29
5 April 2024
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No description of principal activity
2023-01-01
Sage Accounts Production Advanced 2023 - FRS102_2023
3,015,631
3,015,631
3,015,631
xbrli:pure
xbrli:shares
iso4217:GBP
01911512
2023-01-01
2023-12-31
01911512
2023-12-31
01911512
2022-12-31
01911512
2022-01-01
2022-12-31
01911512
2022-12-31
01911512
2021-12-31
01911512
core:LandBuildings
2023-01-01
2023-12-31
01911512
core:FurnitureFittings
2023-01-01
2023-12-31
01911512
bus:OrdinaryShareClass1
2023-01-01
2023-12-31
01911512
bus:Director3
2023-01-01
2023-12-31
01911512
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2022-12-31
01911512
core:FurnitureFittings
2022-12-31
01911512
core:LandBuildings
2023-12-31
01911512
core:FurnitureFittings
2023-12-31
01911512
core:WithinOneYear
2023-12-31
01911512
core:WithinOneYear
2022-12-31
01911512
core:ShareCapital
2023-12-31
01911512
core:ShareCapital
2022-12-31
01911512
core:SharePremium
2023-12-31
01911512
core:RetainedEarningsAccumulatedLosses
2023-12-31
01911512
core:RetainedEarningsAccumulatedLosses
2022-12-31
01911512
core:BetweenOneFiveYears
2023-12-31
01911512
core:BetweenOneFiveYears
2022-12-31
01911512
core:MoreThanFiveYears
2023-12-31
01911512
core:MoreThanFiveYears
2022-12-31
01911512
core:CostValuation
core:Non-currentFinancialInstruments
2023-12-31
01911512
core:Non-currentFinancialInstruments
2023-12-31
01911512
core:Non-currentFinancialInstruments
2022-12-31
01911512
core:LandBuildings
2022-12-31
01911512
core:FurnitureFittings
2022-12-31
01911512
bus:Director3
2023-12-31
01911512
bus:SmallEntities
2023-01-01
2023-12-31
01911512
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2023-01-01
2023-12-31
01911512
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2023-01-01
2023-12-31
01911512
bus:PrivateLimitedCompanyLtd
2023-01-01
2023-12-31
01911512
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2023-01-01
2023-12-31
01911512
bus:OrdinaryShareClass1
2023-12-31
01911512
bus:OrdinaryShareClass1
2022-12-31
COMPANY REGISTRATION NUMBER:
01911512
Filleted Financial Statements |
|
Statement of Financial Position |
|
31 December 2023
Fixed assets
Intangible assets |
5 |
149,760 |
– |
Tangible assets |
6 |
27,209 |
39,835 |
Investments |
7 |
3,015,631 |
3,015,631 |
|
------------ |
------------ |
|
3,192,600 |
3,055,466 |
|
|
|
|
Current assets
Stocks |
43,000 |
45,136 |
Debtors |
8 |
1,186,754 |
872,907 |
Cash at bank and in hand |
2,957,239 |
1,948,709 |
|
------------ |
------------ |
|
4,186,993 |
2,866,752 |
|
|
|
|
Creditors: amounts falling due within one year |
9 |
2,400,874 |
2,189,460 |
|
------------ |
------------ |
Net current assets |
1,786,119 |
677,292 |
|
------------ |
------------ |
Total assets less current liabilities |
4,978,719 |
3,732,758 |
|
|
|
|
Provisions
Taxation including deferred tax |
40,071 |
2,953 |
|
------------ |
------------ |
Net assets |
4,938,648 |
3,729,805 |
|
------------ |
------------ |
|
|
|
Capital and reserves
Called up share capital |
10 |
52,000 |
50,000 |
Share premium account |
373,000 |
– |
Profit and loss account |
4,513,648 |
3,679,805 |
|
------------ |
------------ |
Shareholders funds |
4,938,648 |
3,729,805 |
|
------------ |
------------ |
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
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.
Statement of Financial Position (continued) |
|
31 December 2023
These financial statements were approved by the
board of directors
and authorised for issue on
5 April 2024
, and are signed on behalf of the board by:
Company registration number:
01911512
Notes to the Financial Statements |
|
Year ended 31 December 2023
1.
General information
The company is a private company limited by shares, registered in England & Wales. The trading address of the company is Central Car Park Road, Keswick, Cumbria, CA12 5DF.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Consolidation
The entity has taken advantage of the option not to prepare consolidated financial statements contained in Section 399 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.
Judgements 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 on historical experience and other factors that are recognised to be relevant. Actual results may differ from these estimates. In the course of preparing the financial statements, no judgements have been made on the process of applying the company’s accounting policies, other than those involving estimations, that have had a significant effect on the amounts recognised in the financial statements. In the course of preparing the financial statements, no key estimates have been made that have a significant effect on the company or the amounts disclosed in the financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for booked tours, stated net of discounts and of Value Added Tax. Revenue from booked tours is recognised upon the tour departure date, or at the date of cancellation by the customer where a proportion of the value of the booking is retained.
Exceptional items
Exceptional items are disclosed separately in the financial statements in order to provide further understanding of the financial performance of the entity. They are material items of income or expense that have been shown separately because of their nature or amount.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Leasehold improvements |
- |
10% straight line |
|
Fixtures, fittings and equipment |
- |
25% straight line |
|
|
|
|
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Investments in subsidiaries
Investments in subsidiaries accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Impairments are only recognised where losses are permanent. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
29
(2022:
27
).
5.
Intangible assets
|
Website |
|
£ |
Cost |
|
Additions |
|
|
--------- |
At 31 December 2023 |
|
|
--------- |
Amortisation |
|
Charge for the year |
|
|
--------- |
At 31 December 2023 |
|
|
--------- |
Carrying amount |
|
At 31 December 2023 |
|
|
--------- |
At 31 December 2022 |
– |
|
--------- |
|
|
Capital commitments
|
2023 |
2022 |
|
£ |
£ |
Contracted for but not provided for in the financial statements |
– |
150,387 |
|
---- |
--------- |
|
|
|
6.
Tangible assets
|
Leasehold improvements |
Fixtures and fittings |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 January 2023 |
105,767 |
203,883 |
309,650 |
Additions |
– |
5,018 |
5,018 |
Disposals |
– |
(
99,646) |
(
99,646) |
|
--------- |
--------- |
--------- |
At 31 December 2023 |
105,767 |
109,255 |
215,022 |
|
--------- |
--------- |
--------- |
Depreciation |
|
|
|
At 1 January 2023 |
78,500 |
191,315 |
269,815 |
Charge for the year |
10,580 |
7,063 |
17,643 |
Disposals |
– |
(
99,645) |
(
99,645) |
|
--------- |
--------- |
--------- |
At 31 December 2023 |
89,080 |
98,733 |
187,813 |
|
--------- |
--------- |
--------- |
Carrying amount |
|
|
|
At 31 December 2023 |
16,687 |
10,522 |
27,209 |
|
--------- |
--------- |
--------- |
At 31 December 2022 |
27,267 |
12,568 |
39,835 |
|
--------- |
--------- |
--------- |
|
|
|
|
7.
Investments
|
Shares in group undertakings |
|
£ |
Cost |
|
At 1 January 2023 and 31 December 2023 |
3,015,631 |
|
------------ |
Impairment |
|
At 1 January 2023 and 31 December 2023 |
– |
|
------------ |
|
|
Carrying amount |
|
At 31 December 2023 |
3,015,631 |
|
------------ |
At 31 December 2022 |
3,015,631 |
|
------------ |
|
|
8.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
412,104 |
428,089 |
Other debtors |
774,650 |
444,818 |
|
------------ |
--------- |
|
1,186,754 |
872,907 |
|
------------ |
--------- |
|
|
|
Trade debtors includes advance payments to suppliers and flight agents totalling £403,373 (2022 - £428,089) for departures after the balance sheet date.
9.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Trade creditors |
2,034,159 |
1,926,896 |
Corporation tax |
161,130 |
26,253 |
Social security and other taxes |
29,153 |
26,522 |
Other creditors |
176,432 |
209,789 |
|
------------ |
------------ |
|
2,400,874 |
2,189,460 |
|
------------ |
------------ |
|
|
|
Trade creditors includes advance receipts from customers totalling £2,032,861 (2022 - £1,924,040) for departures after the balance sheet date.
10.
Called up share capital
Authorised share capital
|
2023 |
2022 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
250,000 |
250,000 |
250,000 |
250,000 |
|
--------- |
--------- |
--------- |
--------- |
|
|
|
|
|
Issued, called up and fully paid
|
2023 |
2022 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
52,000 |
52,000 |
52,000 |
52,000 |
|
-------- |
-------- |
-------- |
-------- |
|
|
|
|
|
On 18 December 2023 a director exercised a share option plan and acquired 2,000 ordinary shares in the company at a price of £187.50 per share. The terms of the option also required a Put and Call Option Deed between the director and Erta Ale Développement SAS for which the put option must be exercised between 18 December 2025 and 25 April 2028. The call option can be actioned after this period has lapsed or in the event of an acceleration event or third party offer. The total price of the shares was £375,000 and the company provided a loan to the director for this purpose and interest is charged on the loan at 1% per annum. The loan, and interest thereon, is only due for repayment when the put option or call option are exercised.
The ordinary shares hold full voting rights and the right to participate in dividends and distributions made by the company.
11.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2023 |
2022 |
|
£ |
£ |
Not later than 1 year |
72,245 |
72,245 |
Later than 1 year and not later than 5 years |
288,980 |
288,980 |
Later than 5 years |
168,572 |
240,817 |
|
--------- |
--------- |
|
529,797 |
602,042 |
|
--------- |
--------- |
|
|
|
The company leases two properties from which it runs its business. The leases for the properties were due to expire in May 2024 but new leases were agreed in 2021 and are due to run to January 2031. The rents are fixed for the entire term.
12.
Contingencies
The company currently holds an Air Travel Organisers' License (ATOL) issued by the Civil Aviation Authority (CAA), is a member of the Association of British Travel Agents (ABTA) and is an accredited agent of International Air Transport Association (IATA). As at 31 December 2023, there were contingent liabilities given by the company in the normal course of business in respect of ABTA bonds amounting to £925,418 (2022 - £944,606). The bond increased to £1,332,330 for 6 months from 1 February 2024, then to £1,617,966 from 1 August 2024 to 30 September 2024, and will reduce to £1,168,697 from 1 October 2024 to its cessation on 31 March 2025. Accelerant Insurance Europe SA, who provided the bond on behalf of the company required a third party counter indemnity from Voyageurs du Monde SA upon renewal in 2022, which remains in place.
13.
Summary audit opinion
The auditor's report dated
5 April 2024
was
unqualified
.
The senior statutory auditor was
Peter Stewart FCA
, for and on behalf of
Gregory Priestley & Stewart
.
14.
Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
|
2023 |
|
|
Balance brought forward |
Advances/ (credits) to the directors |
Balance outstanding |
|
|
£ |
£ |
£ |
|
Mr A Toft |
– |
375,000 |
375,000 |
|
|
---- |
--------- |
--------- |
|
|
|
|
|
|
2022 |
|
|
Balance brought forward |
Advances/ (credits) to the directors |
Balance outstanding |
|
|
£ |
£ |
£ |
|
Mr A Toft |
– |
– |
– |
|
|
---- |
---- |
---- |
|
|
|
|
|
Details of the terms of the loan are included in note 13 to the financial statements.
15.
Related party transactions
During the year the company entered into the following transactions with related parties:
|
Transaction value |
Balance owed by/(owed to) |
|
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
Companies subject to common control or influence |
|
|
|
|
|
|
|
– |
|
|
--------- |
--------- |
-------- |
-------- |
|
|
|
|
|
During the year the company traded with associated travel companies. They are all subject to common control or influence from Voyageurs du Monde SA. All of the transactions were in the normal course of trade but at slightly preferential rates because of their group status.
16.
Ethical standards
In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities, report to regulatory bodies regarding our compliance and assist with the preparation of the financial statements.
17.
Controlling party
The company was controlled throughout the year by Erta Ale Développement SAS, a company registered in France. The registered office is Zone Artisanale Ou Zone D'Activité De Longifan, 38530 Chapareillan, France. The ultimate controlling party of the company is considered to be Voyageurs du Monde S.A, a company registered on the Euronext Growth Stock Exchange. The results of the company are included in the consolidated financial statements of Voyageurs du Monde S.A. Copies of the group financial statements are available from its registered office at 55, Rue Sainte-Anne, 75002 Paris.