Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-318truetruetrue2023-01-01false10falsetrue SC178479 2023-01-01 2023-12-31 SC178479 2022-01-01 2022-12-31 SC178479 2023-12-31 SC178479 2022-12-31 SC178479 2022-01-01 SC178479 1 2023-01-01 2023-12-31 SC178479 d:Director3 2023-01-01 2023-12-31 SC178479 c:ComputerEquipment 2023-01-01 2023-12-31 SC178479 c:ComputerEquipment 2023-12-31 SC178479 c:ComputerEquipment 2022-12-31 SC178479 c:ComputerEquipment c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 SC178479 c:CurrentFinancialInstruments 2023-12-31 SC178479 c:CurrentFinancialInstruments 2022-12-31 SC178479 c:Non-currentFinancialInstruments 2023-12-31 SC178479 c:Non-currentFinancialInstruments 2022-12-31 SC178479 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 SC178479 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 SC178479 c:Non-currentFinancialInstruments c:AfterOneYear 2023-12-31 SC178479 c:Non-currentFinancialInstruments c:AfterOneYear 2022-12-31 SC178479 c:ShareCapital 2023-12-31 SC178479 c:ShareCapital 2022-12-31 SC178479 c:ShareCapital 2022-01-01 SC178479 c:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 SC178479 c:RetainedEarningsAccumulatedLosses 2023-12-31 SC178479 c:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 SC178479 c:RetainedEarningsAccumulatedLosses 2022-12-31 SC178479 c:RetainedEarningsAccumulatedLosses 2022-01-01 SC178479 d:FRS102 2023-01-01 2023-12-31 SC178479 d:Audited 2023-01-01 2023-12-31 SC178479 d:FullAccounts 2023-01-01 2023-12-31 SC178479 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC178479 d:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 SC178479 7 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure
Registered number: SC178479


EXPERIENCE SCOTLAND CONFERENCE AND INCENTIVES LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2023

 
EXPERIENCE SCOTLAND CONFERENCE AND INCENTIVES LIMITED
REGISTERED NUMBER: SC178479

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
2,917
-

  
2,917
-

Current assets
  

Debtors: amounts falling due within one year
 5 
3,791,487
2,233,498

Cash at bank and in hand
 6 
105,373
48,835

  
3,896,860
2,282,333

Creditors: amounts falling due within one year
 7 
(1,775,467)
(453,058)

Net current assets
  
 
 
2,121,393
 
 
1,829,275

Total assets less current liabilities
  
2,124,310
1,829,275

Creditors: amounts falling due after more than one year
 8 
(11,000)
(11,000)

  

Net assets
  
2,113,310
1,818,275


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
2,113,210
1,818,175

  
2,113,310
1,818,275


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 by: 


A Graves
Director

Date: 1 July 2024

The notes on pages 3 to 12 form part of these financial statements.

Page 1

 
EXPERIENCE SCOTLAND CONFERENCE AND INCENTIVES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
100
1,275,702
1,275,802



Profit for the year
-
542,473
542,473



At 1 January 2023
100
1,818,175
1,818,275



Profit for the year
-
295,035
295,035


At 31 December 2023
100
2,113,210
2,113,310


The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
EXPERIENCE SCOTLAND CONFERENCE AND INCENTIVES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Experience Scotland Conference and Incentives Limited is a private company limited by shares incorporated in Scotland. The address of the registered company is given on the Company Information page of these financial statements. The nature of the Company's operations and principal activity are set out in the Directors' Report.

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

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Tour Partner Group Midco Limited as at 31 December 2023 and these financial statements may be obtained from Companies House, Crown Way, Cardiff, CF14 3VZ.

Page 3

 
EXPERIENCE SCOTLAND CONFERENCE AND INCENTIVES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Going concern

The directors prepare the financial statements on a going concern basis unless it is inappropriate to presume the wider group will continue in business.
The principal activity of the group in which the company is a subsidiary is the business of travel consultants and agents. After a challenging few years of disruption, the wider Tour Partner Group saw a return to pre-pandemic trading in 2023. This looks to continue into 2024 with a strong order book group wide, which has reinforced managements’ expectations for the year ahead. 
The group maintains a strong relationship with its shareholders and lenders, who have supported liquidity and working capital requirements for the group in recent years.
At the balance sheet date, bank debt repayments commence in June 2024, with most repayments not due until summer 2025. Since the year end the debt repayments were renegotiated with repayments now due in June 2024 (€1m), Feb 2025 (€0.5m), March 2025 (€0.5m), April 2025 (€2m) and June 2025 (€3.8m) with the remaining debt due in July 2025. 
At the balance sheet date, all loan notes were due for repayment in January 2025. Since the year end the group has also received confirmation that, unless the loan notes have been settled on or before the current repayment date, the loan note holders will extend the repayment date to January 2026.
The directors have prepared detailed forecasts for the period until June 2025 (the “going concern period”), including a reasonably possible downside scenario, which current trading continues to be monitored against. Based on these forecasts, the Group will have sufficient funds to continue to meet its liabilities as they fall due during the going concern period.
Despite the current headwinds in the economy, the directors are confident these robust forecasts are achievable. The group continues to work closely with its customers and suppliers to ensure it is well placed and the groups’ offerings and pricing meet current expectations. The group operates in several markets which allows a more balanced and diverse risk and opportunity profile as the recovery continues.
Whilst not guaranteed, based on the forecasts prepared and the trading in 2024 to date, together with the continued support and new repayment terms agreed with shareholders and lenders, the directors are confident that the business will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of these financial statements and therefore have prepared the financial statements on a going concern basis.

Page 4

 
EXPERIENCE SCOTLAND CONFERENCE AND INCENTIVES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 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

Revenue

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, reduced by discounts, rebates, and excluding value added tax and other sales taxes. Turnover is recognised on the date of customer arrival. 

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.
In the prior year, the Company benefited from government support in the form of Scottish Government tourism grants. 

 
2.7

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.

Page 5

 
EXPERIENCE SCOTLAND CONFERENCE AND INCENTIVES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Taxation

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.

 
2.9

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, using the below methods.

Depreciation is provided on the following basis:

Computer equipment
-
Straight line over 4 years

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.

 
2.10

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.

 
2.11

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.

 
2.12

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.

Page 6

 
EXPERIENCE SCOTLAND CONFERENCE AND INCENTIVES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.

 
2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the
Page 7

 
EXPERIENCE SCOTLAND CONFERENCE AND INCENTIVES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.14
Financial instruments (continued)

impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
Page 8

 
EXPERIENCE SCOTLAND CONFERENCE AND INCENTIVES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.14
Financial instruments (continued)


  
2.15

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.


3.


Employees

2023
2022
£
£

Wages and salaries
342,237
261,429

Social security costs
36,711
27,878

Cost of defined contribution pension scheme
8,446
7,857

387,394
297,164


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Employees
10
8

Pension commitments
The Company operates a defined contribution pension scheme for all qualifying employees. 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 £8,446 (2022: £7,857).
Contributions totalling £1,387 were payable to the fund at the reporting date (2022: £909) and are included in the Balance Sheet.

Page 9

 
EXPERIENCE SCOTLAND CONFERENCE AND INCENTIVES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Computer equipment

£



Cost


Additions
3,825



At 31 December 2023

3,825



Depreciation


Charge for the year on owned assets
908



At 31 December 2023

908



Net book value



At 31 December 2023
2,917



At 31 December 2022
-

Page 10

 
EXPERIENCE SCOTLAND CONFERENCE AND INCENTIVES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
86,548
113,248

Amounts owed by group undertakings
2,349,295
1,761,043

Other debtors
177,601
196,639

Prepayments
1,178,043
162,568

3,791,487
2,233,498


Amounts owed by group undertakings interest free, have no fixed date of repayment and are repayable on demand.


6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
105,373
48,835

105,373
48,835



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
627,781
113,179

Amounts owed to group undertakings
83,819
-

Corporation tax
29,948
21,698

Other taxation and social security
13,012
8,785

Other creditors
850
1,387

Accruals and deferred income
1,020,057
308,009

1,775,467
453,058


The Group’s bank facilities are secured by a fixed and floating charge over the assets of the Group, which includes this Company.

Page 11

 
EXPERIENCE SCOTLAND CONFERENCE AND INCENTIVES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other creditors
11,000
11,000

11,000
11,000



9.


Related party transactions

The company has taken advantage of the exemption available under FRS102 section 33.1A where disclosures of transactions between group members are not required, provided that the subsidiary is wholly-owned.


10.


Post balance sheet events

The directors confirm that there have been no significant events affecting the company since the year end.


11.


Controlling party

The Company's immediate parent is Tour Partner Group Limited, incorporated in England and Wales. The ultimate parent and the ultimate controlling party is Mayfair Equity Partners LLP, incorporated in England and Wales.
The largest and smallest group producing publicly available consolidated financial statements is headed by Tour Partner Group Midco Limited, which has a registered office address of Hygeia Building 5th Floor, 66-68 College Road, Harrow, Middlesex, HA1 1BE. These financial statements are available upon request from Companies House, Crown Way, Cardiff, CF14 3VZ.


12.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 1 July 2024 by Yasin Khandwalla FCCA (Senior statutory auditor) on behalf of Xeinadin Audit Limited.

 
Page 12