Financial Statements
The Travel Department Ltd
For the financial year ended 31 December 2023
Registered number: 05948197
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The Travel Department Ltd
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Company Information
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Suite 3b, 2 Northside House
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Chartered Accountants & Statutory Auditors
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AIB International Banking Services
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Leicester LE87 2BB
United Kingdom
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The Travel Department Ltd
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Contents
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Directors' responsibilities statement
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Independent auditor's report
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Statement of comprehensive income
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Statement of financial position
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Notes to the financial statements
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The Travel Department Ltd
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Directors' report
For the financial year ended 31 December 2023
The directors present their report and the financial statements for the financial year ended 31 December 2023.
The loss for the financial year, after taxation, amounted to £237,509 (2022: £54,481).
The directors have not recommended a dividend (2022: £Nil).
Disclosure of information to auditor
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Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and
∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
Post balance sheet events
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There have been no significant events affecting the Company since the financial year end.
The Company is in a net deficit position of €190,746 as at 31 December 2023 (2022: net surplus position of €46,762). The statutory financial statements have been prepared on a going concern basis which assumes that the Company will continue in operational existence for a period not less than 12 months from the date of signing these financial statements.
The Company is a wholly owned subsidiary of Discovery Travel Holdings Limited (collectively, the “Group”) and is reliant on its continued support. The directors have obtained written confirmation of the ultimate parent company's continued support, covering a period of not less than 12 months from the date of approval of the financial statements to allow the Company meet its debts as they fall due.
The directors are satisfied that the Group has the means to support it, based on cash flow budgets and forecasts prepared by the Group and approved by its board of directors. These cash flow budgets and forecasts show the Group continuing to be cash generative. While the Group’s forecasts and projections reflect key assumptions based on information available at the time of the review, by their nature they include significant judgments and estimates as they are assessing the future performance of the Group.
The auditor, Grant Thornton, is willing to be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
Page 1
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The Travel Department Ltd
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Directors' report (continued)
For the financial year ended 31 December 2023
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
Page 2
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The Travel Department Ltd
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Directors' responsibilities statement
For the financial year ended 31 December 2023
The directors are responsible for preparing the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙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 to 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.
On behalf of the board
Sara Zimmerman
Director
Date: 30 May 2024
Page 3
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Independent auditor's report to the members of The Travel Department Ltd
We have audited the financial statements of The Travel Department Ltd, which comprise the Statement of comprehensive income, the Statement of financial position for the financial year ended 31 December 2023, and the related notes to the financial statements, including a summary of significant accounting policies.
The financial reporting framework that has been applied in the preparation of the financial statements 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 Travel Department Ltd's financial statements:
∙give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the Company as at 31 December 2023 and of its financial performance for the financial year then ended; and
∙have been prepared properly 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 'Responsibilities of the auditor 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 United Kingdom, namely the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. 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
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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 the date 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.
Page 4
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Independent auditor's report to the members of The Travel Department Ltd (continued)
Other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon, including the Directors' report. The directors are responsible for the other information. Our opinion on the financial statements does not cover the information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, 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 audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies in the financial statements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 the audit:
∙the information given in the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements, and
∙the Directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
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In the light of the knowledge and understanding of the company and its environment we have obtained in the course of the audit, we have not identified material misstatements in 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 directors' remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit; or
∙the directors were not entitled to take advantage of the small companies' exemptions from the requirement to prepare a strategic report or in preparing the Directors' report.
Page 5
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Independent auditor's report to the members of The Travel Department Ltd (continued)
Responsibilities of management and those charged with governance for the financial statements
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Management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS102 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, management is 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 management either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Company's financial reporting process.
Responsibilities of the auditor for the audit of the financial statements
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The objectives of an auditor 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 their 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.
A further description of an auditor's responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
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. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK).
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:
Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to compliance with data protection requirements in the jurisdictions in which the Company operates and holds data, non-compliance related to employment regulation in the UK and breach of the Air Travel Organiser's Licence conditions and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and local tax legislation. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgments and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements.
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Independent auditor's report to the members of The Travel Department Ltd (continued)
Responsibilities of the auditor for the audit of the financial statements (continued)
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud (continued)
In response to these principal risks, our audit procedures included but were not limited to:
∙inquiries of management on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud;
∙gaining an understanding of the internal controls established to mitigate risk related to fraud;
∙discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit;
∙designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing, and challenging assumptions and judgments made by management in their assessment of the basis for the use of the going concern assumption; and
∙review of the financial statement disclosures to underlying supporting documentation and inquiries of management.
The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.
The purpose of our audit work and to whom we owe our responsibilities
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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.
Cathal Kelly (Senior statutory auditor)
for and on behalf of
Grant Thornton
Chartered Accountants &
Statutory Auditors
Dublin 2
Ireland
Date: 30 May 2024
Page 7
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The Travel Department Ltd
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Statement of comprehensive income
For the financial year ended 31 December 2023
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Interest receivable and similar income
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Loss for the financial year
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All amounts relate to continuing operations.
There was no other comprehensive income for 2023 (2022:£NIL).
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The notes on pages 10 to 16 form part of these financial statements.
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Page 8
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The Travel Department Ltd
Registered number:05948197
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Statement of financial position
As at 31 December 2023
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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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 were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 10 to 16 form part of these financial statements.
Page 9
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The Travel Department Ltd
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Notes to the financial statements
For the financial year ended 31 December 2023
The Travel Department Ltd is a private Company limited by shares incorporated in the United Kingdom. Suite 3b, 2 Northside House, Mount Pleasant, Barnet, EN4 9EB, United Kingdom, is the registered office, which is also the principal place of business of the Company. The principal activity of the Company is the provision of escorted tours and other similar holidays.
The Company is licensed by the Civil Aviation Authority in the United Kingdom.
2.Accounting policies
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Basis of preparation of financial statements
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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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company is in a net deficit position of €190,746 as at 31 December 2023 (2022: net surplus position of €46,762). The statutory financial statements have been prepared on a going concern basis which assumes that the Company will continue in operational existence for a period not less than 12 months from the date of signing these financial statements.
The Company is a wholly owned subsidiary of Discovery Travel Holdings Limited (collectively, the “Group”) and is reliant on its continued support. The directors have obtained written confirmation of the ultimate parent company's continued support, covering a period of not less than 12 months from the date of approval of the financial statements to allow the Company meet its debts as they fall due.
The directors are satisfied that the Group has the means to support it, based on cash flow budgets and forecasts prepared by the Group and approved by its board of directors. These cash flow budgets and forecasts show the Group continuing to be cash generative. While the Group’s forecasts and projections reflect key assumptions based on information available at the time of the review, by their nature they include significant judgments and estimates as they are assessing the future performance of the Group.
Revenue is recognised in the Statement of comprehensive income at the date of departure of travel by clients. Monies received from clients before the year end in respect of departure dates after the year end are deferred until the dates of departure and reflected as deferred income in the Company's Statement of financial position. Costs associated with delivering transportation services are similarly recognised in the Statement of comprehensive income based on the date of departure of clients travelling. Revenue is accounted for at fair value net of VAT.
Page 10
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The Travel Department Ltd
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Notes to the financial statements
For the financial year ended 31 December 2023
2.Accounting policies (continued)
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Foreign currency translation
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Functional and presentation currency
The company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
Interest income is recognised in profit or loss using the effective interest method.
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.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Page 11
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The Travel Department Ltd
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Notes to the financial statements
For the financial year ended 31 December 2023
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, inclusive of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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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.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, inclusive of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Page 12
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The Travel Department Ltd
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Notes to the financial statements
For the financial year ended 31 December 2023
2.Accounting policies (continued)
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, amounts owed by/to group undertakings, amounts held in escrow trust and deferred income.
Debt instruments (other than those wholly repayable or receivable within one year), including trade and other debtors and creditors and amounts owed by/to group undertakings, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an 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.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The judgments, estimates and assumptions used in the financial statements are based upon management’s evaluation of the relevant facts and circumstances as of the date of the financial statements. Actual results could differ from these estimates, and the effect of any change in estimates will be adjusted in the financial statements when they become reasonably determinable.
Management did not identify any material estimates or judgements during preparation of the current year financial statements.
Page 13
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The Travel Department Ltd
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Notes to the financial statements
For the financial year ended 31 December 2023
The Company has one employee other than the directors (2022: one).
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The Travel Department Ltd
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Notes to the financial statements
For the financial year ended 31 December 2023
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Debtors: Amounts falling due within one year
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Amounts owed by group undertakings
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Amounts held in escrow trust
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Amounts owed by group undertakings are unsecured, interest free and are repayable on demand.
Amounts held in escrow trust are repayable when the underlying contracts are completed, in accordance with the trust deed.
Other debtors represent cash due from merchant payment service providers.
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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The terms of accruals and deferred income are based on the underlying contracts.
Amounts owed to group undertakings are unsecured, interest free and are repayable on demand.
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Creditors: Amounts falling due after more than one year
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Amounts owed to group undertakings
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The amount outstanding represents advances received from the immediate parent company, The Travel Department Limited, which is subordinated to the Civil Aviation Authority as part of licensing agreements.
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Page 15
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The Travel Department Ltd
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Notes to the financial statements
For the financial year ended 31 December 2023
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Allotted, called up and fully paid
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30,000 (2022 - 30,000) Ordinary shares of £1.00 each
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Profit and loss account
Includes all cumulative current and prior year retained profits and losses.
Included in the security over which loans were drawn down on 27 April 2023 by group Company, Discovery Travel Limited, were share charges of the Company.
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Related party transactions
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The Company has availed of the exemptions in FRS 102 Section 33.1A which allows non disclosure of transactions with other group companies.
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Post balance sheet events
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There have been no significant events affecting the Company since the financial year end.
The results of the Company are consolidated into the results of the immediate parent Company, The Travel Department Limited, the smallest group Company to prepare consolidated accounts. The results of the Company are also consolidated into the results of the ultimate parent Company, Discovery Travel Holdings Limited, the largest group Company to prepare consolidated accounts. The Travel Department Limited and Discovery Travel Holdings Limited are companies incorporated in Ireland with a registered office at Harmony Court, Harmony Row, Dublin 2. There is no controlling party of the ultimate parent company.
Page 16
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