Registered number: SC270541
THE HOLIDAY SPECIALISTS LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2023
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THE HOLIDAY SPECIALISTS LIMITED
REGISTERED NUMBER: SC270541
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
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Creditors: amounts falling due within one year
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Net current assets/(liabilities)
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Total assets less current liabilities
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The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
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 21 June 2024.on its behalf by:
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J Dobson
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The notes on pages 2 to 7 form part of these financial statements.
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THE HOLIDAY SPECIALISTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The Holiday Specialists Limited is a private company limited by shares and incorporated, domiciled and registered in the UK. The Company number is SC270541. The registered address can be found on the company information page.
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 (see note 3).
The financial statements have been prepared on a going concern basis which the directors believe to be appropriate for the following reasons.
The Company’s main source of income comes from Barrhead Travel Service Limited, and thus the going concern review of the company is bound up with that of the group headed by Barrhead Travel 2007 Ltd (“the group”), which also includes both Barrhead Travel Service Limited and Travel Transportation Services Limited.
At the year end, the Company had net assets and net current assets of £18k. It manages its day to day and medium-term funding requirements through cash balances and loans from its parent or other group undertakings.
The directors have prepared projected cash flow information for the eighteen months from the date of approval of these financial statements. These forecasts reflect the Company will have sufficient funds to meet its liabilities as they fall due with the existing bookings to date and expected trading activity in 2024.
Those forecasts do not require nor include any additional financial support from Travel Leaders Group, LLC, however it has indicated its intentions to continue to support the business and make available such funds as are needed by the company for the period covered by the forecasts.
Based on the above indications, the directors believe that it remains appropriate to prepare the financial statements on a going concern basis.
Turnover represents the value of commissions received as an agency on sales transactions and other revenue earned, excluding value added tax, and is derived entirely from activities within the United Kingdom. Commissions received are recognised as they become due and when collectability is reasonably assured.
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THE HOLIDAY SPECIALISTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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.
Interest income is recognised in profit or loss using the effective interest method.
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.
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 United Kingdom.
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.
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THE HOLIDAY SPECIALISTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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over the primary period of the lease
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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 at the date of disposal
with the carrying amount and are recognised in profit or loss.
Investments in subsidiaries are measured at cost less accumulated 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.
The Company only enters into basic financial instrument transactions that result in the recognition
of financial assets and liabilities, for example, trade and other debtors and creditors, loans from
banks and other third parties, loans to related parties and investments in ordinary shares.
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THE HOLIDAY SPECIALISTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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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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THE HOLIDAY SPECIALISTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
As at 1 January and 31 December 2022 the cost or valuation of investments in subsidiary companies was £1.
Subsidiary undertaking Address of Registered Office Trade Ownership
The Cruise Specialists Limited Libertas House, 5th Floor,
39 St. Vincent Place, Glasgow, Dormant 100%
United Kingdom, G1 2ER
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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 undertaking
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Other taxation and social security
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Accruals and deferred income
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The Company operates defined contribution schemes. The assets of the schemes are held separately from those of the Company in independently administered funds. The pension costs charge represents contributions payable by the Company to these funds and amounted to £5,534 (2022:£9,270).
Contributions totalling £Nil (2022: £721) were payable to the fund at the balance sheet date and are included in creditors.
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Commitments under operating leases
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The Company had no commitments under non-cancellable operating leases at the reporting date.
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THE HOLIDAY SPECIALISTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Financial gurantees and indemnities
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Lloyds Bank plc holds cross company guarantees from the Company as well as its parent undertaking Barrhead Travel 2007 Limited and a fellow subsidiary Barrhead Travel Service Limited.
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Related party transactions
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The Company has taken advantage of exemption under the terms of FRS 102 33.1A, not to disclose related party transactions with wholly owned subsidiaries within the Barrhead Travel 2007 Limited group of companies.
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Internova Holdings, LLC is regarded as the ultimate parent company of The Holiday Specialists Limited.
The company is 100% subsidiary of Barrhead Travel 2007 Limited (incorporated in Scotland), which is a 100% subsidiary of Global Travel Collection, LLC (incorporated in the USA).
Global Travel Collection, LLC is a 100% subsidiary of Tzell Holdings, LLC (incorporated in the USA), which is a 100% subsidiary of Travel Leaders Group, LLC (incorporated in the USA).
Travel Leaders Group, LLC is a 100% subsidiary of Travel Leaders Group Holdings, LLC (incorporated in the USA), which is a 100% subsidiary of Internova Holdings, LLC.
The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.
The audit report was signed on 21 June 2024 by Yasin Khandwalla FCCA (Senior statutory auditor) on behalf of Xeinadin Audit Limited.
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