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Registered number: 11554291










BROOKLYN TRAVEL HOLDINGS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
BROOKLYN TRAVEL HOLDINGS LIMITED
 
 
COMPANY INFORMATION


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




Registered number
11554291



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 HOLDINGS LIMITED
 

CONTENTS



Page
Group strategic report
1 - 4
Directors' report
5 - 6
Independent auditors' report
7 - 11
Consolidated statement of comprehensive income
12
Consolidated balance sheet
13 - 14
Company balance sheet
15
Consolidated statement of changes in equity
16
Company statement of changes in equity
17
Consolidated statement of cash flows
18 - 19
Consolidated analysis of net debt
20
Notes to the financial statements
21 - 45


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

Review of developments and future prospects
 
The directors present their report and the financial statements for the year ended 31 December 2023.
The Group’s Total Transaction Value (“TTV”) for the year is £269,169,576 (2022: £209,196,397 restated) and Turnover for the year is £173,413,987 (2022: £134,877,109).  Gross Profit for the year is £40,162,137 (2022: £30,368,512) and EBITDA is £10,017,458 (2022: £6,825,343). Operating Profit for the year is £8,389,126 (2022: £5,361,148).
The Group results are the aggregation of separate companies that operate significant operations across the travel distribution market including, the general holiday market, Lapland holidays, villas, cruise, long-haul, golf, and business travel. All of the businesses saw a significant uptick in Total Transaction Value (“TTV”) in 2023 relative to 2022. The Board’s view is that the continued trend of growing profitability reflects the success of the growth strategy which has been the foundation of the Group for a number of years albeit punctuated by the Covid pandemic.
The success of the year ending 31 December 2023, and a strong start to 2024 continues to support the sense that travel demand remains strong in a post-Covid environment and that the general public’s desire to travel remains as strong as ever. Management is mindful that the current economy wide cost of living pressures may have a dampening effect on discretionary spending and, should this prove to be the case, will take appropriate action on product and duration mix to minimise any impact.
With a view to increasing flight acquisition expertise within the Group, a flight distribution company was acquired in December 2023.
In summary, the Board is very satisfied with the trading results for 2023 and believes it has every reason to look forward to further growth in 2024 both organically and through acquisition. 

Page 1

 
BROOKLYN TRAVEL HOLDINGS LIMITED
 

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

Principal risks and uncertainties
 
The Board meets regularly and evaluates the Group’s risk position.  The principal risks and uncertainties facing the Group are detailed below.
The risks relating to the travel businesses are primarily its reliance on supply from tour operators, hoteliers, airlines, and changes in general economic and other business conditions which may adversely affect demand for tourism products.
Liquidity risk – The Group 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, a senior debt facility and from shareholders.
Foreign currency risk – The Group incurs substantial purchases denominated in Euros and US Dollars. 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 a mixture of equity and borrowings. The Group has historically borrowed in Sterling only. The Group’s 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.
Management believe the Group can meet key business risks in respect of competition and employee retention.
Geopolitical risk – restrictions, or a loss of confidence, in travel as a result of geopolitical tensions pose a risk to the confidence of the travelling public with an associated adverse impact on the Group. When such issues arise, the Board actively monitor trends in the development of the particular issue, assess the likely impact on customer demand, and seek to maximise the offsetting impact of mitigating actions.

Financial key performance indicators
 
The financial indicators of the company are:


2023
2022
Variance
%
        £
        £
Total Transaction Value

269,169,576

209,196,397

59,973,179
 
29
 
Turnover

173,416,987

134,877,109

38,536,878
 
29
 
Trading EBITDA

11,341,302

8,023,305

3,317,997
 
41
 
EBITDA

10,017,458

6,825,343

3,192,115
 
47
 

Page 2

 
BROOKLYN TRAVEL HOLDINGS LIMITED
 

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

Streamlined Energy and Carbon Reporting (SECR)

Energy and Emissions Reporting
This section includes our mandatory reporting of energy and greenhouse gas emissions for the period 1 January 2023 to 31 December 2023, pursuant to the Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018, implementing the government’s Streamlined Energy and Carbon Reporting (SECR) policy. 
Our methodology to calculate our greenhouse gas emissions is based on the 'Environmental Reporting Guidelines: Including streamlined energy and carbon reporting guidance (March 2019)’, using DESNZ's 2022 and 2023 conversion factors as applicable. In some cases, consumption has been extrapolated from available data or direct comparison made to a comparable period or site.
We report using a financial control approach to define our organisational boundary. We have reported all material emission sources required by the regulations for which we deem ourselves to be responsible and have maintained records of all source data and calculations. 
During the reporting period, approximately £10k has been invested in lighting and heating upgrades as part of overall refurbishments at one of our shops.
This report has been prepared on a consolidated basis, other than for those subsidiaries that are exempt from the requirements. The table below includes total energy consumption (reported as kWh) and greenhouse gas emissions from Stewart Travel Limited only for the sources required by the regulations, along with our intensity ratio. 

2023
2022
Total Energy Consumption – Used for Emissions Calculation (kWh)

617,380

625,704

Gas Combustion Emissions, Scope 1 (tCO2e)

22.8

22.8

Purchased Electricity Emissions, Scope 2 (tCO2e)

99.0

92.70

Vehicle Fuel Combustion Emissions, Scope 1 (tCO2e)

0

0

Vehicle Fuel Combustion Emissions, Scope 3 (tCO2e)

3.6

5.2

Total Gross Reported Emissions (tCO2e)

125.4

120.8

Revenue (£m)

84.1

55.6

Intensity Ratio: Revenue (tCO2e / £m)

1.5

2.2

Employees

327

288

Intensity Ratio: Employees (tCO2e / employee)

0.4

0.4


Page 3

 
BROOKLYN TRAVEL HOLDINGS LIMITED
 

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

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.  We consider the company's major stakeholders to be our 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.
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.


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





D Wilson
Director

Page 4

 
BROOKLYN TRAVEL HOLDINGS 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 Group strategic report, 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;

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 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 principal activity of the Company in the period under review was that of a management and holding company. The Group's principal activity in the period under review was that of a tour operator and travel agent.

Results and dividends

The profit for the year, after taxation, amounted to £5,939,016 (2022 - £3,158,240).

There were no dividends paid during the year (2022: £Nil).

Directors

The directors who served during the year were:

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

Page 5

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

Employees and disabled persons

The Group is committed to a policy of recruitment and promotion on the basis of aptitude without discrimination of any kind. Management actively pursue both the employment of disabled persons whenever suitable vacancies arise and the continued employment and retraining of employees who become disabled whilst employed by the Group.
The Group's policy is to consult and discuss with employees matters likely to affect employee's interests. Information on matters of concern to employees is given through information bulletins and face-to-face meetings with management. Information on the Group's performance is maintained through a regular newsletter and bi-annual conferences. The Performance and Development Review process ensure employees are made aware of their individual contribution to the business.

Matters covered in the Group 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 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.

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 6

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

Opinion


We have audited the financial statements of Brooklyn Travel Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, 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 December 2023 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 7

 
BROOKLYN TRAVEL HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BROOKLYN 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 Group 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 Group 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 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.


Page 8

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


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 5, 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.


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:
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 Group, inculding its management structure and control systems (including the opportunity  for management to override such controls);
• management's incentives and opportunities for fraudulant manipulation of the financial statements 
 including the Group's remuneration and bonus policies and performance targets; and
• the industry and environment in which it operates
We also considered UK and the foreign group companies' local 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 Group:
• laws and regulations considered to have a direct effect on the financial statements including UK and the 
 foreign group companies' financial reporting standards, Company Law, tax and pension legislation, 
 distributable profits legislation, CAA, ABTA and IATA regulations;
• the timing of the recognition of commercial income;
• management bias in selecting accounting policies and determining estimates; and
• recoverability of debtors.
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 including the auditors of significant components.
 
Page 9

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



Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulation) comprised:
• enquiries of management and those charged with governance as to whether the Group companies comply  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 period;
• obtaining an understanding of the policies and controls over the recognition of income and testing their 
 implementation during the period;
• review documentation relating to compliance with the regulations relating to health and safety including 
 health and safety certificates; and fire assessment reports;
• review documentation relating to compliance with the regulations relating to the CAA; ABTA; and IATA 
 including CAA and ABTA returns;
• challenging assumptions made by management in their specific accounting policies and estimates, in 
 particular in relation to booking cancellation provision; depreciation of tangible fixed assets; amortisation of
 intangible fixed assets, and reviewing impairment considerations;
• identifying and testing journal entries, in particular any journal entries posted with unusual account 
 combinations or crediting revenue;
• assessing the recovery of debtors in the period since the balance sheet date and challenging assumptions  made by managment regarding the recovery of balances which remain outstanding;
• reviewing the financial statements for compliance with the relevant disclosure requirements;
• performing analytical procedures to identify any unusual or unexpected 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.


Page 10

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


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.







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 11

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

2023
2022
Note
£
£

  

Turnover
 4 
173,413,987
134,877,109

Cost of sales
  
(133,251,850)
(104,508,597)

Gross profit
  
40,162,137
30,368,512

Administrative expenses
  
(31,773,011)
(25,385,107)

Other operating income
 5 
-
377,743

Operating profit
 6 
8,389,126
5,361,148

Interest receivable and similar income
 10 
1,566,440
242,952

Interest payable and similar expenses
 11 
(1,911,251)
(1,725,690)

Profit before taxation
  
8,044,315
3,878,410

Tax on profit
 12 
(2,105,299)
(720,170)

Profit for the financial year
  
5,939,016
3,158,240

  

Currency translation differences
  
(44,031)
(73,719)

Other comprehensive income for the year
  
(44,031)
(73,719)

  

Total comprehensive income for the year
  
5,894,985
3,084,521

Profit for the year attributable to:
  

Owners of the parent Company
  
5,939,016
3,158,240

  
5,939,016
3,158,240

Total comprehensive income for the year attributable to:
  

Owners of the parent Company
  
5,894,985
3,084,521

  
5,894,985
3,084,521

The notes on pages 21 to 45 form part of these financial statements.

Page 12

 
BROOKLYN TRAVEL HOLDINGS LIMITED
REGISTERED NUMBER: 11554291

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 13 
16,223,327
12,761,962

Tangible assets
 14 
6,015,863
5,732,018

  
22,239,190
18,493,980

Current assets
  

Stocks
 16 
-
8,372

Debtors: amounts falling due within one year
 17 
77,757,500
64,051,545

Cash at bank and in hand
 18 
33,820,318
26,993,149

  
111,577,818
91,053,066

Creditors: amounts falling due within one year
 19 
(106,268,377)
(85,324,937)

Net current assets
  
 
 
5,309,441
 
 
5,728,129

Total assets less current liabilities
  
27,548,631
24,222,109

Creditors: amounts falling due after more than one year
 20 
(18,714,302)
(21,558,956)

Deferred taxation
 23 
-
(113,605)

  
 
 
-
 
 
(113,605)

Net assets
  
8,834,329
2,549,548


Capital and reserves
  

Called up share capital 
 24 
20,000
20,000

Share premium account
 25 
1,980,000
1,980,000

Foreign exchange reserve
 25 
(573,126)
(529,095)

Profit and loss account
 25 
7,017,659
1,078,643

Equity attributable to owners of the parent Company
  
8,444,533
2,549,548

Non-controlling interests
  
389,796
-

  
8,834,329
2,549,548


Page 13

 
BROOKLYN TRAVEL HOLDINGS LIMITED
REGISTERED NUMBER: 11554291
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

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 21 to 45 form part of these financial statements.

Page 14

 
BROOKLYN TRAVEL HOLDINGS LIMITED
REGISTERED NUMBER: 11554291

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 15 
1
1

  
1
1

Current assets
  

Debtors: amounts falling due within one year
 17 
8,300,000
9,840,979

Cash at bank and in hand
 18 
250
5,111

  
8,300,250
9,846,090

Total assets less current liabilities
  
 
 
8,300,251
 
 
9,846,091

  

Creditors: amounts falling due after more than one year
 20 
(11,214,302)
(11,696,456)

  

Net liabilities
  
(2,914,051)
(1,850,365)


Capital and reserves
  

Called up share capital 
 24 
20,000
20,000

Share premium account
 25 
1,980,000
1,980,000

Profit and loss account
 25 
(4,914,051)
(3,850,365)

  
(2,914,051)
(1,850,365)


The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own profit and loss account in these financial statements. The loss after tax of the parent company for the year was £1,063,728 (2022: £1,079,013)
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 21 to 45 form part of these financial statements.

Page 15

 

 
BROOKLYN TRAVEL HOLDINGS LIMITED


 

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



Called up share capital
Share premium account
Foreign exchange reserve
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity


£
£
£
£
£
£
£



At 1 January 2022
20,000
1,980,000
(455,376)
(2,079,597)
(534,973)
-
(534,973)



Comprehensive income for the year


Profit for the year
-
-
-
3,158,240
3,158,240
-
3,158,240


Currency translation differences
-
-
(73,719)
-
(73,719)
-
(73,719)





At 1 January 2023
20,000
1,980,000
(529,095)
1,078,643
2,549,548
-
2,549,548



Comprehensive income for the year


Profit for the year
-
-
-
5,939,016
5,939,016
-
5,939,016


Currency translation differences
-
-
(44,031)
-
(44,031)
-
(44,031)



Contributions by and distributions to owners


Movement on acquisition of a subsidiary
-
-
-
-
-
389,796
389,796



At 31 December 2023
20,000
1,980,000
(573,126)
7,017,659
8,444,533
389,796
8,834,329



The notes on pages 21 to 45 form part of these financial statements.

Page 16

 

 
BROOKLYN TRAVEL HOLDINGS LIMITED


 

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



Called up share capital
Share premium account
Profit and loss account
Total equity


£
£
£
£



At 1 January 2022
20,000
1,980,000
(2,771,352)
(771,352)



Comprehensive income for the year


Loss for the year
-
-
(1,079,013)
(1,079,013)





At 1 January 2023
20,000
1,980,000
(3,850,365)
(1,850,365)



Comprehensive income for the year


Loss for the year
-
-
(1,063,686)
(1,063,686)



At 31 December 2023
20,000
1,980,000
(4,914,051)
(2,914,051)



The notes on pages 21 to 45 form part of these financial statements.

Page 17

 
BROOKLYN TRAVEL HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
5,939,016
3,158,240

Adjustments for:

Amortisation of intangible assets
904,496
860,973

Depreciation of tangible assets
723,836
603,222

Loss on disposal of tangible assets
11,471
-

Interest payable
1,911,251
1,725,690

Interest received
(1,566,440)
(242,952)

Taxation charge
2,105,299
720,170

Decrease/(increase) in stocks
8,372
(342)

(Increase)/decrease in debtors
(12,199,652)
491,386

Increase in creditors
16,100,246
5,401,670

Corporation tax (paid)/received
(2,029,380)
14,844

Foreign exchange
41,666
(102,582)

Net cash generated from operating activities

11,950,181
12,630,319


Cash flows from investing activities

Purchase of intangible fixed assets
(141,865)
(238,658)

Purchase of tangible fixed assets
(1,220,646)
(694,600)

Sale of tangible fixed assets
230,934
-

Purchase of investment in subsidiary net of cash acquired
(1,017,830)
(76,819)

Interest received
1,566,440
242,952

Net cash from investing activities

(582,967)
(767,125)

Cash flows from financing activities

Repayment of loans
(2,025,000)
(1,987,500)

Issue of redeemable shares - treated as debt
13,561
-

Interest paid
(2,406,966)
(566,675)

Net cash used in financing activities
(4,418,405)
(2,554,175)

Net increase in cash and cash equivalents
6,948,809
9,309,019
Page 18

 
BROOKLYN TRAVEL HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


2023
2022

£
£



Cash and cash equivalents at beginning of year
26,993,149
17,622,738

Foreign exchange gains and losses
(121,640)
61,392

Cash and cash equivalents at the end of year
33,820,318
26,993,149


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
33,820,318
26,993,149

33,820,318
26,993,149


The notes on pages 21 to 45 form part of these financial statements.

Page 19

 
BROOKLYN TRAVEL HOLDINGS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023





At 1 January 2023
Cash flows
Other non-cash changes
At 31 December 2023
£

£

£

£

Cash at bank and in hand

26,993,149

6,827,169

-

33,820,318

Debt due after 1 year

(17,708,769)

2,362,500

(13,561)

(15,359,830)

Debt due within 1 year

(2,025,000)

(337,500)

-

(2,362,500)







7,259,380
8,852,169
(13,561)
16,097,988

The notes on pages 21 to 45 form part of these financial statements.

Page 20

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

1.


General information

Brooklyn Travel Holdings Limited 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 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 Statement of comprehensive income 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 Balance sheet, 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 statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In preparing the separate financial statements of the parent company, advantage has been taken of the disclosure exemptions available in FRS 102 whereby no Statement of Cash Flows has been presented for the parent company.
The results of the dormant indirect subsidiaries are not consolidated into the financial statements. See Note 15 for more details. 

 
2.3

Going concern

The consolidated financial statements, and each of the subsidiary financial statements have been prepared on the Going Concern basis. Management has prepared detailed financial projections 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 for each of the subsidiary companies.

Page 21

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

2.Accounting policies (continued)

 
2.4

Foreign currency translation

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.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated 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'.
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 22

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

2.Accounting policies (continued)

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to a group subsidiary and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Each trading group subsidiary acts as either an Agent or a Principal when organising a client’s holiday. This is typically governed by the contractual and other arrangements between the subsidiary and its various suppliers of airlines, cruises, hoteliers and other tour and holiday operators.
A group subsidiary acts as an Agent when it organises a client’s holiday on behalf of a third-party holiday operator. In this circumstance, only the related commission, or the difference between the sales to the client and the cost of the services purchased, is accounted for as revenue and not the total transaction value. 
A group subsidiary acts as a Principal when it assumes all the risk and rewards of organising a client’s holiday. This is where the subsidiary has control over price setting and over the procurement of the component parts of a holiday package using its own means and resources to arrange the package. The related total transaction value is then accounted for as revenue.  
  
All trading subsidiaries, with one exception, recognise revenue on the date of booking. As explained in note 3, for these group subsidiaries, Management also make an estimate, in the form of a provision, of the impact of future booking cancellations to the gross profit margin. 
In the case of the exception noted above, the directors consider it appropriate for this particular subsidiary to continue to recognise its revenue on a departure date basis. This subsidiary acts as a Principal where the total transaction value is accounted for as revenue. The operation differs to the other subsidiaries of the group as, for a majority of its revenue base, it self-manages the client holiday as the main supplier. 

 
2.6

Operating leases: the Group as lessee

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

 
2.7

Interest income

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

 
2.8

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.

 
2.9

Borrowing costs

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

Page 23

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

2.Accounting policies (continued)

 
2.10

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 Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.11

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 balance sheet 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 balance sheet 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 balance sheet date.

Page 24

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

2.Accounting policies (continued)

 
2.12

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life of 20 years.
Computer software
Computer software costs recognised as 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. These assets are amortised on a straight line basis over their a useful economic life of 5 years.

 
2.13

Tangible fixed assets

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

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Freehold land and buildings
-
50 years straight line with the exception of land which is not depreciated
Leasehold improvements
-
Over the term of the lease
Plant and machinery
-
3-5 years straight line / 20% reducing balance
Fixtures and fittings
-
3-5 years straight line / 20% reducing balance
Office equipment
-
3-5 years straight line / 20% reducing balance

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.15

Stocks

Stocks are stated at the lower of cost and net realisable value.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its net realisable value. The impairment loss is recognised immediately in profit or loss.

Page 25

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

2.Accounting policies (continued)

 
2.16

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.

 
2.17

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.

 
2.18

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.

 
2.19

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 Balance sheet 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.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Page 26

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

2.Accounting policies (continued)


2.19
Financial instruments (continued)


Impairment of financial assets

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

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

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

Financial liabilities

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



 
Page 27

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

2.Accounting policies (continued)


2.19
Financial instruments (continued)

Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group 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 Group 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 Group's contractual obligations expire or are discharged or cancelled.

Page 28

 
BROOKLYN TRAVEL HOLDINGS 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 group 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 key estimates and assumptions that have a significant risk of causing material adjustments to the carrying value of assets and liabilities within the next financial year are goodwill and the provision for future cancellation of bookings. 
Goodwill is amortised over an original estimated useful life of 20 years. Such useful life is determined by the assets’ ability to continue to generate recurring revenue to the business over the period. The directors continuously review and assess the likelihood of impairment and are of the opinion that the the carrying value of goodwill, based on discounted cash flows is appropriate.
With the exception of one trading subsidiary which accounts for its revenue on a departure date basis, all the other trading subsidiaries making up the majority of the group’s revenue and related gross profit margin, account for their revenue at the date of booking. 
Management recognise that clients cancel or amend holiday bookings for a variety of reasons that may be particular to their individual circumstances. As these cancellations may occur in a later accounting period, Management make an estimate of their likelihood and account for this in the form of a provision for future cancellations, which has the effect of a reduction to the gross profit margin. The provision also considers the negative impact to the business of potential travel disruption. It has been included within other creditors.
Management estimate the provision for future cancellation of bookings and amendments using historical booking cancellation patterns and gross profit margin data applying certain assumptions and judgments based on their knowledge of the travel industry. Events such as the Covid pandemic which impacted the global travel industry, are extremely rare in occurrence and, as was the case, Covid caused a heightened rate of cancellation over the last couple of years. Management have assumed that the risk of continued impact from Covid is low. Management do not consider it appropriate to provide for the impact to bookings of such unexpected future events until they arise and can be reliably assessed or measured. However, they consider that there could be localised experience of travel disruption to their customers that may occur from time to time and they have included an assumption of this within the provision for future cancellations. This provision applies for all revenue accounted for on a booking date basis only. Management monitor the adequacy of this provision on a regular basis. 

Page 29

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

4.


Turnover

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


2023
Restated
2022
£
£

Sale as Principal recognised on departure basis
33,680,764
26,317,225

Sale as Principal recognised on booking date basis
127,480,859
99,337,986

Commission sales as Agent
12,252,364
9,221,898

173,413,987
134,877,109


The comparatives have been restated to disclose sales as principal in a subsidiary that were incorrectly disclosed on a booking date basis rather than departure date.

Analysis of turnover by country of departure: 

2023
2022
        £
        £

United Kingdom

168,397,665

131,452,247

Europe

5,016,322

3,424,862


173,413,987

134,877,109



5.


Other operating income

2023
2022
£
£

Covid retail grant
-
357,038

Sundry income
-
20,705

-
377,743


Page 30

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

6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
20,339
11,412

Other operating lease rentals
774,611
696,140

Tangible fixed assets - depreciation
723,836
603,222

Intangible fixed assets - amortisation
88,457
62,109

Goodwill amortisation
816,039
798,864

(Profit) on disposal of tangible fixed assets
(11,471)
-


7.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors and their associates:


2023
2022
£
£

Fees payable to the Group's auditors and its associates for the audit of the Group's financial statements (Audit of the parent entity and its consolidated financial statements: £10,600 (2022: £10,500)
56,500
48,000

Fees payable to the Group's auditors and its associates in respect of:

Taxation compliance services
5,480
5,200

All other services
17,870
17,000

Page 31

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

8.


Employees

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


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
19,208,473
15,179,700
-
-

Social security costs
1,719,207
1,418,476
-
-

Cost of defined contribution scheme
387,688
372,665
-
-

21,315,368
16,970,841
-
-


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



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Directors
6
6
6
6



Sales
265
252
-
-



Operations
144
140
-
-



Administrative
77
64
-
-

492
462
6
6


9.


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).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2022 - £NIL).

Other than the directors of the Company, there are no other key management personnel in the Group.

Page 32

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

10.


Interest receivable

2023
2022
£
£


Bank interest receivable
1,566,440
242,952

1,566,440
242,952


11.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
847,523
646,677

Preference share interest payable
1,063,728
1,079,013

1,911,251
1,725,690


12.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
2,104,702
684,339

Adjustments in respect of previous periods
89,364
(87,163)


2,194,066
597,176

Foreign tax


Foreign tax on income for the year
130,808
43,181

130,808
43,181

Total current tax
2,324,874
640,357

Deferred tax


Origination and reversal of timing differences
(219,575)
79,813

Total deferred tax
(219,575)
79,813


Taxation on profit on ordinary activities
2,105,299
720,170
Page 33

 
BROOKLYN TRAVEL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
12.Taxation (continued)


Factors affecting tax charge for the year

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

2023
2022
£
£


Profit on ordinary activities before tax
8,044,315
3,878,410


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022 - 19%)
2,011,079
736,898

Effects of:


Non-tax deductible amortisation of goodwill and impairment
137,922
100,290

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
250,307
199,008

Capital allowances for year in excess of depreciation
2,671
18,675

Utilisation of tax losses
(750)
(279,564)

Difference between UK tax rate and overseas tax rate
(130,808)
(22,454)

Adjustments to tax charge in respect of prior periods
89,364
(11,018)

Short term timing difference leading to an increase (decrease) in taxation
-
14,727

Difference between current and future tax rate
-
(17,676)

Increase/(decrease) of tax due to change in tax rates
(132,395)
-

Other differences leading to an increase (decrease) in the tax charge
(122,091)
(18,716)

Total tax charge for the year
2,105,299
720,170




Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 34

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

13.


Intangible assets

Group





Computer software
Goodwill
Total

£
£
£



Cost


At 1 January 2023
768,395
15,778,159
16,546,554


Additions
141,865
4,223,996
4,365,861



At 31 December 2023

910,260
20,002,155
20,912,415



Amortisation


At 1 January 2023
506,064
3,278,528
3,784,592


Charge for the year on owned assets
88,457
816,039
904,496



At 31 December 2023

594,521
4,094,567
4,689,088



Net book value



At 31 December 2023
315,739
15,907,588
16,223,327



At 31 December 2022
262,331
12,499,631
12,761,962


The individual intangible assets which are material to the financial statements are:
- Goodwill arising on business combination with a net book value of £15,907,588 (2022: £12,499,631) and remaining amortisation period of between 14 and 20 years.  


Page 35

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

14.


Tangible fixed assets

Group






Freehold property
Leasehold improvements
Plant and machinery
Fixtures and fittings
Office equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 January 2023
4,708,246
899,036
563,370
742,425
498,080
7,411,157


Additions
687,901
81,251
291,248
53,418
113,326
1,227,144


Disposals
(328,744)
(106,773)
-
(8,943)
(44,563)
(489,023)



At 31 December 2023

5,067,403
873,514
854,618
786,900
566,843
8,149,278



Depreciation


At 1 January 2023
472,337
249,591
362,774
331,425
263,012
1,679,139


Charge for the year on owned assets
192,332
106,661
196,513
135,908
92,422
723,836


Disposals
(118,224)
(106,773)
-
-
(44,563)
(269,560)



At 31 December 2023

546,445
249,479
559,287
467,333
310,871
2,133,415



Net book value



At 31 December 2023
4,520,958
624,035
295,331
319,567
255,972
6,015,863



At 31 December 2022
4,235,909
649,445
200,596
411,000
235,068
5,732,018

Page 36

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

15.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
1



At 31 December 2023
1




Page 37

 
BROOKLYN TRAVEL HOLDINGS 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

Brooklyn Travel Limited
England & Wales
Management company
Ordinary
100%
Stewart Travel Limited *
Scotland
Travel agent
Ordinary
100%
Stewart Travel Transport Limited **
Scotland
Dormant
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%
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%
Destinology Limited *
England & Wales
Travel agent
Ordinary
100%
Killiney Travel Centre Limited *
Republic of Ireland
Travel agent
Ordinary
100%
Gazelle Travel Limited *
England & Wales
Travel agent
Ordinary
75%

Page 38

 
BROOKLYN TRAVEL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Subsidiary undertakings (continued)

* = Indirect subsidiary undertakings via Brooklyn Travel Limited
** = Indirect subsidiary undertakings via Stewart Travel Limited
*** = Indirect subsidiary undertakings via Canterbury Travel (London) Limited
^ = Indirect subsidiaries' not consolidated into the financial statements as they are dormant.
The consolidated financial statements incorporate the results of the subsidiary using the purchase method.
Dormant subsidiaries excluded from consolidation
The results of dormant subsidiaries in Kiinteisto Oy Fastak and As Oy Suomun Jahtituvat have not been included in the consolidated financial statements due to these entities were set up to be the nominee title holders of the freehold properties owned by Canterbury Travel (London) Limited in Finland. At the balance sheet date, Kiinteisto Oy Fastak had capital and reserves of £(224,824) (2022: £263,314) and As Oy Suomun Jahtituvat had capital and reserves of £86,547 (2022: £89,015).      
Acquisition of subsidiary
On 18 December 2023, the Company acquired a 75% shareholding of Gazelle Travel Limited, a company registered in England and Wales. Tangible fixed assets of £6,498; trade and other debtors of £1,456,288; cash at bank and in hand of £3,965,001; and trade and other creditors of £3,868,602 were acquired at their carrying values at the acquisition date.
Goodwill of £4,223,996 arising on the business combination represents the difference between the acquisition costs and the fair value of the Group's share of its identifiable assets and liabilities of the subsidiary at the date of acquisition. Goodwill is amortised over 20 years on a straight line basis. Management considers the useful life of goodwill is appropriate on the basis that the acquired subsidiary is expected to be an integral part of the Group's business for the long-term future.
The consolidated financial statements incorporate the results of the subsidiary using the purchase method.


16.


Stocks

Group
Group
2023
2022
£
£

Consumables
-
8,372

-
8,372


Page 39

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

17.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
75,615,228
62,705,217
-
-

Amounts owed by group undertakings
-
-
8,300,000
9,840,979

Other debtors
508,963
397,185
-
-

Prepayments and accrued income
1,482,982
895,098
-
-

Deferred taxation
105,970
-
-
-

Financial instruments
44,357
54,045
-
-

77,757,500
64,051,545
8,300,000
9,840,979



18.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
33,820,318
26,993,149
250
5,111

33,820,318
26,993,149
250
5,111


Included within cash and bank is an amount £1,730,000 (2022: £Nil) lodged with the International Air
Transport Association ("IATA") to meet any future obligations to them. The account is administered by the IATA.


19.


Creditors: Amounts falling due within one year

Group
Group
2023
2022
£
£

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

Trade creditors
87,494,121
71,112,089

Corporation tax
1,256,134
729,379

Other taxation and social security
1,344,870
895,873

Other creditors
7,173,289
6,800,658

Accruals and deferred income
6,490,642
3,545,350

Financial instruments
146,821
216,588

106,268,377
85,324,937




Page 40

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

20.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

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

Accruals and deferred income
3,354,472
3,850,187
3,354,472
3,850,187

Share capital treated as debt
7,859,830
7,846,269
7,859,830
7,846,269

18,714,302
21,558,956
11,214,302
11,696,456


Disclosure of the terms and conditions attached to the non-equity shares is made in note 24.

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.




21.


Loans


Analysis of the maturity of loans is given below:


Group
Group
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 Group has bank loans in the sum of £2.363m which are due to be 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 41

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

22.


Financial instruments

Group
Group
2023
2022
£
£

Financial assets

Financial assets measured at fair value through profit or loss
44,357
54,045


Financial liabilities

Financial liability measured at fair value through profit or loss
(146,821)
(216,588)


Financial assets and liabilities measured at fair value through profit or loss comprise of derivative financial instruments.


The fair value of derivative financial instruments at the balance sheet date is a net assets of £191,178 (2022: net liability £162,543). These derivative financial instruments include forward contracts and options held to hedge the Company's exposure to foreign currencies which are principally US Dollar, Euro and Canadian Dollar.

Page 42

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

23.


Deferred taxation


Group



2023


£






At beginning of year
(113,605)


Charged to profit or loss
219,575



At end of year
105,970






Group
Group
2023
2022
£
£

Accelerated capital allowances
(74,064)
(110,576)

General provision for booking cancellations
162,500
-

Pension liability
17,534
(3,029)

105,970
(113,605)


24.


Share capital

2023
2022
£
£
Shares classified as equity

Allotted, called up and fully paid



1,500,000 (2022 - 1,500,000) A Ordinary shares of £0.01 each
15,000
15,000
500,000 (2022 - 500,000) Ordinary shares of £0.01 each
5,000
5,000

20,000

20,000

All classes of shares have voting rights attached to them.

2023
2022
£
£
Shares classified as debt

Allotted, called up and fully paid



7,859,830 (2022 - 7,846,269) Redeemable preference shares of £1.00 each
7,859,830
7,846,269


Page 43

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

24.Share capital (continued)

The movement of preference shares in the year represents an alignment for the immaterial historic difference on the actual value of the shares.

The redeemable preference shares carry a compounding preferential dividend of 10% per annum. These shares are redeemable ten years from the issue date of 2 November 2018 or on an earlier date at the option of the company for an amount equal to the issue price plus all unpaid accrued dividends. If the Company is unable to redeem these shares after ten years the Company shall redeem them as soon as it is able to do so. Included in accruals and deferred income due more than one year is accrued preference share dividend of £3,354,472 (2022: £3,850,187).  


25.


Reserves

Share premium account

Represents the amount paid for shares above the normal value.

Foreign exchange reserve

Represents the effect of changes in exchange rates arising from translating the financial statements of the subsidiary undertakings into the Group's reporting currency.


26.


Contingent liabilities

The Group companies have 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.
Stewart Travel Limited has provided a bond of £nil (2022: £114,408) as guarantee to the Association of British Travel Agents ("ABTA"). 
Canterbury Travel (London) Limited has provided a bond of £nil (2022: £29,500) as guarantee to the Association of British Travel Agents ("ABTA").
At the balance sheet date, Stewart Travel Limited held £1,730,000 (2022: £Nil) in a fund account to meet
any future obligations from the International Air Transport Association (IATA) when they arise. The amount
is administrated by the IATA and included within cash and bank, note 18.
At the balance sheet date, Stewart Travel Limited held £303,342 (2022: £178,484) in a trust account to meet any future obligations with customers.


27.


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 £387,688 (2022: £372,665).
Contributions totalling £76,658 (2022: £72,819) were payable to the fund at the balance sheet date and are included in creditors.

Page 44

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

28.


Commitments under operating leases

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


Group
Group
2023
2022
£
£

Not later than 1 year
599,733
619,664

Later than 1 year and not later than 5 years
1,481,982
1,715,474

Later than 5 years
209,579
422,895

2,291,294
2,758,033

29.


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.


30.


Controlling party

The company's immediate parent undertaking is Zachary Asset Holdings Limited, which is incorporated in Jersey.
The ultimate controlling party of the group is the Haller family.

 
Page 45