15 5 April 2024 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 97,031 3,140 100,171 85,421 6,770 92,191 7,980 11,610 xbrli:pure xbrli:shares iso4217:GBP 05240113 2023-01-01 2023-12-31 05240113 2023-12-31 05240113 2022-12-31 05240113 2022-01-01 2022-12-31 05240113 2022-12-31 05240113 2021-12-31 05240113 core:PlantMachinery 2023-01-01 2023-12-31 05240113 bus:Director3 2023-01-01 2023-12-31 05240113 core:PlantMachinery 2022-12-31 05240113 core:PlantMachinery 2023-12-31 05240113 core:WithinOneYear 2023-12-31 05240113 core:WithinOneYear 2022-12-31 05240113 core:ShareCapital 2023-12-31 05240113 core:ShareCapital 2022-12-31 05240113 core:RetainedEarningsAccumulatedLosses 2023-12-31 05240113 core:RetainedEarningsAccumulatedLosses 2022-12-31 05240113 core:BetweenOneFiveYears 2023-12-31 05240113 core:PlantMachinery 2022-12-31 05240113 bus:SmallEntities 2023-01-01 2023-12-31 05240113 bus:Audited 2023-01-01 2023-12-31 05240113 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 05240113 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05240113 bus:FullAccounts 2023-01-01 2023-12-31
COMPANY REGISTRATION NUMBER: 05240113
Mickledore Travel Limited
Filleted Financial Statements
31 December 2023
Mickledore Travel Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
3,842
1,119
Tangible assets
6
7,980
11,610
--------
--------
11,822
12,729
Current assets
Stocks
8,597
6,096
Debtors
7
31,368
27,929
Cash at bank and in hand
1,026,899
1,043,127
------------
------------
1,066,864
1,077,152
Creditors: amounts falling due within one year
8
559,223
527,029
------------
------------
Net current assets
507,641
550,123
---------
---------
Total assets less current liabilities
519,463
562,852
Provisions
2,341
1,955
---------
---------
Net assets
517,122
560,897
---------
---------
Capital and reserves
Called up share capital
30,000
30,000
Profit and loss account
487,122
530,897
---------
---------
Shareholders funds
517,122
560,897
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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.
These financial statements were approved by the board of directors and authorised for issue on 5 April 2024 , and are signed on behalf of the board by:
Mr A Toft
Director
Company registration number: 05240113
Mickledore Travel Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Fifth Floor, 27 Greville Street, London, EC1N 8SU.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis unless otherwise specified within the accounting policies. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for booked trips, stated net of discounts and of Value Added Tax. Revenue from the sale of trips is recognised at the date of departure or at the date of cancellation by the customer where a proportion of the value of the booking is retained.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Advanced receipts and payments
All revenue relating to trips with departure dates after the year end are treated as advance receipts at the balance sheet date and are separately disclosed under accruals and deferred income.
Credit notes to customers still valid at the year end are included within accruals and deferred income.
Payments made to suppliers in respect of future trips and refunds due from suppliers in respect of cancelled bookings are included within prepayments.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Website development
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
33% straight line
During the year the group decided to apply a global rate for the amortisation of website costs of 10% straight line. Therefore the company's previous rate of amortisation, to write off over 3 years, has been brought into line with the group.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 15 (2022: 13 ).
5. Intangible assets
Website development
£
Cost
At 1 January 2023
71,077
Additions
3,213
--------
At 31 December 2023
74,290
--------
Amortisation
At 1 January 2023
69,958
Charge for the year
490
--------
At 31 December 2023
70,448
--------
Carrying amount
At 31 December 2023
3,842
--------
At 31 December 2022
1,119
--------
6. Tangible assets
Plant and machinery
£
Cost
At 1 January 2023
97,031
Additions
3,140
---------
At 31 December 2023
100,171
---------
Depreciation
At 1 January 2023
85,421
Charge for the year
6,770
---------
At 31 December 2023
92,191
---------
Carrying amount
At 31 December 2023
7,980
---------
At 31 December 2022
11,610
---------
7. Debtors
2023
2022
£
£
Other debtors
31,368
27,929
--------
--------
Prepayments and accrued income includes advanced payments to suppliers for departures after the balance sheet date amounting to £13,184 (2022 - £11,170).
8. Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
51,313
60,341
Social security and other taxes
47,558
25,824
Other creditors
460,352
440,864
---------
---------
559,223
527,029
---------
---------
Accruals and deferred income includes advanced receipts from customers for departures after the balance sheet date amounting to £422,303 (2022 - £402,775).
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
300
Later than 1 year and not later than 5 years
525
----
----
825
----
----
10. Contingencies
The Company is currently a member of the Association of British Travel Agents (ABTA). As at 31st December 2023, there were contingent liabilities given by the company in the normal course of business to Travel & General Insurance Services Limited in respect of ABTA bonds, amounting to £357,500 until 31 January 2024 and £1,205,935 from 1 February 2024 (2022: £1,338,581). A third party counter indemnity from Voyageurs du Monde SA and K E Adventure Travel Limited is a condition of the bond.
11. Summary audit opinion
The auditor's report dated 5 April 2024 was unqualified .
The senior statutory auditor was Peter Stewart FCA , for and on behalf of Gregory Priestley & Stewart .
12. Related party transactions
During the year the company paid £nil to KE Adventure Travel Ltd for the use of staff members seconded to Mickledore Travel Ltd on a temporary basis (2022: £612). The company was charged £3,188 by KE Adventure Travel Ltd for office cleaning costs (2022: £1,062), £1,284 for staff entertaining (2022: £1,043), and £nil for a 50% share of the Employment Allowance claimed by Mickledore Travel Ltd (2022: £2,500). The amount owed to KE Adventure Travel Ltd at the year end in respect of these transactions was £nil (2022: £4,605). During the year Mickledore Travel accepted £947 (2022: £5,397) of credit notes issued by KE Adventure Travel Ltd to its customer for cancelled holidays, as payments for holidays booked with Mickledore Travel Ltd. At the year end KE Adventure Travel Ltd owed £nil to Mickledore Travel Ltd in respect of these transactions (2022: £947). During the year the company sold holidays to Terres D'Aventure, a company within the same group, the value of holidays sold was £9,302 (2022 - £7,012). As part of the same group, Terres D'Aventure benefit from a 5% discount from the company.
13. Ethical standards
In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities, report to regulatory bodies regarding our compliance and assist with the preparation of the financial statements.
14. Controlling party
The immediate parent company of the company is K E Adventure Travel Limited, a company incorporated in England and Wales. The company was controlled throughout the year by Erta Ale Développement SAS, a company registered in France. The registered office is Zone Artisanale Ou Zone D'Activité De Longifan, 38530 Chapareillan, France. The ultimate controlling party of the company is considered to be Voyageurs du Monde S.A, a company registered on the Euronext Growth Stock Exchange. The results of the company are included in the consolidated financial statements of Voyageurs du Monde S.A. Copies of the group financial statements are available from its registered office at 55, Rue Sainte-Anne, 75002 Paris.