TAKE_TWO_TRAVEL_SOLUTIONS - Accounts

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 September 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for:

•     ensuring that the company keeps adequate accounting records which comply with Sections 386 and 387 of the Companies Act 2006; and

•     preparing financial statement that 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 accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements so far as applicable to the company

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

Take Two Travel Solutions Limited is a private company limited by shares incorporated in England and Wales. The registered office is 82 St John Street, London, EC1M 4JN.

The comparative period was from date of incorporation of 25 September 2020 up to 30 September 2021 therefore the comparative figures will not be entirely comparable.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Total transaction value ('TTV') represents gross bookings excluding other income and does not represent the company's statutory turnover. Where the company acts as an agent, TTV represents the price at which bookings have been sold.

Corporate Travel

Revenue from corporate travel bookings is taken at the later of legal point of sale (booking or ticketing date) or receipt of cost detail.

The delay to receipt of cost detail applies to billback transactions such as client related credit card purchases and directly made hotel bookings. GDS, rail, immediate payment bed bank hotel bookings and similar travel purchases will have immediate confirmed costs. The above policy applies to client billed on a per transaction basis. Management fee clients are billed per contract and typically monthly or twice monthly for all completed transactions using the same principles as above and either posted or accrued to the month in question. Hotel commissions are accounted for on a receipts basis. Other income is accounted for on an accruals basis where amounts are known or can be estimated with reasonable certainty and receipt is reliably expected.

Events

A typical event will see an upfront deposit, accounted for as a prepayment, and various component costs accumulated also accounted for as prepayments. As transactions are confirmed creating a legal point of sale this revenue will be recognised (ticketing date or receipt of cost detail). A final reconciling invoice with supporting documentation will be rendered immediately after event completion and appropriate accounting entries made.

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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 tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Foreign currency transactions are translated into sterling at the rates ruling when they occurred. Foreign currency monetary assets and liabilities are translated at the rates ruling at the balance sheet date. Any differences are taken to the income statement.

The average monthly number of persons (including directors) employed by the company during the year was:

The company has taken advantage of the exemption available to it under FRS 102 Section 33.1A not to disclose intra-group transactions with companies within a wholly owned group.

As at the year end £17,798 (2021: £nil) was owed to the company by Eton Travel Agency Limited, a fellow group company.

As at the year end £945,000 (2021: £50,000) was owed by the company to TakeTwo Eton Group Limited, the parent company.

The ultimate parent company is TakeTwo Eton Group Limited, a company registered in England and Wales. TakeTwo Eton Group Limited is both the largest and smallest group into which Take Two Travel Solutions Limited is consolidated. A copy of the group financial statements may be obtained from 82 St. John Street, London, England, EC1M 4JN.