Registered number: 01853736
RAYBURN TOURS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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RAYBURN TOURS LIMITED
COMPANY INFORMATION
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Chartered Accountants & Registered Auditor
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RAYBURN TOURS LIMITED
CONTENTS
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Independent auditors' report
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Statement of comprehensive income
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Statement of financial position
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Statement of changes in equity
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Notes to the financial statements
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RAYBURN TOURS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The Directors present their annual report for the year ended 31st December 2023.
Business review and principal activity
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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.
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RAYBURN TOURS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Principal risks and uncertainties
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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
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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
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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.
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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.
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L G James
Director
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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
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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 2006. They 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.
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).
The directors who served during the year were:
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.
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RAYBURN TOURS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Disclosure of information to auditors
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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
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There have been no significant events affecting the Company since the year end.
The auditors, Xeinadin Audit Limited, will 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.
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L G James
Director
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RAYBURN TOURS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RAYBURN TOURS LIMITED
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 policies. The 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.
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
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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.
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RAYBURN TOURS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RAYBURN TOURS LIMITED (CONTINUED)
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
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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
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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
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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.
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RAYBURN TOURS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RAYBURN TOURS LIMITED (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
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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.
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RAYBURN TOURS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RAYBURN TOURS LIMITED (CONTINUED)
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 2006. Our 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
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RAYBURN TOURS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
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Exceptional administrative expenses
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Interest receivable and similar income
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Interest payable and similar expenses
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Profit for the financial year
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There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.
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There was no other comprehensive income for 2023 (2022:£NIL).
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The notes on pages 15 to 33 form part of these financial statements.
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RAYBURN TOURS LIMITED
REGISTERED NUMBER: 01853736
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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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:
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L G James
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The notes on pages 15 to 33 form part of these financial statements.
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RAYBURN TOURS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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Comprehensive income for the year
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Other comprehensive income for the year
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Total comprehensive income for the year
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Total transactions with owners
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The notes on pages 15 to 33 form part of these financial statements.
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RAYBURN TOURS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
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Comprehensive income for the year
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Other comprehensive income for the year
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Total comprehensive income for the year
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Total transactions with owners
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The notes on pages 15 to 33 form part of these financial statements.
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RAYBURN TOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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
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Basis of preparation of financial statements
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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:
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.
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RAYBURN TOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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Foreign currency translation
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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'.
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.
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Advanced payments and receipts
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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.
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Operating leases: the Company as lessee
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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.
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RAYBURN TOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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).
Interest income is recognised in profit or loss using the effective interest method.
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.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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.
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RAYBURN TOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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Current and deferred taxation
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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.
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
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.
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RAYBURN TOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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:
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Long-term leasehold property
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Reducing balance per annum
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Reducing balance per annum
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Reducing balance per annum
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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.
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Revaluation of tangible fixed assets
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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.
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.
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RAYBURN TOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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.
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.
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.
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Cash and cash equivalents
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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.
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.
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Provisions for liabilities
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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.
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RAYBURN TOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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.
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All turnover arose within the United Kingdom.
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Government grants receivable (Note 26)
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The operating profit is stated after charging:
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Other operating lease rentals
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RAYBURN TOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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During the year, the Company obtained the following services from the Company's auditors:
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Fees payable to the Company's auditors for the audit of the Company's financial statements
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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.
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Staff costs, including directors' remuneration, were as follows:
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Cost of defined contribution scheme
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The average monthly number of employees, including the directors, during the year was as follows:
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RAYBURN TOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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The highest paid director received remuneration of £98,248 (2022 - £89,093).
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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).
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Other interest receivable
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Interest payable and similar expenses
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Other loan interest payable
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RAYBURN TOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Current tax on profits for the year
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Origination and reversal of timing differences
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Taxation on profit/(loss) on ordinary activities
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Factors affecting tax charge for the year
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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:
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Profit on ordinary activities before tax
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Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
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Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
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Adjustments to tax charge in respect of prior periods
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Adjustments to tax charge in respect of prior periods - deferred tax
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Other timing differences leading to an increase (decrease) in taxation
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Remeasurement of deferred tax for changes in tax rates
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Total tax charge for the year
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RAYBURN TOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
11.Taxation (continued)
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Factors that may affect future tax charges
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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%.
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Charge for the year on owned assets
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RAYBURN TOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Long-term leasehold property
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Charge for the year on owned assets
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The net book value of land and buildings may be further analysed as follows:
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RAYBURN TOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Investments in subsidiary companies
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The following were subsidiary undertakings of the Company:
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Rayburn Tours Transport Services Limited
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Rayburn House, 37 Brunel Parkway, Pride Park, Derby, Derbyshire, DE24 8HR
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Rayburn House, 37 Brunel Parkway, Pride Park, Derby, Derbyshire, DE24 8HR
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RAYBURN TOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Freehold investment property
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The 2023 valuations were made by the Directors, on an open market value for existing use basis.
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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.
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RAYBURN TOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Amounts owed by group undertakings
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Prepayments and accrued income
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Included within prepayments and accrued income are advance payments to suppliers for future travel amounting to £3,058,955 (2022: £2,374,817).
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Accruals and deferred income
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Included within accruals and deferred income are advanced receipts from customers for future travel amounting to £10,597,668 (2022: £9,040,036).
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RAYBURN TOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Creditors: Amounts falling due after more than one year
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Accruals and deferred income
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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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..
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RAYBURN TOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Charged to profit or loss
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The deferred tax asset is made up as follows:
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Accelerated capital allowances
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Losses and other deductions
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Allotted, called up and fully paid
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50,000 (2022 - 50,000) Ordinary shares of £1.00 each
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RAYBURN TOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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.
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.
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.
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RAYBURN TOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Commitments under operating leases
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At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Related party transactions
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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.
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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.
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