Caseware UK (AP4) 2023.0.135 2023.0.135 2023-10-312023-10-312300truetruetrue2022-11-01false323minibus and coach private hire and transport operators.382truefalse 01210180 2022-11-01 2023-10-31 01210180 2021-11-01 2022-10-31 01210180 2023-10-31 01210180 2022-10-31 01210180 2021-11-01 01210180 1 2022-11-01 2023-10-31 01210180 1 2021-11-01 2022-10-31 01210180 d:Director1 2022-11-01 2023-10-31 01210180 d:Director2 2022-11-01 2023-10-31 01210180 d:Director2 2023-10-31 01210180 d:Director3 2022-11-01 2023-10-31 01210180 d:Director4 2022-11-01 2023-10-31 01210180 d:RegisteredOffice 2022-11-01 2023-10-31 01210180 e:Buildings e:LongLeaseholdAssets 2022-11-01 2023-10-31 01210180 e:Buildings e:LongLeaseholdAssets 2023-10-31 01210180 e:Buildings e:LongLeaseholdAssets 2022-10-31 01210180 e:LandBuildings 2023-10-31 01210180 e:LandBuildings 2022-10-31 01210180 e:PlantMachinery 2022-11-01 2023-10-31 01210180 e:PlantMachinery 2023-10-31 01210180 e:PlantMachinery 2022-10-31 01210180 e:PlantMachinery e:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 01210180 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2022-11-01 2023-10-31 01210180 e:MotorVehicles 2022-11-01 2023-10-31 01210180 e:MotorVehicles 2023-10-31 01210180 e:MotorVehicles 2022-10-31 01210180 e:MotorVehicles e:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 01210180 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2022-11-01 2023-10-31 01210180 e:OfficeEquipment 2022-11-01 2023-10-31 01210180 e:OfficeEquipment 2023-10-31 01210180 e:OfficeEquipment 2022-10-31 01210180 e:OfficeEquipment e:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 01210180 e:OfficeEquipment e:LeasedAssetsHeldAsLessee 2022-11-01 2023-10-31 01210180 e:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 01210180 e:LeasedAssetsHeldAsLessee 2022-11-01 2023-10-31 01210180 e:CurrentFinancialInstruments 2023-10-31 01210180 e:CurrentFinancialInstruments 2022-10-31 01210180 e:Non-currentFinancialInstruments 2023-10-31 01210180 e:Non-currentFinancialInstruments 2022-10-31 01210180 e:CurrentFinancialInstruments e:WithinOneYear 2023-10-31 01210180 e:CurrentFinancialInstruments e:WithinOneYear 2022-10-31 01210180 e:Non-currentFinancialInstruments e:AfterOneYear 2023-10-31 01210180 e:Non-currentFinancialInstruments e:AfterOneYear 2022-10-31 01210180 e:ReportableOperatingSegment1 2022-11-01 2023-10-31 01210180 e:ReportableOperatingSegment1 2021-11-01 2022-10-31 01210180 e:ReportableOperatingSegment2 2022-11-01 2023-10-31 01210180 e:ReportableOperatingSegment2 2021-11-01 2022-10-31 01210180 e:ReportableOperatingSegment3 2022-11-01 2023-10-31 01210180 e:ReportableOperatingSegment3 2021-11-01 2022-10-31 01210180 e:ReportableOperatingSegment5 2022-11-01 2023-10-31 01210180 e:ReportableOperatingSegment5 2021-11-01 2022-10-31 01210180 f:UnitedKingdom 2022-11-01 2023-10-31 01210180 f:UnitedKingdom 2021-11-01 2022-10-31 01210180 e:UKTax 2022-11-01 2023-10-31 01210180 e:UKTax 2021-11-01 2022-10-31 01210180 e:ShareCapital 2023-10-31 01210180 e:ShareCapital 2022-10-31 01210180 e:ShareCapital 2021-11-01 01210180 e:RetainedEarningsAccumulatedLosses 2022-11-01 2023-10-31 01210180 e:RetainedEarningsAccumulatedLosses 2023-10-31 01210180 e:RetainedEarningsAccumulatedLosses 2021-11-01 2022-10-31 01210180 e:RetainedEarningsAccumulatedLosses 2022-10-31 01210180 e:RetainedEarningsAccumulatedLosses 2021-11-01 01210180 e:AcceleratedTaxDepreciationDeferredTax 2023-10-31 01210180 e:AcceleratedTaxDepreciationDeferredTax 2022-10-31 01210180 d:OrdinaryShareClass1 2022-11-01 2023-10-31 01210180 d:OrdinaryShareClass1 2023-10-31 01210180 d:OrdinaryShareClass1 2022-10-31 01210180 d:OrdinaryShareClass2 2022-11-01 2023-10-31 01210180 d:OrdinaryShareClass2 2023-10-31 01210180 d:OrdinaryShareClass2 2022-10-31 01210180 d:OrdinaryShareClass3 2022-11-01 2023-10-31 01210180 d:OrdinaryShareClass3 2023-10-31 01210180 d:OrdinaryShareClass3 2022-10-31 01210180 d:OrdinaryShareClass4 2022-11-01 2023-10-31 01210180 d:OrdinaryShareClass4 2023-10-31 01210180 d:OrdinaryShareClass4 2022-10-31 01210180 d:OrdinaryShareClass5 2022-11-01 2023-10-31 01210180 d:OrdinaryShareClass5 2023-10-31 01210180 d:OrdinaryShareClass5 2022-10-31 01210180 d:FRS102 2022-11-01 2023-10-31 01210180 d:Audited 2022-11-01 2023-10-31 01210180 d:FullAccounts 2022-11-01 2023-10-31 01210180 d:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 01210180 e:WithinOneYear 2023-10-31 01210180 e:WithinOneYear 2022-10-31 01210180 e:HirePurchaseContracts e:WithinOneYear 2023-10-31 01210180 e:HirePurchaseContracts e:WithinOneYear 2022-10-31 01210180 e:HirePurchaseContracts e:BetweenOneFiveYears 2023-10-31 01210180 e:HirePurchaseContracts e:BetweenOneFiveYears 2022-10-31 01210180 e:HirePurchaseContracts e:MoreThanFiveYears 2023-10-31 01210180 e:HirePurchaseContracts e:MoreThanFiveYears 2022-10-31 01210180 2 2022-11-01 2023-10-31 01210180 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2023-10-31 01210180 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2022-10-31 01210180 e:LeasedAssetsHeldAsLessee 2023-10-31 01210180 e:LeasedAssetsHeldAsLessee 2022-10-31 01210180 g:PoundSterling 2022-11-01 2023-10-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 01210180









CENTAUR OVERLAND TRAVEL LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

 
CENTAUR OVERLAND TRAVEL LIMITED
 
 
COMPANY INFORMATION


Directors
M H Sims Esq 
P D Sims Esq 
R A Sims Esq 




Registered number
01210180



Registered office
Unit 34 & 35, Acorn Industrial Park
Acorn Road

Dartford

Kent

DA1 4AL




Independent auditors
Barnes Roffe LLP
Chartered Accountants & Statutory auditors

Charles Lake House

Claire Causeway

Crossways Business Park

Dartford

Kent

DA2 6QA





 
CENTAUR OVERLAND TRAVEL LIMITED
 

CONTENTS



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

 
CENTAUR OVERLAND TRAVEL LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023

Introduction
 
The directors present their strategic report accompanying the financial statements for the year ended 31 October 2023.

Business review
 
The principal activity of the company in the year under review was the provision of vehicles for hire with a driver.
During the year the directors continued to heavily invest in the company’s growth through investment in vehicle renewals, development of IT systems and increase in staff numbers making excellent progress towards its objectives. This is most notable with the further work towards a zero-carbon operation with increased investment into zero emissions vehicles, as well as the supporting infrastructure and training. The company continued to achieve its Carbon Neutral status through investment in carbon offsetting. 
Key Performance Indicators
The company’s key performance indicators are turnover and profit on ordinary activities before taxation. The directors were satisfied with the performance against these objectives in 2023. During the year, the company met management targets in relation to sales and underlying profit performance, resulting in growth.    

Principal risks and uncertainties
 
The directors believe the main risk to the business is uncertainty in the political sphere with potential widespread changes in employment law due to the change in UK Government. The directors continue to work to reduce and remove any impact of these changes where possible.

Financial key performance indicators
 
The company scales revenue growth, while maintaining gross margins and without increasing headcount proportionally, by levering robust internal platforms and capitalising on digital development. The company therefore focuses on the key metrics of revenue growth, gross margin, and underlying net profit.
Other key performance indicators
The company measures KPI’s delivered by individual staff members and has structured remuneration packages to reward strong performance.


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



R A Sims Esq
Director

Date: 30 July 2024
Page 1

 
CENTAUR OVERLAND TRAVEL LIMITED
 
 
 
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.

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;

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 £1,154,847 (2022 - £352,589).

Dividends amounting to £606,000 (2022: £606,000) were voted during the year.

Directors

The directors who served during the year were:

M H Sims Esq 
Mrs E J Sims (resigned 15 April 2024)
P D Sims Esq 
R A Sims Esq 

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.

Page 2

 
CENTAUR OVERLAND TRAVEL LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023

Post balance sheet events

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

Auditors

The auditorsBarnes Roffe LLPwill 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.
 





R A Sims Esq
Director

Date: 30 July 2024

Page 3

 
CENTAUR OVERLAND TRAVEL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CENTAUR OVERLAND TRAVEL LIMITED
 

Opinion


We have audited the financial statements of Centaur Overland Travel Limited (the 'company') for the year ended 31 October 2023, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the company's affairs as at 31 October 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

 
CENTAUR OVERLAND TRAVEL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CENTAUR OVERLAND TRAVEL 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

 
CENTAUR OVERLAND TRAVEL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CENTAUR OVERLAND TRAVEL 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:
• The engagement partner ensured that the engagement team collectively had the appropriate competence,
capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
We identified the laws and regulations applicable to the company through discussion with directors and other
management, and from our commercial knowledge and experience of the sector that the company operates in;
• We focused on specific laws and regulations which we considered may have a direct material effect on the
financial statements or the operations of the company, including the Companies Act 2006, Health and Safety regulations, Contractor Health and Safety (CHAS) and both PSV/Private Hire Licencing regulations;
• We assessed the extent of compliance with the laws and regulations identified above through making enquiries
of management, reviewing board minutes, relevant correspondence and certificates held; and
• Laws and regulations were communicated within the audit team at the planning meeting, and during the audit
as any further laws and regulation were identified. The audit team remained alert to instances of non compliance
throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including
obtaining an understanding of how fraud might occur by:
• Making enquires of management and the board as to where they consider there was susceptibility to fraud
along with their knowledge of actual, suspected and alleged fraud;
• Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and
regulations; and
• Our review of financial statements and testing the disclosures against supporting documentation.
To address the risk of fraud through management bias and override of controls we:
• Performed analytical procedures to identify any unusual or unexpected trends or anomalies;
• Inspected and tested journal entries to identify unusual or unexpected transactions;
• Assessed whether judgement and assumptions made in determining significant accounting estimates,
including revaluations of tangible fixed assets and the useful economic life of tangible fixed assets, were
indicative of management bias; and
• Investigated the rationale behind significant transactions, or transactions that are unusual or outside the
company’s usual course of business.
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.


Page 6

 
CENTAUR OVERLAND TRAVEL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CENTAUR OVERLAND TRAVEL 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.





Mario Cientanni (Senior statutory auditor)
for and on behalf of
Barnes Roffe LLP
Chartered Accountants
Statutory auditors
Charles Lake House
Claire Causeway
Crossways Business Park
Dartford
Kent
DA2 6QA

 
Date: 
30 July 2024
Page 7

 
CENTAUR OVERLAND TRAVEL LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2023

2023
2022
Note
£
£

  

Turnover
  
9,514,355
7,363,531

Cost of sales
  
(6,721,064)
(5,915,377)

Gross profit
  
2,793,291
1,448,154

Administrative expenses
  
(1,634,236)
(1,059,353)

Other operating income
  
366,408
269,441

Operating profit
  
1,525,463
658,242

Interest receivable and similar income
  
58,800
1,459

Interest payable and similar expenses
  
(52,596)
(35,132)

Profit before tax
  
1,531,667
624,569

Tax on profit
 10 
(376,820)
(271,980)

Profit for the financial year
  
1,154,847
352,589

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.

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

The notes on pages 11 to 25 form part of these financial statements.

Page 8

 
CENTAUR OVERLAND TRAVEL LIMITED
REGISTERED NUMBER: 01210180

BALANCE SHEET
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible fixed assets
 12 
4,163,703
3,408,363

Current assets
  

Stocks
 13 
41,532
35,109

Debtors: amounts falling due within one year
 14 
1,973,810
1,835,837

Cash at bank and in hand
 15 
1,748,101
1,232,297

  
3,763,443
3,103,243

Creditors: amounts falling due within one year
 16 
(3,070,014)
(2,309,768)

Net current assets
  
 
 
693,429
 
 
793,475

Total assets less current liabilities
  
4,857,132
4,201,838

Creditors: amounts falling due after more than one year
 17 
(937,445)
(1,026,164)

Provisions for liabilities
  

Deferred tax
 19 
(930,034)
(734,868)

Net assets
  
2,989,653
2,440,806


Capital and reserves
  

Called up share capital 
 20 
2,004
2,004

Profit and loss account
  
2,987,649
2,438,802

  
2,989,653
2,440,806


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




P D Sims Esq
R A Sims Esq
Director
Director


Date: 30 July 2024

Page 9

 
CENTAUR OVERLAND TRAVEL LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 November 2022
2,004
2,438,802
2,440,806



Profit for the year
-
1,154,847
1,154,847

Dividends: Equity capital
-
(606,000)
(606,000)


At 31 October 2023
2,004
2,987,649
2,989,653



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 November 2021
2,004
2,692,213
2,694,217



Profit for the year
-
352,589
352,589

Dividends: Equity capital
-
(606,000)
(606,000)


At 31 October 2022
2,004
2,438,802
2,440,806


The notes on pages 11 to 25 form part of these financial statements.

Page 10

 
CENTAUR OVERLAND TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

Centaur Overland Travel Limited is a private company limited by shares and incorporated in England and Wales. The registered office address of the company is Unit 34 & 35 Acorn Industrial Park, Acorn Road, Dartford, Kent, DA1 4AL.The principal activity of the company is that of minibus and coach private hire and transport operators.

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

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Centaur Group Limited as at 31 October 2023 and these financial statements may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ..

Page 11

 
CENTAUR OVERLAND TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
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.

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.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
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. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 12

 
CENTAUR OVERLAND TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
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

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 Statement of comprehensive income in the same period as the related expenditure.

 
2.7

Interest income

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

 
2.8

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.

 
2.9

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 Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Page 13

 
CENTAUR OVERLAND TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 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 balance sheet 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 balance sheet 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 balance sheet 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.

Page 14

 
CENTAUR OVERLAND TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis:


Long-term leasehold property
-
Straight line over the period of the lease
Plant and machinery
-
25% Straight line
Motor vehicles
-
12.5% Straight line
Office equipment
-
25% Straight line

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

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

From 1 November 2022, the directors took the decision that the maximum useful lives of motor vehicles should be 10 years, with motor vehicles being depreciated straight line over a maximum period of 8 years. This is to more accurately reflect the useful lives and expected future benefits of the assets.
This change in accounting estimate has resulted in an increase in motor vehicles depreciation in the year of £55,412.

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Costs includes all direct costs.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
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.

Page 15

 
CENTAUR OVERLAND TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
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 made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
 
When payments are made, they are charged to the provision carried in the Balance sheet.

 
2.17

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.18

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

No significant judgements were made by management in the preparation of these financial statements.
The company has made key assumptions regarding a dilapidation provision on the long term leasehold property. These assumptions are based on historical experience and other factors that are considered to be relevant and reviewed on an ongoing basis. The amount recognised in the year ended 31 October 2023 is £295,900.
The company has made key assumptions regarding the useful economic life of tangible fixed assets and this is further described in note 2.10.

Page 16

 
CENTAUR OVERLAND TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

4.


Turnover

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


2023
2022
£
£

Sales - Contract
7,534,241
5,951,238

Sales - Private hire
1,405,676
1,031,920

Sales - Commuter travel
573,105
379,922

Sales - Miscellaneous
1,333
451

9,514,355
7,363,531


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
9,514,355
7,363,531

9,514,355
7,363,531



5.


Auditors' remuneration

2023
2022
£
£

Fees payable to the company's auditors for the audit of the company's financial statements
10,645
9,950
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.

Page 17

 
CENTAUR OVERLAND TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

6.


Employees

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


2023
2022
£
£

Wages and salaries
4,310,097
3,694,837

Social security costs
38,505
24,073

Cost of defined contribution scheme
155,549
77,689

4,504,151
3,796,599


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


        2023
        2022
            No.
            No.







Drivers
201
163



Directors
3
3



Office Staff
11
8



Passenger Assistants
161
132



Workshop Staff
6
17

382
323


7.


Directors' remuneration

2023
2022
£
£

Directors' salaries
17,568
17,568

Directors' pension contributions
102,000
36,000

119,568
53,568



8.


Interest receivable

2023
2022
£
£


Bank interest receivable
58,800
1,459

58,800
1,459

Page 18

 
CENTAUR OVERLAND TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

9.


Interest payable and similar expenses

2023
2022
£
£


Other loan interest payable
1,565
172

Finance leases and hire purchase contracts
51,031
34,960

52,596
35,132


10.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
181,654
6,063

Adjustments in respect of previous periods
-
8,563


Total current tax
181,654
14,626

Deferred tax


Deferred tax adjustment
195,166
257,354


Taxation on profit on ordinary activities
376,820
271,980
Page 19

 
CENTAUR OVERLAND TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 25% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
1,531,667
624,569


Profit on ordinary activities multiplied by effective rate of corporation tax in the UK of 22.5% (2022 - 19%)
344,899
118,668

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
693
(4,502)

Capital allowances for year in excess of depreciation
(142,370)
(108,103)

Profit on disposal of fixed assets
(20,723)
-

Higher rate taxes on overseas earnings
(845)
-

Adjustments to tax charge in respect of prior periods
-
(1,560)

Deferred tax adjustment
195,166
257,354

Tax losses carried back
-
10,123

Total tax charge for the year
376,820
271,980


Factors that may affect future tax charges

There are no factors that may affect future tax charges.


11.


Dividends

2023
2022
£
£


Dividends voted
606,000
606,000

606,000
606,000

Page 20

 
CENTAUR OVERLAND TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

12.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 November 2022
3,649
75,966
7,397,912
95,281
7,572,808


Additions
113,043
29,883
1,463,697
50,227
1,656,850


Disposals
-
-
(703,153)
-
(703,153)



At 31 October 2023

116,692
105,849
8,158,456
145,508
8,526,505



Depreciation


At 1 November 2022
3,649
30,908
4,040,815
89,073
4,164,445


Charge for the year on owned assets
2,300
18,420
551,653
10,162
582,535


Charge for the year on financed assets
-
-
313,703
-
313,703


Disposals
-
-
(697,881)
-
(697,881)



At 31 October 2023

5,949
49,328
4,208,290
99,235
4,362,802



Net book value



At 31 October 2023
110,743
56,521
3,950,166
46,273
4,163,703



At 31 October 2022
-
45,058
3,357,097
6,208
3,408,363




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Long leasehold
110,743
-

110,743
-


Page 21

 
CENTAUR OVERLAND TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

           12.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, is as follows:


2023
2022
£
£



Motor vehicles
1,864,883
1,718,909

1,864,883
1,718,909


13.


Stocks

2023
2022
£
£

Raw materials and consumables
41,532
35,109

41,532
35,109



14.


Debtors

2023
2022
£
£


Trade debtors
1,386,101
1,399,815

Other debtors
75,892
38,044

Prepayments and accrued income
511,817
397,978

1,973,810
1,835,837



15.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,748,101
1,232,297

1,748,101
1,232,297


Page 22

 
CENTAUR OVERLAND TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

16.


Creditors: Amounts falling due within one year

2023
2022
£
£

Payments received on account
29,742
24,999

Trade creditors
561,800
542,859

Amounts owed to group undertakings
825,631
655,896

Corporation tax
192,612
-

Other taxation and social security
67,479
59,649

Obligations under finance lease and hire purchase contracts
484,498
486,510

Other creditors
392,705
425,375

Accruals and deferred income
515,547
114,480

3,070,014
2,309,768



17.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
937,445
1,026,164

937,445
1,026,164


Net obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.


18.


Hire purchase and finance leases


Minimum lease payments under hire purchase contracts fall due as follows:

2023
2022
£
£


Within one year
484,498
486,510

Between 1-2 years
547,180
412,428

Between 2-5 years
390,265
613,736

1,421,943
1,512,674

Page 23

 
CENTAUR OVERLAND TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

19.


Deferred taxation




2023
2022


£

£






At beginning of year
(734,868)
(477,514)


Charged to profit or loss
(195,166)
(257,354)



At end of year
(930,034)
(734,868)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
930,034
734,868

930,034
734,868


20.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 (2022 - 1) Ordinary "A" share of £1.00
1
1
1 (2022 - 1) Ordinary "B" share of £1.00
1
1
1 (2022 - 1) Ordinary "C" share of £1.00
1
1
1 (2022 - 1) Ordinary "D" share of £1.00
1
1
1,500 (2022 - 1,500) Ordinary "F" shares of £1.00 each
1,500
1,500
500 (2022 - 500) Ordinary "G" shares of £1.00 each
500
500

2,004

2,004



21.


Pension commitments

The company operates defined contribution pension schemes. The assets of the schemes are held separately from those of the company in independently administered funds.
Included in other creditors is an unpaid pension contribution of £9,048 
(2022: £16,265) at the year end.

Page 24

 
CENTAUR OVERLAND TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

22.


Commitments under operating leases

At 31 October 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
-
19,117

-
19,117


23.


Related party transactions

Included in other creditors due within one year are amounts due to the directors of £95,717 (2022 - £68,162).
The company has taken advantage of the exemption under FRS102 Section 33 to not disclose any transactions with companies in the group headed by Centaur Group Limited where the subsidiary which is party to the transaction is wholly owned.


24.


Unlimate parent undertaking

The parent company is Centaur Group Limited, incorporated in England and Wales.
Consolidated financial statements for Centaur Group Limited are available to the public from Companies House, Crown Way, Cardiff CF4 3UZ.
 
Page 25