Annual Report and Financial Statements
Momondo Group Holdings Limited
For the year ended 31 December 2023
Registered number: 09258528
Momondo Group Holdings Limited
Company Information
Directors
Peer Bueller
Daniel Stephen Hafner
Registered number
09258528
Registered office
Alphabeta Building,
14-18 Finsbury Square
EC21 1AH
London
United Kingdom
Independent auditor
Deloitte
LLP
Statutory Auditor
Cambridge
United Kingdom
Momondo Group Holdings Limited
Contents
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditors' report
6 - 9
Statement of total comprehensive income
10
Statement of financial position
11
Statement of changes in equity
12
Notes to the financial statements
13 - 17
Momondo Group Holdings Limited
Strategic report
For the year ended 31 December 2023
Introduction
The directors present their strategic report and the audited financial statements of Momondo Group Holdings Limited (“the Company”) for the year ended 31 December 2023.
Principal activities and business review
The Company's principal activity during the year continued to be the holding company of two operating subsidiaries, Momondo Group Limited and Momondo A/S, which offer travel search engines that allow users to easily search and compare travel itineraries and prices, including airline tickets and hotels from hundreds of travel websites at once.
The Company results for the year ended in no income and no expenditure and therefore made neither a profit or loss (2022: £Nil).
The Company has a net asset position of £46,004,000 (2022: £46,004,000).
Section 172(1) statement
The directors have acted in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole, having regard to its stakeholders and matters set out in s172(1)(a-f) of the Companies Act 2006, in the decisions taken during the year ended 31 December 2023.
As an investment holding company, the company does not have employees, customers, suppliers or operations. The directors have identified the ultimate parent company, Booking Holdings Inc. (“the Group”), as the key stakeholder. The directors have considered the long-term impact to the Company and its shareholders of each major corporate action and decision in 2023.
The Company's shareholders are consulted on an as needed basis, on significant matters including funding decisions, investment strategy and compliance with Group policies with the aim of maximising investment returns for the benefit of its shareholders and ensuring that its subsidiaries maintain high standards of business conduct and governance.
Any investment decision taken will be aligned to the strategy of the Group and be made in the best interests of the shareholders. The performance of the Company's investments are monitored regularly.
Principal risks and uncertainties
The principal risk of the Company is the financial position of its subsidiaries, Momondo Group Limited and Momondo A/S. The subsidiary companies are in a healthy financial position. The impact of the principal risks is assessed below.
Economic uncertainty
There continues to be a challenging global economic climate. Despite inflation rates dropping significantly to 2% in May 2024, in line with the government's target inflation rate, interest rates remained at 5.25% in July 2024. This continues to put pressure on consumers and casts doubt around consumer behaviour and their discretionary spending. Furthermore, during July 2024 a new government was elected and this brings further uncertainty around their planned budget and fiscal policies. The impact on the Company's subsidiaries, and therefore the Company remains uncertain.
1
Momondo Group Holdings Limited
Strategic report (continued)
For the year ended 31 December 2023
Future developments
The Company will continue operating as a holding company to its subsidiaries.
Financial and other key performance indicators
For the financial performance of the Company in the year ended 31 December 2023, valuation of investments is considered as a key performance indicator. No impairment has been identified at year-end (2022: £Nil) in either the direct investment in Momondo Group Limited or the indirect investment in Momondo A/S.
Due to the nature of the Company and its activities, the directors do not consider that there are any other appropriate company specific KPIs to measure performance.
This report was approved by the board and signed on its behalf by:
.
................................................
Peer Bueller
Director
Date: 10 September 2024
2
Momondo Group Holdings Limited
Directors' report
For the year ended 31 December 2023
The directors present their report and the audited financial statements for the year ended 31 December 2023.
Principal activity
The Company's principal activity during the year continued to be the holding company of two operating subsidiaries, Momondo Group Limited and Momondo A/S, which offer travel search engines that allow users to easily search and compare travel itineraries and prices, including airline tickets and hotels from hundreds of travel websites at once.
Results and dividends
The profit for the year, after taxation, amounted to £Nil (2022: £Nil).
There's no profit or loss after tax for the year (2022: Nil) and no dividend was paid during the year (2022: Nil). The board of directors do not intend to propose to the Annual General Meeting of the Company any dividend to be paid based on the balance sheet to be adopted for the financial year ending 31 December 2023.
Streamlined energy and carbon reporting
The company has not reported energy and carbon information within this report as it qualifies as a low energy user, having consumed less than 40,000kWh during the year.
Directors
The directors who served during the year and up to the date of signing the financial statements are:
Peer Bueller
Daniel Stephen Hafner
Financial risk management
The directors have identified the following area of risk:
Credit risk
The Company held receivables from other group companies as at 31 December 2023 and therefore must consider credit risk. Debtors are subject to impairment risk, which is an inherent risk for the Company. An impairment may occur when, based on current information and events, there is objective evidence that the Company will be unable to collect all amounts due. The directors review, at each reporting date, the financial situation of those related parties to determine whether there is any indication that those assets have suffered impairment loss. Management considers the likelihood of impairment to be low.
Qualifying third party indemnity provisions
Qualifying third party indemnity provisions (as defined in section 234 of the Companies Act 2006) were in force for the benefit of the directors, including Directors of the subsidiary, during the year as well as at the date of approval of the financial statements.
Matters covered in the strategic report
The business review, key and other performance indicators, details of the Company's principal risks and uncertainties identified by directors and future developments are listed in the strategic report on pages 1 - 2.
3
Momondo Group Holdings Limited
Directors' report (continued)
For the year ended 31 December 2023
Going concern
The financial statements have been prepared on a going concern basis as the Company has continued to be in a net asset position and the value of the investment remained consistent in 2023. After making appropriate enquiries, including those appropriate to assessing the impact of the global and local economic climate on the business, the directors have a reasonable expectation that the Company has adequate resources in order to be able to continue in operational existence for the foreseeable future, being a period of not less than 12 months from the date of approval of the financial statements.
The Company is the holding company to one of the most important operating entities outside of the US for the Group and therefore of strategic importance to the Group. The directors consider the Company's going concern status to be closely linked to Momondo Group Limited (subsidiary of Momondo Group Holdings Limited).
The subsidiary's existence is fundamental to support the continuous existence of Momondo Group Holdings Limited. Hence, the Company has also secured a letter of support from Booking Holdings Inc., the ultimate parent company. The directors have assessed the cash flow forecasts of Booking Holdings Inc. and are satisfied that it has sufficient cash resources to support Momondo Group Holdings Limited for a period not less than 12 months from the date of approval of the financial statements.
Taking these considerations into account, the directors have a reasonable expectation that the Company has access to adequate resources in order to be able to continue in operational existence for the foreseeable future, being a period of not less than 12 months from the date of approval of the financial statements. Thus, they continue to adopt the going concern basis of accounting in preparing these financial statements.
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.
This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.
Auditors
The auditors, Deloitte LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf by:
................................................
Peer Bueller
Director
Date: 10 September 2024
2024-09-10
4
Momondo Group Holdings Limited
Directors' responsibilities statement
For the year ended 31 December 2023
The directors are responsible for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
●
select suitable accounting policies for the Company's financial statements and then apply them consistently;
●
make judgments and accounting estimates that are reasonable and prudent; and
●
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
●
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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.
5
Momondo Group Holdings Limited
Independent auditor's report to the members of Momondo Group Holdings Limited.
Report on the audit of the financial statements
Opinion
In our opinion the financial statements of Momondo Group Holdings Limited (the ‘company'):
give a true and fair view of the state of the company's affairs as of 31 December 2023 for the year then ended.
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We have audited the financial statements which comprise:
the statement of comprehensive income.
the statement of financial position.
the statement of changes in equity.
the related notes 1 to 18.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).
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 auditor's 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 UK, including the Financial Reporting Council's (the ‘FRC'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.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report.
6
Momondo Group Holdings Limited
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, 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.
Auditor's 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 auditor's 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.
A further description of our responsibilities for the audit of the financial statements is located on the FRC's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Extent to which the audit was considered capable of detecting irregularities, including fraud
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 considered the nature of the company's industry and its control environment and reviewed the company's documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities, including those that are specific to the company's business sector.
We obtained an understanding of the legal and regulatory frameworks that the company operates in, and identified the key laws and regulations that:
had a direct effect on the determination of material amounts and disclosures in the financial statements. These included UK Companies Act and tax legislation; and
do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. These included the company's operating licence and General Data Protection Regulations.
7
Momondo Group Holdings Limited
We discussed among the audit engagement team including relevant internal specialists such as IT specialists regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.
In addition to the above, our procedures to respond to the risks identified included the following:
reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements.
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.
enquiring of management and in-house legal counsel concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations; and
reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC.
Report on other legal and regulatory requirements
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
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 any material misstatements in the strategic report or the directors' report.
Matters on which we are required to report by exception
Under the Companies Act 2006 we are required to report in respect of the following matters 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.
We have nothing to report in respect of these matters.
8
Momondo Group Holdings Limited
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 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's 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.
Julian Rae (Senior statutory auditor)
For and on behalf of Deloitte LLP
Statutory Auditor
Cambridge, United Kingdom
10 September 2024
9
Momondo Group Holdings Limited
Statement of total comprehensive income
For the year ended 31 December 2023
The Company received no income and incurred no expenditure and therefore made neither a profit or loss and therefore have chosen to not present a statement of comprehensive income for the year.
The notes on pages 13 to 17 form part of these financial statements.
10
Momondo Group Holdings Limited
Registered number: 09258528
Statement of financial position
As at 31 December 2023
2023
2022
£000
Note
£000
Fixed assets
6
Investments
46,004
46,004
46,004
46,004
46,004
Total assets
46,004
Capital and reserves
Share capital
7
-
Share premium account
8
10,884
10,884
Profit and loss account
8
35,120
35,120
46,004
46,004
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................
Peer Bueller
Director
Date: 10 September 2024
The notes on pages 13 to 17 form part of these financial statements.
11
Momondo Group Holdings Limited
Statement of changes in equity
For the year ended 31 December 2023
Share
premium account
Total equity
Called up share capital
Profit and loss account
£000
£000
£000
£000
At 1 January 2022
-
10,884
35,120
46,004
Total comprehensive income for the year
-
At 31 December 2022
10,884
35,120
46,004
Total comprehensive income for the year
-
-
At 31 December 2023
10,884
46,004
35,120
The notes on pages 13 to 17 form part of these financial statements.
12
Momondo Group Holdings Limited
Notes to the financial statements
For the year ended 31 December 2023
1.
General information
Momondo Group Holdings Limited is a privately-owned limited company incorporated in the United Kingdom on 10 October 2014 under the Companies Act 2006 and is registered in England and Wales. It is a company limited by shares and is domiciled in the UK. Its registered office is Alphabeta Building, 14-18 Finsbury Square, EC2A 1AH, London, United Kingdom. The Company has no branches outside of the UK.
The Company's principal activity during the year continued to be the holding company of two operating subsidiaries, Momondo Group Limited and Momondo A/S, which offer travel search engines that allow users to easily search and compare travel itineraries and prices, including airline tickets and hotels from hundreds of travel websites at once.
2.
Accounting policies
2.1
Basis of preparation
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, “The Financial Reporting Standard applicable in the UK and the Republic of Ireland” and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The presentation currency of these financial statements is sterling. All amounts in the financial statements have been rounded to the nearest £1,000.
2.2
Financial reporting standard 102 - reduced disclosure exemptions
The Company's ultimate parent undertaking Booking Holdings Inc., includes the Company in its consolidated financial statements. The consolidated financial statements of Booking Holdings Inc. are prepared in accordance with Generally Accepted Accounting Principles in the United States of America and are available to the public. This is the smallest and largest group in which the results of the Company are consolidated.
The Company meets the criteria to be a qualifying entity under FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” and therefore, has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102:
●
the requirements of Section 7 Statement of Cash Flows;
●
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
●
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
●
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a),12.29(b) and 12.29A; and
●
the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Booking Holdings Inc. as at 31 December 2023 and these financial statements may be obtained from 800 Connecticut Avenue, Norwalk, Connecticut, 06854, United States.
13
Momondo Group Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
2.
Accounting policies (continued)
2.3
Exemption from preparing consolidated financial statements
The Company is exempt by virtue of Section 401 of the Companies Act 2006 from the requirement to prepare group financial statements as the Company is included on the consolidated accounts of Booking Holdings Inc., which are drawn up according with Generally Accepted Accounting Principles in the United States of America. These financial statements present information about the Company as an individual undertaking and not about its group.
2.4
Going concern
The financial statements have been prepared on a going concern basis as the Company has continued to be in a net asset position and the value of the investment remained consistent in 2023. After making appropriate enquiries, including those appropriate to assessing the impact of the global and local economic climate on the business, the directors have a reasonable expectation that the Company has adequate resources in order to be able to continue in operational existence for the foreseeable future, being a period of not less than 12 months from the date of approval of the financial statements.
The Company is the holding company to one of the most important operating entities outside of the US for the Group and therefore of strategic importance to the Group. The directors consider the Company's going concern status to be closely linked to Momondo Group Limited (subsidiary of Momondo Group Holdings Limited).
The subsidiary's existence is fundamental to support the continuous existence of Momondo Group Holdings Limited. Hence, the Company has also secured a letter of support from Booking Holdings Inc., the ultimate parent company. The directors have assessed the cash flow forecasts of Booking Holdings Inc. and are satisfied that it has sufficient cash resources to support Momondo Group Holdings Limited for a period not less than 12 months from the date of approval of the financial statements.
Taking these considerations into account, the directors have a reasonable expectation that the Company has access to adequate resources in order to be able to continue in operational existence for the foreseeable future, being a period of not less than 12 months from the date of approval of the financial statements. Thus, they continue to adopt the going concern basis of accounting in preparing these financial statements.
2.5
Investments in subsidiaries
Investments in subsidiaries are accounted for at the lower of cost and net realisable value. In the application of the Company's accounting policies, the directors are required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Determining whether investments in subsidiaries are impaired requires an estimation of their fair value and represents the only significant judgement, estimate and assumption made in these financial statements. The fair value calculation requires the entity to estimate the future cash flows expected to arise from the investments and a suitable discount rate in order to calculate present value
14
Momondo Group Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
2.
Accounting policies (continued)
2.6
Financial instruments
Financial assets and liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument. All financial assets and liabilities are initially measured at transaction price (including transaction costs) and are subsequently measured at amortised cost.
3.
Critical accounting judgements and key sources of estimation uncertainty
In the application of the accounting policies under note 2, the directors are required to make judgments, estimates and assumptions about the carrying amounts 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 relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the change takes place if that revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
During the year no critical judgements, estimates or assumptions that have had significant impact on the carrying value of the assets and liabilities have been recognised in the financial statements.
4.
Auditors' remuneration
Auditor's remuneration in respect of the audit of the current year and prior period financial statements of the Company are borne by other entity undertakings, the amount of which totals £10,463 (2022: £9,512).
5.
Employees
The Company has no employees other than the directors (2022: Nil). The directors' emoluments are borne by other group companies and none of their remuneration was specifically attributable to their services to the Company. The directors are considered to be key management personnel.
15
Momondo Group Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
6.
Fixed asset investments
Investments in subsidiary companies
Loans to group undertakings
Total fixed asset investments
Cost or valuation
£000
£000
£000
At 1 January 2023
35,120
10,884
46,004
Movement during the year
-
-
Balance as at 31 December 2023
35,120
10,884
46,004
At 31 December 2023, the cost of the investment and its net book value amounts to £46,004,000 (2022: £46,004,000).
Subsidiary undertakings
The following are subsidiary undertakings of the Company:
Name
Registered office
Principal activity
Class of shares
Holding
Momondo Group Limited
Alphabeta Building
Online travel comparison website
Ordinary
100%
14-18 Finsbury Square
London
United Kingdom
EC2A 1AH
Momondo A/S*
Farvergade 10, 1, DK-1463, Copenhagen K, Denmark
Online travel comparison website
Ordinary
100%
*This subsidiary is indirectly held.
16
Momondo Group Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
7.
Share capital
As at 31 December 2023, the Company has ordinary shareholders who are entitled to receive notice of, attend, speak at and vote at general meetings of the Company. The distribution is only available if the Board agrees to pay a dividend or on conversion to ordinary shares. All ordinary shares are held by Priceline.com International Limited. The directors consider this to be the immediate parent Company. The registered office and principal place of business is Alphabeta Building, 14-18 Finsbury Square, London, United Kingdom, EC2A 1AH.
2022
2023
£000
£000
Authorised, allotted, called up and fully paid
152,063,017 ordinary shares of £0.000001 each shares
0.15
0.15
8.
Reserves
Share premium account
These reserves consist of amounts paid in excess of the share capital nominal amount in respect of the acquisition of share capital.
Profit and loss account
Included in ‘Profit and loss account' are all current and prior year retained profits and losses.
9.
Related party transactions
The Company has taken advantage of section 33, paragraph 33.1A, of FRS 102 whereby disclosure need not be given of transactions entered between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.
10.
Controlling party
The Company's immediate parent company is Priceline.com International Limited (registered office at 280 Bishopsgate, London, EC2M 4RB) a company incorporated in the United Kingdom. The Company's ultimate parent undertaking and controlling party is Booking Holdings Inc., a company incorporated in the United States of America, whose principal and registered office is, and whose financial statements can be obtained at 800 Connecticut Avenue, Norwalk, Connecticut, 06854, United States. This is both the smallest and largest group in which the results of the Company are consolidated.
17
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