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Registered number: 03167548


TOUR PARTNER GROUP UK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

 
TOUR PARTNER GROUP UK LIMITED
 
 
COMPANY INFORMATION


Directors
P J Maine 
A Graves 




Registered number
03167548



Registered office
Hygeia Building 5th Floor
66-68 College Road

Harrow

Middlesex

HA1 1BE




Independent auditors
Xeinadin Audit Limited
Chartered Accountants & Statutory Auditor

8th Floor Becket House

36 Old Jewry

London

EC2R 8DD





 
TOUR PARTNER GROUP UK LIMITED
 

CONTENTS



Page
Strategic report
1 - 4
Directors' report
5 - 6
Independent auditors' report
7 - 10
Statement of comprehensive income
11
Statement of financial position
12
Statement of changes in equity
13
Notes to the financial statements
14 - 30


 
TOUR PARTNER GROUP UK LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022

Introduction
 
The directors present their Strategic Report, together with the financial statements, for Tour Partner Group UK Limited (the “Company”) for the year ended 31 December 2022.

Business review
 
COVID-19 continued to significantly disrupt the business during the year. Since the outbreak in March 2020 the Company, its customers and the wider industry has had over two years of minimal trading, travel restrictions and operational disruption. The Company has focused on protecting the business and workforce, together with supporting customers and suppliers.
2022 saw significant fluctuations, starting with another lockdown in key markets however from Spring, many travel restrictions were removed and key markets reopened. This resulted in a rapid return of customer demand which outpaced the operational scale-up. Coupled with headwinds from inflation and destination capacity, this impacted margins for the year.
For the year ended 31 December 2022, the key performance indicators have been summarized below.

2022
2021
2019
EUR €m



 
 
Turnover


22.1

0.6
 
43.8
 
Gross profit/(loss)


2.6

0.2
 
11.7
 
Operating profit/(loss)


(3.0)

(0.1)
 
4.3
 
Loss before tax


(2.9)

(0.1)
 
4.4
 
Net current assets


8.0

10.9
 
14.6
 
Net assets


12.3

15.2
 
19.1
 
Headcount (No.)


56

39
 
124
 

Staff costs, the core of the business, increased from €1.7m to €2.8m in the year, reflected in the headcount above. Government grants totalling €0.5m (2021: €1.0m) were received during the year.
The business returned its operational capacity during 2022 and is now ready and focussed for a strong 2023 season, which is already supported by confirmed and pipeline bookings and in line with discussions with our customers and the wider industry.
The Company’s balance sheet remains strong, with net current assets of €8.0m (2021: €10.8m). This includes €28.4m of receivables and €0.5m cash. This balance sheet strength, together with the support of wider Group, shareholders and lenders, has ensured a platform for recovery in 2023 and ahead.

Page 1

 
TOUR PARTNER GROUP UK LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022

Principal risks and uncertainties
 
Pandemics 
As seen in recent years, the disruption and impact from COVID-19 on the travel sector and wider economy has been significant. Recovery has continued in 2021 and 2022, however the predictability of the recovery and operational capacity in the wider industry continues to be a risk. The Company works closely with its customers and suppliers to minimize these risks, however the COVID-19 impact will continue. 
Global economy 
With the recovery of the wider global economy, key market are experiencing high inflation and pricing pressure. The response from governments has and continues to differ, including impacts on direct and indirect taxation. This may impact the business through supplier pricing and customer demand for the groups products and services. The business actively works with its partners to manage pricing pressure wherever possible, and with its lenders and shareholders on the business outlook. 
Information systems and Data security 
The Company’s activities are dependent on the performance of a variety of software packages and the stability of the platforms on which they are hosted, together with the ongoing protection of data. The Company continues to invest in its IT systems and utiises cloud based and off site hosting where appropriate and partners with specialist IT companies to provide support and defense. 

Page 2

 
TOUR PARTNER GROUP UK LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022

Financial risk management objectives and policies

The Company is exposed to a variety of financial risks including foreign currency, liquidity, credit and price risk. The Company has in place a risk management programme that seeks to limit any adverse effect on the financial performance of the Company.
Foreign currency risk
The Company is exposed to foreign currency risk on its operations by virtue of entering into transactions in currencies other than the functional currency of the Euro. In order to manage the risk the Company, when considered appropriate, uses currency accounts and benefits from its parent company, Tour Partner Group Limited, centrally managing treasury risk and foreign exchange hedging programmes for the Group.
Liquidity risk
The Company is financed through available revolving credit facilities and shareholder cash liquidity made available to support working capital needs. See additionally the reference points in the going concern note. The directors consider that the Company has the appropriate funding to meet the needs of the business from existing facilities.
Credit risk
The Company operates tight debt control processes, and evaluates the credit risk profiles of all customers, supported by an independent third party credit risk provider. The Company also operates a treasury and funding operation with group companies, and management closely monitors receivables for impairment.
Price risk
The Company manages price risk by entering into committed pricing with suppliers for hotel allocations and services purchased on an annual basis. Simultaneously the Company will commit to commercial pricing with customers when bookings are confirmed, this commitment is aligned to the cost of products sold thus mitigating the risk.

Substainability

We have a vision to be the leading sustainable DMC in Europe by 2025. To support this vision we continue to invest in sustainability in our operations and our offering as part of our 3P approach – People, Planet and Profit. 
Our teams continue to expand our sustainable tours offering through the UK and wider Group operations. We work closely with our partners to tailor unique, enjoyable, sustainable tours.
We also engage with our teams to consider where we can make improvements in our operations, through how our offices work, our approach to travel, and involve our people in initiatives. As part of this, we expanded an initiative in 2021 to offset our carbon footprint with tree-planting. Our partner plants 12 trees per employee per month – which is due to exceed 125,000 trees in 2022.

Page 3

 
TOUR PARTNER GROUP UK LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022


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



A Graves
Director

Date: 15 November 2023

Page 4

 
TOUR PARTNER GROUP UK LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022

The directors present their report and the financial statements for the year ended 31 December 2022.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are 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 directors are 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;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are 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 them to ensure that the financial statements comply with the Companies Act 2006They are 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.

Principal activity

The principal activity of the Company is the business of an incoming UK tour operator.

Results and dividends

The loss for the year, after taxation, amounted to 2,926,589 (2021 - loss 187,575).

The directors do not recommend the payment of a dividend (2021 - €nil)

Directors

The directors who served during the year were:

P J Maine 
M Pharoah (resigned 15 March 2023) 

Since the year end A Graves was appointed as a director on 15 March 2023.

Page 5

 
TOUR PARTNER GROUP UK LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022

Future developments

The 2023 season to date has seen rapid recovery and growth both for the Company and wider industry. This rapid return of demand has been challenging for the industry. The Company works closely with its customers and partners to minimize and solve any potential disruption, and continues to invest in its people and IT systems to support the growth. 
The continued support of shareholders and lenders throughout the pandemic and recovery has been key to ensure the opportunities can be maximized in 2023 and beyond. 
The future bookings and pipeline are resilient and gives the directors confidence in the future trading activity despite the headwinds. The directors expect a recovery to pre-pandemic trading levels in 2023.  

Qualifying third party indemnity insurance

The third party qualifying indemnity insurance for the benefit of the Company directors is maintained by a fellow group company, Tour Partner Group Midco Limited.

Matters covered in the Strategic report

As permitted, certain matters which are required to be disclosed in the Directors' Report have been omitted as they are included in the Strategic Report, These matters include the Business Review, Future Developments, Principal Risks and Uncertainties and Financial Risk Management. 

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
•      so far as the director is aware, there is no relevant audit information of which the Company and the
       Group's auditors are unaware, and
•      the director 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 and the Group'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 auditorsXeinadin Audit Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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





A Graves
Director

Date: 15 November 2023

Page 6

 
TOUR PARTNER GROUP UK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TOUR PARTNER GROUP UK LIMITED
 

Opinion


We have audited the financial statements of Tour Partner Group UK Limited (the 'Company') for the year ended 31 December 2022, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes, including a summary of significant accounting 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 December 2022 and of its loss 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 forming our opinion, we have considered the adequacy of the disclosures made in note 2.4 in the financial statements concerning the Group's ability to continue as a going concern.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed and the disclosure made in note 2.4, 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 directors with respect to going concern are described in the relevant sections of this report.


Page 7

 
TOUR PARTNER GROUP UK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TOUR PARTNER GROUP UK 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 directors are 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' 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 Directors' 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 directors' 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 Directors' responsibilities statement set out on page 5, the directors are 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 directors determine 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 directors are 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 directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 8

 
TOUR PARTNER GROUP UK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TOUR PARTNER GROUP UK 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:


enquiry of management and those charged with governance around actual and potential litigation and
claims and to identify any instances of non-compliance with laws and regulations;
reviewing minutes of meetings of those charged with governance;
reviewing financial statement disclosures and testing to supporting documentation to assess compliance
with applicable laws and regulations;.
performing audit work over the risk of management override of controls, including testing of journal
entries and other adjustments for appropriateness, evaluating the business rationale of significant
transactions outside the normal course of business and reviewing accounting estimates for bias.


Because of inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.


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

 
TOUR PARTNER GROUP UK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TOUR PARTNER GROUP UK 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.





Yasin Khandwalla FCCA (Senior statutory auditor)
  
for and on behalf of
Xeinadin Audit Limited
 
Chartered Accountants & Statutory Auditor
  
8th Floor Becket House
36 Old Jewry
London
EC2R 8DD

15 November 2023
Page 10

 
TOUR PARTNER GROUP UK LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022

2022
2021
Note
 €

  

Turnover
 4 
22,104,070
622,039

Cost of sales
  
(19,454,108)
(465,770)

Gross profit
  
2,649,962
156,269

Administrative expenses
  
(5,765,188)
(1,168,793)

Other operating income
 5 
468,553
955,825

Operating loss
 6 
(2,646,673)
(56,699)

Interest receivable and similar income
 10 
2,666,953
2,738,311

Interest payable and similar expenses
 11 
(2,988,542)
(2,817,687)

Loss before tax
  
(2,968,262)
(136,075)

Tax on loss
 12 
41,673
(51,500)

Loss for the financial year
  
(2,926,589)
(187,575)

There was no other comprehensive income for 2022 (2021: €NIL).

The notes on pages 14 to 30 form part of these financial statements.

Page 11

 
TOUR PARTNER GROUP UK LIMITED
REGISTERED NUMBER: 03167548

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022

2022
2021
Note

Fixed assets
  

Intangible assets
 13 
99,041
165,995

Tangible assets
 14 
3,172
35,425

Investments
 15 
4,195,295
4,195,295

  
4,297,508
4,396,715

Current assets
  

Debtors: amounts falling due within one year
 16 
28,445,116
25,638,405

Cash at bank and in hand
 17 
446,767
53,757

  
28,891,883
25,692,162

Creditors: amounts falling due within one year
 18 
(20,930,288)
(14,861,512)

Net current assets
  
 
 
7,961,595
 
 
10,830,650

Total assets less current liabilities
  
12,259,103
15,227,365

Provisions for liabilities
  

Deferred tax
 19 
(24,227)
(65,900)

  
 
 
(24,227)
 
 
(65,900)

Net assets
  
12,234,876
15,161,465


Capital and reserves
  

Called up share capital 
 20 
13,922
13,922

Other reserves
 21 
1,150,839
1,150,839

Profit and loss account
 21 
11,070,115
13,996,704

  
12,234,876
15,161,465


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




A Graves
Director

Date: 15 November 2023

The notes on pages 14 to 30 form part of these financial statements.

Page 12

 
TOUR PARTNER GROUP UK LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


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



At 1 January 2021
13,922
1,150,839
14,184,279
15,349,040



Loss for the year
-
-
(187,575)
(187,575)



At 1 January 2022
13,922
1,150,839
13,996,704
15,161,465



Loss for the year
-
-
(2,926,589)
(2,926,589)


At 31 December 2022
13,922
1,150,839
11,070,115
12,234,876


The notes on pages 14 to 30 form part of these financial statements.

Page 13

 
TOUR PARTNER GROUP UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Tour Partner Group UK Limited is a private company limited by shares incorporated in England and Wales. The address of the registered company is given on the Company Information page of these financial statements.
 The nature of the Company's operations and principal activity are set out in the Strategic Report.

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

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Tour Partner Group Midco Limited as at 31 December 2022 and these financial statements may be obtained from Companies House, Crown Way, Cardiff, CF14 3VZ.

 
2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of a state other than the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 401 of the Companies Act 2006.

Page 14

 
TOUR PARTNER GROUP UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.4

Going concern

The directors prepare the financial statements on a going concern basis unless it is inappropriate to presume the company will continue in business.
After a challenging 2020 due to COVID-19 impact on the business and operations, the business and wider industry has seen significant recovery in 2021 and 2022. This momenutum has continued into 2023, despite headwinds, in line with projections prepared by management.
The company is dependent on financial support from its immediate parent company and global banking partner through agreed and restated facilities.
The directors have prepared forecasts for the periods until December 2024 on a base case and downside scenario, which current trading continues to be monitored against. This reflects the return of demand seen in 2022, with 2023 expected to match if not exceed pre-COVID-19 trading levels, a position consistent with our market peers and competitors. On both forecasts, the company does not require any further funding from its parent company.
Despite the current headwinds in the economy, the directors are confident these robust forecasts are achievable. The company continues to work closely with its customers and suppliers to ensure it is well placed and the groups’ offerings and pricing meet current expectations. The company operates in several markets which allows a more balanced and diverse risk and opportunity profile as the recovery continues.
Whilst not guaranteed, based on the continued support from its immediate parent company and committed shareholders, forecasts prepared, trading to date, the return of material trading and demand, together with and current repayment terms agreed with shareholders and lenders by its immediate parent company, the directors are confident that the business will continue as a going concern and is well placed to take advantage of the current recovery climate.

 
2.5

Foreign currency translation

Functional and presentation currency
The Company's functional and presentational currency is Euros.
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. Nonmonetary 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 that relate to borrowings are presented in the Statement of comprehensive income within interest receivable and similar income, or interest payable and similar expenses, as appropriate. All other foreign exchange gains and losses are presented within administrative expenses.

Page 15

 
TOUR PARTNER GROUP UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.6

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the Turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, reduced by discounts, rebates, and excluding value added tax and other sales taxes. Turnover is recognised on the date of customer arrival.

 
2.7

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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.8

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.
In the current year the Company benefited from government support in the form of Scottish Government tourism grants. In the prior year the Company benefited from government support in the form of the Coronavirus Job Retention Scheme (CJRS) and Scottish Government tourism grants.

 
2.9

Interest income

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

 
2.10

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.

 
2.11

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.

Page 16

 
TOUR PARTNER GROUP UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.12

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.

 
2.13

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.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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.

 The estimated useful lives range as follows:

Website
-
3
years

 
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.

Page 17

 
TOUR PARTNER GROUP UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.14
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
Period of lease
Fixtures and fittings
-
3-5 years
Computer equipment
-
3-5 years

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

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.16

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.

 
2.17

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.

 
2.18

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.

 
2.19

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.

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
Page 18

 
TOUR PARTNER GROUP UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.19
Financial instruments (continued)

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 Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

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.

Page 19

 
TOUR PARTNER GROUP UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the Balance Sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. Details of the key areas of judgement and estimation are as follows:

Judgements
In preparing these financial statements, the directors have had to make the following judgments:
 
Determine whether there are indicators of impairment of the Company's tangible and intangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset.   
When assessing whether to prepare financial statements on a going concern basis, FRS102 requires management to look out at least 12 months from the date that financial statements are authorised for issue. In the current stressed economic environment there is an increased amount of judgement that needs to be applied to assumptions in respect of future trading results.
 
Key sources of estimation uncertainty
 
Intangible and tangible fixed assets are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values (see notes 13 and 14 for details of the carrying amounts of intangible and tangible fixed assets).   
Determining whether the Company's investments in its subsidiaries have been impaired requires estimations of the value in use of the investments. The value in use calculation requires the entity to estimate the future cash flows expected to arise from the investments and a suitable discount rate in order to calculate the present value (see note 15 for details of the carrying amount of investments). 
Trade debtors, supplier deposits and accrued income relating to amounts falling due from customers are assessed regularly for potential bad debts. Factors considered include the period overdue and discussions with the customers to date, sales terms, payment history and future services (see note 16 for details of the carrying amount of trade debtors).   
Tour costs are accrued in line with contractual commitments with providers and are recognised in the Statement of Comprehensive Income on the same basis as turnover. Invoices are received periodically from service providers. In the interim period accrued costs are based on expected invoice values (see note 18 for details of the accruals balance which includes those related to tour costs).    
Provision for impairment of the carrying value of amounts due from group undertakings is made based on management's estimate of the prospect of recovering the amounts due, which includes considering the solvency of the counterparty and its future outlook, based on budgets and forecasts prepared by management (see note 16 for details of the carrying values of amounts owed by group undertakings).   


Page 20

 
TOUR PARTNER GROUP UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

4.


Turnover

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


2022
2021

Rendering of Services
22,104,070
622,039

22,104,070
622,039


All turnover arose within the United Kingdom.


5.


Other operating income

2022
2021

Government grants receivable
468,553
955,825

468,553
955,825


Government grants relates to the Coronavirus Job Retention Scheme (CJRS) of €nil (2021: €434,534) and €468,553 of Scottish Government tourism grants (2021: €521,291).


6.


Operating loss

The operating loss is stated after charging:

2022
2021

Depreciation expense
32,253
110,359

Amortisation expense
75,847
50,114

Exchange differences
1,637,744
(1,815,990)

Other operating lease rentals
366,778
336,390


7.


Auditors' remuneration

2022
2021

Fees payable to the Company's auditors for the audit of the Company's financial statements
22,891
22,891

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 21

 
TOUR PARTNER GROUP UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

8.


Employees

Staff costs were as follows:


2022
2021

Wages and salaries
2,517,211
1,680,870

Social security costs
298,966
35,830

Cost of defined contribution pension scheme
19,266
8,555

2,835,443
1,725,255


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


        2022
        2021
            No.
            No.







Administration and support
56
39

Pension commitments
The Company operates a defined contribution pension scheme for all qualifying employees. 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 scheme and amounted to €19,266 (2021: €8,555).
Contributions totalling €nil were repayable from the scheme at the reporting date (2021: €3,536) and are included in the Balance Sheet.


9.


Directors' remuneration

Directors' remuneration has been borne by another group company. The Company's directors are also directors or officers of a number of companies within the group headed by the Tour Partner Group Midco Limited. The directors' services to the Company do not occupy a significant amount of their time. As such the directors do not consider that they have received any remuneration for their incidental services to the Company in the current or prior year.






10.


Interest receivable

2022
2021


Interest receivable from group companies
2,666,953
2,738,311

2,666,953
2,738,311

Page 22

 
TOUR PARTNER GROUP UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

11.


Interest payable and similar expenses

2022
2021


Bank interest payable
19
-

Interest payable to group companies
2,988,523
2,817,687

2,988,542
2,817,687


12.


Taxation


2022
2021

Corporation tax


Current tax on profits for the year
-
51,500


-
51,500


Total current tax
-
51,500

Deferred tax


Origination and reversal of timing differences
(41,673)
-

Total deferred tax
(41,673)
-


Taxation on (loss)/profit on ordinary activities
(41,673)
51,500
Page 23

 
TOUR PARTNER GROUP UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is the same as (2021 - the same as) the standard rate of corporation tax in the UK of 19% (2021 - 19%) as set out below:

2022
2021


Loss on ordinary activities before tax
(2,968,262)
(136,075)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2021 - 19%)
(563,970)
(25,854)

Effects of:


Non-tax deductible amortisation of goodwill and impairment
2,009
4,625

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
257
22

Deferred tax not recognised
112,777
21,200

Adjustments to tax charge in respect of prior periods
3,150
61,183

Remeasurement of deferred tax for changes in tax rates
(34,056)
-

Current tax (prior year) exchange difference arising on movement between opening and closing spot rates
(3,150)
(9,683)

Group relief
441,258
-

Other permanent differences
52
7

Total tax charge for the year
(41,673)
51,500


Factors that may affect future tax charges

The rate of corporation tax has been increased from 19% to 25% with effect from 1 April 2023. Deferred tax assets and liabilities have therefore been remeasured at 25%

Page 24

 
TOUR PARTNER GROUP UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

13.


Intangible assets




Website




Cost


At 1 January 2022
294,208


Additions
8,893



At 31 December 2022

303,101



Amortisation


At 1 January 2022
128,213


Charge for the year on owned assets
75,847



At 31 December 2022

204,060



Net book value



At 31 December 2022
99,041



At 31 December 2021
165,995



Page 25

 
TOUR PARTNER GROUP UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

14.


Tangible fixed assets





Long-term leasehold property
Fixtures and fittings
Computer equipment
Total




Cost


At 1 January 2022
106,314
379,557
634,375
1,120,246



At 31 December 2022

106,314
379,557
634,375
1,120,246



Depreciation


At 1 January 2022
104,809
351,500
628,512
1,084,821


Charge for the year on owned assets
1,505
24,885
5,863
32,253



At 31 December 2022

106,314
376,385
634,375
1,117,074



Net book value



At 31 December 2022
-
3,172
-
3,172



At 31 December 2021
1,505
28,057
5,863
35,425


15.


Fixed asset investments





Investments in subsidiary companies




Cost


At 1 January 2022
4,195,295



At 31 December 2022
4,195,295




Page 26

 
TOUR PARTNER GROUP UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

Subsidiary undertakings


The Company holds 100% of the Ordinary share capital of the following subsidiary undertakings:

Name

Registered office

Tour Partner ApS
Hans Edvard Teglers Vej 3, 1, 2920 Charlottenlund, Denmark
 
Tour Partner Group International Ltd
 
Hygeia Building 5th Floor, 66-68 College Road, Harrow, Middlesex, HA1 1BE
 
Trans Nordic Tours ApS*
 
Hans Edvard Teglers Vej 3, 1, 2920 Charlottenlund, Denmark

*Owned 100% by Tour Partner ApS


16.


Debtors

2022
2021


Trade debtors
861,701
21,167

Amounts owed by group undertakings
26,583,170
24,724,871

Other debtors
608,473
427,287

Prepayments and accrued income
198,752
96,542

Tax recoverable
193,020
368,538

28,445,116
25,638,405


Amounts owed by group undertakings are unsecured, accrue interest at an annual rate between nil and 12% and are repayable on demand.


17.


Cash and cash equivalents

2022
2021

Cash at bank and in hand
446,767
53,757

446,767
53,757


Page 27

 
TOUR PARTNER GROUP UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

18.


Creditors: Amounts falling due within one year

2022
2021

Trade creditors
1,245,481
448,827

Amounts owed to group undertakings
16,905,299
12,844,997

Other taxation and social security
579,856
1,321,014

Other creditors
301,058
83,198

Accruals and deferred income
1,898,594
163,476

20,930,288
14,861,512


Amounts due to group undertakings are secured, accrue interest at an annual rate between nil and 12% and are repayable on demand. The Group’s bank facilities are secured by a fixed and floating charge over the assets of the Group, which includes this Company.


19.


Deferred taxation




2022
2021









At beginning of year
(65,900)
(65,900)


Charged to profit or loss
41,673
-



At end of year
(24,227)
(65,900)

The provision for deferred taxation is made up as follows:

2022
2021


Accelerated capital allowances
41,594
(2,467)

Other short term timing difference
(65,821)
(63,433)

(24,227)
(65,900)

Page 28

 
TOUR PARTNER GROUP UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

20.


Share capital

2022
2021
Allotted, called up and fully paid



9,375 (2021 - 9,375) Ordinary A shares of £1.00 each
10,442
10,442
3,125 (2021 - 3,125) Ordinary B shares of £1.00 each
3,480
3,480

13,922

13,922



21.


Reserves

Capital contribution reserve

Capital contribution reserve represents cash gifted by the parent company. The Company previously hedged against a significant proportion of its foreign currency risk however in 2015 the hedging was scaled back significantly. To support the adverse effect of this hedging shortfall, the parent company made a capital contribution of €1,150,839 in August 2015.

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.


22.


Commitments under operating leases

At 31 December 2022 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2022
2021


Not later than 1 year
201,131
250,291

Later than 1 year and not later than 5 years
274,501
313,210

475,632
563,501


23.


Related party transactions

The company has taken advantage of the exemption available under FRS102 section 33.1A where disclosures of transactions between group members are not required, provided that the subsidiary is wholly-owned.


24.


Post balance sheet events

The directors confirm that there have been no significant events affecting the company since the year end.

Page 29

 
TOUR PARTNER GROUP UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

25.


Controlling party

The Company's immediate parent is Tour Partner Group Limited, incorporated in England and Wales. The ultimate parent and the ultimate controlling party is Mayfair Equity Partners LLP, incorporated in England and Wales.
The largest and smallest group producing publicly available consolidated financial statements is headed by Tour Partner Group Midco Limited, which has a registered office address of Hygeia Building 5th Floor, 66-68 College Road, Harrow, Middlesex, HA1 1BE. These financial statements are available upon request from Companies House, Crown Way, Cardiff, CF14 3VZ.

 
Page 30