Company registration number 2207655 (England and Wales)
SPORTS TOURS INTERNATIONAL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
SPORTS TOURS INTERNATIONAL LIMITED
COMPANY INFORMATION
Directors
F Done
C Dyson
(Appointed 12 April 2023)
T Przybysz
(Appointed 12 April 2023)
T May
(Appointed 12 April 2023)
Secretary
Mr S Longden
Company number
2207655
Registered office
The Spectrum
56/58 Benson Road
Birchwood
Warrington
Cheshire
WA3 7PQ
Auditor
Champion Accountants LLP
1 Worsley Court
High Street
Worsley
Manchester
M28 3NJ
SPORTS TOURS INTERNATIONAL LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11 - 12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Company statement of cash flows
16
Notes to the financial statements
17 - 36
SPORTS TOURS INTERNATIONAL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -
Chief Executive's annual review
I am pleased to present the CEO report for the audited accounts of Sports Tours International for the financial year ending 31st March 2024. This year has been marked by significant achievements and positive financial growth, reflecting our commitment to delivering exceptional service and experiences to our customers.
Financial Highlights
Revenue Increase: The group has achieved a notable increase in total revenue, rising to £24,065,499. This represents a 12.4% growth from the previous year's revenue of £21,406,625, highlighting our strong market position and the effectiveness of our strategic initiatives.
EBITDA Growth: Our Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) has also shown a substantial increase, reaching £2,135,314. This improvement in EBITDA underscores our enhanced operational efficiency and cost management strategies, as well as the growing demand for our services.
The Company's directors believe that analysis using key performance indicators for the Group is necessary for the development and performance assessment of the business of the Sports Tours International Group.
The key performance indicators used by the business are comparing Turnover, Operating profit and Earnings before interest, tax, depreciation and amortisation (EBITDA).
Key performance indicators
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EBITDA as a % of Turnover | | | | | |
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Operating profit for the period | | | | | |
Depreciation of tangible assets | | | | | |
Amortisation of intangible assets | | | | |
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SPORTS TOURS INTERNATIONAL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Operational review
During the year, Sports Tours International continued to strengthen its core business areas:
Cost Management: Our cost management strategies have significantly increased the profitability of the business by optimising resource allocation and reducing unnecessary expenditures. By fostering a culture of continuous improvement and cost-conscious decision-making, we have not only preserved quality and customer satisfaction but also achieved substantial savings.
Digital Transformation: We are pleased to report the successful launch of our new website in the UK and Ireland, which has already demonstrated a marked improvement in conversion rates. The revamped design, enhanced user experience, and more intuitive navigation have contributed to increased customer engagement and higher transaction completions. Concurrently, we have introduced a state-of-the-art booking system designed to streamline the reservation process. This system not only provides a seamless and efficient booking experience for our customers but also promises significant operational efficiencies over time.
Culture: Our commitment to fostering a positive and productive staff culture has been reinforced through targeted investments in various initiatives and programs. We have prioritised employee well-being by introducing enhanced benefits, flexible work arrangements, and a supportive work environment that encourages collaboration and innovation. Regular feedback mechanisms and open communication channels have been established to ensure that staff voices are heard and valued. These investments in our staff culture have not only improved job satisfaction and retention rates but also driven higher levels of engagement and performance, ultimately contributing to the overall success of our business.
Outlook and Future Plans
USA Launch: We have launched Sports Tours International in the US a market through the acquisition of Destination Marathons. This gives us further opportunities to increase the amount of participants at events, this will lead to synergies and improved profit margin. Sales are ahead of expectation but due to timing will not impact the business positively until FY26.
SPORTS TOURS INTERNATIONAL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
Looking ahead, Sports Tours International is poised for continued growth and success. Sales and revenue are only recognised by passenger’s date of departure, thus we have a reasonable expectation of future performance. For FY25 we’re currently 25% ahead of the same period this year and have achieved 93% of our budget. Our expectation is to continue to grow the revenue and EBITDA of the business.
Conclusion
The achievements of this financial year are a testament to the dedication and hard work of the entire Sports Tours International team. I would like to extend my gratitude to our employees, partners, and customers for their continued support and trust in our company.
We are confident that with our strategic direction and commitment to excellence, Sports Tours International will continue to thrive and deliver outstanding results in the years to come.
Thank you for your continued support.
Sincerely,
T Przybysz
Director
5 September 2024
SPORTS TOURS INTERNATIONAL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
The directors present their annual report and financial statements for the year ended 31 March 2024.
Principal activities
The principal activity of the company and group continued to be the business of tour operators.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
C Bird
(Resigned 12 April 2023)
F Done
C Dyson
(Appointed 12 April 2023)
T Przybysz
(Appointed 12 April 2023)
T May
(Appointed 12 April 2023)
Results and dividends
The results for the year are set out on page 9.
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
Auditor
The auditor, Champion Accountants LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of directors' responsibilities
The directors are responsible for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies 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 ;
prepare the on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
SPORTS TOURS INTERNATIONAL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
On behalf of the board
T Przybysz
T May
Director
Director
5 September 2024
SPORTS TOURS INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SPORTS TOURS INTERNATIONAL LIMITED
- 6 -
Opinion
We have audited the financial statements of Sports Tours International Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The 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 group's and the parent company's affairs as at 31 March 2024 and of the group's 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.
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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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
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.
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 group's and parent 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.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our 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.
SPORTS TOURS INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SPORTS TOURS INTERNATIONAL LIMITED
- 7 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company 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, 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 parent 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 parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's 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 auditor's 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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
As part of our planning process:
- We enquired of management the systems and controls the group has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. The group did not inform us of any known, suspected or alleged fraud.
- We obtained an understanding of the legal and regulatory frameworks applicable to the group. We determined that the following were most relevant to the financial statements: Companies Act 2006 & FRS 102; and those which do not have a direct effect on the financial statements, but compliance with which may be fundamental to the group’s ability to operate, which include regulations relating to ABTA & ATOL.
- We considered the incentives and opportunities that exist in the group, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment
accordingly.
- Using our knowledge of the group, together with the discussions held with the group at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.
SPORTS TOURS INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SPORTS TOURS INTERNATIONAL LIMITED
- 8 -
The key procedures we undertook to detect irregularities including fraud during the course of the audit included:
- Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.
- Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.
- Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates, in particular in relation to deferred income, depreciation methods & cut-off.
- Assessing the extent of compliance, or lack of, with the relevant laws and regulations.
- Testing key revenue lines, in particular cut-off, for evidence of management bias.
- Performing a physical verification of key assets.
- Obtaining third-party confirmation of material bank balances.
- Documenting and verifying all significant related party balances and transactions.
There are inherent limitations in the audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. The risk of not detecting a material misstatement resulting from fraud is higher than one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 2006. Our 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 auditor's 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.
Mark Turner FCA (Senior Statutory Auditor)
For and on behalf of Champion Accountants LLP
5 September 2024
Chartered Accountants
Statutory Auditor
1 Worsley Court
High Street
Worsley
Manchester
M28 3NJ
SPORTS TOURS INTERNATIONAL LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
24,065,499
21,406,625
Cost of sales
(18,286,600)
(17,133,759)
Gross profit
5,778,899
4,272,866
Administrative expenses
(3,947,510)
(3,811,535)
Operating profit
4
1,831,389
461,331
Interest receivable and similar income
8
300,614
122,757
Interest payable and similar expenses
9
(24,689)
(45,330)
Profit before taxation
2,107,314
538,758
Tax on profit
10
(508,094)
(151,796)
Profit for the financial year
24
1,599,220
386,962
Other comprehensive income
Revaluation of tangible fixed assets
16,344
Total comprehensive income for the year
1,615,564
386,962
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
SPORTS TOURS INTERNATIONAL LIMITED
GROUP BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
11
480,881
663,021
Other intangible assets
11
128,886
103,867
Total intangible assets
609,767
766,888
Tangible assets
12
376,816
411,260
986,583
1,178,148
Current assets
Stocks
15
16,854
10,451
Debtors
16
9,475,915
6,250,014
Cash at bank and in hand
10,169,735
5,434,280
19,662,504
11,694,745
Creditors: amounts falling due within one year
17
(19,510,443)
(12,403,390)
Net current assets/(liabilities)
152,061
(708,645)
Total assets less current liabilities
1,138,644
469,503
Creditors: amounts falling due after more than one year
18
-
(1,000,000)
Provisions for liabilities
Deferred tax liability
20
(53,577)
(53,577)
-
Net assets/(liabilities)
1,085,067
(530,497)
Capital and reserves
Called up share capital
23
72,857
72,857
Revaluation reserve
24
128,668
115,350
Capital redemption reserve
24
12,143
12,143
Profit and loss reserves
24
871,399
(730,847)
Total equity
1,085,067
(530,497)
The financial statements were approved by the board of directors and authorised for issue on 5 September 2024 and are signed on its behalf by:
05 September 2024
T Przybysz
T May
Director
Director
Company registration number 2207655 (England and Wales)
SPORTS TOURS INTERNATIONAL LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
11
74,783
159,752
Other intangible assets
11
128,886
103,867
Total intangible assets
203,669
263,619
Tangible assets
12
362,590
382,892
Investments
13
1,584,497
1,316,828
2,150,756
1,963,339
Current assets
Stocks
15
16,854
10,451
Debtors
16
8,920,288
5,754,079
Cash at bank and in hand
9,321,705
4,355,349
18,258,847
10,119,879
Creditors: amounts falling due within one year
17
(18,710,152)
(10,724,474)
Net current liabilities
(451,305)
(604,595)
Total assets less current liabilities
1,699,451
1,358,744
Creditors: amounts falling due after more than one year
18
-
(1,000,000)
Provisions for liabilities
Deferred tax liability
20
(53,577)
(53,577)
-
Net assets
1,645,874
358,744
Capital and reserves
Called up share capital
23
72,857
72,857
Revaluation reserve
24
128,668
115,350
Capital redemption reserve
24
12,143
12,143
Profit and loss reserves
24
1,432,206
158,394
Total equity
1,645,874
358,744
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £1,270,786 (2023 - £370,652 profit).
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
SPORTS TOURS INTERNATIONAL LIMITED
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 12 -
The financial statements were approved by the board of directors and authorised for issue on 5 September 2024 and are signed on its behalf by:
05 September 2024
T Przybysz
T May
Director
Director
Company registration number 2207655 (England and Wales)
SPORTS TOURS INTERNATIONAL LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 April 2022
72,857
118,376
12,143
(1,120,835)
(917,459)
Year ended 31 March 2023:
Profit and total comprehensive income
-
-
-
386,962
386,962
Transfers
-
(3,026)
-
3,026
-
Balance at 31 March 2023
72,857
115,350
12,143
(730,847)
(530,497)
Year ended 31 March 2024:
Profit for the year
-
-
-
1,599,220
1,599,220
Other comprehensive income:
Revaluation of tangible fixed assets
-
16,344
-
-
16,344
Total comprehensive income
-
16,344
-
1,599,220
1,615,564
Transfers
-
(3,026)
-
3,026
-
Balance at 31 March 2024
72,857
128,668
12,143
871,399
1,085,067
SPORTS TOURS INTERNATIONAL LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 April 2022
72,857
118,376
12,143
(215,284)
(11,908)
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
-
370,652
370,652
Transfers
-
(3,026)
-
3,026
-
Balance at 31 March 2023
72,857
115,350
12,143
158,394
358,744
Year ended 31 March 2024:
Profit for the year
-
-
-
1,270,786
1,270,786
Other comprehensive income:
Revaluation of tangible fixed assets
-
16,344
-
-
16,344
Total comprehensive income
-
16,344
-
1,270,786
1,287,130
Transfers
-
(3,026)
-
3,026
-
Balance at 31 March 2024
72,857
128,668
12,143
1,432,206
1,645,874
SPORTS TOURS INTERNATIONAL LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
30
5,557,108
106,830
Interest paid
(24,689)
(45,330)
Income taxes refunded/(paid)
427
(1,431)
Net cash inflow from operating activities
5,532,846
60,069
Investing activities
Purchase of intangible assets
(104,952)
(100,386)
Proceeds from disposal of intangibles
40,000
-
Purchase of tangible fixed assets
(34,720)
(74,987)
Proceeds from disposal of tangible fixed assets
1,667
27,500
Purchase of subsidiaries, net of cash acquired
(267,669)
-
Proceeds from disposal of subsidiaries, net of cash disposed
267,669
-
Interest received
300,614
122,757
Net cash generated from/(used in) investing activities
202,609
(25,116)
Financing activities
Repayment of bank loans
(1,000,000)
-
Net cash used in financing activities
(1,000,000)
-
Net increase in cash and cash equivalents
4,735,455
34,953
Cash and cash equivalents at beginning of year
5,434,280
5,399,327
Cash and cash equivalents at end of year
10,169,735
5,434,280
SPORTS TOURS INTERNATIONAL LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 16 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
31
6,056,577
204,427
Interest paid
(24,678)
(45,212)
Net cash inflow from operating activities
6,031,899
159,215
Investing activities
Purchase of intangible assets
(104,952)
(100,386)
Proceeds from disposal of intangibles
40,000
Purchase of tangible fixed assets
(34,720)
(68,499)
Proceeds from disposal of tangible fixed assets
1,667
27,500
Purchase of subsidiaries
(267,669)
(337,894)
Interest received
300,131
122,737
Net cash used in investing activities
(65,543)
(356,542)
Financing activities
Repayment of bank loans
(1,000,000)
-
Net cash used in financing activities
(1,000,000)
-
Net increase/(decrease) in cash and cash equivalents
4,966,356
(197,327)
Cash and cash equivalents at beginning of year
4,355,349
4,552,676
Cash and cash equivalents at end of year
9,321,705
4,355,349
SPORTS TOURS INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 17 -
1
Accounting policies
Company information
Sports Tours International Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is The Spectrum, 56/58 Benson Road, Birchwood, Warrington, Cheshire, WA3 7PQ.
The group consists of Sports Tours International Limited and all of its subsidiaries.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Business combinations
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Sports Tours International Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 March 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
SPORTS TOURS INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 18 -
1.4
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Management have reviewed available future projections and forecasts, and along with additional funding received post year have determined that there are sufficient funds to increase trade back to a level seen pre-covid. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.5
Turnover
Turnover represents the revenue from tours and other services supplied to customers in respect of
holidays, trips and tours, stated after the deduction of trade discounts.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Income from the sale of holidays is recognised when the significant risks and rewards have been transferred to the customer. In respect of tours and packages arranged internally, this is recognised on the date of travel.
No revenue is recognised if there are significant uncertainties regarding recovery of the income due or possible refunds of money received.
Monies received from customers at the balance sheet date relating to holidays commencing after the balance sheet date is deferred and included with trade creditors. The related payments in respect of these holidays is also deferred and included within prepayments.
Where the company acts as principal, turnover is stated at the contractual value of the services provided.
1.6
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.7
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, 10 and 20 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
SPORTS TOURS INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 19 -
1.8
Intangible fixed assets other than goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, 10 and 20 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired.
If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Development costs
33.3% straight line
1.9
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
2% straight line
Leasehold improvements
10% straight line
Fixtures and fittings
15% and 33.3% straight line
Computers
33.3% straight line
Motor vehicles
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
1.10
Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
SPORTS TOURS INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 20 -
1.11
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.12
Stocks
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
1.13
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.14
Financial instruments
The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
SPORTS TOURS INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 21 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
SPORTS TOURS INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 22 -
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
1.15
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
1.16
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.17
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.18
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.19
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
SPORTS TOURS INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 23 -
1.20
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the group’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 considered 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 period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Determination of whether there are indicators of impairment of the company's tangible and intangible fixed assets, including goodwill. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset.
Determination as to whether the company is acting as principal or agent in relation to services provided. Factors taken into consideration in reaching such a decision include the evaluation of the risks and responsibilities the company is bearing in providing these services to the customer.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Tangible and intangible fixed assets, including goodwill, are depreciated or amortised over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Rendering of services
24,065,499
21,406,625
SPORTS TOURS INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
3
Turnover and other revenue
(Continued)
- 24 -
2024
2023
£
£
Turnover analysed by geographical market
UK
20,224,742
18,582,837
Ireland
2,198,094
1,677,377
France
1,642,663
1,146,411
24,065,499
21,406,625
2024
2023
£
£
Other revenue
Interest income
300,614
122,757
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
61,370
(15,212)
Depreciation of owned tangible fixed assets
83,584
87,078
Profit on disposal of tangible fixed assets
(1,667)
(24,450)
Amortisation of intangible assets
220,341
179,411
Loss on disposal of intangible assets
1,732
-
Operating lease charges
30,286
36,286
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
22,208
21,840
Audit of the financial statements of the company's subsidiaries
11,661
12,630
33,869
34,470
SPORTS TOURS INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 25 -
6
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Administrative staff
37
39
37
39
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
1,765,492
1,534,103
1,546,958
1,341,190
Social security costs
224,479
184,852
184,931
151,289
Pension costs
58,682
45,853
43,117
31,607
2,048,653
1,764,808
1,775,006
1,524,086
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
362,055
44,366
Company pension contributions to defined contribution schemes
11,717
-
373,772
44,366
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 0 (2023 - 1).
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
131,762
-
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
300,614
122,757
SPORTS TOURS INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
8
Interest receivable and similar income
(Continued)
- 26 -
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
300,614
122,757
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
24,689
45,330
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
406,697
Deferred tax
Origination and reversal of timing differences
101,397
218,060
Changes in tax rates
(66,264)
Total deferred tax
101,397
151,796
Total tax charge
508,094
151,796
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
2,107,314
538,758
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
526,829
102,364
Tax effect of expenses that are not deductible in determining taxable profit
791
40,871
Tax effect of utilisation of tax losses not previously recognised
(46,457)
(9,320)
Effect of change in corporation tax rate
-
(15,709)
Depreciation on assets not qualifying for tax allowances
5,571
22,455
Amortisation on assets not qualifying for tax allowances
55,086
15,626
Effect of overseas tax rates
(33,726)
(4,491)
Taxation charge
508,094
151,796
SPORTS TOURS INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 27 -
11
Intangible fixed assets
Group
Goodwill
Development costs
Total
£
£
£
Cost
At 1 April 2023
2,693,355
120,624
2,813,979
Additions - internally developed
104,952
104,952
Disposals
(85,575)
(42,820)
(128,395)
At 31 March 2024
2,607,780
182,756
2,790,536
Amortisation and impairment
At 1 April 2023
2,030,334
16,757
2,047,091
Amortisation charged for the year
169,305
51,036
220,341
Disposals
(72,740)
(13,923)
(86,663)
At 31 March 2024
2,126,899
53,870
2,180,769
Carrying amount
At 31 March 2024
480,881
128,886
609,767
At 31 March 2023
663,021
103,867
766,888
Company
Goodwill
Development costs
Total
£
£
£
Cost
At 1 April 2023
1,721,642
120,624
1,842,266
Additions - internally developed
104,952
104,952
Disposals
(85,575)
(42,820)
(128,395)
At 31 March 2024
1,636,067
182,756
1,818,823
Amortisation and impairment
At 1 April 2023
1,561,890
16,757
1,578,647
Amortisation charged for the year
72,134
51,036
123,170
Disposals
(72,740)
(13,923)
(86,663)
At 31 March 2024
1,561,284
53,870
1,615,154
Carrying amount
At 31 March 2024
74,783
128,886
203,669
At 31 March 2023
159,752
103,867
263,619
SPORTS TOURS INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 28 -
12
Tangible fixed assets
Group
Leasehold land and buildings
Leasehold improvements
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 April 2023
200,000
255,831
241,466
785,818
76,123
1,559,238
Additions
4,450
30,270
34,720
Disposals
(8,495)
(8,495)
Revaluation
16,344
16,344
Exchange adjustments
(656)
(1,268)
(1,924)
At 31 March 2024
216,344
255,831
245,260
816,088
66,360
1,599,883
Depreciation and impairment
At 1 April 2023
33,667
157,482
189,045
721,856
45,928
1,147,978
Depreciation charged in the year
4,000
17,026
21,118
30,305
11,135
83,584
Eliminated in respect of disposals
(8,495)
(8,495)
At 31 March 2024
37,667
174,508
210,163
752,161
48,568
1,223,067
Carrying amount
At 31 March 2024
178,677
81,323
35,097
63,927
17,792
376,816
At 31 March 2023
166,333
98,349
52,421
63,962
30,195
411,260
SPORTS TOURS INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
12
Tangible fixed assets
(Continued)
- 29 -
Company
Leasehold land and buildings
Leasehold improvements
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 April 2023
200,000
255,831
218,138
777,254
31,297
1,482,520
Additions
4,450
30,270
34,720
Disposals
(8,495)
(8,495)
Revaluation
16,344
16,344
At 31 March 2024
216,344
255,831
222,588
807,524
22,802
1,525,089
Depreciation and impairment
At 1 April 2023
33,667
157,482
171,743
714,499
22,237
1,099,628
Depreciation charged in the year
4,000
17,026
18,415
29,617
2,308
71,366
Eliminated in respect of disposals
(8,495)
(8,495)
At 31 March 2024
37,667
174,508
190,158
744,116
16,050
1,162,499
Carrying amount
At 31 March 2024
178,677
81,323
32,430
63,408
6,752
362,590
At 31 March 2023
166,333
98,349
46,395
62,755
9,060
382,892
Land and buildings with a carrying amount of £260,000 were revalued at 27 March 2024 by Longden & Cook, Commercial, independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
1,584,497
1,316,828
SPORTS TOURS INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
13
Fixed asset investments
(Continued)
- 30 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023
1,316,828
Additions
267,669
At 31 March 2024
1,584,497
Carrying amount
At 31 March 2024
1,584,497
At 31 March 2023
1,316,828
14
Subsidiaries
Details of the company's subsidiaries at 31 March 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Sports Travel International Ltd
Ireland
Ordinary
100.00
Graham Baxter Sporting Tours Ltd
England & Wales
Ordinary
100.00
Sports Tours International
France
Ordinary
100.00
15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
16,854
10,451
16,854
10,451
SPORTS TOURS INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 31 -
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
4,583
Amounts owed by group undertakings
-
-
-
251,313
Other debtors
197,566
7,936
196,526
2,200
Prepayments and accrued income
9,184,434
5,778,165
8,698,762
5,127,746
9,386,583
5,786,101
8,895,288
5,381,259
Amounts falling due after more than one year:
Other debtors
89,332
387,863
25,000
325,000
Deferred tax asset (note 20)
76,050
47,820
89,332
463,913
25,000
372,820
Total debtors
9,475,915
6,250,014
8,920,288
5,754,079
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Trade creditors
4,155,727
720,852
4,135,018
687,244
Amounts owed to group undertakings
879,673
Corporation tax payable
378,894
372,148
Other taxation and social security
7,038
6,544
-
1,740
Deferred income
21
13,810,381
10,120,138
12,198,655
8,515,805
Other creditors
85,700
214,483
70,846
198,144
Accruals
1,072,703
1,341,373
1,053,812
1,321,541
19,510,443
12,403,390
18,710,152
10,724,474
18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
1,000,000
1,000,000
SPORTS TOURS INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 32 -
19
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
1,000,000
1,000,000
Payable after one year
1,000,000
1,000,000
The loan bears interest at 1.77% above base and is due for repayment in May 2024, however on 27 July 2023, the bank loan had been repaid in full, in advance of the due date.
20
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Accelerated capital allowances
26,539
-
-
(1,323)
Tax losses
-
-
-
100,325
Revaluations
27,038
-
-
(22,952)
53,577
-
-
76,050
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Company
£
£
£
£
Accelerated capital allowances
26,539
-
-
(29,553)
Tax losses
-
-
-
100,325
Revaluations
27,038
-
-
(22,952)
53,577
-
-
47,820
Group
Company
2024
2024
Movements in the year:
£
£
Asset at 1 April 2023
(76,050)
(47,820)
Charge to profit or loss
129,627
101,397
Liability at 31 March 2024
53,577
53,577
SPORTS TOURS INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 33 -
21
Deferred income
Group
Company
2024
2023
2024
2023
£
£
£
£
Other deferred income
13,810,381
10,120,138
12,198,655
8,515,805
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
58,682
45,853
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
23
Share capital
Group and company
2024
2023
Ordinary share capital
£
£
Issued and fully paid
10,928,550,000 Ordinary of £0.000006667 each
72,857
72,857
24
Reserves
Revaluation reserve
The revaluation reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income.
Profit and loss reserves
Profit and loss reserves represent retained earnings and accumulated losses.
25
Financial commitments, guarantees and contingent liabilities
Bonds and trade debt guarantees are given by the company's bank on the company's behalf where there is recourse to the company. The amounts and beneficiaries are as follows:-
a) £2,559,658 (2023: £1,966,370) - Beneficiary is The Association of British Travel Agents.
SPORTS TOURS INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 34 -
26
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
9,319
19,295
9,319
19,295
Between two and five years
3,647
17,189
3,647
17,189
12,966
36,484
12,966
36,484
27
Events after the reporting date
On the 1st April 2024, Sports Tours International Ltd acquired a controlling interest in a US Tour Operator called Destination Marathons LLC
28
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2024
2023
£
£
Aggregate compensation
-
44,366
Transactions with related parties
Entities deemed to be under common control had the following transactions during the current and previous year:
During the prior year the group has placed funds on short term deposit. At the balance sheet date the balance was £nil (2023: £nil). Interest of £211,325 (2023: £123,452) was earned on this loan, of which £nil (2023: £nil) was owed to the group at the balance sheet date.
During the year the group paid £nil (2023: £6,564) for HR services, of which £314 (2023: £295) was outstanding and included within trade creditors
Entities deemed to be under the control of key management personnel had the following transactions during the current and previous year:
Services were provided and invoiced during the year to a value of £nil (2023: £106,290), and £nil was due to the group at the balance sheet date (2023: £nil).
29
Controlling party
The company is considered to be under the control of the Done family.
SPORTS TOURS INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 35 -
30
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
1,599,220
386,962
Adjustments for:
Taxation charged
508,094
151,796
Finance costs
24,689
45,330
Investment income
(300,614)
(122,757)
Gain on disposal of tangible fixed assets
(1,667)
(24,450)
Loss on disposal of intangible assets
1,732
-
Amortisation and impairment of intangible assets
220,341
179,411
Depreciation and impairment of tangible fixed assets
83,584
87,078
Movements in working capital:
(Increase)/decrease in stocks
(6,403)
94,454
Increase in debtors
(3,301,951)
(2,367,993)
Increase in creditors
3,039,840
6,917
Increase in deferred income
3,690,243
1,670,082
Cash generated from operations
5,557,108
106,830
31
Cash generated from operations - company
2024
2023
£
£
Profit for the year after tax
1,270,786
370,652
Adjustments for:
Taxation charged
473,545
142,227
Finance costs
24,678
45,212
Investment income
(300,131)
(122,737)
Gain on disposal of tangible fixed assets
(1,667)
(24,450)
Loss on disposal of intangible assets
1,732
-
Amortisation and impairment of intangible assets
123,170
82,240
Depreciation and impairment of tangible fixed assets
71,366
85,467
Movements in working capital:
(Increase)/decrease in stocks
(6,403)
94,454
Increase in debtors
(3,214,029)
(1,814,614)
Increase in creditors
3,930,680
649,319
Increase in deferred income
3,682,850
696,657
Cash generated from operations
6,056,577
204,427
SPORTS TOURS INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 36 -
32
Analysis of changes in net funds - group
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
5,434,280
4,735,455
10,169,735
Borrowings excluding overdrafts
(1,000,000)
1,000,000
-
4,434,280
5,735,455
10,169,735
33
Analysis of changes in net funds - company
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
4,355,349
4,966,356
9,321,705
Borrowings excluding overdrafts
(1,000,000)
1,000,000
-
3,355,349
5,966,356
9,321,705
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