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Registered number: 10983417
INTELETRAVEL UK LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2024
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INTELETRAVEL UK LIMITED
REGISTERED NUMBER: 10983417
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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INTELETRAVEL UK LIMITED
REGISTERED NUMBER: 10983417
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024
The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
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 19 September 2025.
The notes on pages 3 to 11 form part of these financial statements.
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INTELETRAVEL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Inteletravel UK Limited is a private company limited by shares and incorporated in England under registered number 10983417. Its registered office is at 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 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 directors consider the Company to be a going concern based upon detailed profit and loss account, balance sheet and cash flow 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.
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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 Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
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INTELETRAVEL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Turnover represents the net commission earned on holiday and travel arrangement sales, recognised on a date-of-booking basis.
For bookings where the Company acts as the merchant of record, the amounts due from agents and principals are offset, and the net amounts payable to operators are presented in the accounts. For all other bookings, commissions receivable by the Company are recorded within trade debtors, and agents’ commission payable is included within accruals and deferred income.
Turnover from training events is recognised in the period in which the events take place.
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.
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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
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.
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INTELETRAVEL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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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:
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.
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Current and deferred taxation
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The tax expense for the year 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 operates and generates 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; 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 reporting date.
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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INTELETRAVEL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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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.
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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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.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
a) Critical judgments in applying the Company's accounting policies
The directors believe that there are no critical judgments involved in applying the Company's accounting policies that warrant disclosure.
b) Key accounting estimates and assumptions
The directors believe that there are no key accounting estimates and assumptions involved in applying the Company's accounting policies that warrant disclosure.
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INTELETRAVEL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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The average monthly number of employees, including the directors, during the year was as follows:
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Charge for the year on owned assets
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INTELETRAVEL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Amounts owed by group undertakings
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Amounts owed by related parties
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Prepayments and accrued income
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Cash and cash equivalents
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Included in cash at bank are restricted funds in the sum of £Nil (2023: £332,004) being pipeline monies cash held in trust for specific supplier principals.
Included in cash at bank are restricted funds in the sum of £73,080 (2023: £22,212) being cash held in trust as part of the terms of the grant of the Company's Air Travel Organisers Licence ("ATOL") by the Civil Aviation Authority ("CAA").
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Creditors: Amounts falling due within one year
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Amounts owed to related parties
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Other taxation and social security
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Accruals and deferred income
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INTELETRAVEL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Creditors: Amounts falling due after more than one year
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Amounts owed to related party undertakings
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The loan provided by Mr J Traina in the sum of £20,100 is interest free and has no specific repayment date.
The related party loan in the sum of £5,147,032 (2023: £4,841,016) included within amounts due within one year and more than one year provided by 45 Buyers Group Inc is interest free and has no specific repayment date. Of the total loan amount, £840,000 is subject to a subordinated undertaking and cannot be repaid without the prior written consent of the Civil Aviation Authority ("CAA").
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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INTELETRAVEL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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The company has provided an estimate for the loss of commissions receivable as a result of possible future cancellations of bookings included in its turnover.
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The comparative figures for the year ended 31 December 2023 have been restated to reflect a change in accounting policy. Revenue from all travel sales is now recognised on a date-of-booking basis. Previously, the Company recognised commission on bookings where it did not act as the merchant of record on the date of receipt of commission.
During the course of the Company’s first audit, it was identified that errors existed in the turnover, trade debtors, and creditors reports, resulting in an overstatement of reserves at 1 January 2023 of £2,937,143. In addition, errors were identified in the turnover reports for the year ended 31 December 2023, which resulted in an understatement of revenue and gross margin totalling £979,382.
The combined effect of these adjustments is a net reduction in retained earnings of £1,957,761 at 31 December 2023.
At 31 December 2024, there were contingent liabilities outstanding in respect of counter indemnities and guarantees given by the company in the normal course of business to its travel bond obligors in respect of an Association of British Travel Agents (ABTA) bond amounting to £999,543 (2023: £596,598). The Company has provided a cash deposit of £100,000 to the insurers.
The Company operates a defined contribution 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 £3,062 (2023 - £Nil) . Contributions totalling £Nil (2023 - £Nil) were payable to the fund at the reporting date.
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Commitments under operating leases
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The Company had no commitments under non-cancellable operating leases at the reporting date.
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INTELETRAVEL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Related party transactions
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Pinpoint Travel Solutions Limited
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Mrs P K Hughes, a director, is also a director and shareholder in this company
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Services provided to the Company
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Amount due to the related party at the balance sheet date
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Mr J Traina, a director, is also a director and shareholder in this company
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Services provided to the Company
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Amount due to the related party at the balance sheet date
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On 7 January 2019, 45 Buyers Group Inc. provided a cross company guarantee to ABTA Limited in relation to the ABTA membership of Inteletravel UK Limited and to the Civil Aviation Authority in relation to the Company's ATOL.
45 Buyers Group Inc. also provided third party counter indemnities to the bond obligors in respect of the Association of British Travel Agents (ABTA) bond as set out in note 15.
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Post balance sheet events
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There have been no significant events affecting the Company since the year end.
The ultimate controlling party is Mr J Traina, a director of the company, by virtue of his ownership of the entire issued share capital of Inteletravel UK Holdings Limited, the parent company of InteleTravel UK Limited.
The Company is a 100% owned subsidiary of Inteletravel UK Holdings Limited, a company incorporated in England and Wales, whose registered office is situated at Nucleus House, 2 Lower Mortlake Road, Richmond, TW9 2JA.
The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.
The audit report was signed on 19 September 2025 by Ms N A Spoor FCA FCCA (Senior Statutory Auditor) on behalf of White Hart Associates (London) Limited.
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