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Registered number: 13478465










CAMPINGS.COM UNITED LTD










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

 
CAMPINGS.COM UNITED LTD
 
 
COMPANY INFORMATION


Directors
N A Beaugendre 
N O Stuart Davies 
R P Smith (appointed 19 December 2022)




Registered number
13478465



Registered office
Becket House
1 Lambeth Palace Road

London

SE1 7EU




Independent auditors
Xeinadin Audit Limited
Chartered Accountants & Statutory Auditors

36 Old Jewry

London

EC2R 8DD




Accountants
Elman Wall Limited
8th Floor Becket House

36 Old Jewry

London

EC2R 8DD





 
CAMPINGS.COM UNITED LTD
 

CONTENTS



Page
Strategic report
1 - 4
Directors' report
5 - 7
Independent auditors' report
8 - 11
Statement of comprehensive income
12
Statement of financial position
13
Statement of changes in equity
14
Notes to the financial statements
15 - 29

 
CAMPINGS.COM UNITED LTD
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023

Introduction & Business review
 
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.

Financial key performance indicators
 
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).

Page 1

 
CAMPINGS.COM UNITED LTD
 

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

Principal risks and uncertainties
 
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Page 2

 
CAMPINGS.COM UNITED LTD
 

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

Strategic review and future prospects
 
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. 

Directors' statement of compliance with duty to promote the success of the Company
 
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.

Page 3

 
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.



N A Beaugendre
Director

Date: 7 March 2024
Page 4

 
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.

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;

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 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.

Principal activity

The principal activities of the Company are sales of camping holidays in Europe.

Results and dividends

The profit for the year, after taxation, amounted to £785,437 (2022 - £979,528).

No dividends were paid during the year (2022: £Nil).

Directors

The directors who served during the year were:

N A Beaugendre 
N O Stuart Davies 
R P Smith (appointed 19 December 2022)

Page 5

 
CAMPINGS.COM UNITED LTD
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023

Environmental matters

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.

Future developments

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.

Financial instruments

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.

Disabled employees

The group gives full consideration to applications for employment from candidates with a disability where the candidate’s particular aptitudes and abilities are consistent with adequately meeting the requirements of the role.  Opportunities are available for employees with a disability for training, career development and promotion. Where existing employees become disabled, it is the group’s policy to provide continuing employment wherever practicable in the same or an alternative position to provide appropriate training to achieve this aim.

Matters covered in the Strategic report

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.

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.

Page 6

 
CAMPINGS.COM UNITED LTD
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023

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 7 March 2024 and signed on its behalf.
 





N A Beaugendre
Director
Page 7

 
CAMPINGS.COM UNITED LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CAMPINGS.COM UNITED LTD
 

Opinion


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 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 8

 
CAMPINGS.COM UNITED LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CAMPINGS.COM UNITED LTD (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 5, 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 9

 
CAMPINGS.COM UNITED LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CAMPINGS.COM UNITED LTD (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 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.


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.


Page 10

 
CAMPINGS.COM UNITED LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CAMPINGS.COM UNITED LTD (CONTINUED)





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

7 March 2024
Page 11

 
CAMPINGS.COM UNITED LTD
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
105,822,601
81,489,228

Cost of sales
  
(89,514,629)
(68,197,746)

Gross profit
  
16,307,972
13,291,482

Administrative expenses
  
(12,822,233)
(9,561,473)

Exceptional administrative expenses
  
(43,098)
(715,922)

Other operating charges
  
(2,267,685)
(1,741,544)

Operating profit
 5 
1,174,956
1,272,543

Interest receivable and similar income
 9 
5,834
3,889

Interest payable and similar expenses
 10 
(122,003)
(34,334)

Profit before tax
  
1,058,787
1,242,098

Tax on profit
 11 
(273,350)
(262,570)

Profit for the financial year
  
785,437
979,528

Other comprehensive income for the year
  

Currency translation differences
  
(11,119)
319,583

Other comprehensive income for the year
  
(11,119)
319,583

Total comprehensive income for the year
  
774,318
1,299,111

The notes on pages 15 to 29 form part of these financial statements.
Page 12

 
CAMPINGS.COM UNITED LTD
REGISTERED NUMBER: 13478465

STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 13 
3,475,605
3,969,119

  
3,475,605
3,969,119

Current assets
  

Debtors: amounts falling due after more than one year
 14 
891,962
3,807,193

Debtors: amounts falling due within one year
 14 
32,049,588
22,231,828

Cash at bank and in hand
 15 
577,280
2,103,577

  
33,518,830
28,142,598

Creditors: amounts falling due within one year
 16 
(30,729,961)
(26,543,633)

Net current assets
  
 
 
2,788,869
 
 
1,598,965

Total assets less current liabilities
  
6,264,474
5,568,084

Provisions for liabilities
  

Other provisions
 18 
(59,805)
(137,733)

  
 
 
(59,805)
 
 
(137,733)

Net assets
  
6,204,669
5,430,351


Capital and reserves
  

Called up share capital 
 19 
4,131,559
4,131,559

Profit and loss account
 20 
2,073,110
1,298,792

  
6,204,669
5,430,351


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




N A Beaugendre
Director

Date: 7 March 2024

The notes on pages 15 to 29 form part of these financial statements.
Page 13

 
CAMPINGS.COM UNITED LTD
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 October 2021
50,000
(319)
49,681



Profit for the year

-
979,528
979,528

Currency translation differences
-
319,583
319,583

Shares issued during the year
4,081,559
-
4,081,559



At 1 October 2022
4,131,559
1,298,792
5,430,351



Profit for the year

-
785,437
785,437

Currency translation differences
-
(11,119)
(11,119)


At 30 September 2023
4,131,559
2,073,110
6,204,669


The notes on pages 15 to 29 form part of these financial statements.
Page 14

 
CAMPINGS.COM UNITED LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.


General information

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

 
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

Financial Reporting Standard 102 - reduced disclosure exemptions

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..

 
2.3

Going concern

The current and future financial position of the Company, its cash flows and liquidity position have been reviewed by the directors 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.

Page 15

 
CAMPINGS.COM UNITED LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional currency is EUR. This differs from the presentational currency which is GBP. The companies presentational currency differs from its functional currency as the Company wishes to present in the national currency of the country of incorporation.

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'.

 
2.5

Revenue

Turnover represents the gross value of bookings for accommodation at Campsites and other related services provided to customers. Turnover is measured at the fair value of the consideration received or receivable as a principal for all camping accommodation taking place during the financial year. Turnover is recognised at date of arrival.
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.

 
2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.7

Interest income

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

Page 16

 
CAMPINGS.COM UNITED LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
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.

 
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.

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 17

 
CAMPINGS.COM UNITED LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
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

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.13

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of 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.

 
2.14

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.

 
2.15

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.

Page 18

 
CAMPINGS.COM UNITED LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.16

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.

 
2.17

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.

 
2.18

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.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Page 19

 
CAMPINGS.COM UNITED LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the Balance Sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.
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.


4.


Turnover

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


2023
2022
£
£

Camping holidays
105,822,601
81,489,228

105,822,601
81,489,228


Analysis of turnover by country of destination:

2023
2022
£
£

Europe
105,822,601
81,489,228

105,822,601
81,489,228


Page 20

 
CAMPINGS.COM UNITED LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
100,365
16,460

Other operating lease rentals
89,126
65,004

Amortisation
418,659
-


6.


Auditors' remuneration

2023
2022
£
£

Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements

16,000
16,000


7.


Employees

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


2023
2022
£
£

Wages and salaries
967,051
622,019

Social security costs
137,949
114,945

Cost of defined contribution scheme
50,375
28,692

1,155,375
765,656


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


        2023
        2022
            No.
            No.







UK
13
6



France
3
5

16
11

Page 21

 
CAMPINGS.COM UNITED LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
82,880
-

Company contributions to defined contribution pension schemes
4,976
-

87,856
-


During the year retirement benefits were accruing to no directors (2022 - NIL) in respect of defined contribution pension schemes.


9.


Interest receivable

2023
2022
£
£


Other interest receivable
5,834
3,889

5,834
3,889


10.


Interest payable and similar expenses

2023
2022
£
£


Loans from group undertakings
117,691
34,334

Other finance charges
4,312
-

122,003
34,334

Page 22

 
CAMPINGS.COM UNITED LTD
 
 
 
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
290,156
279,363

Adjustments in respect of previous periods
7,499
-


297,655
279,363


Total current tax
297,655
279,363

Deferred tax


Fixed asset timing differences
(60,689)
58,765

Short term timing differences
36,384
(75,558)

Total deferred tax
(24,305)
(16,793)


Taxation on profit on ordinary activities
273,350
262,570
Page 23

 
CAMPINGS.COM UNITED LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
 
11.Taxation (continued)


Factors affecting tax charge for the year

The accounting period covers two UK financial years with differing tax rates of 19% in Financial Year 2022 & 25% in Financial Year 2023. The average rate for the accounting period is 22.01% (2022: 19%). The differences between the tax charge at the average rate and the tax charge for the year are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
1,058,787
1,241,270


Profit on ordinary activities multiplied by average UK corporation tax rate of 22.01% (2022 - 19%)
233,020
235,841

Effects of:


Fixed asset timing differences
(21,575)
44,661

Expenses not deductible for tax purposes
839
45,991

Adjustments to tax charge in respect of prior periods
7,499
-

Non-taxable income
-
(60,721)

Remeasurement of deferred tax for changes in tax rates
(10,666)
(4,030)

Movements in deferred tax not recognised
64,825
-

Foreign tax
(592)
828

Total tax charge for the year
273,350
262,570


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


12.


Exceptional items

2023
2022
£
£


Costs incurred due to customer fraud
-
108,596

Compensation
43,098
211,468

Legal fees
-
368,545

Hire of additional security
-
23,109

Provisions
-
4,204

43,098
715,922

Page 24

 
CAMPINGS.COM UNITED LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

13.


Intangible assets




Computer software
Goodwill
Total

£
£
£



Cost


At 1 October 2022
-
4,252,627
4,252,627


Additions
23,175
-
23,175


Foreign exchange movement
-
(106,621)
(106,621)



At 30 September 2023

23,175
4,146,006
4,169,181



Amortisation


At 1 October 2022
-
283,508
283,508


Charge for the year on owned assets
2,575
416,084
418,659


Foreign exchange movement
-
(8,591)
(8,591)



At 30 September 2023

2,575
691,001
693,576



Net book value



At 30 September 2023
20,600
3,455,005
3,475,605



At 30 September 2022
-
3,969,119
3,969,119



Page 25

 
CAMPINGS.COM UNITED LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

14.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
891,962
3,807,193

891,962
3,807,193


Included within other debtors is a security deposit held with Banque Palatine amounting to €1,000,000 (2022: €1,000,000). In the prior year there was also a security deposit held with ABTA amounting to £2,896,200. 

2023
2022
£
£

Due within one year

Trade debtors
4,116,877
3,237,454

Amounts owed by group undertakings
27,203,995
17,833,813

Other debtors
99,049
869,184

Prepayments and accrued income
330,955
274,584

Tax recoverable
257,614
-

Deferred taxation
41,098
16,793

32,049,588
22,231,828


Amounts owed by the group are unsecured, have no fixed rate of repayment and are repayable on demand.


15.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
577,280
2,103,577

Less: bank overdrafts
(2,714,438)
-

(2,137,158)
2,103,577


Page 26

 
CAMPINGS.COM UNITED LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

16.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
2,714,438
-

Trade creditors
12,146,776
11,204,823

Amounts owed to group undertakings
15,177,208
14,474,338

Corporation tax
417,421
278,535

Other taxation and social security
20,954
19,023

Other creditors
29,994
356,406

Accruals and deferred income
223,170
210,508

30,729,961
26,543,633



17.


Deferred taxation




2023


£






At beginning of year
16,793


Charged to profit or loss
24,305



At end of year
41,098

The deferred tax asset is made up as follows:

2023
2022
£
£


Fixed asset timing differences
1,924
(58,765)

Short term timing differences
39,174
75,558

41,098
16,793

Page 27

 
CAMPINGS.COM UNITED LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

18.


Provisions





£





At 1 October 2022
137,733


Charged to profit or loss
(77,928)



At 30 September 2023
59,805

As at 30 September 2023 the company had several cases where client satisfaction was not met. The above provision relates to estimated costs relating to compensation to clients for such cases.


19.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



4,131,559 (2022 - 4,131,559) Ordinary shares of £1.00 each
4,131,559
4,131,559



20.


Reserves

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.


21.


Contingent liabilities

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).


22.


Pension commitments

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.

Page 28

 
CAMPINGS.COM UNITED LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

23.


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
67,103
67,103

Later than 1 year and not later than 5 years
24,314
91,417

91,417
158,520


24.


Related party transactions

The company has taken advantage of the exemption available under FRS102 section 33.1A where disclosures of transactions between group members are not required, provided that the subsidiary is wholly-owned.
At the year end the company had the following balances with group companies:
The Company owed Campings.com Group SAS a balance of £7,067,008 (€8,142,099) (2022: £6,105,977 (€6,858,489)).
The Company was owed by Campings.com SAS a balance of £19,291,879 (€22,226,717) (2022: £9,584,718 (€10,765,956)).
The Company owed Campings.com Max SAS a balance of £28,683 (€33,047) (2022: Nil).
The Company owed Bungalow Bookers BV a balance of £169,400 (€195,171) (2022: Nil).


25.


Post balance sheet events

The directors confirm that there have been no significant events affecting the company since the year end.


26.


Controlling party

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.
 
Page 29