Flash Pack Travel Limited
Unaudited Financial Statements
For the year ended 31 December 2023
Pages for Filing with Registrar
Company Registration No. 12734022 (England and Wales)
Flash Pack Travel Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
Flash Pack Travel Limited
Balance Sheet
As at 31 December 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
389,788
39,166
Tangible assets
4
32,996
18,696
422,784
57,862
Current assets
Debtors
5
3,847,876
2,643,354
Cash at bank and in hand
8,334,413
3,097,095
12,182,289
5,740,449
Creditors: amounts falling due within one year
6
(8,514,180)
(4,703,727)
Net current assets
3,668,109
1,036,722
Total assets less current liabilities
4,090,893
1,094,584
Creditors: amounts falling due after more than one year
7
(61,250)
(135,991)
Net assets
4,029,643
958,593
Capital and reserves
Called up share capital
8
39
32
Share premium account
7,619,438
2,802,219
Profit and loss reserves
(3,589,834)
(1,843,658)
Total equity
4,029,643
958,593
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Flash Pack Travel Limited
Balance Sheet (Continued)
As at 31 December 2023
Page 2
The financial statements were approved by the board of directors and authorised for issue on 8 August 2024 and are signed on its behalf by:
R Vyas
Director
Company Registration No. 12734022
Flash Pack Travel Limited
Notes to the Financial Statements
For the year ended 31 December 2023
Page 3
1
Accounting policies
Company information
Flash Pack Travel Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4th Floor, Silverstream House, Fitzroy Street, London, W1T 6EB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable from the sale of tours and other services provided in the normal course of business, and is shown net of VAT and other sales related taxes. Turnover and expenses are taken to the profit and loss account on the date of departure.
1.3
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Flash Pack Travel Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 4
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Development costs
20% straight line
Other intangibles
10% straight line
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Office equipment
50% straight line
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.
1.7
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, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Cash and cash equivalents does not include restricted cash not readily accessible until trips are taken. Restricted cash is shown within trade debtors.
Flash Pack Travel Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 5
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Flash Pack Travel Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 6
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
58
22
3
Intangible fixed assets
Goodwill
Other intangibles
Development costs
Total
£
£
£
£
Cost
At 1 January 2023
24,997
25,003
50,000
Additions
376,746
376,746
At 31 December 2023
24,997
25,003
376,746
426,746
Amortisation and impairment
At 1 January 2023
5,417
5,417
10,834
Amortisation charged for the year
2,500
2,500
21,124
26,124
At 31 December 2023
7,917
7,917
21,124
36,958
Carrying amount
At 31 December 2023
17,080
17,086
355,622
389,788
At 31 December 2022
19,580
19,586
39,166
Flash Pack Travel Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 7
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
52,193
Additions
30,004
At 31 December 2023
82,197
Depreciation and impairment
At 1 January 2023
33,497
Depreciation charged in the year
15,704
At 31 December 2023
49,201
Carrying amount
At 31 December 2023
32,996
At 31 December 2022
18,696
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
3,364,843
2,190,020
Other debtors
243,875
365,612
Prepayments and accrued income
239,158
87,722
3,847,876
2,643,354
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
845,348
358,103
Taxation and social security
103,448
70,641
Other creditors
31,770
18,026
Accruals and deferred income
7,533,614
4,256,957
8,514,180
4,703,727
Flash Pack Travel Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 8
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
61,250
135,991
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 0.001p each
2,173,703
2,173,703
24
24
Series A shares of 0.001p each
803,021
803,021
8
8
Series B shares of 0.001p each
711,649
-
7
-
3,688,373
2,976,724
39
32
639,499 Series B shares were issued on 30 August 2023 for £6.93 each.
72,150 Series B shares were issued on 16 November 2023 for £6.93 each.
9
Related party transactions
Included in other creditors at the year end is £61,250 (2022: £67,250) owed to the directors.
10
Ultimate controlling party
There is no single controlling party.