Registered number:
FOR THE YEAR ENDED 31 OCTOBER 2023
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CENTAUR OVERLAND TRAVEL LIMITED
COMPANY INFORMATION
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CENTAUR OVERLAND TRAVEL LIMITED
CONTENTS
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CENTAUR OVERLAND TRAVEL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023
The directors present their strategic report accompanying the financial statements for the year ended 31 October 2023.
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.
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.
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.
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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.
The directors are responsible for preparing the Strategic report, the Directors' report and the 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 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 2006. They 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.
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.
The directors who served during the year were:
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CENTAUR OVERLAND TRAVEL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
There have been no significant events affecting the company since the year end.
The auditors, Barnes Roffe LLP, will 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.
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CENTAUR OVERLAND TRAVEL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CENTAUR OVERLAND TRAVEL LIMITED
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 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 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.
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.
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CENTAUR OVERLAND TRAVEL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CENTAUR OVERLAND TRAVEL LIMITED (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 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.
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.
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CENTAUR OVERLAND TRAVEL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CENTAUR OVERLAND TRAVEL LIMITED (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 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.
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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.
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 auditors
Charles Lake House
Claire Causeway
Crossways Business Park
Kent
DA2 6QA
Date:
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CENTAUR OVERLAND TRAVEL LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2023
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CENTAUR OVERLAND TRAVEL LIMITED
REGISTERED NUMBER: 01210180
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
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CENTAUR OVERLAND TRAVEL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2022
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CENTAUR OVERLAND TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
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
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:
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..
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CENTAUR OVERLAND TRAVEL LIMITED
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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CENTAUR OVERLAND TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
2.Accounting policies (continued)
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.
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CENTAUR OVERLAND TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
2.Accounting policies (continued)
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CENTAUR OVERLAND TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
2.Accounting policies (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:
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.
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CENTAUR OVERLAND TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
2.Accounting policies (continued)
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.
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.
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.
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CENTAUR OVERLAND TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
Analysis of turnover by country of destination:
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CENTAUR OVERLAND TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
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CENTAUR OVERLAND TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
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CENTAUR OVERLAND TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
10.Taxation (continued)
There are no factors that may affect future tax charges.
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CENTAUR OVERLAND TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
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CENTAUR OVERLAND TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
12.Tangible fixed assets (continued)
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CENTAUR OVERLAND TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
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CENTAUR OVERLAND TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
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.
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CENTAUR OVERLAND TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
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.
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