Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-313272023-01-01truetruetruetruetruefalse288truefalse SC400502 2023-01-01 2023-12-31 SC400502 2022-01-01 2022-12-31 SC400502 2023-12-31 SC400502 2022-12-31 SC400502 2022-01-01 SC400502 c:Director1 2023-01-01 2023-12-31 SC400502 c:Director2 2023-01-01 2023-12-31 SC400502 c:Director3 2023-01-01 2023-12-31 SC400502 c:RegisteredOffice 2023-01-01 2023-12-31 SC400502 d:Buildings d:ShortLeaseholdAssets 2023-01-01 2023-12-31 SC400502 d:Buildings d:ShortLeaseholdAssets 2023-12-31 SC400502 d:Buildings d:ShortLeaseholdAssets 2022-12-31 SC400502 d:OfficeEquipment 2023-01-01 2023-12-31 SC400502 d:OfficeEquipment 2023-12-31 SC400502 d:OfficeEquipment 2022-12-31 SC400502 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 SC400502 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 SC400502 d:Goodwill 2023-01-01 2023-12-31 SC400502 d:Goodwill 2023-12-31 SC400502 d:Goodwill 2022-12-31 SC400502 d:ComputerSoftware 2023-12-31 SC400502 d:ComputerSoftware 2022-12-31 SC400502 d:CurrentFinancialInstruments 2023-12-31 SC400502 d:CurrentFinancialInstruments 2022-12-31 SC400502 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 SC400502 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 SC400502 d:ReportableOperatingSegment1 2023-01-01 2023-12-31 SC400502 d:ReportableOperatingSegment1 2022-01-01 2022-12-31 SC400502 d:ReportableOperatingSegment2 2023-01-01 2023-12-31 SC400502 d:ReportableOperatingSegment2 2022-01-01 2022-12-31 SC400502 e:UnitedKingdom 2023-01-01 2023-12-31 SC400502 e:UnitedKingdom 2022-01-01 2022-12-31 SC400502 d:UKTax 2023-01-01 2023-12-31 SC400502 d:UKTax 2022-01-01 2022-12-31 SC400502 d:ShareCapital 2023-12-31 SC400502 d:ShareCapital 2022-12-31 SC400502 d:ShareCapital 2022-01-01 SC400502 d:SharePremium 2023-01-01 2023-12-31 SC400502 d:SharePremium 2023-12-31 SC400502 d:SharePremium 2022-12-31 SC400502 d:SharePremium 2022-01-01 SC400502 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 SC400502 d:RetainedEarningsAccumulatedLosses 2023-12-31 SC400502 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 SC400502 d:RetainedEarningsAccumulatedLosses 2022-12-31 SC400502 d:RetainedEarningsAccumulatedLosses 2022-01-01 SC400502 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 SC400502 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 SC400502 d:TaxLossesCarry-forwardsDeferredTax 2023-12-31 SC400502 d:TaxLossesCarry-forwardsDeferredTax 2022-12-31 SC400502 d:RetirementBenefitObligationsDeferredTax 2023-12-31 SC400502 d:RetirementBenefitObligationsDeferredTax 2022-12-31 SC400502 c:OrdinaryShareClass1 2023-01-01 2023-12-31 SC400502 c:OrdinaryShareClass1 2023-12-31 SC400502 c:OrdinaryShareClass1 2022-12-31 SC400502 c:FRS102 2023-01-01 2023-12-31 SC400502 c:Audited 2023-01-01 2023-12-31 SC400502 c:FullAccounts 2023-01-01 2023-12-31 SC400502 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC400502 d:Subsidiary1 2023-01-01 2023-12-31 SC400502 d:Subsidiary1 1 2023-01-01 2023-12-31 SC400502 d:WithinOneYear 2023-12-31 SC400502 d:WithinOneYear 2022-12-31 SC400502 d:BetweenOneFiveYears 2023-12-31 SC400502 d:BetweenOneFiveYears 2022-12-31 SC400502 d:MoreThanFiveYears 2023-12-31 SC400502 d:MoreThanFiveYears 2022-12-31 SC400502 d:Goodwill d:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 SC400502 d:ComputerSoftware d:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 SC400502 2 2023-01-01 2023-12-31 SC400502 6 2023-01-01 2023-12-31 SC400502 d:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 SC400502 d:Goodwill d:OwnedIntangibleAssets 2023-01-01 2023-12-31 SC400502 d:ComputerSoftware d:OwnedIntangibleAssets 2023-01-01 2023-12-31 SC400502 f:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: SC400502










STEWART TRAVEL LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
STEWART TRAVEL LIMITED
 
 
COMPANY INFORMATION


Directors
B Cassidy 
D Wilson 
R Green 




Registered number
SC400502



Registered office
3rd Floor, Sterling House
20 Renfield Street

Glasgow

G2 5AP




Independent auditors
Sumer Auditco Limited
Chartered Accountants & Statutory Auditors

14th Floor

33 Cavendish Square

London

W1G 0PW





 
STEWART 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 - 28


 
STEWART TRAVEL LIMITED
 
 
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.
Total Transaction Value (“TTV”) for the period is £188,785,119 (2022: £140,028,953 restated).  Gross Profit for the period is £22,089,469 (2022: £14,404,528) and EBITDA before management charges is a profit of £4,758,155 (2022: £1,787,480). 
The increase in business levels and profitability reflects a very good performance across all business units which is in keeping with general market sentiment though, in certain of the niche markets, also reflects an increase in market share as growth strategies of recent years prove successful.
The Board is very satisfied with the trading results for 2023 and looks forward to a successful 2024.

Principal risks and uncertainties
 
The Board meets regularly and evaluates the Company’s risk position.  The principal risks and uncertainties facing the Company are detailed below.
The operational risk is primarily 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 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 and from parent company.
Foreign currency risk – The Company incurs limited purchases denominated 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 – To the extent that non-operational finance is required it is organised through the parent company and accordingly no interest rate risk arises.
Management believe the Company 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 Company.  When such issues arise, the Board actively monitor trends in the development of the particular issue, assess the likely impact in 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

188,785,119

140,028,953

35
 
Gross profit

22,089,469

14,404,528

53
 
EBITDA (before management charges)

4,758,155

1,787,480

166
 

Page 1

 
STEWART TRAVEL LIMITED
 

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

Directors' statement of compliance with duty to promote the success of the Company
 
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 Company’s employees
The Company’s senior management is very much open and available to the employees of the Company.  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 Company.  The Board also host Q&A sessions with various employee Groups.
Having regard to the need to foster the Company’s business relationships with customers, suppliers and others
The Company’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 Company’s operations on the community and the environment
The Company 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 Company to maintain 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 Company’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 2

 
STEWART 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 Company is a limited company incorporated in Scotland. The principal activity of the Company in the period
under review was that of a travel distributor.

Results and dividends

The profit for the year, after taxation, amounted to £3,974,357 (2022 - £1,229,486).

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

Directors

The directors who served during the year were:

B Cassidy 
D Wilson 
R Green 

Page 3

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

Employees and disabled persons

The Company 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 Company.
The Company'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 Company'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.

Greenhouse gas emissions, energy consumption and energy efficiency action

The Company has not disclosed information in respect of greenhouse gas emissions, energy consumption and
energy efficiency action as it has been provided within the consolidated accounts of the parent entity, Brooklyn
Travel Holdings Limited, which are publicly available at 42 High Street, Northwood, Middlesex, United Kingdom, HA6 1BL.

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.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

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

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

Opinion


We have audited the financial statements of Stewart 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 profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


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


Conclusions relating to going concern


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


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


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


Page 5

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

 
STEWART TRAVEL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STEWART 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, 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.
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 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;
 
Page 7

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


•       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 including that of investments;
•       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 management 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 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;
•       reviewing intercompany balances and 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

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

2023
2022
Note
£
£

  

Turnover
 4 
84,127,986
55,614,591

Cost of sales
  
(62,038,517)
(41,210,063)

Gross profit
  
22,089,469
14,404,528

Administrative expenses
  
(18,175,539)
(13,523,823)

Other operating income
 5 
-
336,000

Operating profit
 6 
3,913,930
1,216,705

Interest receivable and similar income
 9 
642,892
41,663

Interest payable and similar expenses
 10 
(1,627)
(84)

Profit before tax
  
4,555,195
1,258,284

Tax on profit
 11 
(580,838)
(28,798)

Profit for the financial year
  
3,974,357
1,229,486

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

The notes on pages 12 to 28 form part of these financial statements.

Page 9

 
STEWART TRAVEL LIMITED
REGISTERED NUMBER: SC400502

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 12 
3,978,422
4,275,811

Tangible assets
 13 
776,790
837,865

Investments
 14 
2,000
2,000

  
4,757,212
5,115,676

Current assets
  

Debtors: amounts falling due within one year
 15 
67,352,037
54,428,792

Cash at bank and in hand
 16 
10,239,904
7,499,483

  
77,591,941
61,928,275

Creditors: amounts falling due within one year
 17 
(73,985,174)
(62,548,875)

Net current assets/(liabilities)
  
 
 
3,606,767
 
 
(620,600)

Total assets less current liabilities
  
8,363,979
4,495,076

Provisions for liabilities
  

Deferred tax
 18 
-
(105,454)

  
 
 
-
 
 
(105,454)

Net assets
  
8,363,979
4,389,622


Capital and reserves
  

Called up share capital 
 19 
2,974,525
2,974,525

Share premium account
 20 
884,715
884,715

Profit and loss account
 20 
4,504,739
530,382

  
8,363,979
4,389,622


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 28 form part of these financial statements.

Page 10

 
STEWART TRAVEL LIMITED
 

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 2023
2,974,525
884,715
530,382
4,389,622


Comprehensive income for the year

Profit for the year
-
-
3,974,357
3,974,357


At 31 December 2023
2,974,525
884,715
4,504,739
8,363,979


The notes on pages 12 to 28 form part of these financial statements.


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


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

£
£
£
£

At 1 January 2022
2,974,525
884,715
(699,104)
3,160,136


Comprehensive income for the year

Profit for the year
-
-
1,229,486
1,229,486


At 31 December 2022
2,974,525
884,715
530,382
4,389,622


The notes on pages 12 to 28 form part of these financial statements.

Page 11

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

1.


General information

Stewart Travel Limited is a private company limited by shares and is incorporated in Scotland, registration number SC400502. The address of the registered office is 3rd Floor, Sterling House 20 Renfield Street, Glasgow, G2 5AP.

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 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
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 31 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 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.
 

Page 12

 
STEWART 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

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company 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.
The Company 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 Company and its various suppliers including airlines, cruise providers, hoteliers and other tour and holiday operators.
The Company 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. 
The Company acts as a Principal when it assumes all the risks and rewards from organising a client’s holiday. This is where the Company has control over price setting and over the procurement of the component parts of a holiday package using its own means and resources. The related total transaction value is then accounted for as revenue.   
Revenue is recognised on the date of booking. 
As explained in note 3, Management also make an estimate, in the form of a provision, of the impact of future booking cancellations to the gross profit margin.

Page 13

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

2.Accounting policies (continued)

 
2.7

Operating leases: the Company as lessee

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

 
2.8

Interest income

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

 
2.9

Finance costs

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

 
2.10

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company 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 operates and generates 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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 14

 
STEWART TRAVEL 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 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 Statement of comprehensive income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
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, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold improvements
-
Over the term of the lease
Office equipment
-
3-5 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.15

Debtors

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

Page 15

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

2.Accounting policies (continued)

 
2.16

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.

 
2.17

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.

 
2.18

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.19

Financial instruments

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

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.
 

Page 16

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

2.Accounting policies (continued)


2.19
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.



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 17

 
STEWART 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 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 carrying value of goodwill, based on discounted cash flows is appropriate.
The Company’s revenue, and as a consequence the gross profit margin, is recognised 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 judgements 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. Management has assumed that the risk of  impact from Covid is low and 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. Management monitor the adequacy of this provision on a regular basis.

Page 18

 
STEWART TRAVEL 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
2022
£
£

Sales as Principal
72,101,619
46,494,871

Sales as Agent
12,026,367
9,119,720

84,127,986
55,614,591


Analysis of turnover by country of departure:

2023
2022
£
£

United Kingdom
84,127,986
55,614,591

84,127,986
55,614,591



5.


Other operating income

2023
2022
£
£

Covid retail grant
-
336,000

-
336,000



6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Tangible fixed assets - depreciation
180,944
176,732

Intangible fixed assets - amortisation
343,281
334,043

Operating lease rentals
647,281
597,549

Difference on foreign exchange
(8,894)
(2,879)

Page 19

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

7.


Auditors' remuneration

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


2023
2022
£
£

Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements
32,000
27,000

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.


8.


Employees

Staff costs were as follows:


2023
2022
£
£

Wages and salaries
11,180,761
8,621,487

Social security costs
1,005,067
765,598

Cost of defined contribution scheme
209,316
179,645

12,395,144
9,566,730


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


        2023
        2022
            No.
            No.







Directors
3
3



Sales
196
176



Operations
79
70



Administrative
49
39

327
288

Page 20

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

9.


Interest receivable

2023
2022
£
£


Bank interest receivable
642,892
41,663

642,892
41,663


10.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
1,627
84

1,627
84


11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
777,008
-


777,008
-


Total current tax
777,008
-

Deferred tax


Origination and reversal of timing differences
(196,170)
28,798

Total deferred tax
(196,170)
28,798


Taxation on profit on ordinary activities
580,838
28,798
Page 21

 
STEWART TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
11.Taxation (continued)


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
£
£


Profit on ordinary activities before tax
4,555,195
1,258,284


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022 - 19%)
1,138,799
239,074

Effects of:


Non-tax deductible amortisation of goodwill and impairment
5,438
2,866

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
(19,296)
134

Depreciation for the year (less than)/in excess of capital allowances
248
(5,398)

Adjustments to deferred tax in respect of prior periods
-
(271,028)

Increase/(decrease) of tax due to change in tax rates
(48,875)
6,913

Changes in provisions leading to an increase (decrease) in the tax charge
-
14,744

Utilised tax losses
(750)
(25)

Group relief
(494,726)
41,518

Total tax charge for the year
580,838
28,798


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 22

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

12.


Intangible assets




Computer software
Goodwill
Total

£
£
£



Cost


At 1 January 2023
1,998,933
5,608,840
7,607,773


Additions
45,892
-
45,892



At 31 December 2023

2,044,825
5,608,840
7,653,665



Amortisation


At 1 January 2023
1,853,732
1,478,230
3,331,962


Charge for the year on owned assets
57,172
286,109
343,281



At 31 December 2023

1,910,904
1,764,339
3,675,243



Net book value



At 31 December 2023
133,921
3,844,501
3,978,422



At 31 December 2022
145,201
4,130,610
4,275,811


The individual intangible assets which are material to the financial statements are:
- Goodwill arisen on business combination with a net book value of £3,844,501 (2022: £4,130,610) and remaining amortisation period of between 15 and 16 years.


Page 23

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

13.


Tangible fixed assets





Leasehold improvements
Office equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
1,043,282
398,781
1,442,063


Additions
46,241
73,628
119,869


Disposals
(106,773)
(35,890)
(142,663)



At 31 December 2023

982,750
436,519
1,419,269



Depreciation


At 1 January 2023
393,837
210,361
604,198


Charge for the year on owned assets
105,202
75,742
180,944


Disposals
(106,773)
(35,890)
(142,663)



At 31 December 2023

392,266
250,213
642,479



Net book value



At 31 December 2023
590,484
186,306
776,790



At 31 December 2022
649,445
188,420
837,865


14.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
2,000



At 31 December 2023
2,000




Page 24

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

Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Stewart Travel Transport Limited
Scotland
Transport Brokerage
Ordinary
100%


15.


Debtors

2023
2022
£
£


Trade debtors
64,683,255
54,088,104

Amounts owed by group undertakings
2,200,000
-

Other debtors
27,212
124,408

Prepayments and accrued income
350,854
216,280

Deferred taxation
90,716
-

67,352,037
54,428,792



16.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
10,239,904
7,499,483

10,239,904
7,499,483


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.

Page 25

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

17.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
66,752,418
55,671,628

Amounts owed to group undertakings
260,000
2,575,185

Corporation tax
277,008
-

Other taxation and social security
385,008
270,372

Other creditors
3,253,472
2,311,185

Accruals and deferred income
3,057,268
1,720,505

73,985,174
62,548,875



18.


Deferred taxation




2023
2022


£

£






At beginning of year
(105,454)
(76,656)


Credited / (charged) to profit or loss
196,170
(28,798)



At end of year
90,716
(105,454)

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(82,171)
(95,754)

General provision for booking cancellations
162,500
-

Pension asset / (liability)
10,387
(9,700)

90,716
(105,454)


19.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



2,974,525 (2022 - 2,974,525) Ordinary shares of £1.00 each
2,974,525
2,974,525


Page 26

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

20.


Reserves

Share premium account

This represents the amount paid for shares above the nominal value.

Profit and loss account

The profit & loss account comprises the balance of distributable profits accumulated over the life of the Company.


21.


Contingent liabilities

The Company has given a pledge over its share capital on Brooklyn Travel Limited's senior facilities given by the bankers. 
The Company, together with its fellow group companies, has provided a guarantee over its assets to the Civil Aviation Authority to meet any future obligations and liabilities incurred by the group companies as ATOL license holders. 
The Company has provided a cash bond of £Nil (2022: £114,408) to meet any future obligations from The Association of British Travel Agents (ABTA) when they arise. 
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 16.
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.


22.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund.
The pension cost charge respresents contributions payable by the Company to the fund and amounted to £209,316 (2022: £179,645).
Contributions totalling £41,548 (2022: £38,801) were payable to the fund at the balance sheet date and are included in creditors.

Page 27

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

23.


Commitments under operating leases

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

2023
2022
£
£


Not later than 1 year
482,868
510,234

Later than 1 year and not later than 5 years
1,055,711
1,264,098

Later than 5 years
209,579
335,003

1,748,158
2,109,335


24.


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.


25.


Controlling party

The Company is a wholly owned subsidiary Brooklyn Travel Limited, and the indirect parent undertaking of the Company is Brooklyn Travel Holdings Limited, which is the largest and smallest group to consolidate the Company's results. Both Companies have their registered office at 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 28