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Registered number: 09593837
TRAVELSMART HOLDINGS LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 APRIL 2022
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TRAVELSMART HOLDINGS LIMITED
REGISTERED NUMBER: 09593837
STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2022
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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TRAVELSMART HOLDINGS LIMITED
REGISTERED NUMBER: 09593837
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2022
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 April 2023.
The notes on pages 3 to 9 form part of these financial statements.
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TRAVELSMART HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022
TravelSmart Holdings Limited is a private company limited by shares incorporated in England and Wales.
The address of the registered office is given in the company information section of these financial statements. The nature of the company's operations and activities are to provide financing and management services for the US group.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
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Financial Reporting Standard 102 - reduced disclosure exemptions
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The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Travelsmart International Group Limited as at 30 April 2022 and these financial statements may be obtained from Companies House,Crown Way, Cardiff, CF14 3VZ.
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Exemption from preparing consolidated financial statements
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The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.
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.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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TRAVELSMART HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022
2.Accounting policies (continued)
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.
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially
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TRAVELSMART HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022
2.Accounting policies (continued)
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Financial instruments (continued)
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and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
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The average monthly number of employees, including directors, during the year was 2 (2021 - 2).
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Impairment of investments
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On the 29th July 2020, Fleetway Travel Limited and Fleetway Aviation Limited entered into administration. The value of these investments were impaired fully.
An impairment of investments, was required to ensure investments were held at fair value as at the year end.
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TRAVELSMART HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022
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Investments in subsidiary companies
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TRAVELSMART HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022
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Due after more than one year
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Amounts owed by group undertakings
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Called up share capital not paid
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Amounts owed by group undertakings are unsecured, interest free and payable on demand.
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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TRAVELSMART HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022
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Creditors: Amounts falling due after more than one year
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Amounts owed to group undertakings
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Lloyds Bank PLC holds charges over companies within the Group. These include fixed & floating charges, this covers all the property, undertakings and intellectual property of the relevant Companies. The charges also includes a negative pledge.
Synova Capital Fund Ii LP and Synova Capital Fund 2 LP (As Security Trustee) holds charges over companies within the group. These include fixed & floating charges, this covers all the property, undertakings and intellectual property of the relevant Companies. The charges also includes a negative pledge.
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Analysis of the maturity of loans is given below:
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Amounts falling due 1-2 years
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The existing bank loan is secured by fixed and floating charges against the assets of the company, and carries interest at a maximum rate of 3.75% above LIBOR. The company is in positive discussions with the bank, which remains supportive of the company, regarding extending loan repayment to at least July 31, 2023. All costs are allocated to the profit and loss account over the term of the loan.
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TRAVELSMART HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022
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Related party transactions
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The Group has taken the exemption available to not disclose transactions within the year, between wholly owned subsidiaries.
In the year, management made the decision to write off intercompany loans with TravelSmart Technologies Limited amounting to £23,055,338 (credit to admin expenses), as the amount was not considered recoverable.
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The immediate parent undertaking is TravelSmart Technologies Limited, a private limited company incorporated in the United Kingdom. The parent of the smallest and largest group for which consolidated accounts are drawn up of which the company is a member is TravelSmart International Group Limited, a company with a registered office of 6th Floor One London Wall, London, United Kingdom, EC2Y 5EB.
The ultimate parent undertaking of TravelSmart International Group Limited.
There is no individual controlling party of TravelSmart Holdings Limited.
The auditors' report on the financial statements for the year ended 30 April 2022 was unqualified.
The audit report was signed on 28 April 2023 by Karanjit Gill FCCA (Senior Statutory Auditor) on behalf of Xeinadin Audit Limited.
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