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Registered number: 12315560









WINTERFOLD LUXURY TRAVEL LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

 
WINTERFOLD LUXURY TRAVEL LIMITED
 
 
COMPANY INFORMATION


Directors
Mr P Cleary 
Mr M Bonham-Carter (appointed 10 October 2022)
Mrs J Bonham-Carter (appointed 10 October 2022)




Registered number
12315560



Registered office
126-128 New Kings Road

London

SW6 4LZ




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

2nd Floor, Nucleus House

2 Lower Mortlake Road

Richmond

TW9 2JA





 
WINTERFOLD LUXURY TRAVEL LIMITED
 

CONTENTS



Page
Group Strategic Report
1 - 3
Directors' Report
4 - 6
Independent Auditors' Report
7 - 10
Consolidated Income Statement
11
Consolidated Statement of Comprehensive Income
12
Consolidated Statement of Financial Position
13 - 14
Company Statement of Financial Position
15
Consolidated Statement of Changes in Equity
16 - 17
Company Statement of Changes in Equity
18
Consolidated Statement of Cash Flows
19
Consolidated Analysis of Net Debt
20
Notes to the Financial Statements
21 - 45


 
WINTERFOLD LUXURY TRAVEL LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023

Introduction
 
The Directors present their strategic report for the Company and Group for the year ended 30 September 2023.

Business review
 
The Group is required by the Companies Act to set out in this report, a fair review of the business of the Group during the financial period ended 30 September 2023, and its position at the end of the year along with a description of the principal risks and uncertainties facing the Group. This review is prepared solely to provide additional information to shareholders to assess the Group's strategies and the potential for those strategies to succeed, and the business review should not be relied upon by any other party or for any other purpose.
The Group’s policy has been to continue to diversify its product by offering luxury tailor made holidays to an increasingly new range of destinations whilst maintaining its core product of luxury Caribbean holidays. The increased focus on our European and Indian Ocean programmes was further supplemented by the acquisition in 2022 of Just Grenada, a direct-sell specialist operator, which has helped to expand the range of destinations offered by the Group even further. 
The Group continued its policy of hybrid home/office working for all employees and this continues to deliver a reduction in fixed costs through reduced property overheads.
The excellent customer service we afforded our clients during the pandemic generated considerable goodwill  which, combined with significant pent-up demand for travel coming out of the pandemic, has allowed the Group to continue to recognise significant profits and strong results.
The directors consider the results to be satisfactory given the continuing challenges presented by the economic uncertainty driven by the political landscape and the cost of living crisis 
The key performance indicators used by the directors to monitor the progress of the Group are set out below:-

2023
2022
£
£
Turnover

20,277,912

21,927,916

Gross profit

2,930,444

2,780,402

Gross profit as a percentage of turnover

14.45%

12.68%

Profit/(Loss) on ordinary activities before Taxation

610,712

885,207

Profit/(Loss) on ordinary activities as a percentage of Turnover

3.01%

4.04%


Page 1

 
WINTERFOLD LUXURY TRAVEL LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023

Principal risks and uncertainties
 
The following risk factors may affect the Group's operating results and its financial position. The risk factors described below are those which the directors believe are potentially significant but should not be regarded as a complete and comprehensive statement of all potential risk and uncertainties facing the Group.
The demand for holidays is affected by local economic conditions. During 2023, the war in Ukraine and subsequent cost of living crisis has affected the cost of holiday arrangements and resulted in consumers having less discretionary spending available for holidays, however this has been compensated by the high level of pent up demand following the easing of travel restrictions after the COVID-19 pandemic.
The Group 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 Group to operate and was renewed in March 2023. This licence is renewed in March each year and is subject to assessments of fitness and financial criteria, the framework of which is available on the CAA's website (www.caa.co.uk).
The Group finances its operations through retained profits. The Group's exposure to interest rate fluctuations on its cash deposits are managed by using short term, fixed and floating deposits.
The Group operates in a highly competitive market featuring innovation in the travel products and the methods by which they are marketed, as well as price pressures. The Group seeks to constantly invest in its brand to increase travel agent and public awareness as well as offer a wide selection of products from a wide range of suppliers at competitive prices to maintain its market position. The Group also monitors competitor activity closely.
The Group faces transactional currency exposure primarily relating to the cost of acquiring accommodation which can be affected by the strength or otherwise of sterling. To mitigate this risk the Group operates a hedging policy which involves forward buying foreign currencies as future requirements accumulate. The Group constantly revises its pricing to reflect the hedging instruments in place at any given time. The Group has adopted an accounting policy of hedge accounting for these financial statements.
The Group has well established and close relationships with customers and suppliers and, where possible, risk is spread by not placing over-reliance on any one supplier in any particular area. The management team meets regularly with suppliers to maintain good working relationships.
The Group is heavily reliant on the uninterrupted operation of its IT systems. These systems are vulnerable to power loss, fire, computer viruses and other events. Loss of these systems would impair the ability of the Group to carry on its business effectively. The Group has made arrangements to mitigate this risk including having multiple leased lines into its main office, moving to hosted solutions for its key systems and having employees working across multiple locations.
 
Page 2

 
WINTERFOLD LUXURY TRAVEL LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023

Principal risks and uncertainties (continued)
The nature of the business exposes the Group to various commercial risks which may affect the trading performance of the Group. These include:
- acts of terrorism, particularly in key tourist destinations
- epidemics in key tourist destinations which threaten the health of tourists
- wars or other international uncertainty which affects air travel
- natural disasters in key tourist destinations
- weather conditions, both in the UK and key tourist destinations
- changes in customer behaviour and preferences
- increases in government taxes
These factors may affect the Group by causing potential customers to cancel or postpone travel plans, reducing the earnings potential of the Group. The Group seeks to minimise such risks by operating a flexible and limited-commitment business model with the ability to shift capacity among a variety of destinations where necessary, whilst ensuring fixed overheads are kept at an optimum level.


This report was approved by the board on 23 January 2024 and signed on its behalf.



................................................
Mr P Cleary
Director

Page 3

 
WINTERFOLD LUXURY TRAVEL LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023

The directors present their report and the financial statements for the year ended 30 September 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group'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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Group's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' Reports may differ from legislation in other jurisdictions.

Principal activity

The principal activity of the Company in the period under review was that of a holding company of a trading group. 
The principal activity of the Group in the period under review was that of tour operators selling holidays to the Caribbean, Indian Ocean, Far East, Middle East and Europe. 

Results and dividends

The profit for the year, after taxation, amounted to £439,443 (2022 - £831,137).

There have been no interim dividends paid during the year and the directors do not recommend a final dividend.
The total distribution of dividends for the period ended 30 September 2023 will be £Nil (2022 - £Nil).

Page 4

 
WINTERFOLD LUXURY TRAVEL LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023


Directors

The directors who served during the year were:

Mr P Cleary 
Mr M Bonham-Carter (appointed 10 October 2022)
Mrs J Bonham-Carter (appointed 10 October 2022)

Future developments

The Group is embarking on a three-pronged growth strategy through investment in technologies, expanding distribution to new markets and increasing the range of destinations offered. 

Matters covered in the Group Strategic Report

The directors have disclosed additional performance data for the Group in the strategic report, which is included within this set of financial statements. This includes a review of the performance of the business and the key performance indicators, as well as the main risks faced by the business.

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

On 14 December 2023, the Company's ultimate shareholders entered into an agreement to revise the Group's ownership structure, resulting in ID Travel Holdings Limited, a company which is registered in the United States, becoming the ultimate holding company effective from 1 January 2024. The immediate holding company will continue to be ID Travel Group PTE Limited. The ultimate controlling party will continue to be Mr M Bonham-Carter, a director, by virtue of his majority holding in the issued share capital of the ultimate holding company. 
There have been no other significant events affecting the Group since the year end.
During 2024, the Group will continue to operate as outlined in the principal activity note above.

Page 5

 
WINTERFOLD LUXURY TRAVEL LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023


Auditors

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

This report was approved by the board on 23 January 2024 and signed on its behalf.
 





................................................
Mr P Cleary
Director

Page 6

 
WINTERFOLD LUXURY TRAVEL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WINTERFOLD LUXURY TRAVEL LIMITED
 

Opinion


We have audited the financial statements of Winterfold Luxury Travel Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 September 2023, which comprise the Consolidated Income Statement, the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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 Group's and of the parent Company's affairs as at 30 September 2023 and of the Group's 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 Group 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 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, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent 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

 
WINTERFOLD LUXURY TRAVEL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WINTERFOLD LUXURY 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 directors are responsible for the other information contained within the Annual ReportOur 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 Group 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 Group 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company 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.


Page 8

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


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 4, 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


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 Group 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 judgment and maintain professional skepticism 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 Group's compliance with The Package and Linked Travel Arrangements Regulations 2018 (“PTRs”) and sample test relevant documentation to assess this and the effectiveness of its control environment;
 
Page 9

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


Auditors' responsibilities for the audit of the financial statements (continued)
- We request and review the minutes of management meetings, and assess any matters identified not already provided for or disclosed that may materially impact the financial statements;
- We review the Group'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 signifcant 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.


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 ACA 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

23 January 2024
Page 10

 
WINTERFOLD LUXURY TRAVEL LIMITED
 
 
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
20,277,912
21,927,916

Cost of sales
  
(17,347,468)
(19,147,514)

Gross profit
  
2,930,444
2,780,402

Administrative expenses
  
(2,341,169)
(1,945,917)

Other operating income
 5 
58,970
54,959

Operating profit
 6 
648,245
889,444

Interest receivable and similar income
 10 
4,257
241

Interest payable and similar expenses
 11 
(41,790)
(4,478)

Profit before tax
  
610,712
885,207

Tax on profit
 12 
(171,269)
(54,070)

Profit for the financial year
  
439,443
831,137

Profit for the year attributable to:
  

Owners of the parent
  
439,443
831,137

The notes on pages 21 to 45 form part of these financial statements.

Page 11

 
WINTERFOLD LUXURY TRAVEL LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2023
2022
Note
£
£


Profit for the financial year

  

439,443
831,137

Other comprehensive income
  


Currency translation differences
  
3,547
3,684

Fair value gain/(loss) on cash flow hedges
  
(683,400)
750,525

Movement in unrealised foreign exchange reserve
  
(11,115)
11,978

Other comprehensive income for the year
  
(690,968)
766,187

Total comprehensive income for the year
  
(251,525)
1,597,324

Profit for the year attributable to:
  


Owners of the parent Company
  
439,443
831,137

Total comprehensive income attributable to:
  


Owners of the parent Company
  
(251,525)
1,597,324

The notes on pages 21 to 45 form part of these financial statements.

Page 12

 
WINTERFOLD LUXURY TRAVEL LIMITED
REGISTERED NUMBER: 12315560

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 13 
474,073
561,682

Tangible assets
 14 
68,732
71,109

  
542,805
632,791

Current assets
  

Stocks
 16 
29,004
15,131

Debtors: amounts falling due within one year
 17 
2,014,933
3,001,067

Cash at bank and in hand
 18 
3,642,850
3,539,959

  
5,686,787
6,556,157

Creditors: amounts falling due within one year
 19 
(5,210,972)
(5,885,055)

Net current assets
  
 
 
475,815
 
 
671,102

Total assets less current liabilities
  
1,018,620
1,303,893

Creditors: amounts falling due after more than one year
 20 
(375,000)
(690,000)

Provisions for liabilities
  

Deferred taxation
 22 
(13,700)
-

Other provisions
 23 
(36,668)
(24,718)

  
 
 
(50,368)
 
 
(24,718)

Net assets
  
593,252
589,175


Capital and reserves
  

Called up share capital 
 24 
455,602
200,000

Foreign exchange reserve
 25 
(791)
10,324

Other reserves
 25 
49,322
732,722

Profit and loss account
 25 
89,119
(353,871)

Equity attributable to owners of the parent Company
  
593,252
589,175


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 January 2024.

................................................
Mr M Bonham-Carter
Director

The notes on pages 21 to 45 form part of these financial statements.
Page 13

 
WINTERFOLD LUXURY TRAVEL LIMITED
REGISTERED NUMBER: 12315560
    
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 SEPTEMBER 2023


Page 14

 
WINTERFOLD LUXURY TRAVEL LIMITED
REGISTERED NUMBER: 12315560

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 15 
1,955,602
1,955,602

  
1,955,602
1,955,602

Current assets
  

Debtors: amounts falling due within one year
 17 
45,888
59,213

Cash at bank and in hand
 18 
40,178
46,652

  
86,066
105,865

Creditors: amounts falling due within one year
 19 
(717,594)
(619,923)

Net current liabilities
  
 
 
(631,528)
 
 
(514,058)

Total assets less current liabilities
  
1,324,074
1,441,544

  

Creditors: amounts falling due after more than one year
 20 
(375,000)
(690,000)

  

Net assets
  
949,074
751,544


Capital and reserves
  

Called up share capital 
 24 
455,602
200,000

Profit and loss account brought forward
  
551,544
549,413

Loss/(profit) for the year

  

(58,072)
2,131

Profit and loss account carried forward
  
493,472
551,544

  
949,074
751,544


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 January 2024.


................................................
Mr M Bonham-Carter
Director

The notes on pages 21 to 45 form part of these financial statements.

Page 15

 

 
WINTERFOLD LUXURY TRAVEL LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023



Called up share capital
Foreign exchange reserve
Cash flow hedging reserve
Profit and loss account
Total equity


£
£
£
£
£


At 1 October 2022
200,000
10,324
732,722
(353,871)
589,175



Comprehensive income for the year


Profit for the year
-
-
-
439,443
439,443


Currency translation differences
-
-
-
3,547
3,547


Fair value gain/(loss) on cash flow hedges
-
-
(683,400)
-
(683,400)


Movement in unrealised foreign exchange reserve
-
(11,115)
-
-
(11,115)

Total comprehensive income for the year
-
(11,115)
(683,400)
442,990
(251,525)



Contributions by and distributions to owners


Shares issued during the year
255,602
-
-
-
255,602



At 30 September 2023
455,602
(791)
49,322
89,119
593,252



The notes on pages 21 to 45 form part of these financial statements.

Page 16

 

 
WINTERFOLD LUXURY TRAVEL LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2022



Called up share capital
Foreign exchange reserve
Cash flow hedging reserve
Profit and loss account
Equity attributable to owners of parent Company
Total equity


£
£
£
£
£
£


At 1 October 2021
200,000
(1,654)
(17,803)
(1,188,692)
(1,008,149)
(1,008,149)



Comprehensive income for the year


Profit for the year
-
-
-
831,137
831,137
831,137


Currency translation differences
-
-
-
3,684
3,684
3,684


Fair value gain/(loss) on cash flow hedges
-
-
750,525
-
750,525
750,525


Movement in unrealised foreign exchange reserve
-
11,978
-
-
11,978
11,978

Total comprehensive income for the year
-
11,978
750,525
834,821
1,597,324
1,597,324



At 30 September 2022
200,000
10,324
732,722
(353,871)
589,175
589,175



The notes on pages 21 to 45 form part of these financial statements.

Page 17

 
WINTERFOLD LUXURY TRAVEL LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 October 2021
200,000
549,413
749,413


Comprehensive income for the year

Profit for the year
-
2,131
2,131



At 1 October 2022
200,000
551,544
751,544


Comprehensive income for the year

Loss for the year
-
(58,072)
(58,072)


Contributions by and distributions to owners

Shares issued during the year
255,602
-
255,602


At 30 September 2023
455,602
493,472
949,074


The notes on pages 21 to 45 form part of these financial statements.

Page 18

 
WINTERFOLD LUXURY TRAVEL LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
439,443
831,137

Adjustments for:

Amortisation of intangible assets
87,609
87,609

Depreciation of tangible assets
30,224
29,375

Taxation charge
171,269
54,070

(Increase)/decrease in stocks
(13,873)
20,843

Decrease/(increase) in debtors
213,973
(962,156)

(Decrease)/increase in creditors
(595,625)
558,429

Increase/(decrease) in provisions
11,950
(20,176)

Net cash generated from operating activities

344,970
599,131


Cash flows from investing activities

Purchase of intangible fixed assets
-
(113,049)

Purchase of tangible fixed assets
(27,847)
(31,505)

Net cash from investing activities

(27,847)
(144,554)

Cash flows from financing activities

Issue of ordinary shares
255,602
-

Repayment of loans
(214,000)
(81,000)

Repayment of other loans
(255,602)
-

Net cash used in financing activities
(214,000)
(81,000)

Net increase in cash and cash equivalents
103,123
373,577

Cash and cash equivalents at beginning of year
3,539,727
3,166,150

Cash and cash equivalents at the end of year
3,642,850
3,539,727


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
3,642,850
3,539,959

Bank overdrafts
-
(232)

3,642,850
3,539,727


The notes on pages 21 to 45 form part of these financial statements.

Page 19

 
WINTERFOLD LUXURY TRAVEL LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 SEPTEMBER 2023





At 1 October 2022
Cash flows
Other non-cash changes
At 30 September 2023
£

£

£

£

Cash at bank and in hand

3,539,959

102,891

-

3,642,850

Bank overdrafts

(232)

232

-

-

Debt due after 1 year

(415,000)

190,000

-

(225,000)

Debt due within 1 year

(379,602)

279,602

-

(100,000)

Derivative assets

732,722

-

(683,400)

49,322


3,477,847
572,725
(683,400)
3,367,172

The notes on pages 21 to 45 form part of these financial statements.

Page 20

 
WINTERFOLD LUXURY TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.


General information

As disclosed in the Directors' Report, the principal activity of the Company in the period under review was that of a holding company of a trading group. 
The principal activity of the Group in the period under review was that of tour operators selling holidays to the Caribbean, Indian Ocean, Far East, Middle East and Europe. 
The Company is a private company limited by shares and is incorporated in England. The address of the Company's principal place of business and registered office is 126-128 New Kings Road, London, SW6 4LZ. 

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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Income Statement in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Income Statement from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102.

Page 21

 
WINTERFOLD LUXURY TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.3

Going concern

The COVID-19 pandemic had an unprecedented impact upon the global economy and in particular upon the travel industry, causing many consumers to cancel, amend their travel arrangements or not travel at all. The travel industry is experiencing the benefit of a post COVID-19 bounce back in travel, however it is still experiencing the knock-on effect of the pandemic in relation to supplier resource and ability to service consumers. This, combined with consumer unease in relation to the current economic environment, with increasing energy costs and inflation, has meant that Group management and the directors have continued to review the Group’s financial position, as well as forecasts and plan mitigation actions in order to neutralise a repeat of the financial impact seen during the COVID-19 pandemic period.
Additionally, they have also performed a sensitivity analysis on the Group's budgets and forecasts to assess the financial impact of any potential further slowdown in trading from the reforecast and its impact on the liquidity of the business. This sensitivity analysis shows that the Group has enough liquidity and cash to trade through a further slowdown and continue to meet liquidity requirements set by the Civil Aviation Authority.
Group management and the director therefore have a reasonable expectation that the Group 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. As a result, the directors believe that it is still appropriate to apply the going concern basis for the foreseeable future.

Page 22

 
WINTERFOLD LUXURY TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Group's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

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

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.5

Turnover

Turnover represents the aggregate amount of gross revenue receivable from inclusive tours, travel agency commissions receivables, cancellation income and other services supplied to customers in the ordinary course of business.
Turnover derived from ordinary activities is recognised in the income stateemnt on holiday departure date and is stated after trade discounts, net of VAT and after any other sales taxes.
Included within other operating income is commission received from resold tour packages.

 
2.6

Operating leases: the Group 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.

Page 23

 
WINTERFOLD LUXURY TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.7

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.8

Interest income

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

 
2.9

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.

 
2.10

Borrowing costs

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

 
2.11

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

Page 24

 
WINTERFOLD LUXURY TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

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 and the Group operate and generate 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

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share 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 Consolidated Income Statement over its useful economic life.

Other intangible assets

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

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

 
2.14

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 25

 
WINTERFOLD LUXURY TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

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:

Leasehold land and buildings
-
Straight line over the lifetime of the lease
Fixtures and fittings
-
Straight line over 5 years
Computer equipment
-
Straight line over 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.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Consolidated Income Statement for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.16

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.17

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 26

 
WINTERFOLD LUXURY TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.18

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 Consolidated 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 Group's cash management.

 
2.19

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.

 
2.20

Provisions for liabilities

Provisions are made where an event has taken place that gives the Group 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 Group 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.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 27

 
WINTERFOLD LUXURY TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.21

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Group's Statement of Financial Position when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the Income Statement.
 
Page 28

 
WINTERFOLD LUXURY TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)


2.21
Financial instruments (continued)


Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss. The Group applies hedge accounting for foreign exchange derivatives.
The Group designates certain derivaties as either:
- Hedges of the fair value of recognised assets or liabilities or a firm commitment (fair value hedge); - Hedges of a particular risk associated with a recognised asset or liability or a highly probable forecast transaction (cash flow hedge); or 
- Hedges of a net investment in a foreign operation (net investment hedge).
The Group documents at the inception of the transaction the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various hedging transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items.
The full fair value of a hedging derivative is classified as a non-current asset or liability when the remaining hedged item is recognised after more than 12 months, and as a current asset or liability when the remaining maturity of the hedged item is less than 12 months. 

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Page 29

 
WINTERFOLD LUXURY TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.22

Hedge accounting

The Group uses foreign currency forward contracts to manage its exposure to cash flow risk on its future creditors payable in foreign currencies. These derivatives are measured at fair value at each reporting date.

To the extent the cash flow hedge is effective, movements in fair value are recognised in other comprehensive income and presented in a separate cash flow hedge reserve. Any ineffective portions of those movements are recognised in profit or loss for the year.

Gains and losses on the hedging instruments and the hedged items are recognised in profit or loss for the year. When a hedged item is an unrecognised firm commitment, the cumulative hedging gain or loss on the hedged item is recognised as an asset or liability with a corresponding gain or loss recognised in profit or loss.


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 factors, including expectations of future events that are believed to be reasonable under the circumstances.
a) Critical judgments in applying the Group’s accounting policies
The director believes that there are no critical judgments involved in applying the Group'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 Group's accounting policies that warrant disclosure.

Page 30

 
WINTERFOLD LUXURY TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

4.


Turnover

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


2023
2022
£
£

Tour operator
20,277,912
21,927,916


Analysis of turnover by source market:

2023
2022
£
£

United Kingdom
20,101,537
21,576,391

Ireland
176,375
351,525

20,277,912
21,927,916



5.


Other operating income

2023
2022
£
£

Other operating income
-
8,163

Commissions receivable
58,970
46,796

58,970
54,959



6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
44,851
(114,397)

Other operating lease rentals
125,463
88,208

Page 31

 
WINTERFOLD LUXURY TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

7.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
17,465
17,750


8.


Employees

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


        2023
        2022
            No.
            No.







Administration
18
16



Sales
11
11

29
27


9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
156,254
152,264

Group contributions to defined contribution pension schemes
63,651
17,130

219,905
169,394


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

The highest paid director received remuneration of £156,254 (2022 - £152,264).
The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £63,651 (2022 - £17,130).
Included within director's emoluments above are non-cash benefits relating to private medical care and company cars paid for by the Group on behalf of the director. 

Page 32

 
WINTERFOLD LUXURY TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

10.


Interest receivable

2023
2022
£
£


Other interest receivable
4,257
241


11.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
73
46

Other loan interest payable
41,717
4,432

41,790
4,478


12.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
68,808
-


Total current tax
68,808
-

Deferred tax


Origination and reversal of timing differences
102,461
54,070


Taxation on profit on ordinary activities
171,269
54,070
Page 33

 
WINTERFOLD LUXURY TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 22% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
610,712
885,207


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 22% (2022 - 19%)
134,357
168,189

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
13,158
18,769

Capital allowances for year in excess of depreciation
(418)
(2,909)

Utilisation of tax losses
(78,289)
(184,049)

Movement in deferred taxation
102,461
54,070

Total tax charge for the year
171,269
54,070


Factors that may affect future tax charges

Changes to the UK corporation tax rates were substantively enacted as part of Finance Bill 2021 (on 11 March 2021). These include increases to the main rate of tax from 19% to 25% from 1 April 2023 for profits exceeding £50,000. Deferred taxes at the Statement of Financial Position date have been measured using the rates that will be applicable in the periods to which they relate. Due to the change occurring during the financial year, the effective tax rate applied for the year was an average of 22%.

Page 34

 
WINTERFOLD LUXURY TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

13.


Intangible assets

Group and Company





Brand Goodwill
Goodwill
Total

£
£
£



Cost


At 1 October 2022
113,049
649,990
763,039



At 30 September 2023

113,049
649,990
763,039



Amortisation


At 1 October 2022
22,610
178,747
201,357


Charge for the year on owned assets
22,610
64,999
87,609



At 30 September 2023

45,220
243,746
288,966



Net book value



At 30 September 2023
67,829
406,244
474,073



At 30 September 2022
90,439
471,243
561,682

Goodwill arising on consolidation, relating to the acquisition of Caribtours Limited, is being amortised on a straight line basis over 10 years from the date of acquisition on 23 December 2019.
Brand Goodwill arose from the acquisition of the Just Grenada brand and business on 1 April 2022 and is being amortised on a straight line basis over 5 years from the date of acquisition. 



Page 35

 
WINTERFOLD LUXURY TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

14.


Tangible fixed assets

Group






Plant and machinery
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 October 2022
181,534
3,818
185,352


Additions
23,502
4,345
27,847



At 30 September 2023

205,036
8,163
213,199



Depreciation


At 1 October 2022
110,976
3,267
114,243


Charge for the year on owned assets
29,162
1,062
30,224



At 30 September 2023

140,138
4,329
144,467



Net book value



At 30 September 2023
64,898
3,834
68,732



At 30 September 2022
70,558
551
71,109

Apart from the fixed assets disclosed above, the Group has not committed to any capital expenditure at 30 September 2023 (2022 - £Nil). 


15.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 October 2022
1,955,602



At 30 September 2023
1,955,602




Page 36

 
WINTERFOLD LUXURY TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Caribtours Limited
126-128 New Kings Road, London, SW6 4LZ
Ordinary
100%

The aggregate of the share capital and reserves as at 30 September 2023 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)

Caribtours Limited
1,193,536
562,514


16.


Stocks

Group
Group
2023
2022
£
£

Finished goods and goods for resale
29,004
15,131

29,004
15,131


The difference between purchase price or production cost of stocks and their replacement cost is not material.

Page 37

 
WINTERFOLD LUXURY TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

17.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
262,343
203,303
45,888
45,888

Other debtors
272,926
505,254
-
-

Prepayments and accrued income
1,430,342
1,471,027
-
-

Deferred taxation
-
88,761
-
13,325

Financial instruments
49,322
732,722
-
-

2,014,933
3,001,067
45,888
59,213



18.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
3,642,850
3,539,959
40,178
46,652

Less: bank overdrafts
-
(232)
-
-

3,642,850
3,539,727
40,178
46,652


Included within cash at bank and in hand above is restricted cash of £17,237 (2022 - £35,038) provided as security for a guarantee in favour of the International Air Transport Association.
Also included within cash at bank and in hand above is restricted cash of £1,804,950 (2022 - £Nil) provided as security under a charge in favour of the Civil Aviation Authority ('CAA'). On 17 January 2024, after agreement was reached with the CAA, these restricted funds were released and included within unrestricted cash at bank and in hand. The Group has instead provided alternative security by means of an insurance bond.  

Page 38

 
WINTERFOLD LUXURY TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

19.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank overdrafts
-
232
-
-

Bank loans
100,000
124,000
100,000
124,000

Other loans
-
255,602
-
255,602

Payments received on account
4,084,729
4,519,324
-
-

Trade creditors
325,506
286,130
-
-

Amounts owed to group undertakings
-
-
500,872
235,758

Corporation tax
72,916
-
-
-

Other taxation and social security
40,363
36,979
-
-

Other creditors
129,199
4,563
116,722
4,563

Accruals and deferred income
458,259
658,225
-
-

5,210,972
5,885,055
717,594
619,923


The Group had BSP outstanding cash sales of £241,394 at 30 September 2023 (2022 - £185,916), all of which were paid within October 2023.


20.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank loans
225,000
415,000
225,000
415,000

Other creditors
150,000
275,000
150,000
275,000

375,000
690,000
375,000
690,000


The above bank loan, in response to the COVID-19 pandemic, is a government-backed Coronavirus Business Interruption Loan Scheme ('CBILS') loan from Barclays Bank PLC of £670,000. The loan benefits from a capital repayment holiday of 12 months, after which the loan is due to be repaid through 20 quarterly monthly instalments ending in November 2026. The applicable interest rate will be fixed at 3.50% above the base rate. In addition to the 12 month capital repayment holiday, the loan benefits from a Business Interruption Payment ('BIP') made by the UK Government on behalf of the Group to cover interest arising on the CBILS loan for the first 12 months.
To support the above bank loan, a fixed and floating charge over the Group's assets was registered at Companies House on 3 September 2020 in favour of Barclays Bank PLC.

Page 39

 
WINTERFOLD LUXURY TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

21.


Loans


Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Amounts falling due within one year

Bank loans
100,000
124,000
100,000
124,000

Other loans
-
255,602
-
255,602

Amounts falling due 1-2 years

Bank loans
100,000
124,000
100,000
124,000

Amounts falling due 2-5 years

Bank loans
125,000
291,000
125,000
291,000

Amounts falling due after more than 5 years

325,000
794,602
325,000
794,602


Page 40

 
WINTERFOLD LUXURY TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

22.


Deferred taxation


Group



2023


£






At beginning of year
88,761


Charged to profit or loss
(102,461)



At end of year
(13,700)

Company


2023


£






At beginning of year
13,325


Charged to profit or loss
(13,325)



At end of year
-
Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Accelerated capital allowances
(13,700)
(13,529)
-
-

Tax losses carried forward
-
102,290
-
13,325

(13,700)
88,761
-
13,325

Page 41

 
WINTERFOLD LUXURY TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

23.


Provisions


Group



Doubtful debts

£





At 1 October 2022
24,718


Charged to profit or loss
11,950



At 30 September 2023
36,668

The provision for doubtful debts relates to outstanding marketing income which is considered unlikely to be received. 


24.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



455,602 (2022 - 200,000) Ordinary shares of £1.00 each
455,602
200,000

The Ordinary shares of £1 each carry full voting rights, full dividend rights and full rights to participation in any capital distribution on winding up.


On 10 October 2022, existing convertible loan notes of £255,602 were converted into share capital, with all accrued interest to date having been waived. As a result, 255,602 Ordinary shares of £1 each were issued and paid for at par. 

Page 42

 
WINTERFOLD LUXURY TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

25.


Reserves

Foreign exchange reserve

The foreign exchange reserve represents differences arising upon the revaluation of the Group's Irish business stated in Euros. The income, expenditure, assets and liabilities of the business are revalued to match the presentation currency of the Company for reporting purposes, to show the entirety of the Group's results in Pounds Sterling (GBP). See accounting policy 2.4 for details of how the individual balances within the Irish business are translated.

Other reserves

Other reserves relate to a cash flow hedging reserve to which, in accordance with the Group's accounting policies, the effective portion of changes in the fair value of foreign exchange forward contract derivatives are recognised. 

Profit and loss account

The profit and loss account represents all current and prior period retained profits and losses, less any dividends paid to the Group's shareholders.


26.


Contingent liabilities

At 30 September 2023, there were contingent liabilities outstanding in respect of counter indemnities given by the Group, in the normal course of business, to the Group's bond insurance obligors in respect of ABTA and IATA travel bonds amounting to £615,579 (2022 - £324,335).


27.


Pension commitments

The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £94,543 (2022 - £44,093). Contributions totalling £12,477 (2022 - £Nil) were payable to the fund at the reporting date and are included in creditors.


28.


Commitments under operating leases

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


Group
Group
2023
2022
£
£

Not later than 1 year
119,728
119,420

Later than 1 year and not later than 5 years
124,671
70,435

244,399
189,855
Page 43

 
WINTERFOLD LUXURY TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

29.


Transactions with directors

The following advances and credits to a director subsisted during the years ended 30 September 2023 and 30 September 2022:

2023
2022
£
£

Mr P Cleary


Balance at 1 October
10,663
6,654

Amounts advanced
1,509
4,009

Amounts repaid
-
-

Balance at 30 September

12,172
10,663

The above advance to Mr P Cleary at 30 September 2023 is unsecured, incurs 2.5% interest per annum and has no fixed repayment date.


30.


Controlling party

The Company's immediate holding company is ID Travel Group PTE Limited, a company which is registered in Singapore.
The ultimate controlling party is Mr M Bonham-Carter, a director, by virtue of his majority holding in the issued share capital of the ultimate holding company. 
On 14 December 2023, the Company's ultimate shareholders entered into an agreement to revise the Group's ownership structure, resulting in ID Travel Holdings Limited, a company which is registered in the United States, becoming the ultimate holding company effective from 1 January 2024. The immediate holding company will continue to be ID Travel Group PTE Limited. The ultimate controlling party will continue to be Mr M Bonham-Carter, a director, by virtue of his majority holding in the issued share capital of the ultimate holding company. 

Page 44

 
WINTERFOLD LUXURY TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

31.


Cash flow hedges

At 30 September 2023, the Group had 14 foreign exchange forward contracts that it designated as cash flow hedges of highly probable foreign currency payments to suppliers for firm commitments in future periods. These contracts are entered into to minimise the Group's exposure to foreign exchange risk, between the prices agreed when a customer booking is made and when the supplier is paid.  
The following table summarises the foreign currency cash flow hedging instruments in place as at 30 September 2023:

2023
Volume
2023
Fair Value
2022
Volume
2022
Fair Value
(Local Currency)
(GBP)
(Local Currency)
(GBP)
US Dollars (USD)

6,650,000

5,442,344

7,800,000
 
6,998,026
 
Euros (EUR)

450,000

393,563

-
 
-
 
7,100,000

5,835,907

7,800,000
 
6,998,026
 

The present value of the highly probable forecast foreign currency cash flows that were designated as the hedged items within the hedging relationship at 30 September 2023 totalled £5,786,613 (2022 - £6,261,898).
The following table summarises the expected timing and amounts of the forecast future cash flows, which will be recognised in the income statement in the same period in which the cash flows occur:

Total
£

Determination Period


October  - December 2023
1,234,344

January - March 2024
2,127,496

April - June 2024
1,077,244

July - September 2024
1,347,529

October  - December 2024
-

5,786,613

During the period, the Group recognised net losses of £683,400 (2022 - gains of £750,525) on forward currency cash flow hedging instruments, all of which were found to be effective and were recognised through other comprehensive income into the cash flow hedging reserve.

 
Page 45