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Registered number: 01854884









COMPANY TRAVEL LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
COMPANY TRAVEL LIMITED
REGISTERED NUMBER: 01854884

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

FIXED ASSETS
  

Investments
 4 
189,430
96,774

  
189,430
96,774

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 5 
5,890,143
1,569,971

Cash at bank and in hand
  
10,435
2,267

  
5,900,578
1,572,238

Creditors: amounts falling due within one year
 6 
(6,125,583)
(1,682,722)

NET CURRENT LIABILITIES
  
 
 
(225,005)
 
 
(110,484)

NET LIABILITIES
  
(35,575)
(13,710)


CAPITAL AND RESERVES
  

Called up share capital 
 7 
29,100
29,100

Profit and loss account
  
(64,675)
(42,810)

  
(35,575)
(13,710)


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 comprehensive income 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 by: 




B C Carroll
Director

Date: 25 September 2024

The notes on pages 2 to 7 form part of these financial statements.

Page 1

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

1.


GENERAL INFORMATION

Company Travel Limited is a private company limited by shares incorporated in England and Wales. Its registered office and trading address is 58-60 Kensington Church Street, London, W8 4DB.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

EXEMPTION FROM PREPARING CONSOLIDATED FINANCIAL STATEMENTS

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

GOING CONCERN

The directors have prepared the financial statements on a going concern basis which assumes that the Company will be able to continue in operational existence for the foreseeable future, being a period of not less than 12 months from the date of approval of the financial statements.
The ultimate parent undertaking, Hopper Inc., has provided written confirmation that it will provide sufficient financial resources to the Company so that it can meet its liabilities as they fall due for a period of not less than 12 months from the date of approval of the financial statements.
Given the ongoing group support, the directors believe that the Company is adequately placed to manage its business risks successfully and that the Company will have adequate financial resources available to meet is liabilities as they fall due.

Page 2

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

2.ACCOUNTING POLICIES (CONTINUED)

 
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 are presented in the Statement of Comprehensive Income within 'administrative expenses'.

 
2.5

TURNOVER

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Commissions
Commissions are recognised in line with revenue generated by the Company, based on a fixed percentage of the sales value.

Page 3

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

2.ACCOUNTING POLICIES (CONTINUED)

 
2.6

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 balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the investment is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

 
2.8

DEBTORS

Short-term debtors are measured at transaction price, less any impairment.

 
2.9

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.

 
2.10

CREDITORS

Short-term creditors are measured at the transaction price.

Page 4

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

2.ACCOUNTING POLICIES (CONTINUED)

 
2.11

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as other debtors, amounts owed by group undertakings and amounts owed to group undertakings.


3.


EMPLOYEES

The Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL).


4.


FIXED ASSET INVESTMENTS





Investments in subsidiary companies

£



COST


At 1 January 2023
96,774


Additions
92,656



At 31 December 2023
189,430





5.


DEBTORS

2023
2022
£
£

Amounts owed by group undertakings
5,293,511
1,217,971

Other debtors
596,632
352,000

5,890,143
1,569,971


Amounts owed by group undertakings are unsecured, interest free and repayable on demand.

Page 5

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

6.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Amounts owed to group undertakings
6,114,657
1,648,972

Accruals and deferred income
10,926
33,750

6,125,583
1,682,722


Amounts owed to group undertakings are unsecured, interest free and repayable on demand.


7.


SHARE CAPITAL

2023
2022
£
£
ALLOTTED, CALLED UP AND FULLY PAID



29,000 (2022 - 29,000) Ordinary shares of £1.00 each
29,000
29,000
100 (2022 - 100) Ordinary A shares of £1.00 each
100
100

29,100

29,100

Ordinary shares carry full rights with respect to voting, dividends and distributions.
Ordinary A shares carry full rights with respect to dividends and distributions. These shares carry no voting rights.



8.


COMMITMENTS UNDER OPERATING LEASES

The Company had no commitments under non-cancellable operating leases at the balance sheet date.


9.


PRIOR YEAR ADJUSTMENT

During the year the directors reviewed the revenue recognition policy of the Company and have identified that that the Company should be recognising revenue as an ‘agent’ rather than a ‘principal’, as it does not have exposure to the significant risks and rewards associated with the sale of air travel tickets and a fixed fee per transaction is earned by the Company. The comparatives have been restated for this error, with the effect as follows:
- Turnover for the year ended 31 December 2022 has decreased by £2,390,396
- Cost of sales for the year ended 31 December 2022 has decreased by £2,390,396
This has no impact on opening reserves at 1 January 2022 or closing reserves at 31 December 2022.

Page 6

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

10.


CONTROLLING PARTY

The ultimate parent undertaking of the smallest group to consolidate these financial statements is Hopper Inc., a company incorporated in Canada. Its registered office is 5795 Gaspe Ave #100, Montreal, Quebec, Canada, H2S 2X3.


11.


AUDITORS' INFORMATION

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

The audit report was signed on 25 September 2024 by Thomas Hamilton (Senior Statutory Auditor) on behalf of Peters Elworthy & Moore.

 
Page 7