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Registered number: 01791598


PREMIER HOLIDAYS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

 
PREMIER HOLIDAYS LIMITED
 
 
COMPANY INFORMATION


Directors
P S Andrews 
N L Waters 
H A Blades 
M J Godfrey 
D K Goffin 
R L Sargent 




Registered number
01791598



Registered office
Building 1020
Cambourne Business Park

Cambourne

Cambridge

CB23 6DW




Independent auditors
Xeinadin Audit Limited
Chartered Accountants & Statutory Auditors

8th Floor Becket House

36 Old Jewry

London

EC2R 8DD




Accountants
Elman Wall Limited
8th Floor Becket House

36 Old Jewry

London

EC2R 8DD





 
PREMIER HOLIDAYS LIMITED
 

CONTENTS



Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditors' report
6 - 9
Statement of comprehensive income
10
Statement of financial position
11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 - 31


 
PREMIER HOLIDAYS LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023

Introduction
 
The directors present their strategic report together with the audited financial statements for the year ended 30 September 2023.

Business review
 
The company’s principal activity is that of a tour operator. The global market for travel continued to exit from the pandemic of the previous years with more destinations actively opening their boarders to tourism, the reduction or removal of restrictive entry requirements and the general boost in customer confidence the company saw revenues and profits return to pre pandemic levels. 
As a result of the prior financial year’s first half (H1) revenues being historically low due to the ongoing pandemic restrictions the current year reported a 198% increase in revenues with a 42.8% increase in passenger numbers year on year (YOY). The second half (H2) returned to more normal levels with 18.9% increase in revenues and 2.1% decline in passenger numbers YOY. Inflation has impacted the cost of flights and accommodation across a few of our markets and this has been evident in the average spend per passenger through the year with an increase of 44% YOY. The average revenue per room night increased by 54% YOY. H1 and H2 Revenue splits were 37.4% and 62.6% (19.3% and 80.7% 2022) respectively.
As with the previous year and as for many businesses within this sector we struggled with a shortage of labour and recruitment market remained challenging as we tried to replace and re-build the headcount back up to support this significant return trading volume. Hybrid working remained in place and this will continue. 
Ongoing global challenges with the war in Ukraine and more recently the Middle East together the challenging economic outlook; inflation remaining high; rising interest rates and tighter fiscal policies of many of the world’s central banks resulting in the reduction in household disposable incomes didn’t appear to impact on people’s desire to travel. Revenue from forward bookings increased by 6.1% from £16.3M to £19.0M YOY. 
The year has seen a less eventful currency market versus the previous year however we continue to monitor the forward currency requirements of the business on a weekly basis to avoid shocks and mitigate the risk exposure as best we can through forward contracts.  
Looking forward to the year to September 2024 and beyond we have budgeted for an 10% increase in passenger numbers YOY and a 5% increase in average spend per head with total budgeted revenues increasing from £42.2M to £48.8M. We ended this financial year with a fantastic base of forward departure revenues of £19M up 6.1% year on year and 39% of the budgeted revenue which is comparable to the previous years position v’s the actual revenue achieved. The cost base of the business will be challenged predominantly by changes to the national living wage and its reduction to include 21 years plus; changes to holiday pay calculations and wage inflation in the local market. We have committed to a significant investment in IT infrastructure and a new reservations system over the next 12 to 18 months. This will provide the platform for growth however profitability will be lower in the short-term due to additional operational cost to support this investment.  
The positivity and desire for travel in the marketplace remains strong, all destinations around the world have re-opened and the restrictions of the pandemic are no longer a hurdle. Flight volumes return to pre-pandemic levels with many carriers increasing capacity through the next year. With the increase in the cost of living there will be greater focus of value but travel remains a must for most households.  

Page 1

 
PREMIER HOLIDAYS LIMITED
 

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

Principal risks and uncertainties
 
The company operates in a highly competitive, price led market. The risks include constant changes in ownership of traditional travel agents, advances in technology to improve online booking capabilities, confusing publicity to the consumer over holiday protection and the threat of sudden falls in holiday demand as a result of natural disasters/political unrest or improvement in UK weather.  This changing environment is a risk to the company and could result in it losing revenue.
The company manages this risk by providing value added services to its customers, maintaining strong relationships with travel agents and by continued investment in its product development and systems to ensure it offers the right product effectively. The covid pandemic has conversely pushed more people back to booking with agents as it highlighted the benefits of having an experienced professional look after you when there are problems and this being worth a lot more than the little money saved by booking holiday components directly themselves.  
The company pays for holidays sold in the local currency of the destination, so is exposed to movement in these currencies to the Sterling exchange rate. The company minimises the risk of exchange rate fluctuations by using foreign exchange forward contracts. 
The company is constantly undertaking detailed reviews of bookings and expected results due to the impact of Covid 19 and will take further steps, if necessary but at this point unlikely, to secure the future profitability of the company. The directors are confident that the company has adequate resources to continue and thrive in the next financial year and onwards and is on a steady positive trajectory moving into the next FY. 

Financial key performance indicators
 
The main Key Performance Indicators used in managing the performance of the company include Revenue (Departures), Gross Profit %, Forward Bookings (Departures) and Total Passenger Numbers. These are monitored by Product Market daily; weekly and monthly against prior years and budget.
                     
2023 (£'000)    2022 (£'000)   VAR (£)    YOY (%)
Revenue          42,228.5    27,444.6       14,783.9     53.9%
Gross profit %  12.3%    12.5%      -0.2%      -1.5%
Forward Bookings   18,961.1    16,325.9       2,635.2    16.1%
Passenger numbers 25,620    23,374       2,246.0    9.6%

Page 2

 
PREMIER HOLIDAYS LIMITED
 

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

Other key performance indicators
 
Other Key Performance Indicators used will be travel agents activity which is monitored on a weekly basis and, as more countries open up to international travellers, the additional funds that are offered to the company from the Tourist Boards looking to work with us to attract holidaymakers back to their destinations. 


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



N L Waters
Director

Date: 14 February 2024

Page 3

 
PREMIER HOLIDAYS 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 Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

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


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £1,364,647 (2022 - £293,704).

The directors paid a dividend from reserves of £154,000 (2022   £4,000).

Directors

The directors who served during the year were:

P S Andrews 
N L Waters 
H A Blades 
M J Godfrey 
D K Goffin 
R L Sargent 

Future developments

Investment in the IT infrastructure to support continued growth into new markets and revenue streams  sustaining the long-term business performance. 

Page 4

 
PREMIER HOLIDAYS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023

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'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's auditors are aware of that information.

Post balance sheet events

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

Auditors

The auditorsXeinadin Audit Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 14 February 2024 and signed on its behalf.
 





N L Waters
Director

Page 5

 
PREMIER HOLIDAYS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PREMIER HOLIDAYS LIMITED
 

Opinion


We have audited the financial statements of Premier Holidays Limited (the 'Company') for the year ended 30 September 2023, which comprise the Statement of comprehensive income, 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 30 September 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 6

 
PREMIER HOLIDAYS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PREMIER HOLIDAYS LIMITED (CONTINUED)


Other information


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


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

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


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


Matters on which we are required to report by exception
 

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


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


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


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 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 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 7

 
PREMIER HOLIDAYS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PREMIER HOLIDAYS LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

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


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


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


Because of 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.


Page 8

 
PREMIER HOLIDAYS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PREMIER HOLIDAYS LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





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

14 February 2024
Page 9

 
PREMIER HOLIDAYS LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
42,228,456
27,444,609

Cost of sales
  
(37,027,408)
(24,022,682)

Gross profit
  
5,201,048
3,421,927

Administrative expenses
  
(4,132,634)
(3,194,115)

Other operating income
 5 
697,374
120,348

Operating profit
 6 
1,765,788
348,160

Interest receivable and similar income
 10 
32,224
649

Profit before tax
  
1,798,012
348,809

  

Tax on profit
 11 
(433,365)
(55,105)

Profit for the financial year
  
1,364,647
293,704

Other comprehensive income for the year
  

Movements on forward contracts
  
(214,354)
255,954

Other comprehensive income for the year
  
(214,354)
255,954

Total comprehensive income for the year
  
1,150,293
549,658

The notes on pages 14 to 31 form part of these financial statements.

Page 10

 
PREMIER HOLIDAYS LIMITED
REGISTERED NUMBER: 01791598

STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 13 
23,093
22,653

Tangible assets
 14 
48,360
65,085

  
71,453
87,738

Current assets
  

Debtors: amounts falling due within one year
 15 
3,397,117
3,167,596

Current asset investments
 16 
2,526,284
-

Cash at bank and in hand
 17 
6,978,534
7,954,811

  
12,901,935
11,122,407

Creditors: amounts falling due within one year
 18 
(9,871,942)
(9,106,059)

Net current assets
  
 
 
3,029,993
 
 
2,016,348

Total assets less current liabilities
  
3,101,446
2,104,086

Creditors: amounts falling due after more than one year
 19 
(28,914)
(27,847)

  

Net assets
  
3,072,532
2,076,239


Capital and reserves
  

Called up share capital 
 22 
750,000
750,000

Capital redemption reserve
 23 
466,236
466,236

Foreign exchange reserve
 23 
41,600
255,954

Profit and loss account
 23 
1,814,696
604,049

  
3,072,532
2,076,239


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


N L Waters
Director

Date: 14 February 2024

The notes on pages 14 to 31 form part of these financial statements.

Page 11

 
PREMIER HOLIDAYS LIMITED
 

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


Called up share capital
Capital redemption reserve
Foreign exchange reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 October 2021
750,000
466,236
-
314,345
1,530,581



Profit for the year
-
-
-
293,704
293,704

Movement on forward contracts
-
-
255,954
-
255,954

Dividends: Equity capital
-
-
-
(4,000)
(4,000)



At 1 October 2022
750,000
466,236
255,954
604,049
2,076,239



Profit for the year
-
-
-
1,364,647
1,364,647

Movement on forward contracts
-
-
(214,354)
-
(214,354)

Dividends: Equity capital
-
-
-
(154,000)
(154,000)


At 30 September 2023
750,000
466,236
41,600
1,814,696
3,072,532


Page 12

 
PREMIER HOLIDAYS LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
1,364,647
293,704

Adjustments for:

Amortisation of intangible assets
14,836
40,895

Depreciation of tangible assets
21,725
28,163

Interest received
(32,224)
(649)

Taxation charge
433,365
55,105

(Increase) in debtors
(723,815)
(1,159,417)

Increase in amounts owed by connected companies
-
779,056

Increase in creditors
913,525
2,888,819

Decrease in amounts owed to groups
(300,000)
-

Corporation tax received
-
121,951

Net cash generated from operating activities

1,692,059
3,047,627


Cash flows from investing activities

Purchase of intangible fixed assets
(15,276)
-

Purchase of tangible fixed assets
(5,000)
(1,999)

Fixed term cash deposits
(2,526,284)
-

Government grants received
-
21,369

Interest received
32,224
649

Net cash from investing activities

(2,514,336)
20,019

Cash flows from financing activities

Dividends paid
(154,000)
(4,000)

Net cash used in financing activities
(154,000)
(4,000)

Net (decrease)/increase in cash and cash equivalents
(976,277)
3,063,646

Cash and cash equivalents at beginning of year
7,954,811
4,891,165

Cash and cash equivalents at the end of year
6,978,534
7,954,811


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
6,978,534
7,954,811

6,978,534
7,954,811


Page 13

 
PREMIER HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.


General information

Premier Holidays Limited is a private company limited by shares and is incorporated in England & Wales. The address of its registered office is given in the company information page of these financial statements.
Premier Holidays Limited's principal activity is that of a tour operator.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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

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

 
2.2

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 14

 
PREMIER HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

  
2.3

Revenue

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable.
The turnover of the company is the aggregate amount charged to customers in the United Kingdom for bookings and services rendered in respect of departures up until 30 September 2023. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

 
2.4

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.

 
2.5

Interest income

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

 
2.6

Pensions

Defined contribution pension plan

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

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

Page 15

 
PREMIER HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.7

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.

 
2.8

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:

Software development
-
5
years

 
2.9

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 16

 
PREMIER HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)


2.9
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:

Fixtures and fittings
-
5 years
Computer equipment
-
3 - 5 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

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.

 
2.11

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.

 
2.12

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.

 
2.13

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.

Page 17

 
PREMIER HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.14

Financial instruments

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

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.

 
2.15

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.

  
2.16

Advanced receipts and payments

All revenue relating to tours with departure dates after the year end are treated as advance receipts at the balance sheet date and are separately disclosed under other accruals and deferred income. Payments made to suppliers in respect of these tours are included in prepayments and accrued income.

Page 18

 
PREMIER HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

3.


Judgments 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 on 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 of revision and future periods where the revision affects both current and future periods.
The directors are of the view that there are no estimates or assumptions that have significant risk of causing a material adjustment to the carrying amount of assets and liabilities.


4.


Turnover

Turnover is derived solely in the UK from its sole primary activity.


5.


Other operating income

2023
2022
£
£

Other operating income
171,027
120,348

Marketing income
526,347
-

697,374
120,348



6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Amortisation
14,836
40,895

Depreciation
21,725
28,163

Exchange differences
(171,027)
(120,348)

Other operating lease rentals
93,597
92,236

Page 19

 
PREMIER HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

7.


Auditors' remuneration

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


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
25,200
21,000

Fees payable to the Company's auditors for non audit services
10,800
9,000

8.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
3,130,295
2,274,189

Cost of defined contribution scheme
110,278
95,453

3,240,573
2,369,642


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


        2023
        2022
            No.
            No.







Direct operational staff
51
44



Administration staff
47
37

98
81

Page 20

 
PREMIER HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
426,671
307,760

Company contributions to defined contribution pension schemes
38,627
29,490

465,298
337,250


During the year retirement benefits were accruing to 4 directors (2022 - 4) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £135,351 (2022 - £72,300).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £13,535 (2022 - £7,412).


10.


Interest receivable

2023
2022
£
£


Other interest receivable
32,224
649

32,224
649

Page 21

 
PREMIER HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
153,425
-

Adjustments in respect of previous periods
-
(34,093)


153,425
(34,093)


Total current tax
153,425
(34,093)

Deferred tax


Origination and reversal of timing differences
279,940
89,198

Total deferred tax
279,940
89,198


Taxation on profit on ordinary activities
433,365
55,105

Factors affecting tax charge for the year

The tax assessed for the year differs from the standard rate of corporation tax in the UK of 19% (2021-19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
1,798,012
348,809


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
395,710
66,274

Effects of:


Fixed asset differences
(275)
(114)

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
4,428
1,801

Adjustments to tax charge in respect of prior periods
-
(34,093)

Adjustments to tax charge in respect of previous periods - deferred tax
-
(225)

Remeasurement of deferred tax for changes in tax rates
33,502
21,462

Total tax charge for the year
433,365
55,105

Page 22

 
PREMIER HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
 
11.Taxation (continued)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


12.


Dividends

2023
2022
£
£


Dividends
154,000
4,000

154,000
4,000

Page 23

 
PREMIER HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

13.


Intangible assets




Software development

£



Cost


At 1 October 2022
720,341


Additions
15,276



At 30 September 2023

735,617



Amortisation


At 1 October 2022
697,688


Charge for the year on owned assets
14,836



At 30 September 2023

712,524



Net book value



At 30 September 2023
23,093



At 30 September 2022
22,653





Page 24

 
PREMIER HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

14.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost or valuation


At 1 October 2022
388,141
198,695
586,836


Additions
-
5,000
5,000


Disposals
(760)
(1,579)
(2,339)



At 30 September 2023

387,381
202,116
589,497



Depreciation


At 1 October 2022
341,981
179,770
521,751


Charge for the year on owned assets
13,487
8,238
21,725


Disposals
(760)
(1,579)
(2,339)



At 30 September 2023

354,708
186,429
541,137



Net book value



At 30 September 2023
32,673
15,687
48,360



At 30 September 2022
46,160
18,925
65,085

Page 25

 
PREMIER HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

15.


Debtors

2023
2022
£
£


Trade debtors
308,131
256,656

Other debtors
176,154
359,381

Prepayments and accrued income
2,867,837
2,012,270

Deferred taxation
3,395
283,335

Financial instruments
41,600
255,954

3,397,117
3,167,596


Included within "prepayments and accrued income" above are amounts relating to payments in advance to suppliers for holidays departing after the year end, the total of which amounts to £2,572,801 (2022: £1,726,966).


16.


Current asset investments

2023
2022
£
£

Fixed term cash deposits
2,526,284
-

2,526,284
-



17.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
6,978,534
7,954,811

6,978,534
7,954,811


Page 26

 
PREMIER HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

18.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
2,167,661
2,670,911

Amounts owed to connected companies
-
300,000

Corporation tax
153,425
-

Other creditors
273,415
281,866

Accruals and deferred income
7,277,441
5,853,282

9,871,942
9,106,059


Included within "Accruals and deferred income" above are amounts relating to customer monies held on` account for holidays departing after the year end, the total of which amount to £6,746,864 (2022: £5,519,798).
Lloyds Bank PLC has a fixed charge, containing a negative pledge, to secure the  liabilities of the company.


19.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Accruals and deferred income
28,914
27,847

28,914
27,847


The above amounts relate to customer monies held on`account for holidays departing at a minimum of one year after the year end.

Page 27

 
PREMIER HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

20.


Cash flow hedging

The Company enters into various foreign currency contracts to mitigate the exchange rate risk for certain foreign currency payables. At 30 September 2023, the outstanding contracts all mature within 12 months of the year end.
The Company is committed to buying the below and pay a fixed sterling amount:
AED  1,070,000 
AUD  745,000 
CAD  130,000 
EUR  110,000
HKD    190,000
NZD  550,000 
SGD  370,000 
THB  39,400,000 
USD  1,800,000 
ZAR  12,100,000 
As at 30 September 2023, the recognised net gains on currency cash flow hedging instruments amounted to £214,354  which is reflected within other comprehensive income.

Page 28

 
PREMIER HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

21.


Deferred taxation




2023


£






At beginning of year
283,335


Charged to profit or loss
(279,940)



At end of year
3,395

The deferred tax asset is made up as follows:

2023
2022
£
£


Accelerated capital allowances
3,395
4,737

Losses and other deductions
-
278,598

3,395
283,335


22.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



750,000 (2022 - 750,000) Ordinary shares of £1.00 each
750,000
750,000



23.


Reserves

Capital redemption reserve

Includes all current and prior year redemptions or repurchases of issued share capital.

Foreign exchange reserve

Includes all current and prior year foreign exchange movements on derivatives that qualify for hedge accounting.

Profit and loss account

Profit and loss includes all current and prior periods retained profit, net of dividends paid and other adjustments.

Page 29

 
PREMIER HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

24.


Contingent liabilities

The company currently holds an Air Travel Organisers’ License (‘ATOL’) issued by the Civil Aviation Authority (‘CAA’), is a member of the Association of British Travel Agents Limited (’ABTA’) and is an accredited agent of the International Air Transport Association (‘IATA’).
As at 30 September 2023, there were contingent liabilities, in relation to ABTA bonds,  given by the company in the normal course of business to First Underwriting Limited amounting to £399,380 (2022: £495,966) and Travel and General Insurance Services Limited amounting to £400,447 (2022: £495,966).


25.


Pension commitment

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 £110,278 (2022: £95,453). Contributions totalling £29,421 (2022: £14,240) were payable to the fund at the balance sheet date and are included in other creditors.


26.


Commitments under operating leases

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

2023
2022
£
£


Not later than 1 year
119,886
114,639

Later than 1 year and not later than 5 years
200,565
272,205

320,451
386,844


27.


Related party transactions

P S Andrews, N L Waters and R L Sargent are directors of Premier Travel Agency Limited.
The following transactions occurred with Premier Travel Agency Limited:


2023
2022
£
£

Sales
5,256,343
3,426,487
Commission payable
(577,804)
(367,345)
Operating recharges
948,422
534,569
Marketing and promotional services
-
(300,000)

At the year end, the Company owed £nil to Premier Travel Agency Limited (2022: £300,000).

Page 30

 
PREMIER HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

28.


Post balance sheet events

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


29.


Controlling party

As at 30 September 2023, there is not deemed to be an ultimate controlling party of Premier Holidays Limited. 

 
Page 31