Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-310trueJJ Bryan Enterprises Limitedtrue2023-01-01falseTour operator activities1110The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 02890545 2023-01-01 2023-12-31 02890545 2022-01-01 2022-12-31 02890545 2023-12-31 02890545 2022-12-31 02890545 2022-01-01 02890545 c:Director1 2023-01-01 2023-12-31 02890545 c:Director2 2023-01-01 2023-12-31 02890545 c:RegisteredOffice 2023-01-01 2023-12-31 02890545 d:Buildings d:ShortLeaseholdAssets 2023-01-01 2023-12-31 02890545 d:Buildings d:ShortLeaseholdAssets 2023-12-31 02890545 d:Buildings d:ShortLeaseholdAssets 2022-12-31 02890545 d:MotorVehicles 2023-01-01 2023-12-31 02890545 d:MotorVehicles 2023-12-31 02890545 d:MotorVehicles 2022-12-31 02890545 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02890545 d:FurnitureFittings 2023-01-01 2023-12-31 02890545 d:FurnitureFittings 2023-12-31 02890545 d:FurnitureFittings 2022-12-31 02890545 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02890545 d:OfficeEquipment 2023-01-01 2023-12-31 02890545 d:OfficeEquipment 2023-12-31 02890545 d:OfficeEquipment 2022-12-31 02890545 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02890545 d:ComputerEquipment 2023-01-01 2023-12-31 02890545 d:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 02890545 d:OtherPropertyPlantEquipment 2023-12-31 02890545 d:OtherPropertyPlantEquipment 2022-12-31 02890545 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02890545 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02890545 d:CurrentFinancialInstruments 2023-12-31 02890545 d:CurrentFinancialInstruments 2022-12-31 02890545 d:Non-currentFinancialInstruments 2023-12-31 02890545 d:Non-currentFinancialInstruments 2022-12-31 02890545 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 02890545 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 02890545 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 02890545 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 02890545 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-12-31 02890545 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-12-31 02890545 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-12-31 02890545 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-12-31 02890545 d:ShareCapital 2023-12-31 02890545 d:ShareCapital 2022-12-31 02890545 d:OtherMiscellaneousReserve 2023-01-01 2023-12-31 02890545 d:OtherMiscellaneousReserve 2023-12-31 02890545 d:OtherMiscellaneousReserve 2022-12-31 02890545 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 02890545 d:RetainedEarningsAccumulatedLosses 2023-12-31 02890545 d:RetainedEarningsAccumulatedLosses 2022-12-31 02890545 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 02890545 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 02890545 c:OrdinaryShareClass1 2023-01-01 2023-12-31 02890545 c:OrdinaryShareClass1 2023-12-31 02890545 c:OrdinaryShareClass1 2022-12-31 02890545 c:FRS102 2023-01-01 2023-12-31 02890545 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 02890545 c:FullAccounts 2023-01-01 2023-12-31 02890545 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 02890545 d:Associate1 2023-01-01 2023-12-31 02890545 d:Associate1 2023-12-31 02890545 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-01-01 2023-12-31 02890545 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-12-31 02890545 2 2023-01-01 2023-12-31 02890545 4 2023-01-01 2023-12-31 02890545 d:Associate1 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 02890545










DISCOVER ADVENTURE LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
DISCOVER ADVENTURE LIMITED
 
 
COMPANY INFORMATION


Directors
J E Bryan 
J G Bryan 




Registered number
02890545



Registered office
Throope Down Office
Blandford Road

Salisbury

SP5 4LN




Accountants
Xeinadin London Limited

8th Floor

Becket House

36 Old Jewry

London

EC2R 8DD





 
DISCOVER ADVENTURE LIMITED
 

CONTENTS



Page
Statement of Financial Position
1 - 2
Notes to the Financial Statements
3 - 14


 
DISCOVER ADVENTURE LIMITED
REGISTERED NUMBER: 02890545

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
61,328
74,330

  
61,328
74,330

Current assets
  

Stocks
 5 
19,069
18,437

Debtors
 6 
137,520
176,639

Cash at bank and in hand
 7 
688,313
769,723

  
844,902
964,799

Creditors: amounts falling due within one year
 8 
(511,398)
(583,319)

Net current assets
  
 
 
333,504
 
 
381,480

Total assets less current liabilities
  
394,832
455,810

Creditors: amounts falling due after more than one year
 9 
(130,216)
(271,373)

Provisions for liabilities
  

Deferred tax
 11 
(8,510)
(11,634)

  
 
 
(8,510)
 
 
(11,634)

Net assets
  
256,106
172,803


Capital and reserves
  

Called up share capital 
 12 
30,000
30,000

Other reserves
 13 
8,638
8,638

Profit and loss account
 13 
217,468
134,165

  
256,106
172,803


Page 1

 
DISCOVER ADVENTURE LIMITED
REGISTERED NUMBER: 02890545
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 by: 




J G Bryan
Director

Date: 21 June 2024

The notes on pages 3 to 14 form part of these financial statements.

Page 2

 
DISCOVER ADVENTURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Discover Adventure Limited is a private company limited by shares incorporated in England and Wales, United Kingdom.
The address of the registered office is given in the company information of these financial statements.

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 following principal accounting policies have been applied:

 
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.

 
2.3

Revenue

Turnover represents amounts receivable from the sales of tours and other services supplied to customers net of VAT. Revenues and expenses relating to tours taken to the profit and loss account on the date of departure.

  
2.4

Advance receipts and payments

All revenue relating to tours with departure dates after the year end is treated as advance receipts at the Balance Sheet date and is included within the deferred income balance in the accounts. Payments made to suppliers in respect of these tours are included within the prepayments balance in the accounts.

 
2.5

Operating leases: the Company as lessee

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

 
2.6

Interest income

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

Page 3

 
DISCOVER ADVENTURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
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

Borrowing costs

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

 
2.9

Pensions

Defined contribution pension plan

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

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

 
2.10

Current and deferred taxation

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the 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.

 
2.11

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 4

 
DISCOVER ADVENTURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Short-term leasehold property
-
10%
Reducing Balance
Motor vehicles
-
25%
Reducing Balance
Fixtures and fittings
-
20%
Reducing Balance
Office equipment
-
15%
- 25% Reducing Balance
Computer equipment
-
33%
Reducing Balance
Other fixed assets
-
10%
Reducing Balance

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

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

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

 
2.14

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.

 
2.15

Cash and cash equivalents

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

Page 5

 
DISCOVER ADVENTURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.16

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.

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
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.
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.
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.

 
2.19

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.


Employees

The average monthly number of employees, including directors, during the year was 11 (2022 - 10).

Page 6

 
DISCOVER ADVENTURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Short-term leasehold property
Motor vehicles
Fixtures and fittings
Office and computer equipment
Other fixed assets

£
£
£
£
£



Cost or valuation


At 1 January 2023
27,718
72,772
149,895
162,625
45,223


Additions
-
-
-
3,273
-



At 31 December 2023

27,718
72,772
149,895
165,898
45,223



Depreciation


At 1 January 2023
9,624
66,754
132,157
133,854
41,514


Charge for the year on owned assets
1,810
1,505
4,435
7,894
631



At 31 December 2023

11,434
68,259
136,592
141,748
42,145



Net book value



At 31 December 2023
16,284
4,513
13,303
24,150
3,078



At 31 December 2022
18,094
6,018
17,738
28,771
3,709
Page 7

 
DISCOVER ADVENTURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           4.Tangible fixed assets (continued)


Total

£



Cost or valuation


At 1 January 2023
458,233


Additions
3,273



At 31 December 2023

461,506



Depreciation


At 1 January 2023
383,903


Charge for the year on owned assets
16,275



At 31 December 2023

400,178



Net book value



At 31 December 2023
61,328



At 31 December 2022
74,330


5.


Stocks

2023
2022
£
£

Stock- Goods for resale
19,069
18,437

19,069
18,437


Page 8

 
DISCOVER ADVENTURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors


2023
2022
£
£



Trade debtors
3,425
17,288

Other debtors
41,994
59,104

Prepayments and accrued income
92,101
100,247

137,520
176,639


Included within "prepayments and accrued income" are amounts relating to payments in advance to suppliers for holidays departing after the year end, the total of which amounts to £69,687 (2022: £80,628).


7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
688,313
769,723

688,313
769,723


Page 9

 
DISCOVER ADVENTURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
60,000
60,000

Trade creditors
8,249
29,479

Amounts owed to group undertakings
1,911
-

Corporation tax
30,313
63,345

Other taxation and social security
8,880
39,768

Other creditors
96,679
68,962

Accruals and deferred income
305,366
321,765

511,398
583,319


Included within "Accruals and deferred income" above are amounts relating to customer monies held on account for holidays departing after the year end, the total of which amount to £294,965 (2022: £306,782).
Other creditors includes £70,000 that has been subordinated in accordance with the terms set out by the
Civil Aviation Authority (CAA). This means the £70,000 cannot be repaid whilst the company holds an
Air Travel Organisers license unless written consent has been received by the CAA.
The subordinated loan is released post year end on 23rd February 2024. 


9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
125,000
185,000

Other creditors
-
70,000

Accruals and deferred income
5,216
16,373

130,216
271,373


Included within "Accruals and deferred income" above are amounts relating to customer monies held on account for holidays departing more than one year after the year end, the total of which amount to £5,216 (2022: £16,373).

Page 10

 
DISCOVER ADVENTURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Loans

In 2021, a Coronavirus Business Interruption Loan (CBIL) was taken by the Company amounting to £300,000, replacing the previous loan of £250,000.



Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
60,000
60,000


60,000
60,000

Amounts falling due 1-2 years

Bank loans
65,000
60,000


65,000
60,000

Amounts falling due 2-5 years

Bank loans
60,000
125,000


60,000
125,000


185,000
245,000


Page 11

 
DISCOVER ADVENTURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Deferred taxation




2023


£






At beginning of year
(11,634)


Charged to profit or loss
3,124



At end of year
(8,510)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(8,510)
(11,634)

(8,510)
(11,634)


12.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



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



13.


Reserves

Other reserves

This represents a share based payment reserve. Includes the fair value of share options expected to vest less the fair value of exercised share options.

Profit and loss account

Includes all current and prior period retained profits and losses.

Page 12

 
DISCOVER ADVENTURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Share-based payments

Key employees participate in the Enterprise Management Incentive employee share option scheme which
provides certain employees with the right to purchase shares in the event of a share sale, or an asset
sale or a listing.
The options which are granted with an exercise price equal to the nominal value of the shares, are
exercisable on the date that an exit occurs and expire ten years after the date of the grant. Vesting of the
options is subject to the employee continuing to work for the company for at least twenty five hours a
week or 75% of their working time.
The company is unable to directly measure the fair value of employee services rendered. Instead the fair
value of the share options granted is determined using the market value of shares calculated using the
earnings per share as this is a well recognised model for valuing unquoted businesses.

Weighted average exercise price (pence)
2023
Number
2023
Weighted average exercise price
(pence)
2022
Number
2022

Outstanding at the beginning of the year

100

1,580

100
 
618
 
Outstanding at the end of the year
100

1,580

100
 
618
 





15.


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 £40,973 (2022: £7,056). Contributions totalling £Nil (2022: £703) were payable to the fund at the reporting date and are included in creditors.


16.


Related party transactions

At the balance sheet date the company owes £1,911 (2022: £-) to JJ Bryan Enterprises Limited, a company under common control.
At the balance sheet date the company was owed £69 (2022: £131 owed to Mr J G Bryan) from Mr J G Bryan, a director in the company.
At the balance sheet date the company owes £2,533 (2022: £-) to Mrs J E Bryan, a director in the company.

Page 13

 
DISCOVER ADVENTURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.


Controlling party

The controlling party is Mr J G Bryan by virtue of his majority shareholding in the company.

 
Page 14