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Registered number: 02314542










ATKINS TRAVEL LIMITED










DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

 
ATKINS TRAVEL LIMITED
 
 
COMPANY INFORMATION


Directors
C Bartholomew 
L Hamilton 
J Sapak 
D Curnock 




Registered number
02314542



Registered office
11 Haviland House
17 Cobham Road

Ferndown Industrial Estate

Wimborne

Dorset

BH21 7PE




Independent auditors
Xeinadin Audit Limited
Chartered Accountants & Statutory Auditor

8th Floor

Becket House

36 Old Jewry

London

EC2R 8DD




Accountants
Elman Wall Limited
8th Floor

Becket House

36 Old Jewry

London

EC2R 8DD





 
ATKINS TRAVEL LIMITED
 

CONTENTS



Page
Directors' report
1 - 3
Independent auditors' report
4 - 8
Statement of comprehensive income
9
Statement of financial position
10
Company statement of financial position
Statement of changes in equity
11 - 12
Notes to the financial statements
13 - 26


 
ATKINS 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 Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.



Page 1

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

Business review

In the past fiscal year, Atkins Travel Ltd 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 Atkins Travel Ltd 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.

Results and dividends

The loss for the year, after taxation, amounted to £338,700 (2022 - profit £319,404).

As at the period ended 31 October 2023, the directors do not recommend payments of a final dividend.

Directors

The directors who served during the year were:

C Bartholomew 
L Hamilton 
J Sapak 
D Curnock 

Page 2

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

Disclosure of information to auditors

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

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

Auditors

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

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

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





C Bartholomew
Director

Date: 27 March 2024

Page 3

 
ATKINS TRAVEL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ATKINS TRAVEL LIMITED
 

Opinion


We have audited the financial statements of Atkins Travel Limited (the 'Company') for the year ended 31 October 2023, which comprise the Statement of comprehensive income, the Statement of financial position, 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 loss 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

 
ATKINS TRAVEL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ATKINS 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 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.


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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' report has 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 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; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' report and from the requirement to prepare a Strategic report.


Page 5

 
ATKINS TRAVEL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ATKINS TRAVEL LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 1, 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 6

 
ATKINS TRAVEL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ATKINS 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:

•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 Company is subject to laws and regulations that directly affect the financial statements including
financial reprting 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 Company is subject to many other laws and regulations where the consequence of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance the
imposition of fines or litigation or the loss of the Company’s license to operate. We identified the following areas
as those most likely to have such an effect: health and safety including data protection laws, anti-bribery, money
laundering, employment law, ABTA and ATOL compliance recognising the nature of the Company’s activities.
Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations
to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any.
Therefore, if a breach of operational regulations is not disclosed to us or evident from 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.


Page 7

 
ATKINS TRAVEL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ATKINS TRAVEL LIMITED (CONTINUED)


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.





Karanjit Gill (Senior statutory auditor)
  
for and on behalf of
Xeinadin Audit Limited
 
Chartered Accountants
Statutory Auditor
  
8th Floor
Becket House
36 Old Jewry
London
EC2R 8DD

27 March 2024
Page 8

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

2023
2022
Note
£
£

  

Turnover
  
10,928,306
13,591,355

Cost of sales
  
(8,999,317)
(11,265,334)

Gross profit
  
1,928,989
2,326,021

Administrative expenses
  
(2,204,732)
(2,404,445)

Exceptional administrative expenses
 9 
(269,800)
-

Other operating income
 4 
239,756
524,899

Operating (loss)/profit
  
(305,787)
446,475

Interest receivable and similar income
  
8,495
8,484

Interest payable and similar expenses
  
(41,408)
(26,070)

(Loss)/profit before taxation
  
(338,700)
428,889

Tax on (loss)/profit
  
-
(109,485)

(Loss)/profit for the financial year
  
(338,700)
319,404

  

Total comprehensive income for the year
  
(338,700)
319,404

The notes on pages 13 to 26 form part of these financial statements.

Page 9

 
ATKINS TRAVEL LIMITED
REGISTERED NUMBER: 02314542

STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 10 
106,781
74,184

Tangible assets
 11 
38,414
70,924

Investments
 12 
1,310,010
102

  
1,455,205
145,210

Current assets
  

Debtors: amounts falling due within one year
 13 
2,811,743
1,959,953

Cash at bank and in hand
 14 
1,260,513
1,622,650

  
4,072,256
3,582,603

Creditors: amounts falling due within one year
 15 
(3,896,874)
(3,309,299)

Net current assets
  
 
 
175,382
 
 
273,304

Total assets less current liabilities
  
1,630,587
418,514

Creditors: amounts falling due after more than one year
 16 
(1,829,106)
(278,333)

  

Net (liabilities)/assets
  
(198,519)
140,181


Capital and reserves
  

Called up share capital 
  
467,300
467,300

Profit and loss account
  
(665,819)
(327,119)

  
(198,519)
140,181


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

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 March 2024.




C Bartholomew
Director

The notes on pages 13 to 26 form part of these financial statements.

Page 10

 
ATKINS 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
467,300
(327,119)
140,181


Comprehensive income for the year

Loss for the year

-
(338,700)
(338,700)


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
(338,700)
(338,700)


Total transactions with owners
-
-
-


At 31 October 2023
467,300
(665,819)
(198,519)


The notes on pages 13 to 26 form part of these financial statements.

Page 11

 
ATKINS TRAVEL LIMITED
 

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
467,300
(646,523)
(179,223)


Comprehensive income for the year

Profit for the year

-
319,404
319,404


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
319,404
319,404


Total transactions with owners
-
-
-


At 31 October 2022
467,300
(327,119)
140,181


The notes on pages 13 to 26 form part of these financial statements.

Page 12

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

1.


General information

Atkins Travel Limited is a private company limited by shares incorporated in England and Wales,
United Kingdom. The address of the registered office is: 11 Haviland House 17 Cobham Road, Ferndown Industrial Estate, Wimborne, Dorset, England, BH21 7PE.
The principal activity of the company continued to be that of a tour operator.

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).

  
2.2

Exemptions for qualifying entities under FRS 102

The Company has taken advantage of the following exemptions on the basis that the equivalent
disclosures are included in the consolidated financial statements of the group in which the Company
is consolidated:
Cash flow statement:
Under FRS 102 paragraph 1.12(b), from preparing a Statement of Cash Flows, on the basis that it is
a qualifying entity and its parent company, Embrace Travel Group Limited, includes the Company’s
cash flows in its own consolidated financial statements.
Key management personnel:
Under FRS 102 paragraph 1.12(e) from disclosing the key management personnel in the Company
on the basis that it is a qualifying entity and its parent company includes this disclosure.

  
2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial
statements of a larger group by a parent undertaking established under the law of any part of the
United Kingdom and is therefore exempt from the requirement to prepare consolidated financial
statements under section 400 of the Companies Act 2006.

Page 13

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

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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

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

 
2.5

Turnover

Turnover is recognised at the fair value of the consdieration received or receivable for services provided in the normal course of business, and is shown net of VAT and commissions. Revenue is recognised on the departure date. 

 
2.6

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.

 
2.7

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

Borrowing costs

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

Page 14

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

2.Accounting policies (continued)

 
2.10

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

  
2.12

 Advanced receipts and payments

All revenue relating to tours with departure dates after the year end are treated as advance receipts
at the balance sheet date and are separately disclosed under accruals and deferred income.
Payments made to suppliers in respect of these trips are included in prepayments.

 
2.13

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

Page 15

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

2.Accounting policies (continued)

 
2.14

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the revaluation model, intangible assets shall be carried at a revalued amount, being its fair value at the date of revaluation less any subsequent accumulated amortisation and subsequent impairment losses - provided that the fair value can be determined by reference to an active market.
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 reporting 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.

 Amortisation is provided on the following bases:

Intellectual Property
-
%
33.33% straight line

The assets' residual values, useful lives and amortisation methods are reviewed, and adjusted
prospectively if appropriate, or if there is an indication of a significant change since the last reporting
date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount
and are recognised in profit or loss

 
2.15

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
10%
straight line
Computer equipment
-
20%
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.

Page 16

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

2.Accounting policies (continued)

 
2.16

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.17

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.18

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.19

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.20

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.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

 
2.21

Hedge accounting

The Company uses foreign currency forward contracts to manage its exposure to fair value risk on its foreign currency balances. These derivatives are measured at fair value at each reporting date.

To the extent the cash flow hedge is effective, movements in fair value are recognised in other comprehensive income and presented in a separate cash flow hedge reserve. Any ineffective portions of those movements are recognised in profit or loss for the year.

Gains and losses on the hedging instruments and the hedged items are recognised in profit or loss for the year. When a hedged item is an unrecognised firm commitment, the cumulative hedging gain or loss on the hedged item is recognised as an asset or liability with a corresponding gain or loss recognised in profit or loss.

Page 17

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

2.Accounting policies (continued)

 
2.22

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

In the application of the company's accounting policies, the directors are required to make judgements,
estimates and assumptions about the carrying amount of assets and liabilities that are not readily
apparent from other sources. The estimates and associated assumptions are based historical experience
and other factors that are recognised to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised where the revision affects only that
period, or in the period of revision and future periods where the revision affects both current and future
periods.
Critical judgements
(i) Tangible Assets
The annual depreciation charge for tangible assets is sensitive to due the material nature of the value of
fixed assets. The depreciation rates are reviewed annually to ensure they are appropriate for the type of
asset. Assets are reviewed for impairment on an annual basis.
(ii) Revenue recoginition
In relation to the tour operating side of the business, the company recognises revenue on the date of
departure of the booking which, in the directors' judgement, is the most appropriate revenue base as this
matches the point at which service is performed. The directors use their judgement to determine a fair
direct cost associated top the revenue recognised.


4.


Other operating income

2023
2022
£
£

Other operating income
239,756
524,899

239,756
524,899


Page 18

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

5.


Auditors' remuneration

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


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
14,000
9,800

Fees payable for non-audit services
6,000
4,200


6.


Employees

The average monthly number of employees, including directors, during the year was 14 (2022 - 18).


2023
2022
£
£

Wages and salaries
418,803
450,873

Social security costs
24,616
29,123

Cost of defined contribution scheme
20,032
9,514

463,451
489,510



7.


Interest receivable

2023
2022
£
£


Other interest receivable
8,495
8,484

8,495
8,484


8.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
823
1,072

Loans from group undertakings
40,585
24,998

41,408
26,070

Page 19

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

9.


Exceptional items

2023
2022
£
£


Consultancy
73,500
-

Accountancy fees
110,675
-

Legal and professional fees
80,000
-

Recruitment fees
5,625
-

269,800
-

Exceptional items above have been stated separately which have an effect on profit or loss


10.


Intangible assets




Intellectual Property
Goodwill
Total

£
£
£



Cost


At 1 November 2022
99,961
7,500
107,461


Additions
85,534
-
85,534



At 31 October 2023

185,495
7,500
192,995



Amortisation


At 1 November 2022
25,777
7,500
33,277


Charge for the year on owned assets
52,937
-
52,937



At 31 October 2023

78,714
7,500
86,214



Net book value



At 31 October 2023
106,781
-
106,781



At 31 October 2022
74,184
-
74,184



Page 20

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

11.


Tangible fixed assets





Office equipment
Computer equipment
Total

£
£
£



Cost or valuation


At 1 November 2022
135,801
570,442
706,243


Additions
236
-
236



At 31 October 2023

136,037
570,442
706,479



Depreciation


At 1 November 2022
108,348
526,971
635,319


Charge for the year on owned assets
6,275
26,471
32,746



At 31 October 2023

114,623
553,442
668,065



Net book value



At 31 October 2023
21,414
17,000
38,414



At 31 October 2022
27,453
43,471
70,924

Page 21

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

12.


Fixed asset investments


Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Prestige Flights Limited
11 Haviland House 17 Cobham Road, Ferndown Industrial Estate, Wimborne, Dorset, England, BH21 7PE
Dormant
Ordinary
100%
Prestige Holidays Limited
11 Haviland House 17 Cobham Road, Ferndown Industrial Estate, Wimborne, Dorset, England, BH21 7PE
Dormant
Ordinary
100%
Tribes Travel Limited
11 Haviland House 17 Cobham Road, Ferndown Industrial Estate, Wimborne, Dorset, England, BH21 7PE
Tour operator activities
Ordinary
100%

Tribes Travel Limited was acquired on the 14 February 2023. Atkins Travel Limited owns 100% of Tribes Travel Limited.


13.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
25,000
25,000

Other debtors
579,129
936,094

Prepayments and accrued income
1,842,356
633,601

Deferred taxation
365,258
365,258

2,811,743
1,959,953


Prepayments and accrued income include advance payments to suppliers for future travel amounting to
£1,470,983 (2022: £418,184)

Page 22

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

14.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,260,513
1,622,650

1,260,513
1,622,650


Cash and cash equivalents comprise amount held in Escrow totalling £1,031,439 (2022: £1,244,941). Amounts held in Escrow are segregated monies received and held in a seperate Escorw accounts. These amounts are held as a financial guarantee for the company's travel licenses and for the protection of monies collected from passengers.


15.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
10,000
10,000

Trade creditors
1,562,657
1,551,796

Amounts owed to group undertakings
25,000
25,000

Other taxation and social security
51,022
12,962

Other creditors
450,005
47,841

Accruals and deferred income
1,798,190
1,661,700

3,896,874
3,309,299


Included within accruals and deferred income is £1,685,200 (2022: £1,647,173) of advance receipts from customers in relation to bookings departing after the balance sheet date.


16.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
18,313
28,333

Amounts owed to group undertakings
1,810,793
250,000

1,829,106
278,333


Amounts owed to group represents £250,000 that has subordinated in accordance with the terms set out by the Civil Aviation Authority (CAA). 

Page 23

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

17.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
10,000
10,000


10,000
10,000

Amounts falling due 1-2 years

Bank loans
10,000
10,000

Amounts falling due 2-5 years

Bank loans
8,313
18,333


8,313
18,333


28,313
38,333



18.


Deferred taxation




2023
2022


£

£






At beginning of year
365,258
474,743


unutilised losses
-
(109,485)



At end of year
365,258
365,258

The deferred tax asset is made up as follows:

2023
2022
£
£


Accelerated capital allowances
365,258
365,258

365,258
365,258

Page 24

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

19.


Contingent liabilities and regulatory requirements

The Company currently holds an Air Travel Organisers' License ('ATOL') issued by the Civil Aviation
Authority ('CAA') and is currently a member of the Association of British Travel Agents Limited ('ABTA').
In order to offer air inclusive package holidays, the company 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 company 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.


20.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £20,032 (2022: £9,514). Contributions totalling £Nil (2022: £4,612) were payable to the fund at the reporting date and are included in creditors.


21.


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
33,966
39,830

Later than 1 year and not later than 5 years
130,000
140,262

Later than 5 years
121,875
138,125

285,841
318,217


22.


Related party transactions

During the year the Company entered into the following transactions with related parties:
A loan of £250,000 was received from the parent ETG Bidco1 Ltd to provide for necessary working capital as required by the Civil Aviation Authority (CAA). This loan has been sub-ordinated with CAA. At the end of the financial year, loan balance of £250,000 is payable.
Atkins Travel Limited had an intercompany loan account with Tribes Travel Limited during the year. The balance owing to them at 31 October 2023 was £1,215,793 (2022: £Nil)

Page 25

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

23.


Controlling party

The immediate parent company is ETG BidCo1 Limited, a company incorporated in England and Wales. The directors consider the ultimate parent undertaking of this company to be Embrace Travel Group Limited, a company incorporated in England and Wales. The registered address of Embrace Travel Group Limited is 71-75 Shelton Street, London, United Kingdom, WC2H 9JQ.

 
Page 26