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ALLIANCE TRAVEL HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2024
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Equity attributable to owners of parent Company
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Comprehensive income for the year
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Other comprehensive income for the year
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Total comprehensive income for the year
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The notes on pages 20 to 42 form part of these financial statements.
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ALLIANCE TRAVEL HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2024
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Comprehensive income for the year
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Total comprehensive income for the period
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Contributions by and distributions to owners
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Shares issued during the period
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Total transactions with owners
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The notes on pages 20 to 42 form part of these financial statements.
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ALLIANCE TRAVEL HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2024
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Comprehensive income for the year
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Total comprehensive income for the year
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The notes on pages 20 to 42 form part of these financial statements.
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ALLIANCE TRAVEL HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2024
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12 months period ended
31 December
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As restated
12 months period ended
31 March
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Cash flows from operating activities
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(Loss)/profit for the financial period
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Amortisation of intangible assets
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Depreciation of tangible assets
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Decrease/(increase) in debtors
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(Decrease)/increase in creditors
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(Decrease)/increase in amounts owed to participating ints
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Net cash generated from operating activities
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Cash flows from investing activities
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Purchase of intangible fixed assets
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Sale of intangible assets
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Purchase of tangible fixed assets
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Net cash from investing activities
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ALLIANCE TRAVEL HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
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12 months ended
31 December
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As restated
18 months ended
31 March
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Cash flows from financing activities
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Net cash used in financing activities
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Net (decrease) in cash and cash equivalents
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Cash and cash equivalents at beginning of period
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Cash and cash equivalents at the end of period
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Cash and cash equivalents at the end of period comprise:
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ALLIANCE TRAVEL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
Alliance Travel Holdings Limited is a private company limited by shares, domiciled in England and Wales, registration number 10335273. The registered office is 2nd Floor, Nucleus House, 2 Lower Mortlake Road, Richmond, TW9 2JA.
2.Accounting policies
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Basis of preparation of financial statements
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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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Income Statement in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Income Statement from the date on which control is obtained. They are deconsolidated from the date control ceases.
Group management and the directors have a reasonable expectation that the Group 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 Group has been well placed to meet and service the additional volume.
The directors consider the Group 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 Group also enjoys the financial support of its parent undertaking Inteletravel UK Holdings Limited who have provided the Group's regulator, the CAA, with a parent company guarantee.
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ALLIANCE TRAVEL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the Group.
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
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 Consolidated Income Statement within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.
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ALLIANCE TRAVEL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The group does not take ownership of the products or services being sold and acts as agent, receiving commission from the supplier of the products or services being sold. Turnover therefore represents sales commission earned before sales commissions shared.
Turnover comprises revenue recognised by the group in respect of commissions and fees for the sale of flights and travel products during the year, exclusive of Value Added Tax, trade discounts and commissions.
The group recognises revenue on the basis earlier of first airline ticketing date or 84 days before departure dates.
Turnover is attributable to one continuing activity.
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 group'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.
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Change in revenue recognition policy
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The Group 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 Group 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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Profit/(loss) for the year
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Effect of change in accounting policy
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ALLIANCE TRAVEL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
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.
Interest income is recognised in profit or loss using the effective interest method.
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.
All borrowing costs are recognised in profit or loss in the period in which they are incurred.
Defined contribution pension plan
The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.
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ALLIANCE TRAVEL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the period 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 and the Group operate and generate 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;
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.
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.
Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
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.
Amortisation is provided on the following bases:
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ALLIANCE TRAVEL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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, on a reducing balance basis.
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.
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Consolidated Income Statement for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
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.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits 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.
In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
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.
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ALLIANCE TRAVEL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Provisions for liabilities
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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.
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Group 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 Group's Statement of Financial Position when the Group 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 Group'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
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ALLIANCE TRAVEL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Financial instruments (continued)
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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 Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies 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.
The Group uses variable to fixed interest rate swaps to manage its exposure to fair value risk on its enter user text. These derivatives are measured at fair value at each reporting date.
To the extent the cash flow hedge is effective, movements in fair value are recognised in other comprehensive income and presented in a separate cash flow hedge reserve. Any ineffective portions of those movements are recognised in profit or loss for the period.
Gains and losses on the hedging instruments and the hedged items are recognised in profit or loss for the period. When a hedged item is an unrecognised firm commitment, the cumulative hedging gain or loss on the hedged item is recognised as an asset or liability with a corresponding gain or loss recognised in profit or loss.
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 Group changed its accounting period end to be co-terminous with that of the Inteletravel UK Holdings Limited Group.
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ALLIANCE TRAVEL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
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Judgments in applying accounting policies and key sources of estimation uncertainty
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In the application of the group's accounting policies, the directors are required to make judgments,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 on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised in the period in which the estimates are revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
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An analysis of turnover by class of business is as follows:
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9 months period ended
31 December
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As restated
12 months period ended
31 March
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Analysis of turnover by country of destination:
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9 months period ended
31 December
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As restated
12 months period ended
31 March
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ALLIANCE TRAVEL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
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The operating (loss)/profit is stated after charging:
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9 months period ended
31 December
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As restated
12 months period ended
31 March
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During the period, the Group obtained the following services from the Group's auditors:
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9 months period ended
31 December
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12 months period ended
31 March
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Fees payable to the Group's auditors for the audit of the consolidated and Company's financial statements
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The average monthly number of employees, including the directors, during the period was as follows:
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9 months period ended
31 December
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12 months period ended
31 March
|
9 months period ended
31 December
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12 months period ended
31 March
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ALLIANCE TRAVEL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
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9 months period ended
31 December
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12 months period ended
31 March
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9 months period ended
31 December
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12 months period ended
31 March
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Other interest receivable
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Interest payable and similar expenses
|
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9 months period ended
31 December
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12 months period ended
31 March
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ALLIANCE TRAVEL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
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9 months period ended
31 December
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12 months period ended
31 March
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Origination and reversal of timing differences
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Taxation on loss on ordinary activities
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ALLIANCE TRAVEL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
11.Taxation (continued)
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Factors affecting tax charge for the period/year
|
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The tax assessed for the period/year is lower than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
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9 months period ended
31 December
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12 months period ended
31 March
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(Loss)/profit on ordinary activities before tax
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(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)
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Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
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Capital allowances for period/year in excess of depreciation
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Utilisation of tax losses
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Adjustment for change in revenue recognition policy
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Unrelieved tax losses carried forward
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Effect of chnage in accounting policy
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Total tax charge for the period/year
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Factors that may affect future tax charges
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There were no factors that may affect future tax charges.
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ALLIANCE TRAVEL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
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9 months period ended
31 December
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12 months period ended
31 March
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Parent company profit for the year
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The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Income Statement in these financial statements. The loss after tax of the parent Company for the period/year was £89,241 (2024 - profit £599,962).
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ALLIANCE TRAVEL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
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Charge for the period on owned assets
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ALLIANCE TRAVEL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
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Charge for the period on owned assets
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ALLIANCE TRAVEL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
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Investments in subsidiary companies
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The following was a subsidiary undertaking of the Company:
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2nd Floor Nucleus House, 2 Lower Mortlake Road, Richmond, TW9 2JA
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The aggregate of the share capital and reserves as at 31 December 2024 and the profit or loss for the period ended on that date for the subsidiary undertaking were as follows:
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Aggregate of share capital and reserves
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ALLIANCE TRAVEL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
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Group
As restated
31 March
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Prepayments and accrued income
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Cash and cash equivalents
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Group
As restated
31 March
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Company
As restated
31 March
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Included within cash at bank balances is an amount of £100,000 (31 March 2024: £100,000) related to a guarantee held for specific supplier principals in a nominated account.
As a term of grant of the Company’s Air Travel Organisers Licence (“ATOL”) by the Civil Aviation Authority (“CAA”) the Company was required to ring fence a percentage of customer advanced cash in an independently managed CAA Escrow Trust Account from 1 May 2022. The segregated account is funded as to 70% of all future departing ATOL booking revenues received.
Included within the cash balances held by the Company at 31 March 2024, is an amount of £2,432,040 (31 March 2024: £2,529,166) relating to funds held in the independently managed CAA Escrow Trust Account.
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ALLIANCE TRAVEL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
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Creditors: Amounts falling due within one year
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Group
As restated
31 March
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Company
As restated
31 March
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Included within other creditors is an amount of £5,221,447 (31 March 2024: £6,630,627) related to clients money received in advance for the bookings to be recognised as revenue post 31 Decemberl 2024.
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Creditors: Amounts falling due after more than one year
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Group
As restated
31 March
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Company
As restated
31 March
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Other taxation and social security
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On 9 May 2024, £428,880 of the shareholder loans were capitalised and appropriated as capital to 20,000 Ordinary £1 shares at a premium of £20.44 per share. The remaining £750,000 is subject to subordinated undertaking in favour of the Civil Aviation Authority ("CAA").
In December 2022, the Group agreed a repayment plan with HMRC in relation to its historic PAYE liabilities. The Group agreed to pay £6,930 in monthly installments for 82 months with the final payment being due on 1 October 2029. As at 31 December 2024 total liabilities outstanding under this arrangement were £324,028 (31 March 2024: £371,224) included in creditors due within one year and more than one year.
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ALLIANCE TRAVEL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Amounts falling due 2-5 years
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Bank loans include a loan received from Coutts amounting to £500,000 drawn down in October 2020 supported by the Coronavirus Business Interruption Loan Scheme (CBILS). The loan is for 6 years with no capital repayments for the first 12 months. There is no interest payable for the first 12 months and an interest rate at 3.5% per annum charged over the base rate thereafter.
Bank loans also include a further loan from Iwoca Skye Finance Limited (IWOCA) amounting to £250,000 drawn down in December 2020 supported by the Coronavirus Business Interruption Loan Scheme (CBILS). The loan is for 5 years with no capital repayments for the first 12 months. There is no interest payable for the first 12 months and an interest rate at 11.39% per annum charged over the base rate thereafter.
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Charged to profit or loss
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ALLIANCE TRAVEL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
22.Deferred taxation (continued)
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Accelerated capital allowances
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Tax losses carried forward
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Charged to profit or loss
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The provision predominently relates to the Group's GDS provider's incentive payment made in 2014. The incentive is subject to a proportion of the payment to be reclaimable if targets are not met.
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Allotted, called up and fully paid
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30,000 (2024 - 30,000) Ordinary A shares of £1.00 each
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20,000 (2024 - ) Ordinary B shares of £1.00 each
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ALLIANCE TRAVEL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
24.Share capital (continued)
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During the year on 9 May 2024, 20,000 Ordinary shares of £1.00 each were issued at £21.44 per share. Additionally on 16 May 2024, 30,000 issued Ordinary shares of £1.00 each were re-designated as 30,000 Ordinary A shares of £1.00 each and 20,000 issued Ordinary shares of £1.00 each were re-designated as 20,000 Ordinary B shares of £1.00 each.
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During the period, the company issued 20,000 Ordinary shares of £1 each. Each share is entitled to one vote in any circumstances. Each share is entitled pari passu to dividend payments or any other distribution as declared or recommended by the board.
Share premium account
Share premium is the amount by which the amount received by the Company for a share issue exceeds its nominal value.
Cash flow hedge reserve
The cash flow hedge reserve relates to, in accordance with the Group's accounting policies, the effective portion of changes in the fair value of foreign exchange forward contract derivatives are recognised.
Profit and loss account
The profit and loss account represents the net distributable reserves of the Group at the date of the statement of financial position.
At 31 December 2024, there were contingent liabilities outstanding in respect of counter indemnities and guarantees given by the Group, in the normal course of business, to the Group's bond obligors in respect of ABTA travel bonds amounting to £159,252 (31 March 2024 - £230,956). The Group has also provided the bank with counter indemnities for various guarantees up to an amount of £100,000 (31 March 2024: £100,000).
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £49,435 (31 March 2024: £26,667). Contributions totalling £238 (31 March 2024 - £4,173) were payable to the fund at the reporting date.
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Commitments under operating leases
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The Group and the Company had no commitments under non-cancellable operating leases at the reporting date.
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ALLIANCE TRAVEL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
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Related party transactions
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The Group's fully owned subsidiary Major Travel Plc has advanced an amount of £Nil (31 March 2024: £320,665) to Marlpark 71 H4 Limited, which is included within other debtors, in which a director Qasim Gulamhusein is also a director in the related company and has a participating interest.
The Group's fully owned subsidiary Major Travel Plc has advanced an amount of £Nil (31 March 2024: £14,547) to Marlpark 2A CR0 Limited, which is included within other debtors, in which a director Qasim Gulamhusein is also a director in the related company and has a participating interest.
The Group's fully owned subsidiary Major Travel Plc has advanced an amount of £Nil (31 March 2024: £48,484) to 93 HA1 Limited Limited, which is included within other debtors, in which a director Qasim Gulamhusein is also a director in the related company and has a participating interest.
On 16 May 2024 all of the above related party advances were repaid in full.
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.
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Fixed charge over bank account
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On 6 October 2020 a fixed charge was created at Companies house over a subsidiary company's bank account balance of £100,362 held for specific supplier principals.
On 16 May 2024, 60% of the issued share capital in the Company was acquired by Inteletravel UK Holdings Limited.
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Holding company and controlling party
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The ultimate holding undertaking and controlling party is Inteletravel UK Holdings Limited, by virture of its 60% ownership of the issued share capital of the Company.
The auditors' report on the financial statements for the period ended 31 December 2024 was unqualified.
The audit report was signed on 11 August 2025 by Ms. N A Spoor FCA FCCA (Senior Statutory Auditor) on behalf of White Hart Associates (London) Limited.
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