Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2023
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RTFH LIMITED
COMPANY INFORMATION
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RTFH LIMITED
CONTENTS
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RTFH LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The Directors present their annual report for the year ended 31st December 2023.
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%
∙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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RTFH LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The Directors consider the following to be the principal risks and uncertainties facing the Group:
Economic volatility The current UK economic situation may give rise to a number of uncertainties which could impact upon the company’s sales and financial performance. The Directors consider that with the strength of present confirmed sales, next year will not be damagingly affected. Market Risk The competitive nature and new entrants to our market is always a continuing risk. The Group devotes much resource to ensure it delivers measurable, exceptional customer service. Our supplier network, never taken for granted, is also a strength. Competitive products with competitive pricing also ensure the Company maintains a strong standing in the educational travel market. Currency Risk The Group is also exposed to foreign currency exchange fluctuations. This exposure is mitigated by ensuring that rates are monitored daily and a robust hedging system is in place to protect the company and customers against these movements. Customer safeguarding and contractual challenges We review our policies regularly and comply with the recommended practices and codes of conduct of our regulatory bodies ie. the Civil Aviation Authority, ABTA, ABTOT, the School Travel Forum, and the Council for Learning Outside the Classroom. Financial Regulation The Group is required to adhere to the rules of various regulators, notably important are the CAA (Civil Aviation Authority) to obtain an ATOL (Air Travel Organisers Licence) and ABTA (The association of British Travel Agents) and ABTOT (Association of Bonded Travel Organisers Trust) to obtain a bond to protect non-air travellers.
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. 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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RTFH LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
This report was approved by the board and signed on its behalf.
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RTFH LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors present their report and the financial statements for the year ended 31 December 2023.
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £223,469 (2022 - loss £337,035).
The directors have recommended a dividend amounting to £nil (2022: £nil).
The directors who served during the year were:
The Group’s plan for growth is consistent with the plan which was in place from the pre-Covid period. That is: to see not only strong organic growth but to continue with any acquisitions which strengthen and complement our ever expanding product range. These plans had been halted due to the pandemic. We see no reason why the re-start of these plans should not be able to commence during next year.
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RTFH LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
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
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RTFH LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RTFH LIMITED
We have audited the financial statements of RTFH Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Group Statement of comprehensive income, the Group and Company Statements of financial position, the Group Statement of cash flows, the Group and Company Statement of changes in equity and the related notes, including a summary of significant accounting 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).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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RTFH LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RTFH 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
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RTFH LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RTFH LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙Enquiry of management and those charged with governance around actual and potential litigation and claims;
∙Enquiry of management and those charged with governance to identify any instances of non-compliance with laws and regulations;
∙Reviewing minutes of meetings of those charged with governance;
∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.
The potential effect of these laws and regulations on the financial statements varies considerably.
Firstly, the Group is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
Secondly, the Group is subject to many other laws and regulations where the consequence of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance the imposition of fines or litigation or the loss of the Group’s license to operate. We identified the following areas as those most likely to have such an effect: health and safety, data protection laws, anti-bribery, money laundering, employment law and ABTA, ABTOT and ATOL compliance recognising the nature of the Group’s activities. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
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RTFH LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RTFH 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.
for and on behalf of
Chartered Accountants
Registered Auditor
8th Floor Becket House
36 Old Jewry
EC2R 8DD
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RTFH LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
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RTFH LIMITED
REGISTERED NUMBER: 10530850
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
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RTFH LIMITED
REGISTERED NUMBER: 10530850
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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RTFH LIMITED
REGISTERED NUMBER: 10530850
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 20 to 40 form part of these financial statements.
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RTFH LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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RTFH LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
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RTFH LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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RTFH LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
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RTFH LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
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RTFH LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
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RTFH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
RTFH Limited is a private company limited by shares incorporated in England and Wales, United Kingdom.
The registered address of the company is Rayburn House, Brunel Parkway, Pride Park, Derby, United Kingdom, DE24 8HR. The principal activity continues to be that of a Tour Operator.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
RTFH Limited, as an individual entity, meets the definition of a qualifying entity per FRS 102 and has taken advantage of the exemption available in paragraph 1.12 of FRS 102 from presenting a company only statement of cash flows. These consolidated financial statements include a consolidated statement of cash flows which include the cash flows of RTFH Limited.
Based on the strength of the balance sheet, the directors are confident that the group, will have sufficient funds and cash reserves to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.
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RTFH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
The Group recognises revenue when (a) a tour departs; (b) the significant risks and rewards of ownership have been transferred to the buyer; (c) the Group retains no continuing involvement or control over the services; (d) the amount of revenue can be measured reliably; (e) it is probable that future economic benefits will flow to the entity and (f) when the specific criteria relating to each of the Group's sales channels have been met. Deposits received at the period end relating to tours commencing after the period end are deferred and are included within deferred income. Where tours depart after the year end but where payments have been made in advance to suppliers are included within prepayments.
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RTFH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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RTFH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Goodwill
Other intangible assets
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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RTFH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, methods detailed below .
Depreciation is provided on the following basis:
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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RTFH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Loan notes, which are basic financial instruments, are intially recorded at the present value of future payments discounted at a market rate of interest for a similar loan. Adjustments for present value are recognised within the capital contribution reserve. Subsequently, they are measured at amortised cost using the effective interest method. Notional interest is recognised within the Income Statement when it is charged and subsequently transferred to the capital contribution reserve. Loan notes that are receivable within one year are not discounted.
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of financial position.
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RTFH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
(i) Useful economic lives of tangible assets and intangible assets: The annual depreciation charge of tangible and intangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. (ii) Valuation of investment properties: The Group show investment properties at their fair value. The directors assess the market conditions affecting such properties when assessing the fair value at each period end. (iii) Impairment of debtors: The Group makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profit of debtors and historical experience. (iv) Derivatives - Forward Currency Contracts: The directors measure forward currency contracts at fair value, which is determined using valuation techniques that utilise observable inputs. The key assumption used in valuing the forward contracts is the market to market value. (v) Impairment of goodwill: Annually, the Group considers whether goodwill is impaired. When indication of impairment is identified the estimation of recoverable value requires estimation of the recoverable value of the cash generating units (CGUs). This requires estimation of the future cash flows from the CGUs and also selection of appropriate discount rates in order to calculate the net present value of those cash flows.
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RTFH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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RTFH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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RTFH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 29
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RTFH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
12.Taxation (continued)
There were no factors that may affect future tax charges.
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The profit after tax of the parent Company for the year was £
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RTFH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 31
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RTFH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 32
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RTFH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 33
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RTFH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The 2023 valuations were made by the directors, on an open market value for existing use basis.
The 2023 valuations were made by the directors, on an open market value for existing use basis.
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RTFH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 35
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RTFH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The Group has a secured loan of £1,395,000 through the Coronavirus Business Interruption Scheme. The loan is guaranteed by the UK government.
The other bank loans are secured by a fixed and floating charge over the properties of Rayburn Tours Limited. The loan notes are secured by a fixed and floating charge over all present and future assets of Rayburn Tours (Holdings) Limited and Rayburn Tours Limited. The loan notes totalling £930,159 represent the amortised cost as at 31 December 2023. The cash value of the loan notes as at 31 December 2023 is £1,008,067.
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RTFH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 37
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RTFH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 38
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RTFH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Group companies currently hold an Air Travel Organisers' License ('ATOL') issued by the Civil Aviation Authority ('CAA'). As at 31 December 2023, there were contingent liabilities given by the Company in the normal course of business to Travel & General Insurance Company Plc in respect of ATOL bonds amounting to £1,825,336 (2022: £nil).
During the year, the Group was a member of the Association of British Travel Agents Limited ('ABTA'). As at 31 December 2023, there were no outstanding contingent liabilities given by the Group in the normal course of business to Travel & General Insurance Company Plc in respect of ABTA bonds (2022: £3,960,717). During the year, the Group was a member of the Association of Bonded Travel Organisers Trust Limited ('ABTOT'). As at 31 December 2023, there were contingent liabilities given by the Group in the normal course of business to Travel & General Insurance Company Plc in respect of ABTOT bonds amounting to £1,858,481 (2022: £nil).
The Group operates a defined contributions pension scheme. The assets of the scheme are held seperately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted £87,611 (2022: £56,870). Contributions totalling £1,112 (2022: £nil) were payable to the fund at the balance sheet date and included within other creditors.
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RTFH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
There is no ultimate controlling party, as no one shareholder has a majority stake over voting rights.
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