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Registered number: 01300261









KENWOOD TRAVEL LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

 
KENWOOD TRAVEL LIMITED
 
 
COMPANY INFORMATION


Director
G Koumi 




Company secretary
E Santos



Registered number
01300261



Registered office
5-8 Moorgate House
Dysart Street

London

EC2A 2BX




Independent auditors
White Hart Associates (London) Limited
Chartered Accountants and Statutory Auditors

2nd Floor, Nucleus House

2 Lower Mortlake Road

Richmond

TW9 2JA





 
KENWOOD TRAVEL LIMITED
 

CONTENTS



Page
Strategic Report
1 - 3
Director's Report
4 - 6
Independent Auditors' Report
7 - 10
Income Statement
11
Statement of Comprehensive Income
12
Statement of Financial Position
13
Statement of Changes in Equity
14
Statement of Cash Flows
15 - 16
Analysis of Net Debt
17
Notes to the Financial Statements
18 - 28


 
KENWOOD TRAVEL LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023

Introduction
 
The director presents his strategic report for the year ended 31 March 2023.

Section 172 (1) Statement
 
The information provided below is intended to explain how the director considered the interests of the Company’s key stakeholders and the broader matters set out in section 172 (1) (a) to (f) of the Companies Act 2006 when performing his duty to promote the success of the Company under section 172 of the Companies Act 2006.
Business review
The directors were very pleased with the remarkable performance of the Company for 2023. The Company recorded an amazing increase in sales and profit, surpassing all previous records. Sales increased by over 97% and Profit before tax increased by 41%, compared to the prior year. The growth can be attributed to several factors including effective cost management and successful sales and marketing strategies and maintaining a high percentage of repeat clients.
The Company recognises and applauds the exceptional performance demonstrated by its employees throughout the year. Their relentless efforts dedication, skill and commitment have played a pivotal role in propelling the Company’s success. The Company has offered Private Health Insurance to all employees, plus 1 year’s free Priority Pass membership giving them free access to airport lounges. 
Key performance indicators
The Company continues monitoring KPIs in respect of turnover, gross profit and profit before tax.
Travel regulatory bodies
The Company holds an ATOL granted by the CAA which falls due for renewal in September 2024.
Principal risks and uncertainties
The risk factors described below are those which the director believes are potentially significant but should not be regarded as a complete and comprehensive statement of all potential risks and uncertainties facing the Company.
Regulatory risk:
The Company is exposed to various regulators, including the Civil Aviation Authority ("CAA"), which issues an Air
Travel Organisers Licence ("ATOL"), which is required in order for the Company to operate. This licence is renewed in September each year and is subject to assessments of fitness and financial criteria, the framework of which is available on the CAA website (www.caa.co.uk).
Geo-political events and natural disasters:
The nature of the business operation exposes the Company to a wide range of Geo-political and natural disasters. To counter this the Company operates a flexible business model with the ability to shift capacity amongst a variety of destinations where necessary.


 

Page 1

 
KENWOOD TRAVEL LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023


Commercial relationships:
The Company has well established and close relationships with customers and suppliers and the risk is spread by not placing over-reliance on any one supplier in any particular area. However, if a relationship were lost or damaged with a major supplier this could have a detrimental effect on the business. The management team meets regularly with suppliers to maintain good working relationships and to understand the suppliers' financial position.
Information technology:
The Company is heavily reliant upon information technology. Investment is being made to ensure the Company has advanced and efficient systems in place, but there is a risk if there were a major failure - particularly if it were to affect selling systems. Procedures are in place to minimise the time a selling system is unavailable in the event of such failure.
Commercial risks:
The Company's trading performance can be affected by environmental factors, which include
· acts of terrorism, particularly in key tourist destinations:
· natural disasters in key tourist destinations:
· weather conditions, both in the UK and in key tourist destinations:
· health epidemics in key tourist destinations and the UK:
· increases in government taxes in both UK and overseas:
· wars or other international incidents which affect air or sea travel:
- impact on profitability and bookings due to higher cost of living and inflation.

Financial key performance indicators
 
The key performance indicators used by the director to monitor the progress of the Company are set out below.

2023
2022
£
£
Turnover

83,221,706

42,122,126

Gross profit

10,462,199

5,752,935

Gross profit margin %

12.57%

13.66%

Profit/(loss) before tax

3,588,450

2,546,215


Director's statement of compliance with duty to promote the success of the Company
 
The director believes that he has acted at all times to promote the success of the Company for the benefit of its members as a whole. In doing so, the Board has considered the interests of a range of stakeholders impacted by the business, as well as having regard for the matters set out in s.172(1) of the Companies Act 2006, namely:
- the likely consequences of any decisions in the long term;
- the interests of the Company's employees;
- the need to foster the Company's business relationships with suppliers, customers and others;
- the impact of the Company's operations on the community and the environment;
- the desirability of the Company maintaining a reputation for high standards of business conduct; and
- the need to act fairly as between members of the Company.

Page 2

 
KENWOOD TRAVEL LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023


This report was approved by the board on 30 August 2023 and signed on its behalf.



G Koumi
Director

Page 3

 
KENWOOD TRAVEL LIMITED
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2023

The director presents his report and the financial statements for the year ended 31 March 2023.

Director's responsibilities statement

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 2006He 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 director is also responsible for the maintenance and integrity of the corporate and financial information included on the Company's website.

Principal activity

The Company's principal activity during the year continued to be that of a tour operator.

Results and dividends

The profit for the year, after taxation, amounted to £2,901,790 (2022 - £2,133,248).

Ordinary interim divdends were paid amounting to £500,000 (2022 - £Nil). The directors do not recommend payment of a final dividend.

Director

The director who served during the year was:

G Koumi 

Page 4

 
KENWOOD TRAVEL LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023

Future developments

Travel operations have improved in the year to 31 March 2023 as the impact of Covid-19 pandemic has receded with international borders reopening in full. The company will continue to provide tour operator services and the Directors expect to maintain the Company's market share during the year March 2024.

Engagement with suppliers, customers and employees

The Company’s key internal and external stakeholders are their employees, customers, suppliers, shareholders and other relevant business partners. I, as director, uphold these relationships with the greatest importance. The interest and welfare of all the Company’s stakeholders are at the centre of our decision-making processes, as is the aim to promote the success of the Company for the benefit of all stakeholders. I, as director, believe that the Company’s actions in relation to achieving its strategic objectives are in line with the interest of its employees and the Company’s desire to foster positive business relationships with customers, suppliers and other relevant business partners.
The Company has a policy of fairness to all suppliers with the timeous payment of invoices. The Company protects the financial interest of customers by safeguarding their monies, and not using such monies to finance the working capital of the Company. This ensures customer funds are only used on supplying the consumer with their desired holiday arrangement.
The Company’s employment policy is to provide equal opportunities to all current and prospective employees without any discrimination. The Company provides work environments in which all individuals are treated with respect and dignity.

Greenhouse gas emissions, energy consumption and energy efficiency action

The Company has not disclosed information in respect of greenhouse gas emissions, energy consumption and energy efficiency action as its energy consumption in the United Kingdom for the year is 40,000kWh or lower.

Disclosure of information to auditors

The director at the time when this Director's Report is approved has confirmed that:
 
so far as  is aware, there is no relevant audit information of which the Company's auditors are unaware, and

 has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsWhite Hart Associates (London) Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 5

 
KENWOOD TRAVEL LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023

This report was approved by the board on 30 August 2023 and signed on its behalf.
 





G Koumi
Director

Page 6

 
KENWOOD TRAVEL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KENWOOD TRAVEL LIMITED
 

Opinion


We have audited the financial statements of Kenwood Travel Limited (the 'Company') for the year ended 31 March 2023, which comprise the Income Statement, the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 31 March 2023 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 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.


Conclusions relating to going concern


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.


Page 7

 
KENWOOD TRAVEL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KENWOOD TRAVEL LIMITED (CONTINUED)


Other information


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.


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 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.


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 Strategic Report or the Director's Report.


We have nothing to report in respect of the following matters in relation to which 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 director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Director's Responsibilities Statement set out on page 4, the director is 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 director determines is 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 director is 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 director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 8

 
KENWOOD TRAVEL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KENWOOD TRAVEL LIMITED (CONTINUED)


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 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:

- We exercise professional judgement and maintain professional scepticism throughout the audit;
- We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the deliberate override of internal control;
- We obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of internal control;
- We evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made;
- We assess the risk of management override of controls, including testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business;
- We review the scope of the Company's compliance with its regulator, the Civil Aviation Authority ("CAA"), its membership of The Association of British Travel Agents ("ABTA") and its accreditation with the International Air Transport Association ("IATA") and sample test relevant documentation to assess this and the effectiveness of its control environment;
- We review the Company's relationships with related parties, identifying and disclosing transactions during the year and balances at year-end with such parties;
- We conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the entity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the entity to cease to continue as a going concern.


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.


Page 9

 
KENWOOD TRAVEL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KENWOOD TRAVEL LIMITED (CONTINUED)


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 2006Our 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.





Ms N A Spoor FCA FCCA (Senior Statutory Auditor)
  
for and on behalf of
White Hart Associates (London) Limited
 
Chartered Accountants and Statutory Auditors
  
2nd Floor, Nucleus House
2 Lower Mortlake Road
Richmond
TW9 2JA

30 August 2023
Page 10

 
KENWOOD TRAVEL LIMITED
 
 
INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023

2023
2022
Note
£
£

  

Turnover
 4 
83,221,706
42,122,126

Cost of sales
  
(72,759,507)
(36,369,191)

Gross profit
  
10,462,199
5,752,935

Distribution costs
  
(1,840,251)
(397,997)

Administrative expenses
  
(4,842,726)
(3,467,901)

Other operating income
 5 
-
334,690

Fair value movements on translation of foreign currency contracts
  
(282,404)
233,160

Operating profit
 6 
3,496,818
2,454,887

Interest receivable and similar income
 10 
133,248
45,589

Other finance income
  
(41,616)
45,739

Profit before tax
  
3,588,450
2,546,215

Tax on profit
 11 
(686,660)
(465,900)

Profit for the financial year
  
2,901,790
2,080,315

The notes on pages 18 to 28 form part of these financial statements.

Page 11

 
KENWOOD TRAVEL LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023

2023
2022
Note
£
£


Profit for the financial year

  

2,901,790
2,080,315

Other comprehensive income
  

Total comprehensive income for the year
  
2,901,790
2,080,315

The notes on pages 18 to 28 form part of these financial statements.

Page 12

 
KENWOOD TRAVEL LIMITED
REGISTERED NUMBER: 01300261

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 13 
55,483
62,579

  
55,483
62,579

Current assets
  

Debtors: amounts falling due within one year
 14 
9,659,773
12,485,308

Current asset investments
 15 
1,542,603
1,084,219

Cash at bank and in hand
 16 
18,754,138
17,152,013

  
29,956,514
30,721,540

Creditors: amounts falling due within one year
 17 
(22,091,976)
(25,265,888)

Net current assets
  
 
 
7,864,538
 
 
5,455,652

Total assets less current liabilities
  
7,920,021
5,518,231

  

Net assets
  
7,920,021
5,518,231


Capital and reserves
  

Called up share capital 
 18 
90,000
90,000

Capital redemption reserve
 19 
31,814
31,814

Profit and loss account
 19 
7,798,207
5,396,417

  
7,920,021
5,518,231


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 August 2023.




G Koumi
Director

The notes on pages 18 to 28 form part of these financial statements.

Page 13

 
KENWOOD TRAVEL LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£


At 1 April 2021
90,000
6,429
5,566,102
5,662,531


Comprehensive income for the year

Profit for the year
-
-
2,080,315
2,080,315
Total comprehensive income for the year
-
-
2,080,315
2,080,315

Purchase of own shares
-
25,385
(2,250,000)
(2,224,615)

Shares issued during the year
25,385
-
-
25,385

Shares redeemed during the year
(25,385)
-
-
(25,385)


Total transactions with owners
-
25,385
(2,250,000)
(2,224,615)



At 1 April 2022
90,000
31,814
5,396,417
5,518,231


Comprehensive income for the year

Profit for the year
-
-
2,901,790
2,901,790
Total comprehensive income for the year
-
-
2,901,790
2,901,790

Dividends: Equity capital
-
-
(500,000)
(500,000)


Total transactions with owners
-
-
(500,000)
(500,000)


At 31 March 2023
90,000
31,814
7,798,207
7,920,021


The notes on pages 18 to 28 form part of these financial statements.

Page 14

 
KENWOOD TRAVEL LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
2,901,790
2,080,315

Adjustments for:

Depreciation of tangible assets
13,785
9,282

Loss on disposal of tangible assets
15,515
-

Coronavirus (Covid-19) business support grants
-
(334,690)

Interest received
(133,248)
(45,589)

Taxation charge
686,660
465,900

Decrease/(increase) in debtors
2,687,736
(9,299,552)

(Decrease)/increase in creditors
(3,531,034)
12,053,398

Net fair value losses/(gains) recognised in P&L
324,020
(278,899)

Corporation tax (paid)/received
(474,143)
301,157

Net cash generated from operating activities

2,491,081
4,951,322


Cash flows from investing activities

Purchase of tangible fixed assets
(22,204)
(13,831)

Purchase of unlisted investments
(500,000)
-

Coronavirus (Covid-19) business support grants
-
334,690

Interest received
133,248
45,589

Net cash from investing activities

(388,956)
366,448

Cash flows from financing activities

Purchase of own shares
-
(2,250,000)

Dividends paid
(500,000)
-

Net cash used in financing activities
(500,000)
(2,250,000)

Net increase in cash and cash equivalents
1,602,125
3,067,770

Cash and cash equivalents at beginning of year
17,152,013
14,084,243

Cash and cash equivalents at the end of year
18,754,138
17,152,013


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
18,754,138
17,152,013

18,754,138
17,152,013


Page 15

 
KENWOOD TRAVEL LIMITED
 
The notes on pages 18 to 28 form part of these financial statements.

Page 16

 
KENWOOD TRAVEL LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2023





At 1 April 2022
Cash flows
Other non-cash changes
At 31 March 2023
£

£

£

£

Cash at bank and in hand

17,152,013

1,602,125

-

18,754,138

Debt due within 1 year

(11,026)

1,639

-

(9,387)

Liquid investments

137,799

-

(137,799)

-


17,278,786
1,603,764
(137,799)
18,744,751

The notes on pages 18 to 28 form part of these financial statements.

Page 17

 
KENWOOD TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Kenwood Travel Limited is a private company limited by shares, domiciled in England and Wales, registration number 01300261. The registered office is 5-8 Moorgate House, Dysart Street, London, EC2A 2BX.

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).

The following principal accounting policies have been applied:

 
2.2

Going concern

Company management and the director have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, being at least the following 12 months from the signing of these financial statements. This is supported by the strong performance seen so far in the first half of 2023. As a result, and with the Company continuing to receive the full support of its shareholders, the director believes that it is still appropriate to apply the going concern basis for the foreseeable future.

 
2.3

Revenue

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. 

Turnover is recognised on the date of departure basis.

 
2.4

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 Income Statement in the same period as the related expenditure.

 
2.5

Interest income

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

Page 18

 
KENWOOD TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.6

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.

 
2.7

Taxation

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.

 
2.8

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
-
20%
Fixtures and fittings
-
10%

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.

 
2.9

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.

Page 19

 
KENWOOD TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.10

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.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.11

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.

 
2.12

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.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

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 Income Statement.

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 of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an 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.

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.

Page 20

 
KENWOOD TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other including expectations of future events that are believed to be reasonable under the circumstances.
a) Critical judgments in applying the Company's accounting policies
The director believes that there are no critical judgments involved in applying the Company's accounting policies that warrant disclosure.
b) Key accounting estimates and assumptions
The director believes that there are no key accounting estimates and assumptions involved in applying the
Company's accounting policies that warrant disclosure.


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Tour operator
83,221,706
42,122,126

83,221,706
42,122,126


2023
2022
£
£

United Kingdom
83,221,706
42,122,126

83,221,706
42,122,126


All turnover arose within the United Kingdom.

Page 21

 
KENWOOD TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Other operating income

2023
2022
£
£

Coronavirus (Covid-19) business support grants
-
334,690

-
334,690



6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation
13,785
9,282

Fees payable to the Company's auditors for the audit of the Company's annual financial statements
28,000
28,000

Other operating lease  rentals
218,653
206,084

Defined contribution pension scheme
53,816
40,674


7.


Auditors' remuneration

2023
2022
£
£


Fees payable to the Company's auditor and its associates for the audit of the Company's annual financial statements
28,000
28,000



Page 22

 
KENWOOD TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

8.


Employees

Staff costs, including director's remuneration, were as follows:


2023
2022
£
£

Wages and salaries
2,667,621
1,858,116

Social security costs
306,371
193,147

Cost of defined contribution scheme
53,816
40,674

3,027,808
2,091,937


The average monthly number of employees, including the director, during the year was as follows:


        2023
        2022
            No.
            No.







Management
1
1



Sales
20
20



Administrative
38
29

59
50


9.


Director's remuneration

2023
2022
£
£

Director's emoluments
20,000
58,000

Company contributions to defined contribution pension schemes
4,000
4,000

24,000
62,000


During the year retirement benefits were accruing to 1 director (2022 - 1) in respect of defined contribution pension schemes.


10.


Interest receivable

2023
2022
£
£


Other interest receivable
133,248
45,589

133,248
45,589

Page 23

 
KENWOOD TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
686,660
465,900


686,660
465,900


Total current tax
686,660
465,900

Deferred tax

Total deferred tax
-
-


Taxation on profit on ordinary activities
686,660
465,900

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - lower than) the standard rate of corporation tax in the UK of 19% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
3,588,450
2,546,215


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
681,806
483,781

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
8,194
(8,690)

Capital allowances for year in excess of depreciation
(3,029)
(1,054)

Adjustments to tax charge in respect of prior periods
-
(8,243)

Short term timing difference leading to an increase (decrease) in taxation
(311)
106

Total tax charge for the year
686,660
465,900


Factors that may affect future tax charges

A change to the main UK corporation tax rate, announced in the Budget on 11 March 2021, was substantively enacted on 24 May 2021, whereby the tax rate applicable for years starting from 1 April 2023 increased to 25% from current tax rate of 19%. 

Page 24

 
KENWOOD TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

12.


Dividends

2023
2022
£
£


Interim dividends paid
500,000
-

500,000
-


13.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 April 2022
121,156
67,925
189,081


Additions
21,491
713
22,204


Disposals
(48,514)
(32,172)
(80,686)



At 31 March 2023

94,133
36,466
130,599



Depreciation


At 1 April 2022
81,711
44,791
126,502


Charge for the year on owned assets
11,375
2,410
13,785


Disposals
(43,139)
(22,032)
(65,171)



At 31 March 2023

49,947
25,169
75,116



Net book value



At 31 March 2023
44,186
11,297
55,483



At 31 March 2022
39,445
23,134
62,579

Page 25

 
KENWOOD TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

14.


Debtors

2023
2022
£
£


Trade debtors
87,273
94,524

Other debtors
2,793,442
3,080,623

Prepayments and accrued income
6,779,058
9,172,362

Financial instruments
-
137,799

9,659,773
12,485,308


Included in prepayments and accrued income is the sum of £6,693,996 (2022: £9,112,430) of supplier payments made in advance for departures post 31 March 2023. 


15.


Current asset investments

2023
2022
£
£

Listed investments
1,584,219
1,038,480

Listed investments - fair value revaluations
(41,616)
45,739

1,542,603
1,084,219


The investment comprises of a portfolio of shares and securities stated at market value.
The market value of investments at the balance sheet date was in excess of its original cost.
Gains and losses on investments' valuations movements are reflected through the profit and loss account.
Investments are held by St. James's Place Wealth Management who revalued them as at 31 March 2023.


16.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
18,754,138
17,152,013

18,754,138
17,152,013


Page 26

 
KENWOOD TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

17.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
1,345,043
1,251,330

Corporation tax
686,660
474,143

Other taxation and social security
90,510
87,003

Other creditors
54,477
14,865

Accruals and deferred income
19,770,681
23,438,547

Financial instruments
144,605
-

22,091,976
25,265,888


Included in accruals and deferred income is the sum of £19,351,393 (2022: £23,321,280) of customer monies received in advance for departures post 31 March 2023. 


18.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



90,000 (2022 - 90,000) Ordinary shares shares of £1.00 each
90,000
90,000

During the previous year the Company issued 25,385 Ordinary bonus shares of £1 each. It subsequently bought back 25,385 Ordinary shares of £1 each and cancelled them for a total consideration of £2,250,000.



19.


Reserves

Capital redemption reserve

Capital redemption reserve represents the nominal value of shares repurchased by the Company.

Profit and loss account

The profit and loss account represents the net distributable reserves of the Company at the date of the statement of financial position.


20.


Contingent liabilities

At 31 March 2023, there were contingent liabilities outstanding in respect of counter indemnities given by the Company, in the normal course of business, to the Company's bond insurance obligors in respect of ABTA travel bonds amounting to £45,000 (2022: £45,000).

Page 27

 
KENWOOD TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

21.


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 charge represents contributions payable by the Company to the fund and amounted to £53,816 (2022: £40,674). Outstanding contributions amounted to £9,387 (2022: £11,026) at the year end. 


22.


Related party transactions

Choice Vacations Limited - Mr Brett Collins a former director and a shareholder, was also a director and shareholder of Choice Vacations Limited. There were no payments of conusltancy fees in the year and no amounts due to the related party at the year end.
Rivington Secretarial Services - Mr George Koumi a director and a shareholder, is also the owner of Rivington Secretarial Services. Rivington Secretarial Services was paid rent for the office premises  amounting to £222,894 (2022: £207,990). Amount due from the related party at 31 March 2023 was £Nil (2022: £9,666), shown in debtors due within one year.
Mr George Koumi - Mr George Koumi was paid consultancy fees amounting to £Nil (2022: £75,000). The business also paid £Nil (2022: £21,861) as personal expenses on behalf of Mr George Koumi. Amount due from the related party at 31 March 2023 was £Nil (2022: £21,861), shown in debtors due within one year.
Luxury Travel House Limited - Mr Brett Collins a former director and shareholder, is also a director and shareholder of Luxury Travel House Limited. Luxury Travel House Limited was paid consultancy fees amounting to £50,000 (2022: £208,333). There were no amounts due to the related party at the year end.


23.


BSP outstanding

As at 31 March 2023 the Company had £830,986 (2022: £1,871,784) of payments due to  International Air Transport Association (IATA) for tickets issued in the month of March 2023.


24.


Controlling party

The ultimate controlling party is Mr G Koumi, a director of the Company, by virtue of his 80.89% ownership of the issued share capital of the Company.

 
Page 28