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Registered number: 07691077


ACORN TRAVEL GROUP LIMITED(FORMERLY THE SCHOOL TRAVEL COMPANY LIMITED)
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 SEPTEMBER 2023

 
ACORN TRAVEL GROUP LIMITED (FORMERLY THE SCHOOL TRAVEL COMPANY LIMITED)
 

CONTENTS



Page
Strategic report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 16


 
ACORN TRAVEL GROUP LIMITED (FORMERLY THE SCHOOL TRAVEL COMPANY LIMITED)
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023

Introduction
 
The directors present their strategic report for the year ended 30 September 2023
 

Business review
 
The directors are pleased to report strong demand post Covid and a significant increase in turnover across the business in 2023. This trend has continued into 2024.
 
Acorn Travel Group has successfully integrated the separate businesses of Acorn Adventure, Acorn Family Holidays and The School Travel Company in line with our strategy to build a one stop shop for schools, and to provide a route to sales for adventure centres and education suppliers.
 
ATG has acquired La Savane SAS, a French company and owner of a prime Ardeche campsite property specialising in adventure holidays in France. This will strengthen our position as a leading provider of overseas adventure holidays to UK schools. 
 
To support our transition to being a tour operator working primarily in the school tours and adventure sectors the company has now ceased direct operations to concentrate on providing a route to market for independent adventure centres, in the UK and abroad. Investment in the future of an online portal has depressed margins in the short term but has allowed for the development of this technology as well as allowing the company to strengthen the management and staff team across the business.


This report was approved by the board on 22 March 2024 and signed on its behalf.



J C Gardiner
Director

Page 1

 
ACORN TRAVEL GROUP LIMITED (FORMERLY THE SCHOOL TRAVEL COMPANY LIMITED)
REGISTERED NUMBER:07691077

BALANCE SHEET
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 5 
-
1,600

Tangible assets
 6 
20,998
79,865

Investments
  
710,014
100

  
731,012
81,565

Current assets
  

Stocks
  
7,383
32,988

Debtors: amounts falling due within one year
 8 
627,885
905,342

Cash at bank and in hand
  
892,069
621,861

  
1,527,337
1,560,191

Creditors: amounts falling due within one year
 9 
(1,495,514)
(978,040)

Net current assets
  
 
 
31,823
 
 
582,151

Total assets less current liabilities
  
762,835
663,716

Creditors: amounts falling due after more than one year
 10 
(329,495)
(179,167)

  

Net assets
  
433,340
484,549


Capital and reserves
  

Called up share capital 
  
30,000
30,000

Merger reserve
  
72,930
72,930

Profit and loss account
  
330,410
381,619

  
433,340
484,549


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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 22 March 2024.



Page 2

 
ACORN TRAVEL GROUP LIMITED (FORMERLY THE SCHOOL TRAVEL COMPANY LIMITED)
REGISTERED NUMBER:07691077
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2023


J C Gardiner
Director

The notes on pages 4 to 16 form part of these financial statements.

Page 3

 
ACORN TRAVEL GROUP LIMITED (FORMERLY THE SCHOOL TRAVEL COMPANY LIMITED)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.


General information

Acorn Travel Group Ltd is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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 Section 1A of 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

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
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 rate 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 is 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'.

Page 4

 
ACORN TRAVEL GROUP LIMITED (FORMERLY THE SCHOOL TRAVEL COMPANY LIMITED)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.4

Turnover

Turnover represents amounts receivable for sales of travel and related services net of VAT and trade
discounts. Income and related costs are recognised on a departure date basis.





 
2.5

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the period of the lease term.

 
2.6

Interest income

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

 
2.7

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.

 
2.8

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 5

 
ACORN TRAVEL GROUP LIMITED (FORMERLY THE SCHOOL TRAVEL COMPANY LIMITED)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.9

Taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the 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 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.

 
2.10

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.

 
2.11

Intangible assets

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortisaed evenly over its estimated useful life of five years.

Other intangible assets

Intangible assets are initially measured at cost. After initial recognition, 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.

 
2.12

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 6

 
ACORN TRAVEL GROUP LIMITED (FORMERLY THE SCHOOL TRAVEL COMPANY LIMITED)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)


2.12
Tangible fixed assets (continued)

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:

Plant and machinery etc.
-
33% on cost, 25% on cost and 20% on cost

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.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.14

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


 
2.15

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.

 
2.16

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.

 
2.17

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.

 
2.18

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.

Page 7

 
ACORN TRAVEL GROUP LIMITED (FORMERLY THE SCHOOL TRAVEL COMPANY LIMITED)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

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.
The following are the critical judgments:
(i) Tangible assets
The annual depreciation charge for tangible assets is sensitive due to 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) Intangible assets
The annual amortisation charge for intangible assets is sensitive due to the material nature of the value of fixed assets. The amortisation rates are reviewed annually to ensure they are appropriate for the type of asset. Assets are reviewed for impairment on an annual basis.


4.


Employees

The average monthly number of employees, including directors, during the year was 22 (2022 - 24).

Page 8

 
ACORN TRAVEL GROUP LIMITED (FORMERLY THE SCHOOL TRAVEL COMPANY LIMITED)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

5.


Intangible assets




Goodwill

£



Cost


At 1 October 2022
121,000



At 30 September 2023

121,000



Amortisation


At 1 October 2022
119,400


Charge for the year on owned assets
1,600



At 30 September 2023

121,000



Net book value



At 30 September 2023
-



At 30 September 2022
1,600



Page 9

 
ACORN TRAVEL GROUP LIMITED (FORMERLY THE SCHOOL TRAVEL COMPANY LIMITED)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

6.


Tangible fixed assets





Motor vehicles
Office equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 October 2022
5,680
69,888
34,833
110,401


Additions
-
2,358
18,917
21,275


Disposals
(2,548)
(67,000)
-
(69,548)



At 30 September 2023

3,132
5,246
53,750
62,128



Depreciation


At 1 October 2022
-
2,450
28,086
30,536


Charge for the year on owned assets
626
7,048
8,940
16,614


Disposals
-
(6,020)
-
(6,020)



At 30 September 2023

626
3,478
37,026
41,130



Net book value



At 30 September 2023
2,506
1,768
16,724
20,998



At 30 September 2022
5,680
67,438
6,747
79,865

Page 10

 
ACORN TRAVEL GROUP LIMITED (FORMERLY THE SCHOOL TRAVEL COMPANY LIMITED)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

7.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 October 2022
100


Additions
709,914



At 30 September 2023
710,014




On 25 September 2023, the company acquired 100% of the share capital of La Savane SAS.

Page 11

 
ACORN TRAVEL GROUP LIMITED (FORMERLY THE SCHOOL TRAVEL COMPANY LIMITED)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

8.


Debtors

2023
2022
£
£


Trade debtors
274
4,062

Amounts owed by group undertakings
62,653
-

Amounts owed by joint ventures and associated undertakings
-
540,390

Other debtors
198,062
160,274

Prepayments and accrued income
366,896
200,616

627,885
905,342



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
179,167
50,000

Trade creditors
22,617
22,701

Amounts owed to group undertakings
11,670
25,975

Taxation and social security
32,753
32,777

Other creditors
85,805
80,908

Payments on account
1,163,502
765,679

1,495,514
978,040


Page 12

 
ACORN TRAVEL GROUP LIMITED (FORMERLY THE SCHOOL TRAVEL COMPANY LIMITED)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
-
179,167

Amounts owed to connected companies
300,000
-

Payments on account
29,495
-

329,495
179,167


The Company bank loans are secured via a fixed and floating charge on the business assets of the comapny. A CBILS loan was held at year end with interest of 3.99% and repayment starting in April 2022. This was repaid in full in October 2023.
There is not agreed repayment date for the directors loans.
Dated 11 November 2023, HSBC Bank plc holds a fixed and floating charge over all assets of the company.

Page 13

 
ACORN TRAVEL GROUP LIMITED (FORMERLY THE SCHOOL TRAVEL COMPANY LIMITED)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

11.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
179,167
50,000


179,167
50,000

Amounts falling due 1-2 years

Bank loans
-
179,167


-
179,167



179,167
229,167


Page 14

 
ACORN TRAVEL GROUP LIMITED (FORMERLY THE SCHOOL TRAVEL COMPANY LIMITED)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

12.


Share capital

2023
2022
£
£
Allotted, called up and partly paid



30,000 (2022 - 30,000) 'A' Ordinary shares of £1.00 each
30,000
30,000



13.


Reserves

Capital redemption reserve

Capital redemption reserve records the nominal value of shares repurchased by the Company.

Profit and loss account

Includes all current and prior period retained profit and losses.


14.


Contingent liabilities

The company provided a cash bond to the Association of British Travel Agents, to the sum of £nil (2022: £160,000). The company further provided a bond of £nil (2022: £500,000) which was issued by HSBC Bank plc.
The company has an unlimited cross guarantee in respect of the group bank position, security has been given by way of a debenture.
The company had total guaranteed and contingencies at the balance sheet date of £179,167 (2022: £50,000).


15.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held seperately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund during the year amounted to £61,106 (2022: £15,200). Contributions totalling £nil (2022: £nil) were payable to the fund at the balance sheet date and are included in creditors.

Page 15

 
ACORN TRAVEL GROUP LIMITED (FORMERLY THE SCHOOL TRAVEL COMPANY LIMITED)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

16.


Related party transactions

During the year, expenses were recharged to the company for shared overheads from Acorn Venture Limited, a company under common control, to the value of £940,390 (2022: £nil) and recharged expenses to Acorn Venture Limite of £100,000 (2022: £nil). The amount owed to this company at the balance sheet date was £300,000 (2022: £540,390 owed from).
Also included in deposits paid to suppliers is a balance due to Acorn Travel Group Limited from Acorn Venture Limited totalling £nil (2022: £2,345)
During the year the company purchased transport services from its subsidiary company, School Trips Limited, to the value of £1,684,248 (2022: £490,271) and charged management fees of £203,581(2022: £235,000). The amount owed to School Trips Limited at the balance sheet date was £11,670 (2022: £25,975).
During the year, the company made an advance payment of £62,653 (2022: £nil) to its subsidiary company, La Savane SAS, in respect of services to be provided. At the balance sheet date, the company was owed £62,253 (2022: £nil).
During the year, the company made advance payments totalling £184,500 (2022:nil) to a director of the company. Interest of £1,845 (2022: £nil) was charged on the loan. At the balance sheet date, the company was owed £185,345 (2022: £nil)


17.


Post balance sheet events

Subsequent to the year end, Nick Dunnett, a director of the company, purchased 7,500 Ordinary share of
£1 each.
The directors have concluded that no further material events have occurred since the date of approval of these financial statements that would affect the financial statements of the company.


18.


Controlling party

The directors consider there to be no ultimate controlling party.


19.


Auditors' information

The auditors' report on the financial statements for the year ended 30 September 2023 was unqualified.

The audit report was signed on 22 March 2024 by Karanjit Gill FCCA (Senior statutory auditor) on behalf of Xeinadin Audit Limited.

 
Page 16