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Registered number: 04094279


JETLINE TRAVEL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 
JETLINE TRAVEL LIMITED
 
 
COMPANY INFORMATION


Directors
S Roberts 
A Todd 




Company secretary
M Roberts



Registered number
04094279



Registered office
8th Floor
Becket House

36 Old Jewry

London

EC2R 8DD




Independent auditors
Xeinadin Audit Limited
Chartered Accountants and Statutory Auditors

8th Floor

Becket House

36 Old Jewry

London

EC2R 8DD




 

 
JETLINE TRAVEL LIMITED
 

CONTENTS



Page
Strategic Report
1 - 3
Directors' Report
4 - 5
Independent Auditors' Report
6 - 9
Statement of Comprehensive Income
10
Statement of Financial Position
11 - 12
Statement of Changes in Equity
13
Statement of Cash Flows
14
Analysis of Net Debt
15
Notes to the Financial Statements
16 - 27

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

Introduction
 
The directors present their Strategic Report on the Company for the year ended 31 December 2023.

Business review
 
The Company achieved gross transactional turnover of £28.1m in the year. Additionally, the administration expenses increased by 1% from £1.99m to £2.01m.
The reason for the decreased turnover from the previous year is due to a repositioning, and  significant changes made to deal with shifting trends in the travel market.  The strategy of selling high volumes of low-margin land holidays has become counter-productive, especially within a more streamlined business.  The company will increase high-margin cruise sales and focus on more niche-market land offers with a high ROI.  Whilst this has reduced turnover on the short-term, the mid to long-term benefit will be substantial, and worthwhile.
Notwithstanding, the recovery remains robust and there is a positive indication for profitable future business and a replenished balance sheet.  We predict year-on-year growth of 15%-20%.

Key performance indicators
 
The company monitors and reports on a number of Key Performance Indicators. Comparisons are made between years and against annual budgets. Key performance indicators form a significant part of our monthly management reporting. The company continues to operate an 'Objectives and Key Results' framework to assist in the defining and tracking of organisational objectives and their outcomes.
Financial Key Performance Indicators
The company uses key measures such as average selling price and gross margin to measure performance and manage the business effectively. Management also monitor other indicators, such as volumes, by supplier. Other key performance indicators focus on the effectiveness of our marketing spends and the efficiency of our sales team at converting enquires to bookings.  
Non-financial Key Performance Indicators
-Employee retention is an important, non-financial, focus.
-Development of customer data base.
-Conversion rates and staff performances
-Comprehensive business review
-KPI's
-Risks and uncertainties and mitigation

Page 1

 
JETLINE TRAVEL LIMITED
 

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

 
Geo-political events and natural disasters
The nature of our business means that we continue to face the risk of geo-political events or natural disasters as patently demonstrated throughout the worldwide coronavirus pandemic. Due to the possibility of unforeseen future travel restrictions, we will continue to operate a flexible business model to eliminate reliance on any one destination; this has been the correct strategy historically and will be in the future.  
Commercial relationships
The management team continues to meet regularly with all suppliers to maintain good working relationships, whilst simultaneously developing new routes to market. These relationships are even more critically important for planning, given the deficit caused by the pandemic and the challenge of rebuilding the business. We will be fully utilising the goodwill built over the past 23 years to obtain exclusive deals and the best possible payment terms. 

Information technology
Our market sector is heavily reliant on information technology. A degree of conservative investment will continue to ensure that we have advanced and efficient systems, website development, and social media development.  

Principal risks and uncertainties
Creating unique package holidays remains our principal USP. Improving Customer Service and maintaining customer loyalty is an important part of our strategy.
Flexibility in destinations is key to protect our business from the vagaries of geo-political events, natural disasters and adverse weather conditions worldwide.

Post-pandemic recovery
We are still in the recovery process from the disastrous impact of COVID-19, and expect this to be the case for the next 2-3 years in order to replace the assets that were depleted during the pandemic. However, there remains a significant appetite for people to travel abroad and new strategies are being created to exploit and keep abreast of a changing market. 
The Company’s aim is to increase profitability year-on-year with prudent planning and close daily monitoring of the business. Rapid response is key, given the potential for change in the desirability of destinations throughout the world. Our ongoing strategy will remain on operating with fewer staff, working smarter and more efficiently; deal-led advertising in niche markets rather than mass-marketing; closer alliances with key suppliers and development of direct contracts providing exclusive deals. As business throughout the industry is growing post-pandemic, we still intend to concentrate on improved margins within a streamlined business. Our rationale, which has always been to avoid any commitment to suppliers, will continue to apply. We have always considered it a risk that is not necessary when you have strong supplier relationships and can negotiate favourable rates. All of our commercial arrangements are agreed on a non-financial commitment basis, but based on solid, proven historic relationships. 
The company continues to hold an Air Travel Organisers License, guaranteeing the protection of consumers' money or holiday plans in the unlikely event of the company's insolvency. This is granted by the Civil Aviation Authority, which acts as a regulator to the industry, ensuring the financial health of all license holders.

The company takes no commitment on flights or accommodation and therefore removes any fixed capacity risk.

Page 2

 
JETLINE TRAVEL LIMITED
 

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


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



................................................
S Roberts
Director

Date: 26 June 2024
Page 3

 
JETLINE 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 judgements and accounting estimates that are reasonable and prudent;

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

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

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

Principal activity

The principal activity of the Company continued to be that of travel agents and tour operators.

Results and dividends

The profit for the year, after taxation, amounted to £569,395 (2022 - £1,117,906).

Dividends paid out in the year amounted to £Nil (2022: £Nil).

Directors

The directors who served during the year were:

S Roberts 
A Todd 
I Lazar (Resigned 31 July 2023)
M Todd (Resigned 31 March 2023)
Page 4

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


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

The directors have concluded that no other material events have occurred since the date of approval of these financial statements that would affect the financial statements.

Auditors

The auditorsXeinadin Audit Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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





................................................
S Roberts
Director

Date: 26 June 2024
Page 5

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

Opinion


We have audited the financial statements of Jetline Travel Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, 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 6

 
JETLINE TRAVEL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JETLINE 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 4, 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 7

 
JETLINE TRAVEL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JETLINE 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:
 
Enquiry of management and those charged with governance around actual and potential litigation and claims;
 
Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;
 
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
 
Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations.
 
The potential effect of these laws and regulations on the financial statements varies considerably.
 
Firstly, the Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.  
 
Secondly, the Company is subject to many other laws and regulations where the consequence of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance the imposition of fines or litigation or the loss of the Company’s license to operate. We identified the following areas as those most likely to have such an effect: health and safety, data protection laws, employment law, ATOL and Client Trust Account compliance recognising the nature of the Company’s activities. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.
 
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 

 
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.


Page 8

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


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.





Yasin Khandwalla FCCA (Senior Statutory Auditor)
  
for and on behalf of
Xeinadin Audit Limited
 
Chartered Accountants and Statutory Auditors
  
8th Floor
Becket House
36 Old Jewry
London
EC2R 8DD

26 June 2024
Page 9

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

2023
2022
Note
£
£


Total Transactional Turnover
28,109,490
32,133,593

  

Turnover
 4 
16,152,318
21,289,483

Cost of sales
  
(13,485,543)
(18,140,667)

Gross profit
  
2,666,775
3,148,816

Administrative expenses
  
(2,011,107)
(1,997,475)

Operating profit
 5 
655,668
1,151,341

Interest receivable and similar income
 9 
11,544
9,170

Interest payable and similar expenses
 10 
(80,515)
(51,714)

Profit before tax
  
586,697
1,108,797

Tax on profit
 11 
(17,302)
9,109

Profit for the financial year
  
569,395
1,117,906

Other comprehensive income for the year
  

Total comprehensive income for the year
  
569,395
1,117,906

The notes on pages 16 to 27 form part of these financial statements.
Page 10

 
JETLINE TRAVEL LIMITED
REGISTERED NUMBER: 04094279

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 12 
3,121,944
3,189,683

  
3,121,944
3,189,683

Current assets
  

Debtors: amounts falling due within one year
 13 
5,211,917
9,459,281

Cash at bank and in hand
 14 
1,124,683
1,809,441

  
6,336,600
11,268,722

Creditors: amounts falling due within one year
 15 
(8,658,525)
(14,029,192)

Net current liabilities
  
 
 
(2,321,925)
 
 
(2,760,470)

Total assets less current liabilities
  
800,019
429,213

Creditors: amounts falling due after more than one year
 16 
(869,726)
(1,068,315)

  

Net liabilities
  
(69,707)
(639,102)

Page 11

 
JETLINE TRAVEL LIMITED
REGISTERED NUMBER: 04094279
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Capital and reserves
  

Called up share capital 
 19 
100,000
100,000

Revaluation reserve
  
2,028,097
2,028,097

Profit and loss account
  
(2,197,804)
(2,767,199)

  
(69,707)
(639,102)


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
S Roberts
Director

Date: 26 June 2024

Page 12

 
JETLINE TRAVEL LIMITED
 

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


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
100,000
2,028,097
(3,885,105)
(1,757,008)



Profit for the year
-
-
1,117,906
1,117,906



At 1 January 2023
100,000
2,028,097
(2,767,199)
(639,102)



Profit for the year
-
-
569,395
569,395


At 31 December 2023
100,000
2,028,097
(2,197,804)
(69,707)


The notes on pages 16 to 27 form part of these financial statements.
Page 13

 
JETLINE TRAVEL LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
569,395
1,117,906

Adjustments for:

Depreciation of tangible assets
67,824
71,419

Interest paid
80,515
51,714

Interest received
(11,544)
(9,170)

Taxation charge
17,302
(9,109)

Decrease/(increase) in debtors
4,263,287
(1,370,587)

(Decrease) in creditors
(5,388,254)
(374,450)

Corporation tax received
-
82,520

Net cash generated from operating activities

(401,475)
(439,757)


Cash flows from investing activities

Purchase of tangible fixed assets
(85)
(2,975)

Interest received
11,544
9,170

Net cash from investing activities

11,459
6,195

Cash flows from financing activities

Repayment of loans
(214,227)
(245,024)

Interest paid
(80,515)
(51,714)

Net cash used in financing activities
(294,742)
(296,738)

Net (decrease) in cash and cash equivalents
(684,758)
(730,300)

Cash and cash equivalents at beginning of year
1,809,441
2,539,741

Cash and cash equivalents at the end of year
1,124,683
1,809,441


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,124,683
1,809,441

1,124,683
1,809,441


The notes on pages 16 to 27 form part of these financial statements.

Page 14

 
JETLINE TRAVEL LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023




At 1 January 2023
Cash flows
At 31 December 2023
£

£

£

Cash at bank and in hand

1,809,441

(511,496)

1,297,945

Bank overdrafts

-

(173,262)

(173,262)

Debtors

(1,385,079)

392,991

(992,088)

Creditors

(374,450)

374,450

-


49,912
82,683
132,595

The notes on pages 16 to 27 form part of these financial statements.
Page 15

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

1.


General information

Jetline Travel Limited is a private company limited by shares incorporated in England and Wales, United Kingdom. The address of the registered office is given in the Company Information page of these financial statements. 
The principal activity of the Company continued to be that of travel agent and tour operator.

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 judgement in applying the Company's accounting policies (see note 3).

  
2.2

Revenue

Turnover represents amounts receivable for commission and similar earnings receivable in respect of travel agency activities and gross revenue derived from tour operations carried out in a principal activity net of VAT and trade discounts. Turnover is recognised on a departure date basis.

  
2.3

Going concern

The company’s business activities, together with the factors likely to affect its future trading performance are set out in the Strategic report on pages 1 to 3.
As at 31 December 2023, the company had net liabilities of £69,707, net current liabilities of £2.32m and reported a profit of £586,697 before tax. The company manages its day to day and medium-term funding requirements through cash balances and working capital. 
The directors have prepared a cash flow forecast for a period of 12 months from the date of approval of these financial statements. These cash flows assume that the profitability of the company grows in accordance with the detailed business plans approved by the directors. The forecasts show that the company is expected to have adequate funding to meet its operational working capital requirements for the foreseeable future, being at least twelve months from the date the financial statements were signed. Given this position, and the results across the first six months of FY24, the Directors consider it appropriate to prepare the financial statements on a going concern basis.
 

 
2.4

Interest income

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

 
2.5

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.

Page 16

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

2.Accounting policies (continued)

 
2.6

Borrowing costs

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

 
2.7

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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; 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 reporting date.

 
2.9

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.

Page 17

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

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
Over 30 years on buildings only
Fixtures and fittings
-
25% reducing balance
Computer equipment
-
25% reducing balance

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

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

 
2.10

Debtors

Short term debtors are measured at transaction price, less any impairment.

  
2.11

Advance receipts and payments

All revenue relating to bookings with departure dates after the year end are treated as advance receipts at the Statement of Financial Position date and are separately disclosed under accrual and deferred income.
Payments made to suppliers in respect of these bookings are included in prepayments.

 
2.12

Cash and cash equivalents

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

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.13

Creditors

Short term creditors are measured at the transaction price. 

Page 18

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

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are recognised to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the statement of comprehensive income in the period in which the estimate is revised where the revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.
Critical Judgements:
(i) Useful economic lives of tangible assets;
The annual depreciation charge for tangible assets is sensitive due to the material nature of the value of fixed assets. The depreciation rates are reviewed annually to ensure they are appropriate for the type of asset. Assets are reviewed for impairment on an annual basis.
(ii) Revenue recognition;
The Company recognises revenue based on the date of departure of the booking, in the directors’ judgement, is the most appropriate revenue base as this matches the point at which the service is performed. The directors use their judgement to determine a fair direct cost associated to the revenue recognised.


4.


Turnover

The total turnover of the company for the year has been derived from its principal activity wholly undertaken in the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Exchange difference
2,145
(4,720)

Defined pension contribution cost
21,257
22,533

Depreciation on tangible fixed asset
67,824
71,419

Page 19

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

6.


Auditors' remuneration

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


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
21,000
16,800

Fees payable to the Company's auditors in respect of:

All non-audit services not included above
9,000
7,200

7.


Employees

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


2023
2022
£
£

Wages and salaries
1,038,560
1,101,616

Social security costs
107,296
111,227

Cost of defined contribution scheme
21,257
22,533

1,167,113
1,235,376


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


        2023
        2022
            No.
            No.







Sales, administration and directors
30
32

Page 20

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

8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
161,538
218,250

Company contributions to defined contribution pension schemes
3,429
4,697

164,967
222,947


During the year retirement benefits were accruing to 4 directors (2022 - 4) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £78,500 (2022 - £72,000).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £3,509 (2022 - £3,522).

The total accrued pension provision of the highest paid director at 31 December 2023 amounted to £110 (2022 - £294).

Key management consists of the directors. The compensation paid to the key management for employee services is the same as directors.


9.


Interest receivable

2023
2022
£
£


Other interest receivable
11,544
9,170


10.


Interest payable and similar expenses

2023
2022
£
£


Bank overdraft interest payable
1,157
-

Bank loan interest payable
79,358
51,714

Page 21

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

11.


Taxation


2023
2022
£
£

Corporation tax


Adjustments in respect of previous periods
-
(62,959)


Total current tax
-
(62,959)

Deferred tax


Fixed assets and short term timing differences
(13,050)
18,504

Adjustments in respect of prior periods
30,352
35,346

Total deferred tax
17,302
53,850


Taxation on profit/(loss) on ordinary activities
17,302
(9,109)

Factors affecting tax charge for the year

The accounting period covers two UK financial years with differing tax rates of 19% in Financial Year 2022 & 25% in Financial Year 2023. The average rate for the accounting period is 23.52% (2022: 19%). The differences between the tax charge at the average rate and the tax charge for the year are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
586,697
1,108,797


Profit on ordinary activities multiplied by average UK corporation tax rate of 23.52% (2022 - 19%)
137,994
210,671

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
2,291
4,713

Fixed assets timing difference leading to an increase (decrease) in taxation
-
(170)

Adjustments to tax charge in respect of prior periods
-
(62,959)

Remeasurement of deferred tax for changes in tax rates
8,825
103,309

Movement in deferred tax not recognised
(162,189)
(264,673)

Other differences leading to an increase (decrease) in the tax charge - deferred tax
30,381
-

Total tax charge for the year
17,302
(9,109)

Page 22

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

12.


Tangible fixed assets





Freehold property
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost


At 1 January 2023
3,200,000
127,577
578,565
3,906,142


Additions
-
-
85
85



At 31 December 2023

3,200,000
127,577
578,650
3,906,227



Depreciation


At 1 January 2023
93,866
123,810
498,783
716,459


Charge for the year on owned assets
46,933
942
19,949
67,824



At 31 December 2023

140,799
124,752
518,732
784,283



Net book value



At 31 December 2023
3,059,201
2,825
59,918
3,121,944



At 31 December 2022
3,106,134
3,767
79,782
3,189,683

Freehold property was revalued in July 2021 on an open market value for existing use by the directors and has not been revalued since.

Page 23

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

13.


Debtors



2023
2022
£
£


Trade debtors
33,739
842,685

Other debtors
1,189,949
2,693,293

Prepayments and accrued income
3,192,092
5,143,089

Tax recoverable
171,823
168,950

Deferred taxation
624,314
611,264

5,211,917
9,459,281


Included in prepayments and accrued income are advance payments to suppliers in relation to future departures by customers amounting to £3,109,240 (2022: £4,958,358).


14.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,124,683
1,809,441


Cash and cash equivalents comprise amounts held in Escrow totalling £386,725. Amounts held in Escrow are segregated monies received and held in a separate CAA Approved Escrow account. These amounts are held as a financial guarantee for the company's travel licences and for the protection of monies collected from passengers. See note 20.

Page 24

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

15.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
240,000
240,000

Trade creditors
1,158,161
2,143,172

Corporation tax
33,225
30,352

Other taxation and social security
20,603
21,747

Other creditors
146,588
1,764,404

Accruals and deferred income
7,059,948
9,829,517

8,658,525
14,029,192


The bank loan is secured by a legal charge over the Company's freehold property.
Included in accruals and deferred income are advance receipts from customers in relation to future departures by customers amounting to £6,948,386 (2022: £9,741,077).


16.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
752,088
966,315

Accruals and deferred income
117,638
102,000

869,726
1,068,315


Included in accruals and deferred income are advance receipts from customers in relation to future departures by customers amounting to £117,638 (2022: £102,000).

Page 25

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

17.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
240,000
240,000


Amounts falling due 2-5 years

Bank loans
320,000
320,000

Amounts falling due after more than 5 years

Bank loans
432,088
646,315

992,088
1,206,315



18.


Deferred taxation




2023
2022


£

£






At beginning of year
611,264
665,114


Charged to profit or loss
13,050
(53,850)



At end of year
624,314
611,264

The deferred tax asset is made up as follows:

2023
2022
£
£


Fixed asset timing differences
(2,225)
(18,932)

Losses and other deductions
607,043
629,768

Short term timing differences
19,496
428

624,314
611,264

Page 26

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

19.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100,000 (2022 - 100,000) Ordinary shares of £1.00 each
100,000
100,000



20.


External regulatory requirements and contingent liabilities

The company currently holds an Air Travel Organisers’ License (‘ATOL’) issued by the Civil Aviation Authority (‘CAA’).
In order to offer air inclusive package holidays, the company requires the annual renewal by the CAA of its ATOL license. The CAA awards this license on the basis of meeting agreed financial criteria and renews this in September (effective 1st October) each year. As a condition of granting this license, the company has agreed with the CAA to operate an Escrow account for all licensable bookings since January 2022 (see note 14). The directors are expecting the ATOL license to be renewed under similar terms and conditions.
As at 31st December 2023, there were  no contingent liabilities given by the company in the normal course of business.


21.


Pension commitments

The company operates a defined benefit contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £21,257 (2022: £22,533). Contributions totalling 4,215 (2022: £4,592) were payable to the fund at the reporting date and are included in creditors.


22.


Related party transactions

At the Statement of Financial Position date, the Company was owed £373,639- (2022: £356,904)-from S Roberts. This includes interest of £8,222 (2022: £6,380) charged at 2.25% (2022 - 2.00%).
At the Statement of Financial Position date, the Company was owed £150,961 (2022: £155,659) from A Todd. This includes interest of £3,322 (2022: £2,790) charged at 2.25% (2022 - 2.00%).
At the balance sheet date, the company was owed £3,824 (2022: £3,824) from M Todd.


23.


Post balance sheet events

The directors have concluded that no other material events have occurred since the date of approval of these financial statements that would affect the financial statements.

 
Page 27