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Registered number: 02773456 TRAVELCO LIMITED UNAUDITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 MARCH 2026
TRAVELCO LIMITED REGISTERED NUMBER: 02773456 STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2026
|  | 2026 |  | 2025
Note |  | £ |  | £
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 4 | 1,271,194 |  | 1,442,947 |
Cash at bank and in hand | 5 | 430,998 |  | 782,437 |
|  | 1,702,192 |  | 2,225,384 |
Creditors: amounts falling due within one year | 6 | (1,510,923) |  | (1,836,685) |
Net current assets |  |  | 191,269 |  | 388,699
Total assets less current liabilities |  |  | 191,269 |  | 388,699
Creditors: amounts falling due after more than one year | 7 |  | - |  | (1,667)
Net assets |  |  | 191,269 |  | 387,032
Capital and reserves |  |  |  |  |
Called up share capital | 9 |  | 30,000 |  | 30,000
Profit and loss account |  |  | 161,269 |  | 357,032
|  |  | 191,269 |  | 387,032
Page 1
TRAVELCO LIMITED REGISTERED NUMBER: 02773456 STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 MARCH 2026 The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. 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 1 July 2026.
N R Smithson
Director
The notes on pages 3 to 9 form part of these financial statements. Page 2
TRAVELCO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
1. | General information
Travelco Limited is a private company limited by shares, incorporated in England and Wales, registration number 02773456. The registered office is 2nd Floor, Nucleus House, 2 Lower Mortlake Road, Richmond, TW9 2JA. 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 | Going concern
The directors continue to monitor and review the Company’s financial position, including its budgets and forecasts, to assess the potential financial impact of any slowdown in trading and its impact on the liquidity of the business. This on-going sensitivity analysis enables the directors to 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. As a result, and with the Company continuing to receive the full support of its shareholders, the directors believe that it is still appropriate to apply the going concern basis for the foreseeable future.
| 2.3 | Revenue
Turnover is the amount derived from ordinary activities and represents the aggregate revenue receivable from tours booked during the financial year, stated net of value added tax and trade discounts. Turnover is attributable to one continuing activity.
| 2.4 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.5 | Finance costs
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.
| 2.6 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred. Page 3
TRAVELCO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 2.Accounting policies (continued)
| 2.7 | 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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
| 2.8 | Taxation
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.
| 2.9 | 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:
|  |  |  | Computer equipment | - | 33% |
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.
| 2.10 | 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. Page 4
TRAVELCO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 2.Accounting policies (continued)
| 2.11 | 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.
| 2.12 | 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.
| 2.13 | 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. | Employees
| The average monthly number of employees, including directors, during the year was 11 (2025 - 9).
Page 5
TRAVELCO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
4. | Debtors
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Trade debtors | 1,157,081 | 1,385,754
| Other debtors | 77,876 | 28,061
| Prepayments and accrued income | 36,237 | 29,132
|  | 1,271,194 | 1,442,947
5. | Cash and cash equivalents
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Cash at bank and in hand | 430,998 | 782,437
|  | 430,998 | 782,437
6. | Creditors: Amounts falling due within one year
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Bank loans | 1,667 | 20,000
| Other loans | 102,577 | 99,910
| Trade creditors | 1,384,546 | 1,601,117
| Corporation tax | - | 52,320
| Other taxation and social security | 11,281 | 18,472
| Other creditors | 5,852 | 14,866
| Accruals and deferred income | 5,000 | 30,000
|  | 1,510,923 | 1,836,685
7. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Bank loans | - | 1,667
|  | - | 1,667
Page 6
TRAVELCO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
8. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Bank loans | 1,667 | 20,000
| Other loans | 102,577 | 99,910
|  | 104,244 | 119,910
| Amounts falling due 1-2 years |  |
| Bank loans | - | 1,667
|  | - | 1,667
|  | 104,244 | 121,577
| Included above is a bank loan from the Company's bankers, Lloyds Bank Plc, under the Coronavirus Business Interruption Loan Scheme (CBILS). The loan is for a term of 6 years, with no capital repayments for the the first 12 months. There is also no interest payable for the first 12 months, with a rate of 2.64% per annum charged thereafter.
Page 7
TRAVELCO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
9. | Share capital
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 30,000 (2025 - 30,000) A Ordinary shares of £1.00 each | 30,000 | 30,000
| On 15 June 2025, 30,000 Ordinary shares of £1 each were redesignated as 30,000 A Ordinary shares of £1 each. The 'A' Ordinary shares carry full and equal rights to vote, receive dividends, and participate in capital distributions, including on winding up.
10. | Contingent liabilities
At 31 March 2025, there were contingent liabilities in respect of counter indemnities and guarantees given by the Company in the normal course of business to the Company's bond insurance obligors in respect of ABTA and other similar bonds of £27,000 (2025 - £27,000).
11. | Pension commitments
The Company operates a defined contributions 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 £11,107 (2025 - £18,796). Contributions totalling £1,244 (2025 - £1,683) were payable to the fund at the reporting date and are included in creditors.
12. | Share based payments
During the year the Company established an Enterprise Management Incentive (EMI) scheme for key employees. Options were granted with an exercise price equal to the agreed market value of the shares at the date of grant. The options will vest in April 2027 without any performance conditions subject to the option holder remaining an employee. The maximum term of the options granted is 10 years. Options over a total of 20,000 B ordinary shares of £1 each were issued, all of which remain unexercised and outstanding at 31 March 2026. No share-based payment expense was recognised in the profit and loss account during the year.
13. | Related party transactions
| Travelbrands Limited: A company in which one of the directors, Mr N R Smithson, is also a director. The Company makes gross cost purchases of travel arrangements from Travelbrands Limited. The total gross cost purchases made for the year amounted to £38,063 (2025 - £13,905). As at the year end, the amount owed by Travelbrands Limited to the Company amounted to £15,841 (2025 - £872 owed to Travelbrands Limited).
Page 8
TRAVELCO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
14. | BSP Outstanding
As at 31 March 2026, the Company had £7,091 of outstanding payments due to International Air Transport Association (IATA) for tickets issued in the month of March 2026 (2025 - £3,750).
15. | Controlling party
In the opinion of the directors, there is no ultimate controlling party.
Page 9