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Registered number:
FOR THE PERIOD ENDED 31 DECEMBER 2024
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MAJOR TRAVEL PLC
COMPANY INFORMATION
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MAJOR TRAVEL PLC
CONTENTS
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MAJOR TRAVEL PLC
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2024
The Company has chosen in accordance with s414c (11) Companies Act 2006 to set out in the Company's strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the director's report. It has done so in respect of financial instruments and future developments.
Gross Retail Turnover ("GRT") for the 9 month period under review was £22,117,313 (12 months to 31 March 2024: £26,215,953) which resulted in a commission/margin of £2,369,454 (12 months to 31 March 2024: £2,791,975). The Company's commission/margin increased from 10.64% to 10.71% during the period. The Company has continued to focus on selling packages, particularly tailormade long-haul that have a higher margin.
The Company also monitors its performance by tracking other non-financial indicators that we believe are important to our long-term success. Compliance with relevant environmental laws and regulations relevant to its operations are closely followed. The Company has created a positive and challenging work environment by encouraging feedback from employees and using it as a tool to drive business performance. The directors consider that the year-end financial position was satisfactory and that the Company is now well placed to sustain the present level of activity in the foreseeable future. Principal risks and uncertainties The management of the business and the execution of the Company's strategy are subject to a number of risks. The key business risks and uncertainties affecting the Company are considered below. Disruption risks: The travel industry is susceptible to potential disruption caused by pandemics. Recent events, such as the outbreak of COVID-19, have demonstrated the significant impact that infectious diseases can have on the global travel ecosystem. It is important to note that the magnitude and duration of the risks associated with pandemics are unpredictable and can vary based on the specific circumstances. Our Company continuously monitors the global health landscape and has developed contingency measures to mitigate these risks to the best of our ability. Regulatory risk: The Company is exposed to various regulators, including the Civil Aviation Authority ("CAA") which issues an Air Travel Organisers Licence ("ATOL") which is required in order for the Company to operate. This license is renewed each year and is subject to assessments of fitness and financial criteria, the framework of which is available on the CAA's website (www.caa.co.uk). Competition: The Company operates in a competitive market particularly around price and product availability. This results in downward pressure on ticket prices and margins. This risk is mitigated by seeking out opportunities to differentiate its product offering and by increasing its product range, specifically in the tailor-made segment.
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MAJOR TRAVEL PLC
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
The nature of the business exposes the Company to various commercial risks which may affect the trading performance of the Company. These include:
- Political and regulatory changes. - Changes in customer behaviour and preferences. - Acts of terrorism, particularly in key tourist destinations. - Epidemics in key tourist destinations which threaten the health of tourists. - Wars or other international uncertainty which affects air travel. - Natural disasters in key tourist destinations. - Weather conditions, both in the UK and key tourist destinations and - Increase in government taxes. These factors may affect the Company by causing potential customers to cancel or postpone travel plans, reducing the earnings potential of the Company. The Company seeks to minimise such risks by diversifying its business across multiple destinations with the ability to shift capacity where necessary.
The Company has adopted risk management policies that seek to mitigate these risks in a cost-effective manner and which include close monitoring of suppliers and customers for financial and other material changes. The Company's only financial instruments are cash, trade debtors and trade creditors that arise directly from its operations. Airline seats and other facilities are purchased to match customers' specific requirements. The Company does not enter into prior commitments or speculative contracts so it has no exposure to currency, interest rate or non-performance risks.
The nature of the Company's activities is such that it generates significant liquid resources. All excess funds are placed with the Company's clearing bank, in instant or short-term access, interest bearing accounts in order to provide flexibility and restrict credit and liquidity risk.
This report was approved by the board on 12 June 2025 and signed on its behalf.
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MAJOR TRAVEL PLC
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the period ended 31 December 2024.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments 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;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are 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 to enable them to ensure that the financial statements comply with the Companies Act 2006. They are 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.
The profit for the period, after taxation, amounted to £105,448 (2024 - £303,710).
The directors who served during the period were:
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MAJOR TRAVEL PLC
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
The Company's intention is to continue improving its position by providing high levels of service at competitive prices. The company will also seek to further improve its financial position by monitoring costs and by continuing to introduce enhanced systems and improvements in administrative and organisational procedures.
The Company's creditors are paid according to specific agreed terms and average 30 days.
The Company keeps employees informed of matters relevant to them as employees through briefings and internal mail.
The auditors, White Hart Associates (London) Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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MAJOR TRAVEL PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MAJOR TRAVEL PLC
We have audited the financial statements of Major Travel Plc (the 'Company') for the period ended 31 December 2024, which comprise the Income Statement, the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of 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 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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MAJOR TRAVEL PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MAJOR TRAVEL PLC (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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 Strategic Report or the Directors' Report.
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MAJOR TRAVEL PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MAJOR TRAVEL PLC (CONTINUED)
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 Auditors' 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
- We exercise professional judgment and maintain professional skepticism throughout the audit; - We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the deliberate override of internal control; - We obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of internal control; - We evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made; - We assess the risk of management override of controls, including testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business; - We review the scope of the Company's compliance with its regulator, the Civil Aviation Authority ("CAA"), and its membership of The Association of British Travel Agents ("ABTA"), its accreditation with the International Air Transport Association ("IATA") and sample test relevant documentation to assess this and the effectiveness of its control environment; - We request and review the minutes of management meetings, and assess any matters identified not already provided for or disclosed that may materially impact the financial statements; - We conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the entity's ability to continue as a going concern. if we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the entity to cease to continue as a going concern.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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MAJOR TRAVEL PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MAJOR TRAVEL PLC (CONTINUED)
This report is made solely to the Company's members, as a body, 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 members those matters we are required to state to them in an Auditors' 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 members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants and Statutory Auditors
2nd Floor, Nucleus House
2 Lower Mortlake Road
TW9 2JA
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MAJOR TRAVEL PLC
INCOME STATEMENT
FOR THE PERIOD ENDED 31 DECEMBER 2024
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MAJOR TRAVEL PLC
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2024
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MAJOR TRAVEL PLC
REGISTERED NUMBER: 01805034
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 17 to 37 form part of these financial statements.
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MAJOR TRAVEL PLC
REGISTERED NUMBER: 01805034
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024
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MAJOR TRAVEL PLC
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2024
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MAJOR TRAVEL PLC
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2024
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MAJOR TRAVEL PLC
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2024
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MAJOR TRAVEL PLC
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
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MAJOR TRAVEL PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
Major Travel Plc is a company limited by shares, domiciled in England and Wales, registration number 01805034. The registered office is 2nd Floor Nucleus House, 2 Lower Mortlake Road, Richmond, TW9 2JA.
The company's principal place of business is Unit 7, The Linen House, 253 Kilburn Lane, London, W10 4BQ.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with 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).
The following principal accounting policies have been applied:
Company management and the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, being at least the following 12 months from the signing of these financial statements. The Company has been well placed to meet and service the additional volume.
The directors consider the Company to be a going concern based upon detailed profit and loss account, balance sheet and cashflow projections drawn up to 31 December 2026. The directors believe they have taken all necessary steps to mitigate the impact of any risks mentioned and potential recession. The Company also enjoys the financial support of its ultimate parent undertaking Inteletravel UK Holdings Limited who have provided the Company's regulator, the CAA, with a parent company guarantee.
Functional and presentation currency
Transactions and balances
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MAJOR TRAVEL PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Income Statement within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income. Turnover comprises revenue recognised by the company in respect of commissions and fees for the sale of flights and travel product during the year, exclusive of Value Added Tax, trade discounts and commissions. The company recognises revenue on departure date basis. Turnover is attributable to one continuing activity. Total Gross Retail Turnover ("GRT") is the total gross sales amounts receivable in respect of the holiday flights and accommodation arrangements for the period. Section 23 of FRS102 requires the statutory turnover to be the net commission earned. GRT does not represent the company's statutory turnover. GRT for the period ended 31 December 2024 was £22,117,313 (31 March 2024: £26,215,953). Trade debtors still represent gross amounts receivable in respect of sales and trade creditors still represent gross amounts payable in respect of purchases.
The Company has changed its revenue recognition policy to all departures within the year 1 April 2024 to 31 December 2024, together with an element of non-refundable deposits received for tours departing in future, where the Company has certainty of its margin that the deposit does not exceed its margin. Comparative figures have been restated to reflect this change. The revenue recognition policy has been changed as the directors consider the new policy to give a more prudent presentation, which is in line with that adopted by larger tour operators.
As a result comparative figures for the year ended 31 March 2024 have been adjusted as follows:
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MAJOR TRAVEL PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
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MAJOR TRAVEL PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
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MAJOR TRAVEL PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as per table below.
Depreciation is provided on the following basis:
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.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
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MAJOR TRAVEL PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
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MAJOR TRAVEL PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
These financial statements are for the 9 month period 1 April 2024 to 31 December 2024. The prior period comparatives are for a 12 month period 1 April 2023 to 31 March 2024. The Company changed its accounting period end to be co-terminous with that of the Inteletravel UK Holdings Limited Group.
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MAJOR TRAVEL PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
Analysis of turnover by country of destination:
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MAJOR TRAVEL PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
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MAJOR TRAVEL PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
Page 26
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MAJOR TRAVEL PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
Page 27
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MAJOR TRAVEL PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
Page 28
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MAJOR TRAVEL PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
11.Taxation (continued)
There were no factors that may affect future tax charges.
Page 29
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MAJOR TRAVEL PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
Page 30
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MAJOR TRAVEL PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
Page 31
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MAJOR TRAVEL PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
Page 32
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MAJOR TRAVEL PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
Page 33
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MAJOR TRAVEL PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
Page 34
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MAJOR TRAVEL PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
Page 35
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MAJOR TRAVEL PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
Cash flow hedge reserve
Profit and loss account
As at 31 December 2024, there were contingent liabilities outstanding in respect of counter indemnities and gurantees given by the Company, in the normal course of business, to the Company's bond insurance obligors in respect of ABTA travel bonds amounting to £159,252 (31 March 2024 - £230,956). The Company has also provided the bank with counter indemnities for various guarantees up to an amount of £100,000 (31 March 2024: £100,000).
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 £49,435 (31 March 2024: £26,667). Contributions totalling £238 (31 March 2024: £4,073) were payable to the fund at the reporting date.
Page 36
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MAJOR TRAVEL PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
As at 31 December 2024 an amount of £303,298 (31 March 2024: £589,911) payable to International Air Transport Association (IATA) for tickets issued during the month of December 2024.
On 6 October 2020 a fixed charge was created at Companies House over a Company's nominated bank account balance of £100,000 held for specific supplier principals.
Alliance Travel Holdings Limited (Company registration 10335273), whose registered office is situated at 2nd Floor, Nucleus House, 2 Lower Mortlake Road, Richmond, TW9 2JA is the Company's immediate parent company by virtue of its ownership of 100% of the paid up share capital of the Company.
During the year Alliance Travel Holdings Limited underwent a change of ownership and is now 60% owned by Inteletravel UK Holdings Limited.
The ultimate holding company is Inteletravel UK Holdings Limited, by virture of its 60% ownership of the issued share capital of the parent company Alliance Travel Holdings Limited.
The ultimate controlling party is Mr Joseph Traina by virture of his ownership of Inteletravel UK Holdings Limited.
Page 37
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