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Registered number: 03167548


TOUR PARTNER GROUP UK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 
TOUR PARTNER GROUP UK LIMITED
 
 
COMPANY INFORMATION


Directors
P J Maine 
A Graves 




Registered number
03167548



Registered office
Hygeia Building 5th Floor
66-68 College Road

Harrow

Middlesex

HA1 1BE




Independent auditors
Xeinadin Audit Limited
Chartered Accountants & Statutory Auditors

8th Floor Becket House

36 Old Jewry

London

EC2R 8DD





 
TOUR PARTNER GROUP UK LIMITED
 

CONTENTS



Page
Strategic report
1 - 4
Directors' report
5 - 7
Independent auditors' report
8 - 11
Statement of comprehensive income
12
Statement of financial position
13
Statement of changes in equity
14
Notes to the financial statements
15 - 31


 
TOUR PARTNER GROUP UK LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors present their Strategic Report, together with the financial statements, for Tour Partner Group UK Limited (the “Company”) for the year ended 31 December 2023.

Business review
 
2023 was the first year the business was able to trade at normal levels since the pandemic, with 2022 revenues and activity lower due to this disruption and rapid ramp up on demand. 2023 activity surpassed the 2019 revenues which management consider to be the last normal year, which is a significant milestone for management and the wider business. 

2023
2022
2019
EUR €m

Turnover


50.0

22.1
 
43.8
 
Gross profit/(loss)


5.8

2.6
 
11.7
 
Operating profit/(loss)


(2.9)

(3.0)
 
4.3
 
Loss before tax


(3.3)

(2.9)
 
4.4
 
Net current assets


4.7

8.0
 
14.6
 
Net assets


8.9

12.3
 
19.1
 
Headcount (No.)


115

56
 
124
 

Due to the significant headwinds in the industry including cost inflation and reduced hotel availability, gross profit has not returned to the levels seen in 2019 yet, however management consider the result to be positive given the challenges in the wider industry. 
Administration costs increased in the year as the business returned to capacity, with the increase driven by employee costs with employee numbers increasing from 56 to 115 and a likewise increase in cost. 
The loss in the year was taken to reserves, which saw a reduction in net current assets and net assets of a similar amount. The company and wider Tour Partner Group’s balance sheet and liquidity remains strong and, together with the continued support of shareholders and lenders, provides a stable platform for the continued growth in 2024 and beyond.

Page 1

 
TOUR PARTNER GROUP UK LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Principal risks and uncertainties
 
Pandemics 
As seen in recent years, the disruption and impact from COVID-19 on the travel sector and wider economy has been significant. A future pandemic or global event could have a similar effect. The Company has experienced management and works closely with its customers and suppliers to minimize these risks.
Global economy 
With the recovery of the wider global economy, key market are experiencing high inflation and pricing pressure. The response from governments has and continues to differ, including impacts on direct and indirect taxation. This may impact the business through supplier pricing and customer demand for the groups products and services. The business actively works with its partners to manage pricing pressure wherever possible, and with its lenders and shareholders on the business outlook. 
Information systems and Data security 
The Company’s activities are dependent on the performance of a variety of software packages and the stability of the platforms on which they are hosted, together with the ongoing protection of data. The Company continues to invest in its IT systems and utiises cloud based and off site hosting where appropriate and partners with specialist IT companies to provide support and defense. 

Financial risk management objectives and policies

The Company is exposed to a variety of financial risks including foreign currency, liquidity, credit and price risk. The Company has in place a risk management programme that seeks to limit any adverse effect on the financial performance of the Company.
Foreign currency risk
The Company is exposed to foreign currency risk on its operations by virtue of entering into transactions in currencies other than the functional currency of the Euro. In order to manage the risk the Company, when considered appropriate, uses currency accounts and benefits from its parent company, Tour Partner Group Limited, centrally managing treasury risk and foreign exchange hedging programmes for the Group.
Liquidity risk
The Company is financed through available revolving credit facilities and shareholder cash liquidity made available to support working capital needs. See additionally the reference points in the going concern note. The directors consider that the Company has the appropriate funding to meet the needs of the business from existing facilities.
Credit risk
The Company operates tight debt control processes, and evaluates the credit risk profiles of all customers, supported by an independent third party credit risk provider. The Company also operates a treasury and funding operation with group companies, and management closely monitors receivables for impairment.
Price risk
The Company manages price risk by entering into committed pricing with suppliers for hotel allocations and services purchased on an annual basis. Simultaneously the Company will commit to commercial pricing with customers when bookings are confirmed, this commitment is aligned to the cost of products sold thus mitigating the risk.

Page 2

 
TOUR PARTNER GROUP UK LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Sustainability

We have a vision to be the leading sustainable Destination Management Company in Europe by 2025. To support this vision we continue to invest in sustainability in our operations and our offering as part of our 3P approach – People, Planet and Profit. We also continue to partner with Ecologi to plant 12 trees per employee per month.
In 2023 we published our first Sustainability and ESG statement setting out our principles and approach, further information can be found on tourpartnergroup.com/es/countries/esg.

Directors' statement of compliance wtih duty to promote the success of the Company

The directors of Tour Partner Group UK Limited consider, both individually and together, they have fulfilled their fiduciary responsibilities and continue to act in good faith as officers of the Company. During the course of the year under review, all decisions made, respective actions and interaction internally and externally, has been to promote the success of the Company for the benefit of all its stakeholders.
Shareholders
As owners of our Group, we rely on the support of shareholders and their opinions are important to us. We have an open dialogue with our shareholders through monthly meetings. Discussions with shareholders cover a wide range of topics including financial performance, strategy, outlook, governance and ethical practices. Shareholder feedback and their views are considered as part of decision-making process. During the year and subsequently we have had regular engagement with the shareholders, including liquidity and financing.
Employees
Our employees are fundamental to our success and we want them to be successful individually and as a unit. There are numerous ways in which we engage with and listen to our employees including employee surveys, group briefings and newsletters. Key areas of focus include health and well-being, development opportunities, pay and benefits.
Given the significant operational disruption which continued in the year due to COVID-19, we have continued to work closely with employees throughout the business to support them with hybrid and remote working, additional flexibility and training opportunities. We continue to invest in employee engagement with the use of digital channels, together with increased team and company wide meetings and listening events.
A focus in 2023 was to increase the amount and depth of our employee engagement sessions, both at a local level and group wide. This allows valuable engagement between management and teams, teams to integrate more widely in the business, and be involved in the financial performance, values and strategy of the Group. 
Customers
Our ambition is to deliver high quality tours to our valued customers. We build strong lasting relationships with our customers and spend considerable time with them to understand their needs and views. We also listen to how we can improve our services for our customers and the end consumers' benefit, and we use this knowledge to improve our decision-making.

Page 3

 
TOUR PARTNER GROUP UK LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Suppliers
We build strong relationships with our suppliers to develop mutually beneficial and lasting connections. Engagement with suppliers is primarily through a series of interactions, before and after the tours have been arranged. This ensures our values, expectation and goals are aligned with the suppliers and helps build key relationships. Key areas of focus include service development, health and safety and sustainability. The board recognises that relationships with suppliers are important to the Group's long-term success and is briefed on supplier feedback and arising issues on a regular basis.
Communities
We engage with the communities in which we operate to build trust and understand the local issues that are important to them. Key areas of focus include how we can support local causes and issues, create opportunities to recruit and develop local people and help to look after the environment. The key issues and themes across local communities are reported back to the board. The impact of decisions on the environment both locally and nationally is fully considered at all times.
Government and regulators
We engage with the government and regulators through a range of industry consultations, forums, meetings and conferences to communicate our views to policy makers relevant to our business. Key areas of focus are compliance with laws and regulations, health and safety and product safety. The board is updated on legal and regulatory developments and takes these into account when considering future actions. During the year, the Group utilised government support in all key markets to protect the business and employees.


This report was approved by the board on 1 July 2024 and signed on its behalf.



A Graves
Director

Page 4

 
TOUR PARTNER GROUP UK LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the Company is the business of an incoming UK tour operator.

Results and dividends

The loss for the year, after taxation, amounted to 3,572,606 (2022 - loss 2,926,589).

The directors do not recommend the payment of a dividend (2022 - €nil)


Directors 
The directors who served during the year were:

P J Maine 
A Graves (appointed 15 March 2023)
 M Pharoah (resigned 15 March 2023)
 

Future developments

The directors do not expect any significant changes in operations for the Company in the foreseeable future. 

Page 5

 
TOUR PARTNER GROUP UK LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Engagement with employees

The Company maintains a HR intranet site that provides employees with information on matters of concern to them as employees, including the financial and economic factors affecting the performance of the Company. The intranet site includes functionality that enables employees to express views on matters that affect them anonymously and the Company also undertakes a biannual staff survey to canvas views on significant matters.
During the year we also invested in a new HR site to allow easier employee engagement and self-service, and a undertook a company wide survey to gather further feedback to guide future projects. 

Engagement with suppliers, customers and others

The Company consider the business relationships with its customers and suppliers as of paramount importance to deliver its strategic and operational goals. An approach where the process of proactive engagement underscored by a sustainable collaboration will create mutual opportunity, an output underpinned by respect and partnership, two of our key corporate values.
This approach has never been so important as during the last few years. We have worked tirelessly to support our customers in the fast changing environment, supporting new bookings and opportunities, rebookings and amendments.
That customer centric approach has only been possible due to the deep relationships we have built with our suppliers who have been incredibly understanding and supportive of the need for flexibility and to focus on the long term. Equally, this allowed us to work together to optimise short term opportunity when it was presented, as well as adapt and take a more flexible commercial approach to future customer needs.

Qualifying third party indemnity provisions

The third party qualifying indemnity insurance for the benefit of the Company directors is maintained by a fellow group company, Tour Partner Group Midco Limited.

Greenhouse gas emissions, energy consumption and energy efficiency action

The Company meets the requirements for Streamlined Energy and Carbon Reporting for the first time in the year. The Company has compiled the below information relating to its energy use, primarily relating to its London office. As this is the first year of requirement, no comparative information is presented.
Energy use and sustainability is a focus for management and the company, with continued investment in the area. Energy efficiency actions in the year include the replacement of IT equipment used in the office leading to reduced electricity consumption, this continues into 2024. 
Scope 1 emissions (landlord gas use)                 249,005 kWh
Scope 2 emissions (purchased electricity)           251,613 kWh
CO2 Emissions*                                                54,800 kg CO2e
Intensity ratio (kg CO2e/employee)                     477 kg CO2e

* Carbon intensity of purchased electricity using UK Government GHG Conversion Factors. The methodology for the GHG calculations follows the published GHG Protocol. 
** The Company uses a small number of leased vehicles. The Company is developing methods for emission data capture and it is not practicable to obtain this information yet.



Page 6

 
TOUR PARTNER GROUP UK LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Matters covered in the Strategic report

As permitted, certain matters which are required to be disclosed in the Directors' Report have been omitted as they are included in the Strategic Report, These matters include the Business Review, Future Developments, Principal Risks and Uncertainties and Financial Risk Management. Consideration of the Group's engagement with customers, suppliers and others, together with employee engagement disclosures, are included in the Section 172 statement. 

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsXeinadin Audit Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 1 July 2024 and signed on its behalf.
 





A Graves
Director

Page 7

 
TOUR PARTNER GROUP UK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TOUR PARTNER GROUP UK LIMITED
 

Opinion


We have audited the financial statements of Tour Partner Group UK Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In forming our opinion, we have considered the adequacy of the disclosures made in note 2.4 in the financial statements concerning the Group's ability to continue as a going concern.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed and the disclosure made in note 2.4, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 8

 
TOUR PARTNER GROUP UK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TOUR PARTNER GROUP UK LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 9

 
TOUR PARTNER GROUP UK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TOUR PARTNER GROUP UK LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
 
enquiry of management and those charged with governance around actual and potential litigation and claims and to identify any instances of non-compliance with laws and regulations;
reviewing minutes of meetings of those charged with governance;
reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.


The potential effect of these laws and regulations on the financial statements varies considerably.
The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation and taxation legislation and we have assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
The Company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: health and safety including data protection laws, anti-bribery, money laundering, employment law. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our
Page 10

 
TOUR PARTNER GROUP UK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TOUR PARTNER GROUP UK LIMITED (CONTINUED)


Auditors' report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Yasin Khandwalla FCCA (Senior statutory auditor)
  
for and on behalf of
Xeinadin Audit Limited
 
Chartered Accountants & Statutory Auditors
  
8th Floor Becket House
36 Old Jewry
London
EC2R 8DD

1 July 2024
Page 11

 
TOUR PARTNER GROUP UK LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note

  

Turnover
 4 
49,952,339
22,104,070

Cost of sales
  
(44,580,454)
(19,454,108)

Gross profit
  
5,371,885
2,649,962

Administrative expenses
  
(8,538,289)
(5,765,188)

Other Operating Income
 5 
32,157
468,553

Operating loss
 6 
(3,134,247)
(2,646,673)

Interest Receivable
 10 
2,980,073
2,666,953

Interest Payable And Similar Expenses
 11 
(3,419,870)
(2,988,542)

Loss before tax
  
(3,574,044)
(2,968,262)

Tax on loss
 12 
1,438
41,673

Loss for the financial year
  
(3,572,606)
(2,926,589)

Other comprehensive income for the year
  

Total comprehensive income for the year
  
(3,572,606)
(2,926,589)

The notes on pages 15 to 31 form part of these financial statements.

Page 12

 
TOUR PARTNER GROUP UK LIMITED
REGISTERED NUMBER: 03167548

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note

Fixed assets
  

Intangible assets
 13 
48,255
99,041

Tangible Fixed Assets
 14 
-
3,172

Fixed Asset Investments
 15 
4,195,295
4,195,295

  
4,243,550
4,297,508

Current assets
  

Debtors Within One Year
 16 
36,847,622
28,445,117

Cash At Bank And In Hand
 17 
93,645
446,766

  
36,941,267
28,891,883

Creditors: Amounts Falling Due Within One Year
 18 
(32,498,320)
(20,930,288)

Net current assets
  
 
 
4,442,947
 
 
7,961,595

Total assets less current liabilities
  
8,686,497
12,259,103

Deferred tax
 19 
(24,227)
(24,227)

  
 
 
(24,227)
 
 
(24,227)

Net assets
  
8,662,270
12,234,876


Capital and reserves
  

Called up share capital 
 20 
13,922
13,922

Other Reserves
 21 
1,150,839
1,150,839

Profit And Loss Account
 21 
7,497,509
11,070,115

  
8,662,270
12,234,876


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 1 July 2024.




A Graves
Director

The notes on pages 15 to 31 form part of these financial statements.

Page 13

 
TOUR PARTNER GROUP UK LIMITED
 

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


Called up share capital
Other reserves
Profit and loss account
Total equity



At 1 January 2022
13,922
1,150,839
13,996,704
15,161,465



Loss for the year
-
-
(2,926,589)
(2,926,589)



At 1 January 2023
13,922
1,150,839
11,070,115
12,234,876



Loss for the year
-
-
(3,572,606)
(3,572,606)


At 31 December 2023
13,922
1,150,839
7,497,509
8,662,270


The notes on pages 15 to 31 form part of these financial statements.

Page 14

 
TOUR PARTNER GROUP UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Tour Partner Group UK Limited is a private company limited by shares incorporated in England and Wales. 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 Strategic 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 (see note 3).

 
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 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
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.

 
2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of a state other than the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 401 of the Companies Act 2006.

Page 15

 
TOUR PARTNER GROUP UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

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 16

 
TOUR PARTNER GROUP UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Foreign currency translation

Functional and presentation currency
The Company's functional and presentational currency is Euros.
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. Nonmonetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses that relate to borrowings are presented in the Statement of comprehensive income within interest receivable and similar income, or interest payable and similar expenses, as appropriate. All other foreign exchange gains and losses are presented within administrative expenses.

 
2.6

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.

 
2.7

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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.8

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.
The Company benefited from government support in the form of Scottish Government tourism grants. 

 
2.9

Interest income

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

Page 17

 
TOUR PARTNER GROUP UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

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.

 
2.11

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.

 
2.12

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.

Page 18

 
TOUR PARTNER GROUP UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

Intangible assets

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

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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.

 The estimated useful lives range as follows:

Website
-
3
years

 
2.14

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 straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
Period of lease
Fixtures and fittings
-
3-5 years
Computer equipment
-
3-5 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.

 
2.15

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.16

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.

Page 19

 
TOUR PARTNER GROUP UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.17

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.

 
2.18

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.

 
2.19

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.

 
2.20

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.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
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.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Page 20

 
TOUR PARTNER GROUP UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.21

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.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the Balance Sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. Details of the key areas of judgement and estimation are as follows:

Judgements
IIn preparing these financial statements, the directors have had to make the following judgments:
 
Determine whether there are indicators of impairment of the Company's tangible and intangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset.
When assessing whether to prepare financial statements on a going concern basis, FRS102 requires management to look out at least 12 months from the date that financial statements are authorised for issue. In the current stressed economic environment there is an increased amount of judgement that needs to be applied to assumptions in respect of future trading results.
 
Key sources of estimation uncertainty
 
Determining whether the Company's investments in its subsidiaries have been impaired requires estimations of the value in use of the investments. The value in use calculation requires the entity to estimate the future cash flows expected to arise from the investments and a suitable discount rate in order to calculate the present value (see note 15 for details of the carrying amount of investments). 
Tour costs are accrued in line with contractual commitments with providers and are recognised in the Statement of Comprehensive Income on the same basis as turnover. Invoices are received periodically from service providers. In the interim period accrued costs are based on expected invoice values (see note 18 for details of the accruals balance which includes those related to tour costs).    
Provision for impairment of the carrying value of amounts due from group undertakings is made based on management's estimate of the prospect of recovering the amounts due, which includes considering the solvency of the counterparty and its future outlook, based on budgets and forecasts prepared by management (see note 16 for details of the carrying values of amounts owed by group undertakings).   

Page 21

 
TOUR PARTNER GROUP UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022

Rendering of services
49,952,339
22,104,070

49,952,339
22,104,070


All turnover arose within the United Kingdom.


5.


Other operating income

2023
2022

Government grants receivable
32,157
468,553

32,157
468,553


During the year €32,157 (2022: €468,553) of tourism grants were received.


6.


Operating loss

The operating loss is stated after charging:

2023
2022

Depreciation expense
3,172
32,253

Amortisation expense
71,669
75,854

Exchange differences
(111,410)
1,637,744

Other operating lease rentals
321,698
366,778


7.


Auditors' remuneration

2023
2022

Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements
25,875
22,891

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 22

 
TOUR PARTNER GROUP UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Employees

Staff costs were as follows:


2023
2022

Wages and salaries
3,857,097
2,517,211

Social security costs
333,940
298,966

Cost of defined contribution pension scheme
74,344
19,266

4,265,381
2,835,443


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


        2023
        2022
            No.
            No.







Administration and support
115
56

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 scheme and amounted to €74,344 (2022: €19,266).
Contributions totalling €21,918 were payable to the scheme at the reporting date (2022: €nil) and are included in the Balance Sheet.


9.


Directors' remuneration

Directors' remuneration has been borne by another group company. The Company's directors are also directors or officers of a number of companies within the group headed by the Tour Partner Group Midco Limited. The directors' services to the Company do not occupy a significant amount of their time. As such the directors do not consider that they have received any remuneration for their incidental services to the Company in the current or prior year.





10.


Interest receivable

2023
2022


Interest receivable from group companies
2,980,073
2,666,953

2,980,073
2,666,953

Page 23

 
TOUR PARTNER GROUP UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Interest payable and similar expenses

2023
2022


Bank interest payable
-
19

Interest payable to group companies
3,419,870
2,988,523

3,419,870
2,988,542


12.


Taxation


2023
2022

Corporation tax


Current tax on profits for the year
(1,438)
-


(1,438)
-


Total current tax
(1,438)
-

Deferred tax


Origination and reversal of timing differences
-
(41,673)

Total deferred tax
-
(41,673)


Taxation on loss on ordinary activities
(1,438)
(41,673)
Page 24

 
TOUR PARTNER GROUP UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
12.Taxation (continued)


Factors affecting tax charge for the year

The accounting period covers two UK financial years with differing tax rates of 19% in Financial Year 2022 & 25% in Financial Year 2023. The average rate for the accounting period is 23.52% (2022: 19%). The differences between the tax charge at the average rate and the tax charge for the year are explained below:

2023
2022


Loss on ordinary activities before tax
(3,574,044)
(2,968,262)


Loss on ordinary activities multiplied by average UK corporation tax rate of
  23.52% (2022 - 19%)
(840,635)
(563,970)

Effects of:


Non-tax deductible amortisation of goodwill and impairment
-
2,009

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
15,780
257

Deferred tax not recognised
(11,114)
112,777

Adjustments to tax charge in respect of prior periods
-
3,150

Remeasurement of deferred tax for changes in tax rates
278
(34,056)

Current tax(prior year) exchange difference arising on movement between opening and closing spot rates
4,971
(3,150)

Group relief
829,042
441,258

Other permanent differences
240
52

Total tax charge for the year
(1,438)
(41,673)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 25

 
TOUR PARTNER GROUP UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Intangible assets




Website




Cost


At 1 January 2023
303,101


Additions
20,883



At 31 December 2023

323,984



Amortisation


At 1 January 2023
204,060


Charge for the year on owned assets
71,669



At 31 December 2023

275,729



Net book value



At 31 December 2023
48,255



At 31 December 2022
99,041



Page 26

 
TOUR PARTNER GROUP UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Tangible fixed assets





Long-term leasehold property
Fixtures and fittings
Computer equipment
Total




Cost or valuation


At 1 January 2023
106,314
379,557
634,375
1,120,246



At 31 December 2023

106,314
379,557
634,375
1,120,246



Depreciation


At 1 January 2023
106,314
376,385
634,375
1,117,074


Charge for the year on owned assets
-
3,172
-
3,172



At 31 December 2023

106,314
379,557
634,375
1,120,246



Net book value



At 31 December 2023
-
-
-
-



At 31 December 2022
-
3,172
-
3,172


15.


Fixed asset investments





Investments in subsidiary companies




Cost or valuation


At 1 January 2023
4,195,295



At 31 December 2023
4,195,295




Page 27

 
TOUR PARTNER GROUP UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

Subsidiary undertakings


The Company holds 100% of the Ordinary share capital of the following subsidiary undertakings:

Name

Registered office

Tour Partner ApS
Bomhusvej 13, 1. 2100 Copenhagen Ø, Denmark
 
Tour Partner Group International Ltd
 
Hygeia Building 5th Floor, 66-68 College Road, Harrow, Middlesex, HA1 1BE
 
Tour Partner Group Nordics ApS*
 
Bomhusvej 13, 1. 2100 Copenhagen Ø, Denmark

*Owned 100% by Tour Partner ApS


16.


Debtors

2023
2022


Trade debtors
732,397
861,701

Amounts owed by group companies
34,147,044
26,583,170

Other debtors
1,678,456
608,474

Prepayments and accrued income
289,725
198,752

Tax recoverable
-
193,020

36,847,622
28,445,117


Amounts owed by group undertakings are unsecured, accrue interest at an annual rate between nil and 12% and are repayable on demand.


17.


Cash and cash equivalents

2023
2022

Bank and cash balances
93,645
446,766

93,645
446,766


Page 28

 
TOUR PARTNER GROUP UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Creditors: Amounts falling due within one year

2023
2022

Trade creditors
3,696,176
1,245,481

Amounts owed to group undertakings
27,650,682
16,905,299

Corporation tax
9,394
-

Other taxation and social security
228,513
579,856

Other creditors
15,726
301,058

Accruals and deferred income
897,829
1,898,594

32,498,320
20,930,288


Amounts due to group undertakings are unsecured, accrue interest at an annual rate between nil and 12% and are repayable on demand. The Group’s bank facilities are secured by a fixed and floating charge over the assets of the Group, which includes this Company.


19.


Deferred taxation




2023
2022









At beginning of year
(24,227)
(65,900)


Charged to profit or loss
-
41,673



At end of year
(24,227)
(24,227)

The provision for deferred taxation is made up as follows:

2023
2022


At beginning of year
41,594
41,594

Charged to profit or loss
(65,821)
(65,821)

(24,227)
(24,227)

At 31 December 2023, the company had an unrecognised deferred tax asset for trading losses of €206,286 (2022: €206,649) based on corporation tax rates of 25%.
No deferred tax asset has been recognised given the uncertainty over the timing and utilisation in a subsequent accounting period.

Page 29

 
TOUR PARTNER GROUP UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

20.


Share capital

2023
2022
Allotted, called up and fully paid



9,375 (2022 - 9,375) Ordinary A shares of £1.00 each
10,442
10,442
3,125 (2022 - 3,125) Ordinary B shares of £1.00 each
3,480
3,480

13,922

13,922



21.


Reserves

Capital redemption reserve

Capital contribution reserve represents cash gifted by the parent company. The Company previously hedged against a significant proportion of its foreign currency risk however in 2015 the hedging was scaled back significantly. To support the adverse effect of this hedging shortfall, the parent company made a capital contribution of €1,150,839 in August 2015.

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.


22.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022


Not later than 1 year
100,977
98,921

Later than 1 year and not later than 5 year
96,943
197,844

197,920
296,765


23.


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.


24.


Post balance sheet events

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

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TOUR PARTNER GROUP UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

25.


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.

 
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