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Registered number: 01526617 GAZELLE TRAVEL LIMITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE PERIOD ENDED 31 DECEMBER 2024
GAZELLE TRAVEL LIMITED REGISTERED NUMBER: 01526617 BALANCE SHEET AS AT 31 DECEMBER 2024
|  | 31 December |  | 30 June
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 5 |  | 5,575 |  | 1,600
Tangible assets | 6 |  | 5,931 |  | 4,811
|  |  | 11,506 |  | 6,411
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 7 | 1,651,391 |  | 1,169,192 |
Cash at bank and in hand | 8 | 4,672,740 |  | 2,387,014 |
|  | 6,324,131 |  | 3,556,206 |
Creditors: amounts falling due within one year | 9 | (3,658,076) |  | (1,989,266) |
Net current assets |  |  | 2,666,055 |  | 1,566,940
Total assets less current liabilities |  |  | 2,677,561 |  | 1,573,351
Net assets |  |  | 2,677,561 |  | 1,573,351
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 105,333 |  | 105,333
Profit and loss account |  |  | 2,572,228 |  | 1,468,018
|  |  | 2,677,561 |  | 1,573,351
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 March 2025.
Brian Cassidy
Director
The notes on pages 3 to 11 form part of these financial statements. Page 1
GAZELLE TRAVEL LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 31 DECEMBER 2024
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 July 2022 | 105,333 | 1,173,614 | 1,278,947
Comprehensive income for the year |  |  |
Profit for the year | - | 889,196 | 889,196
Contributions by and distributions to owners |  |  |
Dividends: Equity capital | - | (594,792) | (594,792)
At 1 July 2023 | 105,333 | 1,468,018 | 1,573,351
Comprehensive income for the period |  |  |
Profit for the period | - | 1,182,922 | 1,182,922
Contributions by and distributions to owners |  |  |
Dividends: Equity capital | - | (78,712) | (78,712)
At 31 December 2024 | 105,333 | 2,572,228 | 2,677,561
| The notes on pages 3 to 11 form part of these financial statements.
Page 2
GAZELLE TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024
1. | General information
The principal activity of the company in the period under review was that of a travel distributor. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The following principal accounting policies have been applied:
| 2.2 | Financial Reporting Standard 102 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); ∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of Brooklyn Travel Holdings Limited as at 31 December 2024 and these financial statements may be obtained from 42 High Street, Northwood, Middlesex, United Kingdom, HA6 1BL.
| 2.3 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised. The Company acts as an Agent when booking flights. This is typically governed by contractual and other arrangements between the Company and its airline suppliers. Only the related commission, or the difference between the sales to the customer and the cost of the services purchased, is accounted for as revenue and not the total transaction value. Revenue in relation to commissions earned on flight sales is recognised at the point of booking by a customer and ticketing by the company. At this point the company is legally entitled to the commission earned without recourse.
| 2.4 | Interest income
Interest income is recognised in profit or loss using the effective interest method. Page 3
GAZELLE TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.5 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.6 | Current and deferred taxation
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 balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.7 | Intangible assets
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. Page 4
GAZELLE TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.8 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Office equipment | - | 20% |
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.
| 2.9 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.10 | Cash and cash equivalents
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.
| 2.11 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.12 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are Page 5
GAZELLE TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.12 | Financial instruments (continued)
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 debtors due with the operating cycle fall into this category of financial instruments. Financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). 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 creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors 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. Other financial instruments Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss. Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Page 6
GAZELLE TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.12 | Financial instruments (continued)
Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
| 2.13 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
The preparation of the financial statements in accordance with generally accepted financial accounting principles requires the directors to make critical accounting estimates and judgments that affect the amounts reported in the financial statements and accompanying notes. The key estimates and assumptions that have a significant risk of causing material adjustments to the carrying value of assets and liabilities within the next financial year are provisions for bad debt.
4. | Employees
| The average monthly number of employees, including directors, during the period was 14 (2023 - 13).
Page 7
GAZELLE TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024
5. | Intangible assets
|  | Computer software
|  | £
| Cost |
| At 1 July 2023 | 35,549
| Additions | 5,975
| At 31 December 2024 | 41,524
| Amortisation |
| At 1 July 2023 | 33,949
| Charge for the period on owned assets | 2,000
| At 31 December 2024 | 35,949
| Net book value |
| At 31 December 2024 | 5,575
| At 30 June 2023 | 1,600
Page 8
GAZELLE TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024
6. | Tangible fixed assets
|  | Long-term leasehold property | Office equipment | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 July 2023 | 150,000 | 22,894 | 172,894
| Additions | - | 3,778 | 3,778
| Disposals | (150,000) | (17,112) | (167,112)
| At 31 December 2024 | - | 9,560 | 9,560
| Depreciation |  |  |
| At 1 July 2023 | 150,000 | 18,083 | 168,083
| Charge for the period on owned assets | - | 2,658 | 2,658
| Disposals | (150,000) | (17,112) | (167,112)
| At 31 December 2024 | - | 3,629 | 3,629
| Net book value |  |  |
| At 31 December 2024 | - | 5,931 | 5,931
| At 30 June 2023 | - | 4,811 | 4,811
7. | Debtors
|  |  |  |  | 31 December | 30 June
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade debtors | 1,388,873 | 1,057,955
| Other debtors | 23,282 | 91,642
| Prepayments and accrued income | 238,704 | 19,063
| Deferred taxation | 532 | 532
|  | 1,651,391 | 1,169,192
Page 9
GAZELLE TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024
8. | Cash and cash equivalents
|  |  |  |  | 31 December | 30 June
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Cash at bank and in hand | 4,672,740 | 2,387,014
|  | 4,672,740 | 2,387,014
9. | Creditors: Amounts falling due within one year
|  |  |  |  | 31 December | 30 June
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade creditors | 2,444,671 | 1,684,497
| Amounts owed to group undertakings | 1,000,000 | -
| Other taxation and social security | 40,580 | 238,320
| Other creditors | 18,045 | 1,691
| Accruals and deferred income | 154,780 | 64,758
|  | 3,658,076 | 1,989,266
10. | Share capital
|  |  |  |  | 31 December | 30 June
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 91,720 (2023 - 91,720) Ordinary A shares of £1.00 each | 91,720 | 91,720
|  | 8,280 (2023 - 8,280) Ordinary B shares of £1.00 each | 8,280 | 8,280
|  | 33,333 (2023 - 33,331) Ordinary C shares of £0.16 each | 5,333 | 5,333
|  |  | 105,333 | 105,333
Page 10
GAZELLE TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024
11. | Controlling party
On 18 December 2023, 75% of the Company's shareholding was acquired by Brooklyn Travel Limited. The indirect parent undertaking of the Company is Brooklyn Travel Holdings Limited, which is the largest and smallest group to consolidate the Company's results. Both Companies have their registered office at 42 High Street, Northwood, Middlesex, United Kingdom, HA6 1BL. The parent undertaking of Brooklyn Travel Holdings Limited is Zachary Asset Holdings Limited, a company incorporated in Jersey. The ultimate controlling party of the group is the Haller family.
12. | Auditors' information
The auditors' report on the financial statements for the period ended 31 December 2024 was unqualified. The audit report was signed on 28 March 2025 by Shilen Manek ACA FCCA (Senior Statutory Auditor) on behalf of Sumer Auditco Limited.
Page 11