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COMPANY REGISTRATION NUMBER: 07728519
Expat Explore Travel Ltd
Financial Statements
31 December 2023
Expat Explore Travel Ltd
Financial Statements
Year ended 31 December 2023
Contents
Page
Strategic report
1
Directors' report
3
Independent auditor's report to the members
5
Statement of income and retained earnings
9
Statement of financial position
10
Statement of cash flows
11
Notes to the financial statements
12
Expat Explore Travel Ltd
Strategic Report
Year ended 31 December 2023
The directors present their strategic report for the period ended 31 December 2023 below. Business Review The 2023 financial year was an exceptional year for the company. We continued to see good growth over the year, and managed to achieve an increase in sales of 163% in comparison to the previous year. Direct costs and staff costs increased considerably to meet the demand. This resulted in a lower gross profit margin as described below. The business has largely recovered from the impact of Covid-19, and there was little to no impact on the business in the current year. Key Performance Indicators The following Key Performance Indicators show how the company is managing to maintain strong performance levels: Gross profit margin 24.62% (2022: 37.01%) The gross profit margin has reduced in comparison to the prior year. This was as a results of cost increasing by a greater percentage than sales. The margin is still considered to be at a great level. Current ratio 1.53 (2022: 1.28) Current ratio has increased due to the strong performance of the business and shows that the company is more than able to meet its liabilities. Principal Risks and Uncertainties The uncertainty around Brexit and what that means for free movement between the UK and Europe and the impact on exchange rates remains a risk for the company. The latter risk will be mitigated, to a certain extent, by the use of financial instruments to hedge the risk to the company. The business has largely recovered from the effects of Covid-19 and so this does not pose a risk, however there is still a small risk that a similar health pandemic could occur in future. The directors have considered various relevant market and economic risks that may materially impact the business including supplier and customer credit terms, changes in interest rates, market competition and current business trading trends to understand and model the financial impact. Taking into account the above risks collectively and the options available to mitigate them, the directors are satisfied that the financial statements should continue to be prepared on a going concern basis and that there are no material foreseeable risks to the business that haven't been assessed or disclosed. Future Plans The company will aim to continue it's growth in the next financial year. Control over expenses remains a big focus for the next financial year and the company will again look to improve efficiency.
This report was approved by the board of directors on 31 July 2024 and signed on behalf of the board by:
J H Maritz
Director
Registered office:
10 Merryweather Place
London
United Kingdom
SE10 8BN
Expat Explore Travel Ltd
Directors' Report
Year ended 31 December 2023
The directors present their report and the financial statements of the company for the year ended 31 December 2023 .
Directors
The directors who served the company during the year were as follows:
C J F Cronje
J H Maritz
Dividends
Particulars of recommended dividends are detailed in note 12 to the financial statements.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on 31 July 2024 and signed on behalf of the board by:
J H Maritz
Director
Registered office:
10 Merryweather Place
London
United Kingdom
SE10 8BN
Expat Explore Travel Ltd
Independent Auditor's Report to the Members of Expat Explore Travel Ltd
Year ended 31 December 2023
Opinion
We have audited the financial statements of Expat Explore Travel Ltd (the 'company') for the year ended 31 December 2023 which comprise the statement of income and retained earnings, statement of financial position, statement of cash flows 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 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: - give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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
It is the directors' intention to continue trading operations and therefore they have prepared the financial statements on a going concern basis. They believe the current financial position and expected future performance indicates that this is realistic. They have also concluded that there are no material uncertainties that could have cast significant doubt over its ability to continue as a going concern for at least a year from the date of the approval of the financial statements ("the going concern period").
We are required to report to you if we have concluded that the use of the going concern basis of accounting is inappropriate or there is an undisclosed material uncertainty that may cast significant doubt over the use of that basis for a period of at least 12 months from the date of approval of the financial statements. In our evaluation of the directors' conclusions, we consider the inherent risks to the company's business model, including the impact of Brexit, Covid-19 and analysed how these risks might affect the company's financial resources or ability to continue operations over the going concern period. We have nothing to report in this respect.
However, we cannot predict all future events or conditions, particularly those relating to Covid-19, and subsequent events may result in outcomes that are inconsistent with judgements that were reasonable at the time they were made. Therefore, the absence of reference to a material uncertainty in this audit report is not a guarantee that the company will continue in operation.
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. 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. In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 the audit:
- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
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: We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have considered; the nature of the industry, control environment and business performance with particular reference to the Company's policies for deferring income. We also consider the results of our enquiries of management, relating to their own identification and assessment of the risks of irregularities and possible related fraud. This includes reviewing available documentation on their policies and procedures and performing tests of controls to evidence their effectiveness. Throughout the audit testing we are considering the incentives that may exist within the organisation for fraud. Key areas include timing of recognising income around the year end, posting of unusual journals and manipulating the Company's performance measures to meet remuneration targets and bank covenants. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We ensure we have an understanding of the relevant laws and regulations and remain alert to possible non-compliance throughout the audit. Despite proper planning and audit work in accordance with auditing standards there are inherent limitations and unavoidable risk that we may not detect some irregularities and material misstatements in the financial statements. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. 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. 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.
COLIN S REID
(Senior Statutory Auditor)
For and on behalf of
Burgess Hodgson LLP
Chartered accountants & statutory auditor
Camburgh House
27 New Dover Road
Canterbury
Kent
CT1 3DN
31 July 2024
Expat Explore Travel Ltd
Statement of Income and Retained Earnings
Year ended 31 December 2023
2023
2022
Note
£
£
Turnover
4
31,285,445
11,913,774
Cost of sales
23,584,132
7,504,573
-------------
-------------
Gross profit
7,701,313
4,409,201
Distribution costs
5,215
1,960
Administrative expenses
5,058,637
2,267,282
Other operating income
5
13,531
31,518
------------
------------
Operating profit
6
2,650,992
2,171,477
Other interest receivable and similar income
9
11,509
586
Interest payable and similar expenses
10
4,866
15,114
------------
------------
Profit before taxation
2,657,635
2,156,949
Tax on profit
11
624,218
401,009
------------
------------
Profit for the financial year and total comprehensive income
2,033,417
1,755,940
------------
------------
Dividends paid and payable
12
( 600,000)
( 540,000)
Retained earnings at the start of the year
1,220,788
4,848
------------
------------
Retained earnings at the end of the year
2,654,205
1,220,788
------------
------------
All the activities of the company are from continuing operations.
Expat Explore Travel Ltd
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
13
199,572
Tangible assets
14
47,139
60,353
---------
--------
246,711
60,353
Current assets
Debtors
15
4,016,326
3,079,856
Cash at bank and in hand
3,060,863
3,189,894
------------
------------
7,077,189
6,269,750
Creditors: amounts falling due within one year
16
4,639,695
4,891,007
------------
------------
Net current assets
2,437,494
1,378,743
------------
------------
Total assets less current liabilities
2,684,205
1,439,096
Creditors: amounts falling due after more than one year
17
188,308
------------
------------
Net assets
2,684,205
1,250,788
------------
------------
Capital and reserves
Called up share capital
19
30,000
30,000
Profit and loss account
2,654,205
1,220,788
------------
------------
Shareholders funds
2,684,205
1,250,788
------------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 31 July 2024 , and are signed on behalf of the board by:
J H Maritz
Director
Company registration number: 07728519
Expat Explore Travel Ltd
Statement of Cash Flows
Year ended 31 December 2023
2023
2022
£
£
Cash flows from operating activities
Profit for the financial year
2,033,417
1,755,940
Adjustments for:
Depreciation of tangible assets
13,214
5,634
Amortisation of intangible assets
44,802
Other interest receivable and similar income
( 11,509)
( 586)
Interest payable and similar expenses
4,866
15,114
Tax on profit
624,218
401,009
Accrued (income)/expenses
( 254,153)
2,155,365
Changes in:
Trade and other debtors
( 936,470)
( 2,478,549)
Trade and other creditors
( 6,624)
724,764
------------
------------
Cash generated from operations
1,511,761
2,578,691
Interest paid
( 4,866)
( 15,114)
Interest received
11,509
586
Tax paid
( 501,514)
( 145,734)
------------
------------
Net cash from operating activities
1,016,890
2,418,429
------------
------------
Cash flows from investing activities
Purchase of tangible assets
( 65,987)
Purchase of intangible assets
( 244,374)
------------
------------
Net cash used in investing activities
( 244,374)
( 65,987)
------------
------------
Cash flows from financing activities
Proceeds from borrowings
( 301,547)
370,119
Dividends paid
( 600,000)
( 540,000)
------------
------------
Net cash used in financing activities
( 901,547)
( 169,881)
------------
------------
Net (decrease)/increase in cash and cash equivalents
( 129,031)
2,182,561
Cash and cash equivalents at beginning of year
3,189,894
1,007,333
------------
------------
Cash and cash equivalents at end of year
3,060,863
3,189,894
------------
------------
Expat Explore Travel Ltd
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is 10 Merryweather Place, London, United Kingdom, SE10 8BN.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Revenue recognition A key judgment is to decide at what point revenue becomes recognisable. The directors have considered the industry standard and requirements of regulators in coming to a conclusion on the point of recognition.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for tours and other travel services rendered, stated net of discounts and of Value Added Tax. Revenue from the rendering of the services above is recognised at the point of tour departure. Monies received by end of the financial period relating to tours departing after the period end are included within current liabilities as revenue received in advance.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
Software development
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
20% straight line
Motor vehicles
-
25% straight line
Equipment
-
25% straight line
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Turnover
Turnover arises from:
2023
2022
£
£
Rendering of services
31,285,445
11,913,774
-------------
-------------
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Other operating income
2023
2022
£
£
Commission receivable
13,592
5,446
Other operating income
( 61)
26,072
--------
--------
13,531
31,518
--------
--------
6. Operating profit
Operating profit or loss is stated after charging/crediting:
2023
2022
£
£
Amortisation of intangible assets
44,802
Depreciation of tangible assets
13,214
5,634
Foreign exchange differences
135,683
( 241,837)
---------
---------
7. Auditor's remuneration
2023
2022
£
£
Fees payable for the audit of the financial statements
10,190
--------
----
Fees payable to the company's auditor and its associates for other services:
Other non-audit services
9,395
8,325
--------
-------
8. Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
2023
2022
No.
No.
Production staff
15
8
Administrative staff
3
2
Management staff
2
2
----
----
20
12
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2023
2022
£
£
Wages and salaries
1,850,385
443,180
Other pension costs
14,061
5,932
------------
---------
1,864,446
449,112
------------
---------
9. Other interest receivable and similar income
2023
2022
£
£
Interest on cash and cash equivalents
11,509
586
--------
----
10. Interest payable and similar expenses
2023
2022
£
£
Interest on banks loans and overdrafts
4,866
15,114
-------
--------
11. Tax on profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
627,979
398,321
Adjustments in respect of prior periods
( 3,761)
2,688
---------
---------
Total current tax
624,218
401,009
---------
---------
---------
---------
Tax on profit
624,218
401,009
---------
---------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2022: lower than) the standard rate of corporation tax in the UK of 23.52 % (2022: 19 %).
2023
2022
£
£
Profit on ordinary activities before taxation
2,657,635
2,156,949
------------
------------
Profit on ordinary activities by rate of tax
625,090
409,821
Adjustment to tax charge in respect of prior periods
( 3,761)
2,688
Effect of expenses not deductible for tax purposes
368
29
Effect of capital allowances and depreciation
2,521
( 11,529)
------------
------------
Tax on profit
624,218
401,009
------------
------------
12. Dividends
2023
2022
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
600,000
540,000
---------
---------
13. Intangible assets
Goodwill
Software development
Total
£
£
£
Cost
At 1 January 2023
72,087
72,087
Additions
244,374
244,374
Disposals
( 72,087)
( 72,087)
--------
---------
---------
At 31 December 2023
244,374
244,374
--------
---------
---------
Amortisation
At 1 January 2023
72,087
72,087
Charge for the year
44,802
44,802
Disposals
( 72,087)
( 72,087)
--------
---------
---------
At 31 December 2023
44,802
44,802
--------
---------
---------
Carrying amount
At 31 December 2023
199,572
199,572
--------
---------
---------
At 31 December 2022
--------
---------
---------
14. Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 January 2023 and 31 December 2023
65,654
2,987
63,156
131,797
--------
-------
--------
---------
Depreciation
At 1 January 2023
5,592
2,987
62,865
71,444
Charge for the year
13,131
83
13,214
--------
-------
--------
---------
At 31 December 2023
18,723
2,987
62,948
84,658
--------
-------
--------
---------
Carrying amount
At 31 December 2023
46,931
208
47,139
--------
-------
--------
---------
At 31 December 2022
60,062
291
60,353
--------
-------
--------
---------
15. Debtors
2023
2022
£
£
Trade debtors
1,102,883
Prepayments and accrued income
264,486
Other debtors
2,648,957
3,079,856
------------
------------
4,016,326
3,079,856
------------
------------
16. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
39,527
Trade creditors
729,338
652,732
Accruals and deferred income
3,175,186
3,429,339
Corporation tax
377,979
255,275
Social security and other taxes
34,111
15,999
Director loan accounts
321,480
395,192
Other creditors
1,601
102,943
------------
------------
4,639,695
4,891,007
------------
------------
The bank loans and overdrafts are secured by a fixed and floating charge over the assets of the company.
17. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
188,308
----
---------
The bank loans and overdrafts are secured by a fixed and floating charge over the assets of the company.
18. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 14,061 (2022: £ 5,932 ).
19. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
30,000
30,000
30,000
30,000
--------
--------
--------
--------
20. Analysis of changes in net debt
At 1 Jan 2023
Cash flows
At 31 Dec 2023
£
£
£
Cash at bank and in hand
3,189,894
(129,031)
3,060,863
Debt due within one year
(434,719)
113,239
(321,480)
Debt due after one year
(188,308)
188,308
------------
---------
------------
2,566,867
172,516
2,739,383
------------
---------
------------
21. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
65,160
65,160
Later than 1 year and not later than 5 years
190,050
255,210
---------
---------
255,210
320,370
---------
---------
Expat Explore Travel Ltd
Notes to the Financial Statements (continued)
Year ended 31 December 2023
22. Related party transactions
During the period dividends of £600,000 were paid to the directors of the company (2022: £540,000). At the period end the company owed the directors £321,480 (2022: £395,192). During the period the company paid £5,085,193 in respect of services provided by companies associated by common control (2022: £1,922,325). During the period the company received £355,000 in respect of services rendered to a company associated by common control (2022: £113,000).At the period end the company owed £10,185 to companies associated by common control. (2022: the company was owed £239,359 from companies associated by common control).