Company Registration No. 06664069 (England and Wales)
THE EDEN COLLECTION LIMITED
ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
THE EDEN COLLECTION LIMITED
COMPANY INFORMATION
Directors
Mr J P Clee
Mr P A Beacall
Company number
06664069
Registered office
27 King Street
Knutsford
WA16 6DW
Auditor
Xeinadin Audit Limited
2 Hilliards Court
Chester Business Park
Chester
Cheshire
CH4 9QP
THE EDEN COLLECTION LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Profit and loss account
7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 31
THE EDEN COLLECTION LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -

The directors present the strategic report for the year ended 30 April 2024.

Review of the busines

The results for the year show a pre-tax profit of £408,981 (2023: £436,763 profit), generated from turnover of £18,650,516 which shows a decrease of 16% on the 2023 figure of £22,282748. This inflated turnover in 2023/24 was primarily due to post pandemic demand. The Directors believe turnover has now normalised.

 

Margin % this year has increased to 16% from 13.9% in 2023.

 

Cash reserves have increased by 11% to £2,084,775 from £1,876,681.

 

Following the success of the acquisition and integration of Ashdown Travel Limited into the group, the Directors are keen to look at further acquisition opportunities during the 2025 financial year, with conversations currently ongoing with a number of targets.

 

Forward business for FY2024/25 as of the date of writing this report has grown by 9% to £13,763,916 compared to £12,637,119 at the same time last year for 2023/24.

 

As always, the Directors would like to thank all the staff employed within the group, for all the hard work and commitment which has helped make 2024 another successful year.

Financial risk management objectives and policies

The group operates globally in varied markets and manages the risk inherent in its activities.

 

External risks include global, political and economic conditions such as the future uncertainty of BREXIT, actions of competitors, the effect of legislation or other regulatory action, foreign exchange, interest rates, credit risk, business continuity, environmental risks and legislation.

 

The directors have reasonable expectation that the Company have adequate resources to continue in operational existence for the foreseeable future. The Company continues to adopt the going concern basis of accounting in preparing the annual financial statements.

Key Performance Indicators

The most significant KPI’s (Key Performance Indicators) monitored by the directors are:

 

    Gross Margin, by Travel Director and Channel

    Adjusted EBITDA

    Booking Conversion

    Forward Bookings

 

On behalf of the board

Mr J P Clee
Director
6 September 2024
THE EDEN COLLECTION LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -

The directors present their annual report and financial statements for the year ended 30 April 2024.

Principal activities

The principal activity of the company and group continued to be that of a luxury tour operator.

Results and dividends

The group results for the year are set out on page 7.

No ordinary or preference dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr J P Clee
Mr P A Beacall
Mr F Sytner
(Appointed 31 May 2023 and resigned 1 November 2023)
Auditor

In accordance with the company's articles, a resolution proposing that Xeinadin Audit Limited be reappointed as auditor of the group will be put at a General Meeting.

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:

 

 

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.

Strategic report

The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of business performance and risks.

THE EDEN COLLECTION LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
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.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.true

On behalf of the board
Mr J P Clee
Director
6 September 2024
THE EDEN COLLECTION LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE EDEN COLLECTION LIMITED
- 4 -
Opinion

We have audited the financial statements of The Eden Collection Limited (the 'parent company') and its subsidiary (the 'group') for the year ended 30 April 2024 which comprise the group profit and loss account, 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 and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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:

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 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.

Other information

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 EDEN COLLECTION LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE EDEN COLLECTION LIMITED
- 5 -
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:

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.

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:

THE EDEN COLLECTION LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE EDEN COLLECTION LIMITED
- 6 -

The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the group is subject to laws and regulations that directly affect the financial statements including financial reporting 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 group 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 group's license to operate.  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 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.

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 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.

Alastair Jeffcott BA FCA (Senior Statutory Auditor)
For and on behalf of Xeinadin Audit Limited
6 September 2024
Chartered Accountants
Statutory Auditor
2 Hilliards Court
Chester Business Park
Chester
Cheshire
CH4 9QP
THE EDEN COLLECTION LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
2024
2023
as restated
Notes
£
£
Turnover
3
18,650,516
22,282,748
Cost of sales
(15,655,663)
(19,179,051)
Gross profit
2,994,853
3,103,697
Administrative expenses
(2,614,524)
(2,600,877)
Operating profit
5
380,329
502,820
Interest receivable and similar income
9
62,489
5,890
Interest payable and similar expenses
10
(33,837)
(31,634)
Exceptional items
-
0
(40,313)
Profit before taxation
408,981
436,763
Tax on profit
11
(160,839)
36,521
Profit for the financial year
248,142
473,284
Profit for the financial year is all attributable to the owners of the parent company.
THE EDEN COLLECTION LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
2024
2023
as restated
£
£
Profit for the year
248,142
473,284
Other comprehensive income
-
-
Total comprehensive income for the year
248,142
473,284
Total comprehensive income for the year is all attributable to the owners of the parent company.
THE EDEN COLLECTION LIMITED
GROUP BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 9 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Goodwill
12
600,869
695,529
Other intangible assets
12
15,849
19,476
Total intangible assets
616,718
715,005
Tangible assets
13
43,047
69,198
659,765
784,203
Current assets
Debtors
17
2,565,203
2,810,356
Cash at bank and in hand
2,084,775
1,876,681
4,649,978
4,687,037
Creditors: amounts falling due within one year
18
(4,478,956)
(4,609,394)
Net current assets
171,022
77,643
Total assets less current liabilities
830,787
861,846
Creditors: amounts falling due after more than one year
19
(226,029)
(505,230)
Net assets
604,758
356,616
Capital and reserves
Called up share capital
23
3,001,404
3,001,404
Profit and loss reserves
(2,396,646)
(2,644,788)
Total equity
604,758
356,616

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 6 September 2024 and are signed on its behalf by:
06 September 2024
Mr J P Clee
Director
Company registration number 06664069 (England and Wales)
THE EDEN COLLECTION LIMITED
COMPANY BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
12
476,693
527,315
Other intangible assets
12
15,849
19,476
Total intangible assets
492,542
546,791
Tangible assets
13
33,957
62,697
Investments
14
312,709
312,709
839,208
922,197
Current assets
Debtors
17
2,544,499
2,797,100
Cash at bank and in hand
1,737,546
1,601,491
4,282,045
4,398,591
Creditors: amounts falling due within one year
18
(4,321,411)
(4,451,279)
Net current liabilities
(39,366)
(52,688)
Total assets less current liabilities
799,842
869,509
Creditors: amounts falling due after more than one year
19
(215,173)
(473,785)
Net assets
584,669
395,724
Capital and reserves
Called up share capital
23
3,001,404
3,001,404
Profit and loss reserves
(2,416,735)
(2,605,680)
Total equity
584,669
395,724

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 £188,944 (2023 - £448,164 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 6 September 2024 and are signed on its behalf by:
06 September 2024
Mr J P Clee
Director
Company registration number 06664069 (England and Wales)
THE EDEN COLLECTION LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 11 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 May 2022
3,001,404
(3,118,072)
(116,668)
Year ended 30 April 2023:
Profit and total comprehensive income
-
473,284
473,284
Balance at 30 April 2023
3,001,404
(2,644,788)
356,616
Year ended 30 April 2024:
Profit and total comprehensive income
-
248,142
248,142
Balance at 30 April 2024
3,001,404
(2,396,646)
604,758
THE EDEN COLLECTION LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 12 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 May 2022
3,001,404
(3,053,844)
(52,440)
Year ended 30 April 2023:
Profit and total comprehensive income for the year
-
448,164
448,164
Balance at 30 April 2023
3,001,404
(2,605,680)
395,724
Year ended 30 April 2024:
Profit and total comprehensive income
-
188,945
188,945
Balance at 30 April 2024
3,001,404
(2,416,735)
584,669
THE EDEN COLLECTION LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
357,102
499,394
Interest paid
(33,837)
(31,634)
Income taxes paid
-
0
(4,727)
Net cash inflow from operating activities
323,265
463,033
Investing activities
Purchase of business
-
14,969
Purchase of intangible assets
(8,487)
-
Purchase of tangible fixed assets
(14,789)
(18,912)
Interest received
62,490
5,890
Net cash generated from investing activities
39,214
1,947
Financing activities
Repayment of borrowings
(154,385)
(148,684)
Net cash used in financing activities
(154,385)
(148,684)
Net increase in cash and cash equivalents
208,094
316,296
Cash and cash equivalents at beginning of year
1,876,681
1,560,385
Cash and cash equivalents at end of year
2,084,775
1,876,681
THE EDEN COLLECTION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 14 -
1
Accounting policies
Company information

The Eden Collection Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 27 King Street, Knutsford, WA16 6DW.

 

The group consists of The Eden Collection Limited and its subsidiaries: Ashdown Travel Limited and Blackheath Travel Limited.

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. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

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.

THE EDEN COLLECTION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 15 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company The Eden Collection 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 30 April 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.

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. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is generated through the group's tour operation and travel agent activities, the revenue is recognised on a departure date basis. For tour operation activities, related cost of holidays and flights are charged to the profit and loss account on the same basis and client money received at the balance sheet date relating to holidays commencing and flights departing after the year end are included within creditors. For travel agent activities, commissions received for holidays and flights are charged to the profit and loss account on the same basis. The brochure and other marketing costs are charged to the profit and loss account in the season to which they relate.

1.6
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, which the directors consider to be 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.

1.7
Intangible fixed assets other than goodwill

Intangible assets are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

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:

Software
15-33% on cost
1.8
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.

THE EDEN COLLECTION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 16 -

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 improvements
10-33% on cost/reducing balance
Computers
15-33% on cost/reducing balance

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.

1.9
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.

1.10
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.

1.11
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.

THE EDEN COLLECTION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 17 -
1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.

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.

THE EDEN COLLECTION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 18 -
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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

1.13
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.

1.14
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.

THE EDEN COLLECTION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 19 -
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.

1.15
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.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
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.

1.18
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.

THE EDEN COLLECTION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 20 -
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.

Useful life of assets

The useful economic lives of tangible fixed assets must be estimated by management to determine the period over which they are depreciated. A change in estimate would result in a change to the depreciation charged to the statement of comprehensive income in the period.

 

In addition, the useful economic lives of intangible fixed assets must be estimated by management to determine the period over which they are amortised. A change in estimate would result in a change to the amortisation charged to the statement of comprehensive income in the period.

3
Turnover and other revenue
2024
2023
£
£
Other revenue
Interest income
62,489
5,890

 

All turnover arose within the United Kingdom.

4
Exceptional item

For 2023 there were redundancy costs (£24,313) and costs to settle legal claims (£16,000) included in exceptional items totalling £40,313.

 

For 2024 there were no exceptional costs.

5
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange gains
(262,294)
(256,226)
Hedging item (gains)/losses
(71,684)
160,262
Depreciation of owned tangible fixed assets
40,940
30,689
Amortisation of intangible assets
106,773
89,629
Operating lease charges
80,156
47,549
6
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
28,000
25,000
THE EDEN COLLECTION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 21 -
7
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
Sales
20
21
15
15
Administration
11
10
11
10
Total
31
31
26
25

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
1,601,367
1,401,642
1,483,364
1,354,271
Social security costs
176,696
162,128
166,396
156,718
Pension costs
104,015
88,801
100,312
87,851
1,882,078
1,652,571
1,750,072
1,598,840
8
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
336,931
299,928
Company pension contributions to defined contribution schemes
22,377
24,224
359,308
324,152

The number of directors for whom retirement benefits are accruing under defined benefit schemes amounted to 2 (2023 - 2)

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
168,466
149,964
Company pension contributions to defined contribution schemes
11,189
12,112
THE EDEN COLLECTION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 22 -
9
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
62,489
5,890
10
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
33,837
31,634
11
Taxation
2024
2023
£
£
Deferred tax
Origination and reversal of timing differences
160,839
(36,521)

The actual charge/(credit) 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
408,981
436,763
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
102,245
82,985
Tax effect of utilisation of tax losses not previously recognised
(240,629)
(98,272)
Effect of change in corporation tax rate
24,897
-
Permanent capital allowances in excess of depreciation
8,561
(6,426)
Depreciation on assets not qualifying for tax allowances
8,522
16,242
Amortisation on assets not qualifying for tax allowances
8,958
5,471
Deferred tax movement
321,678
(36,521)
Taxation charge/(credit)
234,232
(36,521)
Taxation charge/(credit) in the financial statements
160,839
(36,521)
Reconciliation - the current year tax charge does not reconcile to the above analysis.  Please review figures in the database.
73,393
-
THE EDEN COLLECTION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 23 -
12
Intangible fixed assets
Group
Goodwill
Software
Total
£
£
£
Cost
At 1 May 2023
1,631,967
388,482
2,020,449
Additions
-
0
8,486
8,486
At 30 April 2024
1,631,967
396,968
2,028,935
Amortisation and impairment
At 1 May 2023
936,438
369,006
1,305,444
Amortisation charged for the year
94,660
12,113
106,773
At 30 April 2024
1,031,098
381,119
1,412,217
Carrying amount
At 30 April 2024
600,869
15,849
616,718
At 30 April 2023
695,529
19,476
715,005
Company
Goodwill
Software
Total
£
£
£
Cost
At 1 May 2023
1,012,443
388,482
1,400,925
Additions
-
0
8,486
8,486
At 30 April 2024
1,012,443
396,968
1,409,411
Amortisation and impairment
At 1 May 2023
485,128
369,006
854,134
Amortisation charged for the year
50,622
12,113
62,735
At 30 April 2024
535,750
381,119
916,869
Carrying amount
At 30 April 2024
476,693
15,849
492,542
At 30 April 2023
527,315
19,476
546,791
THE EDEN COLLECTION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 24 -
13
Tangible fixed assets
Group
Leasehold improvements
Computers
Total
£
£
£
Cost
At 1 May 2023
99,798
196,226
296,024
Additions
5,677
9,112
14,789
At 30 April 2024
105,475
205,338
310,813
Depreciation and impairment
At 1 May 2023
78,068
148,758
226,826
Depreciation charged in the year
17,539
23,401
40,940
At 30 April 2024
95,607
172,159
267,766
Carrying amount
At 30 April 2024
9,868
33,179
43,047
At 30 April 2023
21,730
47,468
69,198
Company
Leasehold improvements
Computers
Total
£
£
£
Cost
At 1 May 2023
96,283
187,204
283,487
Additions
4,710
4,898
9,608
At 30 April 2024
100,993
192,102
293,095
Depreciation and impairment
At 1 May 2023
76,869
143,921
220,790
Depreciation charged in the year
17,047
21,301
38,348
At 30 April 2024
93,916
165,222
259,138
Carrying amount
At 30 April 2024
7,077
26,880
33,957
At 30 April 2023
19,414
43,283
62,697
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
312,709
312,709
THE EDEN COLLECTION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
14
Fixed asset investments
(Continued)
- 25 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 May 2023 and 30 April 2024
312,709
Carrying amount
At 30 April 2024
312,709
At 30 April 2023
312,709
15
Subsidiaries

Details of the company's subsidiaries at 30 April 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Ashdown Travel Limited
27 King Street, Knutsford, WA16 6DW
Ordinary
100
-
Blackheath Travel Limited
27 King Street, Knutsford, WA16 6DW
-
100
16
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
92,244
75,975
n/a
n/a
Carrying amount of financial liabilities
Measured at amortised cost
4,556,134
4,845,887
n/a
n/a

As permitted by the reduced disclosure framework within FRS 102, the company has taken advantage of the exemption from disclosing the carrying amount of certain classes of financial instruments, denoted by 'n/a' above.

THE EDEN COLLECTION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 26 -
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
21,069
22,533
21,068
22,532
Corporation tax recoverable
24
24
-
0
-
0
Amounts owed by group undertakings
-
-
-
4,697
Other debtors
77,235
78,508
77,235
77,487
Prepayments and accrued income
2,097,478
2,179,055
2,075,730
2,161,079
2,195,806
2,280,120
2,174,033
2,265,795
Amounts falling due after more than one year:
Deferred tax asset (note 21)
369,397
530,236
370,466
531,305
Total debtors
2,565,203
2,810,356
2,544,499
2,797,100
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Other borrowings
20
155,092
144,444
144,444
144,444
Trade creditors
508,396
471,462
508,396
464,648
Other taxation and social security
148,851
184,569
128,782
170,161
Other creditors
101,468
160,867
100,850
131,120
Accruals and deferred income
3,565,149
3,648,052
3,438,939
3,540,906
4,478,956
4,609,394
4,321,411
4,451,279
19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Other borrowings
20
167,338
332,371
156,482
300,926
Other taxation and social security
-
84,168
-
0
84,168
Other creditors
58,691
88,691
58,691
88,691
226,029
505,230
215,173
473,785
THE EDEN COLLECTION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 27 -
20
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Other loans
322,430
476,815
300,926
445,370
Payable within one year
155,092
144,444
144,444
144,444
Payable after one year
167,338
332,371
156,482
300,926

Included within borrowings is a government-backed Coronavirus Business Interruption Loan provided by Barclays Bank plc. This loan is secured by both fixed and floating charges over the assets of the company. Further details of the charge can be obtained from Companies House.

21
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Assets
Assets
2024
2023
Group
£
£
Accelerated capital allowances
9,332
8,990
Tax losses
360,065
521,246
369,397
530,236
Assets
Assets
2024
2023
Company
£
£
Accelerated capital allowances
10,401
10,059
Tax losses
360,065
521,246
370,466
531,305
Group
Company
2024
2024
Movements in the year:
£
£
Asset at 1 May 2023
(530,236)
(531,305)
Charge to profit or loss
160,839
160,839
Asset at 30 April 2024
(369,397)
(370,466)
THE EDEN COLLECTION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
21
Deferred taxation
(Continued)
- 28 -

The deferred tax asset set out above relates to the utilisation of tax losses against future expected taxable profits.

22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
104,015
88,801

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
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary class 'A' of £1 each
758,149
724,649
758,149
724,649
Ordinary class 'B1' of £1 each
40,454
40,454
40,454
40,454
Ordinary class 'B2' of 1p each
43,782
43,782
438
438
842,385
808,885
799,041
765,541
2024
2023
2024
2023
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference shares of £1 each
2,202,363
2,235,863
2,202,363
2,235,863
Preference shares classified as equity
2,202,363
2,235,863
Total equity share capital
3,001,404
3,001,404
THE EDEN COLLECTION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 29 -
24
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
80,858
73,355
53,358
45,855
Between two and five years
83,520
85,956
56,020
58,456
In over five years
43,542
82,500
-
-
207,920
241,811
109,378
104,311
25
Related party transactions
Transactions with related parties

Mr P Beacall

Included within creditors (amounts falling due after more than one year) is a balance of £29,346 (2023: £26,846) owing to Mr P Beacall, director. The largest amount outstanding during the year was £29,346.

 

Included within other debtors is a balance of £28,909 (2023: £18,199) owed by Mr P Beacall, director. The largest amount outstanding during the year was £28,909. Overall the total amount owed by Mr P Beacall is £437.

 

Mr J P Clee

Included within creditors (amounts falling due after more than one year) is a balance of £29,346 (2023: £26,846) owing to Mr J P Clee, director. The largest amount outstanding during the year was £29,346.

 

Included within other debtors is a balance of £29,890 (2023: £19,447) owed by Mr J P Clee. director. The largest amount outstanding during the year was £29,890. Overall the total amount owing to Mr J P Clee is £544.

 

 

THE EDEN COLLECTION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 30 -
26
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
248,142
473,284
Adjustments for:
Taxation charged/(credited)
160,839
(36,521)
Finance costs
33,837
31,634
Investment income
(62,489)
(5,890)
Amortisation and impairment of intangible assets
106,773
89,629
Depreciation and impairment of tangible fixed assets
40,940
30,689
Movements in working capital:
Decrease in debtors
84,314
1,679,255
Decrease in creditors
(255,254)
(1,762,686)
Cash generated from operations
357,102
499,394
27
Analysis of changes in net funds - group
1 May 2023
Cash flows
30 April 2024
£
£
£
Cash at bank and in hand
1,876,681
208,094
2,084,775
Borrowings excluding overdrafts
(476,815)
154,385
(322,430)
1,399,866
362,479
1,762,345
28
Prior period adjustment
Changes to the balance sheet - group
As previously reported
Adjustment
As restated at 30 Apr 2023
£
£
£
Current assets
Debtors due within one year
3,823,242
(1,012,886)
2,810,356
Creditors due within one year
Other creditors
(5,293,267)
1,012,886
(4,280,381)
Net assets
356,616
-
356,616
Capital and reserves
Total equity
356,616
-
356,616
THE EDEN COLLECTION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
28
Prior period adjustment
(Continued)
- 31 -
Changes to the profit and loss account - group
As previously reported
Adjustment
As restated
Period ended 30 April 2023
£
£
£
Turnover
23,503,306
(1,220,558)
22,282,748
Cost of sales
(20,399,609)
1,220,558
(19,179,051)
Profit after taxation
473,284
-
473,284
Reconciliation of changes in equity - group
The prior period adjustments do not give rise to any effect upon equity.
Reconciliation of changes in profit for the previous financial period
2023
£
Adjustments to prior year
Total adjustments
-
Profit as previously reported
473,284
Profit as adjusted
473,284
Reconciliation of changes in equity - company
The prior period adjustments do not give rise to any effect upon equity.
Reconciliation of changes in profit for the previous financial period
2023
£
Adjustments to prior year
Total adjustments
-
Profit as previously reported
448,164
Profit as adjusted
448,164
Notes to reconciliation
Change of accounting policy for revenue recognition

A subsidiary company has changed its accounting policy for revenue recognition. The previous accounting policy was to recognise the gross transaction value received. The new accounting policy is to recognise the commission received. In the opinion of the directors, the new policy provides reliable information and is more relevant than the policy it replaces because the entity operates as an agent rather than a principal and the income should be recognised accordingly.

 

The change in accounting policy has been applied retrospectively, and comparative information has been restated accordingly. This note details the effect on the financial statements.

2024-04-302023-05-01falseCCH SoftwareCCH Accounts Production 2024.100Mr J P CleeMr P A BeacallMr Peter DunnMr Laurence VaughanMr F 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