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REGISTERED NUMBER: 02797491 (England and Wales)















AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

FOR

CLEVELAND TRAVEL LIMITED

CLEVELAND TRAVEL LIMITED (REGISTERED NUMBER: 02797491)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


CLEVELAND TRAVEL LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: Mr Gerard Jean Marie Bayol
Ms Frances Patricia Geoghegan
Mr Christopher Wain





SECRETARY: Cornhill Secretaries Limited





REGISTERED OFFICE: Unit 5 Market Yard Mews,
194-204 Bermondsey Street
London
SE1 3TQ





REGISTERED NUMBER: 02797491 (England and Wales)





AUDITORS: Ashford Louis
Chartered Certified Accountants
&Registered Auditors
187 High Road Leyton
London
E15 2BY

CLEVELAND TRAVEL LIMITED (REGISTERED NUMBER: 02797491)

BALANCE SHEET
30 JUNE 2024

30.6.24 30.6.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1,000 22,348
Tangible assets 5 39,293 49,116
40,293 71,464

CURRENT ASSETS
Debtors 6 4,387,925 3,248,845
Investments 7 57,476 57,476
Cash at bank and in hand 317,274 413,598
4,762,675 3,719,919
CREDITORS
Amounts falling due within one year 8 3,784,667 2,750,889
NET CURRENT ASSETS 978,008 969,030
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,018,301

1,040,494

CREDITORS
Amounts falling due after more than one
year

9

592,154

633,006
NET ASSETS 426,147 407,488

CAPITAL AND RESERVES
Called up share capital 11 80,000 80,000
Retained earnings 12 346,147 327,488
SHAREHOLDERS' FUNDS 426,147 407,488

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 December 2024 and were signed on its behalf by:





Mr Gerard Jean Marie Bayol - Director


CLEVELAND TRAVEL LIMITED (REGISTERED NUMBER: 02797491)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1. STATUTORY INFORMATION

Cleveland Travel Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of services, excluding value added tax. The total turnover of the company for the year has been derived from the provision of services falling within the company's principal activities. Turnover is recognised at the date of departure.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
FF & equipment - 20% on reducing balance

CLEVELAND TRAVEL LIMITED (REGISTERED NUMBER: 02797491)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instrument transitions that results in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from bank and other third parties, loans to relate to parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year) including loans and other accounts receivables and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest rate method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or order consideration expected to be paid or received. However, if the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at the market rates of interest for a similar debt instrument and subsequently at amortised cost, unless it quantifies as a loan from a director in the case of a small company or a public benefit entity concessionary loan.

Investments is a non-derivative instrument that are equity to the issuer are measured at:
" fair value which change is recognised in the statement of comprehensive income the shares are publicly traded or they are favourable you can otherwise be measured reliably,
" at a cost less impairment of all other investments

Financial assets that are measured at cost and amortised are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the assets if it were to be sold at the reporting date.

Financial assets and liabilities are offsets and the net amount reported in the Statement of Financial Position where there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the assets and settle the liability simultaneously.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

CLEVELAND TRAVEL LIMITED (REGISTERED NUMBER: 02797491)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, a period of not less than 12 months from the date of approval of these financial statements.

Investments
Current asset investments are stated at cost less provision for permanent diminution in value.

Leasing
Rentals under operating leases are charged to the profit and loss account as they fall due.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2023 - 13 ) .

4. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1 July 2023
and 30 June 2024 186,918
AMORTISATION
At 1 July 2023 164,570
Amortisation for year 21,348
At 30 June 2024 185,918
NET BOOK VALUE
At 30 June 2024 1,000
At 30 June 2023 22,348

CLEVELAND TRAVEL LIMITED (REGISTERED NUMBER: 02797491)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

5. TANGIBLE FIXED ASSETS
FF &
equipment
£   
COST
At 1 July 2023
and 30 June 2024 368,073
DEPRECIATION
At 1 July 2023 318,957
Charge for year 9,823
At 30 June 2024 328,780
NET BOOK VALUE
At 30 June 2024 39,293
At 30 June 2023 49,116

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Trade debtors 3,492,317 2,696,835
Other debtors 895,608 552,010
4,387,925 3,248,845

7. CURRENT ASSET INVESTMENTS
30.6.24 30.6.23
£    £   
Unlisted investments 57,476 57,476

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Bank loans and overdrafts 40,000 40,000
Trade creditors 3,701,372 2,589,663
Taxation and social security 2,902 69,501
Other creditors 40,393 51,725
3,784,667 2,750,889

BSP OUTSTANDING

As at 30 June 2024 an amount of £274,972 (2023 : £246,444) was payable to International Air Transport Association (IATA) for tickets issued in the mouth of June 2024. This amount is included in the Trade Creditors figure above.

CLEVELAND TRAVEL LIMITED (REGISTERED NUMBER: 02797491)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.6.24 30.6.23
£    £   
Bank loans 56,998 97,850
Other creditors 535,156 535,156
592,154 633,006

Included in the Other creditors above is an amount £535,156 (2023 : £535,156) Directors loan subordinated to Civil Aviation Authority (the CAA).

10. SECURED DEBTS

The bank has a debenture charge over all the assets of the company.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.24 30.6.23
value: £    £   
72,000 Ordinary "A" £1 72,000 72,000
8,000 Ordinary "B" £1 8,000 8,000
80,000 80,000

12. RESERVES
Retained
earnings
£   

At 1 July 2023 327,488
Profit for the year 18,659
At 30 June 2024 346,147

13. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Hayford Doh FCCA (Senior Statutory Auditor)
for and on behalf of Ashford Louis

14. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the balance sheet date, the company owed the directors £2,584 (2023 : £2,584).

The company's banking facilities are secured by the personal guarantees from directors, Ms F Geoghegan and Mr G Bayol.

The company has 6.25% investment (note 9) in BGW Communications (Pty) Ltd, a South Africa company in which the directors are also shareholders.

At the balance sheet date, Cleveland Travel Limited was owed £576,133 (2023 : £318,965) by BGW Communications (Pty) Ltd.

CLEVELAND TRAVEL LIMITED (REGISTERED NUMBER: 02797491)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

15. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

16. ULTIMATE CONTROLLING PARTY

During the current and the previous years, the company was controlled by directors, by virtue of their ownership of the majority of the issued share capital.