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Registered number: 01714349


COLLETTS TRAVEL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 
COLLETTS TRAVEL LIMITED
 

CONTENTS



Page
Company Information
1
Strategic Report
2 - 5
Directors' Report
6 - 8
Directors' Responsibilities Statement
9
Independent Auditors' Report
10 - 13
Profit and Loss Account
14
Statement of Comprehensive Income
15
Balance Sheet
16
Statement of Changes in Equity
17 - 18
Notes to the Financial Statements
19 - 31


 
COLLETTS TRAVEL LIMITED
 
 
COMPANY INFORMATION


Directors
J D O'Hara 
G Rizzi 
J Oshiokpekhai  
A Taiwo 
H Daras 




Company number
01714349



Registered office

79 Brent Street

London

NW4 2EA




Auditor
Xeinadin Audit Limited
Statutory Auditor & Chartered Accountants

8th Floor, Becket House

36 Old Jewry

London

EC2R 8DD




Page 1

 
COLLETTS TRAVEL LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors present their annual report for Colletts Travel Limited (“the Company”) for the year ended 31 December 2023.
Business review
The principal activity of the company during the year continued to be as a tour operator. The company-maintained progress in developing its travel service for the business community and tailor-made travel arrangements for the more discerning traveller.
Our Mission:
To empower our network of travel advisors with the most exceptional programs, products, and support to deliver unparalleled experiences to the traveller our clients.
 
Our Vision:
To be recognised as the undisputed leader in passionately delivering the power of our travel advisors’ human touch and expertise to clients and consumers everywhere.
Our Values:
• Clients First: We exist to deliver the power of our travel advisors and agencies to the world. Their success is our success and, as a result, they are first in everything we do.
• 
We, Not Me: Collaboration, teamwork and relationships are the tenets of our success. The collective power of our employees, clients, advisors, agencies, and suppliers is what moves us forward.
• 
Human Always: We are a human first business. We believe in the power and competitive advantage created through the innate traits of being human. Trust, integrity, experience, empathy and building positive relationships are at the very core of how we operate.
• 
Act As Owners: We are all leaders fully vested in the success of our organisation. We are empowered decision makers that take pride in doing the right thing always.
• 
Go The Extra Mile: We always go the extra mile to make things exceptional. Good is the enemy of great. Complacency is the enemy of innovation. Just like our advisors go the extra mile for their clients; we go the distance for our advisors and each other.
• 
Everyone Belongs: We believe in the power that comes from a diverse team of respectful professionals that is inclusive of all people and thought.
Strategic review and future prospects
Colletts Travel continues to gain market share in the United Kingdom. Our internally developed luxury tour operator packages continue to lead the market and helps attract top-tier independent advisors to the company.
We see 2024 being a year of continuous growth locally and for the first time internationally. We also plan an aggressive expansion into the EU market over the next eighteen months, bring our expertise in the independent advisor market to the region.  
The conflicts in Israel/Palestine and Russia/Ukraine, as well as the strikes by actors and writers, caused some fluctuations in travel demand that affected the outcomes, but the desire for travel remained robust. The Company keeps witnessing a solid recovery in consumer confidence that led to a significant increase in revenues for all the businesses in the Company.
Funding, liquidity and going concern
As at 31 December 2023, the company had net asset of £2.451m (2022: £2.441m) and net current assets of £2.390m (2022: £5.142m) 
The directors have considered the impact of going concern of the business. They have a reasonable expectation
Page 2

 
COLLETTS TRAVEL LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

that the company has adequate resources to continue and therefore the going concern basis has been adopted in preparing the annual report and accounts. 
Employee involvement and communication
We continue to engage colleagues with great ideas and endeavour to involve our people with matters affecting them. We collate feedback through employee opinion surveys. This forms an important strategic tool, as they provide honest feedback that can drive business improvements.
We are proud to highlight Internova’s unwavering dedication and investment in the well-being and growth of our employees. As a company, we prioritize creating a supportive and rewarding work environment that nurtures their professional development and personal success. 
We are committed to fostering a culture of transparency, respect, and continuous learning. We believe in providing opportunities for skill enhancement, career advancement, and work-life balance to ensure that each team member feels valued and motivated.
 
Through initiatives such as professional development programs, mentorship opportunities, flexible work arrangements, and employee well-being initiatives, we strive to empower our employees to reach their full potential. We understand that their growth and satisfaction are essential to our collective success.
 
As we navigate challenges and celebrate triumphs together, our employee’s well-being and growth are at the forefront of our priorities. 
We encourage two-way communication, having a significant number of proactive employee forums in place, to ensure that we have an on-going dialogue to involve colleagues with matters that are important to them. This is facilitated through team meetings and Company and Quarterly Company Townhalls.

Disabled employees
The policy of the Company is to give full and fair consideration to applications for employment from disabled persons having regard to their aptitudes and abilities. Whenever possible the Company continues to employ those employees who have become disabled. The Company plans for the training and career development of all disabled employees.
Overall, the Directors are satisfied with the company's performance.

Page 3

 
COLLETTS TRAVEL LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Key risks and mitigating factors
 
Consumer demand
Potential Impact: a reduction in profitability levels
Mitigation: Customer feedback is obtained to ensure our product is continually evolving to meet the market demand.  Our pricing policy is reviewed regularly to ensure it remains competitive.  Sales progress is regularly reviewed, and marketing strategy adjusted accordingly.
Competitive risks
Potential impact: The risk that a new entrant or an existing Group may take business away.
Mitigation: the directors believe that they "have their fingers on the pulse" and thereby will take the necessary steps.
Business closure due to any health emergency
Potential impact: Business closure resulting in loss of revenue and profit.
Mitigation: Continued control over the company’s cost and agility to implement whatever measures required to ensure the company can withstand any storms coming its way. This and the additional comfort given by its immediate and ultimate parent.
Key supplier management
Potential impact: The risk of losing its major suppliers.
Mitigation: The company ensures that all the reports are reconciled, and payments are made in a timely manner. It also makes sure that all the correct procedures are adhered to.
Operating costs may not be controlled
Potential impact: a reduction in profits might occur.
Mitigation: All cost variances are reviewed in a timely manner and any remedial action taken immediately.
Business continuity and IT Systems
Potential impact: The risk of failure of the Company's IT Systems and processes.
Mitigation: The company is highly dependent on its IT systems to record and process vast volumes of bookings, financial information and other data. The directors have a policy of constantly updating its software and hardware to ensure that the systems are operating efficiently and can cope with the ongoing demands. The systems are regularly backed up to ensure that the company can continue to function without interruption.
Liquidity Risk
Potential impact: the risk of shortage of working capital.
Mitigation: The directors keep a keen eye on the working capital requirements of the company and take appropriate action to ensure that the company always has adequate working capital. The company has adequate finance in place to cover its short to medium term operations.
Credit risk
Potential impact: Profitability may reduce due to non-payment by our clients.
Mitigation: The company continues to have tight credit control management in place. Credit continues to be phased out as much as possible with clients being encouraged to move to direct debit settlement or alternatively settle by credit card.
Lack of sustainability improvements. 
Potential impact: the risk that we are not successful in driving social and environmental improvements across our operations, that our suppliers do not uphold our corporate and social responsibility standards. failure to influence our clientele and suppliers to manage their travel more sustainably.
Mitigation: For the company, economic, environmental and social sustainability is a fundamental management principle and a cornerstone of our strategy for continually enhancing the value of our company. By doing this, we create the conditions for long-term economic success and assume responsibility for sustainable transformation in the travel industry. 
 
Page 4

 
COLLETTS TRAVEL LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Our focus is to reduce the environmental impact of our operations and promote responsible social policies and outcomes, both, directly through our own business and indirectly via our influence over our supply chain partners, thereby driving sustainable transformation of the travel agent industry. 

 
Financial highlights and key performance indicators
 
•The business recovery that started mid 2021 continued through the current year resulting in sales of £37,548m compared to £35.732m in 2022. Our sales levels were 82% of 2019 sales.
•The company recorded a profit before tax of £0.010m (2022: profit of 0.038m)

The KPI's during the year were as follows:

2023
2022
        £
        £
Gross Turnover

37,548,159

35,731,535

Gross profit

1,679,077

1,348,310

EBITDA

43,335

86,115

Net current assets

2,389,725

5,142,334

Cash funds

2,515,724

4,335,613

Average employee numbers

15

34


Travel regulatory bodies
 
The Company holds an ATOL licence with the The Civil Aviation Authority (CAA) and is a member of The Travel Association (ABTA) to protect its customers.


This report was approved by the board and signed on its behalf.



................................................
A Taiwo
Director
 
79 Brent Street
Hendon
London
NW4 2EA

Date: 26 June 2024

Page 5

 
COLLETTS TRAVEL 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.

Principal activity

The principal activity of the company during the year continued to be that of travel agents and tour operators.

Results and dividends

The profit for the year, after taxation, amounted to £9,608 (2022 - £1,598).

The directors paid a dividend of £nil in the year to the parent company. (2022: £5,000,000).

Directors

The directors who served during the year were:

J D O'Hara 
G Rizzi 
J Oshiokpekhai 
A Taiwo  
H Daras 

Political contributions

The company did not make any disclosable political donations in the current period (2022: Nil).

Post balance sheet events

No material events have occurred since the date of approval of these financial statements that would affect the financial statements of the Company.

Page 6

 
COLLETTS TRAVEL LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Financial instruments

Liquidity risk
The company manages its cash and borrowing requirements to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.
Interest rate risk
The company is exposed to cash flow interest rate risk on floating rate deposits and bank overdrafts.  The board reviews the exposure to interest rate risk on a regular basis to manage the mix of fixed and variable rate debt to reduce its exposure to changes in interest rates.
Credit risk
Investments of cash surpluses and borrowings are made through banks that are approved by the board. Customer terms are generally payment before the service is provided or managed via credit limits.  Trade debtors are monitored on, and ongoing basis and provision is made for doubtful debt as necessary.
.
Directors Indemnities
The company maintained throughout the year and at the date of approval of the financial statements, liability insurance for its directors and officers.  This is a qualifying provision for the purposes of the Companies Act 2006.
Environmental policy
The company is committed to responsible energy management and will practice energy efficiency through our organisation where possible. We recognise that climate change is one of the most serious environmental challenges currently threatening the global community and we understand we have a role to play in reducing greenhouse gas emissions.
Greenhouse gas emissions, energy consumption and energy efficiency action 
The Company has not disclosed information in respect of greenhouse gas emissions, energy consumption and energy efficiency action as its energy consumption in the United Kingdom for the year is 40,000kWh or lower.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 7

 
COLLETTS TRAVEL LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


Auditors

The auditorsXeinadin Audit Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





................................................
A Taiwo
Director

Date: 26 June 2024

79 Brent Street
London
NW4 2EA

Page 8

 
COLLETTS TRAVEL LIMITED
 
 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors are responsible for preparing the Strategic Report, the Directors' Report and the 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 of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 9

 
COLLETTS TRAVEL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COLLETTS TRAVEL LIMITED
 

Opinion


We have audited the financial statements of Colletts Travel Limited (the 'Company') for the year ended 31 December 2023, which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


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 Company 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.


Conclusions relating to going concern


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 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.


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. 


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 10

 
COLLETTS TRAVEL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COLLETTS TRAVEL LIMITED (CONTINUED)


Other information


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 ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the 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 Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 9, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 11

 
COLLETTS TRAVEL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COLLETTS TRAVEL LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

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 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;
•Reviewing minutes of meetings 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
•Enquiry of management and those charged with governance to identify any instances of non-compliance with laws and regulations;
The potential effect of these laws and regulations on the financial statements varies considerably.
Firstly, the Company is subject to laws and regulations that directly affect the financial statements including financial reprting 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 Company 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 Company’s license to operate. We identified the following areas as those most likely to have such an effect: health and safety including data protection laws, employment law and ABTA , ATOL and IATA compliance recognising the nature of the Company’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. 


Page 12

 
COLLETTS TRAVEL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COLLETTS TRAVEL LIMITED (CONTINUED)


Use of our report
 

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 2006Our 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.





Yasin Khandwalla FCCA (Senior Statutory Auditor)
  
for and on behalf of
Xeinadin Audit Limited
 
Statutory Auditor
Chartered Accountants
  
8th Floor, Becket House
36 Old Jewry
London
EC2R 8DD

26 June 2024
Page 13

 
COLLETTS TRAVEL LIMITED
 
 
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 3 
37,548,159
35,731,535

Cost of sales
  
(35,869,082)
(34,383,225)

Gross profit
  
1,679,077
1,348,310

Administrative expenses
  
(1,668,825)
(1,310,610)

Operating profit
 4 
10,252
37,700

Interest receivable and similar income
 7 
-
129

Profit before tax
  
10,252
37,829

Tax on profit
 8 
(644)
(36,231)

Profit for the financial year
  
9,608
1,598

The notes on pages 19 to 31 form part of these financial statements.

Page 14

 
COLLETTS TRAVEL LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£


Profit for the financial year

  

9,608
1,598

Other comprehensive income
  

Total comprehensive income for the year
  
9,608
1,598

The notes on pages 19 to 31 form part of these financial statements.

Page 15

 
COLLETTS TRAVEL LIMITED
REGISTERED NUMBER: 01714349

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 10 
80,028
104,379

  
80,028
104,379

Current assets
  

Debtors: amounts falling due within one year
 11 
7,029,517
6,052,501

Cash at bank and in hand
 12 
2,515,724
4,335,613

  
9,545,241
10,388,114

Creditors: amounts falling due within one year
 13 
(7,155,516)
(5,245,780)

Net current assets
  
 
 
2,389,725
 
 
5,142,334

Total assets less current liabilities
  
2,469,753
5,246,713

Creditors: amounts falling due after more than one year
 14 
(18,719)
(2,805,287)

  

Net assets
  
2,451,034
2,441,426


Capital and reserves
  

Called up share capital 
 16 
100,000
100,000

Share premium account
 17 
25,000
25,000

Profit and loss account
 17 
2,326,034
2,316,426

  
2,451,034
2,441,426


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
A Taiwo
Director

Date: 26 June 2024

The notes on pages 19 to 31 form part of these financial statements.

Page 16

 
COLLETTS TRAVEL LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 January 2023
100,000
25,000
2,316,426
2,441,426


Comprehensive income for the year

Profit for the year

-
-
9,608
9,608


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
9,608
9,608


Total transactions with owners
-
-
-
-


At 31 December 2023
100,000
25,000
2,326,034
2,451,034


The notes on pages 19 to 31 form part of these financial statements.

Page 17

 
COLLETTS TRAVEL LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 January 2022
100,000
25,000
7,314,828
7,439,828


Comprehensive income for the year

Profit for the year

-
-
1,598
1,598


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
1,598
1,598


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(5,000,000)
(5,000,000)


Total transactions with owners
-
-
(5,000,000)
(5,000,000)


At 31 December 2022
100,000
25,000
2,316,426
2,441,426


The notes on pages 19 to 31 form part of these financial statements.

Page 18

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

1.


General information

General Information
Colletts Travel Limited is a private company limited by shares incorporated in England and Wales, United Kingdom. The address of the registered office is: 79 Brent Street, London, NW4 2EA. The nature of the company's operations and its principal activities are set out in the Directors Report. 

2.Accounting policies

  
2.1

Statement of compliance

The financial statements of the company for the year ended 31 December 2023 have been prepared in accordance with the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland (FRS 102) issued by the Financial Reporting Council and in accordance with the Companies Act 2006. The presentation currency of these financial statements is sterling.
The Company's intermediate parent undertaking, Global Travel Collection UK, Ltd, included the Company in its consolidated financial statements. The consolidated financial statements of Global Travel Collection UK, Ltd are prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102")' and are available to the public and may be obtained from 101 ST Martin's Lane, London WC2N 4AZ. In these financial statements, the company is considered to be a qualifying entity (for the purposes of this FRS) and has applied the exemptions available under FRS 102 in respect of the following disclosures:
- Reconciliation of the number of shares outstanding from the beginning to the end of the period;
- Cash Flow statement and related notes; 
- Disclosure of transactions between wholly-owned group members and
- Key Management Personnel compensation.
As the consolidated financial statements of Global Travel Collection UK, Ltd include the disclosures equivalent to those required by FRS 102, the Company has also taken the exemptions available in respect of the following disclosures:
- Certain disclosures required by FRS 102.26
 Share Based Payments; and
- Certain disclosures required by FRS 102.11 
Basic Financial Instruments and FRS 102.12 Other         Financial Instrument Issues in respect of financial instruments not falling within the fair value accounting rules of Paragraph 36(4) of Schedule 1.
The accounting policies set out below have, unless otherwise stated, been applied consistently to all period presented in these financial statements.
Judgements made by the directors, in the application of these accounting policies that have significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year are discussed in note 25.

Page 19

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

2.Accounting policies (continued)

 
2.2

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

 
2.3

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.

 
2.4

Revenue

Turnover is recognised upon delivery of the services and hence upon transfer of risk. Fees are on a gross basis as the company have risks of providing the service. These fees are recognised once the company has performed their contractual obligation, which is considered to have been met at the date of departure.
Turnover represents amounts earned during the year from tour operating activities and other income in accordance with contractual arrangements, exclusive of Value Added Tax.

 
2.5

Interest income

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

 
2.6

Pensions

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. Annual contributions payable to the company's pension scheme are charged to the Profit and Loss Account in the period to which they relate.

 
2.7

Current and deferred taxation

Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the period and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements.
Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 20

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

2.Accounting policies (continued)

 
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.

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:

Short-term leasehold property
-
Straight line over the life of the lease
Fixtures and fittings
-
5 to 10 years straight line

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.

  
2.9

Advance 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 accrual and deferred income.
Payments made to suppliers in respect of these tours are included in prepayments.

  
2.10

Leasing

Rentals payable under operating leases are dealt with in the Profit and Loss Account as incurred over the period of the rental agreement.

 
2.11

Debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

 
2.12

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.

Page 21

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

2.Accounting policies (continued)

 
2.13

Creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

  
2.14

Provisions

Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.

 
2.15

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.


3.


Turnover

The whole of the turnover is attributable to its market in the United Kingdom and is derived from the principal activity as tour operators.


4.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation of tangible fixed assets
33,083
48,415

Exchange differences
98,126
(26,491)

Other operating lease rentals - Land and buildings
73,533
87,700

Page 22

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

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.
30,000
35,000

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

Staff costs were as follows:


2023
2022
£
£

Wages and salaries
1,296,356
1,159,187

Social security costs
138,582
134,903

Cost of defined contribution scheme
22,200
13,855

1,457,138
1,307,945




The average monthly number of employees, during the year was as follows:


        2023
        2022
            No.
            No.







Sales agents
5
22



Administration
12
12

17
34

The figures above include staff numbers and recharges from its immediate parent company.

Page 23

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

7.


Interest receivable and similar income

2023
2022
£
£


Bank and other interest receivable
-
129

-
129


8.


Taxation


2023
2022
£
£

Corporation tax


Adjustments in respect of previous periods
-
(77,755)


-
(77,755)


Total current tax
-
(77,755)

Deferred tax


Fixed assets and short term timing differences
644
(10,390)

Losses and other deductions
-
124,376

Total deferred tax
644
113,986


Taxation on profit on ordinary activities
644
36,231
Page 24

 
COLLETTS TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
8.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is the same as (2022 - the same as) the standard rate of corporation tax in the UK of 23.52% (2022 - 19%) as set out below:

2023
2022
£
£


Profit on ordinary activities before tax
10,252
37,829


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
2,411
7,188

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
1,480
1,588

Fixed asset differences
7,381
1,244

Adjustments to tax charge in respect of prior periods
-
(77,755)

Other differences leading to an increase (decrease) in the tax charge
(33,708)
103,966

Group relief
23,080
-

Total tax charge for the year
644
36,231


Factors that may affect future tax charges

The rate of corporation tax has been increased from 19% to 25% with effect from 1 April 2023. Deferred tax assets and liabilities have therefore been remeasured at 25%.


9.


Dividends

2023
2022
£
£


Dividends
-
5,000,000

-
5,000,000

Page 25

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

10.


Tangible fixed assets





Short-term leasehold improvements
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 January 2023
266,999
279,294
546,293


Additions
8,732
-
8,732



At 31 December 2023

275,731
279,294
555,025



Depreciation


At 1 January 2023
165,744
276,170
441,914


Charge for the year on owned assets
31,583
1,500
33,083



At 31 December 2023

197,327
277,670
474,997



Net book value



At 31 December 2023
78,404
1,624
80,028



At 31 December 2022
101,255
3,124
104,379

Page 26

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

11.


Debtors



2023
2022
£
£


Trade debtors
4,669,290
3,764,051

Amounts owed by group undertakings
946,105
536,105

Other debtors
538,583
754,221

Prepayments and accrued income
707,195
829,136

Deferred taxation
168,344
168,988

7,029,517
6,052,501


Included in prepayments are advance supplier payments for future departures amounting to £386,990 (2022: £205,262).


12.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
2,515,724
4,335,613

2,515,724
4,335,613



13.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
3,374,862
3,171,929

Amounts owed to group undertakings
1,924,632
291,106

Other creditors
659,442
774,245

Accruals and deferred income
1,196,580
1,008,500

7,155,516
5,245,780


Amounts owed to group companies are repayable on demand and have no interest charged on the balance. Included in accruals and deferred income are advance receipts from customers for future departures amounting to £1,077,564 (2022: £813,261).
At the year end the liability due to the International Air Transport Association (IATA) was £716,490 (2022: £922,656)

Page 27

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

14.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Amounts owed to group undertakings
-
2,805,287

Other creditors
18,719
-

18,719
2,805,287


Other creditors are made up of advance receipts from customers in relation to future departures 2023 £18,719 (2022: £Nil) 


15.


Deferred taxation




2023
2022


£

£






At beginning of year
168,988
282,974


Credited/(charged) to profit or loss
(644)
(113,986)



At end of year
168,344
168,988

The deferred tax asset is made up as follows:

2023
2022
£
£


Fixed assets timing differences
(12,387)
(11,743)

Losses and other deductions
180,731
180,731

168,344
168,988


16.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100,000 (2022 - 100,000) Ordinary shares of £1.00 each
100,000
100,000

The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company.


Page 28

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

17.


Reserves

Share premium account

The amount carried forward is the premium that arose from the issue of shares in 2001.

Profit and loss account

At the year end distributable reserves amounted to £2,326,034 ( 2022: £2,316,426). 


18.


Contingent liabilities

The company currently holds an Air Travel Organisers License (ATOL) issued by the Civil Aviation Authority ('CAA'), is a member of the Association of British Travel Agents Limited ('ABTA'). 
In order to offer air inclusive package holidays, the company requires the annual renewal by the CAA of its ATOL license. The CAA grants this license on the basis of the company and the group it is in, meeting agreed financial criteria and renews this license in September ( effective 1st October) each year. The company has complied with these requirements in the previous year and does not envisage any issues in the granting of a new license from October 2024. 
As at 31 December 2023 the company had in place an insurance backed bond in favour of the Association Of British Travel Agents ("ABTA") of £259,987 (2022: £259,987). In addition, a joint bond in place with Travel and General Insurance Services Limited in favour of the Civil Aviation Authority ('CAA') of £1,823,671 (2022: £1,469,000)
There are no other material contingent liabilities.


19.


Capital commitments

The company had no material capital commitments at the period ended 31 December 2023 (2022: Nil).


20.


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 £22,200 (2022: £13,855).

Page 29

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

21.


Operating lease commitments

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
53,700
73,533

Later than 1 year and not later than 5 years
210,000
210,000

Later than 5 years
126,000
168,000

389,700
451,533


22.


Related party transactions

The company has availed of the exemption under FRS 102 in relation to the disclosure of transactions with group companies.
The following balances were outstanding with group companies at the balance sheet date:

2023
2022
£
£



Protravel International LLC
(220,344)
(286,215)

Global Travel Collection UK, Ltd
(782,621)
(2,106,796)

Internova Travel Group LLC
(6,662)
(4,891)

Tzell UK Limited
31,100
31,100

(978,527)
(2,366,802)


23.


Post balance sheet events

The directors have concluded that no material events have occurred since the date of approval of these financial statements that would affect the financial statements of the Company.


24.


Parent and ultimate parent company

The company regards Global Travel Collection UK, Ltd  as its parent company.
The company's ultimate parent undertaking is Internova Travel Group, LLC (previously known as Travel Leaders Group Holdings LLC). The address of Internova Travel Group, LLC is United States.
Internova Travel Group, LLC is regarded as both the controlling party and the ultimate controlling party.
The parent of the largest group in which the results are consolidated is Internova Travel Group, LLC.

Page 30

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

25.


Accounting estimates and judgements

In the application of the company's accounting policies, the directors are required to make judgements, 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 recognised to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the statement of comprehensive income in the period in which the estimate is revised where the revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods. Estimates and judgements were applied in accounting for goodwill, depreciation, amortisation , tangible assets and all provisions.

 
Page 31