Company registration number 02970793 (England and Wales)
AUSONIA SERVICES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
AUSONIA SERVICES LIMITED
CONTENTS
Page
Director's report
1
Director's responsibilities statement
2
Independent auditor's report
3
Income statement
5
Statement of financial position
6
Statement of changes in equity
7
Notes to the financial statements
8 - 12
AUSONIA SERVICES LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -
The director presents his annual report and financial statements for the year ended 31 March 2024.
Principal activities
The principal activity of the company continued to be that of a travel agency.
Results and dividends
The results for the year are set out on page 5.
No ordinary dividends were paid. The director does not recommend payment of a final dividend.
No preference dividends were paid. The director does not recommend payment of a final dividend.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
A Shah
Auditor
In accordance with the company's articles, a resolution proposing that Prydis Accounts Limited be reappointed as auditor of the company will be put at a General Meeting.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
A Shah
Director
3 December 2024
AUSONIA SERVICES LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is 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 director is required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is 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 enable them to ensure that the financial statements comply with the Companies Act 2006. He is 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.
AUSONIA SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF AUSONIA SERVICES LIMITED
- 3 -
Opinion
We have audited the financial statements of Ausonia Services Limited (the 'company') for the year ended 31 March 2024 which comprise the income statement, the statement of financial position, the statement of changes in equity and notes to the financial statements, including 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 101 Reduced Disclosure Framework (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit 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.
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 FRC’s 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
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
the director's use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
the director has not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is 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 our 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 this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the director's report has been prepared in accordance with applicable legal requirements.
AUSONIA SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF AUSONIA SERVICES LIMITED
- 4 -
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 director's 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 remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of director
As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has 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.
A further description of our responsibilities is available on the Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company’s member in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s member, those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.
3 December 2024
(Senior Statutory Auditor)
for and on behalf of Prydis Accounts Limited
Chartered Accountants
Statutory Auditor
Clyst House
Manor Drive
Exeter
Devon
EX5 1GB
AUSONIA SERVICES LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
2024
2023
Notes
£
£
Revenue
4,999
5,000
Administrative expenses
(3,024)
(2,606)
Operating profit
2
1,975
2,394
Investment income
4
42
21
Profit before taxation
2,017
2,415
Tax on profit
5
(383)
Profit and total comprehensive income for the financial year
1,634
2,415
The income statement has been prepared on the basis that all operations are continuing operations.
AUSONIA SERVICES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 6 -
2024
2023
Notes
£
£
£
£
Current assets
Trade and other receivables
7
253,010
248,012
Cash and cash equivalents
7,712
10,693
260,722
258,705
Current liabilities
8
(383)
-
Net current assets
260,339
258,705
Equity
Called up share capital
9
50,000
50,000
Retained earnings
210,339
208,705
Total equity
260,339
258,705
The financial statements were approved and signed by the director and authorised for issue on 3 December 2024
A Shah
Director
Company registration number 02970793
AUSONIA SERVICES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
Share capital
Retained earnings
Total
£
£
£
Balance at 1 April 2022
50,000
206,290
256,290
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
2,415
2,415
Balance at 31 March 2023
50,000
208,705
258,705
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
1,634
1,634
Balance at 31 March 2024
50,000
210,339
260,339
AUSONIA SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
1
Accounting policies
Company information
Ausonia Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Zodiac House, Calleva Park, Aldermaston, Reading, RG7 8HN. The company's principal activities and nature of its operations are disclosed in the director's report.
1.1
Accounting convention
The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, except for the revaluation of . The principal accounting policies adopted are set out below.
As permitted by FRS 101, the company has taken advantage of the following disclosure exemptions from the requirements of IFRS:
inclusion of an explicit and unreserved statement of compliance with IFRS;
presentation of a statement of cash flows and related notes;
disclosure of the objectives, policies and processes for managing capital;
disclosure of key management personnel compensation;
disclosure of the categories of financial instrument and the nature and extent of risks arising on these financial instruments;
the effect of financial instruments on the statement of comprehensive income;
comparative period reconciliations for the number of shares outstanding and the carrying amounts of property, plant and equipment, intangible assets, investment property and biological assets;
disclosure of the future impact of new International Financial Reporting Standards in issue but not yet effective at the reporting date;
a reconciliation of the number and weighted average exercise prices of share options, how the fair value of share-based payments was determined and their effect on profit or loss and the financial position;
comparative narrative information;
for financial instruments, investment property and biological assets measured at fair value and within the scope of IFRS 13, the valuation techniques and inputs used to measure fair value, the effect of fair value measurements with significant unobservable inputs on the result for the period and the impact of credit risk on the fair value; and
related party disclosures for transactions with the parent or wholly owned members of the group.
Where required, equivalent disclosures are given in the group accounts of Travel Up PLC. The group accounts of Travel Up PLC are available to the public.
AUSONIA SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 9 -
1.2
Going concern
As we reflect on our recent achievements and our strategic plans for the future, the Board remains confident that the company is well-placed to manage its business risks successfully. Despite operating in an industry which has been deeply impacted by the global pandemic and various associated challenges, the company's robust financial performance, marked by an impressive turnover and profit growth, is indicative of its strong resilience and operational effectiveness.true
Our strategic focus on enhancing customer experience, investing in technology and people, and nurturing key supplier relationships have contributed significantly to our stability and ongoing viability. Additionally, the company has demonstrated its ability to manage its financial risks effectively, maintaining a sound financial position with sufficient resources to continue in operational existence for the foreseeable future.
In light of these factors, along with our sound strategy for future growth and the measures in place to mitigate potential risks, the Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Consequently, the financial statements continue to be prepared on a going concern basis. As we move forward, we remain committed to driving growth, enhancing operational efficiency, and delivering value to our customers and stakeholders alike.
1.3
Revenue
Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties. The company recognises revenue when it transfers control of a product or service to a customer.
The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:
1.4
Goodwill
Goodwill arising on the acquisition of a business represents the excess of the cost of acquisition (being the cash paid and the fair value of other consideration given) over the fair value of the separable net assets acquired. The fair value of the acquired assets and liabilities are assessed in the year of acquisition and the subsequent year, which may impact on the goodwill recognised.
Amortisation is calculated so as to write off the cost of an asset, net of anticipated disposal proceeds, over the estimated useful economic life of that asset of five years.
1.5
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
AUSONIA SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 10 -
Current tax
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.
1.8
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
138
(154)
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
1
1
4
Investment income
2024
2023
£
£
Interest income
Interest on bank deposits
42
21
5
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
383
-
AUSONIA SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
5
Taxation
(Continued)
- 11 -
The charge for the year can be reconciled to the profit per the income statement as follows:
2024
2023
£
£
Profit before taxation
2,017
2,415
Expected tax charge based on a corporation tax rate of 19.00% (2023: 0%)
383
Tax charged in the financial statements
383
6
Property, plant and equipment
Plant and equipment
£
Cost
At 31 March 2023
50,052
At 31 March 2024
50,052
Accumulated depreciation and impairment
At 31 March 2023
50,052
At 31 March 2024
50,052
7
Trade and other receivables
2024
2023
£
£
Trade receivables
(1)
1
Amounts owed by fellow group undertakings
252,706
247,706
Other receivables
305
305
253,010
248,012
8
Liabilities
2024
2023
£
£
Corporation tax
383
AUSONIA SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
9
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
50,000
50,000
50,000
50,000
10
Controlling party
Travel Up Group Plc is considered by the director to be the ultimate controlling party.
Travel Up Group Plc is also the smallest and largest group for which consolidated accounts, including Ausonia Services Limited are prepared, The consolidated accounts are available from Companies House.
The ultimate controlling party is Mr A Shah by virtue of his majority shareholding in the ultimate parent company.