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Registered number: 04671643


BLUE CUBE TRAVEL LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MAY 2024

 
BLUE CUBE TRAVEL LIMITED
 
 
COMPANY INFORMATION


Directors
I F Phaure 
K A Stirling 




Registered number
04671643



Registered office
8th Floor
Becket House

36 Old Jewry

London

EC2R 8DD




Trading Address
Unit 5 Provenance Wharf
8 Kew Bridge Road

Brentford

TW8 0FJ






Independent auditors
Xeinadin Audit Limited
Chartered Accountants & Statutory Auditor

8th Floor

Becket House

36 Old Jewry

London

EC2R 8DD





 
BLUE CUBE TRAVEL LIMITED
 

CONTENTS



Page
Statement of Financial Position
1 - 2
Notes to the Financial Statements
3 - 12


 
BLUE CUBE TRAVEL LIMITED
REGISTERED NUMBER: 04671643

STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 6 
3,139,209
3,134,260

  
3,139,209
3,134,260

Non Current Assets
  

Debtors due after more than 1 year
 7 
30,000
30,000

  
30,000
30,000

Current assets
  

Debtors: amounts falling due within one year
 7 
3,401,310
2,670,895

Cash at bank and in hand
  
2,424,202
3,858,398

  
5,825,512
6,529,293

Creditors: amounts falling due within one year
 8 
(2,595,713)
(2,783,694)

Net current assets
  
 
 
3,229,799
 
 
3,745,599

Total assets less current liabilities
  
6,399,008
6,909,859

Creditors: amounts falling due after more than one year
 9 
(1,774,259)
(2,623,808)

Provisions for liabilities
  

Deferred tax
  
(74,002)
(67,259)

  
 
 
(74,002)
 
 
(67,259)

Net assets
  
4,550,747
4,218,792


Capital and reserves
  

Called up share capital 
 11 
40,000
60,000

Capital redemption reserve
 12 
25,000
5,000

Profit and loss account
 12 
4,485,747
4,153,792

  
4,550,747
4,218,792


Page 1

 
BLUE CUBE TRAVEL LIMITED
REGISTERED NUMBER: 04671643
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MAY 2024

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 25 September 2024.




I F Phaure
Director

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
BLUE CUBE TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Blue Cube Travel Limited is a private company limited by shares incorporated in England and Wales. The registered number and the address of the registered office and trading office is given in the Company informtion of these financial statements. 
The nature of the Company's operations and principal activities are that of the provision of travel arrangements and agency services to corporate bodies. 

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

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).

 
2.2

Foreign currency translation

Functional and presentation currency

These financial statements are presented in pound sterling, which is the Company's functional
currency. All amounts have been rounded to the nearest pound, unless otherwise indicated.

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

  
2.3

Turnover

Turnover represents the value of net commissions, mark-up on net fares, transaction fees and other income earned for the arrangement of travel services. Transactional and management fee income is recognised when it arises and it is certain that economic benefits associated with the transaction will flow.

Page 3

 
BLUE CUBE TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.4

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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

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

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
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 4

 
BLUE CUBE TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year 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, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
2% straight line
Bicycles
-
20% straight line
Office equipment
-
20% - 33.33% straight line
Computer equipment
-
25% - 33.33% straight line

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 5

 
BLUE CUBE TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 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

Cash and cash equivalents

Cash is represented by cash in hand, deposits, and cash in transit with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

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.

 
2.14

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.

 
2.15

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.

 
2.16

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.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 6

 
BLUE CUBE TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

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 judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based historical experience and other factors that are recognised to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.
There are no critical accounting estimates or judgements made in applying the company's accounting policies. 


4.


Employees

The average monthly number of employees, including directors, during the year was 53 (2023 - 45).


5.


Dividends

2024
2023
£
£


Dividends
-
352,000

-
352,000

Page 7

 
BLUE CUBE TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

6.


Tangible fixed assets





Long-term leasehold property
Bicycles
Office equipment
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 June 2023
3,478,606
3,062
156,058
129,861
3,767,587


Additions
-
-
59,714
43,377
103,091



At 31 May 2024

3,478,606
3,062
215,772
173,238
3,870,678



Depreciation


At 1 June 2023
384,617
3,062
153,702
91,946
633,327


Charge for the year on owned assets
69,572
-
3,849
24,721
98,142



At 31 May 2024

454,189
3,062
157,551
116,667
731,469



Net book value



At 31 May 2024
3,024,417
-
58,221
56,571
3,139,209



At 31 May 2023
3,093,989
-
2,356
37,915
3,134,260




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Long term leasehold property
3,024,417
3,093,989

3,024,417
3,093,989


Page 8

 
BLUE CUBE TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

7.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
30,000
30,000

30,000
30,000


2024
2023
£
£

Due within one year

Trade debtors
2,683,779
2,480,857

Other debtors
511,071
110,696

Prepayments and accrued income
206,460
79,342

3,401,310
2,670,895



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
334,114
336,689

Trade creditors
867,869
1,131,114

Corporation tax
511,322
779,912

Other taxation and social security
316,195
257,416

Other creditors
457,985
234,336

Accruals and deferred income
108,228
44,227

2,595,713
2,783,694


Included in trade creditors is a payable amount of £594,532 (2023:£794,523) relating to air payments pending in the BSP ticketing system and due to airlines. 

Page 9

 
BLUE CUBE TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
1,774,259
2,085,776

Other creditors
-
538,032

1,774,259
2,623,808


Secured loans, legal charges and securities
In September 2017, the Company entered into a loan facility with National Westminster Bank Plc, repayable over a 10 year term, attracting an interest rate of 1.95% over Base Rate. As at the year end, the balance outstanding on this loan facility was £1,744,467 (2023: £1,886,577). This loan facility is secured by a fixed charge over the property, dated 27 October 2017.
In September 2017, the Company entered into a loan facility with National Westminster Bank Plc, repayable over a 7 year term, attracting an interest rate of 2.1% over Base Rate. As at the year end, the balance outstanding on this loan facility was £13,906 (2023: £45,888). This loan facility is secured by a fixed charge over the property, dated 5 October 2017.
In November 2020, the Company secured a loan of £700,000 through a Coronavirus Business Interruption Loan Scheme. As at the year end, the balance outstanding on this loan facility was £350,000 (2023: £490,000).
Barclays Bank Plc has a deed of change dates 4 January 2011 over certain credit balances of the Company.

The aggregate amount of liabilities repayable wholly or in part more than five years after the reporting date is:

2024
2023
£
£


Repayable by instalments
696,429
1,030,599

696,429
1,030,599



Page 10

 
BLUE CUBE TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
334,114
336,689


334,114
336,689

Amounts falling due 1-2 years

Bank loans
333,837
320,533


333,837
320,533

Amounts falling due 2-5 years

Bank loans
743,993
734,644


743,993
734,644

Amounts falling due after more than 5 years

Bank loans
696,429
1,030,599

696,429
1,030,599

2,108,373
2,422,465



11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



40,000 (2023 - 60,000) Ordinary shares of £1.00 each
40,000
60,000

The company bought back and cancelled 20,000 Ordinary shares of £1.00 each in August 2023 for a consideration of £2.1m



12.


Reserves

Capital redemption reserve

Capital redemption reserve records the nominal value of shares repurchased by the Company.

Profit and loss account

Includes all current and prior period retained profit and losses.

Page 11

 
BLUE CUBE TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

13.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £117,553 (2023: £44,021). Contributions totalling £10,727 (2023: £7,919) were payable to the fund at the balance sheet date and are included in creditors.


14.


Related party transactions

During the year the company had a net trading transaction movement amounting to £1,352 with Blue Cube Travel Ghana Limited, a company under common control. As at the year end the Company was owed £51,229 (2023: £52,582) from Blue Cube Travel Ghana Limited.
Transactions with directors:
 
During the year the company had a loan account with a director  K. A. Stirling. Advances totallled £162,850 and interest of £1,832 has been charged. At the year end the company was owed £164,682 (2023: £1,510 owed to directors).
During the year the company had a loan account with a director  I.F. Phaure. Advances totalled of £153,558 and interest £1,727 has been charged. At the year end the company was owed  £155,285 (2023: £1,683 owed to directors).
Dividends of £Nil  (2023: £352,000) were paid to the shareholders.


15.


Post balance sheet events

The shareholders sought investment by inviting a 3rd party to acquire a controlling interest. Management anticipate that this transaction will complete in October 2024.
The directors have concluded that no other material events have occured since the date of approval of these financial statements that would affect the financial statements of the company.


16.


Auditors' information

The auditors' report on the financial statements for the year ended 31 May 2024 was unqualified.

The audit report was signed on 25 September 2024 by Yasin Khandwalla (FCCA) (Senior Statutory Auditor) on behalf of Xeinadin Audit Limited.

 
Page 12