ACCOUNTS - Final Accounts
ACCOUNTS - Final Accounts
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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2021
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JETLINE TRAVEL LIMITED
COMPANY INFORMATION
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JETLINE TRAVEL LIMITED
CONTENTS
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JETLINE TRAVEL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
The directors present their Strategic Report on the Company for the year ended 31 December 2021.
The Company achieved gross transactional turnover of £8.2 million in the year, almost 40% lower than the already Covid 19 materially impacted previous year. Additionally, the administration expenses decreased by 23% (25% after government support). This is due to the tight control of expenditure throughout the company and shrinkage of costs directly linked to a reduced volume of business (bonds and subscriptions, tour operator insurance, telephone costs and similar)
The main reason for these variations is the impact Covid-19 has had on the business and the travel industry. There was some unavoidable expenditure in the year that affected profitability, but this was investment for the future benefit of the company. For example, ongoing website development costs that are critical for the business (and which will continue to be expended in 2022). The Company’s short-term strategy is one of consolidation and cost saving. This was relevant in 2021 and follows in 2022 as we deal with a general shrinkage of business in the international travel sector due to COVID-19. See COVID-19 paragraph below.
The company monitors and reports on a number of Key Performance Indicators. Comparisons are made between years and against annual budgets. Key performance indicators form a significant part of our monthly management reporting. The company continues to operate an 'Objectives and Key Results' framework to assist in the defining and tracking of organisational objectives and their outcomes.
Financial Key Performance Indicators The company uses key measures such as average selling price and gross margin to measure performance and manage the business effectively. These measures were strong pre Covid-19 and were contributing good year on year growth. Management also monitor other indicators, such as volumes, by supplier. Other key performance indicators focus on the effectiveness of our marketing spends and the efficiency of our sales team at converting enquires to bookings. Non-financial Key Performance Indicators -Employee retention is an important, non-financial, focus. -Development of customer data base. -Conversion rates and staff performances
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JETLINE TRAVEL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
Geo-political events and natural disasters
The nature of our business means that we continually face the risk of geo-political events or natural disasters. This has been patently demonstrated throughout the current worldwide coronavirus pandemic. Due to ever-changing travel restrictions we will continue to operate a flexible business model to eliminate reliance on any one destination. COVID-19 is proof that this has been the correct strategy, historically and in the future. Commercial relationships The management team meets regularly with all suppliers to maintain good working relationships, whilst simultaneously developing new routes to market. These relationships are critically important for post-pandemic planning, where we will be fully utilising the goodwill built over the past 20 years to obtain exclusive deals and the best possible payment terms. Information technology The company is heavily reliant on information technology. A degree of conservative investment will continue to ensure that we have advanced and efficient systems, website development, and social media development. Principal risks and uncertainties Creating unique package holidays remains our principal USP. Improving Customer Service and maintaining customer loyalty is an important part of our strategy. Flexibility in destinations is key to protect our business from the vagaries of geo-political events, natural disasters and adverse weather conditions worldwide. COVID-19 Recovery from the disastrous impact of COVID-19 did not happen as early as previously anticipated, but there is a demonstrable appetite for people to travel abroad. We now believe that any meaningful recovery to normal business is unlikely to happen until post-2022, and we also know that we are facing an entirely different “normal”. We closely monitor, on a daily basis, the ever-changing situation. Rapid response is key, as proven in the recent opening and closing of travel corridors. Our ongoing strategy will be based on fewer staff, working smarter and more efficiently; deal-led advertising rather than mass-marketing; closer alliances with key suppliers and development of direct contracts providing exclusive deals. As business throughout the industry has declined due to the pandemic, it is our intention to counter the reduced turnover and associated expenses (as far as possible) with improved margins. The unprecedented circumstances that have driven this rationalisation should result in a more efficient and streamlined business. Our rationale, which has always been to avoid any commitment to suppliers, will apply even more so at this unpredictable time. We have always considered it a risk that is not necessary when you have strong supplier relationships and can negotiate favorable rates. All of our commercial arrangements are agreed on a non-financial commitment basis, but based on solid, proven historic relationships. The company continues to hold an Air Travel Organisers License, guaranteeing the protection of licensable consumers' money or holiday plans in the unlikely event of the company's insolvency. This is granted by the Civil
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JETLINE TRAVEL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
Aviation Authority, which acts as a regulator to the industry in which Jetline Travel Limited operates, ensuring the financial health of all licence holders.
The company takes no commitment on flights or accommodation and therefore removes any fixed capacity risk.
This report was approved by the board and signed on its behalf.
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JETLINE TRAVEL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
The directors present their report and the financial statements for the year ended 31 December 2021.
The directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙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 Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the year, after taxation, amounted to £1,802,610 (2020 - profit £132,521).
Dividends paid out in the year amounted to £Nil (2020: £72,000)
The directors who served during the year were:
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JETLINE TRAVEL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
The directors have concluded that no other material events have occurred since the date of approval of these financial statements that would affect the financial statements.
On 18 March 2022, Elman Wall Limited transferred its audit business to Xeinadin Audit Limited, which was appointed auditors in succession and will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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JETLINE TRAVEL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JETLINE TRAVEL LIMITED
We have audited the financial statements of Jetline Travel Limited (the 'Company') for the year ended 31 December 2021, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. ur responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
We draw your attention to note 1.3 in the financial statements, which indicates that as a result of adverse impacts of COVID-19 on both the company and the wider travel, hospitality and leisure industry, a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern.
Our opinion is not modified in respect of this matter.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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JETLINE TRAVEL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JETLINE TRAVEL LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. ur 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. ur 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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JETLINE TRAVEL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JETLINE TRAVEL LIMITED (CONTINUED)
ur 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 Auditors' 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙Enquiry of management and those charged with governance around actual and potential litigation and claims;
∙Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations;
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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JETLINE TRAVEL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JETLINE TRAVEL LIMITED (CONTINUED)
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 Auditors' 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.
for and on behalf of
Chartered Accountants
Statutory Auditor
8th Floor
Becket House
36 Old Jewry
EC2R 8DD
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JETLINE TRAVEL LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2021
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JETLINE TRAVEL LIMITED
REGISTERED NUMBER: 04094279
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2021
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 15 to 28 form part of these financial statements.
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JETLINE TRAVEL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021
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JETLINE TRAVEL LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2021
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JETLINE TRAVEL LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2021
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JETLINE TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
1.Accounting policies
General Information
Jetline Travel Limited is a private company limited by shares incorporated in England and Wales, United Kingdom. The address of the registered office is given in the Company Information page of these financial statements. The principal activity of the Company continued to be that of travel agent and tour operator.
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 2).
Turnover represents amounts receivable for commission and similar earnings receivable in respect of travel agency activities and gross revenue derived from tour operations carried out in a principal activity net of VAT and trade discounts. Turnover is recognised on a departure date basis.
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JETLINE TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
1.Accounting policies (continued)
The company’s business activities, together with the factors likely to affect its future trading performance are set out in the Strategic report on pages 1 to 3.
Business was interrupted from March 2020, due to the Covid-19 pandemic. As at the date of approval of these financial statements, the impact of Covid-19 on the company’s trading continues to be assessed and is subject to rapidly changing factors, including Government and worldwide responses to controlling the spread of the virus. As at 31 December 2021, the company had net liabilities of £1.7 million, net current liabilities of £3.4 million and reported a loss of £1.8 million before tax. The directors have taken steps to reduce outgoings by controlling overhead expenses, utilising the Government Job Retention Scheme to furlough staff and obtaining additional grants where appropriate. They have also secured additional bank funding of £1.2m through a Coronavirus Business Interruption Loan. In order to offer air inclusive package holidays, the company requires the annual renewal by the CAA of its ATOL license. The CAA grants this license on the basis of meeting agreed financial criteria and renews this in September (effective 1st October) each year. The company has complied with these requirements in previous years. During the year, the Company has worked closely with the CAA such that it has reached an agreement to operate under an Escrow account for all new bookings from 1 April 2021. This was fully operational from January 2022. In light of the above actions, the directors are expecting the ATOL licence to be renewed, however this will not be agreed until the renewal date. The directors have prepared a cash flow forecast for a period of 12 months from the date of approval of these financial statements. The forecast assumes a relatively low level of recovery through the remainder of 2022 and the outcome of the worst case scenario indicates there is a reasonable expectation that the company will continue to have adequate financial resources to meet their liabilities as they fall due for that period. With regard to this forecast and the above regulatory factors which may impact the Company’s future liquidity position, the directors have concluded that it is appropriate to prepare the financial statements on a going concern basis, however given that the COVID-19 situation continues to evolve, there exists a material uncertainty relating to the above matters that may cast a significant doubt about the company’s ability to continue as a going concern. The directors have concluded that no other material events have occurred since the date of approval of these financial statements that would affect the financial statements. During the year the Company benefited from taking advantage of government support in the form of the Coronavirus Job Retention Scheme (CJRS) and local government support (see note 4).
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JETLINE TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
1.Accounting policies (continued)
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JETLINE TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
1.Accounting policies (continued)
Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
All revenue relating to bookings with departure dates after the year end are treated as advance receipts at the Statement of Financial Position date and are separately disclosed under accrual and deferred income.
Payments made to suppliers in respect of these bookings are included in prepayments
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JETLINE TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
1.Accounting policies (continued)
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the statement of comprehensive income in the period in which the estimate is revised where the revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods. Critical Judgements: (i) Useful economic lives of tangible assets; The annual depreciation charge for tangible assets is sensitive due to the material nature of the value of fixed assets. The depreciation rates are reviewed annually to ensure they are appropriate for the type of asset. Assets are reviewed for impairment on an annual basis. (ii) Valuation of Freehold property; The Company holds a large Freehold property which is carried at fair value. This was determined in July 2021 by the directors. In order to provide an accurate valuation the directors review movements in the markets of the property values in the areas where property is held with use of publications issued by established Chartered Surveryors. (iii) Revenue recognition; The Company recognises revenue based on the date of departure of the booking and non-refundable receipts which, in the directors’ judgement, is the most appropriate revenue base as this matches the point at which the service is performed. The directors use their judgement to determine a fair direct cost associated to the revenue recognised.
The total turnover of the company for the year has been derived from its principal activity wholly undertaken in the United Kingdom.
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JETLINE TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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JETLINE TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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JETLINE TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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JETLINE TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
11.Taxation (continued)
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JETLINE TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Freehold property was revalued in July 2021 on an open market value for existing use by the directors.
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JETLINE TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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JETLINE TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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JETLINE TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
19.Deferred taxation (continued)
The company currently holds an Air Travel Organisers’ License (‘ATOL’) issued by the Civil Aviation Authority (‘CAA’).
As at 31st December 2021, there were contingent liabilities given by the company in the normal course of business to Barclays Bank Plc in respect of cash bonds amounting £1,000,000 (2020: £1,000,000). There was a bond outstanding at the year end held with Great American International Insurance DAC of £250,000 (2020: £500,000) and with Travel and General Insurance Services Limited of £150,000 £300,000) in the normal course of business with the Civil Aviation Athority ('CAA') at the end of the financial year.
The company operates a defined benefit 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 £26,036 (2020: £32,359). Contributions totalling £4,515 (2020 - £2,539) were payable to the fund at the reporting date and are included in creditors.
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JETLINE TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
The directors have concluded that no other material events have occurred since the date of approval of these financial statements that would affect the financial statements.
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