Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-302024-06-30The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.true2023-03-01falseSelling cultural programmes22truefalse 08087039 2023-03-01 2024-06-30 08087039 c:OtherGroupMember3 2023-03-01 2024-06-30 08087039 c:KeyManagementIndividualGroup1 2023-03-01 2024-06-30 08087039 c:KeyManagementIndividualGroup2 2023-03-01 2024-06-30 08087039 c:KeyManagementIndividualGroup3 2023-03-01 2024-06-30 08087039 c:KeyManagementIndividualGroup4 2023-03-01 2024-06-30 08087039 c:KeyManagementIndividualGroup5 2023-03-01 2024-06-30 08087039 c:OtherGroupMember1 2023-03-01 2024-06-30 08087039 c:OtherGroupMember2 2023-03-01 2024-06-30 08087039 2022-03-01 2023-02-28 08087039 2024-06-30 08087039 c:OtherGroupMember3 2024-06-30 08087039 c:KeyManagementIndividualGroup3 2024-06-30 08087039 c:KeyManagementIndividualGroup5 2024-06-30 08087039 c:OtherGroupMember2 2024-06-30 08087039 2023-02-28 08087039 c:OtherGroupMember2 2023-02-28 08087039 c:OtherGroupMember1 2023-02-28 08087039 c:KeyManagementIndividualGroup5 2023-02-28 08087039 c:KeyManagementIndividualGroup4 2023-02-28 08087039 c:KeyManagementIndividualGroup1 2023-02-28 08087039 c:KeyManagementIndividualGroup2 2023-02-28 08087039 c:KeyManagementIndividualGroup3 2023-02-28 08087039 1 2023-03-01 2024-06-30 08087039 d:Director1 2023-03-01 2024-06-30 08087039 d:Director2 2023-03-01 2024-06-30 08087039 d:RegisteredOffice 2023-03-01 2024-06-30 08087039 c:OfficeEquipment 2023-03-01 2024-06-30 08087039 c:OfficeEquipment 2024-06-30 08087039 c:OfficeEquipment 2023-02-28 08087039 c:OfficeEquipment c:OwnedOrFreeholdAssets 2023-03-01 2024-06-30 08087039 c:ComputerEquipment 2023-03-01 2024-06-30 08087039 c:ComputerEquipment 2024-06-30 08087039 c:ComputerEquipment 2023-02-28 08087039 c:ComputerEquipment c:OwnedOrFreeholdAssets 2023-03-01 2024-06-30 08087039 c:OwnedOrFreeholdAssets 2023-03-01 2024-06-30 08087039 c:CurrentFinancialInstruments 2024-06-30 08087039 c:CurrentFinancialInstruments 2023-02-28 08087039 c:Non-currentFinancialInstruments 2024-06-30 08087039 c:Non-currentFinancialInstruments 2023-02-28 08087039 c:CurrentFinancialInstruments c:WithinOneYear 2024-06-30 08087039 c:CurrentFinancialInstruments c:WithinOneYear 2023-02-28 08087039 c:Non-currentFinancialInstruments c:AfterOneYear 2024-06-30 08087039 c:Non-currentFinancialInstruments c:AfterOneYear 2023-02-28 08087039 c:ShareCapital 2024-06-30 08087039 c:ShareCapital 2023-02-28 08087039 c:RetainedEarningsAccumulatedLosses 2024-06-30 08087039 c:RetainedEarningsAccumulatedLosses 2023-02-28 08087039 d:FRS102 2023-03-01 2024-06-30 08087039 d:AuditExemptWithAccountantsReport 2023-03-01 2024-06-30 08087039 d:FullAccounts 2023-03-01 2024-06-30 08087039 d:PrivateLimitedCompanyLtd 2023-03-01 2024-06-30 08087039 c:AcceleratedTaxDepreciationDeferredTax 2024-06-30 08087039 c:AcceleratedTaxDepreciationDeferredTax 2023-02-28 08087039 c:TaxLossesCarry-forwardsDeferredTax 2024-06-30 08087039 c:TaxLossesCarry-forwardsDeferredTax 2023-02-28 08087039 2 2023-03-01 2024-06-30 08087039 e:PoundSterling 2023-03-01 2024-06-30 iso4217:GBP xbrli:pure
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

 
THE GLOBAL WORK & TRAVEL CO. LIMITED
 
 
COMPANY INFORMATION


Directors
P Himmelmann 
J Himmelmann 




Registered number
08087039



Registered office
8th Floor Becket House
36 Old Jewry

London

England

EC2R 8DD




Accountants
Xeinadin London Limited

8th Floor Becket House

36 Old Jewry

London

England

EC2R 8DD





 
THE GLOBAL WORK & TRAVEL CO. LIMITED
 

CONTENTS



Page
Accountants' Report
1
Statement of Financial Position
2 - 3
Notes to the Financial Statements
4 - 11


 
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
Page 1

 
THE GLOBAL WORK & TRAVEL CO. LIMITED
REGISTERED NUMBER: 08087039

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

30 June 2024
28 February 2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
6,987
7,060

  
6,987
7,060

Current assets
  

Debtors: amounts falling due after more than one year
 6 
595,431
-

Debtors: amounts falling due within one year
 6 
16,487
326,443

Cash at bank and in hand
  
140,593
342,815

  
752,511
669,258

Creditors: amounts falling due within one year
 7 
(1,915,894)
(1,876,460)

Net current liabilities
  
 
 
(1,163,383)
 
 
(1,207,202)

Total assets less current liabilities
  
(1,156,396)
(1,200,142)

Creditors: amounts falling due after more than one year
 8 
(431,378)
(210,143)

Provisions for liabilities
  

Deferred tax
 9 
-
(114,859)

  
 
 
-
 
 
(114,859)

Net liabilities
  
(1,587,774)
(1,525,144)


Capital and reserves
  

Called up share capital 
  
30,000
30,000

Profit and loss account
  
(1,617,774)
(1,555,144)

  
(1,587,774)
(1,525,144)


Page 2

 
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.




P Himmelmann
Director

The notes on pages 4 to 11 form part of these financial statements.

Page 3

 
THE GLOBAL WORK & TRAVEL CO. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

1.


General information

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

 
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 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:

  
2.2

Turnover

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.

 
2.3

Going concern

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.

Page 4

 
THE GLOBAL WORK & TRAVEL CO. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.4

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.

  
2.5

Advance receipts and payments

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.

 
2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 5

 
THE GLOBAL WORK & TRAVEL CO. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

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.


 
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, on a reducing balance basis.

Depreciation is provided on the following basis:

Office equipment
-
25% on reducing balance
Computer equipment
-
25% on reducing balance

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.

Page 6

 
THE GLOBAL WORK & TRAVEL CO. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
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

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.

 
2.13

Provisions for liabilities

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.

 
2.14

Financial instruments

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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

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.


4.


Employees

The average monthly number of employees, including directors, during the period was 2 (2023 - 2).

Page 7

 
THE GLOBAL WORK & TRAVEL CO. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

5.


Tangible fixed assets







Office equipment
Computer equipment
Total

£
£
£



Cost or valuation


At 1 March 2023
16,112
14,869
30,981


Additions
-
2,137
2,137



At 30 June 2024

16,112
17,006
33,118



Depreciation


At 1 March 2023
13,566
10,355
23,921


Charge for the period on owned assets
637
1,573
2,210



At 30 June 2024

14,203
11,928
26,131



Net book value



At 30 June 2024
1,909
5,078
6,987



At 28 February 2023
2,546
4,514
7,060

Page 8

 
THE GLOBAL WORK & TRAVEL CO. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

6.


Debtors

30 June 2024
28 February 2023
£
£

Due after more than one year

Amounts owed by group undertakings
595,431
-

595,431
-


30 June 2024
28 February 2023
£
£

Due within one year

Amounts owed by group undertakings
-
312,990

Other debtors
16,487
12,753

Prepayments and accrued income
-
700

16,487
326,443



7.


Creditors: Amounts falling due within one year

30 June 2024
28 February 2023
£
£

Trade creditors
40,595
76,382

Amounts owed to group undertakings
-
477,858

Other creditors
110,126
118,570

Accruals and deferred income
1,765,173
1,203,650

1,915,894
1,876,460


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.

Page 9

 
THE GLOBAL WORK & TRAVEL CO. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

8.


Creditors: Amounts falling due after more than one year

30 June 2024
28 February 2023
£
£

Amounts owed to group undertakings
248,222
-

Accruals and deferred income
183,156
210,143

431,378
210,143



9.


Deferred taxation






2024


£






At beginning of year
(114,859)


Charged to profit or loss
114,859



At end of year
-

The deferred taxation balance is made up as follows:

30 June 2024
28 February 2023
£
£


Short term timing differences
-
(113,094)

Fixed Asset timing differences
-
(1,765)

-
(114,859)

Page 10

 
THE GLOBAL WORK & TRAVEL CO. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

10.


Related party transactions

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.


11.


Post balance sheet events

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.


12.


Controlling party

The ultimate controlling party is The Global Work & Travel Group Pty. Ltd, the parent company registered in Australia.

 
Page 11