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Registered number: 12185384









EMERGING TRAVEL UK LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2023

 
EMERGING TRAVEL UK LIMITED
REGISTERED NUMBER: 12185384

BALANCE SHEET
AS AT 30 SEPTEMBER 2023

Unaudited
2023
2022
Note
£
£

Fixed assets
  

Investments
 5 
8,668
-

  
8,668
-

Current assets
  

Debtors: amounts falling due within one year
 6 
1,524,609
1,603,440

Cash at bank and in hand
 7 
307,620
614,614

  
1,832,229
2,218,054

Creditors: amounts falling due within one year
 8 
(2,208,868)
(2,341,599)

Net current liabilities
  
(376,639)
(123,545)

  

Net liabilities
  
(367,971)
(123,545)


Capital and reserves
  

Called up share capital 
  
100
100

Share premium account
  
9,900
9,900

Profit and loss account
  
(377,971)
(133,545)

Shareholder deficit
  
(367,971)
(123,545)


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 7 November 2024.




................................................
J Grzycka
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 1

 
EMERGING TRAVEL UK LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 October 2021 (unaudited)
100
9,900
(15,161)
(5,161)


Comprehensive income for the year

Loss for the year
-
-
(118,384)
(118,384)



At 1 October 2022 (unaudited)
100
9,900
(133,545)
(123,545)


Comprehensive income for the year

Loss for the year
-
-
(244,426)
(244,426)


At 30 September 2023
100
9,900
(377,971)
(367,971)


The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
EMERGING TRAVEL UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.


General information

Emerging Travel UK 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. 

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 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 directors have prepared the financial statements on the going concern basis, having obtained a signed letter of financial support from the parent company for a period of at least 12 months from the date of signing these financial statements. The directors have also assessed the financial ability of the parent company to be able to provide financial support for a period of at least 12 months from the date of signing these financial statements.
 
On the basis of the above, the directors consider that it is appropriate to prepare the financial statements on a going concern basis.

 
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.

 
2.4

Turnover

Turnover, which arises from the company’s principal activity, represents fair value of consideration received from travel agency activities, after deduction of trade discounts and value added tax.
Turnover derived from online travel reservation services are recognized at a point in time when the company has completed its post-booking services and the guest finishes using the arranged travel services and therefore the revenue is recognised at the check-out date.

Page 3

 
EMERGING TRAVEL UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.5

Operating leases

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.

 
2.6

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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
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 balance sheet date in the countries where the Company operates and generates income.

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.9

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.

 
2.10

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.

Page 4

 
EMERGING TRAVEL UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.11

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.

 
2.12

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 5

 
EMERGING TRAVEL UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements are in conformity with Generally Accepted Accounting Practice
(GAAP) requires management to make estimates and judgements that affect the reported amounts of
assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date
and their reported amounts of revenues and expenses during the period.
 
Critical judgements

Revenue recognition
The recognition of revenue  represents a critical judgement in the preparation of the financial statements. The most conservative option for the Company is to recognize revenue at check out date. Emerging Travel UK Limited's performance obligations are the provision of online travel reservation services as well as additional post-booking services. Revenues for online travel reservation services are recognized at a point in time when Emerging Travel UK Limited has completed its post-booking services and the Guest finishes using the arranged travel services, i.e. the check-out date.


Critical estimates 

Provision for doubtful debts
The estimation and recognition of bad debt provision represents a critical estimate in the preparation of
the financial statements. The company makes an estimate of the recoverable value of the trade and other debtors. The company uses estimates based on historical experience to determine the level of bad debt, which the company believes will not be collected. The estimates include such factors as the current credit rating of the debtor, the aging profile of the debtors and historical experience. The level of provision required is reviewed on an on-going basis. 


4.


Employees

The average monthly number of employees, including directors, during the year was 13 (2022 (unaudited) - 7).


5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 October 2022 (unaudited)
-


Additions
8,668



At 30 September 2023
8,668




Page 6

 
EMERGING TRAVEL UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Emerging Travel Italy S.R.L.
Via Cosimo Del Fante 6 Milano, Milano, 20122 Italy
Ordinary
100%


6.


Debtors

Unaudited
2023
2022
£
£


Trade debtors
1,270,747
1,565,651

Amounts owed by group undertakings
-
684

Other debtors
-
3,461

Prepayments and accrued income
253,862
33,644

1,524,609
1,603,440


Amounts owed by group undertakings are unsecured, non-interest bearing and repayable on demand.


7.


Cash and cash equivalents

Unaudited
2023
2022
£
£

Cash at bank and in hand
307,620
614,614

307,620
614,614


Page 7

 
EMERGING TRAVEL UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

8.


Creditors: Amounts falling due within one year

Unaudited
2023
2022
£
£

Trade creditors
2,200
3,551

Amounts owed to group undertakings
1,180,741
1,122,017

Other taxation and social security
36,666
-

Accruals and deferred income
989,261
1,216,031

2,208,868
2,341,599


Amounts owed to group undertakings are unsecured, non-interest bearing and repayable on demand.


9.


Financial instruments

Unaudited
2023
2022
£
£

Financial assets


Financial assets measured at amortised cost
307,620
614,614

Financial assets that are debt instruments measured at amortised cost
1,270,747
1,566,335

1,578,367
2,180,949


Financial liabilities


Financial liabilities measured at amortised cost
1,182,941
1,125,568


Financial assets measured at amortised cost comprise cash and cash equivalents.
Financial assets that are debt instruments measured at amortised cost comprise trade debtors and amounts owed by group undertakings.
Financial liabilities measured at amortised cost comprise trade creditors and amounts owed to group undertakings.

Page 8

 
EMERGING TRAVEL UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

10.


Related party transactions

During the year the Company traded with and loaned money to Companies controlled by common Shareholder. The balances outstanding at year was as follows:


2023
Unaudited 2022
£
£

Balance owed to Leaside Services Limited
1,174,932
1,121,043
Balance owed to Emerging Travel Inc
956
974
1,175,888
1,122,017


11.


Post balance sheet events

There have been no significant events affecting the Company since the year end.


12.


Controlling party

Emerging Travel Inc., a Company incorporated in the state of Delaware, are deemed the controlling party by virtue of shareholding.


13.


Auditors' information

The auditors' report on the financial statements for the year ended 30 September 2023 was unqualified.

The audit report was signed on 7 November 2024 by Barry Au (Senior Statutory Auditor) on behalf of Wisteria Audit Limited.

Page 9