Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31No description of principal activityfalse2023-01-01false53trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11756386 2023-01-01 2023-12-31 11756386 2022-01-01 2022-12-31 11756386 2023-12-31 11756386 2022-12-31 11756386 c:Director1 2023-01-01 2023-12-31 11756386 c:Director2 2023-01-01 2023-12-31 11756386 c:Director2 2023-12-31 11756386 d:MotorVehicles 2023-01-01 2023-12-31 11756386 d:MotorVehicles 2023-12-31 11756386 d:MotorVehicles 2022-12-31 11756386 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 11756386 d:FurnitureFittings 2023-01-01 2023-12-31 11756386 d:FurnitureFittings 2023-12-31 11756386 d:FurnitureFittings 2022-12-31 11756386 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 11756386 d:OfficeEquipment 2023-01-01 2023-12-31 11756386 d:OfficeEquipment 2023-12-31 11756386 d:OfficeEquipment 2022-12-31 11756386 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 11756386 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 11756386 d:CurrentFinancialInstruments 2023-12-31 11756386 d:CurrentFinancialInstruments 2022-12-31 11756386 d:Non-currentFinancialInstruments 2023-12-31 11756386 d:Non-currentFinancialInstruments 2022-12-31 11756386 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 11756386 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 11756386 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 11756386 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 11756386 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-12-31 11756386 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-12-31 11756386 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-12-31 11756386 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-12-31 11756386 d:ShareCapital 2023-12-31 11756386 d:ShareCapital 2022-12-31 11756386 d:RetainedEarningsAccumulatedLosses 2023-12-31 11756386 d:RetainedEarningsAccumulatedLosses 2022-12-31 11756386 c:FRS102 2023-01-01 2023-12-31 11756386 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 11756386 c:FullAccounts 2023-01-01 2023-12-31 11756386 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 11756386 d:EntityControlledByKeyManagementPersonnel1 2023-01-01 2023-12-31 11756386 d:EntityControlledByKeyManagementPersonnel1 2023-12-31 11756386 d:EntityControlledByKeyManagementPersonnel1 2022-12-31 11756386 d:EntityControlledByKeyManagementPersonnel2 2023-01-01 2023-12-31 11756386 d:EntityControlledByKeyManagementPersonnel2 2023-12-31 11756386 d:HirePurchaseContracts d:WithinOneYear 2023-12-31 11756386 d:HirePurchaseContracts d:WithinOneYear 2022-12-31 11756386 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-12-31 11756386 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-12-31 11756386 14 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 11756386









GRAND TOURS TRAVEL LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
GRAND TOURS TRAVEL LIMITED
REGISTERED NUMBER: 11756386

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
108,456
2,101

  
108,456
2,101

Current assets
  

Debtors: amounts falling due within one year
 5 
1,068,851
625,352

Cash at bank and in hand
 6 
86,105
181,380

  
1,154,956
806,732

Creditors: amounts falling due within one year
 7 
(1,111,325)
(562,756)

Net current assets
  
 
 
43,631
 
 
243,976

Total assets less current liabilities
  
152,087
246,077

Creditors: amounts falling due after more than one year
 8 
(152,400)
(93,173)

  

Net (liabilities)/assets
  
(313)
152,904


Capital and reserves
  

Called up share capital 
  
30,000
100

Profit and loss account
  
(30,313)
152,804

  
(313)
152,904


Page 1

 
GRAND TOURS TRAVEL LIMITED
REGISTERED NUMBER: 11756386
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 22 August 2024.




J Chauhan
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

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

1.


General information

The company is a private company limited by shares,registered in United Kingdom.The address of registered office is Riverbank House,1 Putney Bridge Approach,London,United Kingdom.
The principal activity of the company is that of a tour operator.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

Turnover represents amounts receivable for the sale of package bookings and other related services departed during the year and non-refundable packages booked in the year excluding Value Added Tax and trade discounts.

 
2.3

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

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

Page 3

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

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Taxation

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.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, .

Depreciation is provided on the following basis:

Motor vehicles
-
25%
Reducing balance method
Fixtures and fittings
-
15%
Reducing balance method
Office equipment
-
25%
Straight Line method

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.

Page 4

 
GRAND TOURS TRAVEL 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

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 Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

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.
Page 5

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

2.Accounting policies (continued)


2.12
Financial instruments (continued)


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.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.14

Advanced receipts and payments

All revenue relating to tours with departure dates after the year end are treated as advance receipts at the balance sheet date and are separately disclosed under other accruals and deferred income. Payments made to suppliers in respect of these tours are included in prepayments and accrued income.


3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2022 - 3).

Page 6

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

4.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
-
871
1,962
2,833


Additions
116,632
-
-
116,632



At 31 December 2023

116,632
871
1,962
119,465



Depreciation


At 1 January 2023
-
416
316
732


Charge for the year on owned assets
9,719
68
490
10,277



At 31 December 2023

9,719
484
806
11,009



Net book value



At 31 December 2023
106,913
387
1,156
108,456



At 31 December 2022
-
455
1,646
2,101

Page 7

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

5.


Debtors

2023
2022
£
£


Other debtors
4,779
11,607

Prepayments and accrued income
1,064,072
613,745

1,068,851
625,352


Included within "prepayments and accrued income" above are amounts relating to payments in advance to suppliers for holidays departing after the year end, the total of which amounts to £1,064,072 (2022: £613,745).


6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
86,105
181,380

86,105
181,380



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other loans
40,799
50,000

Amounts owed to group undertakings
57,000
23,239

Corporation tax
25,348
35,388

Other taxation and social security
-
2,458

Obligations under finance lease and hire purchase contracts
10,750
-

Other creditors
34,010
24,928

Accruals and deferred income
943,418
426,743

1,111,325
562,756


Included within "Accruals and deferred income" above are amounts relating to customer monies held on` account for holidays departing after the year end, the total of which amount to £931,418 (2022: £421,743).

Page 8

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

8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
17,023
93,173

Other loans
50,000
-

Net obligations under finance leases and hire purchase contracts
85,377
-

152,400
93,173



9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Other loans
40,799
50,000


40,799
50,000

Amounts falling due 1-2 years

Bank loans
17,023
34,226

Other loans
50,000
-


67,023
34,226

Amounts falling due 2-5 years

Bank loans
-
58,947


-
58,947


107,822
143,173


Page 9

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

10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
10,750
-

Between 1-5 years
85,377
-

96,127
-


11.


Contingent liabilities

The Company currently holds an Air Travel Organisers' License (ATOL) issued by the Civil Aviation Authority (CAA).
In order to offer air inclusive package holidays, the company requires the annual renewal by the CAA of its
ATOL licence. The CAA grants this license on the basis of meeting agreed financial criteria and renews
this in September (effective 1st October) each year. The company has complied with these requirements
in previous years. The directors see no reason why the ATOL license will not be renewed in September
2024 on substantially the same terms and conditions as currently agreed with the CAA.
As at 31 December 2023, there were contingent liabilities given by the Company in the normal course of business in respect of CAA Bonds, amounting to £206,070.
There are no other material contingent liabilities.


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 £2,371 (2022: £571). Contributions totalling £Nil (2022: £nil) were payable to the fund at the reporting date.


13.


Transactions with directors

As at the year end, the company owes the director, Simon Mawdsley £34,010 (2022: £24,928). 

Page 10

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

14.


Related party transactions

At the balance sheet date, the company owes £57,000 (2022: £23,239) to JNC Capital Limited.The loan is interest free and repayable on demand. JNC Capital Limited is one of the shareholders of Grand Tours Travel Limited. The two companies also have a common director.
                                                                                                                                                
Included in creditors under other loans is a loan of £50,000 (2022: £50,000) due to Jasoba Properties Limited. Interest on this loan is charged at 6% per annum. Jasoba Properties Limited is owned by a family member of the company's director.
During the year, an illegal dividend was declared. This was made unknowingly that it would be illegal. No further distribution will be made till reserves are available.


15.


Controlling party

The ultimate controlling party of the company are J Chauhan & S J Maudsley, the directors of the company by virtue of their 100% shareholding in the parent companies of Grand Tours Travel Limited.


 
Page 11