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Registered number: 10335273









ALLIANCE TRAVEL HOLDINGS LIMITED









DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
ALLIANCE TRAVEL HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
Q Gulamhusein 
Ms. M Gulamhusein (resigned 16 May 2024)
Ms. 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
10335273



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





 
ALLIANCE TRAVEL HOLDINGS LIMITED
 

CONTENTS



Page
Directors' Report
1 - 2
Independent Auditors' Report
3 - 7
Consolidated Income Statement
8
Consolidated Statement of Comprehensive Income
9
Consolidated Statement of Financial Position
10
Company Statement of Financial Position
11
Consolidated Statement of Changes in Equity
12
Company Statement of Changes in Equity
13
Consolidated Statement of Cash Flows
14
Notes to the Financial Statements
15 - 34


 
ALLIANCE TRAVEL HOLDINGS LIMITED
 
 
 
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 Directors' Report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The group's principal activity during the year continued to be that of a travel agent. The company's principal activity in the year was acting as a group holding company.
The company's fully owned subsidiary, Major Travel Plc holds an ATOL (Air Travel Organisers' Licence) granted by the Civil Aviation Authority.

Directors

The directors who served during the year were:

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

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 and the Group'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 and the Group's auditors are aware of that information.

Page 1

 
ALLIANCE TRAVEL HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Post balance sheet events

On 16 May 2024, 60% of the issued share capital in the Company were acquired 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.

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 on 9 August 2024 and signed on its behalf.
 





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

Page 2

 
ALLIANCE TRAVEL HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALLIANCE TRAVEL HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of Alliance Travel Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2024, which comprise the Consolidated Income Statement, the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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 Group's and of the parent Company's affairs as at 31 March 2024 and of the Group's 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 Group's or the parent 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

 
ALLIANCE TRAVEL HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALLIANCE TRAVEL HOLDINGS 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 Group and the parent 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company 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 Group Strategic Report.


Page 4

 
ALLIANCE TRAVEL HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALLIANCE TRAVEL HOLDINGS 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
ALLIANCE TRAVEL HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALLIANCE TRAVEL HOLDINGS 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 Group 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 Group'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.


The directors are also responsible for the maintenance and integrity of the corporate and financial information
Page 6

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


included on the group's website.


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 7

 
ALLIANCE TRAVEL HOLDINGS LIMITED
 
 
CONSOLIDATED 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
  
(2,135,983)
(1,503,360)

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

Operating profit
 6 
112,542
239,454

Interest receivable and similar income
 10 
91,231
62,387

Interest payable and similar expenses
 11 
(60,941)
(71,197)

Profit before tax
  
142,832
230,644

Tax on profit
 12 
199,900
-

Profit for the financial year
  
342,732
230,644

Profit for the year attributable to:
  

Owners of the parent
  
342,732
230,644

  
342,732
230,644

The notes on pages 15 to 34 form part of these financial statements.

Page 8

 
ALLIANCE TRAVEL HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£


Profit for the financial year

  

342,732
230,644

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
  
304,768
187,528

Profit for the year attributable to:
  


Owners of the parent Company
  
342,732
230,644

  
342,732
230,644

The notes on pages 15 to 34 form part of these financial statements.

Page 9

 
ALLIANCE TRAVEL HOLDINGS LIMITED
REGISTERED NUMBER: 10335273

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 15 
927,136
918,473

Tangible assets
 16 
17,392
15,509

  
944,528
933,982

Current assets
  

Debtors: amounts falling due within one year
 18 
2,160,102
1,748,434

Cash at bank and in hand
 19 
3,997,395
4,144,519

  
6,157,497
5,892,953

Creditors: amounts falling due within one year
 20 
(6,697,579)
(6,352,414)

Net current liabilities
  
 
 
(540,082)
 
 
(459,461)

Total assets less current liabilities
  
404,446
474,521

Creditors: amounts falling due after more than one year
 21 
(1,697,809)
(2,060,999)

Provisions for liabilities
  

Other provisions
 24 
(76,833)
(88,486)

  
 
 
(76,833)
 
 
(88,486)

Net liabilities
  
(1,370,196)
(1,674,964)


Capital and reserves
  

Called up share capital 
 25 
30,000
30,000

Other reserves
 26 
(51,642)
(13,678)

Profit and loss account
 26 
(1,348,554)
(1,691,286)

Equity attributable to owners of the parent Company
  
(1,370,196)
(1,674,964)


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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



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

Page 10

 
ALLIANCE TRAVEL HOLDINGS LIMITED
REGISTERED NUMBER: 10335273

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 17 
2,093,266
2,093,266

  
2,093,266
2,093,266

Current assets
  

Cash at bank and in hand
 19 
6,565
8,674

  
6,565
8,674

Creditors: amounts falling due within one year
 20 
(293,234)
(813,375)

Net current liabilities
  
 
 
(286,669)
 
 
(804,701)

Total assets less current liabilities
  
1,806,597
1,288,565

  

Creditors: amounts falling due after more than one year
 21 
(1,178,880)
(1,260,810)

  

Net assets
  
627,717
27,755


Capital and reserves
  

Called up share capital 
 25 
30,000
30,000

Profit and loss account
 26 
597,717
(2,245)

  
627,717
27,755


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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


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

The notes on pages 15 to 34 form part of these financial statements.

Page 11

 
ALLIANCE TRAVEL HOLDINGS LIMITED
 

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


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

£
£
£
£

At 1 April 2023
30,000
(13,678)
(1,691,286)
(1,674,964)


Comprehensive income for the year

Profit for the year
-
-
342,732
342,732

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


Other comprehensive income for the year
-
(37,964)
-
(37,964)


Total comprehensive income for the year
-
(37,964)
342,732
304,768


Total transactions with owners
-
-
-
-


At 31 March 2024
30,000
(51,642)
(1,348,554)
(1,370,196)


The notes on pages 15 to 34 form part of these financial statements.

Page 12

 
ALLIANCE TRAVEL HOLDINGS LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 April 2023
30,000
(2,245)
27,755


Comprehensive income for the year

Profit for the year
-
599,962
599,962
Total comprehensive income for the year
-
599,962
599,962


Total transactions with owners
-
-
-


At 31 March 2024
30,000
597,717
627,717


The notes on pages 15 to 34 form part of these financial statements.

Page 13

 
ALLIANCE TRAVEL HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
342,732
230,644

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

Increase/(decrease) in creditors
239,025
(1,387,258)

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

Net cash generated from operating activities

179,736
47,621


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)

Cash flows from financing activities

Repayment of loans
(160,085)
(153,899)

Repayment of other loans
(88,754)
-

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

Net cash used in financing activities
(309,780)
(225,096)

Net (decrease) in cash and cash equivalents
(147,124)
(183,681)

Cash and cash equivalents at beginning of year
4,144,519
4,328,200

Cash and cash equivalents at the end of year
3,997,395
4,144,519


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
3,997,395
4,144,519

3,997,395
4,144,519


Page 14

 
ALLIANCE TRAVEL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Alliance Travel Holdings Limited is a private company limited by shares, domiciled in England and Wales, registration number 10335273. The registered office is 2nd Floor, Nucleus House, 2 Lower Mortlake Road, Richmond, TW9 2JA.

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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Income Statement in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Income Statement from the date on which control is obtained. They are deconsolidated from the date control ceases.
 

 
2.3

Going concern

Group management and the directors have a reasonable expectation that the Group 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 Group has been well placed to meet and service the additional volume.
The directors consider the Group 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. 

Page 15

 
ALLIANCE TRAVEL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

  
2.4

Related party exemption

The Company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the Group.
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

 
2.5

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

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

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Page 16

 
ALLIANCE TRAVEL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Revenue

The group 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 group in respect of commissions and fees for the sale of flights and travel products during the year, exclusive of Value Added Tax, trade discounts and commissions.
The group recognises revenue on the basis earlier of first airline ticketing date or 84 days before departure dates.
Turnover is attributable to one continuing activity.
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 group'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.

 
2.7

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.

 
2.8

Interest income

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

 
2.9

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.

 
2.10

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 17

 
ALLIANCE TRAVEL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.11

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

 
2.12

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 and the Group operate and generate 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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.

 
2.13

Exceptional items

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

Page 18

 
ALLIANCE TRAVEL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.14

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.

 Amortisation is provided on the following bases:

Development costs
-
10%
Reducing balance

 
2.15

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

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.

 
2.16

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Consolidated Income Statement for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.17

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.

Page 19

 
ALLIANCE TRAVEL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.18

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 Consolidated 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 Group's cash management.

 
2.19

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.

 
2.20

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.

 
2.21

Financial instruments

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

The Group 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 Group's Statement of Financial Position when the Group 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 Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Page 20

 
ALLIANCE TRAVEL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.21
Financial instruments (continued)


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.

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 Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies 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.

Page 21

 
ALLIANCE TRAVEL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.22

Hedge accounting

The Group uses variable to fixed interest rate swaps to manage its exposure to fair value risk on its enter user text. 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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the group'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


Page 22

 
ALLIANCE TRAVEL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Other operating income





6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
53,735
(164,887)


7.


Auditors' remuneration

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


2024
2023
£
£

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

15,000
15,000


8.


Employees

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



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Administration
14
13
3
3



Sales
19
21
-
-

33
34
3
3


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
36,200
19,600

36,200
19,600


Page 23

 
ALLIANCE TRAVEL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Interest receivable

2024
2023
£
£


Other interest receivable
91,231
62,387

91,231
62,387


11.


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


12.


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

 
ALLIANCE TRAVEL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
12.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
142,832
230,644


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
35,708
43,822

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
(32,673)
(32,082)

Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge
-
(28,923)

Deferred tax movement
(199,900)
-

Unrelieved tax losses carried forward
-
1,677

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. 


13.


Exceptional Income

2024
2023
£
£


Expired credit vouchers
78,830
138,701

78,830
138,701

Page 25

 
ALLIANCE TRAVEL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

14.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Income Statement in these financial statements. The profit after tax of the parent Company for the year was £599,962 (2023 - loss £8).


15.


Intangible assets

Group and Company





Software Development
Goodwill
Total

£
£
£



Cost


At 1 April 2023
1,446,102
177,436
1,623,538


Additions
104,928
-
104,928



At 31 March 2024

1,551,030
177,436
1,728,466



Amortisation


At 1 April 2023
527,629
177,436
705,065


Charge for the year on owned assets
96,265
-
96,265



At 31 March 2024

623,894
177,436
801,330



Net book value



At 31 March 2024
927,136
-
927,136



At 31 March 2023
918,473
-
918,473



Page 26

 
ALLIANCE TRAVEL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

16.


Tangible fixed assets

Group






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

Page 27

 
ALLIANCE TRAVEL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

17.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2023
2,093,266



At 31 March 2024
2,093,266





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Major Travel Plc
2nd Floor Nucleus House, 2 Lower Mortlake Road, Richmond, TW9 2JA
Ordinary
100%

The aggregate of the share capital and reserves as at 31 March 2024 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

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

Major Travel Plc
95,353
342,770

Page 28

 
ALLIANCE TRAVEL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

18.


Debtors

Group
Group
2024
2023
£
£


Trade debtors
1,147,578
972,583

Other debtors
542,687
544,300

Prepayments and accrued income
269,937
231,551

Deferred taxation
199,900
-

2,160,102
1,748,434



19.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
3,997,395
4,144,519
6,565
8,674

3,997,395
4,144,519
6,565
8,674


Included within cash at bank balances is an amount of £100,362 (2022: £100,408) related to a guarantee held for specific supplier principals in a nominated account.
As a term of grant of the Group’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 an 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 Group 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.

Page 29

 
ALLIANCE TRAVEL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

20.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
167,518
160,282
-
-

Other loans
75,062
81,886
75,062
81,886

Trade creditors
722,870
867,341
-
-

Amounts owed to group undertakings
-
-
218,172
699,989

Other taxation and social security
106,946
102,471
-
-

Other creditors
1,665,999
1,984,620
-
31,500

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

Financial instruments
68,115
41,039
-
-

6,697,579
6,352,414
293,234
813,375


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.


21.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
230,876
398,197
-
-

Other loans
-
81,930
-
81,930

Shareholder loans
1,178,880
1,178,880
1,178,880
1,178,880

Other taxation and social security
288,053
401,992
-
-

1,697,809
2,060,999
1,178,880
1,260,810


Of the shareholder loans, the sum of £1,170,000 is subject to subordinated undertakings in favour of the Civil Aviation Authority ("CAA") and cannot be repaid without their prior written consent.
On 9 May 2024, £428,880 of the shareholder loans were capitalised and appropriated as capital to 20,000 Ordinary shares at a premium of £20.44 per share. The remaining £750,000 is subject to subordinated undertakings in favour of the Civil Aviation Authority ("CAA").
In December 2022, the Group 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.

Page 30

 
ALLIANCE TRAVEL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

22.


Loans


Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Amounts falling due within one year

Bank loans
167,518
160,282
-
-

Other loans
75,062
81,886
75,062
81,886

Amounts falling due 1-2 years

Bank loans
155,906
167,518
-
-

Other loans
-
81,930
-
81,930

Amounts falling due 2-5 years

Bank loans
74,970
230,679
-
-

473,456
722,295
75,062
163,816


Bank loans include a loan received from 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.


23.


Deferred taxation


Group



2024


£






Charged to profit or loss
199,900



At end of year
199,900

Page 31

 
ALLIANCE TRAVEL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
23.Deferred taxation (continued)

Company


2024






At end of year
-
Group
2024
£

Tax losses carried forward
199,900

199,900


24.


Provisions


Group



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 Group's GDS provider's incentive payment made in 2014. The incentive is subject to a proportion of the payment to be reclaimable if targets are not met.


25.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



30,000 (2023 - 30,000) Ordinary shares of £1.00 each
30,000
30,000

On 9 May 2024, 20,000 Ordinary shares of £1.00 each were issued at £21.44 per share. Additionally on 16 May 2024, 30,000 issued Ordinary shares of £1.00 each were re-designated as 30,000 Ordinary A shares of £1.00 each and 20,000 issued Ordinary shares of £1.00 each were re-designated as 20,000 Ordinary B shares of £1.00 each.


Page 32

 
ALLIANCE TRAVEL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

26.


Reserves

Cash flow hedge reserve

The cash flow hedge reserve relates to, in accordance with the Group'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 Group at the date of the statement of financial position.


27.


Contingent liabilities

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


28.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group 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.


29.


Commitments under operating leases

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


30.


Related party transactions

The Group's fully owned subsidiary Major Travel Plc has advanced an amount of £320,665 (2023: £298,360) to Marlpark 71 H4 Limited, which is included within other debtors, in which a director Qasim Gulamhusein is also a director in the related company and has a participating interest.
The Group's fully owned subsidiary Major Travel Plc has advanced an amount of £14,547 (2023: £14,547) to Marlpark 2A CR0 Limited, which is included within other debtors, in which a director Qasim Gulamhusein is also a director in the related company and has a participating interest.
The Group's fully owned subsidiary Major Travel Plc has advanced an amount of £48,454 (2022: £46,009) to 93 HA1 Limited Limited, which is included within other debtors, in which a director Qasim Gulamhusein is also a director in the related company and has a participating interest.
On 16 May 2024 all of the above related party advances were repaid in full.

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ALLIANCE TRAVEL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

31.


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.


32.


Fixed charge over bank account

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


33.


Post balance sheet events

On 16 May 2024, 60% of the issued share capital in the Company were acquired by Inteletravel UK Holdings Limited.


34.


Holding company and controlling party

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

 
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