Caseware UK (AP4) 2022.0.179 2022.0.179 2023-08-312023-08-312023-08-3142022-09-01falseNo description of principal activity2falsetrue 11296234 2022-09-01 2023-08-31 11296234 2021-09-01 2022-08-31 11296234 2023-08-31 11296234 2022-08-31 11296234 2021-09-01 11296234 c:Director3 2022-09-01 2023-08-31 11296234 d:OfficeEquipment 2022-09-01 2023-08-31 11296234 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-09-01 2023-08-31 11296234 d:Goodwill 2022-09-01 2023-08-31 11296234 d:CurrentFinancialInstruments 2023-08-31 11296234 d:CurrentFinancialInstruments 2022-08-31 11296234 d:Non-currentFinancialInstruments 2023-08-31 11296234 d:Non-currentFinancialInstruments 2022-08-31 11296234 d:CurrentFinancialInstruments d:WithinOneYear 2023-08-31 11296234 d:CurrentFinancialInstruments d:WithinOneYear 2022-08-31 11296234 d:Non-currentFinancialInstruments d:AfterOneYear 2023-08-31 11296234 d:Non-currentFinancialInstruments d:AfterOneYear 2022-08-31 11296234 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-08-31 11296234 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-08-31 11296234 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-08-31 11296234 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-08-31 11296234 d:ShareCapital 2023-08-31 11296234 d:ShareCapital 2022-08-31 11296234 d:ShareCapital 2021-09-01 11296234 d:MergerReserve 2023-08-31 11296234 d:MergerReserve 2022-08-31 11296234 d:MergerReserve 2021-09-01 11296234 d:RetainedEarningsAccumulatedLosses 2022-09-01 2023-08-31 11296234 d:RetainedEarningsAccumulatedLosses 2023-08-31 11296234 d:RetainedEarningsAccumulatedLosses 2021-09-01 2022-08-31 11296234 d:RetainedEarningsAccumulatedLosses 2022-08-31 11296234 d:RetainedEarningsAccumulatedLosses 2021-09-01 11296234 c:FRS102 2022-09-01 2023-08-31 11296234 c:Audited 2022-09-01 2023-08-31 11296234 c:FullAccounts 2022-09-01 2023-08-31 11296234 c:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 11296234 d:Subsidiary1 2022-09-01 2023-08-31 11296234 d:Subsidiary1 1 2022-09-01 2023-08-31 11296234 d:Subsidiary2 2022-09-01 2023-08-31 11296234 d:Subsidiary2 1 2022-09-01 2023-08-31 11296234 c:SmallCompaniesRegimeForAccounts 2022-09-01 2023-08-31 11296234 c:Consolidated 2023-08-31 11296234 c:ConsolidatedGroupCompanyAccounts 2022-09-01 2023-08-31 11296234 2 2022-09-01 2023-08-31 11296234 6 2022-09-01 2023-08-31 iso4217:GBP xbrli:pure

Registered number: 11296234









THE ARTISAN TRAVEL GROUP LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2023

 
THE ARTISAN TRAVEL GROUP LIMITED
REGISTERED NUMBER: 11296234

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
399,032
463,325

Tangible assets
 5 
3,934
5,419

  
402,966
468,744

Current assets
  

Debtors: amounts falling due within one year
 7 
470,042
281,533

Cash at bank and in hand
 8 
494,769
815,267

  
964,811
1,096,800

Creditors: amounts falling due within one year
 9 
(907,482)
(860,679)

Net current assets
  
 
 
57,329
 
 
236,121

Total assets less current liabilities
  
460,295
704,865

Creditors: amounts falling due after more than one year
 10 
-
(370,173)

Provisions for liabilities
  

Deferred taxation
 12 
(5,501)
(1,703)

  
 
 
(5,501)
 
 
(1,703)

Net assets
  
454,794
332,989


Capital and reserves
  

Called up share capital 
  
100
100

Merger reserve
  
683,824
683,824

Profit and loss account
  
(229,130)
(350,935)

  
454,794
332,989


Page 1

 
THE ARTISAN TRAVEL GROUP LIMITED
REGISTERED NUMBER: 11296234
    
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 AUGUST 2023

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 consolidated 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 8 January 2024.




A V Hope
Director

The notes on pages 9 to 22 form part of these financial statements.

Page 2

 
THE ARTISAN TRAVEL GROUP LIMITED
REGISTERED NUMBER: 11296234

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 6 
1,567,149
1,567,149

  
1,567,149
1,567,149

Current assets
  

Debtors: amounts falling due within one year
 7 
20,100
20,100

  
20,100
20,100

Creditors: amounts falling due within one year
 9 
(893,632)
(668,132)

Net current liabilities
  
 
 
(873,532)
 
 
(648,032)

Total assets less current liabilities
  
693,617
919,117

  

Creditors: amounts falling due after more than one year
 10 
-
(216,423)

  

Net assets
  
693,617
702,694


Capital and reserves
  

Called up share capital 
  
100
100

Merger reserve
  
683,824
683,824

Profit and loss account brought forward
  
18,770
15,500

Loss/(profit) for the year

  

(9,077)
3,270

Profit and loss account carried forward
  
9,693
18,770

  
693,617
702,694


Page 3

 
THE ARTISAN TRAVEL GROUP LIMITED
REGISTERED NUMBER: 11296234
    
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 AUGUST 2023

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 consolidated 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 8 January 2024.




A V Hope
Director

The notes on pages 9 to 22 form part of these financial statements.

Page 4

 
THE ARTISAN TRAVEL GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2023


Called up share capital
Merger reserve
Profit and loss account
Total equity

£
£
£
£


At 1 September 2021
100
683,824
(505,278)
178,646


Comprehensive income for the year

Profit for the year
-
-
154,343
154,343



At 1 September 2022
100
683,824
(350,935)
332,989


Comprehensive income for the year

Profit for the year
-
-
121,805
121,805


At 31 August 2023
100
683,824
(229,130)
454,794


The notes on pages 9 to 22 form part of these financial statements.

Page 5

 
THE ARTISAN TRAVEL GROUP LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2023


Called up share capital
Merger reserve
Profit and loss account
Total equity

£
£
£
£


At 1 September 2021
100
683,824
15,500
699,424


Comprehensive income for the year

Profit for the year
-
-
3,270
3,270



At 1 September 2022
100
683,824
18,770
702,694


Comprehensive income for the year

Loss for the year
-
-
(9,077)
(9,077)


At 31 August 2023
100
683,824
9,693
693,617


The notes on pages 9 to 22 form part of these financial statements.

Page 6

 
THE ARTISAN TRAVEL GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
121,805
154,343

Adjustments for:

Amortisation of intangible assets
88,135
79,485

Depreciation of tangible assets
3,224
2,510

Government grants received
-
(7,893)

Interest paid
24,584
1,640

Interest received
(351)
(4)

Taxation charge
63,134
52,704

(Increase)/decrease in debtors
(60,411)
53,108

Increase in amounts owed by group undertakings
(128,098)
-

Increase in creditors
82,234
3

Corporation tax (paid)/received
(52,108)
21,537

Net cash generated from operating activities

142,148
357,433


Cash flows from investing activities

Purchase of intangible fixed assets
(23,844)
(4,214)

Purchase of tangible fixed assets
(1,737)
(595)

Government grants received
-
7,893

Interest received
351
4

Net cash from investing activities

(25,230)
3,088
Page 7

 
THE ARTISAN TRAVEL GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023


2023
2022

£
£



Cash flows from financing activities

Repayment of bank loans
(196,409)
(28,591)

Repayment of other loans
(216,423)
(3,270)

Interest paid
(24,584)
(1,640)

Net cash used in financing activities
(437,416)
(33,501)

Net (decrease)/increase in cash and cash equivalents
(320,498)
327,020

Cash and cash equivalents at beginning of year
815,267
488,247

Cash and cash equivalents at the end of year
494,769
815,267


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
494,769
815,267

494,769
815,267


The notes on pages 9 to 22 form part of these financial statements.

Page 8

 
THE ARTISAN TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

1.


General information

The Artisan Travel Group Ltd (the 'parent company') is a private company limited by shares and is registered and incorporated in England and Wales. The registered office is 168 Brinkburn Street, Suite B, The Old Public Library, Newcastle, NE6 2AR.
The group consists of The Artisan Travel Group Ltd and all of its subsidiaries.

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 Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 9

 
THE ARTISAN TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.3

Going concern

Group management and the directors have a reasonable expectation that the Group 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.
As a result, and with the Group continuing to receive the full support of its shareholders, the directors believe that it is still appropriate to apply the going concern basis for the foreseeable future.

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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

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

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Travel arrangements provided to customers are recognised on the date of departure basis.

 
2.6

Operating leases: the Group 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 10

 
THE ARTISAN TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.7

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.

 
2.8

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated Statement of Comprehensive Income in the same period as the related expenditure.

 
2.9

Interest income

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

 
2.10

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.

 
2.11

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.12

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

Page 11

 
THE ARTISAN TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.13

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 and the Group operate and generate 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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.

Page 12

 
THE ARTISAN TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.14

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 the Group's share 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 amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Development expenditure
-
3
years
Goodwill
-
10
years

 
2.15

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.

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:

Office equipment
-
33%

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.

 
2.16

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 13

 
THE ARTISAN TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.17

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.

 
2.18

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 Consolidated 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 Group's cash management.

 
2.19

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.

 
2.20

Provisions for liabilities

Provisions are made where an event has taken place that gives the Group 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 Group 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 14

 
THE ARTISAN TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.21

Financial instruments

The Group 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.


3.


Employees

The average monthly number of employees, including directors, during the year was 26 (2022 - 20).


4.


Intangible assets

Group





Development expenditure
Goodwill
Total

£
£
£



Cost


At 1 September 2022
80,287
788,184
868,471


Additions
23,844
-
23,844



At 31 August 2023

104,131
788,184
892,315



Amortisation


At 1 September 2022
76,742
328,404
405,146


Charge for the year on owned assets
9,319
78,818
88,137



At 31 August 2023

86,061
407,222
493,283



Net book value



At 31 August 2023
18,070
380,962
399,032



At 31 August 2022
3,545
459,780
463,325



The company had no intangible fixed assets at 31 August 2023 or 31 August 2022.

Page 15

 
THE ARTISAN TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

5.


Tangible fixed assets

Group






Office equipment

£



Cost or valuation


At 1 September 2022
36,184


Additions
1,737



At 31 August 2023

37,921



Depreciation


At 1 September 2022
30,765


Charge for the year on owned assets
3,222



At 31 August 2023

33,987



Net book value



At 31 August 2023
3,934



At 31 August 2022
5,419

Page 16

 
THE ARTISAN TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

6.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 September 2022
1,567,149



At 31 August 2023
1,567,149





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

The Artisan Travel Company Limited
168 Brinkburn Street, Suite B, The Old Public Library, Newcastle, NE6 2AR
Ordinary
100%
Activities Abroad Limited
168 Brinkburn Street, Suite B, The Old Public Library, Newcastle, NE6 2AR
Ordinary
100%

The aggregate of the share capital and reserves as at 31 August 2023 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit
£
£

The Artisan Travel Company Limited
576,392
215,181

Activities Abroad Limited
371,171
-

Page 17

 
THE ARTISAN TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

7.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Amounts owed by group undertakings
128,098
-
-
-

Other debtors
70,430
121,520
20,100
20,100

Prepayments and accrued income
271,514
160,013
-
-

470,042
281,533
20,100
20,100


Included in prepayments and accrued income above is the sum of £228,219 (2022: £135,494) which relates to advance supplier payments for bookings departing from 1 September 2023 onwards.


8.


Cash and cash equivalents

Group
Group
2023
2022
£
£

Cash at bank and in hand
494,769
815,267

494,769
815,267


Included in cash at bank above were restricted funds held in the Trust Account of £147,157 (2022: £86,576).


9.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank loans
-
42,659
-
-

Trade creditors
31,268
68,314
-
-

Amounts owed to group undertakings
-
-
893,632
668,132

Corporation tax
53,855
46,627
-
-

Other taxation and social security
9,845
47,953
-
-

Other creditors
-
834
-
-

Accruals and deferred income
812,514
654,292
-
-

907,482
860,679
893,632
668,132


Included in accruals and deferred income balance is the sum of £757,573 (2022: £604,192) which relates to advance customer receipts for bookings departing from 1 September 2023 onwards.

Page 18

 
THE ARTISAN TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

10.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank loans
-
153,750
-
-

Other loans
-
216,423
-
216,423

-
370,173
-
216,423


Page 19

 
THE ARTISAN TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

11.


Loans




Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Amounts falling due within one year

Bank loans
-
42,659
-
-


-
42,659
-
-

Amounts falling due 1-2 years

Bank loans
-
44,210
-
-

Other loans
-
216,423
-
216,423


-
260,633
-
216,423

Amounts falling due 2-5 years

Bank loans
-
109,540
-
-


-
109,540
-
-


-
412,832
-
216,423


Included above is a bank loan to one of the subsidiaries from the company's bankers, Handelsbanken, amounting to £225,000, drawn down in December 2020 and supported by the Coronavirus Business Interruption Loan Scheme (CBILS). The loan is for a term of 6 years with no capital repayments or interest payable for the first 12 months. An interest rate of 3.25% per annum above the bank's base rate is charged thereafter.
The other loan included above was subject to a subordinated undertaking in favour of the Civil Aviation Authority ("CAA") and could not be repaid without their prior written consent. This was effectively replaced by a new subordinated loan from the new group holding company. The Artisan Travel Holding Limited, amounting to £2,618,459, following a group reorganisation completed on 30 August 2023.

Page 20

 
THE ARTISAN TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

12.


Deferred taxation


Group



2023


£






At beginning of year
(1,703)


Charged to profit or loss
(3,798)



At end of year
(5,501)

Group
Group
2023
2022
£
£

Accelerated capital allowances
(5,501)
(1,703)

(5,501)
(1,703)


13.


Contingent liabilities

At 31 August 2023, there were contingent liabilities outstanding in respect of counter indemnities and guarantees given by the Group, in the normal course of business, to the Group's bond insurance obligors in respect of ABTA travel bonds amounting to £203,494 (2022: £153,965). 


14.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £15,301 (2022: £10,397). Contributions totalling £Nil (2022: £Nil) were payable to the fund at the reporting date.


15.


Commitments under operating leases

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


Group
Group
2023
2022
£
£

Not later than 1 year
5,940
30,978

5,940
30,978
Page 21

 
THE ARTISAN TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

16.


Transactions with directors

2023
2022
£
£

A McLean


Balance brought forward
34,374
34,374

Repaid
(34,374)
-

Balance carried forward
-
34,374


17.


Related party transactions

Included in other debtors in note 8 above, is an amount due from key management personnel amounting to £Nil (2022: £34,374).


18.


Controlling party

In the opinion of the directors, there is no single individual who is the ultimate controlling party of the Group, even following the group reorganisation.


19.


Auditors' information

The auditors' report on the financial statements for the year ended 31 August 2023 was unqualified.

The audit report was signed on 8 January 2024 by M S Caldicott ACA FCCA CTA (Senior Statutory Auditor) on behalf of White Hart Associates (London) Limited.

 
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