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Registered number: 03385363


EXSUS TRAVEL LIMITED
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 
EXSUS TRAVEL LIMITED
 
 
COMPANY INFORMATION


Directors
G Rooney 
H Rehman 




Registered number
03385363



Registered office
Studio 5
3rd Floor Mirror Works

12 Marshgate Lane

London

E15 2NH




Independent auditors
Xeinadin Audit Limited
Chartered Accountants & Statutory Auditor

8th Floor

Becket House

36 Old Jewry

London

EC2R 8DD





 
EXSUS TRAVEL LIMITED
 

CONTENTS



Page
Directors' Report
1 - 2
Independent Auditors' Report
3 - 7
Statement of Comprehensive Income
8
Statement of Financial Position
9 - 10
Notes to the Financial Statements
11 - 24


 
EXSUS TRAVEL 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.

Directors' responsibilities statement

The directors are responsible for preparing 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 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.

Directors

The directors who served during the year were:

G Rooney 
H Rehman 

Page 1

 
EXSUS TRAVEL LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


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.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

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





H Rehman
Director

Date: 1 July 2024

Page 2

 
EXSUS TRAVEL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EXSUS TRAVEL LIMITED
 

Opinion


We have audited the financial statements of Exsus Travel Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Statement of Financial Position 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 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 3

 
EXSUS TRAVEL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EXSUS TRAVEL 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' Report has 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 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; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.


Page 4

 
EXSUS TRAVEL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EXSUS TRAVEL LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 1, 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 5

 
EXSUS TRAVEL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EXSUS TRAVEL 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;
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 reporting 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: data protection laws, employment law, ABTA, ATOL, IATA 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 Auditors' Report.


Page 6

 
EXSUS TRAVEL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EXSUS TRAVEL 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
Statutory Auditor
  
8th Floor
Becket House
36 Old Jewry
London
EC2R 8DD

1 July 2024
Page 7

 
EXSUS TRAVEL LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

As restated
2023
2022
£
£

  

Turnover
  
13,911,868
12,721,042

Cost of sales
  
(12,130,011)
(11,513,717)

Gross profit
  
1,781,857
1,207,325

Administrative expenses
  
(1,688,412)
(1,335,922)

Other operating income
 4 
45,277
127,640

Fair value movements
  
-
22,144

Operating profit
  
138,722
21,187

Interest receivable and similar income
  
77
7

Interest payable and similar expenses
  
(11,970)
(8,396)

Profit before tax
  
126,829
12,798

Tax on profit
  
49,485
30,212

Profit for the financial year
  
176,314
43,010

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 11 to 24 form part of these financial statements.

Page 8

 
EXSUS TRAVEL LIMITED
REGISTERED NUMBER: 03385363

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

As restated
2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 6 
17,008
17,737

Current assets
  

Debtors: amounts falling due after more than one year
 7 
5,386
3,452

Debtors: amounts falling due within one year
 7 
4,849,686
5,019,988

Cash at bank and in hand
 8 
598,429
57,712

  
5,453,501
5,081,152

Creditors: amounts falling due within one year
 9 
(3,825,444)
(3,579,489)

Net current assets
  
 
 
1,628,057
 
 
1,501,663

Total assets less current liabilities
  
1,645,065
1,519,400

Creditors: amounts falling due after more than one year
 10 
(1,233,703)
(1,234,852)

Provisions for liabilities
  

Deferred tax
  
78,479
28,979

Net assets
  
 
 
489,841
 
 
313,527

Page 9

 
EXSUS TRAVEL LIMITED
REGISTERED NUMBER: 03385363
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

As restated
2023
2022
Note
£
£

Capital and reserves
  

Called up share capital 
 13 
3,989,203
3,989,203

Share premium account
  
892,120
892,120

Profit and loss account
  
(4,391,482)
(4,567,796)

  
489,841
313,527


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




H Rehman
Director

Date: 1 July 2024

The notes on pages 11 to 24 form part of these financial statements.

Page 10

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

1.


General information

Exsus Travel Limited is a private limited company incorporated in England and Wales under the Companies Act 2006.  The address of the registered office is detailed on the Company information page of these financial statements.
The principal activity of the Company continued to be that of a tour operator.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

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

  
2.2

Revenue

Revenue represents amounts receivable from the sale of tours and other services supplied to customers net of VAT and arising primarily in the UK. Revenue relating to tours are taken to the profit and loss account on a departure date basis. The related costs of distribution and of providing the holidays and flights are charged to the profit and loss account on the same basis.

 
2.3

Going concern

The Company’s forecasts and projections show that the company is expected to have adequate funding to meet its operational working capital requirements for the foreseeable future. The ultimate controlling party has provided the necessary financial support to the company to ensure that it meets its liabilities and obligations as and when they fall due and has confirmed his agreement to continue doing so for a period of at least 12 months from the date of these financial statements.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

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

 
2.6

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 11

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

2.Accounting policies (continued)

 
2.7

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.

 
2.8

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.

  
2.9

Advanced payments and receipts

All revenue received relating to bookings that depart after the balance sheet date is treated as advance receipts and is seperately disclosed under accruals and deferred income.
Payments made to suppliers relating to bookings that depart after the balance sheet date are treated as advance payments and are seperately disclosed under prepayments and accrued income.
Page 12

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

2.Accounting policies (continued)

 
2.10

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, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
Straight-line method
Office equipment
-
25%
Straight-line method

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.

 
2.11

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.

 
2.12

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.

 
2.13

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.

 
2.14

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.

Page 13

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

2.Accounting policies (continued)

 
2.15

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.

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.

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 receipts 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.


Page 14

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

2.Accounting policies (continued)


2.15
Financial instruments (continued)


Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Judgements 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 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. Such estimations include:
Depreciation
The annual depreciation charge for tangible assets is sensitive due to the material nature of the value of fixed assets. The depreciation rates are reviewed annually to ensure they are appropriate for the type of asset. Assets are reviewed for impairment on an annual basis.
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.


4.


Other operating income

2023
2022
£
£

Other operating income
45,277
127,640

45,277
127,640



5.


Employees

The average monthly number of employees, including directors, during the year was 26 (2022 - 23).

Page 15

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

6.


Tangible fixed assets





Fixtures and fittings
Office equipment
Total

£
£
£



Cost 


At 1 January 2023
7,678
49,447
57,125


Additions
-
5,745
5,745



At 31 December 2023

7,678
55,192
62,870



Depreciation


At 1 January 2023
7,678
31,710
39,388


Charge for the year on owned assets
-
6,474
6,474



At 31 December 2023

7,678
38,184
45,862



Net book value



At 31 December 2023
-
17,008
17,008



At 31 December 2022
-
17,737
17,737

Page 16

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

7.


Debtors

2023
2022
£
£

Due after more than one year

Prepayments and accrued income
5,386
3,452


Prepayments and accrued income comprise advanced payments to suppliers for departures after the balance sheet date.

As restated
2023
2022
£
£

Due within one year

Trade debtors
56,086
-

Amounts owed by connected companies
3,168,988
3,252,727

Other debtors
497,934
548,722

Prepayments and accrued income
1,126,678
1,196,395

Financial instruments
-
22,144

4,849,686
5,019,988


Prepayments and accrued income includes advanced payments to suppliers for departures after the balance sheet date amounting to £1,093,863 (2022: £1,136,220).


8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
598,429
57,712


Page 17

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

9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
10,001
136,688

Trade creditors
463,049
261,375

Corporation tax
15
1

Other taxation and social security
99,052
89,872

Other creditors
33,653
49,691

Accruals and deferred income
3,219,674
3,041,862

3,825,444
3,579,489


Accruals and deferred income includes advanced receipts from customers for departures after the balance sheet date amounting to £3,218,377 (2022: £3,031,714).
The company secured a loan of £50,000 through a Bounce bank Loan Scheme in 2020. The loan is guaranteed by the UK government.


10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
15,000
25,000

Other loans
1,205,000
1,205,000

Accruals and deferred income
13,703
4,852

1,233,703
1,234,852


The £1,205,000 (2022: £1,205,000) has been subordinated in accordance with the terms set out by the Civil Aviation Authority (CAA). This means the £1,205,000 cannot be repaid whilst the Company holds an Air Travel Organisers' License unless written consent has been received from the CAA and all other liabilities incurred by the Company in the period which it held an Air Travel Organiser's License have been satisfied.
The subordinated loan is unsecured, interest free and repayable with 367 days notice.
Accruals and deferred income comprise advanced receipts from customers for departures after the balance sheet date.

Page 18

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

11.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
10,001
136,688

Amounts falling due 1-2 years

Bank loans
10,000
10,000

Amounts falling due 2-5 years

Bank loans
5,000
15,000

Amounts falling due after more than 5 years

Other loans
1,205,000
1,205,000

1,230,001
1,366,688


Page 19

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

12.


Deferred taxation




2023
2022


£

£






At beginning of year
28,979
(1,234)


Charged to profit or loss
49,500
30,213



At end of year
78,479
28,979

The deferred tax balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances and other timing difference
(2,165)
28,979

Losses and other deductions
80,644
-

Comprising:

Liability
78,479
28,979

78,479
28,979


Page 20

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

13.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



7,475,556 (2022 - 7,475,556) Ordinary shares of £0.034 each
257,881
257,881
3,480,000 (2022 - 3,480,000) A Ordinary shares of £1.000 each
3,480,000
3,480,000
251,323,320 (2022 - 251,323,320) B Ordinary shares of £0.001 each
251,322
251,322

3,989,203

3,989,203



14.


Prior year adjustment

During the year the directors discovered that a debtor balance was held with a dormant company that had no means of paying the balance owed to the company. The directors therefore have written off the balance. As a result, the company has restated the comparative prior year amounts, the net impact on the reserves brought forward was £41,825 debit.


15.


Contingent liabilities and regulatory requirements

The Company currently holds an Air Travel Organisers' License (ATOL) issued by the Civil Aviation Authority (CAA) and is an accredited agent of the International Air Transport Association (IATA).
In order to offer air inclusive package holidays, the company requires the annual renewal by the CAA of its ATOL license. The CAA grants this license on the basis of the company meeting agreed financial criteria and renews this license in September (effective 1st October) each year. The company has complied with these requirements in the previous year and does not envisage any issues in the granting of a new license from October 2024.
As at 31 December 2023, there were contingent liabilities given by the Company in the normal course of business to Tokio Marine HCC in respect of ABTA and IATA bonds, amounting to £33,581 (2022: £33,581) and £50,000 respectively (2022: £50,000).
There were no other material contingent liabilities.


16.


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 £56,450 (2022: £45,257). Contributions totalling £5,166 (2022: £4,019) were payable to the fund at the reporting date and are included in creditors.

Page 21

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

17.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
13,148
14,343

Later than 1 year and not later than 5 years
-
13,148

13,148
27,491




18.Other financial commitments

The Company enters into forward foreign currency contracts to mitigate the exchange rate risk for certain foreign currency payables. At 31 December 2023, the outstanding contracts all mature within 12 months. The company is committed to buy $nil (2022: $250,000) and pay a fixed sterling amount.

Page 22

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

19.


Related party transactions

At the year end the Company owed £1,205,000 (2022: £1,205,000) to a company under the control of a close family member of a director.  During the year, no additional funding was provided. The subordinated loan is unsecured, interest free and repayable with 367 days notice, included within creditors falling due in more than one year.
At the year end the Company owed £nil (2022: £nil) to G Rooney, a director of the company. During the year, the Company made transfers of £nil (2022: £19,115). During the year, the director paid Exsus Travel Limited £nil (2022: £18,311) for travel arrangements.
At the year end the Company was owed £1,951,639 (2022: £2,210,663) from Coronation Ltd, a company under common control. During the year, the Company made transfers of £361,636 (2022: £74,219). During the year, the Company received £620,660 (2022: £nil) from Coronation Ltd.  This balance has been included within Amounts Owed by Connected Companies.
At the year end the Company was owed £630,256 (2022: £383,730) from Alumina Ltd, a company under common control. During the year, the Company made transfers of £359,263 (2022: £432,230). During the year, the Company received £116,000 (2022: £48,500) from Alumina Ltd.  This balance has been included within Amounts Owed by Connected Companies.
At the year end the Company was owed £nil (2022: £41,825) from Cartmel Construction Ltd, a company under common control. During the year, the Company made transfers of £22,420 (2022: £7,395). During the year, the Company received £22,420 (2022: £nil) from Cartmel Construction Ltd. This balance has been included within Amounts Owed by Connected Companies.
At the year end the Company was owed £543,683 (2022: £481,683) from Exsus NY, a company under common control. During the year, the Company made transfers of £77,554 (2022: £681,328). During the year, the Company received £15,739 (2022: £199,645) from Exsus NY.  This balance has been included within Amounts Owed by Connected Companies.
At the year end the Company was owed £nil (2022: £3,657) from Exsus India, a company under common control. This balance has been included within Amounts Owed by Connected Companies.
At the year end the Company was owed £nil (2022: £130,975) from Exsus Asia, a company under common control. During the year, the Company made transfers of £nil (2022: £nil). During the year, the Company received £130,975 (2022: £nil) from Exsus Asia. This balance has been included within Amounts Owed by Connected Companies.
At the year end the Company was owed £46,858 (2022: £41,819) from Excellere Solutions Ltd, a company in which H Rehman is also a director. During the year, the Company made transfers of £115,508 (2022: £79,819). During the year, the Company received £110,470 (2022: £38,000) from Excellere Solutions Ltd.  This balance has been included within Amounts Owed by Connected Companies.


20.


Post balance sheet events

The directors have concluded that no material events have occurred since the date of approval of these financial statements hat would affect the financial statements of the company.

Page 23

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

21.


Controlling party

G Rooney is the ultimate controlling party, by virtue of his majority shareholding in the Company

 
Page 24