Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-12-312023-01-010Holding companyfalse0falsefalse 10530850 2023-01-01 2023-12-31 10530850 c:EntityControlledByKeyManagementPersonnel2 2023-01-01 2023-12-31 10530850 c:EntityControlledByKeyManagementPersonnel1 2023-01-01 2023-12-31 10530850 2022-01-01 2022-12-31 10530850 2023-12-31 10530850 c:EntityControlledByKeyManagementPersonnel2 2023-12-31 10530850 c:EntityControlledByKeyManagementPersonnel1 2023-12-31 10530850 2022-12-31 10530850 c:EntityControlledByKeyManagementPersonnel2 2022-12-31 10530850 2022-01-01 10530850 d:CompanySecretary1 2023-01-01 2023-12-31 10530850 d:Director1 2023-01-01 2023-12-31 10530850 d:Director2 2023-01-01 2023-12-31 10530850 d:Director3 2023-01-01 2023-12-31 10530850 d:Director4 2023-01-01 2023-12-31 10530850 d:RegisteredOffice 2023-01-01 2023-12-31 10530850 c:Buildings c:LongLeaseholdAssets 2023-01-01 2023-12-31 10530850 c:MotorVehicles 2023-01-01 2023-12-31 10530850 c:FurnitureFittings 2023-01-01 2023-12-31 10530850 c:ComputerEquipment 2023-01-01 2023-12-31 10530850 c:Goodwill 2023-01-01 2023-12-31 10530850 c:CurrentFinancialInstruments 2023-12-31 10530850 c:CurrentFinancialInstruments 2022-12-31 10530850 c:Non-currentFinancialInstruments 2023-12-31 10530850 c:Non-currentFinancialInstruments 2022-12-31 10530850 c:Non-currentFinancialInstruments c:AfterOneYear 2023-12-31 10530850 c:Non-currentFinancialInstruments c:AfterOneYear 2022-12-31 10530850 c:ShareCapital 2023-01-01 2023-12-31 10530850 c:ShareCapital 2023-12-31 10530850 c:ShareCapital 2022-01-01 2022-12-31 10530850 c:ShareCapital 2022-12-31 10530850 c:ShareCapital 2022-01-01 10530850 c:CapitalRedemptionReserve 2023-01-01 2023-12-31 10530850 c:CapitalRedemptionReserve 2023-12-31 10530850 c:CapitalRedemptionReserve 2022-01-01 2022-12-31 10530850 c:CapitalRedemptionReserve 2022-12-31 10530850 c:CapitalRedemptionReserve 2022-01-01 10530850 c:MergerReserve 2023-01-01 2023-12-31 10530850 c:MergerReserve 2023-12-31 10530850 c:MergerReserve 2022-01-01 2022-12-31 10530850 c:MergerReserve 2022-12-31 10530850 c:MergerReserve 2022-01-01 10530850 c:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 10530850 c:RetainedEarningsAccumulatedLosses 2023-12-31 10530850 c:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 10530850 c:RetainedEarningsAccumulatedLosses 2022-12-31 10530850 c:RetainedEarningsAccumulatedLosses 2022-01-01 10530850 d:OrdinaryShareClass1 2023-01-01 2023-12-31 10530850 d:OrdinaryShareClass1 2023-12-31 10530850 d:OrdinaryShareClass1 2022-12-31 10530850 d:OrdinaryShareClass2 2023-01-01 2023-12-31 10530850 d:OrdinaryShareClass2 2023-12-31 10530850 d:OrdinaryShareClass2 2022-12-31 10530850 d:OrdinaryShareClass3 2023-01-01 2023-12-31 10530850 d:OrdinaryShareClass3 2023-12-31 10530850 d:OrdinaryShareClass3 2022-12-31 10530850 d:OrdinaryShareClass4 2023-01-01 2023-12-31 10530850 d:OrdinaryShareClass4 2023-12-31 10530850 d:OrdinaryShareClass4 2022-12-31 10530850 d:OrdinaryShareClass5 2023-01-01 2023-12-31 10530850 d:OrdinaryShareClass5 2023-12-31 10530850 d:OrdinaryShareClass5 2022-12-31 10530850 d:FRS102 2023-01-01 2023-12-31 10530850 d:Audited 2023-01-01 2023-12-31 10530850 d:FullAccounts 2023-01-01 2023-12-31 10530850 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 10530850 c:Subsidiary1 2023-01-01 2023-12-31 10530850 c:Subsidiary1 1 2023-01-01 2023-12-31 10530850 c:Subsidiary2 2023-01-01 2023-12-31 10530850 c:Subsidiary2 1 2023-01-01 2023-12-31 10530850 c:Subsidiary4 2023-01-01 2023-12-31 10530850 c:Subsidiary4 1 2023-01-01 2023-12-31 10530850 c:Subsidiary5 2023-01-01 2023-12-31 10530850 c:Subsidiary5 1 2023-01-01 2023-12-31 10530850 c:Subsidiary6 2023-01-01 2023-12-31 10530850 c:Subsidiary6 1 2023-01-01 2023-12-31 10530850 d:Consolidated 2023-12-31 10530850 d:ConsolidatedGroupCompanyAccounts 2023-01-01 2023-12-31 10530850 2 2023-01-01 2023-12-31 10530850 6 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 10530850










RTFH LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
RTFH LIMITED
 
 
COMPANY INFORMATION


Directors
B Boyden 
J T Boyden 
J Boyden 
K Boyden 




Company secretary
J Squires



Registered number
10530850



Registered office
Rayburn House
Brunel Parkway

Pride Park

Derby

Derbyshire

DE24 8HR




Independent auditors
Xeinadin Audit Limited
Chartered Accountants & Registered Auditor

8th Floor Becket House

36 Old Jewry

London

EC2R 8DD





 
RTFH LIMITED
 

CONTENTS



Page
Group strategic report
1 - 3
Directors' report
4 - 5
Independent auditors' report
6 - 9
Consolidated statement of comprehensive income
10
Consolidated statement of financial position
11 - 12
Company statement of financial position
13
Consolidated statement of changes in equity
14 - 15
Company statement of changes in equity
16 - 17
Consolidated statement of cash flows
18 - 19
Notes to the financial statements
20 - 40


 
RTFH LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The Directors present their annual report for the year ended 31st December 2023.

Business review and principal activity
 
The Company proudly continues as a 100% owned family business, which we believe has encouraged a strong, successful recruitment drive to continue throughout 2023, despite a general industry shortage. Our core business of providing quality educational tours for school children along with music performance tours, ski, sport and activity experiences is now back to pre-pandemic levels. Our events-based sports programme is also now fully operational after being hampered by the aftermath of Covid.

During the year, the Directors continued to implement policies in order to achieve the three-year strategic plan. These developed into the following key areas. Growth and retention of staff, greater work freedom from new flexible working, re-establishing the strong alliances with our suppliers, enhancing commercial awareness in our front-line staff and strengthening our financial framework.

2023 saw the bounce back which we had predicted last year, with the following improvements:

Number of Group tours increased by 65%
Number of passengers carried increased by 96%
Reduction in passenger cancellations by 242%
Increase in turnover of 105%
Increase in gross profit of 74%
Increase in net profit of 35%

Strategies

Flexible working: Rayburn Tours Management adopts a flexible working approach, enabling a hybrid working arrangement that empowers and trusts staff to work in a way that supports them and others and enhances their own lifestyle.
Wellbeing: A targeted approach to staff wellbeing and effective support whether financial, mental, or physical.
Sustainability: The partnership with Carbon Consultancy, who audit our operations, has led to us to balance our Head Office carbon emissions with actions such as electric vehicles, solar panels and energy efficient lighting. We have also committed to investing beyond just balancing our own emissions, through funding projects in the UK that increase biodiversity. We plan to move forward with our sustainable efforts in 2024 by launching our carbon calculator, joining Travelife backed by ABTA and start assessing the feasibility of carbon labelling our tours.
Growth and Performance: Innovative and diligent product development together with the ever-developing skills of our marketing team continues to play a key role in our growth and our task in improving margins. This together with a strong and competent sales and ops team we see the coming year as another one of solid, pleasing performance.

Page 1

 
RTFH LIMITED
 

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

Principal risks and uncertainties
 
The Directors consider the following to be the principal risks and uncertainties facing the Group:
Economic volatility
The current UK economic situation may give rise to a number of uncertainties which could impact upon the company’s sales and financial performance. The Directors consider that with the strength of present confirmed sales, next year will not be damagingly affected.
Market Risk
The competitive nature and new entrants to our market is always a continuing risk. The Group devotes much resource to ensure it delivers measurable, exceptional customer service. Our supplier network, never taken for granted, is also a strength. Competitive products with competitive pricing also ensure the Company maintains a strong standing in the educational travel market.  
Currency Risk 
 The Group is also exposed to foreign currency exchange fluctuations. This exposure is mitigated by ensuring that rates are monitored daily and a robust hedging system is in place to protect the company and customers against these movements.
Customer safeguarding and contractual challenges 
We review our policies regularly and comply with the recommended practices and codes of conduct of our regulatory bodies ie. the Civil Aviation Authority, ABTA, ABTOT, the School Travel Forum, and the Council for Learning Outside the Classroom.
Financial Regulation
The Group is required to adhere to the rules of various regulators, notably important are the CAA (Civil Aviation Authority) to obtain an ATOL (Air Travel Organisers Licence) and ABTA (The association of British Travel Agents) and ABTOT (Association of Bonded Travel Organisers Trust) to obtain a bond to protect non-air travellers. 

Financial key performance indicators
 
The Directors continue to consider that the major KPI's used to monitor and review the financial performance of the business are turnover, gross profit margin and group booking numbers.
Whilst these KPI's are the headline performance figures, there is the ability, with the use of sophisticated systems to monitor, very closely and accurately, sales and marketing performance data as well as the many aspects of staff efficiency and performance.

Other key performance indicators
 

Operational and administrative costs are continually monitored which allows instant reaction to costing parameters. The committed on-going training programme, which has now restarted, still continues to be immensely valuable in maintaining high levels of performance and the Investors in People Gold Standard is a great accreditation to the importance placed on this activity.

Page 2

 
RTFH LIMITED
 

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


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



................................................
J Boyden
Director

Date: 25 July 2024

Page 3

 
RTFH 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 Group strategic report, the Directors' report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

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


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

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £223,469 (2022 - loss £337,035).

The directors have recommended a dividend amounting to £nil (2022: £nil).

Directors

The directors who served during the year were:

B Boyden 
J T Boyden 
J Boyden 
K Boyden 

Future developments

The Group’s plan for growth is consistent with the plan which was in place from the pre-Covid period. That is: to see not only strong organic growth but to continue with any acquisitions which strengthen and complement our ever expanding product range. These plans had been halted due to the pandemic. We see no reason why the re-start of these plans should not be able to commence during next year. 

Page 4

 
RTFH LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

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 and the Group'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 the Group's auditors are aware of that information.

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 25 July 2024 and signed on its behalf.
 





................................................
J Boyden
Director

Page 5

 
RTFH LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RTFH LIMITED
 

Opinion


We have audited the financial statements of RTFH Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Group Statement of comprehensive income, the Group and Company Statements of financial position, the Group Statement of cash flows, the Group and Company 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 Group's and of the parent Company's affairs as at 31 December 2023 and of the Group's profit 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 Group 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 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, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent 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 6

 
RTFH LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RTFH 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 Report.  Our 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 Group 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 Group 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company 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 4, 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
RTFH LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RTFH 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 Group 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;
Enquiry of management and those charged with governance to identify any instances of non-compliance with laws and regulations;
Reviewing minutes of meetings of those charged with governance;
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.

Firstly, the Group 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 assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly, the Group is subject to many other laws and regulations where the consequence of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance the imposition of fines or litigation or the loss of the Group’s license to operate. We identified the following areas as those most likely to have such an effect: health and safety, data protection laws, anti-bribery, money laundering, employment law and ABTA, ABTOT and ATOL compliance recognising the nature of the Group’s activities. 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 Auditors' report.
Page 8

 
RTFH LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RTFH LIMITED (CONTINUED)




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.





Karanjit Gill FCCA (Senior statutory auditor)
  
for and on behalf of
Xeinadin Audit Limited
 
Chartered Accountants
Registered Auditor
  
8th Floor Becket House
36 Old Jewry
London
EC2R 8DD

25 July 2024
Page 9

 
RTFH LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

  

Turnover
 4 
24,253,957
12,488,686

Cost of sales
  
(19,429,978)
(9,426,057)

Gross profit
  
4,823,979
3,062,629

Administrative expenses
  
(4,634,822)
(3,598,657)

Other operating income
 5 
104,124
122,512

Operating profit/(loss)
 6 
293,281
(413,516)

Interest receivable and similar income
 10 
118,052
5,231

Interest payable and similar expenses
 11 
(27,548)
25,655

Profit/(loss) before taxation
  
383,785
(382,630)

Tax on profit/(loss)
 12 
(160,316)
45,595

Profit/(loss) for the financial year
  
223,469
(337,035)

Profit/(loss) for the year attributable to:
  

Owners of the parent Company
  
223,469
(337,035)

  
223,469
(337,035)

Total comprehensive income for the year attributable to:
  

Owners of the parent Company
  
223,469
(337,035)

  
223,469
(337,035)

There were no recognised gains and losses for 2023 or 2022 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 20 to 40 form part of these financial statements.

Page 10

 
RTFH LIMITED
REGISTERED NUMBER: 10530850

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 14 
3,918,422
4,211,000

Tangible assets
 15 
1,274,156
1,303,575

Investment property
 17 
1,037,313
1,037,313

  
6,229,891
6,551,888

Current assets
  

Stocks
 18 
22,920
22,139

Debtors
 19 
3,942,101
3,745,899

Cash at bank and in hand
 20 
7,047,067
5,315,825

  
11,012,088
9,083,863

Creditors: amounts falling due within one year
 21 
(12,160,501)
(10,354,205)

Net current liabilities
  
 
 
(1,148,413)
 
 
(1,270,342)

Total assets less current liabilities
  
5,081,478
5,281,546

Creditors: amounts falling due after more than one year
 22 
(3,131,094)
(3,554,631)

Provisions for liabilities
  

  

Net assets
  
1,950,384
1,726,915


Capital and reserves
  

Called up share capital 
 26 
4,000
4,000

Capital redemption reserve
  
411,650
411,650

Merger reserve
  
2,396,000
2,396,000

Profit and loss account
  
(861,266)
(1,084,735)

Equity attributable to owners of the parent Company
  
1,950,384
1,726,915

  
1,950,384
1,726,915


Page 11

 
RTFH LIMITED
REGISTERED NUMBER: 10530850
    
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

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


................................................
J Boyden
Director

Date: 25 July 2024

Page 12

 
RTFH LIMITED
REGISTERED NUMBER: 10530850

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 16 
6,000,000
6,000,000

Current assets
  

Debtors
 19 
-
18,096

  
-
18,096

Total assets less current liabilities
  
 
 
6,000,000
 
 
6,018,096

  

Creditors: amounts falling due after more than one year
 22 
(930,159)
(969,114)

  

Net assets
  
5,069,841
5,048,982


Capital and reserves
  

Called up share capital 
 26 
4,000
4,000

Capital redemption reserve
  
411,650
411,650

Merger reserve
  
2,396,000
2,396,000

Profit and loss account
  
2,258,191
2,237,332

  
5,069,841
5,048,982


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




................................................
J Boyden
Director

Date: 25 July 2024

The notes on pages 20 to 40 form part of these financial statements.

Page 13

 
RTFH LIMITED
 

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


Called up share capital
Capital redemption reserve
Merger reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 January 2023
4,000
411,650
2,396,000
(1,084,735)
1,726,915


Comprehensive income for the year

Profit for the year

-
-
-
223,469
223,469


Other comprehensive income for the year
-
-
-
-
-


Total comprehensive income for the year
-
-
-
223,469
223,469


Total transactions with owners
-
-
-
-
-


At 31 December 2023
4,000
411,650
2,396,000
(861,266)
1,950,384


The notes on pages 20 to 40 form part of these financial statements.

Page 14

 
RTFH LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Capital redemption reserve
Merger reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 January 2022
4,000
411,650
2,396,000
(747,700)
2,063,950


Comprehensive income for the year

Loss for the year

-
-
-
(337,035)
(337,035)


Other comprehensive income for the year
-
-
-
-
-


Total comprehensive income for the year
-
-
-
(337,035)
(337,035)


Total transactions with owners
-
-
-
-
-


At 31 December 2022
4,000
411,650
2,396,000
(1,084,735)
1,726,915


The notes on pages 20 to 40 form part of these financial statements.

Page 15

 
RTFH LIMITED
 

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


Called up share capital
Capital redemption reserve
Merger reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 January 2023
4,000
411,650
2,396,000
2,237,332
5,048,982


Comprehensive income for the year

Profit for the year

-
-
-
20,859
20,859


Other comprehensive income for the year
-
-
-
-
-


Total comprehensive income for the year
-
-
-
20,859
20,859


Total transactions with owners
-
-
-
-
-


At 31 December 2023
4,000
411,650
2,396,000
2,258,191
5,069,841


The notes on pages 20 to 40 form part of these financial statements.

Page 16

 
RTFH LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Capital redemption reserve
Merger reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 January 2022
4,000
411,650
2,396,000
2,170,350
4,982,000


Comprehensive income for the year

Profit for the year

-
-
-
66,982
66,982


Other comprehensive income for the year
-
-
-
-
-


Total comprehensive income for the year
-
-
-
66,982
66,982


Total transactions with owners
-
-
-
-
-


At 31 December 2022
4,000
411,650
2,396,000
2,237,332
5,048,982


The notes on pages 20 to 40 form part of these financial statements.

Page 17

 
RTFH LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit/(loss) for the financial year
223,469
(337,035)

Adjustments for:

Amortisation of intangible assets
295,607
303,877

Depreciation of tangible assets
140,153
125,041

Loss on disposal of tangible assets
3,046
(21,866)

Government grants
-
(11,734)

Interest paid
27,548
(25,655)

Interest received
(118,052)
(5,231)

Taxation charge
160,316
(45,595)

(Increase)/decrease in stocks
(781)
3,048

(Increase) in debtors
(326,133)
(1,958,105)

Increase in creditors
1,690,779
5,767,188

Net cash generated from operating activities

2,095,952
3,793,933


Cash flows from investing activities

Purchase of intangible fixed assets
(21,240)
(14,950)

Purchase of tangible fixed assets
(140,792)
(297,847)

Sale of tangible fixed assets
45,222
34,224

Government grants received
-
11,734

Interest received
118,052
5,231

HP interest paid
(359)
(30)

Net cash from investing activities

883
(261,638)

Cash flows from financing activities

Repayment of loans
(327,833)
(320,459)

Repayment of/new finance leases
(6,028)
23,610

Interest paid
(27,189)
25,685

Net cash used in financing activities
(361,050)
(271,164)
Page 18

 
RTFH LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


2023
2022

£
£



Net increase in cash and cash equivalents
1,735,785
3,261,131

Cash and cash equivalents at beginning of year
5,311,282
2,050,151

Cash and cash equivalents at the end of year
7,047,067
5,311,282


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
7,047,067
5,315,825

Bank overdrafts
-
(4,543)

7,047,067
5,311,282


The notes on pages 20 to 40 form part of these financial statements.

Page 19

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

1.


General information

RTFH Limited is a private company limited by shares incorporated in England and Wales, United Kingdom.
The registered address of the company is Rayburn House, 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 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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

  
2.3

Exemptions for qualifying entities under FRS 102

RTFH Limited, as an individual entity, meets the definition of a qualifying entity per FRS 102 and has taken advantage of the exemption available in paragraph 1.12 of FRS 102 from presenting a company only statement of cash flows. These consolidated financial statements include a consolidated statement of cash flows which include the cash flows of RTFH Limited.

 
2.4

Going concern

Based on the strength of the balance sheet, the directors are confident that the group, 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.

Page 20

 
RTFH 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 Group's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.6

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents the amount receivable for the provision of goods and services throughout the year, net of returns, discounts and rebates allowed by the Group and value added taxes. 
The Group recognises revenue when (a) a tour departs; (b) the significant risks and rewards of ownership have been transferred to the buyer; (c) the Group retains no continuing involvement or control over the services; (d) the amount of revenue can be measured reliably; (e) it is probable that future economic benefits will flow to the entity and (f) when the specific criteria relating to each of the Group's sales channels have  been met. 
Deposits received at the period end relating to tours commencing after the period end are deferred and are included within deferred income. Where tours depart after the year end but where payments have been made in advance to suppliers are included within prepayments. 

Page 21

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

2.Accounting policies (continued)

 
2.7

Operating leases: the Group 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 consolidated statement of comprehensive income in the same period as the related expenditure. During the year the Group benefitted from support in the way of the local government grants (Note 5).

 
2.9

Interest income

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

 
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

Borrowing costs

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

 
2.12

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

Page 22

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

2.Accounting policies (continued)

 
2.13

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 and the Group operate and generate 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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.

 
2.14

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life.

Other 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.

Page 23

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

2.Accounting policies (continued)

 
2.15

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, methods detailed below .

Depreciation is provided on the following basis:

Long-term leasehold property
-
2 - 4% straight line
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
15 - 40% reducing balance
Computer equipment
-
33.33% straight line

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.

 
2.16

Investment property

Investment property is carried at fair value determined annually by external valuers, where not possible the directors, and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.17

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group 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 Consolidated statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.18

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.

Page 24

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

2.Accounting policies (continued)

  
2.19

Loan notes

Loan notes, which are basic financial instruments, are intially recorded at the present value of future payments discounted at a market rate of interest for a similar loan. Adjustments for present value are recognised within the capital contribution reserve. Subsequently, they are measured at amortised cost using the effective interest method. Notional interest is recognised within the Income Statement when it is charged and subsequently transferred to the capital contribution reserve. Loan notes that are receivable within one year are not discounted. 

 
2.20

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.

 
2.21

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.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.22

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.

 
2.23

Provisions for liabilities

Provisions are made where an event has taken place that gives the Group 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 Group 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.

 
2.24

Financial instruments

The Group 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 Consolidated statement of comprehensive income.
Page 25

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

2.Accounting policies (continued)


2.24
Financial instruments (continued)


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.


Judgments in applying accounting policies and key sources of estimation uncertainty

The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below;
(i) Useful economic lives of tangible assets and intangible assets:
The annual depreciation charge of tangible and intangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.
(ii) Valuation of investment properties:
The Group show investment properties at their fair value. The directors assess the market conditions affecting such properties when assessing the fair value at each period end.
(iii) Impairment of debtors:
The Group makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profit of debtors and historical experience. 
(iv) Derivatives - Forward Currency Contracts:
The directors measure forward currency contracts at fair value, which is determined using valuation techniques that utilise observable inputs. The  key assumption used in valuing the forward contracts is the market to market value. 
(v) Impairment of goodwill:
Annually, the Group considers whether goodwill is impaired. When indication of impairment is identified the estimation of recoverable value requires estimation of the recoverable value of the cash generating units (CGUs). This requires estimation of the future cash flows from the CGUs and also selection of appropriate discount rates in order to calculate the net present value of those cash flows.  

Page 26

 
RTFH 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
£
£

Invoiced Tours
24,253,957
12,488,686

24,253,957
12,488,686


All turnover arose within the United Kingdom.


5.


Other operating income

2023
2022
£
£

Other operating income
1,891
1,422

Net rents receivable
102,233
109,356

Government grants
-
11,734

104,124
122,512



6.


Operating profit/(loss)

The operating profit/(loss) is stated after charging:

2023
2022
£
£

Exchange differences
(714,624)
(189,798)

Other operating lease rentals
23,804
33,633


7.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
25,920
24,287

Page 27

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

8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
2023
2022
£
£


Wages and salaries
3,446,100
2,175,770

Social security costs
365,958
247,408

Cost of defined contribution scheme
87,611
56,870

3,899,669
2,480,048


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


        2023
        2022
            No.
            No.







Directors
4
4



Staff
103
69

107
73


9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
377,429
299,985

377,429
299,985


The highest paid director received remuneration of £98,248 (2022 - £89,093).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2022 - £NIL).


10.


Interest receivable

2023
2022
£
£


Other interest receivable
118,052
5,231

118,052
5,231

Page 28

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

11.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
65,337
39,816

Notional loan interest
(38,148)
(65,501)

Finance leases and hire purchase contracts
359
30

27,548
(25,655)


12.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
30,384
-

Adjustments in respect of previous periods
18,096
-


48,480
-


Total current tax
48,480
-

Deferred tax


Origination and reversal of timing differences
122,155
(45,595)

Changes to tax rates
(690)
-

Adjustment in respect of prior periods
(9,629)
-

Total deferred tax
111,836
(45,595)


Taxation on profit/(loss) on ordinary activities
160,316
(45,595)
Page 29

 
RTFH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - the same as) the standard rate of corporation tax in the UK of 23.52% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit/(loss) on ordinary activities before tax
383,785
(382,630)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
90,266
(72,700)

Effects of:


Expenses not deductible for tax purposes
64,435
57,411

Capital allowances for year in excess of depreciation
-
(6,878)

Adjustments to tax charge in respect of prior periods
18,096
-

Adjustments to tax charge in respect of prior periods - deferred tax
(12,251)
-

Movement in deferred tax not recognised
(7,259)
-

Other differences leading to an increase (decrease) in the tax charge
(614)
240

Deferred tax remeasurement
7,643
(23,668)

Total tax charge for the year
160,316
(45,595)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


13.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The profit after tax of the parent Company for the year was £20,859 (2022 - £66,982).

Page 30

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

14.


Intangible assets

Group





Computer software
Goodwill
Total

£
£
£



Cost


At 1 January 2023
422,244
5,533,643
5,955,887


Additions
21,240
-
21,240



At 31 December 2023

443,484
5,533,643
5,977,127



Amortisation


At 1 January 2023
376,488
1,368,399
1,744,887


Charge for the year on owned assets
41,162
272,656
313,818



At 31 December 2023

417,650
1,641,055
2,058,705



Net book value



At 31 December 2023
25,834
3,892,588
3,918,422



At 31 December 2022
45,756
4,165,244
4,211,000



Page 31

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

15.


Tangible fixed assets

Group






Land and buildings
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
1,197,877
228,810
959,963
369,580
2,756,230


Additions
-
63,751
18,797
58,244
140,792


Disposals
-
(69,000)
-
-
(69,000)



At 31 December 2023

1,197,877
223,561
978,760
427,824
2,828,022



Depreciation


At 1 January 2023
218,674
45,552
920,245
268,184
1,452,655


Charge for the year on owned assets
28,611
43,047
14,071
36,214
121,943


Disposals
-
(20,732)
-
-
(20,732)



At 31 December 2023

247,285
67,867
934,316
304,398
1,553,866



Net book value



At 31 December 2023
950,592
155,694
44,444
123,426
1,274,156



At 31 December 2022
979,203
183,258
39,718
101,396
1,303,575




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Long leasehold
950,592
979,203

950,592
979,203


Page 32

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

16.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
6,000,000



At 31 December 2023
6,000,000





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Rayburn Tours Limited
Rayburn House, 37 Brunel Parkway, Derby, DE24 8HR
Ordinary
100%
Rayburn Tours Transport Services Limited
Rayburn House, 37 Brunel Parkway, Derby, DE24 8HR
Ordinary
100%
Venture Abroad Limited
Rayburn House, 37 Brunel Parkway, Derby, DE24 8HR
Ordinary
100%
Sports Tours Limited
Rayburn House, 37 Brunel Parkway, Derby, DE24 8HR
Ordinary
100%
Sports Tours Travel Limited
Rayburn House, 37 Brunel Parkway, Derby, DE24 8HR
Ordinary
100%

Page 33

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

17.


Investment property

Group


Freehold investment property

£



Valuation


At 1 January 2023
1,037,313



At 31 December 2023
1,037,313

The 2023 valuations were made by the directors, on an open market value for existing use basis.




The freehold property situated at Charnwood Street, Derby, was valued at £415,000 on an open market basis on 14 October 2013 by Stephen Jones and Associates, Chartered Surveyors. The property was acquired in 1991 at a cost of £138,170. Improvements to the property cost £23,718.
One freehold property situated at Cowley Street, Derby, was acquired in 2014 at a cost of £111,021. Improvements to the property cost £17,827.
Another freehold property, situated at Cowley Street, Derby, was acquired in 2015 at a cost of £465,139.
The directors review the values at each period end and believe that these values are still appropriate. 

The 2023 valuations were made by the directors, on an open market value for existing use basis.


18.


Stocks

Group
Group
2023
2022
£
£

Finished goods
22,920
22,139

22,920
22,139


Page 34

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

19.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£



Trade debtors
133,230
153,705
-
-

Other debtors
83,413
122,622
-
18,096

Prepayments and accrued income
3,637,294
3,269,572
-
-

Deferred taxation
88,164
200,000
-
-

3,942,101
3,745,899
-
18,096



20.


Cash and cash equivalents

Group
Group
2023
2022
£
£

Cash at bank and in hand
7,047,067
5,315,825

Less: bank overdrafts
-
(4,543)

7,047,067
5,311,282



21.


Creditors: Amounts falling due within one year

Group
Group
2023
2022
£
£

Bank overdrafts
-
4,543

Bank loans
321,108
261,107

Trade creditors
425,754
416,369

Corporation tax
30,384
-

Other taxation and social security
4,963
4,187

Obligations under finance lease and hire purchase contracts
6,028
6,027

Other creditors
77,747
52,223

Accruals and deferred income
11,294,517
9,609,749

12,160,501
10,354,205


Page 35

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

22.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank loans
522,315
910,149
-
-

Net obligations under finance leases and hire purchase contracts
11,554
17,583
-
-

Other creditors
1,754,235
1,878,580
930,159
969,114

Accruals and deferred income
842,990
748,319
-
-

3,131,094
3,554,631
930,159
969,114



The following liabilities were secured:
Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Bank loans
843,243
1,171,256
-
-

Loan notes
930,159
969,114
930,159
969,114

1,773,402
2,140,370
930,159
969,114

Details of security provided:

The Group has a secured loan of £1,395,000 through the Coronavirus Business Interruption Scheme. The loan is guaranteed by the UK government. 
The other bank loans are secured by a fixed and floating charge over the properties of Rayburn Tours Limited.
The loan notes are secured by a fixed and floating charge over all present and future assets of Rayburn Tours (Holdings) Limited and Rayburn Tours Limited.
The loan notes totalling £930,159 represent the amortised cost as at 31 December 2023. The cash value of the loan notes as at 31 December 2023 is £1,008,067.



Page 36

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

23.


Loans


Analysis of the maturity of loans is given below:


Group
Group
2023
2022
£
£

Amounts falling due within one year

Bank loans
321,108
261,107


321,108
261,107

Amounts falling due 1-2 years

Bank loans
522,315
762,390


522,315
762,390

Amounts falling due 2-5 years

Bank loans
-
147,759


-
147,759


843,423
1,171,256



24.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2023
2022
£
£

Within one year
6,028
-

Between 1-5 years
11,554
23,610

17,582
23,610

Page 37

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

25.


Deferred taxation


Group



2023


£






At beginning of year
200,000


Charged to profit or loss
(111,836)



At end of year
88,164

The deferred tax asset is made up as follows:

Group
Group
2023
2022
£
£

Accelerated capital allowances
4,012
(6,677)

Tax losses carried forward
84,049
206,677

Short term timing difference
103
-

88,164
200,000

Page 38

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

26.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,000 (2022 - 1,000) Ordinary A shares of £1.00 each
1,000
1,000
1,000 (2022 - 1,000) Ordinary B shares of £1.00 each
1,000
1,000
500 (2022 - 500) Ordinary C shares of £1.00 each
500
500
500 (2022 - 500) Ordinary D shares of £1.00 each
500
500
1,000 (2022 - 1,000) Ordinary E shares of £1.00 each
1,000
1,000

4,000

4,000



27.


Contingent liabilities

Group companies currently hold an Air Travel Organisers' License ('ATOL') issued by the Civil Aviation Authority ('CAA'). 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 ATOL bonds amounting to £1,825,336 (2022: £nil).
During the year, the Group 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 Group in the normal course of business to Travel & General Insurance Company Plc in respect of ABTA bonds (2022: £3,960,717).
During the year, the Group 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 Group in the normal course of business to Travel & General Insurance Company Plc in respect of ABTOT bonds amounting to £1,858,481 (2022: £nil).


28.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held seperately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted £87,611 (2022: £56,870). Contributions totalling £1,112 (2022: £nil) were payable to the fund at the balance sheet date and included within other creditors. 

Page 39

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

29.


Commitments under operating leases

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


Group
Group
2023
2022
£
£

Not later than 1 year
10,322
18,086

Later than 1 year and not later than 5 years
17,297
27,618

27,619
45,704

30.


Related party transactions

The Company has taken advantage of 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.
Transactions between Group entities which have been eliminated on consolidation are not disclosed within the financial statements.
During the year the Group had a loan account with the director, J Boyden. Advances totalled £87,457 and credits totalled £nil. At the year end, J Boyden was owed £824,152 (2022: £911,608) from the Group.
During the year the Group had a loan account with the director, K Boyden. Advances totalled £3,873 and credits totalled £133. At the year end,  K Boyden owed the Group £3,739 (2022: £161).
During the year the Group had a loan account with the director, J T Boyden. Advances totalled £9,940 and credits totalled £nil. At the year end, J T Boyden owed the Group £9,940 (2022: £761).
J Boyden and B Boyden, directors, are trustees of Rayburn Tours Pension scheme. During the year, rent was paid to the pension scheme amounting to £40,000 (2022: £40,000).


31.


Controlling party

There is no ultimate controlling party, as no one shareholder has a majority stake over voting rights. 

 
Page 40