Registered number
12009756
EASEMYTRIP UK LTD
Filleted Accounts
31 March 2024
TEMPLETONS (HOLDINGS) LIMITED
CHARTERED ACCOUNTANTS &
REGISTERED AUDITORS
309 HOE STREET
WALTHAMSTOW
LONDON E17 9BG
EASEMYTRIP UK LTD
Registered number: 12009756
DRAFT Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 6 65,005 25,971
Current assets
Debtors 7 1,752,802 1,347,747
Cash at bank and in hand 200,559 185,702
1,953,361 1,533,449
Creditors: amounts falling due within one year 8 (2,767,913) (1,793,742)
Net current liabilities (814,552) (260,293)
Total assets less current liabilities (749,547) (234,322)
Creditors: amounts falling due after more than one year 9 (46,277) -
Net liabilities (795,824) (234,322)
Capital and reserves
Called up share capital 30,000 30,000
Profit and loss account (825,824) (264,322)
Shareholders' funds (795,824) (234,322)
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Nishant Pitti
Director
Approved by the board on 26 June 2025
EASEMYTRIP UK LTD
DRAFT Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor Vehicles Reducing balance - 25%
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
3 Going Concern
Notwithstanding the net assets deficiency, the financial statements have been prepared on a going concern basis, as in the opinion of the director, the company has sufficient financial support from its creditors and shareholder to pay its debts as they fall due.
4 Audit information
The audit report is unqualified.
Senior statutory auditor: Teewannan Juggoo
Firm: Templetons (Holdings) Limited
Date of audit report: 26 June 2025
5 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
6 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 - 26,479 26,479
Additions 250 72,480 72,730
Disposals - (26,479) (26,479)
At 31 March 2024 250 72,480 72,730
Depreciation
At 1 April 2023 - 508 508
Charge for the year 63 7,880 7,943
On disposals - (726) (726)
At 31 March 2024 63 7,662 7,725
Net book value
At 31 March 2024 187 64,818 65,005
At 31 March 2023 - 25,971 25,971
7 Debtors 2024 2023
£ £
Trade debtors 53,950 17,083
Amounts owed by group undertakings and undertakings in which the company has a participating interest 1,383,878 298,706
Other debtors 314,974 1,031,958
1,752,802 1,347,747
Included under other debtors is an amount of £1,383,878 (2023: £298,706) which is fully recoverable from the group companies Ease Trip Planners Limited.
8 Creditors: amounts falling due within one year 2024 2023
£ £
Bank overdraft 1 957,392
Obligations under finance lease and hire purchase contracts 10,675 -
Bank Loan- (see note 7 below) 720,000 720,000
Trade creditors 795,604 34,127
Amounts owed to group undertakings and undertakings in which the company has a participating interest 990,000 15,000
Taxation and social security costs 453 -
Other creditors 251,180 67,223
2,767,913 1,793,742
9 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 46,277 -
10 Loan 2024 2023
£ £
Creditors include:
Secured bank loan 720,000 720,000
The bank loan is working capital loan facility. The rate of interest is a percentage rate per annum based on margin and Libor applicable. The loan is guaranteed by security provided by Easy Trip Planners Limited.
11 Related party transactions
At the year end Easemytrip UK Ltd owed £990,000 (2023 - £15,000) to Easemytrip India, a company incorporated in India and is under common control.
This amount is taken as a loan and an interest rate of 8% is payable per annum.
12 Controlling party
The ultimate parent company is Easy Trip Planners Limited, a company incorporated in India. The company is controlled by Mr Nishant Pitti.
13 Other information
EASEMYTRIP UK LTD is a private company limited by shares and incorporated in England. Its registered office is:
309 Hoe Street
Walthamstow
London
E17 9BG
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