Caseware UK (AP4) 2022.0.179 2022.0.179 2023-11-302023-11-3011false2022-12-01The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.tour operator14truetrue 10863911 2022-12-01 2023-11-30 10863911 c:KeyManagementIndividualGroup1 2022-12-01 2023-11-30 10863911 2021-08-01 2022-11-30 10863911 2023-11-30 10863911 c:KeyManagementIndividualGroup1 2023-11-30 10863911 2022-11-30 10863911 1 2022-12-01 2023-11-30 10863911 d:Director1 2022-12-01 2023-11-30 10863911 c:FurnitureFittings 2022-12-01 2023-11-30 10863911 c:FurnitureFittings 2023-11-30 10863911 c:FurnitureFittings 2022-11-30 10863911 c:FurnitureFittings c:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 10863911 c:OfficeEquipment 2022-12-01 2023-11-30 10863911 c:OfficeEquipment 2023-11-30 10863911 c:OfficeEquipment 2022-11-30 10863911 c:OfficeEquipment c:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 10863911 c:ComputerEquipment 2022-12-01 2023-11-30 10863911 c:ComputerEquipment 2023-11-30 10863911 c:ComputerEquipment 2022-11-30 10863911 c:ComputerEquipment c:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 10863911 c:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 10863911 c:Goodwill 2022-12-01 2023-11-30 10863911 c:Goodwill 2023-11-30 10863911 c:Goodwill 2022-11-30 10863911 c:CopyrightsPatentsTrademarksServiceOperatingRights 2022-12-01 2023-11-30 10863911 c:ComputerSoftware 2023-11-30 10863911 c:ComputerSoftware 2022-11-30 10863911 c:CurrentFinancialInstruments 2023-11-30 10863911 c:CurrentFinancialInstruments 2022-11-30 10863911 c:Non-currentFinancialInstruments 2023-11-30 10863911 c:Non-currentFinancialInstruments 2022-11-30 10863911 c:CurrentFinancialInstruments c:WithinOneYear 2023-11-30 10863911 c:CurrentFinancialInstruments c:WithinOneYear 2022-11-30 10863911 c:Non-currentFinancialInstruments c:AfterOneYear 2023-11-30 10863911 c:Non-currentFinancialInstruments c:AfterOneYear 2022-11-30 10863911 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2023-11-30 10863911 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2022-11-30 10863911 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2023-11-30 10863911 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2022-11-30 10863911 c:ShareCapital 2023-11-30 10863911 c:ShareCapital 2022-11-30 10863911 c:RetainedEarningsAccumulatedLosses 2023-11-30 10863911 c:RetainedEarningsAccumulatedLosses 2022-11-30 10863911 d:FRS102 2022-12-01 2023-11-30 10863911 d:AuditExempt-NoAccountantsReport 2022-12-01 2023-11-30 10863911 d:FullAccounts 2022-12-01 2023-11-30 10863911 d:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 10863911 2 2022-12-01 2023-11-30 10863911 6 2022-12-01 2023-11-30 iso4217:GBP xbrli:pure
Registered number: 10863911


THE KNAVESMIRE TRAVEL GROUP LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 NOVEMBER 2023

 
THE KNAVESMIRE TRAVEL GROUP LIMITED
REGISTERED NUMBER: 10863911

STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2023

2023
Restated- 2022
Note
£
£

Fixed assets
  

Tangible assets
 6 
422
400

Investments
 7 
2
2

  
424
402

Current assets
  

Stocks
  
23,789
9,334

Debtors: amounts falling due within one year
 8 
490,489
786,078

Bank and cash balances
  
1,236,931
726,636

  
1,751,209
1,522,048

Creditors: amounts falling due within one year
 9 
(1,651,474)
(1,454,722)

Net current assets
  
 
 
99,735
 
 
67,326

Total assets less current liabilities
  
100,159
67,728

Creditors: amounts falling due after more than one year
 10 
(112,500)
(185,893)

  

Net liabilities
  
(12,341)
(118,165)


Capital and reserves
  

Called up share capital 
  
30,000
30,000

Profit and loss account
  
(42,341)
(148,165)

  
(12,341)
(118,165)


Page 1

 
THE KNAVESMIRE TRAVEL GROUP LIMITED
REGISTERED NUMBER: 10863911
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 NOVEMBER 2023

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

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

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

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 12 March 2024.




E Hall
Director

The notes on pages 3 to 13 form part of these financial statements.

Page 2

 
THE KNAVESMIRE TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


General information

The Knavesmire Travel Group is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Going concern

The current and future financial position of the Company, its cash flows and liquidity position have
been reviewed by the directors. These have been prepared with a very prudent view on the likely
gradual recovery in each of the Company's operating locations and have been stress tested to
ensure that cash flows and liquidity are sufficiently robust to allow the Company to continue to trade
during this period.
In managing its cash flows, the Company has taken actions to manage short and longer term
liquidity.
At the date of approving the financial statements, the directors are confident that the existing funding
facilities will provide sufficient headroom to meet the forecast cash requirements during the twelve
months from the date of approval of the financial statements having considered any additional
requirements that would be contingent on a downturn in activity over the same period.
The directors consider it appropriate to prepare the financial statements on a going concern basis.

Page 3

 
THE KNAVESMIRE TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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

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

  
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. 
Revenue comprises of turnover recognised by the company in respect of travel related services supplied to customers in the ordinary course of business. Revenue is taken to the profit and loss account based on the date of departure.

 
2.6

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.

 
2.7

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.
Prior year,  the Company benefitted from taking advantage of government support, in the form
of the Coronavirus Job Retention Scheme (CJRS) in the UK.

 
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.

Page 4

 
THE KNAVESMIRE TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.10

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 5

 
THE KNAVESMIRE TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.12

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 its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of comprehensive income over its useful economic life.

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.

 The estimated useful lives range as follows:

Goodwill
-
5
years
Computer software
-
4
years

 
2.13

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
straight line
Office equipment
-
25%
straight line
Computer equipment
-
33%
straight line

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.

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 6

 
THE KNAVESMIRE TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.15

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.

 
2.16

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

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

 
2.20

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.

Page 7

 
THE KNAVESMIRE TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.21

Dividends

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


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements,
estimates and assumptions about the carrying amount of assets and liabilities that are not readily
apparent from other sources. The estimates and associated assumptions are based historical experience
and other factors that are recognised to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.
Critical judgements
(i) Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to due the material nature of the value of
fixed assets. The depreciation rates are reviewed annually to ensure they are appropriate for the type of
asset. Assets are reviewed for impairment on an annual basis.
Key sources of estimation uncertainty
The directors are of the view that there are no estimates or assumptions that have a significant risk of
causing a material adjustment to the carrying amount of assets and liabilities.


4.


Employees

The average monthly number of employees, including directors, during the year was 14 (2022 - 11).

Page 8

 
THE KNAVESMIRE TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

5.


Intangible assets




Computer software
Goodwill
Total

£
£
£



Cost


At 1 December 2022
8,485
98,074
106,559



At 30 November 2023

8,485
98,074
106,559



Amortisation


At 1 December 2022
8,485
98,074
106,559



At 30 November 2023

8,485
98,074
106,559



Net book value



At 30 November 2023
-
-
-



At 30 November 2022
-
-
-



Page 9

 
THE KNAVESMIRE TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

6.


Tangible fixed assets





Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 December 2022
851
6,425
29,842
37,118


Additions
-
-
581
581



At 30 November 2023

851
6,425
30,423
37,699



Depreciation


At 1 December 2022
830
6,119
29,769
36,718


Charge for the year on owned assets
21
306
232
559



At 30 November 2023

851
6,425
30,001
37,277



Net book value



At 30 November 2023
-
-
422
422



At 30 November 2022
21
306
73
400


7.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 December 2022
2



At 30 November 2023
2




Page 10

 
THE KNAVESMIRE TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

8.


Debtors

2023
Restated- 2022
£
£


Trade debtors- restated
27,210
50,132

Other debtors
8,722
92,089

Prepayments and accrued income- restated
429,667
592,602

Tax recoverable
-
11,009

Deferred taxation
24,890
40,246

490,489
786,078


Included within prepayments and accrued income is £411,833 (2022: £586,832) of payments made in advance to suppliers for bookings departing after the balance sheet date.


9.


Creditors: Amounts falling due within one year

2023
Restated- 2022
£
£

Bank loans
50,000
50,000

Trade creditors
21,818
11,719

Corporation tax
21,177
-

Other taxation and social security
65,228
8,126

Other creditors
3,773
-

Accruals and deferred income- restated
1,489,478
1,384,877

1,651,474
1,454,722


Included within accruals and deferred income is £1,469,319 (2022: £1,378,427) of deposits received in advance from customers for bookings departing after the balance sheet date.

Page 11

 
THE KNAVESMIRE TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
112,500
162,500

Accruals and deferred income
-
23,393

112,500
185,893


Accruals and deferred income comprise advanced receipts from customers for departures after the balance sheet date due after more than one year. 


11.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
50,000
50,000


50,000
50,000

Amounts falling due 1-2 years

Bank loans
50,000
50,000


50,000
50,000

Amounts falling due 2-5 years

Bank loans
62,500
112,500


62,500
112,500


162,500
212,500



12.


Prior year adjustment

The directors discovered an error in the recognition of a debtor balance owed by agents in prior year being recognised under bank. This has now been corrected by way of prior year adjustment. 
This adjustment had £Nil effect on Net Assets.

Page 12

 
THE KNAVESMIRE TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

13.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £9,623 (2022: £7,278). Contributions totalling £3,773 (2022: £156 Dr) were payable to the fund at the balance sheet date and are included in creditors.


14.


Related party transactions

At the balance sheet date the company is owed by Mrs E Hall, a director of the company, £1,805 (2022: £2,636) in relation to introduced capital into the company.
At the balance sheet date the company is owed by Mr J D Holland, a director of the company, £2,743 (2022: £3,428) in relation to introduced capital into the company.


15.


Post balance sheet events

The directors have concluded that no material events have occurred since the date of approval of these financial statements that would affect the financial statements of the Company.


16.


Controlling party

The controlling party is Mrs E Hall by virtue of her majority shareholding in the company.

 
Page 13