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Registered number: 11881251









SESG TRAVEL LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
SESG TRAVEL LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SESG TRAVEL LIMITED
FOR THE YEAR ENDED 31 MARCH 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of SESG Travel Limited for the year ended 31 March 2024 which comprise  the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of Directors of SESG Travel Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of SESG Travel Limited and state those matters that we have agreed to state to the Board of Directors of SESG Travel Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than SESG Travel Limited and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that SESG Travel Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of SESG Travel Limited. You consider that SESG Travel Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of SESG Travel Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



White Hart Associates (London) Limited
 
Chartered Accountants and Statutory Auditors
  
2nd Floor, Nucleus House
2 Lower Mortlake Road
Richmond
TW9 2JA
22 August 2024
Page 1

 
SESG TRAVEL LIMITED
REGISTERED NUMBER: 11881251

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 3 
-
2,342

Tangible assets
 4 
1,327
-

  
1,327
2,342

Current assets
  

Debtors: amounts falling due within one year
 5 
5,391
330,908

Cash at bank and in hand
 6 
245,179
200,003

  
250,570
530,911

Creditors: amounts falling due within one year
 7 
(71,947)
(308,162)

Net current assets
  
 
 
178,623
 
 
222,749

Total assets less current liabilities
  
179,950
225,091

Creditors: amounts falling due after more than one year
 8 
(31,320)
(35,810)

  

Net assets
  
148,630
189,281


Capital and reserves
  

Called up share capital 
  
30,000
30,000

Profit and loss account
  
118,630
159,281

  
148,630
189,281

Page 2

 
SESG TRAVEL LIMITED
REGISTERED NUMBER: 11881251
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies 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 on 22 August 2024.




S W Groves
Director

The notes on pages 6 to 12 form part of these financial statements.
Page 3

 
SESG TRAVEL LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 April 2022
30,000
2,005
32,005


Comprehensive income for the year

Profit for the year
-
238,688
238,688


Contributions by and distributions to owners

Dividends: Equity capital
-
(81,412)
(81,412)



At 1 April 2023
30,000
159,281
189,281


Comprehensive income for the year

Profit for the year
-
40,761
40,761


Contributions by and distributions to owners

Dividends: Equity capital
-
(81,412)
(81,412)


At 31 March 2024
30,000
118,630
148,630


The notes on pages 6 to 12 form part of these financial statements.
Page 4

 
SESG TRAVEL LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
40,761
238,688

Adjustments for:

Amortisation of intangible assets
2,463
2,342

Government grants
-
(4,960)

Interest paid
3,032
-

Taxation charge
11,953
56,762

Decrease/(increase) in debtors
325,517
(187,296)

(Decrease)/increase in creditors
(193,710)
81,344

Corporation tax (paid)
(66,613)
(19,936)

Net cash generated from operating activities

123,403
166,944


Cash flows from investing activities

Purchase of tangible fixed assets
(1,448)
-

Government grants received
-
4,960

Net cash from investing activities

(1,448)
4,960

Cash flows from financing activities

Repayment of loans
(3,836)
(6,535)

Dividends paid
(69,911)
(81,412)

Interest paid
(3,032)
-

Net cash used in financing activities
(76,779)
(87,947)

Net increase in cash and cash equivalents
45,176
83,957

Cash and cash equivalents at beginning of year
200,003
116,046

Cash and cash equivalents at the end of year
245,179
200,003


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
245,179
200,003

245,179
200,003


The notes on pages 6 to 12 form part of these financial statements.

Page 5

 
SESG TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

The company is a private company limited by shares incorporated in England and Wales. The registered
office address is 32B, Harwood Terrace, London, SW6 2AB.

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 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

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 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'.

 
2.3

Revenue

Revenue represents the total value of travel, holiday and holiday accomodation arrangements provided by the company, recognised on a departure date basis.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 6

 
SESG TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
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

Borrowing costs

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

 
2.8

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.

 
2.9

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 reporting date in the countries where the Company operates and generates income.

Page 7

 
SESG TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.10

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.

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.

 
2.11

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, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
25%
Straight Line

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.

 
2.12

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.

 
2.13

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.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.14

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.

Page 8

 
SESG TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
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.


Intangible assets




Development expenditure

£



Cost


At 1 April 2023
11,710



At 31 March 2024

11,710



Amortisation


At 1 April 2023
9,368


Charge for the year on owned assets
2,342



At 31 March 2024

11,710



Net book value



At 31 March 2024
-



At 31 March 2023
2,342



Page 9

 
SESG TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Computer equipment

£



Cost or valuation


Additions
1,448



At 31 March 2024

1,448



Depreciation


Charge for the year on owned assets
121



At 31 March 2024

121



Net book value



At 31 March 2024
1,327



At 31 March 2023
-

Page 10

 
SESG TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Debtors

2024
2023
£
£


Trade debtors
-
89,479

Other debtors
5,391
241,429

5,391
330,908



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
245,179
200,003

245,179
200,003



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
6,536
5,882

Trade creditors
9,315
4,053

Corporation tax
11,953
66,613

Other creditors
11,501
46,892

Accruals and deferred income
32,642
184,722

71,947
308,162



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
31,320
35,810

31,320
35,810


Page 11

 
SESG TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
6,536
5,882


6,536
5,882

Amounts falling due 1-2 years

Bank loans
6,536
5,882


6,536
5,882

Amounts falling due 2-5 years

Bank loans
19,608
17,647


19,608
17,647

Amounts falling due after more than 5 years

Bank loans
5,176
12,281

5,176
12,281

37,856
41,692



10.


Transactions with directors

As at year end the balance owed from directors amounted to £2,047 (2023: £43,772).


11.


PTS trust account

The company provides consumer protection arrangements under the Package Travel and Linked Travel Arrangements Regulations 2018 by means of its membership of Protected Trust Services ('PTS'). Part of the membership arrangement is the operation of a consumer funds protection trust together with shortfall insurance where appropriate.

 
Page 12