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World Travel Protection Limited

Registered number: 10577959
Directors' report and
 financial statements
For the year ended 31 December 2023

 
WORLD TRAVEL PROTECTION LIMITED
 
 
COMPANY INFORMATION


Directors
C Atha (appointed 1 April 2023)
L Banks (appointed 1 April 2023)
A Cogill (resigned 12 September 2024)
A Leach (appointed 1 April 2023)
A Y C Rijssemus (appointed 6 August 2024)
A Turner (appointed 1 April 2023)
C Whattam (resigned 1 April 2023)




Registered number
10577959



Registered office
Parkview
82 Oxford Road

Uxbridge

United Kingdom

UB8 1UX




Independent auditor
Ernst & Young LLP

25 Churchill Place

London

United Kingdom

E14 5EY





 
WORLD TRAVEL PROTECTION LIMITED
 

CONTENTS



Page
Directors' Report
 
1 - 2
Independent Auditor's Report
 
3 - 6
Statement of Comprehensive Income
 
7
Statement of Financial Position
 
8
Statement of Changes in Equity
 
9
Notes to the Financial Statements
 
10 - 21

 
WORLD TRAVEL PROTECTION LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent; and

state whether applicable UK Accounting Standards, including FRS 102, have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The Company's principal activity is providing travel and medical assistance, during the previous financial year the principal activity was being a holding company of Halo Insurance Services Limited. 

Directors

The directors who served during the year were:

C Atha (appointed 1 April 2023)
L Banks (appointed 1 April 2023)
A Cogill (resigned 12 September 2024)
A Leach (appointed 1 April 2023)
A Turner (appointed 1 April 2023)
C Whattam (resigned 1 April 2023)

Going concern 
The Company has begun to participate in operating activities as part of Cover-More's European business and therefore the continuing adoption of the going concern basis in preparing the financial statements is considered appropriate. The Company meets its day-to-day working capital requirements through related party funding and, after making appropriate enquiries, the Directors have a reasonable expectation that the Company will secure adequate resources to continue in operational existence for 12 months from date of authorization of the financial statements. 
- 1 -

 
WORLD TRAVEL PROTECTION LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


Qualifying third party indemnity provisions

The Company has made qualifying third-party indemnity provisions for the benefit of its directors which were made at incorporation and remain in force at the date of this report.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the directors are aware, there is no relevant audit information of which the Company's auditor is unaware, and

the directors have taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Auditor

The auditor, Ernst & Young LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A and have taken advantage of section 414B in not preparing a strategic report in line with the Companies Act 2006.

This report was approved by the board on 28 November 2024 and signed on its behalf.
 





A Turner
Director
- 2 -

 
WORLD TRAVEL PROTECTION LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WORLD TRAVEL PROTECTION LIMITED
 

Opinion


We have audited the financial statements of World Travel Protection Limited (the 'Company') for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, and the related notes 1 to 21 including a summary of significant accounting policies.The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the Company's affairs as at 31 December 2023 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRCs Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the company’s ability to continue as a going concern.


- 3 -

 
WORLD TRAVEL PROTECTION LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WORLD TRAVEL PROTECTION LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual Report.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in this report, we do not express any form of assurance conclusion thereon. 
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of the other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' Report has been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.
- 4 -

 
WORLD TRAVEL PROTECTION LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WORLD TRAVEL PROTECTION LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud 
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. 
Our approach was as follows:
• We obtained an understanding of the legal and regulatory frameworks that are applicable to the company   and determined that the most significant are those that relate to the reporting framework (FRS 102 “The    Financial Reporting Standard applicable in the UK and Republic of Ireland”), the Companies Act 2006 and   compliance with the relevant direct and indirect tax regulation in the United Kingdom. 
• We understood how the company is complying with those frameworks by making enquiries of     management, those charged with governance and those responsible for legal and compliance matters.    We corroborated our inquiries through review of meeting minutes of the Board.
• We assessed the susceptibility of the company’s financial statements to material misstatement, including   how fraud might occur by considering the controls that the Company has established to address the risks   identified by the entity and to prevent or detect fraud, including in a remote-working environment; and how   management monitors these controls. We considered management’s incentives and opportunities for    fraudulent manipulation of the financial statements, including management override of controls. We tested  the appropriateness of journal entries recorded in the general ledger and evaluated the business rationale   for significant and/or unusual manual transactions. We verified that the journals selected, where     appropriate, are supported by appropriate source documentation. 
 
- 5 -

 
WORLD TRAVEL PROTECTION LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WORLD TRAVEL PROTECTION LIMITED (CONTINUED)


• Based on this understanding, we designed our audit procedures to identify non-compliance with such laws  and regulations. Our procedures involved making inquiries of those charged with governance and     management to understand if they were aware of any non-compliance with laws and regulations affecting   the financial statements.



A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.


Jonathan Bell (Senior Statutory Auditor)
  
for and on behalf of
Ernst & Young LLP
 
Statutory Auditor
25 Churchill Place
London
United Kingdom
E14 5EY

29 November 2024
- 6 -

 
WORLD TRAVEL PROTECTION LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
434,928
-

Gross profit
  
434,928
-

Administrative expenses
  
(3,152,641)
(32,760)

Impairment of investment in subsidiary
 13 
-
(7,680,000)

Other operating income
 5 
1,724,234
493,197

Operating loss
  
(993,479)
(7,219,563)

Dividend income
 12 
-
7,195,000

Interest payable and similar expenses
 10 
-
(7,507)

Loss before tax
  
(993,479)
(32,070)

Tax credit / Tax on loss
 11 
221,824
(8,377)

Loss for the financial year
  
(771,655)
(40,447)

There was no other comprehensive income for 2023 (2022: £NIL).

The notes on pages 10 to 21 form part of these financial statements.
- 7 -

 
WORLD TRAVEL PROTECTION LIMITED
REGISTERED NUMBER: 10577959

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 14 
1,062,572
-

  
1,062,572
-

Current assets
  

Debtors: amounts falling due within one year
 15 
677,581
46,205

Cash at bank and in hand
 16 
945,147
-

  
1,622,728
46,205

Creditors: amounts falling due within one year
 17 
(928,584)
(17,834)

Net current assets
  
 
 
694,144
 
 
28,371

Total assets less current liabilities
  
1,756,716
28,371

  

Net assets
  
1,756,716
28,371


Capital and reserves
  

Called up share capital 
 18 
2,500,002
2

Profit and loss account
 19 
(743,286)
28,369

  
1,756,716
28,371


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 November 2024.




A Turner
Director

The notes on pages 10 to 21 form part of these financial statements.
- 8 -

 
WORLD TRAVEL PROTECTION LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


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

£
£
£
£


At 1 January 2022
17,951,268
1
(11,202,451)
6,748,818


Comprehensive income for the year

Loss for the year
-
-
(40,447)
(40,447)
Total comprehensive income for the year
-
-
(40,447)
(40,447)


Contributions by and distributions to owners

Dividends paid
-
-
(7,180,000)
(7,180,000)

Issue of share capital
500,000
-
-
500,000

Share capital reduction
(18,451,266)
(1)
18,451,267
-


Total transactions with owners
(17,951,266)
(1)
11,271,267
(6,680,000)



At 31 December 2022
2
-
28,369
28,371


Comprehensive income for the year

Loss for the year
-
-
(771,655)
(771,655)
Total comprehensive income for the year
-
-
(771,655)
(771,655)


Contributions by and distributions to owners

Issue of share capital
2,500,000
-
-
2,500,000


Total transactions with owners
2,500,000
-
-
2,500,000


At 31 December 2023
2,500,002
-
(743,286)
1,756,716


The notes on pages 10 to 21 form part of these financial statements.

- 9 -

 
WORLD TRAVEL PROTECTION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

World Travel Protection Limited ("the Company") is a private company limited by shares and incorporated in England and Wales. 
The Company's principal activity is providing travel and medical assistance, during the previous financial year the principal activity was being a holding company of Halo Insurance Services Limited. 
The immediate parent undertaking is Cover-More Australia Pty Limited, incorporated in Australia. The ultimate parent undertaking is Zurich Insurance Group AG, incorporated in Switzerland. 
These financial statements have been presented in Pounds Sterling (£) as the currency of the primary economic environment in which the Company operates. 
Monetary amounts in these financial statements have been rounded to the nearest £.

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 (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Zurich Travel Solutions Pty Limited as at 31 December 2023 and these financial statements may be obtained from https://connectonline .asic.gov.au.

- 10 -

 
WORLD TRAVEL PROTECTION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of a state other than the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 401 of the Companies Act 2006.

 
2.4

Going concern

The Company has begun to participate in operating activities as part of Cover-More's European business and therefore the continuing adoption of the going concern basis in preparing the financial statements is considered appropriate. The Company meets its day-to-day working capital requirements through related party funding and, after making appropriate enquiries, the Directors have a reasonable expectation that the Company will secure adequate resources to continue in operational existence for 12 months from date of authorization of the financial statements. 

 
2.5

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.

 
2.6

Revenue

World Travel Protection (WTP) provide medical, travel and security assistance for travellers and expatriates before, during and after their travel. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 
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.

- 11 -

 
WORLD TRAVEL PROTECTION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

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.

 
2.9

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.10

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:

Fixtures and fittings
-
20%
Computer equipment
-
20%

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.

 
2.11

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.

 
2.12

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.

- 12 -

 
WORLD TRAVEL PROTECTION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

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.

 
2.14

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.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

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.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

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.
- 13 -

 
WORLD TRAVEL PROTECTION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.14
Financial instruments (continued)


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.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
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.

  
2.16

Dividend income

Dividend income is recognised when the right to receive payment is established.

- 14 -

 
WORLD TRAVEL PROTECTION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The critical judgements that the Directors have made in the process of applying the Company's accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below.
(i) Assessing indicators of impairment
In assessing whether there have been any indicators of impairment of assets, the Directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability. Where impairment indicators have been noted, such as with the investment in the subsidiary, an impairment test has been carried out to assess whether the assets are indeed impaired.
Key sources of estimation uncertainty 
The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. 
(i) Estimating value in use
Where an indication of impairment exists the Directors will carry out an impairment review to determine the recoverable amount, which is the higher of fair value less costs to sell and value in use. The value in use calculation requires the Directors to estimate the future cash flows expected to arise from the asset or the cash generating unit and a suitable discount rate in order to calculate present value (Note 13).


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Travel and medical assistance
434,928
-


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
343,204
-

Rest of Europe
90,000
-

Rest of the World
1,724
-

434,928
-


- 15 -

 
WORLD TRAVEL PROTECTION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Other operating income

2023
2022
£
£

Cost recharges to intragroup company
1,724,234
-

Loan forgiveness
-
493,197



6.


Operating loss

The operating loss is stated after charging:

2023
2022
£
£

Depreciation
84,806
-

Exchange differences

8,899
-


7.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor and its associates:


2023
2022
£
£

Fees payable to the Company's auditor and its associates for the audit of the Company's financial statements
20,000
15,000


8.


Employees

The Company has no employees other than the directors. All staff are employed through Cover-More Insurance Services Ltd, a fellow group company, and costs are recharged to this Company.






9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
190,135
-


- 16 -

 
WORLD TRAVEL PROTECTION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Interest payable and similar expenses

2023
2022
£
£


Loans from group undertakings
-
7,507


11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
(213,447)
8,377

Adjustments in respect of previous periods
(8,377)
-


Total current tax
(221,824)
8,377

Deferred tax

Total deferred tax
-
-


Tax (credit)/Tax on loss
(221,824)
8,377
- 17 -

 
WORLD TRAVEL PROTECTION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 23.5% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Loss on ordinary activities before tax
(993,479)
(32,070)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022 - 19%)
(233,468)
(6,093)

Effects of:


Non-deductible impairment
-
(1,459,200)

Expenses not deductible for tax purposes
1,118
-

Depreciation on assets not qualifting for capital allowances
18,762
-

Adjustments to tax charge in respect of prior periods
(8,377)
-

Intra-group dividend
-
1,367,050

Other differences leading to an increase (decrease) in the tax charge
141
12,913

Group relief
213,447
-

Charge in relation to group relief
(213,447)
-

Loan forgiveness
-
93,707

Total tax charge for the year
(221,824)
8,377


12.


Dividends paid

2023
2022
£
£


Dividends paid
-
7,180,000


13.


Exceptional items

2023
2022
£
£


Impairment of investment in subsidiary
-
7,680,000

This amount represents the Company's impairment of it's investment in the subsidiary Halo Insurance Services Limited which was in liquidation on the 22 December 2022.

- 18 -

 
WORLD TRAVEL PROTECTION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost


Additions
1,008,602
138,776
1,147,378



At 31 December 2023

1,008,602
138,776
1,147,378



Depreciation


Charge for the year 
79,840
4,966
84,806



At 31 December 2023

79,840
4,966
84,806



Net book value



At 31 December 2023
928,762
133,810
1,062,572



At 31 December 2022
-
-
-

- 19 -

 
WORLD TRAVEL PROTECTION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Debtors

2023
2022
£
£


Trade debtors
52,881
-

Amounts owed by group undertakings
-
46,205

Other debtors
400,841
-

Prepayments and accrued income
10,412
-

Tax recoverable
213,447
-

677,581
46,205


Amounts owed by group undertakings are interest free and repayable on demand.


16.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
945,147
-



17.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
96
-

Amounts owed to group undertakings
649,762
-

Corporation tax
-
2,834

Other creditors
159,675
-

Accruals and deferred income
119,051
15,000

928,584
17,834


Amounts owed by group undertakings are interest free and repayable on demand.
Other creditors include £159,675 amounts owing in respect of cash held on behalf of clients.

- 20 -

 
WORLD TRAVEL PROTECTION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



18,451,268 (2022 - 18,451,268) Ordinary shares of £0.0000001 each
2
2
2,500,000 (2022 - Nil) Ordinary shares of £1 each
2,500,000
-

2,500,002

2


On the 21 November 2023, 2,500,000 Ordinary shares were alloted at a nominal value of £1 for a consideration of £2,500,000 and have been fully paid.


19.


Reserves

Profit and loss account

The balance on the profit and loss reserve represents the accumulated loss up to 31 December 2023.


20.


Related party transactions

The Company is a wholly owned subsidiary of Cover-More Australia Pty Limited, and as such has taken advantage of the exemption permitted by FRS 102 Section 33 "Related party disclosures" not to provide disclosures of transactions entered into with other wholly owned members of the group.


21.


Controlling party

The immediate parent undertaking is Cover-More Australia Pty Limited, incorporated in Australia.
The smallest parent undertaking to consolidate these financial statements is Zurich Travel Solutions Pty Limited, incorporated in Australia.
The ultimate parent undertaking and largest group to consolidate these financial statements is Zurich Insurance Group AG, incorporated in Switzerland. A copy of the Zurich Insurance Group AG consolidated financial statements can be obtained from https://www.zurich.com /en/annual-report/
The ultimate controlling party is Zurich Insurance Group AG.

- 21 -