Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2022-04-01falseTour operator and travel agent89true 03713724 2022-04-01 2023-03-31 03713724 2021-04-01 2022-03-31 03713724 2023-03-31 03713724 2022-03-31 03713724 c:Director3 2022-04-01 2023-03-31 03713724 d:FurnitureFittings 2022-04-01 2023-03-31 03713724 d:FurnitureFittings 2023-03-31 03713724 d:FurnitureFittings 2022-03-31 03713724 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 03713724 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-31 03713724 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-03-31 03713724 d:Goodwill 2022-04-01 2023-03-31 03713724 d:Goodwill 2023-03-31 03713724 d:Goodwill 2022-03-31 03713724 d:CurrentFinancialInstruments 2023-03-31 03713724 d:CurrentFinancialInstruments 2022-03-31 03713724 d:CurrentFinancialInstruments 1 2023-03-31 03713724 d:CurrentFinancialInstruments 1 2022-03-31 03713724 d:Non-currentFinancialInstruments 2023-03-31 03713724 d:Non-currentFinancialInstruments 2022-03-31 03713724 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 03713724 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 03713724 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 03713724 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 03713724 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 03713724 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-03-31 03713724 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 03713724 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-03-31 03713724 d:ShareCapital 2023-03-31 03713724 d:ShareCapital 2022-03-31 03713724 d:RetainedEarningsAccumulatedLosses 2023-03-31 03713724 d:RetainedEarningsAccumulatedLosses 2022-03-31 03713724 c:FRS102 2022-04-01 2023-03-31 03713724 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 03713724 c:FullAccounts 2022-04-01 2023-03-31 03713724 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 03713724 2 2022-04-01 2023-03-31 03713724 d:Goodwill d:OwnedIntangibleAssets 2022-04-01 2023-03-31 03713724 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure
Registered number: 03713724


WORLD ODYSSEY LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

 
WORLD ODYSSEY LIMITED
REGISTERED NUMBER: 03713724

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
15,001
38,126

Tangible assets
 5 
4,120
3,423

  
19,121
41,549

Current assets
  

Debtors
 6 
809,210
680,112

Cash at bank and in hand
 7 
1,096,886
698,259

  
1,906,096
1,378,371

Creditors: amounts falling due within one year
 8 
(1,310,802)
(983,861)

Net current assets
  
 
 
595,294
 
 
394,510

Total assets less current liabilities
  
614,415
436,059

Creditors: amounts falling due after more than one year
 9 
(120,833)
(170,833)

  

Net assets
  
493,582
265,226


Capital and reserves
  

Called up share capital 
  
37,500
37,500

Profit and loss account
  
456,082
227,726

  
493,582
265,226


Page 1

 
WORLD ODYSSEY LIMITED
REGISTERED NUMBER: 03713724
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 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 by: 




................................................
M Worrall
Director

Date: 31 July 2023

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
WORLD ODYSSEY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


GENERAL INFORMATION

World Odyssey Limited is a private Company limited by shares registered and incorporated in England  and Wales. The address of the registered Company is given on the Company Information page of these financial statements.
The principle activity of the Company continued to be that of tour operators and travel agents supplying luxury holidays.

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

INTANGIBLE ASSETS

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of comprehensive income over its useful economic life.

 Amortisation is provided on the following bases:

Goodwill
-
10%
straight line

  
2.3

Turnover

Turnover represents gross revenue derived from tour operations carried out in principle activity and amounts receivable for commission and similar earnings in respect of agency activities net of VAT and trade discounts. Turnover and related costs are recognised on a departure date basis. 

 
2.4

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 3

 
WORLD ODYSSEY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.ACCOUNTING POLICIES (CONTINUED)


2.4
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:

Fixtures and fittings
-
10% / 33.33% reducing balance 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.

 
2.5

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.

 
2.6

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.

 
2.7

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.

 
2.8

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 4

 
WORLD ODYSSEY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.9

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.

  
2.10

Dividends

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

 
2.11

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.

 
2.12

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.

 
2.13

INTEREST INCOME

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

Page 5

 
WORLD ODYSSEY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.14

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.

 
2.15

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.

  
2.16

Advance holiday receipts and expenditure

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

  
2.17

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.
During the year the Company benefited from taking advantage of government support in the form of the Coronavirus Job Retention Scheme (CJRS), Small business grant and Rates relief (see note 3).

Page 6

 
WORLD ODYSSEY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.18

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.

 
2.19

BORROWING COSTS

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


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 8 (2022 - 9).

Page 7

 
WORLD ODYSSEY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


INTANGIBLE ASSETS




Development expenditure
Goodwill
Total

£
£
£



Cost


At 1 April 2022
6,750
231,250
238,000



At 31 March 2023

6,750
231,250
238,000



Amortisation


At 1 April 2022
6,750
193,124
199,874


Charge for the year on owned assets
-
23,125
23,125



At 31 March 2023

6,750
216,249
222,999



Net book value



At 31 March 2023
-
15,001
15,001



At 31 March 2022
-
38,126
38,126

Goodwill brought forward relates to the incorporation of trade and assets of Sue Lewis Travel LLP on 1 March 2012, and £25,000 of this relates to the amount paid in connection with the acquisition of the client database of Safari Club Limited.



Page 8

 
WORLD ODYSSEY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


TANGIBLE FIXED ASSETS





Fixtures and fittings

£



Cost or valuation


At 1 April 2022
50,229


Additions
2,307



At 31 March 2023

52,536



Depreciation


At 1 April 2022
46,806


Charge for the year on owned assets
1,610



At 31 March 2023

48,416



Net book value



At 31 March 2023
4,120



At 31 March 2022
3,423

Page 9

 
WORLD ODYSSEY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


DEBTORS

2023
2022
£
£



Trade debtors
3,937
40,575

Other debtors
18,409
147,313

Prepayments and accrued income
735,424
471,298

Deferred taxation
32,531
20,416

Financial Instruments
18,909
510

809,210
680,112


Prepayments and accrued income includes £727,111 (2022: £459,241) of amounts paid to suppliers in respect of future departures.


7.


CASH AND CASH EQUIVALENTS

2023
2022
£
£

Cash at bank and in hand
1,096,886
698,259

1,096,886
698,259



8.


CREDITORS: Amounts falling due within one year

2023
2022
£
£

Bank loans
50,000
50,000

Trade creditors
1,172
3,741

Corporation tax
105,346
8,999

Other creditors
8,567
56,165

Accruals and deferred income
1,145,717
864,956

1,310,802
983,861


Included within accruals and deferred income is £1,138,348 (2022: £861,299) of monies received from clients in respect of holidays departing after the year end.
On 27th November 2020, the Company created a fixed charge and negative pledge in favour of National Westminster Bank PLC.

Page 10

 
WORLD ODYSSEY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

9.


CREDITORS: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
120,833
170,833

120,833
170,833



10.


LOANS


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
50,000
50,000


50,000
50,000

Amounts falling due 1-2 years

Bank loans
50,000
50,000


50,000
50,000

Amounts falling due 2-5 years

Bank loans
70,833
120,833


70,833
120,833


170,833
220,833


In 2021, a government backed Coronavirus Business Interruption Loan (CBIL) was taken with National Westminster Bank PLC by the Company amounting to £250,000. The balance on the loan as at 31 March 2023 was £170,833.


11.


CONTINGENT LIABILITIES

The Company currently holds an Air Travel Organiser's License (ATOL) issued by the Civil Aviation Authority (CAA) and is a member of the Association of British Travel Agents Limited (ABTA).
As at 31 March 2023, there were contingent liabilities given by the Company in the normal course of business in respect of ABTA bonds, amounting to £202,349 (2022: £82,669).

Page 11

 
WORLD ODYSSEY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

12.


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 £56,155 (2022: £3,787). Contributions totalling to £1,297 (2021: £645) were payable to the fund at the balance sheet date.


13.OTHER FINANCIAL COMMITMENTS

The Company enters into forward currency contracts to mitigate the exchange rate risk for certain future foreign currency payables. As at the year end,  the Company is committed to purchasing 250,000 dollars. At the year end this has been fair valued resulting a gain of £18,909 (2022: £510 loss). 
There were no other outstanding contracts as at the year end.


14.


RELATED PARTY TRANSACTIONS

During the year, the company made sales to the following related parties:
Mr F Kenyon-Slaney's close family -  Sales of £26,263.
Mr P Birley's close family - Sales of £38,778.
Mr M Worrall's close family - Sales of £17,734.
There were no outstanding balances due at the year end in respect of the above sales.
At the balance sheet date the company owed: 
£1,000 to Mr F Kenyon-Slaney
£938 to Mr P Birley 
£833 to Mr M Worrall
The following dividends were paid during the year:
Mr F Kenyon-Slaney - £42,000 (2022: £18,750)
Mrs F Kenyon-Slaney - £28,000 (2022: £12,500)
Mr P Birley - £42,000 (2022: £18,750)
Mrs J Birley - £28,000 (2022: £12,500)
Mr M Worrall - £70,000 (2022: £31,250)


15.


Controlling party

The company is controlled by Mr F Kenyon-Slaney, Mr P Birley and Mr M Worrall.

 
Page 12