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REGISTERED NUMBER: 00986305 (England and Wales)















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: P W Reglar
Mrs J J Reglar





REGISTERED OFFICE: 7 Bell Yard
London
WC2A 2JR





REGISTERED NUMBER: 00986305 (England and Wales)





AUDITORS: Lewis Brownlee (Chichester) Limited
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 4 280,206 277,966
Tangible assets 5 5,208 1,609
Investments 6 100 199,100
285,514 478,675

CURRENT ASSETS
Debtors 7 5,793,983 5,622,892
Cash at bank 1,113,710 1,169,351
6,907,693 6,792,243
CREDITORS
Amounts falling due within one year 8 7,466,194 6,874,595
NET CURRENT LIABILITIES (558,501 ) (82,352 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(272,987

)

396,323

CREDITORS
Amounts falling due after more than one year 9 1,141,030 1,153,721
NET LIABILITIES (1,414,017 ) (757,398 )

CAPITAL AND RESERVES
Called up share capital 105,264 105,264
Share premium 294,736 294,736
Retained earnings (1,814,017 ) (1,157,398 )
SHAREHOLDERS' FUNDS (1,414,017 ) (757,398 )

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 24 September 2024 and were signed on its behalf by:





P W Reglar - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The principal place of business is Trident Court, One Oakcroft Road, Chessington, Surrey, KT9 1BD.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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.

Development costs are being amortised evenly over their estimated useful life of ten years.

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 11 (2023 - 12 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£
COST
At 1 April 2023 1,601,839
Additions 60,600
At 31 March 2024 1,662,439
AMORTISATION
At 1 April 2023 1,323,873
Charge for year 58,360
At 31 March 2024 1,382,233
NET BOOK VALUE
At 31 March 2024 280,206
At 31 March 2023 277,966

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 23,544
Additions 5,064
At 31 March 2024 28,608
DEPRECIATION
At 1 April 2023 21,935
Charge for year 1,465
At 31 March 2024 23,400
NET BOOK VALUE
At 31 March 2024 5,208
At 31 March 2023 1,609

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£
COST
At 1 April 2023 199,100
Impairments (199,000 )
At 31 March 2024 100
NET BOOK VALUE
At 31 March 2024 100
At 31 March 2023 199,100

7. DEBTORS
2024 2023
£ £
Amounts falling due within one year:
Trade debtors 2,018,937 1,789,656
Other debtors 3,399,739 3,604,397
5,418,676 5,394,053

Amounts falling due after more than one year:
Other debtors 375,307 228,839

Aggregate amounts 5,793,983 5,622,892

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 62,500 62,500
Trade creditors 3,632,990 3,071,303
Amounts owed to group undertakings - 224,600
Taxation and social security 20,243 19,163
Other creditors 3,750,461 3,497,029
7,466,194 6,874,595

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£ £
Bank loans 17,427 83,322
Other creditors 1,123,603 1,070,399
1,141,030 1,153,721

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.

Sam Ede BFP FCA FCCA (Senior Statutory Auditor)
for and on behalf of Lewis Brownlee (Chichester) Limited

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.