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Registered number: 01422547










EVOLVI RAIL SYSTEMS LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
EVOLVI RAIL SYSTEMS LIMITED
REGISTERED NUMBER: 01422547

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Fixed assets
  

Intangible assets
 4 
111,723
262,619

Tangible assets
 5 
14,753
4,778

  
126,476
267,397

Current assets
  

Debtors: amounts falling due after more than one year
 6 
29,651
39,246

Debtors: amounts falling due within one year
 6 
7,809,836
3,289,436

Cash at bank and in hand
  
964,926
1,750,704

  
8,804,413
5,079,386

Creditors: amounts falling due within one year
 7 
(4,960,477)
(3,017,307)

Net current assets
  
 
 
3,843,936
 
 
2,062,079

Total assets less current liabilities
  
3,970,412
2,329,476

Net assets
  
3,970,412
2,329,476


Capital and reserves
  

Called up share capital 
 9 
60,000
60,000

Profit and loss account
  
3,910,412
2,269,476

Total equity
  
3,970,412
2,329,476


The Company's financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

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: 


M C Nevin
Director

Date: 24 September 2024

The notes on pages 4 to 16 form part of these financial statements.
Page 1

 
EVOLVI RAIL SYSTEMS LIMITED
REGISTERED NUMBER: 01422547
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023


Page 2

 
EVOLVI RAIL SYSTEMS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
60,000
11,636,105
11,696,105



Profit for the year
-
633,371
633,371

Dividends: Equity capital
-
(10,000,000)
(10,000,000)



At 1 January 2023
60,000
2,269,476
2,329,476



Profit for the year
-
1,640,936
1,640,936


At 31 December 2023
60,000
3,910,412
3,970,412


The notes on pages 4 to 16 form part of these financial statements.

Page 3

 
EVOLVI RAIL SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Evolvi Rail Systems Limited is a private company incorporated in England and Wales.
The principal activity of the Company continued to be that of a system supplier to the rail industry.

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 Financial Reporting Standard 101 'Reduced Disclosure Framework'  and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

Page 4

 
EVOLVI RAIL SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.2

Financial Reporting Standard 101 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions under FRS 101:
the requirements of paragraphs 45(b) and 46-52 of IFRS 2 Share-based payment
the requirements of paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n)(ii), B64(o)(ii), B64(p), B64(q)(ii), B66 and B67 of IFRS 3 Business Combinations
the requirements of IFRS 7 Financial Instruments: Disclosures
the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement
the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers
the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16 Leases. The requirements of paragraph 58 of IFRS 16, provided that the disclosure of details in indebtedness relating to amounts payable after 5 years required by company law is presented separately for lease liabilities and other liabilities, and in total
the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
 - paragraph 79(a)(iv) of IAS 1;
 - paragraph 73(e) of IAS 16 Property, Plant and Equipment;
 - paragraphs 76 and 79(d) of IAS 40 Investment Property; and
 - paragraph 50 of IAS 41 Agriculture
the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements
the requirements of IAS 7 Statement of Cash Flows
the requirements of paragraph 74A(b) of IAS 16
the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member
the requirements of paragraphs 130(f)(ii), 130(f)(iii), 134(d)-134(f) and 135(c)-135(e) of IAS 36 Impairment of Assets.

This information is included in the consolidated financial statements of The Portman Travel Group Limited as at 31 December 2023 and these financial statements may be obtained from Elegant House Sandpiper Way, Chester Business Park, Chester, Cheshire, England, CH4 9QE..

Page 5

 
EVOLVI RAIL SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Going concern

The financial statements have been prepared on the going concern basis which the directors consider to be appropriate for the following reasons.
At 31 December 2023, the Company had cash of £965k.
The directors have reviewed cash flow forecasts for the Company for the period to July 2025. The assumptions used are based around budget expectations for 2023 and 2024 factoring in sensitivity analysis for any shortfall of these expectations. This indicates a positive cashflow situation over the forecast period under the sensitivity scenarios.
In reviewing these forecasts, the directors have concluded that the Company will have sufficient funds to meet its liabilities as they fall due for that period

Page 6

 
EVOLVI RAIL SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Revenue recognition

Revenue is earned within the United Kingdom.
The revenue and profits recognised in any period are based on the delivery of performance obligations and an assessment of when control is transferred to the customer.
In determining the amount of revenue and profits to record, and related balance sheet items (such as trade receivables, accrued income and deferred income) to recognise in the period, management is required to form a number of key judgements and assumptions.
Revenue is recognised either when the performance obligation in the contract has been performed (so 'point in time' recognition or 'over time' as control of the performance obligation is transferred to the customer.
For all contracts, the Company determines if the agreement with a customer creates enforceable rights and obligations. This assessment results in certain Master Service Agreements ('MSA') not meeting the definition of a contract under IFRS 15 and as such the individual call-off agreements, linked to the MSA, are treated as individual contracts.
The Company enters into contracts which contain extension periods, where either the customer or both parties can choose to extend the contract or there is an automatic annual renewal, and/or termination clauses that could impact the actual duration of the contract. Judgement is applied to assess the impact that these clauses have when determining the appropriate contract term.
Transactional (Point in time) contracts
The Company delivers a range of goods or services that are transactional services for which revenue is recognised as the point in time when control of the goods or services has transferred to the customer. This may be at the point of physical delivery of goods and acceptance by a customer or when the customer obtains control of an asset or service in a contract with customer specified acceptance criteria.
Principal versus agent
The Company has arrangements with some of its customers whereby it needs to determine if it acts as a principal or an agent as more than one party is involved in providing the goods and services to the customer. The Company acts as a principal if it controls a promised good or service before transferring that good or service to the customer. The Company is an agent if its role is to arrange for another entity to provide the goods or services. Factors considered in making this assessment are most notably the discretion of the Company has in establishing the price for the specified good or service, whether the Company has inventory risk and whether the Company is primarily responsible for fulfilling the promise to deliver the service or good.
This assessment of control requires judgement in particular in relation to certain service contracts. An example, is that each service provided to the customer operations under its own terms and is separately amendable without impact to any other component or service acquired. Where the Company is acting as an agent revenues and costs are recorded gross on the Balance Sheet but net in the Income Statement reflecting the margin earned.

Page 7

 
EVOLVI RAIL SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Interest income

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

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
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

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting 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 reporting date.

Page 8

 
EVOLVI RAIL SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Intangible assets

Capitalised software is valued at cost less accumulated amortisation. Amortisation is calculated to write off the cost in equal annual instalments over their estimated useful life, which is typically 3-5 years. In the case of capitalised software development costs, research expenditure is written off to the income statement in the period in which it is incurred. Development expenditure is written off in the same way unless and until the Company is satisfied as to the technical, commercial and financial viability of individual projects. In these cases, the development expenditure is capitalised and amortised over the period during which the Company is expected to benefit.

 
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 as follows:


Computer equipment

2 - 5 years

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

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.

 
2.12

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.

 
2.13

Creditors

Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

Page 9

 
EVOLVI RAIL SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.14

Financial instruments

The Company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The Company's accounting policies in respect of financial instruments transactions are explained below:

Financial assets and financial liabilities are initially measured at fair value. 

Financial assets

All recognised financial assets are subsequently measured in their entirety at either fair value or amortised cost, depending on the classification of the financial assets.

Fair value through profit or loss

All of the Company's financial assets other than those which meet the criteria to be measured at amortised cost are subsequently measured at fair value at the end of each reporting period, with any fair value gains or losses being recognised in profit or loss to the extent they are not part of a designated hedging relationship. The net gain or loss recognised in profit or loss includes any dividend or interest earned on the financial asset. 

Debt instruments at amortised cost

Debt instruments are subsequently measured at amortised cost where they are financial assets held within a business model whose objective is to hold financial assets in order to collect contractual cash flows and selling the financial assets, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Amortised cost is calculated using the effective interest method and represents the amount measured at initial recognition less repayments of principal plus the cumulative amortisation using the effective interest method of any difference between the initial amount and the maturity amount, adjusted for any loss allowance.

Impairment of financial assets

The Company recognises a loss allowance for expected credit losses on investments in debt instruments that are measured at amortised or at FVOCI. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument.

The Company always recognises lifetime ECL for trade receivables and amounts due on contracts with customers. The expected credit losses on these financial assets are estimated based on the Company's historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate. Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument.

Financial liabilities

Fair value through profit or loss

Financial liabilities are classified as at fair value through profit or loss, when the financial liability is
Page 10

 
EVOLVI RAIL SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.14
Financial instruments (continued)

held for trading, or is designated as at fair value through profit or loss. This designation may be made if such designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise, or the financial liability forms part of a group of financial instruments which is managed and its performance is evaluated on a fair value basis, or the financial liability forms part of a contract containing one or more embedded derivatives, and IFRS 9 permits the entire combined contract to be designated as at fair value through profit or loss. Any gains or losses arising on changes in fair value are recognised in profit or loss to the extent that they are not part of a designated hedging relationship.

At amortised cost

Financial liabilities which are neither contingent consideration of an acquirer in a business combination, held for trading, nor designated as at fair value through profit or loss are subsequently measured at amortised cost using the effective interest method. This is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or where appropriate a shorter period, to the amortised cost of a financial liability.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Operations
21
21



Administration
8
7

29
28

Page 11

 
EVOLVI RAIL SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Intangible assets




Computer software

£



Cost


At 1 January 2023
745,856



At 31 December 2023

745,856



Amortisation


At 1 January 2023
483,237


Charge for the year on owned assets
150,896



At 31 December 2023

634,133



Net book value



At 31 December 2023
111,723



At 31 December 2022
262,619




Page 12

 
EVOLVI RAIL SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 January 2023
6,896


Additions
14,461



At 31 December 2023

21,357



Depreciation


At 1 January 2023
2,118


Charge for the year on owned assets
4,486



At 31 December 2023

6,604



Net book value



At 31 December 2023
14,753



At 31 December 2022
4,778

Page 13

 
EVOLVI RAIL SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors

2023
2022
£
£

Due after more than one year

Deferred tax asset
29,651
39,246

29,651
39,246


2023
2022
£
£

Due within one year

Trade debtors
966,255
503,152

Amounts owed by group undertakings
6,693,380
2,648,649

Other debtors
-
25,362

Prepayments and accrued income
150,201
112,273

7,809,836
3,289,436


The trade debtors balance includes amounts relating to pass through revenue.
Amounts due from group undertakings are interest free and repayable on demand.


7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
4,134,963
2,730,007

Amounts owed to group undertakings
26
45,259

Other taxation and social security
202,657
144,442

Other creditors
527,807
1,668

Accruals and deferred income
95,024
95,931

4,960,477
3,017,307


Trade creditors includes amounts relating to pass through costs.
Amounts owed to group undertakings are interest free and repayable on demand.

Page 14

 
EVOLVI RAIL SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Deferred taxation




2023


£






At beginning of year
39,246


Charged to profit or loss
(9,595)



At end of year
29,651

The deferred tax asset is made up as follows:

2023
2022
£
£


Fixed asset timing differences
29,651
39,246

29,651
39,246


9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



60,000 (2022 - 60,000) Ordinary shares of £1.00 each
60,000
60,000



10.


Reserves

Profit and loss account

Profit and loss includes all current and prior periods retained profit, net of dividends paid and other adjustments.
In the prior year, the Company paid a dividend of £10,000,000 by the transfer of debt receivable from Capita Plc to its parent company Capita Travel & Events Holdings Limited.


11.


Contingent liabilities

The Company has exclusively provided a bond to the Rail Settlement Plan for £9,500,000 (2022: £9,500,000). No loss is expected to arise and there are no tax consequences of any of these bonds.

Page 15

 
EVOLVI RAIL SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £51,958 (2022: £47,421).
 
Contributions totalling £nil (2022: £nil) were payable to the fund at the balance sheet date and are included in other creditors.


13.


Related party transactions

The company has not entered into any related party transactions during the year (2022: £64). At the balance sheet date there were no outstanding balances owing between related parties and the company (2022: £nil).


14.


Controlling party

The company's immediate parent is Capita Travel and Events Holdings Limited , which is a subsidiary of Clarity Travel Limited, a company incorporated in England and Wales.
The Company's ultimate parent company is Seera Holding Group, a company incorporated in Saudi Arabia. The consolidated financial statements may be obtained from P.O. Box 52660, Riyadh 11573, Kingdom of Saudi Arabia.
The smallest group in which the results of the company are consolidated is The Portman Travel Group Limited. The largest group in which the results of the company are consolidated is Seera Holding Group. The consolidated financial statements of The Portman Travel Group Limited may be obtained from Elegant House, Sandpiper Way, Chester Business Park, Chester, Cheshire, England, CH4 9QE.


15.


Auditors' information

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

The audit report was signed on 24 September 2024 by Karanjit Gill (Senior Statutory Auditor) on behalf of Xeinadin Audit Limited.

 
Page 16