SWOOP TRAVEL LIMITED

Company Registration Number:
07953919 (England and Wales)

Unaudited statutory accounts for the year ended 31 March 2024

Period of accounts

Start date: 1 April 2023

End date: 31 March 2024

SWOOP TRAVEL LIMITED

Contents of the Financial Statements

for the Period Ended 31 March 2024

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

SWOOP TRAVEL LIMITED

Directors' report period ended 31 March 2024

The directors present their report with the financial statements of the company for the period ended 31 March 2024

Directors

The director shown below has held office during the whole of the period from
1 April 2023 to 31 March 2024

Luke Errington


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
30 August 2024

And signed on behalf of the board by:
Name: Luke Errington
Status: Director

SWOOP TRAVEL LIMITED

Profit And Loss Account

for the Period Ended 31 March 2024

2024 2023


£

£
Turnover: 29,773,679 24,098,654
Cost of sales: ( 23,441,028 ) ( 18,973,828 )
Gross profit(or loss): 6,332,651 5,124,826
Administrative expenses: ( 5,587,737 ) ( 3,787,325 )
Other operating income: 357,006
Operating profit(or loss): 1,101,920 1,337,501
Interest receivable and similar income: 18,251
Interest payable and similar charges: ( 33,355 ) ( 29,857 )
Profit(or loss) before tax: 1,086,816 1,307,644
Tax: ( 148,514 ) ( 63,526 )
Profit(or loss) for the financial year: 938,302 1,244,118

SWOOP TRAVEL LIMITED

Balance sheet

As at 31 March 2024

Notes 2024 2023


£

£
Fixed assets
Intangible assets: 3 84,177 117,130
Tangible assets: 4 54,169 35,068
Investments: 5 100
Total fixed assets: 138,346 152,298
Current assets
Debtors: 6 5,817,114 4,873,010
Cash at bank and in hand: 1,849,280 1,997,182
Total current assets: 7,666,394 6,870,192
Creditors: amounts falling due within one year: 7 ( 7,057,245 ) ( 7,085,790 )
Net current assets (liabilities): 609,149 (215,598)
Total assets less current liabilities: 747,495 ( 63,300)
Creditors: amounts falling due after more than one year: 8 ( 173,333 ) ( 303,333 )
Provision for liabilities: ( 9,731 ) ( 7,243 )
Total net assets (liabilities): 564,431 (373,876)
Capital and reserves
Called up share capital: 136 132
Profit and loss account: 564,295 (374,008 )
Total Shareholders' funds: 564,431 (373,876)

The notes form part of these financial statements

SWOOP TRAVEL LIMITED

Balance sheet statements

For the year ending 31 March 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 30 August 2024
and signed on behalf of the board by:

Name: Luke Errington
Status: Director

The notes form part of these financial statements

SWOOP TRAVEL LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Financial Reporting Standard 101

    Tangible fixed assets depreciation policy

    Tangible fixed assets Tangible fixed assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible fixed assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows: Furniture and fittings 25% on cost Computer equipment 25% on cost

    Intangible fixed assets amortisation policy

    Intangible fixed assets Development costs, being website, software and associated development costs, are shown at historical cost. Development costs have a finite useful life and are carried at cost less accumulated amortisation. Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows: Development costs 5 years straight line

    Other accounting policies

    Revenue recognition Measurement of revenue depends on whether the company has acted as an agent or principal. Where the company acts as a principal, revenue represents the value of holidays, flights and related services sold. Where the company acts as an agent, revenue represents commission earned on flight, hotel, package and other travel-related sales. Revenue is stated net of value added tax. Whether the company is acting as agent or principal, revenue is generally recognised at departure date except that it may be recognised earlier where an invoiced amount becomes non-refundable and the company assesses that it has fulfilled its obligations to the customer by that date. Foreign currency transactions and balances Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates. Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated. Foreign exchange gains and losses are taken to profit and loss and classified within Administrative expenses. Tax The tax expense for the period represents the sum of the current tax expense and deferred tax expense. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income. 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. Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date. The carrying amount of deferred tax assets is reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Investments Investments are measured at cost less provision for impairment. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits. Trade debtors Trade debtors are recognised initially at the transaction price. They are subsequently measured less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables. Trade creditors Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost and using the effective interest method if the balance is due in more than one year. Borrowings Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interestbearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date. Leases Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Share capital Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. Defined contribution pension obligation A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. Contributions to defined contribution plans are recognised as an employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment. Employee benefits The costs of short-term employee benefits, including the cost of any unused holiday entitlement, are recognised in the period in which the employee's services are received. Share based payments The grant date fair value of share-based payments awards granted to employees is recognised as an employee expense, with a corresponding increase in equity, over the period in which the employees become unconditionally entitled to the awards. The fair value of the awards granted is measured using the Black Scholes method and is based on company specific observable market data, taking into account the terms and conditions upon which the awards were granted. The amount recognised as an expense is adjusted to reflect the actual number of awards for which the related service and non-market vesting conditions are expected to be met, such that the amount ultimately recognised as an expense is based on the number of awards that do meet the related service and non-market performance conditions at the vesting date, representing the extent to which the vesting period has expired and taking into account management's best estimate of the achievement or otherwise of non-market conditions and of the number of equity instruments that will ultimately vest. The movement in cumulative expense since the previous balance sheet date is recognised in the profit and loss account, with a corresponding entry in equity. As permitted by FRS102, these financial statements do not include any expense for share options which have been issued to certain employees in previous years since the options were granted prior to the period in which FRS102 was adopted for the first time (i.e. prior to 1 April 2016). No expense has been included in the accounts in respect of current year options as the amount is not material.

SWOOP TRAVEL LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 57 46

SWOOP TRAVEL LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

3. Intangible assets

Goodwill Other Total
Cost £ £ £
At 1 April 2023 57,000 137,698 194,698
Additions
Disposals ( 32,476 ) ( 32,476 )
Revaluations
Transfers
At 31 March 2024 57,000 105,222 162,222
Amortisation
At 1 April 2023 57,000 20,568 77,568
Charge for year 21,045 21,045
On disposals ( 20,568 ) ( 20,568 )
Other adjustments
At 31 March 2024 57,000 21,045 78,045
Net book value
At 31 March 2024 0 84,177 84,177
At 31 March 2023 0 117,130 117,130

SWOOP TRAVEL LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

4. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 April 2023 42,595 66,573 109,168
Additions 41,665 41,665
Disposals ( 42,595 ) ( 32,647 ) ( 75,242 )
Revaluations
Transfers
At 31 March 2024 0 75,591 75,591
Depreciation
At 1 April 2023 37,910 36,190 74,100
Charge for year 4,685 17,879 22,564
On disposals ( 42,595 ) ( 32,647 ) ( 75,242 )
Other adjustments
At 31 March 2024 0 21,422 21,422
Net book value
At 31 March 2024 0 54,169 54,169
At 31 March 2023 4,685 30,383 35,068

SWOOP TRAVEL LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

5. Fixed assets investments note

10 Investments 2024 Unaudited 2023 £ £ Investments in subsidiaries 91,835 91,835 Investments in joint ventures - 100 91,835 91,935 On 20 December 2023, the company sold its entire investment in Brilliant Africa Limited, which represented 50% of that joint venture’s issued share capital. The sale proceeds were £250,000. The gain on the disposal, for both the company and the group, was £249,900. On 20 December 2023, the company sold its entire investment in Travel Navigator Limited, which represented 100% of that company’s issued share capital. The sale proceeds were £54,000. The company’s gain on the disposal was £54,000. The group’s gain on disposal was £107,106. Undertaking Registered Office Holding Proportion of voting rights and shares held 2024 2023 Subsidiary undertakings Travel Navigator Limited 15 Cornwallis Crescent Bristol BS8 4PJ England and Wales Ordinary n/a 100% Antarctica Guide Limited 15 Cornwallis Crescent Bristol BS8 4PJ England and Wales Ordinary 51% 51% Swoop Travel, inc. 15 Cornwallis Crescent Bristol BS8 4PJ England and Wales Ordinary 100% 100% Joint ventures Brilliant Africa Limited 483 Green Lanes London N13 4BS England and Wales Ordinary n/a 50%

SWOOP TRAVEL LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

6. Debtors

2024 2023
£ £
Trade debtors 1,032,459 908,946
Prepayments and accrued income 4,272,718 3,872,420
Other debtors 511,937 91,644
Total 5,817,114 4,873,010

SWOOP TRAVEL LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

7. Creditors: amounts falling due within one year note

2024 2023
£ £
Bank loans and overdrafts 130,000 130,000
Trade creditors 491,663 383,117
Taxation and social security 72,850 250,576
Accruals and deferred income 6,230,715 6,223,717
Other creditors 132,017 98,380
Total 7,057,245 7,085,790

SWOOP TRAVEL LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

8. Creditors: amounts falling due after more than one year note

2024 2023
£ £
Bank loans and overdrafts 173,333 303,333
Total 173,333 303,333

SWOOP TRAVEL LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

9. Loans to directors

Name of director receiving advance or credit: Luke Errington
Description of the transaction:
20000 - advance
£
Balance at 31 March 2023 20,000
Advances or credits made:
Advances or credits repaid: 20,000
Balance at 31 March 2024 0