REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
ICKENHAM TRAVEL GROUP LTD |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
ICKENHAM TRAVEL GROUP LTD |
ICKENHAM TRAVEL GROUP LTD (REGISTERED NUMBER: 00986305) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
ICKENHAM TRAVEL GROUP LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditors |
Appledram Barns |
Birdham Road |
Chichester |
West Sussex |
PO20 7EQ |
ICKENHAM TRAVEL GROUP LTD (REGISTERED NUMBER: 00986305) |
BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CREDITORS |
Amounts falling due after more than one year | 9 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
ICKENHAM TRAVEL GROUP LTD (REGISTERED NUMBER: 00986305) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Ickenham Travel Group Ltd is a |
The principal place of business is Trident Court, One Oakcroft Road, Chessington, Surrey, KT9 1BD. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are presented in Sterling (£), which is also the functional currency of the Company. Monetary amounts in these Financial Statements are rounded to the nearest £1. |
Comparative period |
The financial statements were prepared for an 18 month period in the comparative period, therefore the prior period balances are not comparable. |
Going concern |
In assessing whether the financial statements should be prepared on a going concern basis, the directors have considered the future outlook of the company and in doing so considered the operating results, cashflows and facilities available. |
In response to the continued emerging market since the pandemic and further economic uncertainty the company has continued its growth in sales activities and is forecasting further modest growth for the 2025 year end. This is budgeted to return positive EBITDA together with positive cashflows during 2025. The directors note the significant losses sustained during the current reporting period, which are mainly due to exceptional items that will not repeat in the future following a highly unsatisfactory and a very surprising conclusion to a legal claim. |
All bookings continue to be held in a secure trust to provide further confidence to clients. The director loan and the CBILS loan have provided liquidity in the period and the director loan will not be repaid until cashflow allows. |
Forecasted future cashflow allows for the ongoing budget to be achieved. In light of this the directors believe the company to have adequate resources to meet its liabilities and to operate as a going concern for a period of at least 12 months from the date of the approval of these financial statements. The directors therefore consider it appropriate to continue to adopt the going concern basis in the preparation of these financial statements. |
Preparation of consolidated financial statements |
The financial statements contain information about Ickenham Travel Group Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 402/405 of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Turnover |
Turnover, which comprises of the value of holidays, related services and marketing contributions, is recognised at the fair value of the consideration received or receivable in the normal course of business, in the financial year the customer commences their holiday and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
ICKENHAM TRAVEL GROUP LTD (REGISTERED NUMBER: 00986305) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life as follows: |
Computer equipment | - | 33% reducing balance |
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss. |
Impairment of fixed assets |
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
Recoverable amount is the higher of fair value less costs to sell and value in use. 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 which the estimates of future cash flows have not been adjusted. |
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost less accumulated impairment losses. |
Financial instruments |
Financial instruments are classified by the director as basic or advanced following the conditions in FRS 102 section 11. Basic financial instruments are recognised at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. The company has no advanced financial instruments. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
ICKENHAM TRAVEL GROUP LTD (REGISTERED NUMBER: 00986305) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 April 2023 |
Additions |
At 31 March 2024 |
AMORTISATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
ICKENHAM TRAVEL GROUP LTD (REGISTERED NUMBER: 00986305) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
5. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
COST |
At 1 April 2023 |
Additions |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2023 |
Impairments | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
7. | DEBTORS |
2024 | 2023 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
ICKENHAM TRAVEL GROUP LTD (REGISTERED NUMBER: 00986305) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
Other creditors |
The bank loan was received under the Coronavirus Business Interruption Loan Scheme (CBILS). Interest is charged at 3.31% per annum. The loan is repayable in 48 monthly repayments, ending July 2025. A partial guarantee of £200,000 has been provided by the UK Government. |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
11. | RELATED PARTY DISCLOSURES |
Transactions with a shareholder and former director |
Included within other debtors is an amount of £20,150 (2022 - £27,150) due from a shareholder and former director of the company which is interest free and repayable on demand. |
Transactions with a director and shareholder |
Included within creditors, due after more than one year, is an amount of £1,123,603 (2022 - £1,070,399) due to a director and shareholder. Interest of 5% (2022 - 8%) was charged during the period. |