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REGISTERED NUMBER: 12355037 (England and Wales)















Financial Statements for the Year Ended 31 December 2023

for

Travelworld Global Limited

Travelworld Global Limited (Registered number: 12355037)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Travelworld Global Limited

Company Information
for the Year Ended 31 December 2023







DIRECTOR: Dr. R Schuster





REGISTERED OFFICE: C/O Price & Accountants Ltd
Wework, 3 Waterhouse Square,
138-142 Holborn,
London
EC1N 2SW





REGISTERED NUMBER: 12355037 (England and Wales)





ACCOUNTANTS: Price & Accountants Ltd
WeWork
3 Waterhouse Square
138 - 142 Holborn
London
EC1N 2SW

Travelworld Global Limited (Registered number: 12355037)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 223,673 346,622
Investments 5 198,905 198,905
422,578 545,527

CURRENT ASSETS
Debtors 6 357,917 313,628
Cash at bank 38,373 32,802
396,290 346,430
CREDITORS
Amounts falling due within one year 7 3,171,931 2,426,617
NET CURRENT LIABILITIES (2,775,641 ) (2,080,187 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(2,353,063

)

(1,534,660

)

CREDITORS
Amounts falling due after more than one year 8 2,677,061 2,385,328
NET LIABILITIES (5,030,124 ) (3,919,988 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (5,030,224 ) (3,920,088 )
(5,030,124 ) (3,919,988 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Travelworld Global Limited (Registered number: 12355037)

Balance Sheet - continued
31 December 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 26 September 2024 and were signed by:





Dr. R Schuster - Director


Travelworld Global Limited (Registered number: 12355037)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. GENERAL INFORMATION

Travelworld Global Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


Travelworld Global Limited (Registered number: 12355037)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES

2.1 Basis of preparing the 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 Going concern

The company and wider group were significantly affected by the impact of the worldwide coronavirus pandemic and accordingly the director's of the wider group are reviewing the optimum global structure for the group, which is likely to include the reorganisation of group trade and activities and the restructure of certain entities within the United Kingdom. As a result there is material uncertainty over the going concern position.

2.3 Foreign currency translation

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

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

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

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

2.4 Revenue

The company's revenues are generated by providing online travel reservation services, which principally allows travellers to book travel reservations with travel service providers through the company's platforms. The company's customers are the travel service providers, and revenue reflects either a commission or margin on the travel transaction to which the company is entitled.

2.5 Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred

2.6 Finance costs

Finance costs are charged to the profit and loss account 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 Intangible assets

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


Travelworld Global Limited (Registered number: 12355037)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

The estimated useful lives range as follows:

Domain name - 5 years
Licences and software - 5 year

2.8 Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

2.9 Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.10 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.

2.11 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.

2.12 Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.13 Financial instruments

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, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

Travelworld Global Limited (Registered number: 12355037)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2023
and 31 December 2023 903,632
AMORTISATION
At 1 January 2023 557,010
Charge for year 122,949
At 31 December 2023 679,959
NET BOOK VALUE
At 31 December 2023 223,673
At 31 December 2022 346,622

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 256,107
PROVISIONS
At 1 January 2023
and 31 December 2023 57,202
NET BOOK VALUE
At 31 December 2023 198,905
At 31 December 2022 198,905

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 107,420 71,680
Amounts owed by group undertakings 169,160 159,284
Other debtors 81,337 82,664
357,917 313,628

Travelworld Global Limited (Registered number: 12355037)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 344,062 165,995
Trade creditors 105,841 103,799
Amounts owed to group undertakings 2,704,028 2,128,823
Other creditors 18,000 28,000
3,171,931 2,426,617

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Amounts owed to group undertakings 2,677,061 2,385,328

9. CONTROLLING PARTY

The company is under the control of MyWorld Holdings Limited, which is a company incorporated and domiciled in England and Wales.The ultimate controlling party is H Freidl by virtue of his majority ownership in MyWorld Holdings Limited.