Caseware UK (AP4) 2022.0.179 2022.0.179 2023-08-312023-08-3120true2022-09-0126falseTour operator specialising in activity holidaysfalse 04482022 2022-09-01 2023-08-31 04482022 2021-09-01 2022-08-31 04482022 2023-08-31 04482022 2022-08-31 04482022 2021-09-01 04482022 1 2022-09-01 2023-08-31 04482022 1 2021-09-01 2022-08-31 04482022 5 2022-09-01 2023-08-31 04482022 5 2021-09-01 2022-08-31 04482022 1 2022-09-01 2023-08-31 04482022 e:Director2 2022-09-01 2023-08-31 04482022 d:OfficeEquipment 2022-09-01 2023-08-31 04482022 d:OfficeEquipment 2023-08-31 04482022 d:OfficeEquipment 2022-08-31 04482022 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 04482022 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-09-01 2023-08-31 04482022 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-08-31 04482022 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-08-31 04482022 d:CurrentFinancialInstruments 2023-08-31 04482022 d:CurrentFinancialInstruments 2022-08-31 04482022 d:Non-currentFinancialInstruments 2023-08-31 04482022 d:Non-currentFinancialInstruments 2022-08-31 04482022 d:CurrentFinancialInstruments d:WithinOneYear 2023-08-31 04482022 d:CurrentFinancialInstruments d:WithinOneYear 2022-08-31 04482022 d:Non-currentFinancialInstruments d:AfterOneYear 2023-08-31 04482022 d:Non-currentFinancialInstruments d:AfterOneYear 2022-08-31 04482022 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-08-31 04482022 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-08-31 04482022 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-08-31 04482022 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-08-31 04482022 d:ShareCapital 2023-08-31 04482022 d:ShareCapital 2022-08-31 04482022 d:ShareCapital 2021-09-01 04482022 d:SharePremium 2023-08-31 04482022 d:SharePremium 2022-08-31 04482022 d:SharePremium 2021-09-01 04482022 d:RetainedEarningsAccumulatedLosses 2022-09-01 2023-08-31 04482022 d:RetainedEarningsAccumulatedLosses 2023-08-31 04482022 d:RetainedEarningsAccumulatedLosses 2021-09-01 2022-08-31 04482022 d:RetainedEarningsAccumulatedLosses 2022-08-31 04482022 d:RetainedEarningsAccumulatedLosses 2021-09-01 04482022 d:AcceleratedTaxDepreciationDeferredTax 2023-08-31 04482022 d:AcceleratedTaxDepreciationDeferredTax 2022-08-31 04482022 e:FRS102 2022-09-01 2023-08-31 04482022 e:Audited 2022-09-01 2023-08-31 04482022 e:FullAccounts 2022-09-01 2023-08-31 04482022 e:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 04482022 d:Subsidiary1 2022-09-01 2023-08-31 04482022 d:Subsidiary1 1 2022-09-01 2023-08-31 04482022 e:SmallCompaniesRegimeForAccounts 2022-09-01 2023-08-31 04482022 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:InternallyGeneratedIntangibleAssets 2022-09-01 2023-08-31 04482022 2 2022-09-01 2023-08-31 04482022 6 2022-09-01 2023-08-31 04482022 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2022-09-01 2023-08-31 iso4217:GBP xbrli:pure

Registered number: 04482022









THE ARTISAN TRAVEL COMPANY LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2023

 
THE ARTISAN TRAVEL COMPANY LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE ARTISAN TRAVEL COMPANY LIMITED
UNDER SECTION 449 OF THE COMPANIES ACT 2006
 

Opinion


We have audited the financial statements of The Artisan Travel Company Limited (the 'Company') for the year ended 31 August 2023, which comprise  the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 August 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the 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 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 1

 
THE ARTISAN TRAVEL COMPANY LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE ARTISAN TRAVEL COMPANY LIMITED (CONTINUED)
UNDER SECTION 449 OF THE COMPANIES ACT 2006


Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditors' Report thereon.  The directors are responsible for the other information contained within the Annual Report.  Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated.  If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves.  If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' Report has been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 2

 
THE ARTISAN TRAVEL COMPANY LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE ARTISAN TRAVEL COMPANY LIMITED (CONTINUED)
UNDER SECTION 449 OF THE COMPANIES ACT 2006


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- We exercise professional 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 Company's compliance with its regulator, the Civil Aviation Authority ("CAA"), and its membership of The Association of British Travel Agents ("ABTA") and sample test relevant documentation to assess this and the effectiveness of its control environment;
- 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 conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the entity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the entity to cease to continue as a going concern.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 3

 
THE ARTISAN TRAVEL COMPANY LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE ARTISAN TRAVEL COMPANY LIMITED (CONTINUED)
UNDER SECTION 449 OF THE COMPANIES ACT 2006


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.





M S Caldicott ACA FCCA CTA (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

8 January 2024
Page 4

 
THE ARTISAN TRAVEL COMPANY LIMITED
REGISTERED NUMBER: 04482022

STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
18,070
3,545

Tangible assets
 5 
3,934
5,419

Investments
 6 
200
200

  
22,204
9,164

Current assets
  

Debtors: amounts falling due within one year
 7 
1,341,642
921,795

Cash at bank and in hand
 8 
491,001
803,468

  
1,832,643
1,725,263

Creditors: amounts falling due within one year
 9 
(1,272,954)
(1,217,763)

Net current assets
  
 
 
559,689
 
 
507,500

Total assets less current liabilities
  
581,893
516,664

Creditors: amounts falling due after more than one year
 10 
-
(153,750)

Provisions for liabilities
  

Deferred tax
  
(5,501)
(1,703)

  
 
 
(5,501)
 
 
(1,703)

Net assets
  
576,392
361,211


Capital and reserves
  

Called up share capital 
  
151
151

Share premium account
  
29,949
29,949

Profit and loss account
  
546,292
331,111

  
576,392
361,211


Page 5

 
THE ARTISAN TRAVEL COMPANY LIMITED
REGISTERED NUMBER: 04482022
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 AUGUST 2023

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 8 January 2024.




A V Hope
Director

The notes on pages 10 to 20 form part of these financial statements.

Page 6

 
THE ARTISAN TRAVEL COMPANY LIMITED
 

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


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 September 2021
151
29,949
102,224
132,324


Comprehensive income for the year

Profit for the year
-
-
228,887
228,887



At 1 September 2022
151
29,949
331,111
361,211


Comprehensive income for the year

Profit for the year
-
-
215,181
215,181


At 31 August 2023
151
29,949
546,292
576,392


The notes on pages 10 to 20 form part of these financial statements.

Page 7

 
THE ARTISAN TRAVEL COMPANY LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
215,181
228,887

Adjustments for:

Amortisation of intangible assets
9,317
671

Depreciation of tangible assets
3,224
2,510

Government grants
-
(7,893)

Interest paid
15,507
4,910

Interest received
(351)
(4)

Taxation charge
57,653
53,704

Increase in debtors
(66,249)
(23,342)

(Increase) in amounts owed by groups
(353,598)
-

Increase/(decrease) in creditors
82,143
(1,197)

Increase in amounts owed to groups
13,960
80,904

Corporation tax (paid)/received
(52,108)
20,537

Net cash generated from operating activities

(75,321)
359,687


Cash flows from investing activities

Purchase of intangible fixed assets
(23,844)
(4,214)

Purchase of tangible fixed assets
(1,737)
(595)

Government grants received
-
7,893

Interest received
351
4

Net cash from investing activities

(25,230)
3,088
Page 8

 
THE ARTISAN TRAVEL COMPANY LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023


2023
2022

£
£



Cash flows from financing activities

Repayment of loans
(196,409)
(28,591)

Interest paid
(15,507)
(4,910)

Net cash used in financing activities
(211,916)
(33,501)

Net (decrease)/increase in cash and cash equivalents
(312,467)
329,274

Cash and cash equivalents at beginning of year
803,468
474,194

Cash and cash equivalents at the end of year
491,001
803,468


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
491,001
803,468

491,001
803,468


The notes on pages 10 to 20 form part of these financial statements.

Page 9

 
THE ARTISAN TRAVEL COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

1.


General information

The Artisan Travel Company Limited (the “company”) is a private company limited by shares and is registered and incorporated in England and Wales. The registered office address is 168 Brinkburn Street, Suite B, The Old Public Library, Newcastle, NE6 2AR.

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 following principal accounting policies have been applied:

 
2.2

Going concern

Company management and the directors, based on the current trading and the forward budgets/ forecasts prepared, have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, being at least the following 12 months from the signing of these financial statements.
For this reason, and with the Company continuing to receive the full support of the Group, the directors continue to adopt the going concern basis in the financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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

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

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

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

Page 10

 
THE ARTISAN TRAVEL COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Travel arrangements provided to customers are recognised on the date of departure basis.

 
2.5

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.

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.7

Interest income

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

 
2.8

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.

 
2.9

Borrowing costs

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

Page 11

 
THE ARTISAN TRAVEL COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 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.

 
2.12

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:

Development expenditure
-
3
years

Page 12

 
THE ARTISAN TRAVEL COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
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:

Office equipment
-
33%

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.

 
2.15

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.

 
2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

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

 
2.17

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 13

 
THE ARTISAN TRAVEL COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.18

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.

 
2.19

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 26 (2022 - 20).

Page 14

 
THE ARTISAN TRAVEL COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

4.


Intangible assets




Development expenditure

£



Cost


At 1 September 2022
226,648


Additions
23,844



At 31 August 2023

250,492



Amortisation


At 1 September 2022
223,103


Charge for the year on owned assets
9,319



At 31 August 2023

232,422



Net book value



At 31 August 2023
18,070



At 31 August 2022
3,545



Page 15

 
THE ARTISAN TRAVEL COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

5.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 September 2022
92,253


Additions
1,737



At 31 August 2023

93,990



Depreciation


At 1 September 2022
86,834


Charge for the year on owned assets
3,222



At 31 August 2023

90,056



Net book value



At 31 August 2023
3,934



At 31 August 2022
5,419

Page 16

 
THE ARTISAN TRAVEL COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

6.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 September 2022
200



At 31 August 2023
200





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Activities Abroad Limited
168 Brinkburn Street, Suite B, Newcastle, NE6 2AR
Ordinary
100%

The aggregate of the share capital and reserves as at 31 August 2023 and the profit or loss for the year ended on that date for the subsidiary undertaking was as follows:

Name
Aggregate of share capital and reserves

Activities Abroad Limited
371,171


7.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
1,021,730
668,132

Other debtors
49,049
100,177

Prepayments and accrued income
270,863
153,486

1,341,642
921,795


Included in prepayments and accrued income above is the sum of £228,219 (2022: £135,494) which relates to advance supplier payments for bookings departing from 1 September 2023 onwards.

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THE ARTISAN TRAVEL COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
491,001
803,468

491,001
803,468


Included in cash at bank above were restricted funds held in the Trust Account of £147,157 (2022: £86,576).


9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
-
42,659

Trade creditors
29,978
67,114

Amounts owed to group undertakings
366,762
352,802

Corporation tax
53,855
52,108

Other taxation and social security
9,845
47,953

Other creditors
-
834

Accruals and deferred income
812,514
654,293

1,272,954
1,217,763


Included in accruals and deferred income balance is the sum of £757,573 (2022: £604,192) which relates to advance customer receipts for bookings departing from 1 September 2023 onwards.


10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
-
153,750

-
153,750


Page 18

 
THE ARTISAN TRAVEL COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

11.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
-
42,659


-
42,659

Amounts falling due 1-2 years

Bank loans
-
44,210


-
44,210

Amounts falling due 2-5 years

Bank loans
-
109,540


-
109,540


-
196,409



12.


Deferred taxation




2023


£






At beginning of year
(1,703)


Charged to profit or loss
(3,798)



At end of year
(5,501)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(5,501)
(1,703)

(5,501)
(1,703)

Page 19

 
THE ARTISAN TRAVEL COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

13.


Contingent liabilities

At 31 August 2023, there were contingent liabilities outstanding in respect of counter indemnities and guarantees given by the Company, in the normal course of business, to the Company's bond insurance obligors in respect of ABTA travel bonds amounting to £203,494 (2022: £153,965).


14.


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 £15,301 (2022: £10,397). Contributions totalling £Nil (2022: £Nil) were payable to the fund at the reporting date.


15.


Related party transactions

The Company has taken advantage of the exemption in Financial Reporting Standard 102, paragraph 33.1A, from the requirement to disclose transactions with group companies on the basis that consolidated financial statements are prepared by the ultimate parent company.
Also, included in other debtors in note 7 above, is an amount due from key management personnel amounting to £Nil (2022: £34,374).


16.


Post balance sheet events

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


17.


Controlling party

The ultimate holding company is The Artisan Travel Holding Limited, a company incorporated in England and Wales, following a group reorganisation on 30 August 2023.
The immediate parent company is The Artisan Travel Group Limited, a company incorporated in England and Wales.
The immediate parent company prepares the smallest group consolidated financial statements for the year. Copies of The Artisan Travel Group Limited's accounts can be obtained from its registered office at 168 Brinkburn Street, Suite B, The Old Public Library, Newcastle, NE6 2AR.

 
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