Company registration number 11807949 (England and Wales)
TRAVELTECH ENTERPRISES LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
TRAVELTECH ENTERPRISES LTD
CONTENTS
Balance sheet
1
Notes to the financial statements
2 - 7
TRAVELTECH ENTERPRISES LTD
BALANCE SHEET
AS AT 31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Current assets
Debtors
4
50,438
176,468
Cash at bank and in hand
584,049
613,068
634,487
789,536
Creditors: amounts falling due within one year
5
(7,413)
(7,013)
Net current assets
627,074
782,523
Creditors: amounts falling due after more than one year
6
(1,082,978)
(1,053,215)
Net liabilities
(455,904)
(270,692)
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
(456,904)
(271,692)
Total equity
(455,904)
(270,692)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 9 September 2022
Mr Peter Vazan
Director
Company Registration No. 11807949
TRAVELTECH ENTERPRISES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
1
Accounting policies
Company information
Traveltech Enterprises Ltd is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
87-89 Baker Street, London, W1U 6RJ.
1.1
Accounting convention
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 a
mounts
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.
1.2
Turnover
The company acts as an agent in the process of selling airline tickets. Turnover is
recognised as a % of net amount of the sale transactions processed by the company on behalf of its customers and is
measured at the fair value of the consideration received or receivable, excluding discounts,rebates, value added tax and other sales taxes.
1.3
Cash and cash equivalents
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.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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
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.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
TRAVELTECH ENTERPRISES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, 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
paymen
ts 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. A
m
ounts 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.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Employee benefits
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.
1.7
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
TRAVELTECH ENTERPRISES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -
1.8
Government grants
Basic recognition and measurement
A grant is not recognised until there is reasonable assurance that:
Grants are recognised using the performance model or the accrual model.
Measurement is at the fair value of the asset received or receivable.
Performance model
Under the performance model:
-
A grant that specifies performance conditions is recognised in income when the performance conditions are met;
-
A grant that does not specify performance conditions is recognised in income when the proceeds are received or receivable;
-
A grant received before the recognition criteria are satisfied is recognised as a liability.
Accrual model
Under the accrual model:
-
Grants are classified as relating to either revenue or assets;
-
Grants relating to revenue are recognised in income on a systematic basis over the periods in which the related costs are recognised;
-
Grants which are compensation for past expenses or losses, or where there are no future associated costs, are recognised in income in the period they become receivable;
-
Grants are recognised over the periods in which the expenses are recognised to which those grants relate.
-
Grants relating to an asset are recognised in income systematically over the asset‚s expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset‚s carrying amount.
1.9
Foreign exchange
Transactions in currencies other than
pounds sterling
are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
TRAVELTECH ENTERPRISES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 5 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
1
1
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
4,674
3,860
Other debtors
31,082
117,955
Prepayments
14,682
54,653
50,438
176,468
5
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
7
882
Trade creditors
1,361
49
Accrued expenses
6,052
6,082
7,413
7,013
6
Creditors: amounts falling due after more than one year
2021
2020
Notes
£
£
Amounts owed to group undertakings
7
1,000,576
1,006,114
Accrued loan interest
82,402
47,101
1,082,978
1,053,215
TRAVELTECH ENTERPRISES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 6 -
7
Loans and overdrafts
2021
2020
£
£
Bank overdrafts
882
Other loans
1,000,576
1,006,114
1,000,576
1,006,996
Payable within one year
882
Payable after one year
1,000,576
1,006,114
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
Without qualifying our opinion, we draw your attention to note 11 of the financial statement headed GOING CONCERN. The company is dependent on the support from its parent company and its ultimate shareholders, as they have provided loans and working capital funds to the company. During our finalisation meetings and discussion, we were provided necessary comfort that the demand for payment of these outstanding loans would not be requested and further working capital funds will be available if required. We have been further informed about the development of the business in the near future and the plans to achieve their goals. However, it is very difficult to predict future events or conditions impacting the parent company situation which indirectly can impact the funding availability and hence we do feel that if events or circumstances changes it can lead to material uncertainty which may cast significant doubt on the company’s ability to continue as a going concern.
Senior Statutory Auditor:
Vishal Bhatt for and on behalf of BLS Burnells LLP
10
Parent company
The parent company is Dyninno Group Limited, a company registered in Malta. This
c
ompany is part of a large group of which Dyninno Enterprises LLC, a company registered in
USA with company number E0081062018-7 is the ultimate parent company.
The ultimate controlling party is Alex Weinstein.
TRAVELTECH ENTERPRISES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 7 -
11
GOING CONCERN
At the time of approving the financial statements, the director ha
s
a reasonable expectation that the company has adequate resources to continue its operational existence for at least 12 months from the date of signing these financial statements. During the year, the company was financially supported by Dyninno Group Limited, a company registered in Malta along with its group companies and the company has received assurances from Dyninno Group Limited, that the financial support will continue in the future. Further, the company is able to meet its short-term working capital requirement through the support from its group companies
. Due to the removal of the COVID restrictions in most of the countries, the company is planning to significantly increase its activities, which were suspended during the active phase of COVID pandemic and immediately after it.
12
CHARGES
The following charges exist as at Balance sheet date
1. HSBC UK Bank PLC - A fixed and floating charge over all assets. Created on 12
November 2019.
2. HSBC UK Bank PLC - A fixed charge over cash deposits. Created on 15 November 2019.