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Registered number: 13913408










TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 APRIL 2024

 
TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD
 
 
COMPANY INFORMATION


Directors
A Edwards 
R I T Edwards 




Registered number
13913408



Registered office
Valley Drive

Stafford

Staffordshire

ST16 1NZ




Independent auditors
WR Partners
Chartered Accountants & Statutory Auditors

Belmont House

Shrewsbury Business Park

Shrewsbury

Shropshire

SY2 6LG





 
TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD
 

CONTENTS



Page
Group strategic report
 
1 - 3
Directors' report
 
4 - 6
Independent auditors' report
 
7 - 10
Consolidated statement of comprehensive income
 
11
Consolidated statement of financial position
 
12
Company statement of financial position
 
13 - 14
Consolidated statement of changes in equity
 
15
Company statement of changes in equity
 
16
Consolidated statement of cash flows
 
17 - 18
Notes to the financial statements
 
19 - 38


 
TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD
 
 
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 30 APRIL 2024

Introduction
 
The directors present their strategic report for the period ended 30 April 2024. 

Business review
 
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. 

Page 1

 
TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024

Principal risks and uncertainties
 
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.

Financial key performance indicators
 
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.

Other key performance indicators
 
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.

Page 2

 
TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024

Directors' statement of compliance with duty to promote the success of the Group
 
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.





R I T Edwards
Director

Date: 10 September 2024

Page 3

 
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.

Directors' responsibilities statement

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.
 
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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies 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 2006They 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.

Results and dividends

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). 

Directors

The directors who served during the period were:

A Edwards 
R I T Edwards 

Future developments

The directors plan to continue the development of the Group and its business. Refer to the strategic report for further information. 

Page 4

 
TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024


Engagement with suppliers, customers and others

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.

Greenhouse gas emissions, energy consumption and energy efficiency action

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.

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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.

Page 5

 
TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024


Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsWR Partnerswill 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.
 





R I T Edwards
Director

Date: 10 September 2024

Page 6

 
TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD
 

Opinion


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 policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 30 April 2024 and of the Group's profit for the period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


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 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.


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 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.


Page 7

 
TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD (CONTINUED)


Other information


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 ReportOur 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.


Opinion 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 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.


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 its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 8

 
TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 4, 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 Group's and 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Auditors' 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 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.


Page 9

 
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.


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 2006Our 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.





John Fletcher BA (Hons) FCA (Senior statutory auditor)
  
for and on behalf of
WR Partners
 
Chartered Accountants
Statutory Auditors
  
Belmont House
Shrewsbury Business Park
Shrewsbury
Shropshire
SY2 6LG

 
Date: 
10 September 2024
Page 10

 
TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 APRIL 2024

2024
2023
Note
£
£

  

Turnover
 4 
35,080,619
41,221,645

Cost of sales
  
(30,044,177)
(34,561,701)

Gross profit
  
5,036,442
6,659,944

Administrative expenses
  
(3,131,269)
(3,095,738)

Operating profit
 5 
1,905,173
3,564,206

Interest receivable and similar income
 9 
167,838
49,311

Interest payable and similar expenses
 10 
(46,858)
(105,573)

Profit before taxation
  
2,026,153
3,507,944

Tax on profit
 11 
(512,673)
(729,012)

Profit for the financial period
  
1,513,480
2,778,932

Profit for the period attributable to:
  

Owners of the parent Company
  
1,513,480
2,778,932

  
1,513,480
2,778,932

There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 19 to 38 form part of these financial statements.

Page 11

 
TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD
REGISTERED NUMBER: 13913408

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
6,561,129
6,710,268

  
6,561,129
6,710,268

Current assets
  

Stocks
 15 
12,701,669
7,981,936

Debtors: amounts falling due within one year
 16 
485,120
932,368

Cash at bank and in hand
 17 
6,613,425
7,784,838

  
19,800,214
16,699,142

Creditors: amounts falling due within one year
 18 
(14,381,820)
(10,773,163)

Net current assets
  
 
 
5,418,394
 
 
5,925,979

Total assets less current liabilities
  
11,979,523
12,636,247

Creditors: amounts falling due after more than one year
 19 
-
(1,357,788)

Provisions for liabilities
  

Deferred taxation
 21 
(166,990)
(194,406)

  
 
 
(166,990)
 
 
(194,406)

Net assets
  
11,812,533
11,084,053


Capital and reserves
  

Called up share capital 
 22 
250,400
250,400

Profit and loss account
 23 
11,562,133
10,833,653

  
11,812,533
11,084,053


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




R I T Edwards
Director

Date: 10 September 2024

Page 12

 
TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD
REGISTERED NUMBER: 13913408

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
6,287,365
6,366,039

Investments
 14 
250,400
250,400

  
6,537,765
6,616,439

Current assets
  

Debtors: amounts falling due within one year
 16 
-
1,671,208

  
-
1,671,208

Creditors: amounts falling due within one year
 18 
(123,209)
(389,771)

Net current (liabilities)/assets
  
 
 
(123,209)
 
 
1,281,437

Total assets less current liabilities
  
6,414,556
7,897,876

  

Creditors: amounts falling due after more than one year
 19 
-
(1,357,788)

Provisions for liabilities
  

Deferred taxation
 21 
(166,990)
(194,406)

  
 
 
(166,990)
 
 
(194,406)

Net assets
  
6,247,566
6,345,682

Page 13

 
TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD
REGISTERED NUMBER: 13913408
    
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2024

2024
2023
Note
£
£


Capital and reserves
  

Called up share capital 
 22 
250,400
250,400

Profit and loss account brought forward
  
6,095,282
-

Profit for the period
  
686,884
6,722,382

Other changes in the profit and loss account

  

(785,000)
(627,100)

Profit and loss account carried forward
  
5,997,166
6,095,282

  
6,247,566
6,345,682


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




R I T Edwards
Director

Date: 10 September 2024

The notes on pages 19 to 38 form part of these financial statements.

Page 14

 
TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 APRIL 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 May 2022
250,400
8,681,821
8,932,221


Comprehensive income for the period

Profit for the period
-
2,778,932
2,778,932
Total comprehensive income for the period
-
2,778,932
2,778,932


Contributions by and distributions to owners

Dividends: Equity capital
-
(627,100)
(627,100)


Total transactions with owners
-
(627,100)
(627,100)



At 1 May 2023
250,400
10,833,653
11,084,053


Comprehensive income for the period

Profit for the period
-
1,513,480
1,513,480
Total comprehensive income for the period
-
1,513,480
1,513,480


Contributions by and distributions to owners

Dividends: Equity capital
-
(785,000)
(785,000)


Total transactions with owners
-
(785,000)
(785,000)


At 30 April 2024
250,400
11,562,133
11,812,533


The notes on pages 19 to 38 form part of these financial statements.

Page 15

 
TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 APRIL 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


Comprehensive income for the year

Profit for the year
-
6,722,382
6,722,382
Total comprehensive income for the year
-
6,722,382
6,722,382


Contributions by and distributions to owners

Dividends: Equity capital
-
(627,100)
(627,100)

Shares issued during the year
250,400
-
250,400


Total transactions with owners
250,400
(627,100)
(376,700)



At 1 May 2023
250,400
6,095,282
6,345,682


Comprehensive income for the year

Profit for the period
-
686,884
686,884
Total comprehensive income for the period
-
686,884
686,884


Contributions by and distributions to owners

Dividends: Equity capital
-
(785,000)
(785,000)


Total transactions with owners
-
(785,000)
(785,000)


At 30 April 2024
250,400
5,997,166
6,247,566


The notes on pages 19 to 38 form part of these financial statements.

Page 16

 
TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 APRIL 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial period
1,513,480
2,778,932

Adjustments for:

Depreciation of tangible assets
170,849
180,514

Loss on disposal of tangible assets
-
(1,500)

Interest paid
46,858
105,573

Interest received
(167,838)
(49,311)

Taxation charge
512,673
729,012

(Increase) in stocks
(4,719,733)
(3,381,878)

Decrease/(increase) in debtors
447,248
(350,174)

Increase in creditors
4,113,503
4,163,263

Corporation tax (paid)
(664,012)
(1,213,528)

Net cash generated from operating activities

1,253,028
2,960,903


Cash flows from investing activities

Purchase of tangible fixed assets
(21,710)
(16,666)

Sale of tangible fixed assets
-
1,500

Interest received
167,838
49,311

Net cash from investing activities

146,128
34,145
Page 17

 
TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024


2024
2023

£
£



Cash flows from financing activities

Repayment of loans
(1,738,711)
(1,351,601)

Dividends paid
(785,000)
(627,100)

Interest paid
(46,858)
(105,573)

Net cash used in financing activities
(2,570,569)
(2,084,274)

Net (decrease)/increase in cash and cash equivalents
(1,171,413)
910,774

Cash and cash equivalents at beginning of period
7,784,838
6,874,064

Cash and cash equivalents at the end of period
6,613,425
7,784,838


Cash and cash equivalents at the end of period comprise:

Cash at bank and in hand
6,613,425
7,784,838

6,613,425
7,784,838


Page 18

 
TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

1.


General information

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

 
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 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:

 
2.2

Basis of consolidation

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.

 
2.3

Going concern

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.

Page 19

 
TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.4

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.6

Interest income

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

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 20

 
TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.8

Borrowing costs

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

 
2.9

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

 
2.10

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. 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 and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 21

 
TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
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.

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:

Freehold property
-
2%
Plant and machinery
-
10%
Motor vehicles
-
25%
Fixtures and fittings
-
10%
Office equipment
-
20-25%

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

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on an actual basis.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 22

 
TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.14

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.

 
2.15

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.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.16

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.

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 23

 
TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.18

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

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.

Page 24

 
TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.18
Financial instruments (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.

 
2.19

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 25

 
TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under thecircumstances.
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.


4.


Turnover

The whole of the turnover is attributable to the principal activity of the Group.

All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
(2,647)
196

(Profit) on disposal of tangible assets
-
(1,500)

Page 26

 
TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

6.


Auditors' remuneration

During the period, the Group obtained the following services from the Company's auditors and their associates:


2024
2023
£
£

Fees payable to the Company's auditors and their associates for the audit of the consolidated and parent Company's financial statements
18,100
17,300

Fees payable to the Company's auditors and their associates in respect of:

All non-audit services not included above
4,600
4,350


7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
2,226,012
2,232,397
-
-

Social security costs
242,190
250,989
-
-

Cost of defined contribution scheme
113,314
119,373
-
-

2,581,516
2,602,759
-
-


The average monthly number of employees, including the directors, during the period was as follows:


        2024
        2023
            No.
            No.







Employees
67
69

The Company has no employees other than the directors, who did not receive any remuneration from the Company directly (2023 - £NIL) as they are remunerated through the Company's subsidiary. 

Page 27

 
TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
132,029
158,211

132,029
158,211



9.


Interest receivable

2024
2023
£
£


Other interest receivable
167,838
49,311

167,838
49,311


10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
46,858
105,573

46,858
105,573

Page 28

 
TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
540,089
709,822


540,089
709,822


Total current tax
540,089
709,822

Deferred tax


Origination and reversal of timing differences
(27,416)
19,190

Total deferred tax
(27,416)
19,190


Taxation on profit on ordinary activities
512,673
729,012
Page 29

 
TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
 
11.Taxation (continued)


Factors affecting tax charge for the period/year

The tax assessed for the period/year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 19.5%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
2,026,153
3,507,944


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19.5%)
506,538
684,049

Effects of:


Expenses not deductible for tax purposes
1,926
3,309

Short-term timing difference leading to an increase (decrease) in taxation
768
41,947

Book profit on chargeable assets
-
(293)

Changes in provisions leading to an increase (decrease) in the tax charge
3,441
-

Total tax charge for the period/year
512,673
729,012


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


12.


Dividends

2024
2023
£
£


On ordinary share capital
785,000
627,100

785,000
627,100

Page 30

 
TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

13.


Tangible fixed assets

Group






Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 May 2023
6,525,252
371,220
124,343
181,476
112,619
7,314,910


Additions
-
21,710
-
-
-
21,710



At 30 April 2024

6,525,252
392,930
124,343
181,476
112,619
7,336,620



Depreciation


At 1 May 2023
159,213
212,411
47,889
90,234
94,895
604,642


Charge for the period on owned assets
78,674
39,249
25,318
18,668
8,940
170,849



At 30 April 2024

237,887
251,660
73,207
108,902
103,835
775,491



Net book value



At 30 April 2024
6,287,365
141,270
51,136
72,574
8,784
6,561,129



At 30 April 2023
6,366,039
158,809
76,454
91,242
17,724
6,710,268


Included in the freehold property above is land with a cost of £2,591,544 (2023: £2,591,544) which is not depreciated.

Page 31

 
TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

           13.Tangible fixed assets (continued)


Company






Freehold property

£

Cost or valuation


At 1 May 2023
6,446,578



At 30 April 2024

6,446,578



Depreciation


At 1 May 2023
80,539


Charge for the period on owned assets
78,674



At 30 April 2024

159,213



Net book value



At 30 April 2024
6,287,365



At 30 April 2023
6,366,039







14.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 May 2023
250,400



At 30 April 2024
250,400




Page 32

 
TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Travel Cruiser Concessionaires Limited
Erwin Hymer Centre (Travelworld), Valley Drive, Stafford, ST16 1NZ
Ordinary
100%


15.


Stocks

Group
Group
2024
2023
£
£

Finished goods and goods for resale
12,701,669
7,981,936

12,701,669
7,981,936



16.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
126,627
543,507
-
-

Amounts owed by group undertakings
-
-
-
1,671,208

Other debtors
2,268
400
-
-

Prepayments and accrued income
356,225
388,461
-
-

485,120
932,368
-
1,671,208



17.


Cash and cash equivalents

Group
Group
2024
2023
£
£

Cash at bank and in hand
6,613,425
7,784,838

6,613,425
7,784,838


Page 33

 
TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

18.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
-
380,923
-
380,923

Trade creditors
12,827,984
9,151,011
-
-

Amounts owed to group undertakings
-
-
123,209
-

Corporation tax
225,218
349,141
-
-

Other taxation and social security
1,021,805
629,147
-
-

Other creditors
7,404
-
-
-

Accruals and deferred income
299,409
262,941
-
8,848

14,381,820
10,773,163
123,209
389,771


Vehicle stocking creditors which are included within trade creditors at a value of £10,490,136 (2023: £5,573,766) are secured on the asset to which the finance relates.


19.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
-
1,357,788
-
1,357,788

-
1,357,788
-
1,357,788


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.

Page 34

 
TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

20.


Loans


Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Amounts falling due within one year

Bank loans
-
380,923
-
380,923


-
380,923
-
380,923

Amounts falling due 1-2 years

Bank loans
-
395,747
-
395,747


-
395,747
-
395,747

Amounts falling due 2-5 years

Bank loans
-
962,041
-
962,041


-
962,041
-
962,041

Amounts falling due after more than 5 years

-
1,738,711
-
1,738,711


Page 35

 
TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

21.


Deferred taxation


Group



2024


£






At beginning of year
(194,406)


Charged to profit or loss
27,416



At end of year
(166,990)

Company


2024


£






At beginning of year
(194,406)


Charged to profit or loss
27,416



At end of year
(166,990)

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Accelerated capital allowances
(166,990)
(194,406)
(166,990)
(194,406)

(166,990)
(194,406)
(166,990)
(194,406)


22.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



250,000 (2023 - 250,000) Ordinary shares of £1.00 each
250,000
250,000
100 (2023 - 100) A Ordinary shares of £1.00 each
100
100
80 (2023 - 80) B Ordinary shares of £1.00 each
80
80
100 (2023 - 100) C Ordinary shares of £1.00 each
100
100
100 (2023 - 100) D Ordinary shares of £1.00 each
100
100
20 (2023 - 20) E Ordinary shares of £1.00 each
20
20

250,400

250,400


Page 36

 
TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

23.


Reserves

Profit and loss account

The profit and loss account consists of the Group's accumulated profits since incorporation less any distributions.

24.


Analysis of net debt




At 1 May 2023
Cash flows
At 30 April 2024
£

£

£

Cash at bank and in hand

7,784,838

(1,171,413)

6,613,425

Debt due after 1 year

(1,357,788)

1,357,788

-

Debt due within 1 year

(380,923)

380,923

-


6,046,127
567,298
6,613,425


25.


Capital commitments




At 30 April 2024 the Group and Company had capital commitments as follows:


Group
Group
2024
2023
£
£

Contracted for but not provided in these financial statements
151,024
-

151,024
-


26.


Pension commitments

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.

Page 37

 
TRAVEL CRUISER CONCESSIONAIRES HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

27.


Commitments under operating leases

At 30 April 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£

Not later than 1 year
89,922
70,872

Later than 1 year and not later than 5 years
98,549
89,701

188,471
160,573

28.


Related party transactions

The Company and Group have taken advantage of the exemptions available under FRS102 to not disclose transactions with wholly owned group companies. There have been no other related party transactions during the year.


29.


Controlling party

The Company is under the control of the Directors, by virtue of their ownership of the majority of issued share capital.

 
Page 38