Registered number: 08087039
THE GLOBAL WORK & TRAVEL CO. LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE PERIOD ENDED 30 JUNE 2024
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THE GLOBAL WORK & TRAVEL CO. LIMITED
COMPANY INFORMATION
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THE GLOBAL WORK & TRAVEL CO. LIMITED
CONTENTS
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Statement of Financial Position
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Notes to the Financial Statements
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THE GLOBAL WORK & TRAVEL CO. LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF THE GLOBAL WORK & TRAVEL CO. LIMITED
FOR THE PERIOD ENDED 30 JUNE 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 The Global Work & Travel Co. Limited for the period ended 30 June 2024 which comprise the Statement of Financial Position and the related notes from the Company's accounting records and from information and explanations you have given us.
This report is made solely to the Director of The Global Work and Travel Limited in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of The Global Work and Travel Limited and state those matters that we have agreed to state to the Director of The Global Work and Travel Limited in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Global Work and Travel Limited and its Director for our work or for this report.
It is your duty to ensure that The Global Work and Travel 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 The Global Work and Travel Limited. You consider that The Global Work and Travel 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 The Global Work and Travel 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.
Xeinadin London Limited
8th Floor Becket House
36 Old Jewry
London
England
EC2R 8DD
28 November 2024
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THE GLOBAL WORK & TRAVEL CO. LIMITED
REGISTERED NUMBER: 08087039
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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THE GLOBAL WORK & TRAVEL CO. LIMITED
REGISTERED NUMBER: 08087039
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 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 period 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 27 November 2024.
The notes on pages 4 to 11 form part of these financial statements.
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THE GLOBAL WORK & TRAVEL CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
The Global Work & Travel Co Limited is a private company limited by shares incorporated in England and Wales, United Kingdom.
The address of the registered office is Becket House, 36 Old Jewry, London, EC2R 8DD.
The nature of the company's operations and principal activities are that of selling cultural exchange programs, including working holidays, adventure, intern, volunteer, teach and au pair trips. It also sells flights through an industry aggregator.
2.Accounting policies
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Basis of preparation of financial statements
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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 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:
Turnover represents income received, net of VAT, for the provision of working holiday support services and flights on a departure date basis. Cancellation income is recognised at the date of cancellation.
The current and future financial position of the Company, its cash flows and liquidity position have been reviewed by the directors and it is considered that the Company is well placed to take advantage of the renewed optimism in the travel industry following the lifting of travel restrictions.
The directors consider it appropriate to prepare the financial statements on a going concern basis, on the understanding that the directors and parent company will continue to financially support the company during this uncertain period. The directors confirm they will not request repayment on the intercompany loans and note that there is deferred income of £183,156, which is due after more than one year.
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THE GLOBAL WORK & TRAVEL CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
2.Accounting policies (continued)
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Foreign currency translation
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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.
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Advance receipts and payments
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All revenue received relating to bookings that depart after the balance sheet date is treated as advance receipts and is separately disclosed under unearned revenue.
Payments made to suppliers relating to bookings that depart after the balance sheet date are treated as advance payments and are separately disclosed under prepayments and accrued income.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Interest income is recognised in profit or loss using the effective interest method.
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.
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THE GLOBAL WORK & TRAVEL CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the period 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.
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, on a reducing balance basis.
Depreciation is provided on the following basis:
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.
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THE GLOBAL WORK & TRAVEL CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
2.Accounting policies (continued)
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.
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.
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Provisions for liabilities
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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.
The Company only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other
third parties, loans to related parties and investments in ordinary shares.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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In the application of the Company's accounting policies, the directors are required to make judgments, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. These estimates and associated assumptions are based on historical experience and other factors that are recognised to be relevant. Actual results may differ from these estimates. These estimates include depreciation of tangible fixed assets, and amortisation of intangible fixed assets.
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The average monthly number of employees, including directors, during the period was 2 (2023 - 2).
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THE GLOBAL WORK & TRAVEL CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
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Charge for the period on owned assets
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THE GLOBAL WORK & TRAVEL CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
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Due after more than one year
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Amounts owed by group undertakings
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Amounts owed by group undertakings
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Accruals and deferred income
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Accruals and deferred income mentioned above & below includes monies received in advance from
customers of £1,760,728 (2023: £1,409,348) which relates to bookings departing after the year end.
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THE GLOBAL WORK & TRAVEL CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
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Creditors: Amounts falling due after more than one year
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Amounts owed to group undertakings
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Accruals and deferred income
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Charged to profit or loss
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The deferred taxation balance is made up as follows:
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Short term timing differences
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Fixed Asset timing differences
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THE GLOBAL WORK & TRAVEL CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
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Related party transactions
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At the period end the following amounts were owed to group undertakings:
Global UK HR Ltd: £31,398 (2023: £6,653)
The Global Work & Travel Co. (Asia Pacific) Pty Ltd: £- (2023: £92,315)
The Global Work & Travel Co. Inc.: £- (2023: £164,570)
Global Group IP Pty Ltd: £216,824 (2023: £214,320)
At the period end the following amounts were owed from group undertakings:
The Global Work & Travel Co. (Asia Pacific) Pty Ltd: £- (2023: £100,000)
Global Group IP Pty Ltd: £99,705 (2023: £96,625)
Global Work & Travel Canada :£- (2023: £34,665)
The Global Work & Travel Co. (Asia Pacific): £41,490 (2023: £81,700)
The Global Work & Travel Co. Inc: £454,236 (2023: £Nil)
The company has taken advantage of the exemption available under FRS 102 section 33.1A where disclosures of transactions between group members are not required, provided that the subsidiary is wholly owned.
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Post balance sheet events
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The directors have concluded that no material events have occurred since the date of approval of these financial statements that would affect the financial statements of the Company.
The ultimate controlling party is The Global Work & Travel Group Pty. Ltd, the parent company registered in Australia.
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