Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-302024-06-302023-07-01Tour operator6false6falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 05198859 2023-07-01 2024-06-30 05198859 2022-07-01 2023-06-30 05198859 2024-06-30 05198859 2023-06-30 05198859 2022-07-01 05198859 5 2023-07-01 2024-06-30 05198859 5 2022-07-01 2023-06-30 05198859 d:Director1 2023-07-01 2024-06-30 05198859 e:ComputerEquipment 2023-07-01 2024-06-30 05198859 e:ComputerEquipment 2024-06-30 05198859 e:ComputerEquipment 2023-06-30 05198859 e:ComputerEquipment e:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 05198859 e:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-07-01 2024-06-30 05198859 e:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-06-30 05198859 e:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-06-30 05198859 e:CurrentFinancialInstruments 2024-06-30 05198859 e:CurrentFinancialInstruments 2023-06-30 05198859 e:Non-currentFinancialInstruments 2024-06-30 05198859 e:Non-currentFinancialInstruments 2023-06-30 05198859 e:CurrentFinancialInstruments e:WithinOneYear 2024-06-30 05198859 e:CurrentFinancialInstruments e:WithinOneYear 2023-06-30 05198859 e:Non-currentFinancialInstruments e:AfterOneYear 2024-06-30 05198859 e:Non-currentFinancialInstruments e:AfterOneYear 2023-06-30 05198859 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2024-06-30 05198859 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2023-06-30 05198859 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2024-06-30 05198859 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2023-06-30 05198859 e:ShareCapital 2023-07-01 2024-06-30 05198859 e:ShareCapital 2024-06-30 05198859 e:ShareCapital 2022-07-01 2023-06-30 05198859 e:ShareCapital 2023-06-30 05198859 e:ShareCapital 2022-07-01 05198859 e:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 05198859 e:RetainedEarningsAccumulatedLosses 2024-06-30 05198859 e:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 05198859 e:RetainedEarningsAccumulatedLosses 2023-06-30 05198859 e:RetainedEarningsAccumulatedLosses 2022-07-01 05198859 d:OrdinaryShareClass1 2023-07-01 2024-06-30 05198859 d:OrdinaryShareClass1 2024-06-30 05198859 d:OrdinaryShareClass1 2023-06-30 05198859 d:FRS102 2023-07-01 2024-06-30 05198859 d:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 05198859 d:FullAccounts 2023-07-01 2024-06-30 05198859 d:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 05198859 e:WithinOneYear 2024-06-30 05198859 e:WithinOneYear 2023-06-30 05198859 2 2023-07-01 2024-06-30 05198859 e:AcceleratedTaxDepreciationDeferredTax 2024-06-30 05198859 e:AcceleratedTaxDepreciationDeferredTax 2023-06-30 05198859 e:DevelopmentCostsCapitalisedDevelopmentExpenditure e:OwnedIntangibleAssets 2023-07-01 2024-06-30 05198859 f:PoundSterling 2023-07-01 2024-06-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 05198859









BALTIC TRAVEL (TOUR OPERATOR) LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2024

 
BALTIC TRAVEL (TOUR OPERATOR) LIMITED
REGISTERED NUMBER: 05198859

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
5,576
6,970

Tangible assets
 5 
8,974
4,905

  
14,550
11,875

Current assets
  

Debtors: amounts falling due within one year
 6 
442,094
389,293

Cash at bank and in hand
 7 
429,932
430,300

  
872,026
819,593

Creditors: amounts falling due within one year
 8 
(589,255)
(563,550)

Net current assets
  
 
 
282,771
 
 
256,043

Total assets less current liabilities
  
297,321
267,918

Creditors: amounts falling due after more than one year
 9 
(47,094)
(82,106)

Provisions for liabilities
  

Deferred tax
 11 
(2,244)
(932)

  
 
 
(2,244)
 
 
(932)

Net assets
  
247,983
184,880


Capital and reserves
  

Called up share capital 
 12 
50,000
50,000

Profit and loss account
  
197,983
134,880

  
247,983
184,880


Page 1

 
BALTIC TRAVEL (TOUR OPERATOR) LIMITED
REGISTERED NUMBER: 05198859
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2024

The director considers 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 director acknowledges his 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 income statement 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 14 October 2024.




Ms B Nielsen
Director

The notes on pages 5 to 15 form part of these financial statements.

Page 2

 
BALTIC TRAVEL (TOUR OPERATOR) LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 July 2022
50,000
4,219
54,219


Comprehensive income for the year

Profit for the year
-
130,661
130,661
Total comprehensive income for the year
-
130,661
130,661



At 1 July 2023
50,000
134,880
184,880


Comprehensive income for the year

Profit for the year
-
63,103
63,103
Total comprehensive income for the year
-
63,103
63,103


At 30 June 2024
50,000
197,983
247,983


The notes on pages 5 to 15 form part of these financial statements.

Page 3

 
BALTIC TRAVEL (TOUR OPERATOR) LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
63,103
130,661

Adjustments for:

Amortisation of intangible assets
1,394
1,743

Depreciation of tangible assets
3,116
1,199

Interest paid
9,171
9,907

Interest received
(15,222)
(6,220)

Taxation charge
20,627
33,265

(Increase) in debtors
(52,801)
(112,463)

Increase in creditors
39,101
410

Corporation tax (paid)
(32,723)
(7,146)

Net cash generated from operating activities

35,766
51,356


Cash flows from investing activities

Purchase of tangible fixed assets
(7,185)
(4,909)

Interest received
15,222
6,220

Net cash from investing activities

8,037
1,311

Cash flows from financing activities

Repayment of loans
(35,000)
(35,047)

Interest paid
(9,171)
(9,907)

Net cash used in financing activities
(44,171)
(44,954)

Net (decrease)/increase in cash and cash equivalents
(368)
7,713

Cash and cash equivalents at beginning of year
430,300
422,587

Cash and cash equivalents at the end of year
429,932
430,300


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
429,932
430,300

429,932
430,300


The notes on pages 5 to 15 form part of these financial statements.

Page 4

 
BALTIC TRAVEL (TOUR OPERATOR) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Baltic Travel (Tour Operator) Limited is a private company limited by shares and incorporated in England under registered number 05198859. Its registered office is at 2nd Floor, 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 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.

The following principal accounting policies have been applied:

  
2.2

Going concern

The Company’s management and directors review the financial position and the forecasts for the Company on a regular basis, to ensure they are in a position to react to and mitigate the financial impact from any downturn in trading. The directors have made an assessment of the Company’s ability to continue as a going concern, and have considered a number of future scenarios, synthesizing key drivers of the Company’s trading performance, including consumer demand, post balance sheet trading, booking trajectory, and impact from both financial and geopolitical instability.However, economic uncertainty from interest rates and a new UK government means the Company remains in a volatile environment.
The directors have prepared budgets and cashflow forecasts to 30 June 2026 which reflect good operational liquidity and profitability throughout. 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, the directors believe that it is still appropriate to apply the going concern basis for the foreseeable future.

Page 5

 
BALTIC TRAVEL (TOUR OPERATOR) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
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 Income Statement 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

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover is recognised on the date of booking basis.

 
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

Interest income

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

Page 6

 
BALTIC TRAVEL (TOUR OPERATOR) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.7

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.

 
2.8

Borrowing costs

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

 
2.9

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.

 
2.10

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 7

 
BALTIC TRAVEL (TOUR OPERATOR) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.11

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.

 Amortisation is provided on the following bases:

Development expenditure
-
20%
reducing balance

 
2.12

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
-
33%

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.

 
2.13

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.

 
2.14

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.

Page 8

 
BALTIC TRAVEL (TOUR OPERATOR) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.15

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.

 
2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees

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


        2024
        2023
            No.
            No.







Average number of employees
6
6

Page 9

 
BALTIC TRAVEL (TOUR OPERATOR) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


Intangible assets




Development expenditure

£



Cost


At 1 July 2023
56,618



At 30 June 2024

56,618



Amortisation


At 1 July 2023
49,648


Charge for the year on owned assets
1,394



At 30 June 2024

51,042



Net book value



At 30 June 2024
5,576



At 30 June 2023
6,970



Page 10

 
BALTIC TRAVEL (TOUR OPERATOR) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

5.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 July 2023
28,634


Additions
7,185



At 30 June 2024

35,819



Depreciation


At 1 July 2023
23,729


Charge for the year on owned assets
3,116



At 30 June 2024

26,845



Net book value



At 30 June 2024
8,974



At 30 June 2023
4,905


6.


Debtors

2024
2023
£
£


Trade debtors
420,081
359,091

Other debtors
15,245
24,179

Prepayments and accrued income
6,768
6,023

442,094
389,293



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
429,932
430,300

429,932
430,300


Page 11

 
BALTIC TRAVEL (TOUR OPERATOR) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
34,989
34,977

Trade creditors
516,750
478,646

Corporation tax
19,315
32,723

Other taxation and social security
11,306
8,361

Other creditors
2,395
4,743

Accruals and deferred income
4,500
4,100

589,255
563,550



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
47,094
82,106

47,094
82,106


Page 12

 
BALTIC TRAVEL (TOUR OPERATOR) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
34,989
34,977


34,989
34,977

Amounts falling due 1-2 years

Bank loans
33,344
35,012


33,344
35,012

Amounts falling due 2-5 years

Bank loans
13,750
47,094


13,750
47,094


82,083
117,083


The above loans consist of 2 loans - £100,000 drawn in May 2020 and £75,000 drawn in May 2021. The loans are from HSBC UK and are supported by Coronavirus Business Interruption Loan Scheme.  The loans are for a term of 72 months with no capital repayments for the first twelve months. Thereafter, interest is payable at 3.99% per annum over the bank base rate.

Page 13

 
BALTIC TRAVEL (TOUR OPERATOR) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

11.


Deferred taxation




2024
2023


£

£






At beginning of year
(932)
(390)


Charged to profit or loss
(1,312)
(542)



At end of year
(2,244)
(932)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(2,244)
(932)

(2,244)
(932)


12.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



50,000 (2023 - 50,000) Ordinary shares of £1.00 each
50,000
50,000



13.


Contingent liabilities

At 30 June 2024, there were contingent liabilities outstanding in respect of counter indemnities and guarantees given by the Company, in the normal course of business, to the Company's bond insurance obligors in respect of the ABTOT travel bonds amounting to £31,100 (2023 - £31,100).


14.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension charge represents contributions payable by the Company to the fund and amounted to £17,135 (2023: 9,164).

Page 14

 
BALTIC TRAVEL (TOUR OPERATOR) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

15.


Commitments under operating leases

At 30 June 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
19,525
21,300

19,525
21,300


16.


Controlling party

The company is controlled by the director Ms. B Nielsen, by virtue of her 77% ownership in the issued share capital of the company.

 
Page 15