Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2023
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JETLINE TRAVEL LIMITED
COMPANY INFORMATION
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JETLINE TRAVEL LIMITED
CONTENTS
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JETLINE TRAVEL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors present their Strategic Report on the Company for the year ended 31 December 2023.
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%.
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
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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.
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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.
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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.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
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 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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).
The directors who served during the year were:
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JETLINE TRAVEL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
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.
The auditors, Xeinadin Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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JETLINE TRAVEL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JETLINE TRAVEL LIMITED
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 policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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.
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.
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JETLINE TRAVEL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JETLINE TRAVEL LIMITED (CONTINUED)
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 Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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JETLINE TRAVEL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JETLINE TRAVEL LIMITED (CONTINUED)
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.
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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.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an 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.
for and on behalf of
Chartered Accountants and Statutory Auditors
8th Floor
Becket House
36 Old Jewry
EC2R 8DD
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JETLINE TRAVEL LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
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JETLINE TRAVEL LIMITED
REGISTERED NUMBER: 04094279
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
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JETLINE TRAVEL LIMITED
REGISTERED NUMBER: 04094279
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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JETLINE TRAVEL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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JETLINE TRAVEL LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
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JETLINE TRAVEL LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023
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JETLINE TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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
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).
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.
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.
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JETLINE TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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JETLINE TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (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:
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.
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.
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JETLINE TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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.
The total turnover of the company for the year has been derived from its principal activity wholly undertaken in the United Kingdom.
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JETLINE TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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JETLINE TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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JETLINE TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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JETLINE TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Freehold property was revalued in July 2021 on an open market value for existing use by the directors and has not been revalued since.
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JETLINE TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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JETLINE TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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JETLINE TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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JETLINE TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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.
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.
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.
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