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Registered number: 02365433










SPORTS TOURS LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
SPORTS TOURS LIMITED
 
 
COMPANY INFORMATION


Directors
B Boyden 
J T Boyden 
J Boyden 
K Boyden 
L James 




Registered number
02365433



Registered office
Rayburn House
37 Brunel Parkway

Derby

DE24 8HR




Independent auditors
Xeinadin Audit Limited
Chartered Accountants & Registered Auditor

8th Floor Becket House

36 Old Jewry

London

EC2R 8DD





 
SPORTS TOURS LIMITED
 

CONTENTS



Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 12


 
SPORTS TOURS LIMITED
REGISTERED NUMBER: 02365433

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
7,983
26,194

Tangible assets
 5 
25,014
22,058

Investments
 6 
1,000
1,000

  
33,997
49,252

Current assets
  

Stocks
  
5,605
3,768

Debtors: amounts falling due within one year
 7 
1,441,379
1,137,400

Cash at bank and in hand
 8 
305,807
476,426

  
1,752,791
1,617,594

Creditors: amounts falling due within one year
 9 
(1,022,800)
(744,280)

Net current assets
  
 
 
729,991
 
 
873,314

Total assets less current liabilities
  
763,988
922,566

Creditors: amounts falling due after more than one year
 10 
(138,982)
(226,759)

  

Net assets
  
625,006
695,807


Capital and reserves
  

Called up share capital 
  
30,000
30,000

Profit and loss account
  
595,006
665,807

  
625,006
695,807


Page 1

 
SPORTS TOURS LIMITED
REGISTERED NUMBER: 02365433
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

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

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




L James
Director

Date: 27 June 2024

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

Page 2

 
SPORTS TOURS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Sports Tours Limited is a limited company, registered in England and Wales, United Kingdom.
The registered office is Rayburn House, 37 Brunel Parkway, Pride Park, Derby, United Kingdom, DE24 8HR.
The principal activity continues to be that of a Tour Operator. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

Based on the strength of the balance sheet and continued support from RTFH Limited, the directors are confident that the company, will have sufficient funds and cash reserves to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.

 
2.3

Revenue

Revenue comprises of the deposit element and balance in respect of inclusive tours and other services supplied to customers in the ordinary course of business. 
Revenue is taken to the profit and loss account based on the date of departure. 

 
2.4

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.

 
2.5

Borrowing costs

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

Page 3

 
SPORTS TOURS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

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.

 
2.7

Current and deferred taxation

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.8

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.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.9

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.

Page 4

 
SPORTS TOURS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as detailed below.

Depreciation is provided on the following basis:

Long-term leasehold property
-
4% Straight line
Fixtures and fittings
-
15 - 40% Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.11

Stocks

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

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

 
2.12

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.

 
2.13

Cash and cash equivalents

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

Page 5

 
SPORTS TOURS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.14

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.

 
2.15

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 profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting 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.

 
2.16

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an 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.


3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2022 - 5).

Page 6

 
SPORTS TOURS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Intangible assets




Computer software

£



Cost


At 1 January 2023
127,055



At 31 December 2023

127,055



Amortisation


At 1 January 2023
100,861


Charge for the year on owned assets
18,211



At 31 December 2023

119,072



Net book value



At 31 December 2023
7,983



At 31 December 2022
26,194



Page 7

 
SPORTS TOURS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Long-term leasehold property
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 January 2023
5,000
303,569
308,569


Additions
-
8,247
8,247



At 31 December 2023

5,000
311,816
316,816



Depreciation


At 1 January 2023
5,000
281,511
286,511


Charge for the year on owned assets
-
5,291
5,291



At 31 December 2023

5,000
286,802
291,802



Net book value



At 31 December 2023
-
25,014
25,014



At 31 December 2022
-
22,058
22,058


6.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
1,000



At 31 December 2023
1,000




Page 8

 
SPORTS TOURS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Sports Tours Travel Limited
Rayburn House, Brunel Parkway, Pride Park, Derby, England, DE24 8HR
Ordinary
100%


7.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
1,206,921
968,466

Prepayments and accrued income
149,408
120,256

Deferred taxation
85,050
48,678

1,441,379
1,137,400


Included within prepayments and accrued income are advance payments to suppliers for future travel amounting to £133,767 (2022: £99,385).


8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
305,807
476,426

Less: bank overdrafts
-
(4,543)

305,807
471,883


Page 9

 
SPORTS TOURS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
-
4,543

Bank loans
87,778
87,778

Trade creditors
59,007
33,266

Amounts owed to group undertakings
246,008
246,008

Other taxation and social security
4,963
4,187

Other creditors
15,239
11,344

Accruals and deferred income
609,805
357,154

1,022,800
744,280


Included within accruals and deferred income are advanced receipts from customers for future travel amounting to £582,300 (2022: £347,053).


10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
138,982
226,759

138,982
226,759


Page 10

 
SPORTS TOURS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
87,778
87,778


87,778
87,778

Amounts falling due 1-2 years

Bank loans
138,982
79,000


138,982
79,000

Amounts falling due 2-5 years

Bank loans
-
147,759


-
147,759


226,760
314,537


The company secured a loan of £395,000 through a Coronavirus Business Interruption Scheme. The loan is guaranteed by the UK government. 


12.


Contingent liabilities

The Company currently holds an Air Travel Organisers' License ('ATOL') issued by the Civil Aviation Authority ('CAA').
During the year, the Company was a member of the Association of British Travel Agents Limited ('ABTA'). As at 31 December 2023, there were no outstanding contingent liabilities given by the Company in the normal course of business to Travel & General Insurance Company Plc in respect of ABTA bonds (2022: £1,142,660).
During the year, the Company was a member of the Association of Bonded Travel Organisers Trust Limited ('ABTOT'). As at 31 December 2023, there were contingent liabilities given by the Company in the normal course of business to Travel & General Insurance Company Plc in respect of ABTOT bonds amounting to £380,202 (2022: £nil).

Page 11

 
SPORTS TOURS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held seperately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £10,347 (2022: £8,967). Contributions totalling £1,112 (2022: £nil) were payable to the fund at the balance sheet date and included within other creditors. 


14.


Related party transactions

The Company has taken advantage of the exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
At the year end the Company had a balance of £797,557 (2022: £559,016) owed from Rayburn Tours Limited, a connected company.
At the year end the Company had a balance of £254,344 (2022: £254,344) owed from Rayburn Tours Holdings Limited, a connected company.
At the year end the Company had a balance of £90,902 (2022: £90,902) owed to Sports Tours Travel Limited, a connected company.


15.


Controlling party

The immediate parent undertaking is Rayburn Tours Holdings Limited.
The ultimate parent company is RTFH Limited.
The largest group to consolidate these financial statements is RTFH Limited. Copies of the consolidated financial statements can be obtained from the Company Secretary at Rayburn House, 37 Brunel Parkway, Pride Park, Derby, United Kingdom, DE24 8HR.


16.


Auditors' information

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

The audit report was signed on 27 June 2024 by Karanjit Gill FCCA (Senior statutory auditor) on behalf of Xeinadin Audit Limited.

 
Page 12