Registration number:
for the Year Ended 31 March 2025
BRIGHTSUN TRAVEL (UK) LIMITED
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Consolidated Income Statement |
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Income Statement |
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Consolidated Statement of Comprehensive Income |
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Consolidated Statement of Financial Position |
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Statement of Financial Position |
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Consolidated Statement of Changes in Equity |
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Statement of Changes in Equity |
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Consolidated Statement of Cash Flows |
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Statement of Cash Flows |
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Notes to the Financial Statements |
BRIGHTSUN TRAVEL (UK) LIMITED
Company Information
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Directors |
Mr Deepak Nangla Mrs Payal Nangla |
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Registered office |
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Bankers |
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Accountants |
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Auditors |
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BRIGHTSUN TRAVEL (UK) LIMITED
Strategic Report for the Year Ended 31 March 2025
The directors present their strategic report for the year ended 31 March 2025. This report pertains solely to the Company and does not include the wider Brightsun Group.
Principal activity
The principal activity of the company during the year continued to be the provision of travel agency services to both corporate and non-corporate third-party clients, as well as to fellow subsidiary companies, SME’s and trade partners. There were no material changes to the nature of these activities during the year, and the Directors do not anticipate any significant changes in the forthcoming financial year.
Fair review of the business
The Company generated a turnover of £396,869,014 for the year ending March 2025, up from £382,154,533 in the previous year reflecting sustained growth in travel demand. Profitability also improved, driven by higher margins from the sale of ancillary products such as hotels and cruises, indicating a strengthening financial position.
The year saw continued recovery in global travel, with increased capacity into the UK market, particularly from Chinese airlines expanding routes between the UK, Southeast Asia, and Australia. While demand remained above pre-pandemic levels, average yields declined due to heightened competition and increased market capacity. The Company focused on growth areas and destinations with greater capacity, strategically enhancing long-term supplier relationships and revenue potential.
The competitive landscape intensified with the re-entry of metasearch operators, many employing aggressive discounting strategies. This exerted downward pressure on margins for flight-only products.
To support its growth strategy, the Company invested in hiring key skill sets previously unavailable internally, as well as in product development and supplier engagement. These initiatives led to increased salary and outsourcing costs during the year.
Holiday bookings continued to exceed pre-pandemic volumes, supported by strategic marketing changes and new campaigns. To build on this momentum, the Company is investing in third-party CRM solutions to enhance customer experience.
The Company is also expanding its mobile app offering to include a broader range of travel products, enabling bookings via handheld devices.
Future developments
The outlook for the upcoming year suggests a potential softening in demand, influenced by several global factors:
• Continued economic uncertainty stemming from the Ukraine-Russia and Israel-Gaza conflicts
• Geopolitical tensions in key markets, particularly following the Kashmir attacks, affecting traffic between the UK, India, and Pakistan
• Rising cost of living in the UK
• Economic uncertainty due to tariffs imposed by the U.S. administration
The Company is actively exploring relocation of its Hounslow office to a more central London location. This move aims to attract a broader talent pool and enhance customer engagement.
BRIGHTSUN TRAVEL (UK) LIMITED
Strategic Report for the Year Ended 31 March 2025
Principal risks and uncertainties
The management of the business and the execution of the Company's strategy are subject to several risks. The Company is subject to management processes applicable to the entire Group. The Group's risk management programme seeks to limit the adverse effects of these factors on the financial performance of group companies. Information on how the risks specific to the Company arise are set out below, as are the
objectives, policies and processes for their management and the methods used to measure each risk. The key business risks and uncertainties affecting the Company include:
Geographic risk
The Company through its associated companies operates in several countries, each with specific political, economic and social characteristics which can give rise to various risks and uncertainties that can, on occasion, adversely impact project execution and financial performance, including but not limited to:
- Economic instability
- Legal, fiscal and regulatory uncertainty and change;
- Export controls
- Civil or political unrest; including war; and
- Regime change
Country or regional risk are identified and evaluated before and during Company operations in such markets. Appropriate risk responses are developed and implemented to mitigate the likelihood and impact of identified risks. The Company adopts a protective and rigorous approach to assessing and mitigating these risks.
Cash flow and liquidity risk
The Company's working capital position is affected by the timing of contract cash flows where the timing of receipts from customers may not necessarily match the timing of payments made to suppliers. The availability of short-term and long-term financing may be required to meet obligations as they fall due.
Research and development
The Directors are of the opinion that in order to improve the operational performance of the Company it is essential to continue to invest in mobile and cognitive technology.
Regulatory and reporting
The company continues to be regulated by ABTA (Association of British Travel Agents) and holds an Air Travellers Organisers License (ATOL) which is regulated by the Civil Aviation Authority. The company will continue to work together with the regulatory bodies and ensure that financial forecasts, and management reports are presented to the regulatory bodies as and when they are required. These licences provide financial security and peace of mind for customers.
In the opinion of the Directors the Company is well placed to successfully manage the principal risks and uncertainties.
Approved by the
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BRIGHTSUN TRAVEL (UK) LIMITED
Directors' Report for the Year Ended 31 March 2025
The directors present their report and the consolidated financial statements for the year ended 31 March 2025.
Directors' of the group
The directors, who held office during the year, were as follows:
Disclosure of information to the auditor
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the group's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Reappointment of auditors
The auditors Pearlman Rose are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Approved by the
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BRIGHTSUN TRAVEL (UK) LIMITED
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with UK adopted International Financial Reporting Standards (IFRSs). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
• | select suitable accounting policies and apply them consistently; |
• | make judgements and accounting estimates that are reasonable and prudent; |
• | state whether applicable UK adopted International Financial Reporting Standards (IFRSs) have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• | 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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
BRIGHTSUN TRAVEL (UK) LIMITED
Independent Auditor's Report to the Members of BRIGHTSUN TRAVEL (UK) LIMITED
Opinion
We have audited the financial statements of BRIGHTSUN TRAVEL (UK) LIMITED (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025, which comprise the Consolidated Income Statement, Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Statement of Financial Position, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and UK adopted International Financial Reporting Standards (IFRSs).
In our opinion the financial statements:
• | give a true and fair view of the state of the group's and the parent company's affairs as at 31 March 2025 and of the group's profit for the year then ended; |
• | have been properly prepared in accordance with UK adopted IFRSs; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
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 auditor 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 UK, including the FRC’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.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's 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 group or parent company’s ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
BRIGHTSUN TRAVEL (UK) LIMITED
Independent Auditor's Report to the Members of BRIGHTSUN TRAVEL (UK) LIMITED
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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• |
the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the parent company financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors’ remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 5], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the group’s and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
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 auditor’s 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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enquiry of management about the company's policies, procedures and related controls regarding compliance with laws and regulations and if there are any known instances of non-compliance; |
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
BRIGHTSUN TRAVEL (UK) LIMITED
Independent Auditor's Report to the Members of BRIGHTSUN TRAVEL (UK) LIMITED
Use of our report
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 auditor’s 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.
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For and on behalf of
Suite 1, First Floor
Jack Dash House
2 Lawn House Close
E14 9YQ
BRIGHTSUN TRAVEL (UK) LIMITED
Consolidated Income Statement for the Year Ended 31 March 2025
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Note |
2025 |
2024 |
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|
Revenue |
|
|
|
|
Cost of sales |
( |
( |
|
|
Gross profit |
|
|
|
|
Administrative expenses |
( |
( |
|
|
Other gains |
|
- |
|
|
Operating profit |
|
|
|
|
Finance income |
|
|
|
|
Finance costs |
( |
( |
|
|
Net finance income |
|
|
|
|
Profit before tax |
|
|
|
|
Income tax expense |
( |
( |
|
|
Profit for the year |
|
|
|
|
Profit/(loss) attributable to: |
|||
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Owners of the company |
|
|
|
|
Non-controlling interests |
|
- |
|
|
|
|
The above results were derived from continuing operations.
BRIGHTSUN TRAVEL (UK) LIMITED
Income Statement for the Year Ended 31 March 2025
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Note |
2025 |
2024 |
|
|
Revenue |
|
|
|
|
Cost of sales |
( |
( |
|
|
Gross profit |
|
|
|
|
Administrative expenses |
( |
( |
|
|
Other gains |
|
- |
|
|
Operating profit |
|
|
|
|
Finance income |
|
|
|
|
Finance costs |
( |
( |
|
|
Net finance income |
|
|
|
|
Profit before tax |
|
|
|
|
Income tax expense |
( |
( |
|
|
Profit for the year |
|
|
The above results were derived from continuing operations.
BRIGHTSUN TRAVEL (UK) LIMITED
Consolidated Statement of Comprehensive Income for the Year Ended 31 March 2025
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Note |
2025 |
2024 |
|
|
Profit for the year |
|
|
|
|
Items that may be reclassified subsequently to profit or loss |
|||
|
Foreign currency translation gains |
|
- |
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Total comprehensive income for the year |
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|
|
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Total comprehensive income attributable to: |
|||
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Owners of the company |
|
|
|
|
Non-controlling interests |
|
- |
|
|
|
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BRIGHTSUN TRAVEL (UK) LIMITED
(Registration number: 02024271)
Consolidated Statement of Financial Position as at 31 March 2025
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Note |
31 March |
31 March |
|
|
Assets |
|||
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Non-current assets |
|||
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Property, plant and equipment |
|
|
|
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Right of use assets |
|
- |
|
|
Intangible assets |
|
|
|
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Equity accounted investments |
- |
|
|
|
|
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||
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Current assets |
|||
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Trade and other receivables |
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|
|
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Cash and cash equivalents |
|
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|
|
|
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||
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Total assets |
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|
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Equity and liabilities |
|||
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Equity |
|||
|
Share capital |
(34,730) |
(34,730) |
|
|
Foreign currency translation reserve |
(88,949) |
- |
|
|
Retained earnings |
(16,572,159) |
(12,633,861) |
|
|
Equity attributable to owners of the company |
(16,695,838) |
(12,668,591) |
|
|
Non-controlling interests |
(293,297) |
- |
|
|
Total equity |
(16,989,135) |
(12,668,591) |
|
|
Non-current liabilities |
|||
|
Deferred tax liabilities |
( |
( |
|
|
Current liabilities |
|||
|
Trade and other payables |
( |
( |
|
|
Income tax liability |
( |
( |
|
|
( |
( |
||
|
Total liabilities |
( |
( |
|
|
Total equity and liabilities |
( |
( |
|
Approved by the
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BRIGHTSUN TRAVEL (UK) LIMITED
(Registration number: 02024271)
Statement of Financial Position as at 31 March 2025
|
Note |
31 March |
31 March |
|
|
Assets |
|||
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Non-current assets |
|||
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Property, plant and equipment |
|
|
|
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Intangible assets |
|
|
|
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Investments in subsidiaries, joint ventures and associates |
|
|
|
|
|
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||
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Current assets |
|||
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Trade and other receivables |
|
|
|
|
Cash and cash equivalents |
|
|
|
|
|
|
||
|
Total assets |
|
|
|
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Equity and liabilities |
|||
|
Equity |
|||
|
Share capital |
(34,730) |
(34,730) |
|
|
Retained earnings |
(16,112,064) |
(12,633,861) |
|
|
Total equity |
(16,146,794) |
(12,668,591) |
|
|
Non-current liabilities |
|||
|
Deferred tax liabilities |
( |
( |
|
|
Current liabilities |
|||
|
Trade and other payables |
( |
( |
|
|
Income tax liability |
( |
( |
|
|
( |
( |
||
|
Total liabilities |
( |
( |
|
|
Total equity and liabilities |
( |
( |
|
Approved by the
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BRIGHTSUN TRAVEL (UK) LIMITED
Consolidated Statement of Changes in Equity for the Year Ended 31 March 2025
|
Share capital |
Foreign currency translation reserve |
Retained earnings |
Total |
Non-controlling interests |
Total equity |
|
|
At 1 April 2024 |
|
- |
|
|
- |
|
|
Profit for the year |
- |
- |
|
|
|
|
|
Other comprehensive income |
- |
|
- |
|
- |
|
|
Total comprehensive income |
- |
|
|
|
|
|
|
Acquisition of subsidiaries, increase or decrease in equity |
- |
- |
|
|
- |
|
|
Acquisition of non-controlling interest, increase or decrease in equity |
- |
- |
- |
- |
|
|
|
At 31 March 2025 |
|
|
|
|
|
|
|
Share capital |
Retained earnings |
Total |
Total equity |
|
|
At 1 April 2023 |
|
|
|
|
|
Profit for the year |
- |
|
|
|
|
Total comprehensive income |
- |
|
|
|
|
Dividends |
- |
( |
( |
( |
|
At 31 March 2024 |
34,730 |
12,633,861 |
12,668,591 |
12,668,591 |
BRIGHTSUN TRAVEL (UK) LIMITED
Statement of Changes in Equity for the Year Ended 31 March 2025
|
Share capital |
Retained earnings |
Total |
|
|
At 1 April 2024 |
|
|
|
|
Profit for the year |
- |
|
|
|
Total comprehensive income |
- |
|
|
|
At 31 March 2025 |
|
|
|
|
Share capital |
Retained earnings |
Total |
|
|
At 1 April 2023 |
|
|
|
|
Profit for the year |
- |
|
|
|
Total comprehensive income |
- |
|
|
|
Dividends |
- |
( |
( |
|
At 31 March 2024 |
34,730 |
12,633,861 |
12,668,591 |
BRIGHTSUN TRAVEL (UK) LIMITED
Consolidated Statement of Cash Flows for the Year Ended 31 March 2025
|
Note |
2025 |
|
|
Cash flows from operating activities |
||
|
Profit for the year |
|
|
|
Adjustments to cash flows from non-cash items |
||
|
Depreciation and amortisation |
|
|
|
Profit on disposal of property plant and equipment |
( |
|
|
Foreign exchange loss |
|
|
|
Finance income |
( |
|
|
Finance costs |
|
|
|
Income tax expense |
|
|
|
|
||
|
Working capital adjustments |
||
|
Increase in trade and other receivables |
( |
|
|
Decrease in trade and other payables |
( |
|
|
Cash generated from operations |
( |
|
|
Income taxes paid |
( |
|
|
Net cash flow from operating activities |
( |
|
|
Cash flows from investing activities |
||
|
Interest received |
|
|
|
Acquisitions of property plant and equipment |
( |
|
|
Proceeds from sale of property plant and equipment |
|
|
|
Acquisition of intangible assets |
( |
|
|
Advances of loans, classified as investing activities |
|
|
|
Net cash flows from investing activities |
( |
|
|
Cash flows from financing activities |
||
|
Interest paid |
( |
|
|
Net decrease in cash and cash equivalents |
( |
|
|
Cash and cash equivalents at 1 April |
39,608,884 |
|
|
Effect of exchange rate fluctuations on cash held |
( |
|
|
Cash and cash equivalents at 31 March |
30,808,934 |
|
BRIGHTSUN TRAVEL (UK) LIMITED
Statement of Cash Flows for the Year Ended 31 March 2025
|
Note |
2025 |
|
|
Cash flows from operating activities |
||
|
Profit for the year |
|
|
|
Adjustments to cash flows from non-cash items |
||
|
Depreciation and amortisation |
|
|
|
Profit on disposal of property plant and equipment |
( |
|
|
Foreign exchange loss |
|
|
|
Finance income |
( |
|
|
Finance costs |
|
|
|
Income tax expense |
|
|
|
|
||
|
Working capital adjustments |
||
|
Decrease in trade and other receivables |
|
|
|
Decrease in trade and other payables |
( |
|
|
Cash generated from operations |
( |
|
|
Income taxes paid |
( |
|
|
Net cash flow from operating activities |
( |
|
|
Cash flows from investing activities |
||
|
Interest received |
|
|
|
Acquisition of subsidiaries |
( |
|
|
Acquisitions of property plant and equipment |
( |
|
|
Proceeds from sale of property plant and equipment |
|
|
|
Net cash flows from investing activities |
( |
|
|
Cash flows from financing activities |
||
|
Interest paid |
( |
|
|
Net decrease in cash and cash equivalents |
( |
|
|
Cash and cash equivalents at 1 April |
39,608,884 |
|
|
Effect of exchange rate fluctuations on cash held |
( |
|
|
Cash and cash equivalents at 31 March |
29,149,986 |
|
BRIGHTSUN TRAVEL (UK) LIMITED
Notes to the Financial Statements for the Year Ended 31 March 2025
|
General information |
The company is a private company limited by share capital, incorporated and domiciled in England & Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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Accounting policies |
Statement of compliance
The group financial statements have been prepared in accordance with International Financial Reporting Standards and its interpretations adopted by the UK ("UK adopted IFRSs").
Summary of material accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Basis of preparation
The financial statements have been prepared in accordance with adopted IFRSs and under historical cost accounting rules.
The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the group's accounting policies.
Basis of consolidation
The group financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 March 2025.
BRIGHTSUN TRAVEL (UK) LIMITED
Notes to the Financial Statements for the Year Ended 31 March 2025
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the income statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination. Total comprehensive income is attributed to non-controlling interests even if this results in the non-controlling interests having a deficit balance.
Changes in accounting policy
None of the standards, interpretations and amendments effective for the first time from 1 April 2024 have had a material effect on the financial statements.
None of the standards, interpretations and amendments which are effective for periods beginning after 1 April 2024 and which have not been adopted early, are expected to have a material effect on the financial statements.
Revenue recognition
Recognition
The group earns revenue
The principles in IFRS are applied to revenue recognition criteria using the following 5 step model:
1. Identify the contracts with the customer
2. Identify the performance obligations in the contract
3. Determine the transaction price
4. Allocate the transaction price to the performance obligations in the contract
5. Recognise revenue when or as the entity satisfies its performance obligations
BRIGHTSUN TRAVEL (UK) LIMITED
Notes to the Financial Statements for the Year Ended 31 March 2025
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
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 group operates and generates taxable income.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements and on unused tax losses or tax credits in the group. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Property, plant and equipment
Property, plant and equipment is stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Plant & machinery |
25% reducing balance |
|
Fixtures, fittings & equipment |
25% reducing balance |
|
Motor vehicles |
25% reducing balance |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
BRIGHTSUN TRAVEL (UK) LIMITED
Notes to the Financial Statements for the Year Ended 31 March 2025
Intangible assets
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less any accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.
Goodwill is not subject to amortisation but is tested for impairment.
Negative goodwill arising on an acquisition is recognised directly in the income statement. On disposal of a subsidiary or a jointly controlled entity, the attributable amount of goodwill is included in the determination of the profit or loss recognised in the income statement on disposal.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:
|
Asset class |
Amortisation method and rate |
|
Goodwill |
5 years |
|
Website development costs |
20% reducing balance |
Investments
Investments in securities are classified on initial recognition as available-for-sale and are carried at fair value, except where their fair value cannot be measured reliably, in which case they are carried at cost, less any impairment.
Unrealised holding gains and losses other than impairments are recognised in other comprehensive income. On maturity or disposal, net gains and losses previously deferred in accumulated other comprehensive income are recognised in income.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value.
Trade receivables
Trade receivables are amounts due from customers for merchandise sold or services performed in the ordinary course of business. If collection is expected in one year or less (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as non-current assets.
Trade receivables are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade receivables is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.
BRIGHTSUN TRAVEL (UK) LIMITED
Notes to the Financial Statements for the Year Ended 31 March 2025
Trade payables
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities.
Trade payables are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the company’s financial statements in the period in which the dividends are approved by the company’s shareholders.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a separate entity and has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
For defined contribution plans contributions are paid publicly or privately administered pension insurance plans on a mandatory or contractual basis. The contributions are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as an asset.
Financial instruments
Initial recognition
Financial assets and financial liabilities comprise all assets and liabilities reflected in the statement of financial position, although excluding property, plant and equipment, investment properties, intangible assets, deferred tax assets, prepayments, deferred tax liabilities and employee benefits plan.
The group recognises financial assets and financial liabilities in the statement of financial position when, and only when, the group becomes party to the contractual provisions of the financial instrument.
Financial assets are initially recognised at fair value. Financial liabilities are initially recognised at fair value, representing the proceeds received net of premiums, discounts and transaction costs that are directly attributable to the financial liability.
All regular way purchases and sales of financial assets and financial liabilities classified as fair value through profit or loss (“FVTPL”) are recognised on the trade date, i.e. the date on which the group commits to purchase or sell the financial assets or financial liabilities. All regular way purchases and sales of other financial assets and financial liabilities are recognised on the settlement date, i.e. the date on which the asset or liability is received from or delivered to the counterparty. Regular way purchases or sales are purchases or sales of financial assets that require delivery within the time frame generally established by regulation or convention in the market place.
Subsequent to initial measurement, financial assets and financial liabilities are measured at either amortised cost or fair value.
BRIGHTSUN TRAVEL (UK) LIMITED
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Revenue |
The analysis of the group's revenue for the year from continuing operations is as follows:
|
2025 |
2024 |
|
|
Sale of goods |
|
|
|
Other revenue |
|
|
|
|
|
|
Other gains and losses |
The analysis of the group's other gains and losses for the year is as follows:
|
2025 |
2024 |
|
|
Gain or loss on disposal of property, plant and equipment |
|
- |
|
Operating profit |
Arrived at after charging/(crediting)
|
2025 |
2024 |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
|
|
|
Foreign exchange losses/(gains) |
|
( |
|
Profit on disposal of property, plant and equipment |
( |
- |
|
Finance income and costs |
|
2025 |
2024 |
|
|
Finance income |
||
|
Interest income on bank deposits |
|
|
|
Finance costs |
||
|
Other finance costs |
( |
( |
|
Net finance income |
|
|
BRIGHTSUN TRAVEL (UK) LIMITED
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2025 |
2024 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
|
|
The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:
|
2025 |
2024 |
|
|
Administration and support |
|
|
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
|
|
|
Auditors' remuneration |
|
2025 |
2024 |
|
|
Audit of these financial statements |
32,324 |
17,000 |
BRIGHTSUN TRAVEL (UK) LIMITED
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Income tax |
Tax charged/(credited) in the income statement
|
2025 |
2024 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
UK corporation tax adjustment to prior periods |
( |
( |
|
|
|
|
|
Foreign tax adjustment to prior periods |
|
- |
|
Total current income tax |
1,160,590 |
736,489 |
|
Deferred taxation |
||
|
Arising from origination and reversal of temporary differences |
|
( |
|
Tax expense in the income statement |
|
|
Amounts recognised in other comprehensive income
|
2025 |
|||
|
Before tax |
Tax (expense) benefit |
Net of tax |
|
|
Foreign currency translation gains |
88,949 |
- |
88,949 |
Deferred tax
Company
Deferred tax assets and liabilities
|
2025 |
Asset |
Liability |
Net deferred tax |
|
Provisions |
- |
|
|
|
- |
|
|
|
2024 |
Asset |
Liability |
Net deferred tax |
|
Provisions |
- |
|
|
|
- |
|
|
BRIGHTSUN TRAVEL (UK) LIMITED
Notes to the Financial Statements for the Year Ended 31 March 2025
Deferred tax movement during the year:
|
At 1 April 2024 |
Recognised in income |
At |
|
|
Provisions |
|
|
|
|
|
|
|
Deferred tax movement during the prior year:
|
At 1 April 2023 |
Recognised in income |
At |
|
|
Provisions |
|
( |
|
|
|
( |
|
BRIGHTSUN TRAVEL (UK) LIMITED
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Property, plant and equipment |
Group
|
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
|
|
Cost or valuation |
||||
|
At 1 April 2023 |
|
|
|
|
|
Additions |
- |
|
- |
|
|
Disposals |
( |
- |
- |
( |
|
At 31 March 2024 |
|
|
|
|
|
At 1 April 2024 |
|
|
|
|
|
Additions |
|
|
|
|
|
Acquired through business combinations |
|
|
|
|
|
Disposals |
( |
- |
( |
( |
|
At 31 March 2025 |
|
|
|
|
|
Depreciation |
||||
|
At 1 April 2023 |
- |
|
|
|
|
Charge for year |
- |
|
|
|
|
At 31 March 2024 |
- |
|
|
|
|
At 1 April 2024 |
- |
|
|
|
|
Charge for the year |
|
|
|
|
|
Eliminated on disposal |
- |
- |
( |
( |
|
Acquired through business combinations |
|
|
|
|
|
At 31 March 2025 |
|
|
|
|
|
Carrying amount |
||||
|
At 31 March 2025 |
|
|
|
|
|
At 31 March 2024 |
|
|
|
|
|
At 1 April 2023 |
|
|
|
|
BRIGHTSUN TRAVEL (UK) LIMITED
Notes to the Financial Statements for the Year Ended 31 March 2025
Company
|
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
|
|
Cost or valuation |
||||
|
At 1 April 2023 |
|
|
|
|
|
Additions |
- |
|
- |
|
|
Disposals |
( |
- |
- |
( |
|
At 31 March 2024 |
|
|
|
|
|
At 1 April 2024 |
|
|
|
|
|
Additions |
- |
|
|
|
|
Disposals |
( |
- |
( |
( |
|
At 31 March 2025 |
- |
|
|
|
|
Depreciation |
||||
|
At 1 April 2023 |
- |
|
|
|
|
Charge for year |
- |
|
|
|
|
At 31 March 2024 |
- |
|
|
|
|
At 1 April 2024 |
- |
|
|
|
|
Charge for the year |
- |
|
|
|
|
Eliminated on disposal |
- |
- |
( |
( |
|
At 31 March 2025 |
- |
|
|
|
|
Carrying amount |
||||
|
At 31 March 2025 |
- |
|
|
|
|
At 31 March 2024 |
|
|
|
|
|
At 1 April 2023 |
|
|
|
|
BRIGHTSUN TRAVEL (UK) LIMITED
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Right of use assets |
Group
|
Other |
Total |
|
|
Cost or valuation |
||
|
At 1 April 2024 |
|
|
|
Additions |
|
|
|
At 31 March 2025 |
|
|
|
Depreciation |
||
|
At 1 April 2024 |
|
|
|
Charge for the year |
|
|
|
At 31 March 2025 |
|
|
|
Carrying amount |
||
|
At 31 March 2025 |
|
|
BRIGHTSUN TRAVEL (UK) LIMITED
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Intangible assets |
Group
|
Goodwill |
Internally generated software development costs |
Total |
|
|
Cost or valuation |
|||
|
At 1 April 2023 |
|
|
|
|
Additions |
- |
|
|
|
At 31 March 2024 |
|
|
|
|
At 1 April 2024 |
|
|
|
|
Additions |
- |
|
|
|
Acquired through business combinations |
- |
|
|
|
At 31 March 2025 |
|
|
|
|
Amortisation |
|||
|
At 1 April 2023 |
|
|
|
|
Amortisation charge |
|
|
|
|
At 31 March 2024 |
|
|
|
|
At 1 April 2024 |
|
|
|
|
Amortisation charge |
|
|
|
|
Acquired through business combinations |
- |
|
|
|
At 31 March 2025 |
|
|
|
|
Carrying amount |
|||
|
At 31 March 2025 |
|
|
|
|
At 31 March 2024 |
|
|
|
|
At 1 April 2023 |
|
|
|
BRIGHTSUN TRAVEL (UK) LIMITED
Notes to the Financial Statements for the Year Ended 31 March 2025
Company
|
Goodwill |
Internally generated software development costs |
Total |
|
|
Cost or valuation |
|||
|
At 1 April 2023 |
|
|
|
|
Additions |
- |
|
|
|
At 31 March 2024 |
|
|
|
|
At 1 April 2024 |
|
|
|
|
At 31 March 2025 |
|
|
|
|
Amortisation |
|||
|
At 1 April 2023 |
|
|
|
|
Amortisation charge |
|
|
|
|
At 31 March 2024 |
|
|
|
|
At 1 April 2024 |
|
|
|
|
Amortisation charge |
|
|
|
|
At 31 March 2025 |
|
|
|
|
Carrying amount |
|||
|
At 31 March 2025 |
|
|
|
|
At 31 March 2024 |
|
|
|
|
At 1 April 2023 |
|
|
|
BRIGHTSUN TRAVEL (UK) LIMITED
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Investments |
Group subsidiaries
Details of the group subsidiaries as at 31 March 2025 are as follows:
|
Name of subsidiary |
Principal activity |
Registered office |
Proportion of ownership interest and voting rights held |
2024 |
|
|
Travel agent |
India |
|
|
Summary of the company investments
|
31 March |
31 March |
|
|
Investments in subsidiaries |
|
|
|
Subsidiaries |
£ |
|
Cost or valuation |
|
|
At 1 April 2023 |
|
|
At 31 March 2024 |
|
|
At 1 April 2024 |
|
|
Additions |
|
|
At 31 March 2025 |
|
|
Provision |
|
|
Carrying amount |
|
|
At 31 March 2025 |
|
|
At 1 April 2023 |
|
BRIGHTSUN TRAVEL (UK) LIMITED
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Trade and other receivables |
|
Group |
Company |
|||
|
Current |
31 March |
31 March |
31 March |
31 March |
|
Trade receivables |
|
|
|
|
|
Provision for impairment of trade receivables |
( |
( |
( |
( |
|
Net trade receivables |
|
|
|
|
|
Receivables from related parties |
|
|
|
|
|
Prepayments |
|
|
|
|
|
Other receivables |
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
Group |
Company |
|||
|
31 March |
31 March |
31 March |
31 March |
|
|
Cash at bank |
|
|
|
|
|
Share capital |
Allotted, called up and fully paid shares
|
31 March |
31 March |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
34,700 |
|
34,700 |
|
Trade and other payables |
|
Group |
Company |
|||
|
31 March |
31 March |
31 March |
31 March |
|
|
Trade payables |
|
|
|
|
|
Accrued expenses |
|
|
|
|
|
Social security and other taxes |
|
|
|
|
|
Outstanding defined contribution pension costs |
|
|
|
|
|
Other payables |
|
|
|
|
|
|
|
|
|
|
BRIGHTSUN TRAVEL (UK) LIMITED
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £68,964 (2024 - £30,925).
Contributions totalling £(
|
Dividends |
|
31 March |
31 March |
|||
|
£ |
£ |
|||
|
Final dividend of £Nil (2024 - £ |
- |
126,200 |
||
|
Contingent liabilities |
Company
The company's banks have given guarantees amounting to £750,000 in favour of Air India & £100,000 for Bangladesh Biman & £75,000 for Pakistan International Airlines. The Bangladesh Biman & Pakistan International Airlines guarantees are also covered by a floating charge on the company deposits.
BRIGHTSUN TRAVEL (UK) LIMITED
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Related party transactions |
|
Transactions with directors |
|
Loans, transactions and guarantees with directors |
|
2025 |
At 1 April 2024 |
At 31 March 2025 |
|
Mr Deepak Nangla |
||
|
|
( |
( |
|
Mrs Payal Nangla |
||
|
|
( |
( |
|
Other transactions with directors |
During the year company paid rent of £10,000 (2024 - £10,000) to Mr Deepak Nangla and £10,000 to Mrs Payal Nangla in respect of a branch at Hanworth Road, Hounslow.
|
Controlling party |