Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-01falsefalseTour operator10269false 01853736 2023-01-01 2023-12-31 01853736 c:EntityControlledByKeyManagementPersonnel5 2023-01-01 2023-12-31 01853736 c:EntityControlledByKeyManagementPersonnel4 2023-01-01 2023-12-31 01853736 c:EntityControlledByKeyManagementPersonnel3 2023-01-01 2023-12-31 01853736 c:EntityControlledByKeyManagementPersonnel2 2023-01-01 2023-12-31 01853736 c:EntityControlledByKeyManagementPersonnel1 2023-01-01 2023-12-31 01853736 2022-01-01 2022-12-31 01853736 2023-12-31 01853736 c:EntityControlledByKeyManagementPersonnel5 2023-12-31 01853736 c:EntityControlledByKeyManagementPersonnel4 2023-12-31 01853736 c:EntityControlledByKeyManagementPersonnel3 2023-12-31 01853736 c:EntityControlledByKeyManagementPersonnel2 2023-12-31 01853736 c:EntityControlledByKeyManagementPersonnel1 2023-12-31 01853736 2022-12-31 01853736 c:EntityControlledByKeyManagementPersonnel2 2022-12-31 01853736 c:EntityControlledByKeyManagementPersonnel1 2022-12-31 01853736 2022-01-01 01853736 1 2023-01-01 2023-12-31 01853736 1 2022-01-01 2022-12-31 01853736 c:Exceptional 2023-01-01 2023-12-31 01853736 c:Exceptional 2022-01-01 2022-12-31 01853736 e:CompanySecretary1 2023-01-01 2023-12-31 01853736 e:Director1 2023-01-01 2023-12-31 01853736 e:Director2 2023-01-01 2023-12-31 01853736 e:Director3 2023-01-01 2023-12-31 01853736 e:Director4 2023-01-01 2023-12-31 01853736 e:Director5 2023-01-01 2023-12-31 01853736 e:RegisteredOffice 2023-01-01 2023-12-31 01853736 c:Buildings c:LongLeaseholdAssets 2023-01-01 2023-12-31 01853736 c:Buildings c:LongLeaseholdAssets 2023-12-31 01853736 c:Buildings c:LongLeaseholdAssets 2022-12-31 01853736 c:LandBuildings 2023-12-31 01853736 c:LandBuildings 2022-12-31 01853736 c:MotorVehicles 2023-01-01 2023-12-31 01853736 c:MotorVehicles 2023-12-31 01853736 c:MotorVehicles 2022-12-31 01853736 c:MotorVehicles c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01853736 c:FurnitureFittings 2023-01-01 2023-12-31 01853736 c:FurnitureFittings 2023-12-31 01853736 c:FurnitureFittings 2022-12-31 01853736 c:FurnitureFittings c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01853736 c:ComputerEquipment 2023-01-01 2023-12-31 01853736 c:ComputerEquipment 2023-12-31 01853736 c:ComputerEquipment 2022-12-31 01853736 c:ComputerEquipment c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01853736 c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01853736 c:Goodwill 2023-01-01 2023-12-31 01853736 c:Goodwill 2023-12-31 01853736 c:Goodwill 2022-12-31 01853736 c:ComputerSoftware 2023-12-31 01853736 c:ComputerSoftware 2022-12-31 01853736 c:FreeholdInvestmentProperty 2023-12-31 01853736 c:FreeholdInvestmentProperty 2022-12-31 01853736 c:CurrentFinancialInstruments 2023-12-31 01853736 c:CurrentFinancialInstruments 2022-12-31 01853736 c:Non-currentFinancialInstruments 2023-12-31 01853736 c:Non-currentFinancialInstruments 2022-12-31 01853736 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 01853736 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 01853736 c:Non-currentFinancialInstruments c:AfterOneYear 2023-12-31 01853736 c:Non-currentFinancialInstruments c:AfterOneYear 2022-12-31 01853736 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2023-12-31 01853736 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2022-12-31 01853736 c:ReportableOperatingSegment1 2023-01-01 2023-12-31 01853736 c:ReportableOperatingSegment1 2022-01-01 2022-12-31 01853736 c:UKTax 2023-01-01 2023-12-31 01853736 c:UKTax 2022-01-01 2022-12-31 01853736 c:ShareCapital 2023-01-01 2023-12-31 01853736 c:ShareCapital 2023-12-31 01853736 c:ShareCapital 2022-01-01 2022-12-31 01853736 c:ShareCapital 2022-12-31 01853736 c:ShareCapital 2022-01-01 01853736 c:RevaluationReserve 2023-01-01 2023-12-31 01853736 c:RevaluationReserve 2023-12-31 01853736 c:RevaluationReserve 2022-01-01 2022-12-31 01853736 c:RevaluationReserve 2022-12-31 01853736 c:RevaluationReserve 2022-01-01 01853736 c:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 01853736 c:RetainedEarningsAccumulatedLosses 2023-12-31 01853736 c:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 01853736 c:RetainedEarningsAccumulatedLosses 2022-12-31 01853736 c:RetainedEarningsAccumulatedLosses 2022-01-01 01853736 c:AcceleratedTaxDepreciationDeferredTax 2023-12-31 01853736 c:AcceleratedTaxDepreciationDeferredTax 2022-12-31 01853736 c:TaxLossesCarry-forwardsDeferredTax 2023-12-31 01853736 c:TaxLossesCarry-forwardsDeferredTax 2022-12-31 01853736 e:OrdinaryShareClass1 2023-01-01 2023-12-31 01853736 e:OrdinaryShareClass1 2023-12-31 01853736 e:OrdinaryShareClass1 2022-12-31 01853736 e:FRS102 2023-01-01 2023-12-31 01853736 e:Audited 2023-01-01 2023-12-31 01853736 e:FullAccounts 2023-01-01 2023-12-31 01853736 e:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 01853736 c:Subsidiary1 2023-01-01 2023-12-31 01853736 c:Subsidiary1 1 2023-01-01 2023-12-31 01853736 c:Subsidiary2 2023-01-01 2023-12-31 01853736 c:Subsidiary2 1 2023-01-01 2023-12-31 01853736 c:WithinOneYear 2023-12-31 01853736 c:WithinOneYear 2022-12-31 01853736 c:BetweenOneFiveYears 2023-12-31 01853736 c:BetweenOneFiveYears 2022-12-31 01853736 c:Goodwill c:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 01853736 c:ComputerSoftware c:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 01853736 2 2023-01-01 2023-12-31 01853736 4 2023-01-01 2023-12-31 01853736 5 2023-01-01 2023-12-31 01853736 6 2023-01-01 2023-12-31 01853736 c:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 01853736 c:Goodwill c:OwnedIntangibleAssets 2023-01-01 2023-12-31 01853736 c:ComputerSoftware c:OwnedIntangibleAssets 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 01853736


RAYBURN TOURS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 
RAYBURN TOURS LIMITED
 
 
COMPANY INFORMATION


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




Company secretary
B Boyden



Registered number
01853736



Registered office
Rayburn House
37 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





 
RAYBURN TOURS LIMITED
 

CONTENTS



Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditors' report
6 - 9
Statement of comprehensive income
10
Statement of financial position
11 - 12
Statement of changes in equity
13 - 14
Notes to the financial statements
15 - 33


 
RAYBURN TOURS LIMITED
 
 
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

 
RAYBURN TOURS LIMITED
 

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 Company:
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 Company 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 Company 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 Company 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 (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

 
RAYBURN TOURS LIMITED
 

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


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



................................................
L G James
Director

Date: 27 June 2024

Page 3

 
RAYBURN TOURS 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;

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.

Results and dividends

The profit for the year, after taxation, amounted to £547,201 (2022 - £528,389).

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 
L G James 

Future developments

The Company's plan for growth in the next 12 months is purely organic. We are confident that significant achievement in increased output and enhanced sales will take place without having to look for new acquisitions or diversification outside our current market segment.

Page 4

 
RAYBURN TOURS 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'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'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 27 June 2024 and signed on its behalf.
 





................................................
L G James
Director

Page 5

 
RAYBURN TOURS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RAYBURN TOURS LIMITED
 

Opinion


We have audited the financial statements of Rayburn Tours 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 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 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 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 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

 
RAYBURN TOURS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RAYBURN TOURS 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 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 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 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 7

 
RAYBURN TOURS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RAYBURN TOURS 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;
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 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 assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
Secondly, the Company 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 Company’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 ABTOT, ABTA 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

 
RAYBURN TOURS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RAYBURN TOURS 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

27 June 2024
Page 9

 
RAYBURN TOURS LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 3 
22,899,850
11,167,588

Cost of sales
  
(18,372,810)
(8,356,084)

Gross profit
  
4,527,040
2,811,504

Administrative expenses
  
(3,975,435)
(2,955,679)

Exceptional administrative expenses
 12 
-
556,852

Other operating income
 4 
104,124
122,512

Operating profit
 5 
655,729
535,189

Interest receivable and similar income
 9 
118,052
5,231

Interest payable and similar expenses
 10 
(47,988)
(32,980)

Profit before tax
  
725,793
507,440

Tax on profit
 11 
(178,592)
20,949

Profit for the financial year
  
547,201
528,389

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

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

The notes on pages 15 to 33 form part of these financial statements.

Page 10

 
RAYBURN TOURS LIMITED
REGISTERED NUMBER: 01853736

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 13 
17,851
19,562

Tangible assets
 14 
1,229,807
1,256,634

Investments
 15 
4,544
4,544

Investment property
 16 
1,037,313
1,037,313

  
2,289,515
2,318,053

Current assets
  

Stocks
 17 
17,315
18,371

Debtors: amounts falling due within one year
 18 
6,016,610
5,877,529

Cash at bank and in hand
 19 
6,688,441
4,775,187

  
12,722,366
10,671,087

Creditors: amounts falling due within one year
 20 
(12,152,236)
(10,385,920)

Net current assets
  
 
 
570,130
 
 
285,167

Total assets less current liabilities
  
2,859,645
2,603,220

Creditors: amounts falling due after more than one year
 21 
(2,050,399)
(2,341,175)

  

Net assets
  
809,246
262,045


Capital and reserves
  

Called up share capital 
 24 
50,000
50,000

Revaluation reserve
 26 
433,017
433,017

Profit and loss account
 26 
326,229
(220,972)

  
809,246
262,045


Page 11

 
RAYBURN TOURS LIMITED
REGISTERED NUMBER: 01853736
    
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: 




................................................
L G James
Director

Date: 27 June 2024

The notes on pages 15 to 33 form part of these financial statements.

Page 12

 
RAYBURN TOURS LIMITED
 

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


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 January 2023
50,000
433,017
(220,972)
262,045


Comprehensive income for the year

Profit for the year
-
-
547,201
547,201


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
547,201
547,201


Total transactions with owners
-
-
-
-


At 31 December 2023
50,000
433,017
326,229
809,246


The notes on pages 15 to 33 form part of these financial statements.

Page 13

 
RAYBURN TOURS LIMITED
 

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


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 January 2022
50,000
433,017
(749,361)
(266,344)


Comprehensive income for the year

Profit for the year

-
-
528,389
528,389


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
528,389
528,389


Total transactions with owners
-
-
-
-


At 31 December 2022
50,000
433,017
(220,972)
262,045


The notes on pages 15 to 33 form part of these financial statements.

Page 14

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

1.


General information

Rayburn Tours Limited is a private company limited by shares incorporated in England and Wales, United Kingdom. 
The registered address of the company is Rayburn House, 37 Brunel Parkway, Pride Park, Derby, Derbyshire, 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 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 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.

Page 15

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

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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

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

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 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'.

 
2.4

Revenue

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

  
2.5

Advanced payments and receipts

Balances received relating to bookings that depart after the balance sheet date are treated as advance receipts and are seperately disclosed under accruals and deferred income. Payments made to suppliers relating to bookings that depart after the balance sheet date are treated as advance payments and are seperately disclosed under prepayments and accrued income. 

 
2.6

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.

Page 16

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

2.Accounting policies (continued)

 
2.7

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. Grants received during the year were claimed from the Coronavirus Job Retention Scheme and Local Council (Note 25).

 
2.8

Interest income

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

 
2.9

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.

 
2.10

Borrowing costs

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

 
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.

Page 17

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

2.Accounting policies (continued)

 
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.

 
2.13

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
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 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 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 18

 
RAYBURN TOURS 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, method detailed below.

Depreciation is provided on the following basis:

Long-term leasehold property
-
2%
Straight line per annum
Motor vehicles
-
25%
Reducing balance per annum
Fixtures and fittings
-
15%
Reducing balance per annum
Computer equipment
-
33%
Reducing balance per annum

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

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.17

Investment property

Investment property is carried at fair value determined annually by directors judgement 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.

Page 19

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

2.Accounting policies (continued)

 
2.18

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.

 
2.19

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.

 
2.20

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.

 
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 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.

Page 20

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

2.Accounting policies (continued)

 
2.24

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.


Turnover

2023
2022
£
£

Tours
22,899,850
11,167,588

22,899,850
11,167,588


All turnover arose within the United Kingdom.


4.


Other operating income

2023
2022
£
£

Other operating income
1,891
1,422

Net rents receivable
102,233
109,356

Government grants receivable (Note 26)
-
11,734

104,124
122,512



5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

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

Other operating lease rentals
23,804
33,633

Page 21

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

6.


Auditors' remuneration

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


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
25,920
25,920

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.


7.


Employees

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


2023
2022
£
£

Wages and salaries
3,230,662
2,006,183

Social security costs
337,019
221,537

Cost of defined contribution scheme
77,264
47,903

3,644,945
2,275,623


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


        2023
        2022
            No.
            No.







Directors
5
5



Staff
97
64

102
69

Page 22

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

8.


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


9.


Interest receivable

2023
2022
£
£


Other interest receivable
118,052
5,231

118,052
5,231


10.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
47,181
31,499

Other loan interest payable
807
1,481

47,988
32,980

Page 23

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

11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
30,384
-


30,384
-


Total current tax
30,384
-

Deferred tax


Origination and reversal of timing differences
148,898
(20,949)

Changes to tax rates
(690)
-

Total deferred tax
148,208
(20,949)


Taxation on profit/(loss) on ordinary activities
178,592
(20,949)

Factors affecting tax charge for the year

The tax assessed for the year is the same as (2022 - the same as) the standard rate of corporation tax in the UK of 23.52% (2022 - 19%) as set out below:

2023
2022
£
£


Profit on ordinary activities before tax
725,793
507,440


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
170,710
96,414

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
260
345

Adjustments to tax charge in respect of prior periods
-
(5,027)

Adjustments to tax charge in respect of prior periods - deferred tax
(690)
-

Other timing differences leading to an increase (decrease) in taxation
(500)
(6,878)

Non-taxable income
-
(105,803)

Remeasurement of deferred tax for changes in tax rates
8,812
-

Total tax charge for the year
178,592
(20,949)

Page 24

 
RAYBURN TOURS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
11.Taxation (continued)


Factors that may affect future tax charges

The rate of corporation tax has been increased from 19% to 25% with effect from 1 April 2023. Deferred tax assets and liabilities have therefore been remeasured at 25%.


12.


Exceptional items

2023
2022
£
£


Intercompany write off
-
(556,852)

-
(556,852)


13.


Intangible assets




Computer software
Goodwill
Total

£
£
£



Cost


At 1 January 2023
300,297
289,169
589,466


Additions
21,240
-
21,240



At 31 December 2023

321,537
289,169
610,706



Amortisation


At 1 January 2023
280,735
289,169
569,904


Charge for the year on owned assets
22,951
-
22,951



At 31 December 2023

303,686
289,169
592,855



Net book value



At 31 December 2023
17,851
-
17,851



At 31 December 2022
19,562
-
19,562



Page 25

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

14.


Tangible fixed assets





Long-term leasehold property
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
1,192,877
202,859
656,394
369,580
2,421,710


Additions
-
63,751
10,550
58,244
132,545


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



At 31 December 2023

1,192,877
197,610
666,944
427,824
2,485,255



Depreciation


At 1 January 2023
213,674
44,484
638,734
268,184
1,165,076


Charge for the year on owned assets
28,611
37,499
8,780
36,214
111,104


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



At 31 December 2023

242,285
61,251
647,514
304,398
1,255,448



Net book value



At 31 December 2023
950,592
136,359
19,430
123,426
1,229,807



At 31 December 2022
979,203
158,375
17,660
101,396
1,256,634




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 26

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

15.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
4,544



At 31 December 2023
4,544





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Rayburn Tours Transport Services Limited
Rayburn House, 37 Brunel Parkway, Pride Park, Derby, Derbyshire, DE24 8HR
Transport company
Ordinary
100%
Venture Abroad
Rayburn House, 37 Brunel Parkway, Pride Park, Derby, Derbyshire, DE24 8HR
Dormant
Ordinary
100%

Page 27

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

16.


Investment property


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 value 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 have cost £35,259.
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. 


17.


Stocks

2023
2022
£
£

Finished goods
17,315
18,371

17,315
18,371


Page 28

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

18.


Debtors

2023
2022
£
£


Trade debtors
131,480
151,955

Amounts owed by group undertakings
2,345,138
2,895,912

Other debtors
48,992
73,112

Prepayments and accrued income
3,487,886
2,605,228

Deferred taxation
3,114
151,322

6,016,610
5,877,529


Included within prepayments and accrued income are advance payments to suppliers for future travel amounting to £3,058,955 (2022: £2,374,817).


19.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
6,688,441
4,775,187

6,688,441
4,775,187



20.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
233,330
173,329

Trade creditors
366,747
383,103

Amounts owed to group undertakings
797,557
559,016

Corporation tax
30,384
-

Other creditors
39,769
18,140

Accruals and deferred income
10,684,449
9,252,332

12,152,236
10,385,920


Included within accruals and deferred income are advanced receipts from customers for future travel amounting to £10,597,668 (2022: £9,040,036).

Page 29

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

21.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
383,333
683,390

Other creditors
824,076
909,466

Accruals and deferred income
842,990
748,319

2,050,399
2,341,175



22.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
233,330
173,329


233,330
173,329

Amounts falling due 1-2 years

Bank loans
383,333
683,390


383,333
683,390



616,663
856,719


The company secured a loan of £1,000,000 through a Coronavirus Business Interruption Scheme. The loan is guaranteed by the UK government.
The existing bank loans are secured by a fixed and floating charge over the properties of the company, held by Lloyds Bank plc..

Page 30

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

23.


Deferred taxation




2023


£






At beginning of year
151,322


Charged to profit or loss
(148,208)



At end of year
3,114

The deferred tax asset is made up as follows:

2023
2022
£
£


Accelerated capital allowances
3,114
(5,404)

Losses and other deductions
-
156,726

3,114
151,322


24.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



50,000 (2022 - 50,000) Ordinary shares of £1.00 each
50,000
50,000



25.


Government grants

2023
2022
£
£



Local council grant
-
11,734

-
11,734

Page 31

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

26.


Reserves

Revaluation reserve

The revaluation reserve represents the surplus on the revaluation of investment property net of deferred tax.

Profit and loss account

Includes all current and prior period retained profit and losses. 


27.


Contingent liabilities

The Company currently holds 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 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: £2,818,057).
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 £1,478,279 (2022: £nil).
Directors of the ultimate parent company have a fixed and floating charge over the present and future assets of the ultimate parent company, which is secured over the assets of this company. 


28.


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 £77,264 (2022: £47,903). Contributions totalling £nil (2022: £nil) were payable to the fund at the balance sheet date and included within other creditors. 

Page 32

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

29.


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
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

During the year the Company 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 Company. 
During the year the Company 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 Company £3,739 (2022: £161).
During the year the Company 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 Company £9,940 (2022: £761).
J Boyden and B Boyden, directors of Rayburn Tours Limited, are trustees of Rayburn Tours Pension scheme. During the year, rent was paid to the pension scheme amounting to £40,000 (2022: £40,000).
At the year end the Company had a balance of £56,353 (2022: £607,607) owed from Rayburn Tours Transport Services Ltd, a connected company.
At the year end the Company had a balance of £2,288,785 (2022: £2,288,785) owed from Rayburn Tours Holdings Ltd, a connected company.
At the year end the Company had a balance of £797,557 (2022: £559,016) owed to Sports Tours Ltd, a connected company.


31.


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 Brunel Parkway, Pride Park, Derby, United Kingdom, DE24 8HR.

 
Page 33