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REGISTERED NUMBER: 03081948 (England and Wales)










Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Olympia Europe Travel Agency Ltd

Olympia Europe Travel Agency Ltd (Registered number: 03081948)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Olympia Europe Travel Agency Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: O Ben Ezra
G Shechter





REGISTERED OFFICE: Thatcher House
12 Mount Ephraim
Tunbridge Wells
Kent
TN4 8AS





REGISTERED NUMBER: 03081948 (England and Wales)





ACCOUNTANTS: Ward Mackenzie Ltd
Chartered Accountants
Thatcher House
12 Mount Ephraim
Tunbridge Wells
Kent
TN4 8AS

Olympia Europe Travel Agency Ltd (Registered number: 03081948)

Balance Sheet
31 December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 4 167,477 182,750
Tangible assets 5 (147,498 ) 32,938
19,979 215,688

CURRENT ASSETS
Debtors 6 5,580,440 11,593,994
Cash at bank and in hand 638,503 330,451
6,218,943 11,924,445
CREDITORS
Amounts falling due within one year 7 (946,635 ) (7,907,000 )
NET CURRENT ASSETS 5,272,308 4,017,445
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,292,287

4,233,133

CAPITAL AND RESERVES
Called up share capital 51,200 51,200
Retained earnings 8 5,241,087 4,181,933
SHAREHOLDERS' FUNDS 5,292,287 4,233,133

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 directors acknowledge their 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.

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 Board of Directors and authorised for issue on 22 October 2024 and were signed on its behalf by:



G Shechter - Director


Olympia Europe Travel Agency Ltd (Registered number: 03081948)

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

1. STATUTORY INFORMATION

Olympia Europe Travel Agency Ltd 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 (£).


2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

RELATED PARTY EXEMPTION
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

INTANGIBLE ASSETS
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance

TAXATION
Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

HIRE PURCHASE AND LEASING COMMITMENTS
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

FOREIGN CURRENCY
Transactions in currencies, other than the functional currency of the company, are recorded at the rate of the exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. All differences are taken to the profit and loss account. Non-monetary items that are measured at the historic cost in a foreign currency are not retranslated.

Olympia Europe Travel Agency Ltd (Registered number: 03081948)

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 9 ) .

4. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
At 1 January 2023 243,148
Additions 259
Disposals (255 )
At 31 December 2023 243,152
AMORTISATION
At 1 January 2023 60,398
Amortisation for year 15,532
Eliminated on disposal (255 )
At 31 December 2023 75,675
NET BOOK VALUE
At 31 December 2023 167,477
At 31 December 2022 182,750

5. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 January 2023 90,518 70,770 161,288
Additions 12,680 1,377 14,057
Disposals (2,068 ) (203,246 ) (205,314 )
At 31 December 2023 101,130 (131,099 ) (29,969 )
DEPRECIATION
At 1 January 2023 90,518 37,832 128,350
Charge for year 11,370 183,123 194,493
Eliminated on disposal (2,068 ) (203,246 ) (205,314 )
At 31 December 2023 99,820 17,709 117,529
NET BOOK VALUE
At 31 December 2023 1,310 (148,808 ) (147,498 )
At 31 December 2022 - 32,938 32,938

Olympia Europe Travel Agency Ltd (Registered number: 03081948)

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

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 3,737,312 6,841,788
Bad debt provision (89,569 ) (123,498 )
Amounts owed by group undertakings 1,939,366 4,899,768
Other debtors 209 148
VAT 1,009 -
Prepayments (7,887 ) (24,212 )
5,580,440 11,593,994

The directors consider the carrying value of trade and other receivables approximate to their fair values.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 259,217 4,489,344
Corporation tax 361,791 844,535
Social security and other tax 10,486 19,822
VAT - 12,497
Other creditors 257,227 2,028,386
Accrued expenses 57,914 512,416
946,635 7,907,000

The directors consider the carrying amounts of current liabilities approximate to their fair values.

8. RESERVES
Retained
earnings
£   

At 1 January 2023 4,181,933
Profit for the year 1,059,154
At 31 December 2023 5,241,087

The Profit and loss account comprises all current and prior period retained profit and losses after deducting any distributions made to the company's shareholders. This is a distributable reserve.

9. ULTIMATE CONTROLLING PARTY

The company is under the control of its parent company Go Global Travel Ltd, a company incorporated in Israel, which holds 100% of the share capital in Olympia Europe Travel Agency Ltd.