Registered number:
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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CAMPINGS.COM UNITED LTD
COMPANY INFORMATION
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CAMPINGS.COM UNITED LTD
CONTENTS
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CAMPINGS.COM UNITED LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
Campings.com Group is the European leader in online booking for campsites with nearly 2000 campings
partners. The Group is composed of 3 legal entities: i) Campings.com Group (Group’s holding); ii) Campings.com (main operating company); iii) Campings.com United Ltd incorporated in 2021. Campings.com United Ltd (CCU) is a UK-based company founded in June 2021 to relocate the campsites sourcing activity (UK branch in charge of key accounts and EU providers, and has a French branch in charge of domestic independent providers). Its activity started on 1 February 2022. This company is 100% owned by Campings.com Group (holding company of the Campings.com group). The Group’s mission is to exceed customers’ expectations in providing a memorable, high quality holiday experience, characterised by professional standards of service and a warm and friendly welcome.
•In its first year, Campings.com United Ltd achieved a turnover of £105,822,601.
• The profit for the year 2023 is £785,437 (2022 - £979,528).
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CAMPINGS.COM UNITED LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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CAMPINGS.COM UNITED LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
The effect of the worldwide Coronavirus pandemic has had a material effect on the business during the course of 2020 and 2021 until restrictions on trade were lifted on 17 May 2021. The Group’s priorities in 2021 alongside managing the impact of the pandemic on customers and our employee owners, was to start a new cycle of growth.
The Group continues to perform budget expectations in 2023 and is currently on track to return to meet budget in 2024, despite increased cost pressures as a result of Global inflation. The Group are now looking to grow its activity once suitable acquisitions are identified. The directors have a reasonable expectation that the company has adequate resources to continue and therefore the going concern basis has been adopted in preparing the annual report and accounts.
The board of directors provide the following statement on how they have performed of their statutory duties in accordance with s172(1) of the Companies Act 2006.
The board of Directors of Campings.com United Ltd consider that both individually and together, they have acted in a way that would be most likely to promote the success of the company for the benefit of its members as a whole (having regard to stakeholders and matters set out in s172(1) (a-f) of the Act) in the decisions taken during the year ended 30th September 2022. The likely consequences of any decision in the long term Consideration of the consequences of any decision in both the short, medium and long term is duly considered as part of the decision making process. The need to foster the company's business relationships with suppliers, customers and others Our customers are at the heart of everything we do and our mission is to provide them with memorable holiday experiences. As a result, the relationships with our customers and also our suppliers who are in integral part of allowing us to provide our customer experience are very important. We conduct regular customer surveys, provide customer feedback forms for every holiday and have a social media community group for our customers. This allows us to ensure that we can react to customer feedback and needs. We have nominated responsibility within each of our trading divisions who maintain our supplier relationships. The impact of the company's operations on the community and the environment The impact of our operations on the community and the environment is very important to us and that is why we regularly review our processes and procedures to seek continual improvements in this respect. As a travel operator, we provide an environmentally friendly way to holiday and we have implemented a number of policies across to minimise our environmental impact. These include our ‘go green’ housekeeping policy, recycling of waste and the introduction of energy efficient and water saving technologies across our offices. The desirability of the company maintaining a reputation for high standards of business conduct Our company core values set out the values that are a fundamental part in how we deliver our mission. Our core values include communicating honestly and openly in our interactions and set the standard for how we maintain high standards of business conduct. The need to act fairly as between members of the company Consideration of the consequences of any decision on all members of the company is duly considered as part of the decision making process.
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CAMPINGS.COM UNITED LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
This report was approved by the board and signed on its behalf.
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CAMPINGS.COM UNITED LTD
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.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙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 Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £785,437 (2022 - £979,528).
No dividends were paid during the year (2022: £Nil).
The directors who served during the year were:
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CAMPINGS.COM UNITED LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
The Company will seek to minimise adverse impacts on the environment from its activities, whilst continuing to address health, safety and economic issues. The Company has complied with all applicable legislation and regulations.
The Group continueds to perform budget expectations in 2023 and is currently on track to return to meet budget in 2024, despite increased cost pressures as a result of Global inflation. The Group are now looking to grow its activity once suitable acquisitions are identified.
The directors have a reasonable expectation that the company has adequate resources to continue and therefore the going concern basis has been adopted in preparing the annual report and accounts.
Liquidity risk
The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business. Interest rate risk The company is exposed to cash flow interest rate risk on floating rate deposits and bank overdrafts. The board reviews the exposure to interest rate risk on a regular basis to manage the mix of fixed and variable rate debt so as to reduce its exposure to changes in interest rates.
The company has chosen in accordance with the Companies Act 2006, s. 414C(11) to set out in the company’s strategic report information required by Large and Medium sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the director’s report. It has done so in respect of future developments and the statement of engagement with suppliers, customers and others in a business relationship with the group.
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CAMPINGS.COM UNITED LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
There have been no significant events affecting the Company since the year end.
The auditors, Xeinadin Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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CAMPINGS.COM UNITED LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CAMPINGS.COM UNITED LTD
We have audited the financial statements of Campings.com United Ltd (the 'Company') for the year ended 30 September 2023, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The 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).
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.
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.
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CAMPINGS.COM UNITED LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CAMPINGS.COM UNITED LTD (CONTINUED)
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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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CAMPINGS.COM UNITED LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CAMPINGS.COM UNITED LTD (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙Enquiry of management and those charged with governance around actual and potential litigation and claims to identify any instances of non-compliance with laws and regulations;
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
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 2006. Our 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.
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CAMPINGS.COM UNITED LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CAMPINGS.COM UNITED LTD (CONTINUED)
for and on behalf of
Chartered Accountants & Statutory Auditors
36 Old Jewry
EC2R 8DD
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CAMPINGS.COM UNITED LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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CAMPINGS.COM UNITED LTD
REGISTERED NUMBER: 13478465
STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 15 to 29 form part of these financial statements.
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CAMPINGS.COM UNITED LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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CAMPINGS.COM UNITED LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
Campings.com United Limited is a private company limited by shares incorporated in England and Wales. The registered office address is included on the Company Information page of these financial statements.
The principal activity of the company is the sourcing & provision of accommodation at holiday destinations across Europe.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Campings.com Group SAS as at 30 September 2022 and these financial statements may be obtained from 18/20 Rue du Faubourg du Temple 75011 Paris, France..
The current and future financial position of the Company, its cash flows and liquidity position have been reviewed by the directors and it is considered that the Company is well placed to take advantage of the renewed optimism in the travel industry following the lifting of travel restrictions.
The directors consider it appropriate to prepare the financial statements on a going concern basis.
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CAMPINGS.COM UNITED LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
Turnover for all stays arriving during the financial year are recognised in full during the year. Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured.
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CAMPINGS.COM UNITED LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
2.Accounting policies (continued)
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.
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CAMPINGS.COM UNITED LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
2.Accounting policies (continued)
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 impairment losses. Goodwill is amortised over 10 years.
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CAMPINGS.COM UNITED LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
2.Accounting policies (continued)
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.
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CAMPINGS.COM UNITED LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
Details of key areas of judgement and estimation are as follows: Judgements Determining whether or not there are indicators of impairment of the Company's intangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset. Revenue is recognised on the date of customer arrival at a booking. The directors use their judgement to determine a fair direct cost associated to the revenue recognised. Key sources of estimation uncertainty Supplier refunds due are assessed for potential bad debts. Factors considered include period overdue and discussions with suppliers. The annual amortisation rate for goodwill is reviewed annually to ensure they are appropriate. The carrying value is reviewed annually for impairment. The functional currency of the Company is EUR, however these accounts are presented in GBP. The exchange rates used to translate these balances are determined based online currency converters which can have varying results. The Company chooses to make discretionary compensation payments to customers for trips were client satisfaction was not met. A provision for the estimated payments to be made is recorded on this basis.
Analysis of turnover by country of destination:
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CAMPINGS.COM UNITED LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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CAMPINGS.COM UNITED LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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CAMPINGS.COM UNITED LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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CAMPINGS.COM UNITED LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
11.Taxation (continued)
There were no factors that may affect future tax charges.
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CAMPINGS.COM UNITED LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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CAMPINGS.COM UNITED LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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CAMPINGS.COM UNITED LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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CAMPINGS.COM UNITED LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
Profit and loss account
There were contingent liabilities given by the Company in the normal course of business in respect of an insurance backed ABTA bond, amounting to £nil (2022: £2,986,200).
The company operates a defined contribution 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 £50,375 (2022: £21,413). Contributions totalling £4,670 (2022: £892) were payable to the fund at the balance sheet date.
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CAMPINGS.COM UNITED LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
The parent and controlling party is Campings.com Group SAS which has a registered office of 18/20 Rue du Faubourg du Temple 75011 Paris, France.
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