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Registered number: 2811057









THINK TRAVEL MEDIA LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
THINK TRAVEL MEDIA LIMITED
REGISTERED NUMBER: 2811057

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
(1,154)
(2,308)

Investments
 5 
7
7

  
(1,147)
(2,301)

Current assets
  

Debtors: amounts falling due within one year
 6 
77,268
181,175

Cash at bank and in hand
 7 
674,593
650,674

  
751,861
831,849

Creditors: amounts falling due within one year
 8 
(19,656)
(59,116)

Net current assets
  
 
 
732,205
 
 
772,733

Total assets less current liabilities
  
731,058
770,432

  

Net assets
  
731,058
770,432


Capital and reserves
  

Called up share capital 
 9 
1,667
1,667

Share premium account
  
1,584,968
1,584,968

Profit and loss account
  
(855,577)
(816,203)

  
731,058
770,432


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 September 2024.


I F McAuliffe
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 1

 
THINK TRAVEL MEDIA LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Loss for the financial year
(39,374)
(928)

Adjustments for:

Amortisation of intangible assets
(1,154)
(1,153)

Interest received
(15,465)
-

Decrease in debtors
5,877
114,781

Decrease/(increase) in amounts owed by groups
98,030
(32,413)

(Decrease) in creditors
(39,460)
(99,563)

Net cash generated from operating activities

8,454
(19,276)


Cash flows from investing activities

Interest received
15,465
-

Net cash from investing activities

15,465
-


Net increase/(decrease) in cash and cash equivalents
23,919
(19,276)

Cash and cash equivalents at beginning of year
650,674
669,950

Cash and cash equivalents at the end of year
674,593
650,674


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
674,593
650,674

674,593
650,674


The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
THINK TRAVEL MEDIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Think Travel Media Limited is private company limited by shares domiciled in England and Wales. The registrered office is at 65 Riding House Street,  London W1W 7EH.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

 
2.2

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

 
2.3

Financial position and going concern

The directors have considered the financial resources available along with the future plans for the Company when considering the going concern of the Company. After making enquiries, the directors have a reasonable expectation that the Company will have access to adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in the preparation of the financial statements.

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
THINK TRAVEL MEDIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.6

Interest income

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

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Company in independently administered funds.

 
2.8

Taxation

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 operates and generates income.

Page 4

 
THINK TRAVEL MEDIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value 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 Statement of income and retained earnings over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.10

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:

Office equipment
-
33%
on cost

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.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Page 5

 
THINK TRAVEL MEDIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

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.

 
2.13

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 Company's cash management.

 
2.14

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.


3.


Employees

2023
2022
£
£

Wages and salaries
-
251

Cost of defined contribution scheme
-
182

-
433


The average monthly number of employees, including directors, during the year was 5 (2022 - 5).

Page 6

 
THINK TRAVEL MEDIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Intangible assets




Negative goodwill

£



Cost


At 1 January 2023
(5,769)



At 31 December 2023

(5,769)



Amortisation


At 1 January 2023
(3,461)


Charge for the year on owned assets
(1,154)



At 31 December 2023

(4,615)



Net book value



At 31 December 2023
(1,154)



At 31 December 2022
(2,308)




5.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 January 2023
7



At 31 December 2023
7






Page 7

 
THINK TRAVEL MEDIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
54,342
102,372

Other debtors
2,926
64,803

Prepayments and accrued income
20,000
14,000

77,268
181,175



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
674,593
650,674



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
-
28,463

Accruals and deferred income
19,656
30,653

19,656
59,116



9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



16,667 (2022 - 16,667) Ordinary shares  of £0.10 each
1,667
1,667



10.


Related party transactions

During the year Think Publishing Limited re-charged the company £81,540 in respect of shared overheads and staff costs. The year end balance due from Think Publishing Limited amounted to £54,342.                                                               

Page 8

 
THINK TRAVEL MEDIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Controlling party

The immediate and ultimate parent undertaking and controlling party is Think Publishing Limited, which prepares group financial statements. The registered office of Think Publishing Limited is at 65 Riding House Street, London W1W 7EH.



12.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 23 September 2024 by Reza Samii.

 
Page 9