Registered number:
FOR THE YEAR ENDED 31 OCTOBER 2023
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EMBRACE TRAVEL GROUP LTD
COMPANY INFORMATION
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EMBRACE TRAVEL GROUP LTD
CONTENTS
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EMBRACE TRAVEL GROUP LTD
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023
The directors present the strategic report for the year ended 31 October 2023.
In the past fiscal year, the Group has incurred large one off costs enabling a review of the business as a whole and allowing us to strategically allocate considerable resources towards restructuring initiatives and substantial investments in Information Technology (IT) infrastructure. These expenditures are pivotal components of our long-term vision aimed at enhancing operational efficiency, fostering innovation, and fortifying our competitive position in the market.
The restructuring efforts undertaken reflect our commitment to optimizing organizational structures, streamlining processes, and aligning resources with evolving business priorities. Through prudent restructuring, we aim to enhance agility, responsiveness, and adaptability, ensuring our ability to navigate dynamic market landscapes effectively. Simultaneously, our investment in IT underscores our dedication to technological advancement as a cornerstone of sustainable growth. These investments encompass the implementation of cutting-edge systems, software, and digital platforms designed to empower our workforce, elevate customer experiences, and drive operational excellence across all facets of our business. By strategically allocating resources towards restructuring and IT investments, we are bolstering our capabilities to capitalize on emerging opportunities, mitigate risks, and deliver long-term value to our stakeholders. As we continue to execute our strategic roadmap, we remain steadfast in our commitment to driving innovation, fostering resilience, and achieving sustained growth in the years ahead. We are pleased to announce the successful completion of the acquisition of Tribes Travel Ltd, a strategic addition to our portfolio that complements our existing business and enhances our capabilities. This acquisition marks a significant milestone in our growth journey and underscores our commitment to delivering value to our stakeholders. Tribes Travel Ltd brings to the Group a wealth of expertise, complementary products/services, and a talented team, all of which align seamlessly with our existing operations and strategic objectives. By integrating their strengths with ours, we are poised to unlock new opportunities, drive synergies, and strengthen our position in the market. This acquisition not only expands our market reach but also diversifies our revenue streams, reducing dependency on any single product or market segment. Furthermore, it enables us to capitalize on emerging trends and meet evolving customer demands more comprehensively, thereby enhancing our competitiveness and resilience.
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EMBRACE TRAVEL GROUP LTD
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
The Group finances its operations through a mixture of retained profits, cash and various items, such as trade debtors, trade creditors and deposits for holidays in advance.
The main risks to the group are liquidity risk and currency risk. The directors review and agree policies for managing each of these risks and they are summarised below: Currency and liquidity risk: The Group is exposed to transaction foreign exchange risk. Transaction exposure is mitigated by regular monitoring of currency markets and a combination of buying spot and using foreign currency contracts and options. The Group seeks to manage liquidity risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash and assets safely and profitably.
During the year the directors have initiated a number of Key Performance Indicators across all operations of the business so as to be able to properly monitor all activities and financial performance of the Group.
The main KPIs that are used to manage the business are as follows: 2023 2022 £'000 £'000 Turnover 13,213 13,591 Gross Profit Margin 2,404 2,326 Net (Liabilities)/Assets (275) 62
This report was approved by the board on 30 July 2024 and signed on its behalf.
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EMBRACE TRAVEL GROUP LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023
The directors present their report and the financial statements for the year ended 31 October 2023.
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group'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 Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors who served during the year were:
There have been no significant events affecting the Group since the year end.
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EMBRACE TRAVEL GROUP LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
The auditors, Xeinadin Audit Limited
Chartered Accountants & Statutory Auditor, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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EMBRACE TRAVEL GROUP LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EMBRACE TRAVEL GROUP LTD
We have audited the financial statements of Embrace Travel Group Ltd (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 October 2023, which comprise the Group Profit and Loss Account, the Group Statement of Comprehensive Income, the Group and Company Balance Sheets, the Group Statement of Cash Flows, the Group and Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The 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).
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 Group 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.
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 Group's or the parent 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.
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EMBRACE TRAVEL GROUP LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EMBRACE TRAVEL GROUP LTD (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group 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 Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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EMBRACE TRAVEL GROUP LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EMBRACE TRAVEL GROUP LTD (CONTINUED)
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EMBRACE TRAVEL GROUP LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EMBRACE TRAVEL GROUP LTD (CONTINUED)
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 Group 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 minutes of meetings of meetings of those charged with governance;
•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 Group 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 extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Secondly, the Group 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 Group’s license to operate. We identified the following areas as those most likely to have such an effect: health and safety including data protection laws, anti-bribery, money laundering, employment law, ABTA and ATOL compliance recognising the nature of the Group’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 relevant 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.
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.
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EMBRACE TRAVEL GROUP LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EMBRACE TRAVEL GROUP LTD (CONTINUED)
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 2006. Our 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.
for and on behalf of
Chartered Accountants & Statutory Auditor
8th Floor
Becket House
36 Old Jewry
EC2R 8DD
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EMBRACE TRAVEL GROUP LTD
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 OCTOBER 2023
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EMBRACE TRAVEL GROUP LTD
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2023
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EMBRACE TRAVEL GROUP LTD
REGISTERED NUMBER: 13423778
CONSOLIDATED BALANCE SHEET
AS AT 31 OCTOBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 21 to 37 form part of these financial statements.
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EMBRACE TRAVEL GROUP LTD
REGISTERED NUMBER: 13423778
COMPANY BALANCE SHEET
AS AT 31 OCTOBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 21 to 37 form part of these financial statements.
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EMBRACE TRAVEL GROUP LTD
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023
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EMBRACE TRAVEL GROUP LTD
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2022
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EMBRACE TRAVEL GROUP LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023
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EMBRACE TRAVEL GROUP LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2022
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EMBRACE TRAVEL GROUP LTD
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2023
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EMBRACE TRAVEL GROUP LTD
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
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EMBRACE TRAVEL GROUP LTD
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 OCTOBER 2023
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EMBRACE TRAVEL GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
Embrace Travel Group Ltd is a private limited company domiciled and incorporated in England and Wales. The registered head office and principal place of business is located at 71-75 Shelton Street, London, Greater London, United Kingdom, WC2H 9JQ
The principal activity of the group continued to be providing Tour Operator Services.
2.Accounting policies
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 Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and Loss Account in these financial statements.
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 Balance Sheet, 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 Profit and Loss Account from the date on which control is obtained. They are deconsolidated from the date control ceases.
The financial statements have been prepared on a going concern basis which the directors believe to
be appropriate for the following reasons. The directors have prepared forecasts taking into account their assessment of the performance of the business and are confident that the Group will be able to continue to meet their liabilities as they fall due for a period of not less than 12 months from the date these accounts are signed. The directors consider it appropriate to prepare the financial statements on a going concern basis.
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EMBRACE TRAVEL GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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EMBRACE TRAVEL GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
2.Accounting policies (continued)
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EMBRACE TRAVEL GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
2.Accounting policies (continued)
Goodwill
Other intangible assets
Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the balance sheet date.
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:
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:
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.
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EMBRACE TRAVEL GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
2.Accounting policies (continued)
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EMBRACE TRAVEL GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
2.Accounting policies (continued)
The estimates and underlying assumptions are reviewed on a continuing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
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EMBRACE TRAVEL GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
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EMBRACE TRAVEL GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
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EMBRACE TRAVEL GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
9.Taxation (continued)
There were no factors that may affect future tax charges.
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EMBRACE TRAVEL GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and Loss Account in these financial statements. The profit after tax of the parent Company for the year/period was £ (2022 - £NIL).
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EMBRACE TRAVEL GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
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EMBRACE TRAVEL GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
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EMBRACE TRAVEL GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
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EMBRACE TRAVEL GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
Bank Loan represents the Bounce Bank Loan received. The loan is payable by August 2026 and carries an interest of 2.5% per annum.
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EMBRACE TRAVEL GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
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EMBRACE TRAVEL GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
Profit and loss account
The Group currently holds an Air Travel Organisers' License ('ATOL') issued by the Civil Aviation Authority ('CAA'), is a member of the Association of British Travel Agents Limited ('ABTA').
In order to offer air inclusive package holidays, the Group requires the annual renewal by the CAA of its ATOL license. The CAA grants this license based on meeting agreed financial criteria and renews this in March (effective 1st April) each year. The Group has complied with these requirements in previous years. The directors are expecting the ATOL licence to be renewed in March 2024. As at 31 October 2023, there were no contingent liabilities in place in the normal course of business.
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 £22,541 (2022: £9,514). Contributions totalling £12,191 (2022: £4,612 to the fund) were payable from the fund at the reporting date and are included in debtors.
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EMBRACE TRAVEL GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
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