

28.


Related party transactions

As at 31 March 2024 an amount of £218,172 (2023: £699,989) was due from Alliance Travel Holdings Limited, the immediate and ultimate parent of the group and the balance is included within the debtors as amounts owed by group undertakings. The amount loaned is interest free and there are no repayments terms in place.
As at 31 March 2024 the amount due from Marlpark 71 HA4 Limited is £320,665 (2023: £298,360). This is included within other debtors. A director, Qasim Gulamhusein is also a director in the related company and has a participating interest.
As at 31 March 2024 the amount due from Marlpark 2A CR0 Limited, is £14,547 (2023: £14,547). This is included within other debtors. A director, Qasim Gulamhusein is also a director in the related company and has a participating interest.
As at 31 March 2024 the amount due from 93 HA1 Limited is £48,454 (2023: £46,009). This is included within other debtors. A director, Qasim Gulamhusein is also a director in the related company and has a participating interest.
All of the indebtedness due from Malpark 71 HA4 Limited, Malpark 2A CRO Limited and 93 HA1 Limited were repaid in full on 16 May 2024.




29.


BSP outstanding

As at 31 March 2024 an amount of £589,911(2023: £263,157) payable to International Air Transport Association (IATA) for tickets issued during the month of March 2024.


30.


Fixed charge over bank account

On 6 October 2020 a fixed charge was created at Companies House over a company's nominated bank account balance of £100,362 held for specific supplier principals.


31.


Immediate parent company

Alliance Travel Holdings Limited (Company registration 10335273), whose registered office is situated at 2nd Floor, Nucleus House, 2 Lower Mortlake Road, Richmond, TW9 2JA is the Company's immediate  parent company by virtue of its ownership of 100% of the paid up share capital of the Company.


32.


Holding company and controlling party

The ultimate holding company and controlling party is Inteletravel UK Holdings Limited, by virture of its 60% ownership of the issued share capital of the parent company Alliance Travel Holdings Limited.

 
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