Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31The principal activity of the company is that of sale of golfing holidays as a tour operator.false3false2023-04-01false3trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03986222 2023-04-01 2024-03-31 03986222 2022-04-01 2023-03-31 03986222 2024-03-31 03986222 2023-03-31 03986222 2022-04-01 03986222 1 2023-04-01 2024-03-31 03986222 1 2022-04-01 2023-03-31 03986222 5 2023-04-01 2024-03-31 03986222 5 2022-04-01 2023-03-31 03986222 d:Director1 2023-04-01 2024-03-31 03986222 e:FurnitureFittings 2023-04-01 2024-03-31 03986222 e:FurnitureFittings 2024-03-31 03986222 e:FurnitureFittings 2023-03-31 03986222 e:Goodwill 2024-03-31 03986222 e:Goodwill 2023-03-31 03986222 e:CurrentFinancialInstruments 2024-03-31 03986222 e:CurrentFinancialInstruments 2023-03-31 03986222 e:Non-currentFinancialInstruments 2024-03-31 03986222 e:Non-currentFinancialInstruments 2023-03-31 03986222 e:CurrentFinancialInstruments e:WithinOneYear 2024-03-31 03986222 e:CurrentFinancialInstruments e:WithinOneYear 2023-03-31 03986222 e:Non-currentFinancialInstruments e:AfterOneYear 2024-03-31 03986222 e:Non-currentFinancialInstruments e:AfterOneYear 2023-03-31 03986222 e:ShareCapital 2024-03-31 03986222 e:ShareCapital 2023-03-31 03986222 e:ShareCapital 2022-04-01 03986222 e:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 03986222 e:RetainedEarningsAccumulatedLosses 2024-03-31 03986222 e:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 03986222 e:RetainedEarningsAccumulatedLosses 2023-03-31 03986222 e:RetainedEarningsAccumulatedLosses 2022-04-01 03986222 d:FRS102 2023-04-01 2024-03-31 03986222 d:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 03986222 d:FullAccounts 2023-04-01 2024-03-31 03986222 d:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 03986222 e:Subsidiary1 2023-04-01 2024-03-31 03986222 e:Subsidiary1 1 2023-04-01 2024-03-31 03986222 6 2023-04-01 2024-03-31 03986222 f:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 03986222









ZANC TRAVEL GROUP LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
ZANC TRAVEL GROUP LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ZANC TRAVEL GROUP 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 Zanc Travel Group 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 Zanc Travel Group 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 Zanc Travel Group Limited and state those matters that we have agreed to state to the Board of Directors of Zanc Travel Group 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 Zanc Travel Group Limited and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that Zanc Travel Group 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 Zanc Travel Group Limited. You consider that Zanc Travel Group 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 Zanc Travel Group 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
  
Nucleus House
2 Lower Mortlake Road
Richmond
TW9 2JA
29 July 2024
Page 1

 
ZANC TRAVEL GROUP LIMITED
REGISTERED NUMBER: 03986222

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 7 
2,001
2,001

  
2,001
2,001

Current assets
  

Debtors: amounts falling due within one year
 8 
134,499
88,597

Cash at bank and in hand
 9 
328,734
417,468

  
463,233
506,065

Creditors: amounts falling due within one year
 10 
(320,429)
(368,858)

Net current assets
  
 
 
142,804
 
 
137,207

Total assets less current liabilities
  
144,805
139,208

Creditors: amounts falling due after more than one year
 11 
(108,820)
(115,438)

  

Net assets
  
35,985
23,770


Capital and reserves
  

Called up share capital 
  
89,000
89,000

Profit and loss account
  
(53,015)
(65,230)

  
35,985
23,770


Page 2

 
ZANC TRAVEL GROUP LIMITED
REGISTERED NUMBER: 03986222
    
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 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 on 29 July 2024.




................................................
N Spyrou
Director

Page 3

 
ZANC TRAVEL GROUP 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
89,000
(105,795)
(16,795)


Comprehensive income for the year

Profit for the year
-
40,565
40,565



At 1 April 2023
89,000
(65,230)
23,770


Comprehensive income for the year

Profit for the year
-
12,215
12,215


At 31 March 2024
89,000
(53,015)
35,985


The notes on pages 6 to 13 form part of these financial statements.

Page 4

 
ZANC TRAVEL GROUP LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
12,215
40,565

Adjustments for:

Interest paid
1,133
1,355

Taxation charge
2,865
9,217

(Increase)/decrease in debtors
(45,902)
68,689

(Decrease)/increase in creditors
(43,210)
53,694

Increase/(decrease)) in amounts owed to groups
-
(1,272)

Corporation tax (paid)
(9,217)
(2,950)

Net cash generated from operating activities

(82,116)
169,298



Cash flows from financing activities

Repayment of loans
(5,485)
(5,332)

Interest paid
(1,133)
(1,355)

Net cash used in financing activities
(6,618)
(6,687)

Net (decrease)/increase in cash and cash equivalents
(88,734)
162,611

Cash and cash equivalents at beginning of year
417,468
254,857

Cash and cash equivalents at the end of year
328,734
417,468


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
328,734
417,468

328,734
417,468


The notes on pages 6 to 13 form part of these financial statements.

Page 5

 
ZANC TRAVEL GROUP 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 Nucleus House, 2 Lower Mortlake Road, Richmond, TW9 2JA.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

Company management and the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, being at least the following 12 months from the signing of these financial statements.
As a result, and with the Company continuing to receive the full support of its shareholders, the directors believe that it is still appropriate to apply the going concern basis for the foreseeable future.

 
2.3

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'.

 
2.4

Revenue

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

Page 6

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

2.Accounting policies (continued)

 
2.5

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.

 
2.6

Borrowing costs

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

 
2.7

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.

 
2.8

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 per table below.

Depreciation is provided on the following basis:

Fixtures and fittings
-
20 - 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.

 
2.9

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.

Page 7

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

2.Accounting policies (continued)

 
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.

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.

 
2.12

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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of company's accounting policies, the directors are required to make judgments, estimates and assumptions about the carrying amount of assets and liabilities that are readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to according estimates are recognised in the period in which the estimates is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
a) Critical judgments in applying the Company's accounting policies
The directors believe that there are no critical judgments involved in applying the Company's accounting policies that warrant disclosure.
b) Key accounting estimates and assumptions
The directors believe that there are no accounting estimates and assumptions involved in applying the Company's accounting policies that warrant disclosure.


4.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 3).

Page 8

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

5.


Intangible assets




Goodwill

£



Cost


At 1 April 2023
140,000



At 31 March 2024

140,000



Amortisation


At 1 April 2023
140,000



At 31 March 2024

140,000



Net book value



At 31 March 2024
-



At 31 March 2023
-



Page 9

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

6.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 April 2023
46,584



At 31 March 2024

46,584



Depreciation


At 1 April 2023
46,584



At 31 March 2024

46,584



Net book value



At 31 March 2024
-



At 31 March 2023
-

Page 10

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

7.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2023
2,001



At 31 March 2024
2,001





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Exclusive Aviation Limited
Nucleus House, 2 Lower Mortlake Road, Richmond, TW9 2JA
Ordinary
100%

The aggregate of the share capital and reserves as at 31 March 2024 and the profit or loss for the year ended on that date for the subsidiary undertaking was as follows:

Name
Profit/(Loss)

Exclusive Aviation Limited
1,246


8.


Debtors

2024
2023
£
£


Other debtors
133,849
87,742

Prepayments and accrued income
650
855

134,499
88,597


Included in prepayments and accrued income is the sum of £115,348 (2023: £85,829) which relates to advance supplier payments for bookings departing from 1 April 2024 onwards.

Page 11

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

9.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
328,734
417,468

328,734
417,468



10.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
6,618
5,485

Corporation tax
2,865
9,217

Other creditors
587
26,178

Accruals and deferred income
310,359
327,978

320,429
368,858


Included in accruals and deferred income is the sum of £301,559 (2023: £323,178) which relates to advance customer receipts received for bookings departing from 1 April 2024 onwards.


11.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
30,820
37,438

Other loans
78,000
78,000

108,820
115,438


Other loans related to a subordinated loan of £78,000 that cannot be released without the permission of the Civil Aviation Authority.
Included above is a bounce back bank loan from Company's bankers, National Westminster Bank Plc,  The loan is for a term of 8.5 years, with no capital repayments for the first 6 months  and repayment starting from December 2021.
 There is also no interest payable for the first 12 months, with a rate of 2.75% per annum charged thereafter.

Page 12

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

12.


Related party transactions

During the year, the company has not purchased flight seats from Exclusive Aviation Limited a wholly owned subsidiary. 
As at the year end, the amount owed to Exclusive Aviation Limited amounted  £Nil (2023: £Nil).


13.


Controlling party

The company is controlled by its directors by virtue of the issued share capital of the company.

 
Page 13