Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31672022-10-01falseNo description of principal activity50truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 06631130 2022-10-01 2023-03-31 06631130 2021-10-01 2022-09-30 06631130 2023-03-31 06631130 2022-09-30 06631130 c:Director2 2022-10-01 2023-03-31 06631130 d:MotorVehicles 2022-10-01 2023-03-31 06631130 d:MotorVehicles 2023-03-31 06631130 d:MotorVehicles 2022-09-30 06631130 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-10-01 2023-03-31 06631130 d:FurnitureFittings 2022-10-01 2023-03-31 06631130 d:FurnitureFittings 2023-03-31 06631130 d:FurnitureFittings 2022-09-30 06631130 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-10-01 2023-03-31 06631130 d:OfficeEquipment 2022-10-01 2023-03-31 06631130 d:OfficeEquipment 2023-03-31 06631130 d:OfficeEquipment 2022-09-30 06631130 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-10-01 2023-03-31 06631130 d:OwnedOrFreeholdAssets 2022-10-01 2023-03-31 06631130 d:PatentsTrademarksLicencesConcessionsSimilar 2022-10-01 2023-03-31 06631130 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-10-01 2023-03-31 06631130 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-31 06631130 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-09-30 06631130 d:ComputerSoftware 2023-03-31 06631130 d:ComputerSoftware 2022-09-30 06631130 d:CurrentFinancialInstruments 2023-03-31 06631130 d:CurrentFinancialInstruments 2022-09-30 06631130 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 06631130 d:CurrentFinancialInstruments d:WithinOneYear 2022-09-30 06631130 d:ShareCapital 2023-03-31 06631130 d:ShareCapital 2022-09-30 06631130 d:RetainedEarningsAccumulatedLosses 2023-03-31 06631130 d:RetainedEarningsAccumulatedLosses 2022-09-30 06631130 c:FRS102 2022-10-01 2023-03-31 06631130 c:AuditExempt-NoAccountantsReport 2022-10-01 2023-03-31 06631130 c:FullAccounts 2022-10-01 2023-03-31 06631130 c:PrivateLimitedCompanyLtd 2022-10-01 2023-03-31 06631130 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-10-01 2023-03-31 06631130 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-03-31 06631130 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-09-30 06631130 d:WithinOneYear 2023-03-31 06631130 d:WithinOneYear 2022-09-30 06631130 d:BetweenOneFiveYears 2023-03-31 06631130 d:BetweenOneFiveYears 2022-09-30 06631130 2 2022-10-01 2023-03-31 06631130 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 06631130 d:AcceleratedTaxDepreciationDeferredTax 2022-09-30 06631130 d:TaxLossesCarry-forwardsDeferredTax 2023-03-31 06631130 d:TaxLossesCarry-forwardsDeferredTax 2022-09-30 06631130 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2022-10-01 2023-03-31 06631130 d:ComputerSoftware d:OwnedIntangibleAssets 2022-10-01 2023-03-31 iso4217:GBP xbrli:pure
Registered number: 06631130


OLIVER'S TRAVELS LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE PERIOD ENDED 31 MARCH 2023

 
OLIVER'S TRAVELS LIMITED
 

CONTENTS



Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 12


 
OLIVER'S TRAVELS LIMITED
REGISTERED NUMBER: 06631130

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

31 March
30 September
2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 5 
75,541
94,197

Tangible assets
 6 
114,663
36,766

  
190,204
130,963

Current assets
  

Debtors: amounts falling due within one year
 7 
835,033
668,031

Cash at bank and in hand
 8 
9,098,414
4,269,553

  
9,933,447
4,937,584

Creditors: amounts falling due within one year
 9 
(6,157,098)
(3,005,492)

Net current assets
  
 
 
3,776,349
 
 
1,932,092

Total assets less current liabilities
  
3,966,553
2,063,055

Provisions for liabilities
  

Deferred tax
  
(19,715)
(6,977)

  
 
 
(19,715)
 
 
(6,977)

Net assets
  
3,946,838
2,056,078


Capital and reserves
  

Called up share capital 
  
30,000
30,000

Profit and loss account
  
3,916,838
2,026,078

  
3,946,838
2,056,078


Page 1

 
OLIVER'S TRAVELS LIMITED
REGISTERED NUMBER: 06631130
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2023

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

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

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

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

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

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 February 2024.




O Bell
Director

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
OLIVER'S TRAVELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

1.


GENERAL INFORMATION

Oliver's Travels Limited is a private company limited by shares incorporated in England and Wales, United Kingdom. 
The address of the registered office is given in the company information section of these financial statements.
The nature of the company's operations and principal activities in the period under review continued to be those of acting as rental agent for owners of properties for holiday rental and providing a web-based booking service.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

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

The following principal accounting policies have been applied:

 
2.2

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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

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

 
2.3

TURNOVER RECOGNITION

Revenue represents fees and commissions earned in respect of holidays taken during the year and is shown net of VAT where applicable. The Company acts solely as a booking agent and accordingly its commission and fees are presented on a net basis and are recognised once a booking is placed by the client. Cancellation income is recognised at the date of cancellation.

Page 3

 
OLIVER'S TRAVELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.4

RESEARCH AND DEVELOPMENT

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.5

INTEREST INCOME

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

 
2.6

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.

 
2.7

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 4

 
OLIVER'S TRAVELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.8

CURRENT AND DEFERRED TAXATION

The tax expense for the period 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.

 
2.9

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.

 Amortisation is provided on the following bases:

Website development
-
25%
straight line
Computer software
-
25%
straight line

 
2.10

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 5

 
OLIVER'S TRAVELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

2.ACCOUNTING POLICIES (CONTINUED)


2.10
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:

Motor vehicles
-
20% straight line
Fixtures and fittings
-
33% straight line
Office equipment
-
33% straight line

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

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

 
2.11

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.

 
2.12

CASH AND CASH EQUIVALENTS

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

 
2.13

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.

 
2.14

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 6

 
OLIVER'S TRAVELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.15

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.

 
2.16

DIVIDENDS

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


3.



JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Cancellation Provision
In calculating a provision for the estimated value of revenue that will subsequently be cancelled, management makes judgments that are based on historic turnover variations and cancellation data.


4.


EMPLOYEES

The average monthly number of employees, including directors, during the period was 67 (2022 - 50).

Page 7

 
OLIVER'S TRAVELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

5.


INTANGIBLE ASSETS






Website development
Computer software
Total

£
£
£



Cost


At 1 October 2022
660,409
81,000
741,409



At 31 March 2023

660,409
81,000
741,409



Amortisation


At 1 October 2022
566,212
81,000
647,212


Charge for the period on owned assets
18,656
-
18,656



At 31 March 2023

584,868
81,000
665,868



Net book value



At 31 March 2023
75,541
-
75,541



At 30 September 2022
94,197
-
94,197



Page 8

 
OLIVER'S TRAVELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

6.


TANGIBLE FIXED ASSETS







Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 October 2022
5,500
58,270
138,653
202,423


Additions
-
65,919
22,334
88,253



At 31 March 2023

5,500
124,189
160,987
290,676



Depreciation


At 1 October 2022
5,500
58,170
101,987
165,657


Charge for the period on owned assets
-
1,380
8,976
10,356



At 31 March 2023

5,500
59,550
110,963
176,013



Net book value



At 31 March 2023
-
64,639
50,024
114,663



At 30 September 2022
-
100
36,666
36,766


7.


DEBTORS

31 March
30 September
2023
2022
£
£


Other debtors
607,533
437,818

Prepayments and accrued income
-
2,713

Tax recoverable
227,500
227,500

835,033
668,031


Page 9

 
OLIVER'S TRAVELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

8.


CASH AND CASH EQUIVALENTS

31 March
30 September
2023
2022
£
£

Cash at bank and in hand
9,098,414
4,269,553

9,098,414
4,269,553



9.


CREDITORS: Amounts falling due within one year

31 March
30 September
2023
2022
£
£

Trade creditors
76,169
198,015

Corporation tax
1,143,561
797,754

Other taxation and social security
77,847
64,830

Other creditors
4,819,884
1,911,391

Accruals and deferred income
39,637
33,502

6,157,098
3,005,492


The net amount due to suppliers on all bookings taken during the year, is included within other creditors.


10.


CASH FLOW HEDGING

The Company enters into various foreign currency contracts to mitigate the exchange rate risk for certain foreign currency payables. At 31 March 2023, the outstanding contracts all mature within 12 months of the period end.
The Company is committed to buying EUR 2,100,000 and pay a fixed sterling amount.
As at 31 March 2023, the recognised net gains on currency cash flow hedging instruments amounted to £10,577 which is reflected within other comprehensive income.

Page 10

 
OLIVER'S TRAVELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

11.


DEFERRED TAXATION






2023


£






At beginning of period
(6,977)


Charged to profit or loss
(12,738)



At end of period
(19,715)

31 March
30 September
2023
2022
£
£


Fixed asset timing differences
(21,211)
(7,793)

Short term timing differences
1,496
816

(19,715)
(6,977)


12.


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 £23,411 (2022: £36,082). Contributions totalling £11,428 (2022: £8,737) were payable to the fund at the balance sheet date. 


13.


COMMITMENTS UNDER OPERATING LEASES

At 31 March 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

31 March
30 September
2023
2022
£
£


Not later than 1 year
263,333
-

Later than 1 year and not later than 5 years
391,167
-

654,500
-

Page 11

 
OLIVER'S TRAVELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

14.


RELATED PARTY TRANSACTIONS

During the period the company advanced £90,000 (2022: £910,000) to O Bell, a director and shareholder of the company and repayments and dividends in the period totalled £Nil (2022: £1,055,000). Interest of £1,807 (2022: £3,810) was charged on this. At the period end £257,981 (2022: £166,173) was owed to the company by the director.
During the period the company advanced £90,000 (2022: £1,540,241) to R Sabharwal, a director and shareholder of the company and repayments and dividends in the period totalled £Nil (2022: £1,685,241). Interest of £1,771 (2022: £5,357) was charged on this. At the period end £256,698 (2022: £164,927) was owed to the company by the director.


15.


CONTROLLING PARTY

The company is controlled by its directors by virtue of their shareholding.

Page 12