MDE Travel Limited - Limited company accounts 18.2

REGISTERED NUMBER: 09954028 (England and Wales)

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2018

FOR

MDE TRAVEL LIMITED

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

3

Income Statement

5

Balance Sheet

6

Notes to the Financial Statements

7

DIRECTORS:

J McCann

Ms M Dervan

T Scadding-Hunt

SECRETARY:

J McCann

REGISTERED OFFICE:

Building 329

Doncastle Road

Bracknell

Berkshire

RG12 8PE

REGISTERED NUMBER:

09954028 (England and Wales)

AUDITORS:

Kirk Rice LLP

Statutory Auditors

The Courtyard

High Street

Ascot

Berkshire

SL5 7HP

The directors present their report with the financial statements of the company for the year ended 31st March 2018.

DIRECTORS

The directors shown below have held office during the whole of the period from 1st April 2017 to the date of this report.

J McCann

Ms M Dervan

T Scadding-Hunt

GOING CONCERN

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the

foreseeable future. For this reason the directors continue to adopt the going concern basis of accounting in preparing the annual

financial statements.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing 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 they have elected to

prepare the financial statements in accordance with applicable law and Section 1A of FRS 102 The Financial Reporting Standard

applicable in the UK and Republic of Ireland (UK Generally Accepted Accounting Practice applicable to Smaller Entities).

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 and then apply them consistently;

- make judgements and estimates that are reasonable and prudent; 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 company's

transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that

the financial statements comply with the Companies Act 2006. They have general responsibility for taking such steps as are

reasonably open to them to safeguard the assets of the company and to prevent and detect fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of

which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in

order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that

information.

AUDITORS

During the period, Kirk Rice LLP were appointed to fill a casual vacancy in the office of auditor, and their appointment will be

confirmed at the AGM.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

T Scadding-Hunt - Director

28th September 2018

Opinion

We have audited the financial statements of MDE Travel Limited (the 'company') for the year ended 31st March 2018 which comprise

the Income Statement, Balance Sheet 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 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).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31st March 2018 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; 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 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 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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

-	the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

-

the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

The directors are responsible for the other information. The other information comprises the information in the Report of the

Directors, but does not include the financial statements and our Report of the Auditors 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.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Directors has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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 Report of the Directors.

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, or returns adequate for our audit have not been received from branches not visited

by us; or

- the 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; or

- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage

of the small companies exemption from the requirement to prepare a strategic report.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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 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 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 company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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.

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 Report of the Auditors.

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 a Report of the Auditors 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.

Timothy Neale (Senior Statutory Auditor)

for and on behalf of Kirk Rice LLP

Statutory Auditors

The Courtyard

High Street

Ascot

Berkshire

SL5 7HP

28th September 2018

TURNOVER

2,680,007

2,737,434

Cost of sales

(2,417,006

)

(2,443,694

)

GROSS PROFIT

263,001

293,740

Administrative expenses

(250,941

)

(247,500

)

OPERATING PROFIT and

PROFIT BEFORE TAXATION

12,060

46,240

Tax on profit

5

-

(9,248

)

PROFIT FOR THE FINANCIAL YEAR

12,060

36,992

CURRENT ASSETS

Debtors

6

301,321

303,358

Cash at bank

3,270

35,217

304,591

338,575

CREDITORS

Amounts falling due within one year

7

(254,539

)

(300,583

)

NET CURRENT ASSETS

50,052

37,992

TOTAL ASSETS LESS CURRENT LIABILITIES

50,052

37,992

CAPITAL AND RESERVES

Called up share capital

8

1,000

1,000

Retained earnings

49,052

36,992

SHAREHOLDERS' FUNDS

50,052

37,992

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

The financial statements were approved by the Board of Directors on 28th September 2018 and were signed on its behalf by:

T Scadding-Hunt - Director

1.	STATUTORY INFORMATION

MDE Travel Limited is a private company, limited by shares , registered in England and Wales. The company's registered

number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for

the foreseeable future. For this reason the directors continue to adopt the going concern basis of accounting in preparing the

annual financial statements.

Turnover

Revenue included within the accounts consists principally of sales made to fellow group companies in respect of travel

arrangement services as part of the groups activity to organise and run events on behalf of customers. In addition sales are

also included to third party customers for travel arrangements provided to them.

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue

can be reliably measured on completion of the contract to provide the travel arrangement. Revenue is measured as the fair

value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Financial instruments

The company only enters into basic financial instruments 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 non-puttable ordinary shares.

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 profit and loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying

amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial

asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate

determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's

carrying amount and best estimate, which is an approximation of the amount that the company would receive for the asset if it

were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right

to set off the recognised amounts and there is an intention to settle on a net basis.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that

it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively

enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in

which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or

substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be

recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Functional and presentational currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the

transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at

historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair

value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at year end exchange

rates of monetary assets and liabilities denominated in foreign currencies are recognised in the profit and loss account.

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.

Cash at bank and in hand

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more

than 24 hours.

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.

Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect

the application of accounting policies and reported amounts of assets, liabilities, income and expenses. Actual results may

differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Estimates are based on historical experience and

other assumptions that are considered reasonable in the circumstances. The actual amount or values may vary in certain

instances from the assumptions and estimates made. Changes will be recorded, with a corresponding effect in the profit and

loss, when, and if, better information is obtained.

Information about assumptions and estimation uncertainties that have a significant risk of resulting in material adjustment

within the next financial year are included below.

Critical judgements that management has made in the process of applying accounting policies disclosed herein, and that have

a significant effect on the amounts recognised in the financial statements, relate to the following:

Revenue recognition

Management applies judgement when assessing the percentage of completion of customer contracts, taking into account the

most reliable evidence available at each reporting date. The future realisation of these amounts may be affected by future

outcome of these contracts. Provisions are made for any losses which are foreseen.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2017 - 3 ) .

Period

15.1.16

Year Ended

to

31.3.18

31.3.17

£

£

Directors' remuneration

-

24,996

Directors' pension contributions to money purchase schemes

-

559

Directors' salaries have been transferred to the parent company, MDE Services Group Limited and recharged on a

proportional basis via a management charge.

4.	AUDITORS' REMUNERATION

Fees payable to the company's auditors for the audit of the company's financial statements were £4,950 in the year (2017:

£5,000).

5.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

Period

15.1.16

Year Ended

to

31.3.18

31.3.17

£

£

Current tax:

UK corporation tax

-

9,248

Tax on profit

-

9,248

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Trade debtors

20,853

48,636

Amounts owed by group undertakings

248,806

232,894

Other debtors

30,490

21,000

Prepayments

1,172

828

301,321

303,358

Amounts owed by group undertakings are interest free and repayable on demand.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Trade creditors

97,531

195,823

Amounts owed to group undertakings

149,364

-

Tax

-

9,248

Social security and other taxes

-

2,481

VAT

3,291

690

Other creditors

4,353

-

Payments received on account

-

86,341

Accrued expenses

-

6,000

254,539

300,583

Amounts owed to group undertakings are interest free and repayable on demand.

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.18

31.3.17

value:

£

£

100,000

Ordinary

£0.01

1,000

1,000

On incorporation, 10,000 1p shares were issued at par. Each share has full rights in the company with respect to voting,

dividends and distributions.

9.	ULTIMATE PARENT COMPANY

The parent company, of which MDE Travel Ltd is a 100% owned subsidiary, is MDE Services Group Limited, which is

registered at Building 329, Doncastle Road, Bracknell, RG12 8PE.