| REGISTERED NUMBER: |
| Financial Statements for the Period 1 October 2023 to 31 December 2024 |
| for |
| Weroad UK Ltd |
| REGISTERED NUMBER: |
| Financial Statements for the Period 1 October 2023 to 31 December 2024 |
| for |
| Weroad UK Ltd |
| Weroad UK Ltd (Registered number: 13313382) |
| Contents of the Financial Statements |
| for the Period 1 October 2023 to 31 December 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Weroad UK Ltd |
| Company Information |
| for the Period 1 October 2023 to 31 December 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants & Statutory Auditors |
| Scottish Provident House |
| 76-80 College Road |
| Harrow |
| Middlesex |
| HA1 1BQ |
| Weroad UK Ltd (Registered number: 13313382) |
| Balance Sheet |
| 31 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| CURRENT ASSETS |
| Debtors | 4 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 5 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 6 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | ( |
) | ( |
) |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Weroad UK Ltd (Registered number: 13313382) |
| Notes to the Financial Statements |
| for the Period 1 October 2023 to 31 December 2024 |
| 1. | STATUTORY INFORMATION |
| Weroad UK Ltd is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable when the tour is completed (when tour returns). |
| Taxation |
| Taxation for the period 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 period 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. |
| 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 and other post-retirement benefits |
| 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 |
| Business is relatively new and in the initial phase, hence revenues, margins and admin expenses are fluctuating and not fully matured yet. Nonetheless, revenues, gross profit margins and liquidity have all improved significantly in the period. |
| After making enquiries, the directors have formed a judgement at the time of approving the financial statements, that there is a reasonable expectation that the company & group have adequate resources together with positive gross profits to enable the company to continue in its operational existence for the foreseeable future. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the period was |
| Weroad UK Ltd (Registered number: 13313382) |
| Notes to the Financial Statements - continued |
| for the Period 1 October 2023 to 31 December 2024 |
| 4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| Creditors having debit balance | 196,255 | - |
| VAT |
| Deferred tax asset |
| Prepayments |
| Trade debtors relate to amounts for trips booked but not yet returned and serve as a control account against deferred revenue. |
| Other debtors includes medium term, more then 1 year travel bonds receivable of £183,000 (2023: £183,000) for ABTA & £39,900 (2023: £100,000) for ATOL. |
| Deferred tax on losses is considered a medium-term item, as it is expected to reverse in more than 1 year against future taxable profits. |
| 5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade creditors |
| Social security and other taxes |
| Pension Payable | - | 12,299 |
| Other creditors |
| Accrued expenses |
| Deferred Income |
| 6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Amounts owed to group undertakings |
| 7. | DEFERRED TAX |
| £ |
| Balance at 1 October 2023 | ( |
) |
| Charge to Income Statement during period |
| Balance at 31 December 2024 | ( |
) |
| 8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| Weroad UK Ltd (Registered number: 13313382) |
| Notes to the Financial Statements - continued |
| for the Period 1 October 2023 to 31 December 2024 |
| 9. | RELATED PARTY DISCLOSURES |
| One day group in Italy was the controlling party of the company, but no longer the controlling party since Dec 2023 as they effectively owns 42%. |
| Weroad S.R.L, Italy is parent company of Weroad UK Ltd. |
| Related party transactions with Weroad S.R.L for the period ended 31th December 2024 are as below: |
| Recharges of direct costs by Weroad S.R.L during the the period are £1,604,819 (2023: £994,351). |
| Recharges of coordinator costs by Weroad Swiss during the period are £347,994 (2023: £Nil). |
| Recharges of coordinator costs by Weroad S.R.L during the period are £115,600 (2023: £286,965). |
| Recharges of advertising and marketing costs by Weroad S.R.L during the period are £962,620 (2023: £853,183) |
| Management charges by Weroad S.R.L as per service agreement are £310,510 (2023: £395,494) |
| Interest on loan payable to Weroad S.R.L during the period is £14,550 (2023: £17,185) |
| During the period, £23,069 was recharged by WeRoad Spain for Marketing Team labour costs. |
| Related party balances as at period ended 31st December 2024 with Weroad S.R.L resulted from above transactions is as below: |
| Amount of loan payable to Weroad S.R.L is £552,589 (2023: £488,628). Loan is interest bearing and repayable on demand. |
| Amount receivable from Weroad S.R.L is £196,255 (2023: £Nil) |
| Amount payable to Weroad Italia SRL is £193 (2023: £202) |
| Amount of trade receivable from Weroad Spain is £12,492 (2023:£Nil). |
| Amount of trade receivable from Weroad France is £18,152 (2023:£384) |
| Amount of trade payables from Weroad Swiss is £307,085 (2023:£Nil) |
| Loan payable by the company to WeRoad S.R.L for £552,589 (2023: £488,628) of this £474,000 (2023:£474,000) is a subordinated loan in favour of the Civil Aviation Authority (CAA). |
| 130,000 ordinary shares of £1 issued to Weroad S.R.L for £130,000 in December 2024 (paid in cash) and further issue of 2,707,860 ordinary shares at £1 as capitalisation of credit balance with Weroad S.R.L. |