Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2022
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VOYAGE PRIVE UK LIMITED
COMPANY INFORMATION
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VOYAGE PRIVE UK LIMITED
CONTENTS
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VOYAGE PRIVE UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
The principal activity of the company is online travel agency.
The revenue for 2022 was £28,283,223, with an increase of 387% compared to 2021 (£5,805,641). The gross profit has reached at year-end 2022 an overall amount of £5,044,776 (versus £671,163 in 2021) with a loss for the financial year amounting £407,235 (versus £1,735,228 in 2021).
The Company’s revenue includes turnover of our tour operating activities as well as the revenue related to our agency business.
While the performance in 2021 was negatively impacted by the emergence of the new variant ‘Omicron’, 2022 has been marked by the recovery of UK activity where positive trends have been identified all over the year. In 2022 total transaction value by booking date amounted to £50,280k, indicating an encouraging outlook and continuous perspectives of growth for the upcoming years. The company however remains under the trading volumes of 2019 in which £72,563k of total transactional value by booking date was achieved. The environment remains complex with fluctuating cancellations and modifications of bookings, and a dependency with airlines execution. To relaunch the UK members basis and to regain local visibility, marketing expenses have been reactivated over the year (+383% versus 2021). The operating result almost reaches the equilibrium at year end with an operating loss of £472,015 (loss of £1,732,736 in 2021), mainly impacted by the exchange loss £271,350 related to the devaluation of the pound over the year. Cash at bank at year-end remains solid (£12,661,083, +70% vs 2021 (£7,456,658)) and the company has continued support from its parent company VPG.
The changes in foreign exchange rate could impact our results as, for most of the destinations offered to our customers, we are contracting room nights in foreign currencies. The Company implemented a hedging strategy in 2016 to mitigate this risk.
We might also be affected by the overall geopolitical instabilities that could lead to unexpected changes in customers’ demand. Natural disasters, pandemics are also part of the risks we can face as shown by the Covid-19 crisis back in March 2020.
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VOYAGE PRIVE UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
In our industry, the main KPI’s are the number of members in our databases, audience engagement measured by traffic on our website and apps and conversion rate (number of bookings / traffic).
All these indicators were affected by the sanitary crisis and local travel restrictions, however Voyage Privé brand has now a good recognition in travel industry amongst online holidays markers with a good performance on customer satisfaction generating recurring business. The overall trend to increase digitalization in the travel space will continue to support our growth in the future and we remain reasonability optimistic for the year to come. This report was approved by the board and signed on its behalf.
This report was approved by the board and signed on its behalf.
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VOYAGE PRIVE UK LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
The director presents his report and the financial statements for the year ended 31 December 2022.
The director is responsible for preparing the Strategic report, the Director's report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 £407,235 (2021 - loss £1,735,228).
There were no dividends paid during the year (2021: £nil).
The director who served during the year was:
The 2023 results confirm the encouraging perspectives of the ongoing year with a total transactional value by booking date of £31,495k YTD which represents an increase of +23% versus 2022 volumes at the same period. Marketing campaigns, with local TV spots, have been emphasized with £1,168k spent so far (+23% as well compared with 2022 investments).
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VOYAGE PRIVE UK LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
There have been no significant events affecting the Company since the year end.
The auditors, Xeinadin Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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VOYAGE PRIVE UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VOYAGE PRIVE UK LIMITED
We have audited the financial statements of Voyage Prive UK Limited (the 'Company') for the year ended 31 December 2022, which comprise the Statement of comprehensive income, the Statement of financial position, 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. 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 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.
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
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VOYAGE PRIVE UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VOYAGE PRIVE UK LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The director is responsible for the other information contained within the Annual Report. 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. 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 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 Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Director's 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 Director's report.
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VOYAGE PRIVE UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VOYAGE PRIVE UK LIMITED (CONTINUED)
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 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 management and those charged with governance 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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VOYAGE PRIVE UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VOYAGE PRIVE UK 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 Auditors
8th Floor
Becket House
36 Old Jewry
EC2R 8DD
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VOYAGE PRIVE UK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022
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VOYAGE PRIVE UK LIMITED
REGISTERED NUMBER: 06969930
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 12 to 24 form part of these financial statements.
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VOYAGE PRIVE UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
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VOYAGE PRIVE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Voyage Prive UK Limited is a membership based, online travel agency which provides travel related services.
The Company is a private company, limited by shares, and is incorporated in England and Wales, United Kingdom. The address of its registered office is disclosed on the Company Information page of these financial statements.
2.Accounting policies
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 judgment in applying the Company's accounting policies (see note 3).
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).
This information is included in the consolidated financial statements of VPG SAS as at 31 December 2022 and these financial statements may be obtained from 330 Rue Pascal Duverger, 13090 Aix-en-Provence, France.
Based on the continued support from the directors who are confident that the company will have sufficient funds and cash reserves to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.
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VOYAGE PRIVE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
Turnover represents amounts receivable for the sale of travel related services to members of the company net of VAT and trade discount. 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. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Booking fees is recognised on a booking date basis and all other revenue is recognised on a departure date basis.
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VOYAGE PRIVE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
All amounts received from customers relating to holidays with departures after the year end are disclosed under accruals and deferred income.
All amounts paid to suppliers relating to holidays with departures after the year end are disclosed under prepayments and accrued income.
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VOYAGE PRIVE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight line method.
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.
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VOYAGE PRIVE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
Critical judgements The estimates and underlying assumptions are reviewed on an ongoing basis. There have been no other judgements made by the management in the application of FRS 102 that have had a significant effect on the financial statements and estimates with a significant risk of material judgement.
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VOYAGE PRIVE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Analysis of turnover by country of destination:
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VOYAGE PRIVE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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VOYAGE PRIVE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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VOYAGE PRIVE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
10.Taxation (continued)
The rate of corporation tax has been increased from 19% to 25% with effect from 1 April 2023. Deferred
tax assets and liabilities have therefore been remeasured at 25%.
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VOYAGE PRIVE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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VOYAGE PRIVE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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VOYAGE PRIVE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Profit and loss account
The company currently holds an Air Travel Organisers’ License (‘ATOL’) issued by the Civil Aviation Authority (‘CAA’) and a license from ABTA.
As at 31st December 2022, there were contingent liabilities given by the Company's parent company VPG SAS in the normal course of business in respect of ATOL and ABTA bonds.
The Company operates a defined contributions 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 £1,029 (2021 - £3,018). Contributions totalling £257 (2021 - £237) were payable to the fund at the reporting date.
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VOYAGE PRIVE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
The ultimate parent company is VPG SAS, a company registered in France.
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