Registered number:
FOR THE PERIOD ENDED 30 APRIL 2024
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TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD
COMPANY INFORMATION
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TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD
CONTENTS
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TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 30 APRIL 2024
The directors present their strategic report for the period ended 30 April 2024.
From famine to feast, the blockages in the supply chains started to unclog themselves in the year and the factories started to make good on the shortfalls of the last two years. However, this also brought problems in that stocks of new vehicles trebled in the year with much of the stock arriving in the winter months when sales naturally fall. Additional issues also include the reverting to type of competitors of deep discounting and the filling of funding lines to the point of stocks being held at the factories until stock on site is sold.
The influx of stock allowed us to fulfil the majority of outstanding orders, some of which were up to two years old, and this ensured that new vehicle sales were on a par with 22/23. However, because of this increased supply of new vehicles, the business shifted focus away from used vehicles which had filled the gap in supply in the previous year meaning that used vehicle sales were almost half those of 22/23. This drop was partly offset by a continue rise in average selling prices of almost 15%. Total sales were down just under 15% across the business, but a continued focus on higher value vehicles with solid margins meant that gross margin was maintained above 15%. Despite the increased levels of stock, the Group maintains a strong cash position and does not intend to be drawn into a spiral of discounting vehicles merely to drive volume. Overheads continue to be carefully controlled and were almost unchanged from the previous year in total which allowed the business to report an EBITDA around £2.076million. Whilst this is a fall from 22/23, it is still the third best year in the Group’s history. Stocks have increased by almost £5million with used stock almost halving and new stock trebling. The Group monitors funding lines and cash in stock on a daily basis as they are regularly close to full utilisation. During the year, the business decided to repay its loan to Barclays Bank and is now operating debt free, aside from trade creditors and stock funding.
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TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
The principal risks and uncertainties that we foresee in the coming year are associated with:
• Supply chain – Having spent a couple of years with minimal supplies of vehicles from factories, we have had almost all outstanding orders delivered, plus many of those for the current production year. The knock on effect of high stocks, full funding lines and stocks held at factories is carefully monitored daily but we retain full support from our suppliers and funders. • Interest rates – the continued rise in interest rates means that the Group is benefiting from the repayment of its bank loan, but is incurring increasing costs from the increased stock holding levels. Some of this cost is being offset by investing cash reserves in interest bearing accounts, but the business remains a net interest payer overall. The recent cut in rates is a welcome indication of what is hoped to be additional cuts in interest rates to come. • Market conditions – the recent influx of stock across the industry has led to some sellers reaching for the discount button as a seemingly automatic reflex. As mentioned earlier, the business will not be following this trend and has support from the factories and stock funders to hold higher levels of stock and continue to offer premium products at appropriate prices. Whilst overall demand has dropped from the immediate post-covid levels, there remains demand within the marketplace for our products.
The directors monitor the performance of the Group through key performance indicators such as sales, gross profit margins and operating profit. The position of the Group at any point in time is monitored with reference to net current assets and net assets.
An analysis of the performance and position of the Group by reference to these KPI’s is included within the business review above.
The Group uses a range of other performance indicators, including customer net promotor scores, to monitor and measure performance within the business on a weekly and monthly basis.
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TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
The Board of Travel Cruiser Concessionaires have a legal responsibility under s172 of the Companies Act 2006 to act in a way that we consider, in good faith, would be most likely to promote the Group’s success for the benefit of its members as a whole and to have regard to the long-term effect of our decisions on the Group and its stakeholders. This statement addresses the ways in which we as a board discharge this responsibility.
As a family owned business, the directors have always taken a personal interest in the wellbeing of the employees. The Group has continued its strong focus on training and most employees have undertaken formal training of at least one course, some several. The Group believes in openness with its employees and twice a year the Managing Director updates all staff with Group performance, trends and issues. The Group also forges strong links with the local community, including membership of trade bodies, working with local colleges for staff training, offering work experience to local schoolchildren and has, again, sponsored the Christmas tree at the local shops. Indeed, two former work experience local pupils have since been employed by the Group on an internally designed apprenticeship. The Group takes its responsibilities towards the environment seriously. Its showroom was built with energy efficiency at the forefront and includes a biomass boiler as part of the heating structure. The Group liaises with the local council to introduce new ways of reducing its carbon footprint and has reduced its carbon footprint for the second year running. The Group continues with its strategic focus on providing customer delight and is making further investment in personnel and systems to enhance the experience for our customers. The Group believes that it is the long term interests of the business to provide customer delight and actively seeks customer feedback and targets a strongly positive Net Promoter Score.
This report was approved by the board and signed on its behalf.
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TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 APRIL 2024
The directors present their report and the financial statements for the period ended 30 April 2024.
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the period, after taxation, amounted to £1,513,480 (2023 - £2,778,932).
Dividends of £785,000 were paid during the year (2023: £627,100).
The directors who served during the period were:
The directors plan to continue the development of the Group and its business. Refer to the strategic report for further information.
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TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
Engagement with suppliers and customers is key to our success. We work closely with our supply chain and take the appropriate actions, where necessary, to prevent involvement in modern slavery, corruption, bribery and breaches of competition law.
The directors recognise the importance of strong supplier relationship, particularly with the Erwin Hymer Group. The products that they supply are core to our strategy. We also recognise that developing a strong understanding of customers’ needs and putting that into our business and strategy is critical.
This section includes the mandatory reporting of energy and greenhouse gas emissions for the Group covering the period 1 May 2023 to 30 April 2024.
The business operates from a showroom opened in 2018 so utilises led lighting, movement sensitive on/off timers and area specific heating throughout the premises. The site uses no gas for heating or power, but instead uses a wood pellet powered biomass boiler.
The business has set up a senior management led team looking at reducing its carbon footprint and has trained four staff members to pass the carbon literacy standard. Post year end, the Group completed the installation of solar panels and twelve new electric car charging points and has applied to become certified by the carbon literacy trust.
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TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
There have been no significant events affecting the Group since the year end.
The auditors, WR Partners, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD
We have audited the financial statements of Travel Cruiser Concessionaires Holdings LTD (the 'parent Company') and its subsidiaries (the 'Group') for the period ended 30 April 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, 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 Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
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 or the 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.
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TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group strategic report and the Directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
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TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group 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 audit team obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and the Group and determined that the most significant are those that relate to the reporting framework (FRS102 and the Companies Act 2006), the relevant tax compliance regulations, employment law, Health and Safety Regulations and the EU General Data Protection Regulation (GDPR). We understood how the Company and the Group are complying with these frameworks by making enquiries of management and those responsible for legal and compliance procedures. We also reviewed board minutes to identify any recorded instances of irregularity or non compliance that might have a material impact on the financial statements. We assessed the susceptibility of the Company and Group's financial statements to material misstatement, including how fraud might occur by meeting with key management to understand where they considered there was susceptibility to fraud. Based on our understanding our procedures involved enquiries of management and those charged with governance, manual journal entry testing, cashbook reviews for large and unusual items and the challenge of significant accounting estimates used in preparing the financial statements.
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TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD (CONTINUED)
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.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
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 Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
Belmont House
Shrewsbury Business Park
Shropshire
SY2 6LG
Date:
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TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 APRIL 2024
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TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD
REGISTERED NUMBER: 13913408
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD
REGISTERED NUMBER: 13913408
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024
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TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD
REGISTERED NUMBER: 13913408
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 19 to 38 form part of these financial statements.
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TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 APRIL 2024
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TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 APRIL 2024
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TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 APRIL 2024
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TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
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TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
Travel Cruiser Concessionaires Holdings Limited ("The Company") is a private company limited by shares and is incorporated in England. The address of its registered office is Valley Drive, Stafford, England, ST16 1NZ.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
The Group's forecasts and projections, taking into account of reasonably possible changes in trading performance, show that the Group should be able to operate within the levels of it's current facilities.
After making enquiries, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. The Group therefore continues to adopt the going concern basis in preparing the accounts.
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TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
2.Accounting policies (continued)
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TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
2.Accounting policies (continued)
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:
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.
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TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
2.Accounting policies (continued)
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Group's Statement of financial position when the Group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
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TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
2.Accounting policies (continued)
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
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TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
The Group makes estimates and assumptions concerning the future. The resulting accounting estimates, will by definition, seldom equal the related actual results. In the opinion of the directors there are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of the assets and liabilities within the next financial year.
The whole of the turnover is attributable to the principal activity of the Group.
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TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
Page 27
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TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
Page 28
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TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
Page 29
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TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
11.Taxation (continued)
There were no factors that may affect future tax charges.
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TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
Page 31
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TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
13.Tangible fixed assets (continued)
Page 32
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TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
Page 33
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TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
Bank loans were repayable in quarterly installments commencing December 2022. Interest was charged at 2.1% above the current base rate.
The bank had secured a fixed charge over the mortgage of the property. The bank loan has been fully repaid in the year.
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TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
Page 35
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TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
Page 36
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TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
Profit and loss account
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £113,314 (2023: £119,373). Contributions totalling £27,082 (2023: £13,318) were payable to the fund at the reporting date and are included in creditors.
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TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
The Company is under the control of the Directors, by virtue of their ownership of the majority of issued share capital.
Page 38
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