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Registered number: 07261883










A&D HOLIDAYS LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 30 APRIL 2023

 
A&D HOLIDAYS LIMITED
REGISTERED NUMBER: 07261883

BALANCE SHEET
AS AT 30 APRIL 2023

30 April
31 December
2023
2021
Note
£
£

Fixed assets
  

Intangible assets
 5 
15,191
30,287

Tangible assets
 6 
26,843
31,260

  
42,034
61,547

Current assets
  

Debtors: amounts falling due within one year
 7 
938,000
990,142

Cash at bank and in hand
 8 
925,835
519,725

  
1,863,835
1,509,867

Creditors: amounts falling due within one year
 9 
(2,041,430)
(1,020,157)

Net current (liabilities)/assets
  
 
 
(177,595)
 
 
489,710

Total assets less current liabilities
  
(135,561)
551,257

Creditors: amounts falling due after more than one year
 10 
(231,837)
(1,850,822)

  

Net liabilities
  
(367,398)
(1,299,565)


Capital and reserves
  

Called up share capital 
  
10,001
10,001

Share premium account
  
30,100
30,100

Profit and loss account
  
(407,499)
(1,339,666)

  
(367,398)
(1,299,565)


Page 1

 
A&D HOLIDAYS LIMITED
REGISTERED NUMBER: 07261883
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2023

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 12 September 2023.




A Hunt
Director

The notes on pages 3 to 13 form part of these financial statements.

Page 2

 
A&D HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2023

1.


General information

A&D Holidays Limited is a private company limited by shares incorporated in England, United Kingdom.
The registered office address is 19 Fairfield Avenue, Cheltenham, England, GL53 7PN.
The nature of the company's operations and principal activities in the year under review were those of a tour operator.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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).

 
2.2

Going concern

The directors are confident that the existing funding facilities will provide sufficient headroom to meet the forecast cash requirements during the twelve months from the date of approval of the financial statements having considered any additional requirements that would be contingent on a downturn in activity over the same period. Also, see note 14.
The directors consider it appropriate to prepare the financial statements on a going concern basis.

 
2.3

Foreign currency translation

Functional and presentation 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 period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
A&D HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.4

Revenue

Turnover represents amounts receivable and received for holidays travelled in the year and those non refundable deposits for future departures excluding value added tax. Income is recognised on a departure date basis. Cancellation income is recognised at the date of cancellation

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Finance costs

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.

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

 
2.10

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
A&D HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.11

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. 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 balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.12

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.13

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
A&D HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2023

2.Accounting policies (continued)


2.13
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Office equipment
-
25%

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.

 
2.14

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.

 
2.15

Cash and cash equivalents

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.

 
2.16

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.

 
2.17

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

 
2.18

Financial instruments

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.

Page 6

 
A&D HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2023

2.Accounting policies (continued)


2.18
Financial instruments (continued)

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include the estimation of the useful lives of tangible and intangible fixed assets for calculating depreciation and amortisation.


4.


Employees

The average monthly number of employees, including the directors, during the period was as follows:


        2023
        2021
            No.
            No.







Sales, administration and management 
19
15

Page 7

 
A&D HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2023

5.


Intangible assets






Website

£



Cost


At 1 January 2022
194,175



At 30 April 2023

194,175



Amortisation


At 1 January 2022
163,888


Charge for the period on owned assets
15,096



At 30 April 2023

178,984



Net book value



At 30 April 2023
15,191



At 31 December 2021
30,287



Page 8

 
A&D HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2023

6.


Tangible fixed assets







Office equipment

£



Cost or valuation


At 1 January 2022
99,005


Additions
7,152


Disposals
(1,833)



At 30 April 2023

104,324



Depreciation


At 1 January 2022
67,745


Charge for the period on owned assets
10,497


Disposals
(761)



At 30 April 2023

77,481



Net book value



At 30 April 2023
26,843



At 31 December 2021
31,260


7.


Debtors

30 April
31 December
2023
2021
£
£


Trade debtors
-
5,756

Other debtors
110,650
132,481

Prepayments and accrued income
725,943
669,078

Deferred taxation
101,407
182,827

938,000
990,142


Page 9

 
A&D HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2023

8.


Cash and cash equivalents

30 April
31 December
2023
2021
£
£

Cash at bank and in hand
925,835
519,725

925,835
519,725



9.


Creditors: Amounts falling due within one year

30 April
31 December
2023
2021
£
£

Bank loan
38,378
38,378

Trade creditors
127,001
12,921

Corporation tax
681
16,187

Other taxation and social security
46,086
28,591

Other creditors
162,916
66,470

Accruals and deferred income
1,666,368
857,610

2,041,430
1,020,157


Advanced receipts from customers for trips departing after the balance sheet date amounted to £1,593,213 (2021: £852,010) for trips departing within one year end and £59,554 (2021: £1,627,391) for trips departing after more than one year. These amounts are included within accruals and deferred income above and below respectively.


10.


Creditors: Amounts falling due after more than one year

30 April
31 December
2023
2021
£
£

Bank loan
157,283
208,431

Other creditors
15,000
15,000

Accruals and deferred income
59,554
1,627,391

231,837
1,850,822


Other creditors represents a £15,000 (2021: £15,000) loan that is subordinated to the Civil Aviation Authority (CAA), and cannot be withdrawn without the CAA's prior written consent.

Page 10

 
A&D HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2023

11.


Loans


Analysis of the maturity of loans is given below:


30 April
31 December
2023
2021
£
£

Amounts falling due within one year

Other loans
38,378
38,378


38,378
38,378

Amounts falling due 1-2 years

Other loans
43,486
43,486


43,486
43,486

Amounts falling due 2-5 years

Other loans
113,797
164,945


113,797
164,945


195,661
246,809


A govenment backed Coronavirus Business Interruption Loan ('CBIL') was taken by the company last year and is repayable over 5 years.


12.


Deferred taxation






2023


£






At beginning of period
182,827


Charged to profit or loss
(81,420)



At end of period
101,407

Page 11

 
A&D HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2023
 
12.Deferred taxation (continued)

The deferred tax asset is made up as follows:

30 April
31 December
2023
2021
£
£


Accelerated capital allowances
(10,509)
(15,387)

Tax losses carried forward
111,517
198,214

Short term timing difference
399
-

101,407
182,827


13.


Pension commitments

The company operates a defined contribution 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 contribution payable by the Company to the fund and amounted to £19,633 (2021: £10,433). Contributions totalling £10,102 (2021: £8,482) were payable to the fund at the balance sheet date and are included in creditors.


14.


Contingent liabilities and regulatory requirements

The company currently holds an Air Travel Organisers License ('ATOL') issued by the Civil Aviation Authority ('CAA'). 
In order to offer air inclusive package holidays, the company requires the annual renewal by the CAA of its ATOL license. The CAA grants this license on the basis of meeting agreed financial criteria and renews this in September (effective 1st October) each year. The company has complied with these requirements in previous years. The directors see no reasons why the ATOL license will not be renewed in September 2023 on substantially the same terms and conditions as currently agreed with the CAA. 


15.


Related party transactions

During the period, interest of £1036 was charged on the balance due by the director A hunt at the official rate. At the period end £41,604 (2021: £39,586 was owed to the company from A Hunt.
During the period, interest of £77 was charged on the balance due by the director R Hunt at the official rate. At the period end £9,821 (2021: £9,555) was owed to the company from R Hunt.


16.


Post balance sheet events

The directors have concluded that no material events have occured since the balance sheet date that would affect these financial statements as at the date of approval of these financial statements.

Page 12

 
A&D HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2023

17.


Controlling party

As of 29th March 2023, the ultimate controlling party is Inquisitive Traveller Limited, with 100% shareholding.


18.


Auditors' information

The auditors' report on the financial statements for the period ended 30 April 2023 was unqualified.

The audit report was signed on 12 September 2023 by Yasin Khandwalla (Senior Statutory Auditor) on behalf of Xeinadin Audit Limited.

 
Page 13