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Registered number: 11519712










BROOKLYN TRAVEL LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
BROOKLYN TRAVEL LIMITED
 
 
COMPANY INFORMATION


Directors
B Cassidy 
R Green 
F Haller 
R Haller 
C Pattenden 
D Wilson 




Registered number
11519712



Registered office
42 High Street
Northwood

Middlesex

HA6 1BL




Independent auditors
Sumer Auditco Limited
Chartered Accountants & Statutory Auditors

14th Floor

33 Cavendish Square

London

W1G 0PW





 
BROOKLYN TRAVEL LIMITED
 

CONTENTS



Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditors' report
5 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 23


 
BROOKLYN TRAVEL LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Review of developments and future prospects
 
The directors present the report and the financial statements for the year ended 31 December 2023.
Turnover for the period is £180,000 (2022: £180,000).  Operating expenses for the period are £1,323,844  (2022:  £1,197,962).  Operating loss for the period is £1,143,844 (2022: £1,017,962). Net interest charge for the period is £835,101 (2022: £644,215) and net loss for the period is £1,978,945  (2022: £1,662,177).
The company is the parent company of trading subsidiaries and accordingly has £nil trading income. The operating costs of the company are in the main, management salaries. Whilst the company is loss making, the trading subsidiaries are significantly profitable. This structure will continue into 2024. 

Principal risks and uncertainties
 
The Board meets regularly and evaluates the risk position of the Group that the company is in. The principal risks and uncertainties facing the Group are detailed below:
Liquidity risk – The Company maintains sufficient funds for operational liquidity. The Board considers liquidity risk at Board meetings through monitoring of cash levels and detailed cash flow forecasts. Funding to date has been obtained through operational activities or via the parent company.
Foreign currency risk - The Group incurs purchases in foreign currency. The Board considers foreign currency risk at Board meetings and directs an appropriate medium and longer term hedging strategy.
Interest rate risk – The Group finances its operations through bank borrowings that are in Sterling only. A senior debt facility attaches to it a SONIA (Sterling Overnight Index Average) based interest rate and the Board considers hedging options at each Board meeting.

Companies Act S.172 (1) considerations
 
This section describes how the directors have had regard to the matters set out in section 172(1)(a) to (f) Companies Act 2006 in exercising their duty to promote the success of the Company for the benefit of its stakeholders as a whole. This duty is carried out by reference to promoting the interest of the Group to which the Company belongs. We consider the Group's major stakeholders to be its customers, employees, suppliers, and shareholders.
Having regard to the likely consequences of any decision in the long term
The Board is mindful that its strategic decisions can have long term implications for the business and its stakeholders and these implications are carefully assessed. Such assessment includes ensuring that the long term outlook for developments in the travel market (in respect of product, method of distribution, key and growing suppliers) is at the forefront of long term strategic decisions.
Having regard to the interests of the Group’s employees
The Group’s senior management are very much open and available to the employees of the Group. This openness is supplemented by regular meetings with business unit managers that have a perpetual agenda item designed to encourage 360 degree information flow across the Group. The Board also host Q&A sessions with various employee Groups.
Having regard to the need to foster the Group’s business relationships with customers, suppliers and others
The Group’s marketing activities are focussed on products about which our clients wish to be informed and, where appropriate, on those products upon which our suppliers are focussing. At all times the operational requirements of suppliers are respected.
 
Page 1

 
BROOKLYN TRAVEL LIMITED
 

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


Having regard to the impact of the Group’s operations on the community and the environment
The Group is very much a light touch operation in respect of the community and the environment but where appropriate community involvement is supported and all environmental regulations are respected. 
Having regard to the desirability of the Group maintaining a reputation for high standards of business conduct
The Board recognises the importance of operating a strong corporate governance framework and exercises strong oversight over the Group’s activities in this respect.

Financial key performance indicators
 
The Company considers the following as its key performance indicators:

2023
2022
Variance
        £
        £
        %
Turnover

180,000

180,000

-
 
 
Net loss

(1,978,945)

(1,662,177)

(19)
 
 


This report was approved by the board on 19 March 2024 and signed on its behalf.



D Wilson
Director

Page 2

 
BROOKLYN TRAVEL LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

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


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

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the Company is that of a management and holding company.

Results and dividends

The loss for the year, after taxation, amounted to £1,978,945 (2022 - loss £1,662,177).

The directors do not propose the payment of a dividend (2022: £nil).

Directors

The directors who served during the year were:

B Cassidy 
R Green 
F Haller 
R Haller 
C Pattenden 
D Wilson 

Page 3

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


Employee and disabled persons

The Company has no employees other than the company directors.

Matters covered in the Strategic report

Management's review of developments and future prospects and principal risks and uncertainties are included in the Strategic Report.

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.

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
• so far as the director is aware, there is no relevant audit information of which the Company's auditors are
          unaware, and
• the director has taken all the steps that ought to have been taken as a director in order to be aware of any
          relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

Simmons Gainsford LLP, the previous auditors, have transferred their audit business to Sumer Auditco Limited who will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 19 March 2024 and signed on its behalf.
 





D Wilson
Director

Page 4

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

Opinion


We have audited the financial statements of Brooklyn Travel Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


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


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


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


Page 5

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


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


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


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


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


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


Page 6

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


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In order to identify and assess the risks of material misstatements, including fraud and non-compliance with laws and regulations that could be expected to have a material impact on the financial statements, we have considered:
 
the results of our enquiries of management and those charged with governance of their assessment of the risks of fraud and irregularities;
the nature of the Company, including its management structure and control systems (including the opportunity for management to override such controls);
management’s incentives and opportunities for fraudulent manipulation of the financial statements including the Company’s remuneration and bonus policies and performance targets; and 
the industry and environment in which it operates.
 
We also considered UK tax and pension legislation and laws and regulations relating to employment and the preparation and presentation of the financial statements such as the Companies Act 2006.
 
Based on this understanding we identified the following matters as being of significance to the entity:
 
laws and regulations considered to have a direct effect on the financial statements including UK financial reporting standards, Company Law, tax and pension legislation and distributable profits legislation;
the timing of the recognition of commercial income; and
management bias in selecting accounting policies and determining estimates.
 
We communicated the outcomes of these discussions and enquiries, as well as consideration as to where and how fraud may occur in the entity, to all engagement team members.
 
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised: 
 
enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations;
enquiries with the same concerning any actual or potential litigation or claims;
discussion with the same regarding any known or suspected instances of non-compliance with laws and regulation and fraud; 
assessment of matters reported to management and the result of the subsequent investigation;
obtaining an understanding of the relevant controls during the year;
obtaining an understanding of the policies and controls over the recognition of income and testing their implementation during the year;
review documentation relating to compliance with the regulations relating to health and safety including
Page 7

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


health and safety certificates; and fire assessment reports;
reviewing intercompany balances and transactions;
identifying and testing journal entries, in particular any journal entries posted with unusual account combinations or crediting revenue;
challenging assumptions made by management in their specific accounting policies and estimates, in particular to the impairment of investments;
reviewing the financial statements for compliance with the relevant disclosure requirements; 
performing analytical procedures to identify any unusual or unexpected relationships or unexpected movements in account balances which may be indicative of fraud;
reviewing the correspondence with HMRC; and
evaluating the underlying business reasons for any unusual transactions.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).


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.


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.







Shilen Manek ACA FCCA (Senior statutory auditor)
  
for and on behalf of
Sumer Auditco Limited
 
Chartered Accountants
Statutory Auditors
  
14th Floor
33 Cavendish Square
London
W1G 0PW

19 March 2024
Page 8

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

2023
2022
Note
 £
£

  

Turnover
 4 
180,000
180,000

Gross profit
  
180,000
180,000

Administrative expenses
  
(1,323,844)
(1,197,962)

Operating loss
  
(1,143,844)
(1,017,962)

Interest payable and similar expenses
 8 
(835,101)
(644,215)

Loss before tax
  
(1,978,945)
(1,662,177)

Loss for the financial year
  
(1,978,945)
(1,662,177)

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

The notes on pages 12 to 23 form part of these financial statements.

Page 9

 
BROOKLYN TRAVEL LIMITED
REGISTERED NUMBER: 11519712

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 10 
33,224,040
27,830,655

  
33,224,040
27,830,655

Current assets
  

Debtors: amounts falling due within one year
 11 
50,481
200,770

Cash at bank and in hand
 12 
76,716
25,546

  
127,197
226,316

Creditors: amounts falling due within one year
 13 
(33,063,859)
(23,428,148)

Net current liabilities
  
 
 
(32,936,662)
 
 
(23,201,832)

Total assets less current liabilities
  
287,378
4,628,823

Creditors: amounts falling due after more than one year
 14 
(7,500,000)
(9,862,500)

  

Net liabilities
  
(7,212,622)
(5,233,677)


Capital and reserves
  

Called up share capital 
 17 
1
1

Profit and loss account
  
(7,212,623)
(5,233,678)

  
(7,212,622)
(5,233,677)


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 March 2024.




B Cassidy
Director

The notes on pages 12 to 23 form part of these financial statements.

Page 10

 
BROOKLYN TRAVEL LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
1
(3,571,501)
(3,571,500)


Comprehensive loss for the period

Loss for the year
-
(1,662,177)
(1,662,177)
Total comprehensive loss for the period
-
(1,662,177)
(1,662,177)



At 1 January 2023
1
(5,233,678)
(5,233,677)


Comprehensive loss for the period

Loss for the year
-
(1,978,945)
(1,978,945)
Total comprehensive loss for the period
-
(1,978,945)
(1,978,945)


At 31 December 2023
1
(7,212,623)
(7,212,622)


The notes on pages 12 to 23 form part of these financial statements.

Page 11

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

1.


General information

The Company is a private company limited by shares, and is incorporated in England and Wales. The address of its registered office is 42 High Street, Northwood, Middlesex, United Kingdom, HA6 1BL.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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

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

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
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 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Brooklyn Travel Holdings Limited as at 31st December 2023 and these financial statements may be obtained from 42 High Street, Northwood, Middlesex, United Kingdom, HA6 1BL.

 
2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

 
2.4

Going concern

The financial statements have been prepared on the Going Concern basis. Management has prepared detailed financial projections for the Brooklyn Travel Holdings Limited Group that stretch out for 21 months beyond the date of signing of these accounts that support the Going Concern basis of preparation. In these projections assumptions have been made that are supported by recent business trends in turnover and costs and it has been assumed that the negative impacts of the Covid-19 Pandemic have ceased and will not be repeated. Whilst the company is loss making, its trading subsidiaries are significantly profitable and will continue to provide cash flow as appropriate.

Page 12

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

2.Accounting policies (continued)

 
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 Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

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

 
2.8

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 13

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

2.Accounting policies (continued)

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

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.

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” and Section 12 “Other Financial Instruments Issues” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

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

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

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

Page 14

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

2.Accounting policies (continued)


2.13
Financial instruments (continued)

Financial liabilities

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

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

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

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

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

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

Derecognition of financial liabilities

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

Page 15

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

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the company financial statements in accordance with generally accepted financial accounting principles requires the directors to make critical accounting estimates and judgments that affect the amounts reported in the financial statements and accompanying notes.
The directors continuously review and assess the likelihood of impairment of investments in subsidiaries by monitoring the financial forecasts of these subsidiary undertakings.


4.


Turnover

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


2023
2022
£
£

Inter-company recharges
180,000
180,000

180,000
180,000


All turnover arose within the United Kingdom.


5.


Auditors' remuneration

Fees payable by the Company to its auditor and its associates for the audit of the Company's annual financial statements are £4,300 (2022: £4,000).



The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 16

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

6.


Employees

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


2023
2022
£
£

Wages and salaries
1,159,576
1,044,100

Social security costs
157,414
143,796

1,316,990
1,187,896


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


        2023
        2022
            No.
            No.







Directors
6
6


7.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
1,159,576
1,044,100

1,159,576
1,044,100


The highest paid director received remuneration of £444,700 (2022 - £413,217).

Other than the company directors, there are no other key management personnel in the company.


8.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
835,101
644,215

835,101
644,215

Page 17

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

9.


Taxation



Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 25% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Loss on ordinary activities before tax
(1,978,945)
(1,662,177)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022 - 19%)
(494,736)
(315,815)

Effects of:


Group relief surrendered
494,736
315,815

Total tax charge for the year
-
-


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


10.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
27,830,655


Additions
5,393,385



At 31 December 2023
33,224,040




Page 18

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

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Stewart Travel Limited
Scotland
Travel agent
Ordinary
100%
Stewart Travel Transport Limited *
Scotland
Transport brokerage
Ordinary
100%
Canterbury Travel (London) Limited
England & Wales
Tour operator and travel agent
Ordinary
100%
Congress Team International (UK) Limited **
England & Wales
Transport brokerage
Ordinary
100%
Destinology Limited
England & Wales
Travel agent
Ordinary
100%
A la Carte Lapland Oy **
Finland
Ground arrangement
Ordinary
100%
Kiinteisto OY Luosto Villas **
Finland
Villa management
Ordinary
100%
Kiinteisto Oy Fastak **
Finland
Dormant
Ordinary
100%
As Oy Suomun Jahtituvat **
Finland
Dormant
Ordinary
100%
Killiney Travel Centre Limited
Republic of Ireland
Travel agent
Ordinary
100%
Gazelle Travel Limited
England & Wales
Travel agent
Ordinary
75%

* = Indirect subsidiary undertakings via Stewart Travel Limited.
** = Indirect subsidiary undertakings via Canterbury Travel (London) Limited.
On 18 December 2023, the Company acquired a 75% shareholding of Gazelle Travel Limited, a company registered in England and Wales.

Page 19

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

11.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
-
167,759

Prepayments and accrued income
7,963
2,353

Derivative financial instruments
42,518
30,658

50,481
200,770



12.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
76,716
25,546

76,716
25,546



13.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
2,362,500
2,025,000

Trade creditors
-
1,737

Amounts owed to group undertakings
30,000,000
21,085,441

Other taxation and social security
34,235
68,287

Other creditors
-
9,686

Accruals and deferred income
603,304
80,000

Derivative financial instruments
63,820
157,997

33,063,859
23,428,148


Brooklyn Travel Holdings Limited and Brooklyn Travel Limited have given a fixed and floating charge over their assets as security on Brooklyn Travel Limited's bank loans.

Page 20

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

14.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
7,500,000
9,862,500

7,500,000
9,862,500


Brooklyn Travel Holdings Limited and Brooklyn Travel Limited have given a fixed and floating charge over their assets as security on Brooklyn Travel Limited's bank loans.


15.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
2,362,500
2,025,000

Amounts falling due 1-2 years

Bank loans
7,500,000
2,362,500

Amounts falling due 2-5 years

Bank loans
-
7,500,000


9,862,500
11,887,500


The Company has bank loans in the sum of £2.363m which are due to be by repaid 31 October 2024. A loan in the sum of £7.5m is due to be repaid by 31 October 2025. Interest is chargeable on these loans at an annual rate consisting of the banker's margin of 3.75% plus SONIA.

Page 21

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

16.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
42,518
30,658


Financial liabilities


Financial liabilities measured at fair value through profit or loss
(63,820)
(157,997)


Financial assets and liabilities measured at fair value through profit or loss comprise of derivative financial instruments.
The fair value of the Company's foreign currency forwards and options as at 31 December 2023 is a net liability of £21,302 (2022: £127,339). These forward contracts and options are held to hedge the Company's exposure to foreign currencies which are principally Euro and Canadian Dollar.




17.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 Ordinary share of £1.00
1
1



18.


Contingent liabilities

The Company, together with its fellow group companies had provided a guarantee over their assets to the Civil Aviation Authority to meet any future obligations and liabilities incurred by the group companies as ATOL license holders.


19.


Related party transactions

The Company has taken advantage of the exemption available in FRS102 not to disclose transactions entered into between two or more members of a group, as the Company is a wholly owned subsidiary undertaking of the group to which it is a party to the transactions.

Page 22

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

20.


Controlling party

Brooklyn Travel Holdings Limited is considered to be the Company's immediate parent undertaking in the current period. 
The results of the Company are included within the consolidated accounts of Brooklyn Travel Holdings Limited which are available to the public and may be obtained from 42 High Street, Northwood, Middlesex, United Kingdom, HA6 1BL. 
The parent undertaking of Brooklyn Travel Holdings Limited is Zachary Asset Holdings Limited, a company incorporated in Jersey.
The ultimate controlling party of the group is the Haller family.

 
Page 23