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Registered number: 03490816


TRIBES TRAVEL LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE PERIOD ENDED 31 OCTOBER 2023

 
TRIBES TRAVEL LIMITED
REGISTERED NUMBER: 03490816

STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2023

31 October
31 December
2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
13,562
22,789

Tangible assets
 5 
103
616

  
13,665
23,405

Non-Current Assets
  

Debtors More Than One Year
 6 
1,215,793
-

  
1,215,793
-

Current assets
  

Debtors: amounts falling due within one year
 6 
270,866
798,684

Cash at bank and in hand
 7 
347,810
1,260,940

  
618,676
2,059,624

Creditors: amounts falling due within one year
 8 
(1,233,364)
(1,502,403)

Net current (liabilities)/assets
  
 
 
(614,688)
 
 
557,221

Total assets less current liabilities
  
614,770
580,626

  

Net assets
  
614,770
580,626


Capital and reserves
  

Called up share capital 
  
30,000
30,000

Profit and loss account
  
584,770
550,626

  
614,770
580,626


Page 1

 
TRIBES TRAVEL LIMITED
REGISTERED NUMBER: 03490816
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 OCTOBER 2023

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 have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with 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 M Bartholomew
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
TRIBES TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023

1.


General information

Tribes Travel Limited is a private company limited by shares incorporated in England and Wales, United Kingdom. 
The address of the registered office is Haviland House 17 Cobham Road, Ferndown Industrial Estate, Wimborne, 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.

 
2.2

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.

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:
Revenue and expenses relating to tours are taken to the profit and loss account on date of departure.

Page 3

 
TRIBES TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.4

Interest income

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

 
2.5

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.

 
2.6

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.

 
2.7

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.

  
2.8

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.

Page 4

 
TRIBES TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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:

Website development
-
25%
Straight line from date of use

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.

 
2.10

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:

Long-term leasehold property
-
20%
Straight line from date of use
Fixtures and fittings
-
25%
Straight line from date of use
Computer equipment
-
25%
Straight line from date of use

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 5

 
TRIBES TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.11

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.

 
2.12

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.

 
2.13

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.

 
2.14

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 9 (2022 - 4)

Page 6

 
TRIBES TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023

4.


Intangible assets






Computer software

£



Cost


At 1 January 2023
44,288



At 31 October 2023

44,288



Amortisation


At 1 January 2023
21,499


Charge for the period on owned assets
9,227



At 31 October 2023

30,726



Net book value



At 31 October 2023
13,562



At 31 December 2022
22,789



Page 7

 
TRIBES TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023

5.


Tangible fixed assets







Long-term leasehold property
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
17,962
3,564
26,633
48,159



At 31 October 2023

17,962
3,564
26,633
48,159



Depreciation


At 1 January 2023
17,962
3,564
26,017
47,543


Charge for the period on owned assets
-
-
513
513



At 31 October 2023

17,962
3,564
26,530
48,056



Net book value



At 31 October 2023
-
-
103
103



At 31 December 2022
-
-
616
616

Page 8

 
TRIBES TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023

6.


Debtors

31 October
31 December
2023
2022
£
£

Due after more than one year

Amounts owed by group undertakings
1,215,793
-

1,215,793
-


31 October
31 December
2023
2022
£
£

Due within one year

Trade debtors
50
55

Other debtors
44,929
-

Prepayments and accrued income
225,887
798,629

270,866
798,684


Prepayments and accrued income include advance payments to suppliers for future travel amounting to £221,354 (2022: £798,629)


7.


Cash and cash equivalents

31 October
31 December
2023
2022
£
£

Cash at bank and in hand
347,810
1,260,940

347,810
1,260,940


Customer payments for trips are protected as all payments must allocate 20% to the Escrow account

Page 9

 
TRIBES TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023

8.


Creditors: Amounts falling due within one year

31 October
31 December
2023
2022
£
£

Trade creditors
4,170
19,772

Corporation tax
119,026
109,066

Other taxation and social security
30,982
2,249

Other creditors
840
-

Accruals and deferred income
1,078,346
1,371,316

1,233,364
1,502,403


Accruals and deferred income include advanced receipts from customers for future travel amounting to £950,123 (2022: £1,368,061)


9.


Contingent liabilities and regulatory requirements

The Company currently holds an Air Travel Organisers' License ('ATOL') issued by the Civil Aviation Authority ('CAA')
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. 


10.


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 £2,509 (2022: £1,629).
Contributions totalling £840 (2022: £200) were payable to the fund at the balance sheet date and are
included in creditors.


11.


Related party transactions

At the year end the company was owed £1,215,793 (2022: £nil) to Atkins Travel Limited.
The company has taken advantage of the exemption under FRS 102 section 33.1A not to disclosure transactions with companies that are wholly owned within the group.

Page 10

 
TRIBES TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023

12.


Controlling party

The Company is a wholly owned subsidiary of Atkins Travel Limited, a company registered in England and Wales. Atkins Travel Limited registered address is 11 Haviland House, 17 Cobham Road, Ferndown Industrial Estate, Wimborne, Dorset, England, BH21 7PE.
The Company's results are included in the consolidated financial statements of Embrace Travel Group Limited. Copies of the group financial statements for Embrace Travel Group Limited can be obtained at Companies House, Crown Way, Cardiff, CF14 3UZ. 
 The ultimate controlling party is Jason John Robert Hacker.


13.


Post balance sheet events

The directors confirm there have been no significant event affecting the Company since the year end.

14.


Auditors' information

The auditors' report on the financial statements for the period ended 31 October 2023 was unqualified.

The audit report was signed on 27 March 2024 by Karenjit Gill FCCA (Senior Statutory Auditor) on behalf of Xeinadin Audit Limited.

 
Page 11