Company registration number 06927031 (England and Wales)
TRAVEL WEEKLY GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
TRAVEL WEEKLY GROUP LIMITED
COMPANY INFORMATION
Directors
C G Jacobs
D Horton
I Findlay (Non-executive)
S Parish
(Appointed 26 January 2023)
Company number
06927031
Registered office
3rd Floor
52 Grosvenor Gardens
London
SW1W 0AU
Auditor
Gravita II LLP
Aldgate Tower
2 Leman Street
London
E1 8FA
TRAVEL WEEKLY GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 27
TRAVEL WEEKLY GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
The directors present the strategic report for the year ended 31 December 2023.
Review of the business
The company’s positioning is that of being the global voice for the travel and hospitality industry, with a media offering of face-to-face events, digital and print that connects, informs and inspires these dynamic and evolving sectors. The company focuses in on building communities within all major verticals within the global travel and hospitality industries to help best serve its customers in creating a platform for them to communicate and trade with their clients.
Following a difficult 2020 and 2021, when the industry suffered government-imposed lock downs, the recovery experienced in 2022 grew even more strongly in 2023 as consumers demonstrated a strong appetite to travel after a period when they were unable to.
This has resulted in the company growing its EBITDA to £1,644,050, a year-on-year increase of 41.4%.
Principal risks and uncertainties
Whilst confident about future prospects, the company faces a number of risks and uncertainties principally from COVID-19 related fall out (which is discussed in more detail below), competition in its markets, and the intrinsic risk associated with new product development. In view of these risks, the directors are aware that the development of the company may be affected by factors outside their control.
In particular, the table below sets out the key risks that have been identified, along with the company’s approach to mitigating those risks.
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Disruptive event in served market | A large industry wide disruptive event in the served market could negatively impact on spending, particularly advertising. This could include events such as a pandemic, a natural disaster such as volcanic ash clouds, or large scale terrorist activities. | Nothing will be resilient to a phenomenon like Covid, but the company has an increasingly broad span including geographic diversity and now produces a very large majority of the served market B2B media needs. This diversity brings a significant amount of resilience. If one sector is hit, the company has the breadth to grow in other areas. Underlying this resilience is the historical desire of consumers to travel and continue to take holidays and spend on hospitality even in downturns. |
Competition taking market share | The company has competition in every area it operates. If it were to lose market share to existing or new entrants, this would negatively impact on revenues and profitability. | The company believes that its product offering is multi-platform and highly differentiated, added to which through the use of leading-edge technology closely monitor market share movements enabling it to take appropriate action to counter any adverse competitive indicators. The company is highly diverse and innovative. Equally the company has stronger financial resources than many of its competitors, enabling ongoing investment and sustainability of its business model. |
TRAVEL WEEKLY GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
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Digital replacement of print advertising | There has been a trend in the media industry for digital to replace print based advertising. Certain sectors of B2B have been impacted by this but not as much as some areas of consumer media such as local newspapers. | The company has invested heavily in ensuring that its products have an extremely close fit with the market needs of customers, particularly around the quality of product delivered. This has resulted in a continued vibrant print offer that remains very attractive to clients. In addition the company has significantly increased its range of events, which have been largely immune from digital disruption, and it offers its own market leading digital product. |
Financial instruments
The company's principal financial instruments comprise bank balances, trade creditors, trade debtors and loans to the company. The main purpose of the instruments is to raise funds to finance the company's operations. Due to the nature of the financial instruments used by the company there is no exposure to price risk. The company's approach to managing other risks applicable to the financial instruments concerned is as follows:
In respect of bank balances, the liquidity risk is managed by keeping a healthy bank balance, and carefully budgeting to ensure no shortfall arises.
In respect of loans these comprise amounts from directors and shareholders of the company and other connected entity. Loans from directors and shareholders are unsecured, at varying rates of interest, have no fixed date of repayment and are repayable on demand. Loans from a connected entity has a fixed interest rate and are repayable by annual instalments. The company manages the liquidity risk by ensuring there are sufficient funds to meet the payments.
Trade debtors are managed in respect of credit and cash flow risk by ensuring that both credit limits and amounts outstanding are regularly monitored.
Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
C G Jacobs
Director
24 September 2024
TRAVEL WEEKLY GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
The directors present their report and financial statements for the year ended 31 December 2023.
Principal activities
The principal activity of the company is that of providing creative solutions for the travel and hospitality industries across print, digital media and in person.
Results and dividends
The results for the year are set out on page 8.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
C G Jacobs
D Horton
I Findlay (Non-executive)
S Parish
(Appointed 26 January 2023)
Future developments
The UK business consists of a mature and established portfolio of brands, yet despite this we continue to grow turnover and develop products. We have a high degree of understanding of these businesses and our focus is on continued growth but higher optimisation, creating a more efficient and profitable back bone to the overall company.
The company continues to become more international in its operations and has been particularly successful in the Middle East and North America, as well as expanding its marketplace events around the world.
The company is very positive about its ability to generate continued growth, particularly internationally, but also domestically where it has been investing in building more comprehensive databases to increase the attractiveness of its offering. The company strategy to be a major global events business is reflected in the events portfolio representing 59% of the company’s turnover.
Auditor
Gravita II LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, are deemed to be reappointed under section 487(2) of the Companies Act 2006.
TRAVEL WEEKLY GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
Statement of directors' responsibilities
The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
C G Jacobs
Director
24 September 2024
TRAVEL WEEKLY GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TRAVEL WEEKLY GROUP LIMITED
- 5 -
Opinion
We have audited the financial statements of Travel Weekly Group Limited (the 'company') for the year ended 31 December 2023 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The 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 company's affairs as at 31 December 2023 and of its profit 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.
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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the 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 strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
TRAVEL WEEKLY GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TRAVEL WEEKLY GROUP LIMITED (CONTINUED)
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement set out on page 4, 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 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 company or to cease operations, or have no realistic alternative but to do so.
Auditor's 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 auditor's 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. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the travel and hospitality industry;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006 and health and safety legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
understanding the business model as part of the control and business environment;
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
TRAVEL WEEKLY GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TRAVEL WEEKLY GROUP LIMITED (CONTINUED)
- 7 -
To address the risk of fraud through management bias and override of controls, we:
performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
agreeing financial statement disclosures to underlying supporting documentation;
enquiring of management as to actual and potential litigation and claims; and
reviewing correspondence with HMRC and enquiring with management of actual and potential non-compliance with laws and regulations.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment by for example forgery, or intentional misrepresentation or through collusion. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Other matters which we are required to address
In the previous accounting period the directors of the company took advantage of audit exemption under S477 of the Companies Act. Therefore the prior period financial statements were not subject to an audit.
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 2006. Our 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 auditor's 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.
Bashir Khan ACCA
Senior Statutory Auditor
For and on behalf of Gravita II LLP
25 September 2024
Chartered Accountants
Statutory Auditor
Aldgate Tower
2 Leman Street
London
E1 8FA
TRAVEL WEEKLY GROUP LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
Unaudited
Notes
£
£
Turnover
3
13,659,280
11,671,046
Cost of sales
(9,464,617)
(8,172,385)
Gross profit
4,194,663
3,498,661
Administrative expenses
(2,965,876)
(2,652,427)
Other operating income
349,994
234,034
Operating profit
4
1,578,781
1,080,268
Interest payable and similar expenses
8
(287,986)
(183,150)
Profit before taxation
1,290,795
897,118
Tax on profit
9
180,000
(14,219)
Profit for the financial year
1,470,795
882,899
TRAVEL WEEKLY GROUP LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Unaudited
Notes
£
£
£
£
Fixed assets
Intangible assets
10
35,651
Tangible assets
11
152,294
144,211
Investments
12
2
2
187,947
144,213
Current assets
Debtors
14
4,811,703
4,413,340
Cash at bank and in hand
49,269
151,980
4,860,972
4,565,320
Creditors: amounts falling due within one year
15
(5,742,464)
(6,990,943)
Net current liabilities
(881,492)
(2,425,623)
Total assets less current liabilities
(693,545)
(2,281,410)
Creditors: amounts falling due after more than one year
16
(1,928,735)
(1,811,665)
Net liabilities
(2,622,280)
(4,093,075)
Capital and reserves
Called up share capital
21
1,156
1,156
Share premium account
22
1,998
1,998
Profit and loss reserves
22
(2,625,434)
(4,096,229)
Total equity
(2,622,280)
(4,093,075)
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 24 September 2024 and are signed on its behalf by:
C G Jacobs
Director
Company registration number 06927031 (England and Wales)
TRAVEL WEEKLY GROUP LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2022
1,156
1,998
(4,979,128)
(4,975,974)
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
882,899
882,899
Balance at 31 December 2022
1,156
1,998
(4,096,229)
(4,093,075)
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
1,470,795
1,470,795
Balance at 31 December 2023
1,156
1,998
(2,625,434)
(2,622,280)
TRAVEL WEEKLY GROUP LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
26
88,137
(36,256)
Interest paid
(287,986)
(183,150)
Income taxes refunded
4,909
Net cash outflow from operating activities
(199,849)
(214,497)
Investing activities
Purchase of intangible assets
(39,520)
Purchase of tangible fixed assets
(69,483)
(82,354)
Repayment of loans
15,975
(7,217)
Net cash used in investing activities
(93,028)
(89,571)
Financing activities
Proceeds from borrowings
460,000
601,285
Repayment of borrowings
(64,564)
Repayment of bank loans
(400,000)
(400,000)
Net cash (used in)/generated from financing activities
(4,564)
201,285
Net decrease in cash and cash equivalents
(297,441)
(102,783)
Cash and cash equivalents at beginning of year
151,980
254,763
Cash and cash equivalents at end of year
(145,461)
151,980
Relating to:
Cash at bank and in hand
49,269
151,980
Bank overdrafts included in creditors payable within one year
(194,730)
TRAVEL WEEKLY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
1
Accounting policies
Company information
Travel Weekly Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor, 52 Grosvenor Gardens, London, SW1W 0AU.
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.
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.
Group Accounts
The company has taken advantage of the exemption not to prepare consolidated accounts, on the basis that the subsidiary of the company is a dormant entity. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
The directors have prepared the company's business plan for the period ending 12 months from the date of approval of these financial statements and this business plan, which, based upon the assumption of continued future profitability, monitoring and reducing costs, timely recovery of debts, other debtors and continued extended credit terms from its creditors shows that the company has sufficient funds to continue trading in the foreseeable future. true
In addition, a director, who has a majority shareholding in the parent company, has indicated that he will provide financial and other support to the company as required for the foreseeable future. Based on all of the above, the financial statements do not include any adjustments that might otherwise be necessary if that support were withdrawn. Thus directors continue to adopt the going concern basis of accounting in preparing these annual financial statements. The financial statements include no adjustment that might otherwise be necessary if that support were withdrawn. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT with the following recognition criteria applying in specific cases:
Income associated with a particular issue of a magazine is recognised when the magazine is published.
Prepaid subscription revenue is shown as deferred income and released to the profit and loss account over the life of the subscription.
Revenue from events is recognised when the event has taken place.
Digital advertising revenue is recognised over the period of the advertising contract and according to the date of publication.
1.4
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.
TRAVEL WEEKLY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -
1.5
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 5 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.
1.6
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 if the fair value can be measured reliably.
Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortisation period or method, as appropriate, and are treated as a change in accounting estimates. The amortisation expense on intangible assets with finite lives is recognised in the income statement as the expense category that is consistent with the function of the intangible assets.
Gains or losses arising from an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognised in the income statement when the asset is derecognised.
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:
Website development costs
5 years
Other intangibles
5 years
1.7
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:
Land and buildings Leasehold
Over the life of the lease
Leasehold improvements
Over the life of the lease
Fixtures, fittings & equipment
20% straight line
Computer equipment
Hardware at 25% straight line and software at 33.3% 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.
The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.
TRAVEL WEEKLY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
1.8
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.9
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.
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.
1.10
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand.
1.11
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position 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.
TRAVEL WEEKLY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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, loans from directors/shareholders of the ultimate parent company and connected entity 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 receipts 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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
TRAVEL WEEKLY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.12
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.
1.13
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.14
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.
1.15
Retirement benefits
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 when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
1.16
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.
TRAVEL WEEKLY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Judgements and key sources of estimation uncertainty
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 considered 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 period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Taxation
The company evaluates the recoverability of deferred tax assets based on estimates of future earnings. The ability to recover these taxes depends ultimately on the company’s ability to generate taxable earnings over the course of the period for which the deferred tax assets remain deductible. This analysis is based on the estimated reversal of deferred taxes as well as estimates of taxable earnings, which are sourced from internal projections and are updated to reflect the latest trends.
The appropriate classification of tax assets and liabilities depends on a number of factors, including estimates as to the timing and materialisation of deferred tax assets and the forecast tax payment schedule. Actual income tax receipts and payments could differ from the estimates made by the company as a result of changes in tax legislation or unforeseen transactions that could affect tax balances.
3
Turnover
An analysis of the company's turnover is as follows:
2023
2022
£
£
Turnover analysed by class of business
Magazine Print Advertising
3,290,896
3,257,212
Digital Advertising
1,876,367
1,776,230
Events
8,099,295
6,273,440
Other income (including subscription)
392,722
364,164
13,659,280
11,671,046
TRAVEL WEEKLY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
3
Turnover
(Continued)
- 18 -
2023
2022
£
£
Turnover analysed by geographical market
UK
8,107,433
6,965,866
Europe
1,999,930
1,274,788
USA
612,216
686,257
Rest of World
2,939,701
2,744,135
13,659,280
11,671,046
All turnover is derived from one activity, being the company's principal activity of providing creative solutions for the travel and hospitality industries across print, digital media and in person.
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
28,075
(21,755)
Depreciation of owned tangible fixed assets
61,400
82,535
Amortisation of intangible assets
3,869
-
Operating lease charges
427,419
534,444
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
25,000
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Printing, editorial, sales, marketing and other
76
73
Admin
15
12
Total
91
85
TRAVEL WEEKLY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Employees
(Continued)
- 19 -
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
4,387,782
4,098,998
Social security costs
454,031
446,185
Pension costs
145,186
118,700
4,986,999
4,663,883
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
332,000
221,500
Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
199,979
180,400
8
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
102,546
82,918
Other interest on financial liabilities
185,440
100,232
287,986
183,150
TRAVEL WEEKLY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
9
Taxation
2023
2022
£
£
Deferred tax
Origination and reversal of timing differences
(180,000)
14,219
The actual (credit)/charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Profit before taxation
1,290,795
897,118
Expected tax charge based on the standard rate of corporation tax in the UK of 23.50% (2022: 19.00%)
303,337
170,452
Tax effect of expenses that are not deductible in determining taxable profit
21,737
44,646
Tax effect of utilisation of tax losses not previously recognised
(311,352)
(206,905)
Permanent capital allowances in excess of depreciation
(13,722)
(8,193)
Deferred tax
(180,000)
14,219
Taxation (credit)/charge for the year
(180,000)
14,219
The company has estimated losses of £1,934,917 (2022: £3,259,819) available for carried forward against future trading profits.
10
Intangible fixed assets
Goodwill
Website development costs
Other intangibles
Total
£
£
£
£
Cost
At 1 January 2023
5,016,986
983,145
6,000,131
Additions - internally developed
39,520
39,520
At 31 December 2023
5,016,986
39,520
983,145
6,039,651
Amortisation and impairment
At 1 January 2023
5,016,986
983,145
6,000,131
Amortisation charged for the year
3,869
3,869
At 31 December 2023
5,016,986
3,869
983,145
6,004,000
Carrying amount
At 31 December 2023
35,651
35,651
At 31 December 2022
TRAVEL WEEKLY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
11
Tangible fixed assets
Land and buildings Leasehold
Leasehold improvements
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
£
£
Cost
At 1 January 2023
58,139
525,211
231,197
472,606
1,287,153
Additions
25,500
12,000
31,983
69,483
At 31 December 2023
58,139
550,711
243,197
504,589
1,356,636
Depreciation and impairment
At 1 January 2023
58,139
431,908
217,050
435,845
1,142,942
Depreciation charged in the year
29,586
8,929
22,885
61,400
At 31 December 2023
58,139
461,494
225,979
458,730
1,204,342
Carrying amount
At 31 December 2023
89,217
17,218
45,859
152,294
At 31 December 2022
93,303
14,147
36,761
144,211
12
Fixed asset investments
2023
2022
Notes
£
£
Investments in subsidiaries
13
2
2
The company has not designated any financial assets that are not classified as financial assets at fair value through profit or loss.
13
Subsidiaries
These financial statements are separate company financial statements for Travel Weekly Group Limited.
Details of the company's subsidiaries at 31 December 2023 are as follows:
Name of undertaking
Address
Class of
% Held
shares held
Direct
Clive Jacobs Publishing Limited
1
Ordinary
100.00
TWG Media Limited
1
Ordinary
100.00
Registered office addresses (all UK unless otherwise indicated):
1
52 Grosvenor Gardens, London, SW1W OAU
Fixed asset investments comprise equity shares in the above entities, none of which are publicly traded.
TRAVEL WEEKLY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
14
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,788,864
2,357,461
Amounts owed by group undertakings
178,498
Other debtors
1,336,290
1,268,914
Prepayments and accrued income
1,315,873
696,569
4,619,525
4,322,944
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
78,218
Deferred tax asset (note 18)
192,178
12,178
192,178
90,396
Total debtors
4,811,703
4,413,340
Trade debtors disclosed above are measured at amortised cost.
Trade debtors are stated after provisions for impairment of £93,383 (2022: £120,633).
Included in other debtors is an amount of £1,328,760 (2022: £1,098,580) owed by connected entity. The loan is interest free, has not date of repayment and is repayable on demand.
Included within amounts due from fellow group undertakings are loan balances that are unsecured, interest free, have no fixed date of repayment and are repayable on demand.
15
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans and overdrafts
17
594,730
400,000
Other borrowings
17
31,964
153,598
Trade creditors
1,997,783
2,051,832
Amounts owed to group undertakings
2
2
Taxation and social security
354,432
1,038,674
Deferred income
19
2,108,495
2,367,119
Other creditors
152,214
143,515
Accruals and deferred income
502,844
836,203
5,742,464
6,990,943
TRAVEL WEEKLY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
15
Creditors: amounts falling due within one year
(Continued)
- 23 -
The company has a charge dated 13 October 2009 over the rental deposit in favour of Redgranite Limited.
Loans totalling £nil (2022: £70,827) included within other creditors are unsecured, interest free, have no fixed date of repayment and are repayable on demand.
Loans totalling £31,964 (2022: £82,771) included within other creditors are secured by a first charge given by Clive Jacobs over such shares held by him in Jacobs Media Group Limited. The loan was fully repayable by July 2027 by annual instalments at an interest rate of 15% per annum.
Loans totalling £400,000 (2022: £400,000) included within bank loans are secured by fixed and floating charges over the company's assets. The loan is fully repayable by May 2026.
The aggregate of secured liabilities is £431,964 (2022: £482,771).
16
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
17
566,667
966,667
Other borrowings
17
1,362,068
844,998
1,928,735
1,811,665
Loans totalling £96,625 (2022: £119,236) included within other creditors is secured by a first charge given by Clive Jacobs over such shares held by him in Jacobs Media Group Limited. The loan are fully repayable by annual instalments at an interest rate of 15% per annum.
Loans totalling £1,275,243 (2022: £725,762) included within other creditors are unsecured. The loan is repayable by annual instalments at an interest rate of 15% to 20% per annum. From 22 December 2023, interest rate on all the loans were refinanced with an annual interest rate of 20%.
Loans totalling £566,667 (2022: £966,667) included within bank loans are secured by fixed and floating charges over the company's assets. The loan is fully repayable by May 2026.
The aggregate of secured liabilities is £663,292 (2022: £1,085,903).
17
Loans and overdrafts
2023
2022
£
£
Bank loans
966,667
1,366,667
Bank overdrafts
194,730
Other loans
1,394,032
998,596
2,555,429
2,365,263
Payable within one year
626,694
553,598
Payable after one year
1,928,735
1,811,665
TRAVEL WEEKLY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
17
Loans and overdrafts
(Continued)
- 24 -
Loans totalling £nil (2022: £70,827) are unsecured, interest free, have no fixed date of repayment and are repayable on demand.
Loans totalling £128,589 (2022: £202,007) are secured by a first charge given by Clive Jacobs over such shares held by him in Jacobs Media Group Limited. The loan is fully repayable by May 2021 by annual instalments at an interest rate of 15% per annum.
Loan totalling £1,265,443 (2022: £725,762) included within other borrowings are unsecured. The loan is repayable by annual instalments at an interest rate of 15% to 20% per annum. From 22 December 2023, interest rate on all the loans were refinanced with an annual interest rate of 20%.
Loans totalling £966,667 (2022: £1,366,667) included within bank loans are secured by fixed and floating charges over the company's assets. The loan is fully repayable by May 2026.
The aggregate of secured liabilities is £1,095,256 (2022: £1,568,674).
18
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Assets
Assets
2023
2022
Balances:
£
£
Tax losses
192,178
12,178
2023
Movements in the year:
£
Asset at 1 January 2023
(12,178)
Credit to profit or loss
(180,000)
Asset at 31 December 2023
(192,178)
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so.
19
Deferred income
2023
2022
£
£
Other deferred income
2,108,495
2,367,119
TRAVEL WEEKLY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
20
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
145,186
118,700
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
21
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
1,006
1,006
1,006
1,006
Ordinary B of £1 each
150
150
150
150
1,156
1,156
1,156
1,156
There are 2 classes of Ordinary shares; ordinary A shares and ordinary B shares. There are no restrictions on the distribution of dividends and repayment of capital.
22
Reserves
Share premium
This reserve records the amount above the nominal value received for shares sold, less transaction costs.
Profit and loss reserves
Retained earnings represents accumulated comprehensive income for the year and prior periods less dividends paid.
23
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2023
2022
£
£
Within one year
356,740
500,000
Between two and five years
1,208,080
1,239,041
1,564,820
1,739,041
TRAVEL WEEKLY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
24
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Interest charge
2023
2022
£
£
Key management personnel
23,117
4,372
Other related parties
148,888
69,697
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due to related parties
£
£
Key management personnel
308,342
209,536
Other related parties
1,085,691
805,839
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
61,576
-
Key management personnel
-
15,975
Other related parties
116,922
-
25
Ultimate controlling party
The ultimate controlling party is C G Jacobs by way of his majority shareholding in the ultimate parent company Jacobs Media Group Limited. Travel Weekly Group Limited is 100% owned by Jacobs Media Group Limited.
The parent company's registered office is 3rd Floor, 52 Grosvenor Gardens, London, SW1 0AU.
TRAVEL WEEKLY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
26
Cash generated from/(absorbed by) operations
2023
2022
£
£
Profit for the year after tax
1,470,795
882,899
Adjustments for:
Taxation (credited)/charged
(180,000)
14,219
Finance costs
287,986
183,150
Amortisation and impairment of intangible assets
3,869
Depreciation and impairment of tangible fixed assets
61,400
82,535
Movements in working capital:
Increase in debtors
(234,338)
(1,471,112)
(Decrease)/increase in creditors
(1,062,951)
75,417
(Decrease)/increase in deferred income
(258,624)
196,636
Cash generated from/(absorbed by) operations
88,137
(36,256)
27
Analysis of changes in net debt
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
151,980
(102,711)
49,269
Bank overdrafts
(194,730)
(194,730)
151,980
(297,441)
(145,461)
Borrowings excluding overdrafts
(2,365,263)
4,564
(2,360,699)
(2,213,283)
(292,877)
(2,506,160)
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