Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31true18tour operator2023-01-01false19trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 04950752 2023-01-01 2023-12-31 04950752 2022-01-01 2022-12-31 04950752 2023-12-31 04950752 2022-12-31 04950752 1 2023-01-01 2023-12-31 04950752 d:Director1 2023-01-01 2023-12-31 04950752 d:Director4 2023-01-01 2023-12-31 04950752 c:Buildings c:LongLeaseholdAssets 2023-01-01 2023-12-31 04950752 c:Buildings c:LongLeaseholdAssets 2023-12-31 04950752 c:Buildings c:LongLeaseholdAssets 2022-12-31 04950752 c:PlantMachinery 2023-01-01 2023-12-31 04950752 c:PlantMachinery 2023-12-31 04950752 c:PlantMachinery 2022-12-31 04950752 c:PlantMachinery c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04950752 c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04950752 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 04950752 c:ComputerSoftware 2023-12-31 04950752 c:ComputerSoftware 2022-12-31 04950752 c:CurrentFinancialInstruments 2023-12-31 04950752 c:CurrentFinancialInstruments 2022-12-31 04950752 c:Non-currentFinancialInstruments 2023-12-31 04950752 c:Non-currentFinancialInstruments 2022-12-31 04950752 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 04950752 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 04950752 c:Non-currentFinancialInstruments c:AfterOneYear 2023-12-31 04950752 c:Non-currentFinancialInstruments c:AfterOneYear 2022-12-31 04950752 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2023-12-31 04950752 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2022-12-31 04950752 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2023-12-31 04950752 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2022-12-31 04950752 c:RetainedEarningsAccumulatedLosses 2023-12-31 04950752 c:RetainedEarningsAccumulatedLosses 2022-12-31 04950752 d:FRS102 2023-01-01 2023-12-31 04950752 d:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 04950752 d:FullAccounts 2023-01-01 2023-12-31 04950752 d:CompanyLimitedByGuarantee 2023-01-01 2023-12-31 04950752 c:ComputerSoftware c:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 04950752 2 2023-01-01 2023-12-31 04950752 c:ComputerSoftware c:OwnedIntangibleAssets 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure
Registered number: 04950752


EUROPEAN TOUR OPERATORS ASSOCIATION LIMITED
(A company limited by guarantee)
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2023

 
EUROPEAN TOUR OPERATORS ASSOCIATION LIMITED
 
(A company limited by guarantee)
 
 
  
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF EUROPEAN TOUR OPERATORS ASSOCIATION LIMITED FOR THE YEAR ENDED 31 DECEMBER 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of European Tour Operators Association Limited for the year ended 31 December 2023 which comprise the Statement of financial position and the related notes from the Company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of directors of European Tour Operators Association Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of European Tour Operators Association Limited and state those matters that we have agreed to state to the Board of directors of European Tour Operators Association Limited, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than European Tour Operators Association Limited and its Board of directors, as a body, for our work or for this report.
It is your duty to ensure that European Tour Operators Association Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position, and profit of European Tour Operators Association Limited. You consider that European Tour Operators Association Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or review of the financial statements of European Tour Operators Association Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Xeinadin London Limited
 
8th Floor
Becket House
36 Old Jewry
London
EC2R 8DD
2 September 2024
Page 1

 
EUROPEAN TOUR OPERATORS ASSOCIATION LIMITED
  
(A company limited by guarantee)
REGISTERED NUMBER:04950752

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
102,863
147,121

Tangible assets
 5 
67,394
106,979

  
170,257
254,100

Current assets
  

Debtors
 6 
771,725
744,237

Bank and cash balances
  
579,257
446,075

  
1,350,982
1,190,312

Creditors: amounts falling due within one year
 7 
(1,364,078)
(1,297,525)

Net current liabilities
  
 
 
(13,096)
 
 
(107,213)

Total assets less current liabilities
  
157,161
146,887

Creditors: amounts falling due after more than one year
 8 
(87,500)
(137,500)

  

Net assets
  
69,661
9,387


Capital and reserves
  

Profit and loss account
  
69,661
9,387

  
69,661
9,387


Page 2

 
EUROPEAN TOUR OPERATORS ASSOCIATION LIMITED
  
(A company limited by guarantee)
REGISTERED NUMBER:04950752
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

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

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

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

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




T C Jenkins
S D Taggart
Director
Director


Date: 2 September 2024

The notes on pages 4 to 11 form part of these financial statements.

Page 3

 
EUROPEAN TOUR OPERATORS ASSOCIATION LIMITED
 
(A company limited by guarantee)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

European Tour Operators Association Limited is a company limited by guarantee incorporated in England and Wales. The address and registered office is given in the Company Information page of these financial statements.
The principal activity of the Company in the year under review was that of a trade association.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

  
2.3

Revenue

Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.
Subscription income is accounted for on an accruals basis.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 4

 
EUROPEAN TOUR OPERATORS ASSOCIATION LIMITED
 
(A company limited by guarantee)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.6

Interest income

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

 
2.7

Borrowing costs

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

 
2.8

Pensions

Defined contribution pension plan

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

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

 
2.9

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Page 5

 
EUROPEAN TOUR OPERATORS ASSOCIATION LIMITED
 
(A company limited by guarantee)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Computer software
-
5
years

 
2.11

Tangible fixed assets

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

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

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

Depreciation is provided on the following basis:

Long-term leasehold property
-
35% on cost
Plant and machinery
-
25-35% on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 6

 
EUROPEAN TOUR OPERATORS ASSOCIATION LIMITED
 
(A company limited by guarantee)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other
third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 18 (2022 - 19).

Page 7

 
EUROPEAN TOUR OPERATORS ASSOCIATION LIMITED
 
(A company limited by guarantee)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Intangible assets




Computer software

£



Cost


At 1 January 2023
260,400


Additions
8,386



At 31 December 2023

268,786



Amortisation


At 1 January 2023
113,279


Charge for the year on owned assets
52,644



At 31 December 2023

165,923



Net book value



At 31 December 2023
102,863



At 31 December 2022
147,121



Page 8

 
EUROPEAN TOUR OPERATORS ASSOCIATION LIMITED
 
(A company limited by guarantee)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Total

£
£
£



Cost or valuation


At 1 January 2023
113,482
666,819
780,301


Additions
-
9,145
9,145



At 31 December 2023

113,482
675,964
789,446



Depreciation


At 1 January 2023
111,475
561,847
673,322


Charge for the year on owned assets
1,131
47,599
48,730



At 31 December 2023

112,606
609,446
722,052



Net book value



At 31 December 2023
876
66,518
67,394



At 31 December 2022
2,007
104,972
106,979

Page 9

 
EUROPEAN TOUR OPERATORS ASSOCIATION LIMITED
 
(A company limited by guarantee)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors


2023
2022
£
£



Trade debtors
625,202
607,375

Other debtors
-
31,720

Prepayments and accrued income
146,523
105,142

771,725
744,237


Prepayments and accrued income includes £129,922 (2022 £86,145) of amounts paid to suppliers in respect of future sales


7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
50,000
50,000

Trade creditors
29,633
38,925

Other taxation and social security
37,908
31,509

Other creditors
73,574
88,746

Accruals and deferred income
1,172,963
1,088,345

1,364,078
1,297,525


Accruals and deferred income includes £1,148,574 (2022 £1,083,133) of amounts received from customers in respect of future sales.


8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
87,500
137,500

87,500
137,500


Page 10

 
EUROPEAN TOUR OPERATORS ASSOCIATION LIMITED
 
(A company limited by guarantee)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
50,000
50,000

Amounts falling due 1-2 years

Bank loans
50,000
50,000

Amounts falling due 2-5 years

Bank loans
37,500
87,500


137,500
187,500


A Government backed Coronavirus Business Interruption Loan (CBIL) was taken by the Company amounting to £250,000 in September 2020. This is repayable over 6 years.



10.


Company status

The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.


11.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held seperately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £45,192 (2022: £24,979). Contributions totalling £5,510 (2022: £4,486) were payable to the fund at the balance sheet date and are included within other creditors.


12.


Post balance sheet events

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


13.


Controlling party

There is no ultimate controlling party.

 
Page 11