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Registered number: 08567441










ISON MANAGEMENT LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

 
ISON MANAGEMENT LIMITED
 
 
COMPANY INFORMATION


Directors
H Gough 
M R Gough 




Registered number
08567441



Registered office
Helford House
Hook Heath Road

Woking

Surrey

GU22 0QE




Independent auditors
Xeinadin Audit Limited
Chartered Accountants & Statutory Auditor

8th Floor

Becket House

36 Old Jewry

London

EC2R 8DD




Accountants
Elman Wall Limited
8th Floor

Becket House

36 Old Jewry

London

EC2R 8DD





 
ISON MANAGEMENT LIMITED
 

CONTENTS



Page
Strategic report
1
Directors' report
2 - 3
Independent auditors' report
4 - 7
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10 - 11
Statement of cash flows
12
Notes to the financial statements
13 - 25


 
ISON MANAGEMENT LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023

The directors present the strategic report for the year ended 30 November 2023.

Business review
 
The principal activities of the company during the year were those of a travel agent. 
 
The results for the year are set out in the profit and loss account on page 8 of these financial statements.

Principal risks and uncertainties
 
The process of risk management is addressed through continuous review of our operational procedures and management review of our financial performance along with the use of professional advisors where appropriate.   
Given the ad-hoc nature of the travel market, forward visibility is limited as most clients book on relatively short notice. The directors have considered the current global economic environment, inflationary effects and the conflict in eastern Europe, none of which have had a material impact on the Company’s results. Working capital requirements can fluctuate significantly due to variations in client and supplier payment terms from one period to the next. 
 
Taking account of current cash reserves and current business volumes, the directors are of the opinion that the Company will continue as a going concern for at least the next 12 months from the date of approval of the financial statements. 

Financial key performance indicators
 
Management consider the key KPIs for assessing the performance of the Company to be revenue £40,059K (2022: £32,028K), gross margin £6,658K (2022: £4,694K) and volume of bookings 27,797 (2022: 26,141). 
 
Management is satisfied that with the relaxation of travel restrictions, number of bookings have increased significantly leading to higher revenue and gross margin. 


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



M R Gough
Director

Date: 27 March 2024

Page 1

 
ISON MANAGEMENT LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023

The directors present their report and the financial statements for the year ended 30 November 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.

Results and dividends

The profit for the year, after taxation, amounted to £1,519,103 (2022 - £1,235,933).

There were dividends paid during the year of £12,570 (2022: £nil).

Directors

The directors who served during the year were:

H Gough 
M R Gough 

Other Information

An indication of likely future developments in the business and particulars of significant events which have occurred since the end of the financial year have been included in the Strategic Report on page 1. 

Page 2

 
ISON MANAGEMENT LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

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

Auditors

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

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





M R Gough
Director

Date: 27 March 2024

Page 3

 
ISON MANAGEMENT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ISON MANAGEMENT LIMITED
 

Opinion


We have audited the financial statements of ISON Management Limited (the 'Company') for the year ended 30 November 2023, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 November 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 4

 
ISON MANAGEMENT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ISON MANAGEMENT LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual 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 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 2, 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 5

 
ISON MANAGEMENT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ISON MANAGEMENT LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

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


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

Enquiry of management and those charged with governance around actual and potential litigation and claims;
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.
Enquiry of management and those charged with governance to identify any instances of non-compliance with laws and regulations.

The potential effect of these laws and regulations on the financial statements varies considerably.
Firstly, the Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation and taxation legislation and we assessed the extend of compliance with these laws and regulations as part of our procedures on the related financial statement items.
Secondly, the Company is subject to many other laws and regulations where the consequence of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance the imposition of fines or litigation or the loss of the Company's license to operate. We identified the following areas as those most likely to have such an effect: health and safety including date protection laws, anti-bribery, money laundering, employnent law and ATOL and ABTA compliance recognising the nature of the Company's activities. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relvant correspondence, an audit will not detect that breach.
 
Because of the inherent limitations of an audit. there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
 
Page 6

 
ISON MANAGEMENT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ISON MANAGEMENT LIMITED (CONTINUED)




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.





Ian Palmer FCA (Senior Statutory Auditor)
  
for and on behalf of
Xeinadin Audit Limited
 
Chartered Accountants
Statutory Auditor
  
8th Floor
Becket House
36 Old Jewry
London
EC2R 8DD

27 March 2024
Page 7

 
ISON MANAGEMENT LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
40,058,744
32,028,016

Cost of sales
  
(33,401,191)
(27,333,745)

Gross profit
  
6,657,553
4,694,271

Administrative expenses
  
(4,681,863)
(3,161,205)

Operating profit
 5 
1,975,690
1,533,066

Interest receivable and similar income
 9 
170
2,710

Interest payable and similar expenses
 10 
(7,977)
(4,326)

Profit before tax
  
1,967,883
1,531,450

Tax on profit
 11 
(448,780)
(295,517)

Profit for the financial year
  
1,519,103
1,235,933

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 13 to 25 form part of these financial statements.

Page 8

 
ISON MANAGEMENT LIMITED
REGISTERED NUMBER: 08567441

STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 13 
40,994
55,116

Investments
 14 
51,444
51,444

  
92,438
106,560

Current assets
  

Debtors: amounts falling due within one year
 15 
6,860,323
4,798,135

Cash at bank and in hand
 16 
2,734,447
1,059,776

  
9,594,770
5,857,911

Creditors: amounts falling due within one year
 17 
(6,121,799)
(3,855,595)

Net current assets
  
 
 
3,472,971
 
 
2,002,316

Total assets less current liabilities
  
3,565,409
2,108,876

Creditors: amounts falling due after more than one year
 18 
(133,333)
(183,333)

  

Net assets
  
3,432,076
1,925,543


Capital and reserves
  

Called up share capital 
 21 
30,000
30,000

Profit and loss account
 22 
3,402,076
1,895,543

  
3,432,076
1,925,543


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




M R Gough
Director

Date: 27 March 2024

The notes on pages 13 to 25 form part of these financial statements.

Page 9

 
ISON MANAGEMENT LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 December 2022
30,000
1,895,543
1,925,543


Comprehensive income for the year

Profit for the year
-
1,519,103
1,519,103
Total comprehensive income for the year
-
1,519,103
1,519,103


Contributions by and distributions to owners

Dividends: Equity capital
-
(12,570)
(12,570)


At 30 November 2023
30,000
3,402,076
3,432,076


The notes on pages 13 to 25 form part of these financial statements.

Page 10

 
ISON MANAGEMENT LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 December 2021
30,000
659,610
689,610


Comprehensive income for the year

Profit for the year
-
1,235,933
1,235,933
Total comprehensive income for the year
-
1,235,933
1,235,933


At 30 November 2022
30,000
1,895,543
1,925,543


The notes on pages 13 to 25 form part of these financial statements.

Page 11

 
ISON MANAGEMENT LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
1,519,103
1,235,933

Adjustments for:

Depreciation of tangible assets
25,244
22,265

Interest paid
7,977
4,326

Interest received
(170)
(2,710)

Taxation charge
448,780
295,517

(Increase) in debtors
(2,045,929)
(3,397,609)

Increase in creditors
2,139,014
1,956,686

Corporation tax (paid)
(337,849)
(66,720)

Net cash generated from operating activities

1,756,170
47,688


Cash flows from investing activities

Purchase of tangible fixed assets
(11,122)
(8,756)

Purchase of fixed asset investments
-
(51,444)

Interest received
170
2,710

Net cash from investing activities

(10,952)
(57,490)

Cash flows from financing activities

Repayment of loans
(50,000)
(16,667)

Dividends paid
(12,570)
-

Interest paid
(7,977)
(4,326)

Net cash used in financing activities
(70,547)
(20,993)

Net increase/(decrease) in cash and cash equivalents
1,674,671
(30,795)

Cash and cash equivalents at beginning of year
1,059,776
1,090,571

Cash and cash equivalents at the end of year
2,734,447
1,059,776


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,734,447
1,059,776

2,734,447
1,059,776


The notes on pages 13 to 25 form part of these financial statements.

Page 12

 
ISON MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


General information

ISON Management Limited is a private company limited by shares incorporated in England and Wales.
The registered office is Helford House, Hook Heath Road, Woking, Surrey, England, GU22 0QE.
The principal activity of the Company continues to be that of travel management.

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).

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The financial statements present information about the company as an individual undertaking and not about its group.

The Company is exempt from the requirement to prepare consolidated financial statements as all of its subsidiaries are required to be excluded from consolidation by section 402 of the Companies Act 2006.

 
2.3

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.

Page 13

 
ISON MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company 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.
Revenue represents amounts receivable from the sales of flights, visas and other travel related services supplied to customers net of VAT. Revenue is recognised at the point when an invoice is raised and when there is reasonable certainty that such transactions will be completed.

 
2.5

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.

 
2.6

Interest income

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

 
2.7

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.

 
2.8

Borrowing costs

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

 
2.9

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 14

 
ISON MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.10

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.

 
2.11

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:

Motor vehicles
-
25%
Fixtures and fittings
-
25%
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.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 15

 
ISON MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.13

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.

 
2.14

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.

 
2.15

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.

 
2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.17

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.

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.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Page 16

 
ISON MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)


2.17
Financial instruments (continued)

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

 
2.18

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

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.


4.


Turnover

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


2023
2022
£
£

Sales
40,058,744
32,028,016

40,058,744
32,028,016


All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
14,806
(16,465)

Other operating lease rentals
35,949
15,562

Page 17

 
ISON MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

6.


Auditors' remuneration

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


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
10,000
-

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


7.


Employees

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


2023
2022
£
£

Wages and salaries
2,714,434
2,059,464

Social security costs
326,806
262,111

Cost of defined contribution scheme
24,323
21,818

3,065,563
2,343,393


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


        2023
        2022
            No.
            No.







Administrative & Management
42
19


8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
60,520
8,280

60,520
8,280


Page 18

 
ISON MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

9.


Interest receivable

2023
2022
£
£


Other interest receivable
170
2,710

170
2,710


10.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
7,977
4,326

7,977
4,326


11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
468,463
294,900

Adjustments in respect of previous periods
(3,424)
3,422


465,039
298,322


Total current tax
465,039
298,322

Deferred tax


Origination and reversal of timing differences
(16,259)
(2,131)

Changes to tax rates
-
(674)

Total deferred tax
(16,259)
(2,805)


Tax on profit
448,780
295,517
Page 19

 
ISON MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is the same as (2022 - the same as) the standard rate of corporation tax in the UK of 23.01% (2022 - 19%) as set out below:

2023
2022
£
£


Profit on ordinary activities before tax
1,967,883
1,531,450


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.01% (2022 - 19%)
452,810
290,976

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
1,447
2,369

Adjustments to tax charge in respect of prior periods
(3,424)
3,422

Fixed asset differences
(183)
(576)

Non-taxable income
(446)
-

Remeasurement of deferred tax for changes in tax rates
(1,293)
(674)

Adjustments to brought forward values
(131)
-

Total tax charge for the year
448,780
295,517


Factors that may affect future tax charges

The rate of corporation tax has been increased from 19% to 25% with effect rom 1 April 2023.


12.


Dividends

2023
2022
£
£


Dividends
12,570
-

12,570
-

Page 20

 
ISON MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

13.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 December 2022
71,965
3,079
25,060
100,104


Additions
-
5,162
5,960
11,122



At 30 November 2023

71,965
8,241
31,020
111,226



Depreciation


At 1 December 2022
25,488
1,566
17,934
44,988


Charge for the year on owned assets
17,991
1,682
5,571
25,244



At 30 November 2023

43,479
3,248
23,505
70,232



Net book value



At 30 November 2023
28,486
4,993
7,515
40,994



At 30 November 2022
46,477
1,513
7,126
55,116


14.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 December 2022
51,444



At 30 November 2023
51,444




Page 21

 
ISON MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

ISON Travel Limited
Helford House, Hook Heath Road, Woking, United Kingdom, GU22 0QE
Ordinary
100%


15.


Debtors

2023
2022
£
£


Trade debtors
5,925,597
3,694,033

Other debtors
841,460
1,038,480

Prepayments and accrued income
11,385
-

Tax recoverable
63,062
63,062

Deferred taxation
18,819
2,560

6,860,323
4,798,135



16.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
2,734,447
1,059,776

2,734,447
1,059,776


Page 22

 
ISON MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

17.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
50,000
50,000

Trade creditors
4,487,998
1,960,955

Corporation tax
504,503
357,962

Other taxation and social security
79,375
107,399

Other creditors
955,230
1,357,815

Accruals and deferred income
44,693
21,464

6,121,799
3,855,595



18.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
133,333
183,333

133,333
183,333



19.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
50,000
50,000


50,000
50,000


Amounts falling due 2-5 years

Bank loans
133,333
183,333


133,333
183,333


183,333
233,333


Page 23

 
ISON MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

20.


Deferred taxation




2023


£






At beginning of year
2,560


Charged to profit or loss
16,259



At end of year
18,819

The deferred tax asset is made up as follows:

2023
2022
£
£


Accelerated capital allowances
5,084
2,118

Tax losses carried forward
13,735
-

Short term timing differences
-
442

18,819
2,560


21.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



30,000 (2022 - 30,000) Ordinary shares of £1.00 each
30,000
30,000



22.


Reserves

Profit and loss account

Includes all current and prior period retained profit and losses and current year's profit.


23.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £24,323 (2022: £21,818). Contributions totalling £4,320 (2022: £4,129) were payable to the fund at the reporting date and are included in creditors.

Page 24

 
ISON MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

24.


Commitments under operating leases

At 30 November 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
11,548
-

11,548
-


25.


Related party transactions

At the year end the Company was owed an amount of £621,857 (2022: £105,735) by the directors.
The Company has taken advantage of the exemption to not disclose related party transactions with companies that are wholly owned within the Group.


26.


Controlling party

The Company is controlled by the directors.

 
Page 25