Caseware UK (AP4) 2022.0.179 2022.0.179 2023-04-302023-04-30true2022-05-01falseTravel agent1514falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 05071391 2022-05-01 2023-04-30 05071391 2021-05-01 2022-04-30 05071391 2023-04-30 05071391 2022-04-30 05071391 2021-05-01 05071391 1 2022-05-01 2023-04-30 05071391 1 2021-05-01 2022-04-30 05071391 d:Director1 2022-05-01 2023-04-30 05071391 d:Director4 2022-05-01 2023-04-30 05071391 d:Director5 2022-05-01 2023-04-30 05071391 d:Director6 2022-05-01 2023-04-30 05071391 d:RegisteredOffice 2022-05-01 2023-04-30 05071391 e:PlantMachinery 2022-05-01 2023-04-30 05071391 e:PlantMachinery 2023-04-30 05071391 e:PlantMachinery 2022-04-30 05071391 e:PlantMachinery e:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 05071391 e:MotorVehicles 2022-05-01 2023-04-30 05071391 e:MotorVehicles 2023-04-30 05071391 e:MotorVehicles 2022-04-30 05071391 e:MotorVehicles e:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 05071391 e:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 05071391 e:ComputerSoftware 2023-04-30 05071391 e:ComputerSoftware 2022-04-30 05071391 e:CurrentFinancialInstruments 2023-04-30 05071391 e:CurrentFinancialInstruments 2022-04-30 05071391 e:Non-currentFinancialInstruments 2023-04-30 05071391 e:Non-currentFinancialInstruments 2022-04-30 05071391 e:CurrentFinancialInstruments e:WithinOneYear 2023-04-30 05071391 e:CurrentFinancialInstruments e:WithinOneYear 2022-04-30 05071391 e:Non-currentFinancialInstruments e:AfterOneYear 2023-04-30 05071391 e:Non-currentFinancialInstruments e:AfterOneYear 2022-04-30 05071391 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2023-04-30 05071391 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2022-04-30 05071391 e:ShareCapital 2023-04-30 05071391 e:ShareCapital 2022-04-30 05071391 e:SharePremium 2022-05-01 2023-04-30 05071391 e:SharePremium 2023-04-30 05071391 e:SharePremium 2022-04-30 05071391 e:RetainedEarningsAccumulatedLosses 2022-05-01 2023-04-30 05071391 e:RetainedEarningsAccumulatedLosses 2023-04-30 05071391 e:RetainedEarningsAccumulatedLosses 2022-04-30 05071391 d:FRS102 2022-05-01 2023-04-30 05071391 d:AuditExempt-NoAccountantsReport 2022-05-01 2023-04-30 05071391 d:FullAccounts 2022-05-01 2023-04-30 05071391 d:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 05071391 e:WithinOneYear 2023-04-30 05071391 e:WithinOneYear 2022-04-30 05071391 e:BetweenOneFiveYears 2023-04-30 05071391 e:BetweenOneFiveYears 2022-04-30 05071391 e:AcceleratedTaxDepreciationDeferredTax 2023-04-30 05071391 e:AcceleratedTaxDepreciationDeferredTax 2022-04-30 05071391 e:TaxLossesCarry-forwardsDeferredTax 2023-04-30 05071391 e:TaxLossesCarry-forwardsDeferredTax 2022-04-30 05071391 2 2022-05-01 2023-04-30 05071391 e:ComputerSoftware e:OwnedIntangibleAssets 2022-05-01 2023-04-30 iso4217:GBP xbrli:pure
Registered number: 05071391


EXPERIENCE TRAVEL GROUP LTD
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 APRIL 2023

 
EXPERIENCE TRAVEL GROUP LTD
 
 
COMPANY INFORMATION


Directors
R A Armstrong 
S G Clark 
M J Nicholas 
T Armstrong 




Registered number
05071391



Registered office
8th Floor Becket House
36 Old Jewry

London

EC2R 8DD




Trading Address
7 Prescott Place
Clapham

London

SW4 6BS






Accountants
Elman Wall Limited

8th Floor

Becket House

36 Old Jewry

London

EC2R 8DD





 
EXPERIENCE TRAVEL GROUP LTD
 

CONTENTS



Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 14


 
EXPERIENCE TRAVEL GROUP LTD
REGISTERED NUMBER: 05071391

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 5 
187
250

Tangible assets
 6 
45,794
46,822

  
45,981
47,072

Current assets
  

Debtors: amounts falling due within one year
 7 
481,795
391,754

Cash at bank and in hand
 8 
804,240
478,760

  
1,286,035
870,514

Creditors: amounts falling due within one year
 9 
(1,112,187)
(627,494)

Net current assets
  
 
 
173,848
 
 
243,020

Total assets less current liabilities
  
219,829
290,092

Creditors: amounts falling due after more than one year
 10 
(178,007)
(266,682)

  

Net assets
  
41,822
23,410


Capital and reserves
  

Called up share capital 
  
142
142

Share premium account
 13 
29,958
29,958

Profit and loss account
 13 
11,722
(6,690)

  
41,822
23,410


Page 1

 
EXPERIENCE TRAVEL GROUP LTD
REGISTERED NUMBER: 05071391
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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.




S G Clark
Director

The notes on pages 3 to 14 form part of these financial statements.

Page 2

 
EXPERIENCE TRAVEL GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

1.


General information

Experience Travel Group Limited is a private company limited by shares incorporated in England, United Kingdom. The address of the registered office is 8th Floor, Becket House, 36 Old Jewry, London, EC2R 8DD. The trading address of the company is 7 Prescott Place, Clapham, London, SW4 6BS.
The nature of the company's operations and principal activities are that of a specialist 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 Section 1A of 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.

  
2.2

Turnover

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

 
2.3

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.
The directors consider it appropriate to prepare the financial statements on a going concern basis.

Page 3

 
EXPERIENCE TRAVEL GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.4

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.

 
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 of a revenue nature are recognised in the profit and loss account 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 year in which they are incurred.

Page 4

 
EXPERIENCE TRAVEL GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
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 Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.11

Current and deferred taxation

The tax expense for the year 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 reporting 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 reporting 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 reporting date.

  
2.12

Advance receipts and payments

All revenue relating to tours with departure dates after the year end are treated as advance receipts at the balance sheet date and are separately disclosed in other creditors. Payments made to suppliers in respect of these tours are included in prepayments and accrued income.

 
2.13

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.

Page 5

 
EXPERIENCE TRAVEL GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.14

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.

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:

Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance

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.

 
2.15

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.

 
2.16

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.

 
2.17

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.

Page 6

 
EXPERIENCE TRAVEL GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.18

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 reporting 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 Statement of financial position.

Page 7

 
EXPERIENCE TRAVEL GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.19

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.

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.


Other operating income

2023
2022
£
£

Local government grants receivable
-
15,000

Net rents receivable
-
10,363

Government grants receivable - Coronavirus Job Retention Scheme
-
112,793

-
138,156



4.


Employees

The average monthly number of employees, including directors, during the year was 15 (2022 - 14).

Page 8

 
EXPERIENCE TRAVEL GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

5.


Intangible assets




Software costs

£



Cost


At 1 May 2022
12,605



At 30 April 2023

12,605



Amortisation


At 1 May 2022
12,355


Charge for the year on owned assets
63



At 30 April 2023

12,418



Net book value



At 30 April 2023
187



At 30 April 2022
250



Page 9

 
EXPERIENCE TRAVEL GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

6.


Tangible fixed assets





Plant and machinery
Motor vehicles
Total

£
£
£



Cost or valuation


At 1 May 2022
257,752
8,854
266,606


Additions
14,574
-
14,574



At 30 April 2023

272,326
8,854
281,180



Depreciation


At 1 May 2022
212,583
7,201
219,784


Charge for the year on owned assets
15,189
413
15,602



At 30 April 2023

227,772
7,614
235,386



Net book value



At 30 April 2023
44,554
1,240
45,794



At 30 April 2022
45,169
1,653
46,822

Page 10

 
EXPERIENCE TRAVEL GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

7.


Debtors

2023
2022
£
£


Other debtors
56,663
138,713

Prepayments and deferred cost
351,808
174,400

Deferred taxation
73,324
78,641

481,795
391,754


Prepayments and deferred cost includes £313,627 (2022: £145,200) of amounts paid to suppliers in respect of future departures.


8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
804,240
478,760

804,240
478,760



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
62,500
62,500

Trade creditors
180,129
52,413

Corporation tax
-
4,280

Other taxation and social security
25,900
8,510

Other creditors
10,676
8,700

Accruals and deferred income
832,982
491,091

1,112,187
627,494


Accruals and deferred income in the above and below includes £750,601 (2022: £472,925) of amounts received from customers in respect of future departures.

Page 11

 
EXPERIENCE TRAVEL GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
67,708
130,208

Other creditors
95,000
95,000

Accruals and deferred income
15,299
41,474

178,007
266,682


At the year end £95,000 (2022: £95,000) was due to R A Armstrong.


11.


Loans


2023
2022
£
£

Amounts falling due within one year

Bank loans
62,500
62,500


62,500
62,500


Amounts falling due 2-5 years

Bank loans
67,708
130,208


67,708
130,208


130,208
192,708


A Government backed Coronavirus Business Interruption Loan (CBIL) was taken by the Company amounting to £250,000 in May 2020. This is repayable over 5 years.

Page 12

 
EXPERIENCE TRAVEL GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

12.


Deferred taxation




2023
2022


£

£






At beginning of year
78,641
19,630


Charged to profit or loss
(5,317)
59,011



At end of year
73,324
78,641

The deferred tax asset is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(9,887)
(9,881)

Losses and other deductions
83,211
88,522

73,324
78,641


13.


Reserves

Share premium account

This reserve records the amount above the nominal value received for shares sold, less transaction costs.

Profit and loss account

Profit and loss account includes all current and prior year retained profits.


14.


Contingent liabilities

As at 30 April 2023, there were contingent liabilities given by the Company in the normal course of business in respect of an insurance backed ABTA bond, amounting to £94,172  (2022: £132,515).


15.


Pension commitments

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 £13,121 (2022: £9,287). Contributions totalling £3,627 (2022: 2,925) were payable to the fund at the balance sheet date.

Page 13

 
EXPERIENCE TRAVEL GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

16.


Commitments under operating leases

At 30 April 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
45,522
11,713

Later than 1 year and not later than 5 years
199,914
-

245,436
11,713


17.Other financial commitments

The Company enters into forward contracts to mitigate the exchange rate risk for future currency payables. At 30 April 2023, the Company is committed to selling £1,317,508 (2022: £1,246,969) and receiving a fixed amount of USD, THB, INR & SGD. The outstanding contracts all mature within 24 months.


18.


Related party transactions

During the year the company made advancements to a director amounting to £9,134 (2022: £209).  £209 (2022: £619) of this was repaid during the year, leaving a balance of £8,925 (2022: £410) due to the company at the year end. This amount has subsequently been repaid within nine months after the year end.


19.


Controlling party

The ultimate controlling party is Inquisitive Traveller Limited as of 29 March 2023, with 100%  shareholding. Transfer of all shares were at non -cash consideration.

 
Page 14