Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-01falseTravel agents and tour operators servicing its client base.22falsetrue 04569958 2023-01-01 2023-12-31 04569958 2022-01-01 2022-12-31 04569958 2023-12-31 04569958 2022-12-31 04569958 c:Director1 2023-01-01 2023-12-31 04569958 d:CurrentFinancialInstruments 2023-12-31 04569958 d:CurrentFinancialInstruments 2022-12-31 04569958 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 04569958 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 04569958 d:ShareCapital 2023-12-31 04569958 d:ShareCapital 2022-12-31 04569958 d:RetainedEarningsAccumulatedLosses 2023-12-31 04569958 d:RetainedEarningsAccumulatedLosses 2022-12-31 04569958 c:FRS102 2023-01-01 2023-12-31 04569958 c:Audited 2023-01-01 2023-12-31 04569958 c:FullAccounts 2023-01-01 2023-12-31 04569958 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04569958 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 04569958 2 2023-01-01 2023-12-31 04569958 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 04569958 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 04569958 d:OtherDeferredTax 2023-12-31 04569958 d:OtherDeferredTax 2022-12-31 04569958 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 04569958









AMBASSADOR HOLIDAYS LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
AMBASSADOR HOLIDAYS LIMITED
REGISTERED NUMBER: 04569958

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 7 
1,216,474
1,380,265

Cash at bank and in hand
 8 
184,228
170,511

  
1,400,702
1,550,776

Creditors: amounts falling due within one year
 9 
(959,526)
(1,115,129)

Net current assets
  
 
 
441,176
 
 
435,647

Total assets less current liabilities
  
441,176
435,647

  

Net assets
  
441,176
435,647


Capital and reserves
  

Called up share capital 
  
100,000
100,000

Profit and loss account
  
341,176
335,647

  
441,176
435,647


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

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

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

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 June 2024.




G Mantel
Director

The notes on pages 2 to 10 form part of these financial statements.
Page 1

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

1.


General information

As disclosed in the Directors' Report, the principal activity of the Company in the year under review continued to be that of travel agents and tour operators servicing its client base. This falls within the requirements of its ABTA (J8067/W692X) and ATOL (5944) licences. 
The Company is a private company limited by shares and is incorporated in England. The address of the Company's principal place of business, being different to the registered office stated on the Company Information page, is:
Suite 3, Royce House
630/634 London Road
Westcliff On Sea
Essex
SS0 9HW

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company's directors and management continue to prepare sensitised budgets and forecasts to monitor the Companys ongoing and future financial position. As a result of these, and specifically with the continuing support of the group, the Company's directors and management have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, being at least the following 12 months from the signing of these financial statements.
Therefore, the directors believe that it is still appropriate to apply the going concern basis for the
foreseeable future.

Page 2

 
AMBASSADOR HOLIDAYS 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

In the majority of cases, the Company does not take ownership of the product or services being sold and acts as agent, receiving a commission from the supplier of the products or services being sold. In these cases, turnover represents commission earned less amounts due or paid on any commission shared.
The gross retail turnover (GRT) for the year attributable to where the Company did take ownership of the products and services and therefore acted as principal amounted to £463,414 (2022 - £608,905), but it is the profit element only that is included within the turnover figure.
Turnover is stated net of value added tax and trade discounts and is recognised on the date of departure.
Turnover is attributable to one continuing activity.

 
2.5

Operating leases: the Company as lesse

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 3

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

2.Accounting policies (continued)

 
2.6

Interest income

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

 
2.7

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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

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 balance sheet 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 balance sheet 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 balance sheet date.
Page 4

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

2.Accounting policies (continued)

 
2.9

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.

 
2.10

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.

 
2.11

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.

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.
Page 5

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

2.Accounting policies (continued)

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 6

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

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, the directors are required to make judgments, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised in the period in which the estimates are revised when the revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.


4.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
24,838
(35,397)

Other operating lease rentals
8,244
8,225


5.


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
12,500
10,500

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.


6.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Page 7

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

7.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
637,405
673,542

Other debtors
21,440
5,410

Prepayments and accrued income
557,086
700,413

Deferred taxation
543
900

1,216,474
1,380,265


Included in 'prepayments and accrued income' above is the sum of £544,785 (2022: £685,475) which relates to advanced supplier payments for bookings departing from 1 January 2024 onwards.


8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
184,228
170,511

184,228
170,511



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
9,522
20,753

Amounts owed to group undertakings
30,101
30,620

Other taxation and social security
-
947

Other creditors
1,618
207

Accruals and deferred income
918,285
1,062,602

959,526
1,115,129


Included in accruals and deferred income above is the sum of £889,899 (2022: £1,037,589) which relates to advanced customer monies received for bookings departing from 1 January 2024 onwards.

Page 8

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

10.


Deferred taxation




2023


£






At beginning of year
900


Charged to profit or loss
(357)



At end of year
543

The deferred tax asset is made up as follows:

2023
2022
£
£


Accelerated capital allowances
520
877

Other timing differences
23
23

543
900


11.


Contingent liabilities

At 31 December 2023, there were contingent liabilities in respect of counter indemnities given, in the normal course of business, in relation to Association of British Travel Agents (ABTA) and, in the 2022 year, Civil Aviation Authority (CAA) bonds, by the company amounting to £69,762 (2022: £183,598).


12.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £1,415 (2022: £1,081). At 31 December 2023, contributions of £266 were payable to the fund for the current year (2022: £207).

Page 9

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

13.


Related party transactions

Group companies 
The Company has taken advantage of the exemption from disclosing transactions with group companies on the basis that the Company is a wholly owned member.


14.


Ultimate parent company and ultimate controlling party

The immediate parent company is Mermaid Ventures Ltd, a company registered at 55 Loudon Road, London, England, NW8 0DL, incorporated in England & Wales. 
The ultimate parent company is Chipstead Limited, a company incorporated in the Isle of Man. 
The ultimate controlling party is considered by the directors to be the Trustees of NRZ 2022 Settlement.
 
Mermaid Ventures Ltd is the parent company of the largest and smallest group of which the company is a member, for which group financial statements are drawn up. Copies of the group financial statements are available at 55 Loudon Road, London, England, NW8 0DL.


15.


Auditors' information

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

The audit report was signed on 28 June 2024 by M S Caldicott ACA FCCA CTA (Senior Statutory Auditor) on behalf of White Hart Associates (London) Limited.

 
Page 10