Caseware UK (AP4) 2022.0.179 2022.0.179 2023-12-312023-12-311true2023-01-01falseNo description of principal activity1false 11454726 2023-01-01 2023-12-31 11454726 2022-01-01 2022-12-31 11454726 2023-12-31 11454726 2022-12-31 11454726 2022-01-01 11454726 1 2023-01-01 2023-12-31 11454726 1 2022-01-01 2022-12-31 11454726 5 2023-01-01 2023-12-31 11454726 5 2022-01-01 2022-12-31 11454726 d:Director1 2023-01-01 2023-12-31 11454726 e:CurrentFinancialInstruments 2023-12-31 11454726 e:CurrentFinancialInstruments 2022-12-31 11454726 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 11454726 e:CurrentFinancialInstruments e:WithinOneYear 2022-12-31 11454726 e:ShareCapital 2023-12-31 11454726 e:ShareCapital 2022-12-31 11454726 e:ShareCapital 2022-01-01 11454726 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 11454726 e:RetainedEarningsAccumulatedLosses 2023-12-31 11454726 e:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 11454726 e:RetainedEarningsAccumulatedLosses 2022-12-31 11454726 e:RetainedEarningsAccumulatedLosses 2022-01-01 11454726 d:FRS102 2023-01-01 2023-12-31 11454726 d:Audited 2023-01-01 2023-12-31 11454726 d:FullAccounts 2023-01-01 2023-12-31 11454726 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 11454726 d:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 11454726 f:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 11454726









TOURCOMPASS LTD









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
TOURCOMPASS LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TOURCOMPASS LTD
UNDER SECTION 449 OF THE COMPANIES ACT 2006
 

Opinion


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


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 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 director's 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 director with respect to going concern are described in the relevant sections of this report.


Page 1

 
TOURCOMPASS LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TOURCOMPASS LTD (CONTINUED)
UNDER SECTION 449 OF THE COMPANIES ACT 2006


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The director is responsible for the other information contained within the Annual ReportOur 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 Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Director's Report has been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Director's 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 director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or


Responsibilities of directors
 

As explained more fully in the Director's Responsibilities Statement set out on page 1, the director is 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 director determines 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 director is 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 director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 2

 
TOURCOMPASS LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TOURCOMPASS LTD (CONTINUED)
UNDER SECTION 449 OF THE COMPANIES ACT 2006


Auditors' responsibilities for the audit of the financial statements
 

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


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

- We exercise professional judgment and maintain professional skepticism throughout the audit;
- We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the deliberate override of internal control; 
- We obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of internal control;
- We evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made;
- We assess the risk of management override of controls, including testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business;
- We review the scope of the Company's compliance with its regulator, the Civil Aviation Authority ("CAA"), and its membership of The Association of British Travel Agents ("ABTA") and sample test relevant documentation to assess this and the effectiveness of its control environment;
- We request and review the minutes of management meetings, and assess any matters identified not already provided for or disclosed that may materially impact the financial statements;
We conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the entity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the entity to cease to continue as a going concern.


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


Page 3

 
TOURCOMPASS LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TOURCOMPASS LTD (CONTINUED)
UNDER SECTION 449 OF THE COMPANIES ACT 2006


Use of our report
 

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





M S Caldicott ACA FCCA CTA (Senior Statutory Auditor)
  
for and on behalf of
White Hart Associates (London) Limited
 
Chartered Accountants and Statutory Auditors
  
2nd Floor, Nucleus House
2 Lower Mortlake Road
Richmond
TW9 2JA

28 February 2024
Page 4

 
TOURCOMPASS LTD
REGISTERED NUMBER: 11454726

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 5 
835,520
337,258

Cash at bank and in hand
 6 
1,065,505
897,543

  
1,901,025
1,234,801

Creditors: amounts falling due within one year
 7 
(1,722,853)
(1,115,586)

Net current assets
  
 
 
178,172
 
 
119,215

Total assets less current liabilities
  
178,172
119,215

  

Net assets
  
178,172
119,215


Capital and reserves
  

Called up share capital 
  
30,000
30,000

Profit and loss account
  
148,172
89,215

  
178,172
119,215


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 28 February 2024.




................................................
C Jessen
Director

The notes on pages 8 to 12 form part of these financial statements.

Page 5

 
TOURCOMPASS LTD
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
30,000
54,692
84,692


Comprehensive income for the year

Profit for the year
-
34,523
34,523



At 1 January 2023
30,000
89,215
119,215


Comprehensive income for the year

Profit for the year
-
58,957
58,957


At 31 December 2023
30,000
148,172
178,172


The notes on pages 8 to 12 form part of these financial statements.

Page 6

 
TOURCOMPASS LTD
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
58,957
34,523

Adjustments for:

Interest paid
2,974
7,433

Taxation charge
15,548
8,098

Increase in debtors
(1,944)
(4,877)

Increase in amounts owed by groups
(496,318)
(69,631)

Increase in creditors
599,699
302,898

Corporation tax paid
(7,980)
-

Net cash generated from operating activities

170,936
278,444



Cash flows from financing activities

Interest paid
(2,974)
(7,433)

Net cash used in financing activities
(2,974)
(7,433)

Net increase in cash and cash equivalents
167,962
271,011

Cash and cash equivalents at beginning of year
897,543
626,532

Cash and cash equivalents at the end of year
1,065,505
897,543


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,065,505
897,543

1,065,505
897,543


The notes on pages 8 to 12 form part of these financial statements.

Page 7

 
TOURCOMPASS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

As disclosed in the Directors' Report, the principal activity of the Company during the period under review was that of a tour operator.
The Company is a private company limited by shares and is incorporated in England and Wales. The address of the Company's principal place of business is Endeavour House, 3rd Floor, Coopers End Road, Stansted, CM24 1SJ, which differs from it's registered office address as disclosed on the Company Information page. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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

The following principal accounting policies have been applied:

 
2.2

Going concern

Group management and the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, being at least the following 12 months from the signing of these financial statements. This is supported by the improved performance seen for 2023 and the increased bookings already taken for 2024. The Company has been well placed to meet and service the additional volume.
As a result, and with the Company continuing to receive the full support of the Group, its bankers and its shareholders, the directors believe that it is still appropriate to apply the going concern basis for the foreseeable future.

 
2.3

Revenue

Turnover represents the aggregate amount of gross revenue receivable from inclusive tours, travel
agency commissions receivable, cancellation income and other services supplied to customers in the
ordinary course of business.
Turnover derived from ordinary activities is recognised in the income statement on a departure date
basis and is stated after trade discounts, net of VAT and after any other sales taxes.

 
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.

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.

Page 8

 
TOURCOMPASS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

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.

 
2.6

Taxation

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.

 
2.7

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.

 
2.8

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.

 
2.9

Creditors

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

Page 9

 
TOURCOMPASS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 10

 
TOURCOMPASS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of company's accounting policies, the directors are required to make judgments, estimates and assumptions about the carrying amount of assets and liabilities that are readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to according estimates are recognised in the period in which the estimates is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
a) Critical judgments in applying the Company's accounting policies
The directors believe that there are no critical judgments involved in applying the Company's accounting policies that warrant disclosure.
b) Key accounting estimates and assumptions
The directors believe that there are no accounting estimates and assumptions involved in applying the Company's accounting policies that warrant disclosure.


4.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 1).


5.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
823,962
327,644

Other debtors
412
392

Prepayments and accrued income
11,146
9,222

835,520
337,258



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,065,505
897,543

1,065,505
897,543


Page 11

 
TOURCOMPASS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
3,693
766

Corporation tax
15,548
7,980

Accruals and deferred income
1,703,612
1,106,840

1,722,853
1,115,586


Included in accruals and deferred income is the sum of £1,696,112 (2022: £1,100,840) which relates to advance customer receipts for bookings departing from 1 January 2024 onwards.


8.


Contingent liabilities

At 31 December 2023, there were contingent liabilities outstanding in respect of counter indemnities and guarantees given by the company, in the normal course of business, to the company's bond insurance obligors in respect of ABTA travel bonds amounting to £5,000 (2022: £5,000).
Additionally, as part of the requirements for the issue of the Company's Air Travel Organisers Licence (ATOL), the ultimate holding company, Aclass Holdings ApS, has entered into a Deed of Undertaking to the ATT Trustees in the amount of £2,900,000 (2022: £2,900,000). 


9.


Related party transactions

The Company has taken advantage of the exemption in Financial Reporting Standard 102, paragraph 33.1A, from the requirement to disclose transactions with group companies on the basis that consolidated financial statements are prepared by the ultimate parent company.


10.


Controlling party

The Company's immediate parent company is TourCompass A/S, a company registered in Denmark. Copies of the financial statements of TourCompass A/S can be obtained from its registered office at Hasselager Centervej 29 st, 8260 Viby J, Denmark.
The Company's ultimate holding company is TourCompass Holding ApS, another company registered in Denmark. It has included the results of the Company in its consolidated group accounts, copies of which are available from its registered office at Gammeltorv 18, 1457 Kobenhavn K, Denmark.
TourCompass Holding ApS is controlled by Maj Invest Equity 5 K/S, a private equity fund headquartered in Denmark.

 
Page 12