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Registered number: 05676147


GLOBAL TRAVEL COLLECTION UK, LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 
GLOBAL TRAVEL COLLECTION UK, LIMITED
 

CONTENTS



Page
Company information
1
Group strategic report
2 - 8
Directors' report
9 - 12
Statement of directors' responsibilities in respect of the strategic report, directors' report and the financial statements
13
Independent auditors' report to the members of Global Travel Collection UK, Limited
14 - 18
Consolidated profit and loss account
19
Consolidated other comprehensive income
20
Consolidated statement of financial position
21 - 22
Company statement of financial position
23 - 24
Consolidated statement of changes in equity
25 - 26
Company statement of changes in equity
27 - 28
Consolidated statement of cash flows
29 - 30
Notes to the consolidated financial statements
31 - 55


 
GLOBAL TRAVEL COLLECTION UK, LIMITED
 
 
COMPANY INFORMATION


Directors
J D O'Hara  
G Rizzi 
H Daras 
J Oshiokpekhai 
A Taiwo 




Registered number
05676147



Registered office
101 St. Martin's Lane

London

WC2N 4AZ




Independent auditor
Xeinadin Audit Limited
Statutory Auditor & Chartered Accountants

36 Old Jewry

London

EC2R 8DD




Bankers
Barclays Business Banking
1 Churchill Place

London

E14 5HP




Page 1

 
GLOBAL TRAVEL COLLECTION UK, LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors present their annual report for Global Travel Collection UK, Ltd. for the year ended 31 December 2023.

Business review
 
The principal activity of the Group during the year continued to be as travel agents and tour operators. These activities are done carried out mainly in the United Kingdom, France & The Netherlands:
• ALTOUR – Direct corporate travel (travel agent) based in The United Kingdom, France & The Netherlands
• Global Travel Collection – Advisor Division corporate (travel agent) based in the United Kingdom
• Colletts Travel - Advisor Division luxury travel (tour operator & travel agent) based in the United Kingdom
The Group continued to make progress in developing its travel service for the business community and tailor-made travel arrangements for the more discerning traveller.
Our Mission:
To empower our network of travel advisors with the most exceptional programs, products, and support to deliver unparalleled experiences to the traveller our clients.
 
Our Vision:
To be recognised as the undisputed leader in passionately delivering the power of our travel advisors’ human touch and expertise to clients and consumers everywhere.
Our Values:
Clients First: We exist to deliver the power of our travel advisors and agencies to the world. Their success is our success and, as a result, they are first in everything we do.
We, Not Me: Collaboration, teamwork and relationships are the tenets of our success. The collective power of our employees, clients, advisors, agencies, and suppliers is what moves us forward.
Human Always: : We are a human first business. We believe in the power and competitive advantage created through the innate traits of being human. Trust, integrity, experience, empathy and building positive relationships are at the very core of how we operate.
Act As Owners: We are all leaders fully vested in the success of our organisation. We are empowered decision makers that take pride in doing the right thing always.
Go The Extra Mile: We always go the extra mile to make things exceptional. Good is the enemy of great. Complacency is the enemy of innovation. Just like our advisors go the extra mile for their clients; we go the distance for our advisors and each other.
Everyone Belongs: We believe in the power that comes from a diverse team of respectful professionals that is inclusive of all people and thought.
Strategic review and future prospects
As of 2023, the group has returned to its pre-pandemic business performance, achieving similar transaction as in 2019. The outlook for 2024 is also continued growth. 
ALTOUR International, our inhouse travel management business, has seen remarkable expansion with both new and existing customers. This includes securing a significant global corporate client that could contribute to
Page 2

 
GLOBAL TRAVEL COLLECTION UK, LIMITED
 

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

a major increase in revenue. The company continues to invest in technology and improving processes, which suggests the potential for even more growth and enhanced profit margins going forward. Similarly, ALTOUR France, our French overseas inhouse business has achieved unprecedented sales and profits.  
Global Travel Collection, our independent advisor corporate division, has shown steady growth and has been unaffected by the actor & writers' strike. Sectors such as music touring, film & media, finance, and legal have regained their pre-COVID activity levels. Continuous acquisition of quality advisors remains a priority to support expansion in this segment. The goal is to draw in more high-calibre clientele to better serve our designated market portion.  
Colletts Travel, the leisure independent advisor business which services the premium UK leisure sector, is also gaining strength. Our internally developed Tour Operator product continues to lead the market and helps attract top-tier independent advisors to the Group.
Additionally, we are optimising our organisational structure by merging similar business entities and plan to complete this integration by 2024. This consolidation and streamline strategy is anticipated to improve the Group's market recognition.
We see 2024 being a year of continuous consolidating our brands into distinct companies in the Group to further inform our clientele and commercial partners of the value proposition of each brand. We also plan an aggressive expansion into the EU market over the next eighteen months, bring our expertise in the independent advisor market to the region.
The conflicts in Israel/Palestine and Russia/Ukraine, as well as the strikes by actors and writers, caused some fluctuations in travel demand that affected the outcomes, but the desire for travel remained robust. The Group keeps witnessing a solid recovery in consumer confidence that led to a significant increase in revenues for all the businesses in the Group.  
Overall, the Directors are happy with the Company's performance.
Funding, liquidity and going concern
As of 31 December 2023, the Group had net asset of £0.470m (2022: £3.205m) and net current assets of
£20.468m (2022: £17.668m)
The directors have considered the impact of going concern of the business and this is documented in more detail in the accounting policy note 1.1. They have a reasonable expectation that the group has adequate resources to continue and therefore the going concern basis has been adopted in preparing the annual report and accounts.
Employee involvement and communication
We continue to engage colleagues with great ideas and endeavour to involve our people with matters affecting them. We collate feedback through employee opinion surveys. This forms an important strategic tool across the UK Group, as they provide honest feedback that can drive business improvements.
We are proud to highlight Internova’s unwavering dedication and investment in the well-being and growth of our employees. As a company, we prioritize creating a supportive and rewarding work environment that nurtures their professional development and personal success.
 
We are committed to fostering a culture of transparency, respect, and continuous learning. We believe in providing opportunities for skill enhancement, career advancement, and work-life balance to ensure that each team member feels valued and motivated.
 
Through initiatives such as professional development programs, mentorship opportunities, flexible work arrangements, and employee well-being initiatives, we strive to empower our employees to reach their full potential. We understand that their growth and satisfaction are essential to our collective success.
 
 
Page 3

 
GLOBAL TRAVEL COLLECTION UK, LIMITED
 

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

As we navigate challenges and celebrate triumphs together, our employee’s well-being and growth are at the forefront of our priorities. 
We encourage two-way communication, having a significant number of proactive employee forums in place, to ensure that we have an on-going dialogue to involve colleagues with matters that are important to them. This is facilitated through team meetings and Company and Quarterly Group Townhalls.
Further information in respect of "Our people", can be found in the Section 172 report.
Disabled employees
The policy of the Company is to give full and fair consideration to applications for employment from disabled persons having regard to their aptitudes and abilities. Whenever possible the Company continues to employ those employees who have become disabled. The Company plans for the training and career development of all disabled employees.

Financial highlights and key performance indicators

The KPI's during the year were as follows:

2023
2022
        £
        £
Turnover

226,066,409

213,972,494
 
Gross profit margin

15,626,304

13,769,143
 
EBITDA

1,176,528

1,964,157
 
Net current asset

20,467,551

17,668,373
 
Cash funds

13,407,713

15,641,978
 
Average number of employees

172

152
 

Page 4

 
GLOBAL TRAVEL COLLECTION UK, LIMITED
 

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

Key risks and mitigating factors
 
Consumer demand
Potential Impact: a reduction in profitability levels
Mitigation: Customer feedback is obtained to ensure our product is continually evolving to meet the market demand.  Our pricing policy is reviewed regularly to ensure it remains competitive.  Sales progress is regularly reviewed, and marketing strategy adjusted accordingly.
Competitive risks
Potential impact: The risk that a new entrant or an existing Group may take business away.
Mitigation: the directors believe that they "have their fingers on the pulse" and thereby will take the necessary steps
Business closure due to any health emergency
Potential impact: Business closure resulting in loss of revenue and profit.
Mitigation: Continued control over the Group’s cost and agility to implement whatever measures required to ensure the group can withstand any storms coming its way. This and the additional comfort given by its immediate and ultimate parent.
Key supplier management
Potential impact: The risk of losing its major suppliers.
Mitigation: The Group ensures that all the reports are reconciled, and payments are made in a timely manner. It also makes sure that all the correct procedures are adhered to.
Operating costs may not be controlled
Potential impact: a reduction in profits might occur.
Mitigation: All cost variances are reviewed in a timely manner and any remedial action taken immediately
Business continuity and IT Systems
Potential impact: The risk of failure of the Group's IT Systems and processes.
Mitigation: The Group is highly dependent on its IT systems to record and process vast volumes of bookings, financial information and other data. The directors have a policy of constantly updating its software and hardware to ensure that the systems are operating efficiently and can cope with the ongoing demands. The systems are regularly backed up to ensure that the Group can continue to function without interruption.
Liquidity Risk
Potential impact: the risk of shortage of working capital
Mitigation: The directors keep a keen eye on the working capital requirements of the Group and take appropriate action to ensure that the Group always has adequate working capital. The Group has adequate finance in place to cover its short to medium term operations.
Credit risk
Potential impact: Profitability may reduce due to non-payment by our clients.
Mitigation: The Group continues to have tight credit control management in place. Credit continues to be phased out as much as possible with clients being encouraged to move to direct debit settlement or alternatively settle by credit card;
Lack of sustainability improvements. 
Potential impact: the risk that we are not successful in driving social and environmental improvements across our operations, that our suppliers do not uphold our corporate and social responsibility standards. failure to influence our clientele and suppliers to manage their travel more sustainably.
Mitigation: For the Group, economic, environmental, and social sustainability is a fundamental management principle and a cornerstone of our strategy for continually enhancing the value of our Group. By doing this, we create the conditions for long-term economic success and assume responsibility for sustainable transformation in the travel industry. 
 
Page 5

 
GLOBAL TRAVEL COLLECTION UK, LIMITED
 

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

Our focus is to reduce the environmental impact of our operations and promote responsible social policies and outcomes, both, directly through our own business and indirectly via our influence over our supply chain partners, thereby driving sustainable transformation of the travel agent industry. 

Section 172 Statement 
We, as Directors of the Group, uphold the professional conduct and obligations as outlined under section 172(1) of the Companies Act 2006 ('Section 172'). Giving our compliance to this code of conduct, we as Directors, act in a way that we consider to most likely to promote the success of the group for the benefit of its owners. Our commitment to uphold such professional integrity encompasses the following factors (amongst many other considerations): 
• The likely consequences of any decision in the long term.
• The interests of the Group's employees.
• The need to foster the Group's business relationships with suppliers, customers, and all other external and internal stakeholders.
• The impact of the Group's operations on the wider community and the environment.
• The necessity of the Group to maintain a reputation for high standards of business conduct at all times.
• The requirement to act fairly with, and between, owners of the Group.
The likely consequences of any decision in the long term
Consideration of the consequences of any decision in both the short, medium, and long term is duly considered as part of the decision-making process.
The interests of the group's employees
We strive to create a workplace using appropriate labour practices. We are committed to complying with applicable laws, including labour and employment laws, in all areas of operation. We believe it is everyone’s right to earn a living wage through freely chosen work. And we believe in having a diverse workforce and in fostering a safe, healthy, and positive workplace environment for them. 
Key Initiatives: 
• 
Equal Employment Opportunity: Our group is committed to the principles of equal employment, including complying with all UK legislation providing Equal Opportunities, and all other employment laws and regulations. 
• 
Promote and support diversity committees and educational webinars led by employees of all levels. Regular events with internal and external guest speakers are open to all employees. 
• 
Recruitment & Retention opportunities.  Continue to utilize diverse job boards to recruit talents.  Leadership training on compensation philosophy, coaching, and performance management. Expand on compensation processes and equity reassessment. Provide self e-learning & development opportunities with LinkedIn Learning and other career path development.
• 
Open communications and dialogues through our Everyone Belongs Newsletter which highlights Diversity of Thought and employee spotlights. Continue to share DE&I Strategy and Progress at Company Townhalls and Team Meetings. Establish an Ethics Hotline/Ideas Email – where employees can share their ideas and concerns.
• 
Compensation Philosophy: We provide compensation solutions across all business units that attract, retain, reward, and motivate the best performers. Compensation packages are aligned with market trends to be competitive and equitable in total compensation versus base salary alone.
• 
Employee Benefits: We offer a full suite of health and welfare, and employment benefits that are designed to deliver quality care and options to our employees and their families.
• 
Safe and Healthy Workplace: We value the safety of our employees and provide a safe and healthy workplace for them, compliant with applicable safety and health laws, regulations, and policies.
The need to foster the group's business relationships with suppliers, customers, and other
Our customers are at the heart of everything we do, and our mission is to provide them with memorable holiday experiences.  As a result, the relationships with our customers and our suppliers who are in integral part of allowing us to provide our customer experience are very important.  We conduct regular customer surveys, provide customer feedback forms for every holiday, and have a social media community group for our
Page 6

 
GLOBAL TRAVEL COLLECTION UK, LIMITED
 

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

customers.  This allows us to ensure that we can react to customer feedback and needs. We have nominated responsibility within each of our trading divisions who maintain our supplier relationships. 
The impact of the company's operations on the community and the environment 
We care deeply about how our operations affect the community and the environment, and that's why we constantly evaluate our methods and practices to pursue ongoing improvements in this area.
Internova Travel Group (ultimate parent) has a partnership with Sustainable Travel International, a global organisation that has more than 15 years of experience creating successful sustainable travel practices and supporting some of the most effective carbon offset programs for the travel industry. Using Sustainable Travel International’s advisory services, as well as insights from various initiatives across our industry, Internova continues to forge relationships with sustainability associations.
To expand on those efforts, the company has developed two new programs for customers that will assist them in reducing their travel emissions:
  
The Climate Positive 
Program is designed for corporate customers, to help them assess their company’s sustainability efforts, measure their emissions, develop options to offset those emissions and communicate to their stakeholders, customers and employees.
The Climate Action
The Program lets leisure travel clients donate 1 percent of their trip cost to help offset some emissions. Travelers also get useful tips and news on how the industry is working on sustainability. Internova wants to train its travel advisors on sustainability and offer workshops with travel suppliers on how to create sustainable trips
These new efforts show the growing value that both business and leisure travellers give to sustainability — practices that meet our current needs without harming the needs of future generations. Such practices include taking steps to protect the environment by reducing the effect of greenhouse gas emissions. 
Individual travellers are increasingly prioritising sustainable travel practices as part of their travel buying decisions. We understand that this will be a major competitive advantage for our industry and suppliers. We strive to implement meaningful initiatives and associate our businesses with organizations dedicated to reducing harmful impacts on the environment and supporting local resources. 
At our offices, we promote waste reduction, the conservation of water and energy, and movement towards a paperless workplace. We purchase sustainable recyclable supplies. Where possible, we seek out green building certifications for our larger commercial offices. We built our global corporate headquarters and larger offices in state-of-the art energy-efficient and sustainable buildings with LEED Gold, ENERGY STAR, and/or Fitwel Rated 1-Star certifications. 
We follow all energy conservation and recycling programs that our landlords and local municipalities require, such as: 
• Separating recyclables such as bottles, plastics and paper from other trash and food waste. 
• Our office and IT equipment and our appliances have ENERGY STAR ratings. Office equipment goes into sleep mode when not in use.
The desirability of the company maintaining a reputation for high standards of business conduct
Our company core values set out the values that are a fundamental part in how we deliver our mission.  Our core values include communicating honestly and openly in our interactions and set the standard for how we maintain high standards of business conduct.
Some of our businesses are subject to the rules of travel authorities in the United Kingdom, so we cooperate with travel lawyers to keep the Board informed of the appropriate licencing conditions and proper business conduct. The Board strives to uphold proper business conduct across the business and achieves this through
Page 7

 
GLOBAL TRAVEL COLLECTION UK, LIMITED
 

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

the risk management process mentioned above, by doing regular functional reviews, and by hiring external experts to check compliance with new rules and regulations.
The key travel regulators in respect of the travel industry are:
• The Civil Aviation Authority (CAA) which is responsible for the regulation of aviation safety in the UK, determining policy for the use of airspace, the economic regulation of certain UK airports, the licensing and financial fitness of airlines and the management of the ATOL financial protection scheme for holidaymakers.
• ABTA, the UK's largest travel association, which represents travel agents and tour operators. ABTA protection is designed to enforce standards and provide insurance for holidaymakers in the event of financial problems for travel companies.
Regular management information is made available to the travel regulators as well as key lenders to the group.


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



................................................
A Taiwo
Director
 
101 St. Martin's Lane
London
WC2N 4AZ

Date:26 June 2024

Page 8

 
GLOBAL TRAVEL COLLECTION UK, 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.

Principal activity

The principal activity of the Group during the year continued to be as travel agents and tour operators.

Results and dividends

The loss for the year, after taxation, amounted to £2,622,305 (2022 - loss £2,533,424).

Dividends amounting to £Nil (2022: £Nil) were paid to the directors for the year.

Directors

The directors who served during the year were:

J D O'Hara 
G Rizzi 
H Daras 
J Oshiokpekhai 
A Taiwo 

Political contributions

The Group made no political donations or incurred any political expenditure during the year (2022: £Nil).

Page 9

 
GLOBAL TRAVEL COLLECTION UK, LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Financial Instruments


Liquidity risk
The company manages its cash and borrowing requirements to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.
Interest rate risk
The company is exposed to cash flow interest rate risk on floating rate deposits and bank overdrafts. The board reviews the exposure to interest rate risk on a regular basis to manage the mix of fixed and variable rate debt to reduce its exposure to changes in interest rates.
Credit risk
Investments of cash surpluses and borrowings are made through banks that are approved by the Board. Customer terms are generally payment before the service is provided or managed via credit limits. Trade debtors are monitored on, and ongoing basis and provision is made for doubtful debt as necessary.
Disabled persons
The company considers applications for employment from candidates with a disability where the candidate’s particular aptitudes and abilities are consistent with adequately meeting the requirements of the role. Opportunities are available for employees with a disability for training, career development and promotion. Where existing employees become disabled, it is the company’s policy to provide continuing employment wherever practicable in the same or an alternative position to provide appropriate training to achieve this aim.
Directors Indemnities
The Company maintained throughout the year and at the date of approval of the financial statements, liability insurance for its directors and officers. This is a qualifying provision for the purposes of the Companies Act 2006.
Environmental policy
The company is committed to responsible energy management and will practice energy efficiency through our organisation where possible. We recognise that climate change is one of the most serious environmental challenges currently threatening the global community and we understand we have a role to play in reducing greenhouse gas emissions.

Page 10

 
GLOBAL TRAVEL COLLECTION UK, LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Energy and Carbon Reporting (SECR) Statement

The Group has reported its energy consumption and associated carbon emissions for the financial year. The Group is committed to reducing its environmental impact and improving its energy efficiency. This report outlines our energy consumption, carbon emissions, and the actions we have taken to manage and reduce our environmental footprint.

Energy Consumption Data
The total energy consumption in the financial year has increased compared to the previous year. This change is highlighted below:
Reporting Year Energy Consumption (kWh)
Previous Year 145,104 kWh
Current Year  164,900 kWh
Associated Greenhouse Gas (GHG) Emissions
The energy consumption data has been converted into GHG emissions using the applicable conversion factors provided by the Department for Business, Energy & Industrial Strategy (BEIS). The emissions from electricity consumption are reported in tonnes of CO2 equivalent (tCO2e).
Reporting Year   Scope 2 Emissions (tCO2e)        Total Emissions (tCO2e)
Previous Year            30.82                                           30.82
Current Year             31.88                                           31.88
Energy Efficiency Actions
In the current reporting period, the Group continued to implement the following energy efficiency measures to manage and reduce energy consumption and emissions:
• 
Upgraded lighting systems to energy-efficient LEDs in all office spaces and facilities.
 Implemented energy management software to track and optimize energy usage across different departments.
• 
Computer and machinery upgrades to the latest energy efficient models.
These actions have laid the groundwork for future reductions in energy usage despite the rise in overall consumption.

Conclusion
Although there has been an increase in total energy consumption from 145,104 kWh to 164,900 kWh, the Group remains committed to improving energy efficiency and reducing emissions over the long term. We are continually exploring opportunities to improve our enviromental performance and invest in sustainable practices

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Page 11

 
GLOBAL TRAVEL COLLECTION UK, LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Post balance sheet events

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

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.
 





................................................
A Taiwo
Director

Date: 26 June 2024

Page 12

 
GLOBAL TRAVEL COLLECTION UK, LIMITED
 
 
STATEMENT OF DIRECTORS' RESPONSIBILITIES IN RESPECT OF THE STRATEGIC REPORT, THE DIRECTORS' REPORT AND THE CONSOLIDATED FINANCIAL STATEMENTS

The directors are responsible for preparing the Group 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 the Group and of the profit or loss of the Group for that period.

 In preparing in of the group and parent company financial statements, the directors are required to:

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

make judgments and accounting estimates that are reasonable and prudent;

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

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

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

Page 13

 
GLOBAL TRAVEL COLLECTION UK, LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GLOBAL TRAVEL COLLECTION UK, LIMITED
 

Opinion


We have audited the financial statements of Global Travel Collection UK, Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated profit and loss account, the Consolidated statement of comprehensive income, the Consolidated statement of financial position, the Company statement of financial position, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


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


Basis for opinion


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


Conclusions relating to going concern


In forming our opinion, we have considered the adequacy of the disclosures made in the financial statements concerning the company's ability to continue as a going concern.


Based on the work we have performed, and comments in note 1.1, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the parent Company’s ability to continue as a going concern for the period of at least twelve months from when the financial statements are authorised for issue.
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.





Page 14

 
GLOBAL TRAVEL COLLECTION UK, LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GLOBAL TRAVEL COLLECTION UK, LIMITED (CONTINUED)


Other information


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


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

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


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


Matters on which we are required to report by exception
 

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


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


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


Page 15

 
GLOBAL TRAVEL COLLECTION UK, LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GLOBAL TRAVEL COLLECTION UK, LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 13, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


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


Page 16

 
GLOBAL TRAVEL COLLECTION UK, LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GLOBAL TRAVEL COLLECTION UK, 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;
•Reviewing minutes of meetings of meetings of those charged with governance;
•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
•Enquiry of management and those charged with governance 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 Group is subject to laws and regulations that directly affect the financial statements including financial reprting 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 Group 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 Group’s license to operate. We identified the following areas as those most likely to have such an effect: health and safety including data protection laws, employment law, ABTA, ATOL and IATA compliance recognising the nature of the Group’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.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
Page 17

 
GLOBAL TRAVEL COLLECTION UK, LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GLOBAL TRAVEL COLLECTION UK, LIMITED (CONTINUED)




Use of our report
 

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





Yasin Khandwalla FCCA (Senior statutory auditor)
  
for and on behalf of
Xeinadin Audit Limited
 
Statutory Auditor & Chartered Accountants
  
36 Old Jewry
London
EC2R 8DD

26 June 2024
Page 18

 
GLOBAL TRAVEL COLLECTION UK, LIMITED
 
 
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£


Gross Turnover
226,066,409
213,972,494

226,066,409
213,972,494

  

Turnover
 2 
68,328,588
58,480,611

Cost of sales
  
(52,702,284)
(44,711,468)

Gross profit
  
15,626,304
13,769,143

Administrative expenses
  
(17,425,476)
(14,462,414)

Other operating income
  
23,326
(49,179)

Operating loss
 3 
(1,775,846)
(742,450)

Interest receivable and similar income
 7 
73,547
57,686

Interest payable and similar expenses
 8 
(653,475)
(1,285,368)

Loss before tax
  
(2,355,774)
(1,970,132)

Tax on loss
 9 
(266,531)
(563,292)

Loss for the financial year
  
(2,622,305)
(2,533,424)

Loss for the year attributable to:
  

Owners of the parent
  
(2,622,305)
(2,533,424)

  
(2,622,305)
(2,533,424)

The notes on pages 31 to 55 form part of these financial statements.

Page 19

 
GLOBAL TRAVEL COLLECTION UK, LIMITED
 

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£


Loss for the financial year

  

(2,622,305)
(2,533,424)

Other comprehensive income
  


Movement in NCI
  
-
327,720

Other comprehensive income for the year
  
-
327,720

Total comprehensive income for the year
  
(2,622,305)
(2,205,704)

(Loss) for the year attributable to:
  


Owners of the parent Company
  
(2,622,305)
(2,533,424)

  
(2,622,305)
(2,533,424)

The notes on pages 31 to 55 form part of these financial statements.

All transactions are from continuing operations.

Page 20

 
GLOBAL TRAVEL COLLECTION UK, LIMITED
REGISTERED NUMBER: 05676147

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 11 
23,178,351
22,429,677

Tangible assets
 12 
526,266
635,656

Investments
 13 
9,485
9,485

  
23,714,102
23,074,818

Current assets
  

Debtors: amounts falling due after more than one year
 14 
414,259
414,259

Debtors: amounts falling due within one year
 14 
34,562,502
30,049,288

Current asset investments
 15 
20,487
20,487

Cash at bank and in hand
 16 
13,407,713
15,641,978

  
48,404,961
46,126,012

Creditors: amounts falling due within one year
 17 
(27,937,410)
(28,457,639)

Net current assets
  
 
 
20,467,551
 
 
17,668,373

Total assets less current liabilities
  
44,181,653
40,743,191

Creditors: amounts falling due after more than one year
 18 
(43,711,895)
(37,538,492)

Provisions for liabilities
  

Net assets
  
469,758
3,204,699

Page 21

 
GLOBAL TRAVEL COLLECTION UK, LIMITED
REGISTERED NUMBER: 05676147
    
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Capital and reserves
  

Called up share capital 
 21 
50,000
50,000

Foreign exchange reserve
 22 
932,308
313,224

Other reserves
 22 
20,406,361
20,671,324

Profit and loss account
 22 
(20,918,911)
(18,296,606)

Equity attributable to owners of the parent Company
  
469,758
2,737,942

Non-controlling interests
  
-
466,757

  
469,758
3,204,699


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




................................................
A Taiwo
Director
101 St. Martin's Lane
London
WC2N 4AZ

Date: 26 June 2024

The notes on pages 31 to 55 form part of these financial statements.

Page 22

 
GLOBAL TRAVEL COLLECTION UK, LIMITED
REGISTERED NUMBER: 05676147

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
  
182,375
267,414

Investments in subsidiary companies
  
45,129,655
45,129,655

  
45,312,030
45,397,069

Current assets
  

Debtors: amounts falling due after more than one year
 14 
414,259
414,259

Debtors: amounts falling due within one year
 14 
18,327,097
15,822,045

Current asset investments
 15 
20,487
20,487

Cash at bank and in hand
 16 
2,616,289
4,796,906

  
21,378,132
21,053,697

Creditors: amounts falling due within one year
 17 
(17,008,343)
(15,093,974)

Net current assets
  
 
 
4,369,789
 
 
5,959,723

Total assets less current liabilities
  
49,681,819
51,356,792

  

Creditors: amounts falling due after more than one year
 18 
(25,337,616)
(27,373,280)

  

Net assets
  
24,344,203
23,983,512

Page 23

 
GLOBAL TRAVEL COLLECTION UK, LIMITED
REGISTERED NUMBER: 05676147
    
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£


Capital and reserves
  

Called up share capital 
 21 
50,000
50,000

Other reserves
 22 
20,669,167
20,669,167

Profit and loss account brought forward
  
3,264,345
(1,821,864)

Profit for the year
  
360,691
5,086,209

Profit and loss account carried forward
  
3,625,036
3,264,345

  
24,344,203
23,983,512


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


................................................
A Taiwo
Director
101 St. Martins Lane
London
WC2N 4AZ

Date: 26 June 2024

The notes on pages 31 to 55 form part of these financial statements.
As permited by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. The parent company's profit for the financial year was £360,691 (2022: Profit £5,086,209).

Page 24

 

 
GLOBAL TRAVEL COLLECTION UK, LIMITED


 

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



Called up share capital
Other reserve
Capital contribution
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity


£
£
£
£
£
£
£


At 1 January 2023
50,000
313,224
20,671,324
(18,296,606)
2,737,942
466,757
3,204,699



Comprehensive income for the year


Loss for the year
-
-
-
(2,622,305)
(2,622,305)
-
(2,622,305)


Currency translation differences
-
619,084
-
-
619,084
-
619,084

Total comprehensive income for the year
-
619,084
-
(2,622,305)
(2,003,221)
-
(2,003,221)



Contributions by and distributions to owners


Other movement
-
-
(264,963)
-
(264,963)
-
(264,963)


NCI acquisition
-
-
-
-
-
(466,757)
(466,757)



Total transactions with owners
-
-
(264,963)
-
(264,963)
(466,757)
(731,720)



At 31 December 2023
50,000
932,308
20,406,361
(20,918,911)
469,758
-
469,758



The notes on pages 31 to 55 form part of these financial statements.

Page 25

 

 
GLOBAL TRAVEL COLLECTION UK, LIMITED


 

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



Called up share capital
Other reserve
Capital contribution
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity


£
£
£
£
£
£
£


At 1 January 2022
50,000
207,868
20,671,324
(15,763,182)
5,166,010
139,037
5,305,047



Comprehensive income for the year


Loss for the year
-
-
-
(2,533,424)
(2,533,424)
-
(2,533,424)


Currency translation differences
-
105,356
-
-
105,356
-
105,356


Other movement - Infinity
-
-
-
-
-
327,720
327,720



Other comprehensive income for the year
-
105,356
-
-
105,356
327,720
433,076



Total comprehensive income for the year
-
105,356
-
(2,533,424)
(2,428,068)
327,720
(2,100,348)



Total transactions with owners
-
-
-
-
-
-
-



At 31 December 2022
50,000
313,224
20,671,324
(18,296,606)
2,737,942
466,757
3,204,699



The notes on pages 31 to 55 form part of these financial statements.

Page 26

 
GLOBAL TRAVEL COLLECTION UK, LIMITED
 

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


Called up share capital
Capital contribution
Profit and loss account
Total equity

£
£
£
£

At 1 January 2023
50,000
20,669,167
3,264,345
23,983,512


Comprehensive income for the year

Profit for the year

-
-
360,691
360,691


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
360,691
360,691


Total transactions with owners
-
-
-
-


At 31 December 2023
50,000
20,669,167
3,625,036
24,344,203


The notes on pages 31 to 55 form part of these financial statements.

Page 27

 
GLOBAL TRAVEL COLLECTION UK, LIMITED
 

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


Called up share capital
Capital contribution
Profit and loss account
Total equity

£
£
£
£

At 1 January 2022
50,000
20,669,167
(1,821,864)
18,897,303


Comprehensive income for the year

Profit for the year

-
-
5,086,209
5,086,209


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
5,086,209
5,086,209


Total transactions with owners
-
-
-
-


At 31 December 2022
50,000
20,669,167
3,264,345
23,983,512


The notes on pages 31 to 55 form part of these financial statements.

Page 28

 
GLOBAL TRAVEL COLLECTION UK, LIMITED
 

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

2023
2022
£
£

Cash flows from operating activities

Loss for the financial year
(2,622,305)
(2,533,424)

Adjustments for:

Amortisation of intangible assets
2,778,499
2,424,995

Depreciation of tangible assets
177,178
344,918

Interest paid
653,475
1,285,368

Interest received
(73,547)
(57,686)

Taxation charge
266,531
563,292

(Increase) in debtors
(4,547,851)
(5,967,192)

Increase in creditors
1,073,723
6,466,701

Increase in amounts owed to groups
4,523,559
6,796,567

Corporation tax (paid)/received
(17,591)
1,018,057

Net cash generated from operating activities

2,211,671
10,341,596


Cash flows from investing activities

Purchase of tangible fixed assets
(45,521)
(344,918)

Purchase of short-term unlisted investments
(20,487)
(20,487)

Acquistion in subsidiary
(3,800,000)
-

Interest received
73,547
57,686

Net cash from investing activities

(3,792,461)
(307,719)
Page 29

 
GLOBAL TRAVEL COLLECTION UK, LIMITED
 

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


2023
2022

£
£



Cash flows from financing activities

Interest paid
(653,475)
(1,285,368)

Net cash used in financing activities
(653,475)
(1,285,368)

Net (decrease)/increase in cash and cash equivalents
(2,234,265)
8,748,509

Cash and cash equivalents at beginning of year
15,641,978
6,893,469

Cash and cash equivalents at the end of year
13,407,713
15,641,978


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
13,407,713
15,641,978

13,407,713
15,641,978


The notes on pages 31 to 55 form part of these financial statements.

Page 30

 
GLOBAL TRAVEL COLLECTION UK, LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies

  
1.1

Accounting policies

Global Travel Collection UK, Limited (the "Company") is a private company limited by shares incorporated, domiciled and registered in England in the UK. The registered number is 05676147 and the registered address is 101 St. Martin's Lane, London, WC2N 4AZ.
These Group and parent financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland ("FRS 102")'. The presentation currency of these financial statements is sterling. All amounts in the financial statements have been rounded to the nearest £1.
The parent company is included in the consolidated financial statements, and is considered to be a qualifying entity under FRS 102 paragraphs 1.8 to 1.12. The following exemptions available under FRS 102 in respect of certain disclosures for the parent company financial statements have been applied:

No separate parent company Cash Flow Statement with related notes is included; and
• Key Management Personnel compensation has not been included a third time.
• Disclosure of transactions between Internova Travel Group members.
• Certain disclosures required by FRS 102.26 Share Based Payments; and, 
• Certain disclosures required by FRS 102.11 Basic Financial Instruments and FRS 102.12 Other Financial Instrument Issues in respect of financial instruments not falling within the fair value accounting rules of Paragraph 36(4) of Schedule 1.

The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these financial statements. 
Judgements made by the directors, in the application of these accounting policies that have significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year are discussed in note 28.
Going concern 
The groups business activities, together with the factors that might affect its future development and position are set out in the Strategic Report in these statements. The strength of the company’s resources, continued cost controls and the backing of its parent, gives the confidence to deal with any negative external events of the nature that might happen in the next twelve months from the approval date of these financial statements.
The company is a wholly owned subsidiary of Internova Travel Group LLC. The Group's business activities, together with the factors likely to affect its future trading performance, are set out in its Strategic report.
The Groups forecasts are dependent on Internova Travel Group LLC, the Company’s parent undertaking, to provide additional financial support if needed. Internova Travel Group LLC has indicated its intention to continue to make available such funds as are needed by the company for the period covered by the forecasts.
Based on these indications the Directors believe that it remains appropriate to prepare the financial
Page 31

 
GLOBAL TRAVEL COLLECTION UK, LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

statements on a going concern basis. The financial statements do not include any adjustments that would result from the basis of preparation being inappropriate.

  
1.2

Measurement convention

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.

  
1.3

Basis of consolidation

The consolidated financial statements include the financial statements of the Company and its subsidiary undertakings made up to 31 December 2023. A subsidiary is an entity that is controlled by the parent. The results of subsidiary undertakings are included in the consolidated profit and loss account from the date that control commences until the date that control ceases. Control is established when the Company has the power to govern the operating and financial policies of an entity so as to obtain benefits from its activities. In assessing control, the Group takes into consideration potential voting rights that are currently exercisable.
In the parent financial statements, investments in subsidiaries, jointly controlled entities and associates are carried at cost less impairment.

  
1.4

Foreign currency

Transactions in foreign currencies are translated to the Group companies’ functional currency at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are retranslated to the functional currency at the foreign exchange rate ruling at that date. 
Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are retranslated to the functional currency at foreign exchange rates ruling at the dates the fair value was determined. Foreign exchange differences arising on translation are recognised in the profit and loss account.

The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on consolidation, are translated to the Group’s presentational currency, Sterling, at foreign exchange rates ruling at the balance sheet date. The revenues and expenses of foreign operations are translated at an average rate for the year where this rate approximates to the foreign exchange rates ruling at the dates of the transactions. Foreign exchange differences arising on retranslation are recognised in other comprehensive income.

Page 32

 
GLOBAL TRAVEL COLLECTION UK, LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

  
1.5

Revenue

Turnover represents amounts earned during the year from transaction fees, management fees, commissions receivable, and other income in accordance with contractual arrangements, exclusive of  Value Added Tax.
Revenue from the rendering of services is measured at the point when risk of the service transaction is transferred in the reporting period provided that the outcome can be reliably estimated. This is on a booking date basis where teh Group acts as Agent, and departure date basis where it acts as a Principal. Turnover represents gross bookings when the group as a Principal and commission when it acts as an agent. 
When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable. 

Page 33

 
GLOBAL TRAVEL COLLECTION UK, LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

 
1.6

Impairment excluding deferred tax assets

Financial assets (including trade and other debtors) 
A financial asset not carried at fair value through profit or loss is assessed at each reporting date to determine whether there is objective evidence that it is impaired. A financial asset is impaired if objective evidence indicates that a loss event has occurred after the initial recognition of the asset, and that the loss event had a negative effect on the estimated future cash flows of that asset that can be estimated reliably. 
An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference between its carrying amount and the present value of the estimated future cash flows discounted at the asset’s original effective interest rate. For financial instruments measured at cost less impairment an impairment is calculated as the difference between its carrying amount and the best estimate of the amount that the Company would receive for the asset if it were to be sold at the reporting date. Interest on the impaired asset continues to be recognised through the unwinding of the discount. Impairment losses are recognised in profit or loss. When a subsequent event causes the amount of impairment loss to decrease, the decrease in impairment loss is reversed through profit or loss. 
Non-financial assets 
The carrying amounts of the entity’s non-financial assets, other than deferred tax assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the “cash-generating unit”). The goodwill acquired in a business combination, for the purpose of impairment testing is allocated to cash-generating units, or (“CGU”) that are expected to benefit from the synergies of the combination. For the purpose of goodwill impairment testing, if goodwill cannot be allocated to individual CGUs or groups of CGUs on a non-arbitrary basis, the impairment of goodwill is determined using the recoverable amount of the acquired entity in its entirety, or if it has been integrated then the entire group of entities into which it has been integrated. 
An impairment loss is recognised if the carrying amount of an asset or its CGU exceeds its estimated recoverable amount. Impairment losses are recognised in profit or loss. 
An impairment loss recognised for goodwill is not reversed. Impairment losses recognised for other assets is reversed only if the reasons for the impairment have ceased to apply.
 
Impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.

Page 34

 
GLOBAL TRAVEL COLLECTION UK, LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

 
1.7

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to the profit and loss account on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
1.8

Interest receivable and similar income

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

  
1.9

Interest payable and similar expenses

Interest payable and similar expenses are charged to the profit and loss account 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.

 
1.10

Pensions

Defined contribution pension plan

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

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.

Page 35

 
GLOBAL TRAVEL COLLECTION UK, LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

 
1.11

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 reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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

 
1.12

Intangible assets

Goodwill (Group)
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the profit and loss account over its useful economic life. The finite useful life of goodwill is estimated to be between 12 to 17 years.
The company reviews the amortisation period and method when events and circumstances indicate that the useful life may have changed.

Other intangible assets that are acquired by the Company are stated at cost less accumulated amortisation and less accumulated impairment losses. Amortisation is charged to the profit or loss on a straight-line basis over the estimated useful lives of intangible assets. Intangible assets are amortised from the date they are available for use. 

Page 36

 
GLOBAL TRAVEL COLLECTION UK, LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

 
1.13

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
-
20% straight line
Plant and machinery
-
25% straight line
Fixtures and fittings
-
33.3% straight line
Computer equipment
-
33.3% 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.

 
1.14

Valuation of investments

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the profit and loss account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

  
1.15

Advance receipts and payments

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

 
1.16

Debtors

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

Page 37

 
GLOBAL TRAVEL COLLECTION UK, LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

  
1.17

Associates and joint ventures

An entity is treated as a joint venture where the group is a party to a contractual agreement with one or more parties from outside the Group to undertake an economic activity that is subject to joint control.
An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.
In the consolidated accounts, where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
1.18

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.

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 Group's cash management.

 
1.19

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.

  
1.20

Provisions for liabilities

Provisions are made where an event has taken place that gives the Group 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 Group 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.

Page 38

 
GLOBAL TRAVEL COLLECTION UK, LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

  
1.21

Business combinations

Business combinations are accounted for using the purchase method as at the acquisition date, which is the date on which control is transferred to the entity.
 
At the acquisition date, the group recognises goodwill at the acquisition date as: 
• the fair value of the consideration (excluding contingent consideration) transferred; plus 
• estimated amount of contingent consideration (see below); plus
• the fair value of the equity instruments issued; plus
• directly attributable transaction costs; less
• the net recognised amount (generally fair value) of the identifiable assets acquired and liabilities   and contingent liabilities assumed.
When the excess is negative, this is recognised and separately disclosed on the face of the balance sheet as negative goodwill. 

Consideration which is contingent on future events is recognised based on the estimated amount if the contingent consideration is probable and can be measured reliably. Any subsequent changes to the amount are treated as an adjustment to the cost of the acquisition.


2.


Turnover

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


2023
2022
£
£

Total transactonal Value
226,066,409
213,972,494

Costs before merchant fees
(157,737,821)
(155,491,883)

68,328,588
58,480,611


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
64,968,233
55,963,172

Rest of Europe
3,360,355
2,517,439

68,328,588
58,480,611


Page 39

 
GLOBAL TRAVEL COLLECTION UK, LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Operating loss

The operating loss is stated after charges/(gains):

2023
2022
£
£

Depreciation of tangible fixed assets
154,911
281,612

Amortisation of intangible assets, including goodwill
2,797,463
2,424,995

Exchange differences
110,104
(58,093)

Defined contribution pension cost
212,300
134,884


4.


Auditors' remuneration

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


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
105,000
87,500


5.


Employees

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


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


        2023
        2022
            No.
            No.







Sales, operations and administration
172
152

Page 40

 
GLOBAL TRAVEL COLLECTION UK, LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
351,017
314,044

Group contributions to defined contribution pension schemes
5,308
7,528

356,325
321,572


During the year retirement benefits were accruing to no directors (2022 - NIL) in respect of defined contribution pension schemes.

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


7.


Interest receivable

2023
2022
£
£


Other interest receivable
73,547
57,686

73,547
57,686


8.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
105
57

Interest on loans from group undertakings
653,370
1,285,311

653,475
1,285,368

Page 41

 
GLOBAL TRAVEL COLLECTION UK, LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
274,180
193,238

Adjustments in respect of previous periods
-
(269,899)


274,180
(76,661)

Foreign tax


Foreign tax on income for the year
-
46,038

-
46,038

Total current tax
274,180
(30,623)

Deferred tax


Origination and reversal of timing differences
(44,391)
(477)

Lossess and other deductions
36,742
594,392

Total deferred tax
(7,649)
593,915


Taxation on profit on ordinary activities
266,531
563,292
Page 42

 
GLOBAL TRAVEL COLLECTION UK, LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
9.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is the standard rate of corporation tax in the UK of 23.5% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Loss on ordinary activities before tax
(2,355,774)
(1,970,132)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022 - 19%)
(554,078)
(76,963)

Effects of:


Expenses not deductible for tax purposes
718,807
954,315

Adjustments to tax charge in respect of prior periods
-
(269,899)

Other timing differences leading to an increase (decrease) in taxation
78,588
403,762

Exempt ABGH distributions
(117,521)
(950,000)

Other differences leading to an increase (decrease) in the tax charge
103,225
507,362

Group relief
37,510
(5,285)

Total tax charge for the year
266,531
563,292


Factors that may affect future tax charges

The rate of corporation tax has been increased from 19% to 25% with effect from 1 April 2023. Deferred
tax assets and liabilities have therefore been remeasured at 25%.


10.


Parent company profit for the year

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and Loss account in these financial statements. 
The profit of the parent Company for the year was £360,691 (2022: Profit £5,086,209).

Page 43

 
GLOBAL TRAVEL COLLECTION UK, LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Intangible assets

Group and Company





Computer software
Goodwill
Total

£
£
£



Cost


At 1 January 2023
64,715
40,929,581
40,994,296


Additions
11,100
3,535,037
3,546,137



At 31 December 2023

75,815
44,464,618
44,540,433



Amortisation


At 1 January 2023
7,461
18,557,158
18,564,619


Charge for the year on owned assets
18,964
2,778,499
2,797,463



At 31 December 2023

26,425
21,335,657
21,362,082



Net book value



At 31 December 2023
49,390
23,128,961
23,178,351



At 31 December 2022
57,254
22,372,423
22,429,677


Acquisition in the year
On the 10 February 2023, Altour International Limited acquired the remaining 40% of the issued share capita in nfinity Travel Limited for a total consideration of £3,800,000. The assets acquired and liabilities assumed at the acquisition date were recognised at their fair values to the group as set out below.


Fair Value
Group
2023
£

Remaining share if acquiree's net assets

Trade and other debtors
35,258

Cash
387,111

Trade and other creditors
(157,406)


Consideration paid                                                                                                                    £3,800,000
Goodwill on acquisition                                                                                                             £3,535,037 


Page 44

 
GLOBAL TRAVEL COLLECTION UK, LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Tangible fixed assets

Group






Leasehold Improvements
Plant and machinery
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
919,961
503,031
430,732
327,771
2,181,495


Additions
23,647
6,030
-
15,844
45,521



At 31 December 2023

943,608
509,061
430,732
343,615
2,227,016



Depreciation


At 1 January 2023
657,710
393,983
270,649
223,497
1,545,839


Charge for the year on owned assets
104,588
1,171
2,003
47,149
154,911



At 31 December 2023

762,298
395,154
272,652
270,646
1,700,750



Net book value



At 31 December 2023
181,310
113,907
158,080
72,969
526,266



At 31 December 2022
262,251
109,048
160,083
104,274
635,656

Page 45

 
GLOBAL TRAVEL COLLECTION UK, LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           12.Tangible fixed assets (continued)


Company






Leasehold Improvements
Plant and machinery
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£

Cost or valuation


At 1 January 2023
692,762
249,835
4,688
318,875
1,266,160


Additions
14,915
6,030
-
15,844
36,789



At 31 December 2023

707,677
255,865
4,688
334,719
1,302,949



Depreciation


At 1 January 2023
531,766
249,835
2,544
214,601
998,746


Charge for the year on owned assets
73,005
1,171
503
47,149
121,828



At 31 December 2023

604,771
251,006
3,047
261,750
1,120,574



Net book value



At 31 December 2023
102,906
4,859
1,641
72,969
182,375



At 31 December 2022
160,996
-
2,144
104,274
267,414






Page 46

 
GLOBAL TRAVEL COLLECTION UK, LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Fixed asset investments

Group





Unlisted investments
Other fixed asset investments
Total

£
£
£



Cost or valuation


At 1 January 2023
8,260
26,888
35,148



At 31 December 2023

8,260
26,888
35,148



Impairment


At 1 January 2023
7,407
18,256
25,663



At 31 December 2023

7,407
18,256
25,663



Net book value



At 31 December 2023
853
8,632
9,485



At 31 December 2022
853
8,632
9,485

Unlisted investments is made up of various investments held by Altour International Limited, a subsdiary.

Page 47

 
GLOBAL TRAVEL COLLECTION UK, LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
45,129,655



At 31 December 2023
45,129,655






Net book value



At 31 December 2023
45,129,655



At 31 December 2022
45,129,655

The Directors are satisfied with the value of the investments held as at 31 December 2023. 


Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Principal activity

Class of shares

Holding

Tzell UK Limited
Travel management services
Ordinary
100%
Travel Leaders SA Proprietary Limited
Travel management services
Ordinary
100%
Colletts Travel Limited
Travel agency activities
Ordinary
100%
Altour International Limited
Travel management services
Ordinary
100%
BBTF Travel (Holland) B.V.
Travel management services
Ordinary
100%
ALTOUR International Sarl (France)
Travel management services
Ordinary
100%
Kitaway Limited
Dormant
Ordinary
100%
BBTF Travel Limited
Travel management services
Ordinary
100%
Infinity Travel Limited
Travel management services
Ordinary
100%

Page 48

 
GLOBAL TRAVEL COLLECTION UK, LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Subsidiary undertakings (continued)

The aggregate of the share capital and reserves as at 31 December 2023 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Tzell UK Limited
899,828
189,477

Travel Leaders SA Proprietary Limited
131,065
(15,700)

Colletts Travel Limited
2,451,034
9,608

Altour International Limited
4,169,943
(46,365)

BBTF Travel (Holland) B.V.
185,479
(1,590)

BBTF Travel Limited
724,474
(36,391)

Infinity Travel Limited
705,208
541,471

Altour International Sarl (France)
2,076,368
393,112

Page 49

 
GLOBAL TRAVEL COLLECTION UK, LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Debtors

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

Due after more than one year

Other debtors
414,259
414,259
414,259
414,259

414,259
414,259
414,259
414,259


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

Due within one year

Trade debtors
16,536,490
14,620,070
4,568,439
2,917,730

Amounts owed by group undertakings
13,494,983
10,845,215
11,981,189
11,411,944

Other debtors
1,422,152
1,536,378
724,319
566,997

Prepayments and accrued income
1,230,018
1,080,531
231,944
110,565

Tax recoverable
173,049
224,542
-
-

Deferred taxation
1,705,810
1,742,552
821,206
814,809

34,562,502
30,049,288
18,327,097
15,822,045


Included in prepayments are advance supplier payments for future departures amounting to £386,990 (2022: £205,262).


15.


Current asset investments

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

Unlisted investments
20,487
20,487
20,487
20,487

20,487
20,487
20,487
20,487



16.


Cash and cash equivalents

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

Cash at bank and in hand
13,407,713
15,641,978
2,616,289
4,796,906

13,407,713
15,641,978
2,616,289
4,796,906


Page 50

 
GLOBAL TRAVEL COLLECTION UK, LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.


Creditors: Amounts falling due within one year

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

Trade creditors
16,278,901
16,091,662
2,774,636
3,053,851

Amounts owed to group undertakings
6,346,319
9,058,236
11,936,996
10,580,397

Corporation tax
145,094
2,731
-
2,731

Other taxation and social security
420,747
154,111
174,231
154,111

Other creditors
1,960,988
1,811,535
713,293
980,556

Accruals and deferred income
2,785,361
1,339,364
1,409,187
322,328

27,937,410
28,457,639
17,008,343
15,093,974


Amounts owed to related parties are non-interest bearing and payable on demand. 
Included in accruals and deferred income are advance receipts from customers in relation to future departures £1,077,564 (2022: £840,061)
Included in the group trade creditors balance is the liability due to the International Air Transport Association (IATA) amounting to  £716,490 (2022: £922,656) owed by Colletts Travel Limited. 
Included in the company trade creditors balance is the liability due to the International Air Transport Association (IATA) amounting to  £1,661,344 (2022: £1,754,408) owed by Global Travel Collection UK, Limited. 


18.


Creditors: Amounts falling due after more than one year

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

Amounts owed to group undertakings
43,693,176
37,538,492
25,337,616
27,373,280

Other creditors
18,719
-
-
-

43,711,895
37,538,492
25,337,616
27,373,280


Other creditors represents advance receipts from customers in relation to future departures.

The Group’s parent, Internova Travel Group LLC, issued a discount note of £21.07m with an annual interest charge of 6% repayable over eight years in instalments. This was to finance the cost of acquiring Colletts Travel Limited. As at the year end, the balance outstanding was £14,761,431 (2022: £14,761,431).
Amount owed to Group undertakings includes an interest bearing loan of £1,391,386 secured by way of a promissory note on 30 January 2019, and raised to fund the acquisition of Infinity Travel Limited. There are no fixed repayment terms so long as the loan is repaid by 30 January 2024. Interest is chargeable on the loan at 5.33% per annum.

Page 51

 
GLOBAL TRAVEL COLLECTION UK, LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

19.


Secured debts

A debenture in Altour International Limited in Favour of Barclays Bank Plc which includes fixed and floating charges over the undertaking.
A debenture in BBTF Travel Limited in favour of The Royal Bank of Scotland Plc which includes fixed and floating charges over the undertaking.
A cross guarantee and debenture between Altour International Limited and BBTF Travel Limited in favour of Barclays Bank Plc which includes fixed and floating charges over the undertakings.


20.


Deferred taxation


Group



2023
2022


£

£






At beginning of year
1,742,552
2,336,944


Charged to profit or loss
(36,742)
(594,392)



At end of year
1,705,810
1,742,552

Company


2023
2022


£

£






At beginning of year
814,809
985,149


Charged to profit or loss
6,397
(170,340)



At end of year
821,206
814,809

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

Fixed assets and short-term timing differences
71,345
(38,994)
(44,655)
(51,692)

Losses and other deductions
1,634,465
1,781,546
865,861
866,501

1,705,810
1,742,552
821,206
814,809

Page 52

 
GLOBAL TRAVEL COLLECTION UK, LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

21.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



50,000 Ordinary shares of £1.00 each
50,000
50,000

The holders of Ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Group.



22.


Reserves

Other reserves

The parent of the group made a capital contribution of £17,669,167 in August 2017.These funds were used to acquire 100% shareholding of Altour International UK Ltd and 49% of Altour France S.A.R.L. A further contribtion of £3,000,000 in December 2021 was made by the parent company. 

Profit and loss account

Includes all current and prior period retained profits and losses. 


23.


Contingent liabilities

Global Travel Collection UK, Limited and Colletts Travel Limited currently hold an Air Travel Organisers License (ATOL) issued by the Civil Aviation Authority ('CAA'), and are members of the Association of British Travel Agents Limited ('ABTA').
Global Travel Collection UK, Limited and Colletts Travel Limited are also accredited agents of the International Air Transport Association ('IATA')
As at 31 December 2023, Colletts Travel Limited had in place an insurance backed bond in favour of Association Of British Travel Agents (ABTA) of £25,000 (2022: £25,000). In addition, a joint bond in place with Travel and General Insurance Services Limited in favour of the Civil Aviation Authority ('CAA') of £1,823,671 (2022: £1,469,000). The joint bond in place also covers Colletts Travel Limited , a fellow subsidary. 
There are no other material contingent liabilities.


24.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held seprately from those of the Group in an independently administered fund. The pensions cost charge represents contributions payable by the Group to the fund and amounted to £212,300 (2022 - £134,884). Included in other creditors are contributions totalling to £Nil (2022 - £36,956) payable to the fund at the reporting date.  

Page 53

 
GLOBAL TRAVEL COLLECTION UK, LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

25.


Commitments under operating leases

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


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

Not later than 1 year
610,312
630,145
556,612
556,612

Later than 1 year and not later than 5 years
1,323,224
1,833,452
1,113,224
1,623,452

Later than 5 years
126,000
168,000
-
-

2,059,536
2,631,597
1,669,836
2,180,064


26.


Related party transactions

The company has taken advantage of the exemption available under FRS 102 section 33.1A where disclosures of transactions between group members are not required, provided that the subsidiary is wholly owned. 
The following balances with fellow group companies were outstanding at the year end:


2023
2022
£
£

Protravel International LLC
(20,310,489)
(22,190,756)
Tzell Travel Group LLC
(15,996,669)
(15,141,795)
Barrhead Travel Service Ltd
6,055,000
7,064,857
Internova Travel Group LLC
526,108
91,208
Altour International NY
(2,740,605)
(2,740,605)
Travel Leaders Group, LLC
391,341
-
(32,075,314)
(32,917,091)

The following balances with connected companies were outstanding at the year end:
Owed to Y.E.S. (Your Event Solutions) LImited, £1,491,418 (2022: £2,834,624).


27.


Controlling party

Internova Travel Group LLC (Incorporated in the USA) is regarded by the directors as being the company's ultimate parent company.
The company is a 100% subsidiary of Protravel International LLC, incorporated in the USA. Protravel International LLC is a 100% subsidiary of Tzell Holdings LLC, which is a 100% subsidiary of Internova Travel Group LLC.
The company is included in the consolidated accounts of Internova Travel Group LLC.

Page 54

 
GLOBAL TRAVEL COLLECTION UK, LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

28.


Accounting estimates and judgements

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. Estimates and judgements were applied in accounting for goodwill, depreciation, amortisation , tangible assets and all provisions. 


29.


Prior year reclassification

During the year, the directors reclassified some costs that were previously recognised as turnover to administrative expenses. A prior year reclassification was also made to this effect. 
There was no effect on the brought forward reserves.  


30.


Post balance sheet events

The directors confirm there have been no significant event affecting the Group since the year end.

 
Page 55