Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2023
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ORIGINAL TRAVEL COMPANY LTD
COMPANY INFORMATION
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ORIGINAL TRAVEL COMPANY LTD
CONTENTS
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ORIGINAL TRAVEL COMPANY LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors present their report and financial statements for the year ended 31 December 2023.
The company generated £16.3M in Revenue during the year (2022: £14.2M), a 15% revenue growth compared to the previous year. This was due to a robust recovery post-COVID and trading with a slate free from COVID-related postponement, entirely with new bookings and numerous new clients.
Despite the global environment showing signs of instability, Original Travel has demonstrated remarkable resilience. Pre-bookings for 2024, at £10M, have surged by almost 40% compared to 2022 (for 2023 departure), and a staggering 98% increase from pre-COVID 2019. These figures are a testament to our ability to adapt and thrive. We are confident in our projection of a 15% revenue increase for 2024. We are fully committed to continuing with our marketing campaigns and spending, which has seen us sustain revenue growth in 2023. Some new roles have also been created within the business to further support the level of growth we are working towards. Original Travel has invested in our sister company in the U.S.; we now own a 10% stake, giving us a competitive edge and access to the US travel market as we continue collaborating with Extraordinary Journeys.
The conflict in the Middle East may have posed a risk for us regarding our Egypt bookings, as this region makes up 20% of our business. However, it has remained a dynamic destination in value and volume, strongly driven by the Steam Ship Sudan steamboat, property of our mother company; additionally, we have registered fewer cancellations after October 7th, and since early 2024, it has been normal business. Consequently, for 2024, our Egypt departures as of the 26th of March are already at 4.2 M£, and + 45% compared to 2023 same date and +29% compared to final 2023, which was already a record year.
We have also seen increased enquiries in other regions, mainly Europe and Asia (Japan). Our European sales volume continues to be strong, so even though the war in Ukraine is a global risk factor, the effect on our activity is still minimal. Regulatory Risk We successfully renewed our ATOL and ABTA licenses, which allowed us to continue trading with the backing of the leading travel regulators in the UK. We hold ATOL Numbers 5922 and TRA9711307 and ABTA Membership numbers (Y5672). We are also an IATA-accredited travel agent, and our IATA number is 91286171. External Risk External risks include geographical situations like those mentioned in the Middle East and Ukraine, terrorism, military uprisings, diseases, acts of nature, and extreme weather. The destinations we offer our clients are constantly vetted for possible risks, and we consider the advice of the UK’s Foreign & Commonwealth Office(FCDO) for all destinations in our portfolio. Because we offer nearly all destinations worldwide, our portfolio has sufficient options for our clients. Operational Risk Original Travel currently has robust systems and processes in place. We prioritize staff training, and the strength of our client and supplier relationships helps us limit the business's operational risks. Our customer satisfaction levels, conversation rates, and service quality continue to be a valued asset.
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ORIGINAL TRAVEL COMPANY LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
We manage our foreign currency requirements very closely and follow a prudent hedging strategy, principally through forward foreign exchange contracts, designed to protect our clients from surcharging and ourselves from adverse currency movements. In 2023, we managed the very high volatility in the currency markets.
The fact that free movement between the UK and the EU has stopped has had no direct impact on the Company. Most of Original Travel's destinations are outside of the EU and we know how to manage our business included in all destinations which have visa requirements implemented, should it be introduced in Europe.
We closely manage our gross profit, operational expenses, and cash flow during the period. There has been a significant investment in Marketing (£416K) in 2023 compared to 2022, which has proven beneficial in revenue generation. Our cash reserves have increased from £1.6M to £3.6M. Our staff costs have also risen because we are positioning ourselves for growth and therefore had to strategically recruit the relevant talents to support the trajectory of the business. The rest of the KPIs used during the year:
Revenue: £16,338,041 (2022: £14,184,908)
Gross Profit: £4,857,170 (2022: £3,921,276) Gross Margin Percentage: 29.7% (2022: 27.6%)
This report was approved by the board and signed on its behalf.
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ORIGINAL TRAVEL COMPANY LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors present their report and the financial statements for the year ended 31 December 2023.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements 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 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 to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £619,195 (2022 - £596,621).
There were no dividends paid during the year (2022: £nil).
The directors who served during the year were:
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ORIGINAL TRAVEL COMPANY LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
There have been no significant events affecting the Company since the year end.
The auditors, Xeinadin Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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ORIGINAL TRAVEL COMPANY LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ORIGINAL TRAVEL COMPANY LTD
We have audited the financial statements of Original Travel Company Ltd (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In forming our opinion, we have considered the adequacy of the disclosures made in the financial statements concerning the Company's ability to continue as a going concern. The Company reported a profit for the year ended 31 December 2023 and, as of that date, the Company's current assets exceeded its current liabilities.
The financial statements do not include any adjustments that would result from a failure to continue as a 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 Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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ORIGINAL TRAVEL COMPANY LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ORIGINAL TRAVEL COMPANY LTD (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the 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.
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.
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ORIGINAL TRAVEL COMPANY LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ORIGINAL TRAVEL COMPANY LTD (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these 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:
Enquiry of management and those charged with governance around actual and potential litigation and claims;
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.
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ORIGINAL TRAVEL COMPANY LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ORIGINAL TRAVEL COMPANY LTD (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
8th Floor
Becket House
36 Old Jewry
EC2R 8DD
14 May 2024
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ORIGINAL TRAVEL COMPANY LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
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ORIGINAL TRAVEL COMPANY LTD
REGISTERED NUMBER: 04437204
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 15 to 29 form part of these financial statements.
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ORIGINAL TRAVEL COMPANY LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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ORIGINAL TRAVEL COMPANY LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
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ORIGINAL TRAVEL COMPANY LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
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ORIGINAL TRAVEL COMPANY LTD
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
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ORIGINAL TRAVEL COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Original Travel Company Ltd is a private company limited by shares which is incorporated in England and Wales, United Kingdom.
The address of the registered office is given in the Company Information page of these financial statements. The nature of the Company's operations and principal activities continued to be that of a tour operator.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company is a parent company and is also a subsidiary included in the consolidated financial statements of its immediate parent undertaking, Voyageurs Du Monde UK Limited, which is established under the law of an EEA state.
The Company is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.
The directors have prepared forecasts taking into account their assessment of the performance of the business and are confident that the Company will be able to continue to meet their liabilities as they fall due for a period of not less than 12 months from the date these accounts are signed.
The directors consider it appropriate to prepare the financial statements on a going concern basis as a result.
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ORIGINAL TRAVEL COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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ORIGINAL TRAVEL COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
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 Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
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ORIGINAL TRAVEL COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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ORIGINAL TRAVEL COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
All monies recieved relating to tours with departure dates after the year end are treated as advance receipts at the balance sheet date and are disclosed within deferred income. Payments made to suppliers in respect of these tours are included in prepayments.
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ORIGINAL TRAVEL COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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ORIGINAL TRAVEL COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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ORIGINAL TRAVEL COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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ORIGINAL TRAVEL COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
11.Taxation (continued)
The rate of corporation tax has been increased from 19% to 25% with effect from 1 April 2023. Deferred
tax assets and liabilities have therefore been remeasured at 25%.
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ORIGINAL TRAVEL COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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ORIGINAL TRAVEL COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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ORIGINAL TRAVEL COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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ORIGINAL TRAVEL COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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ORIGINAL TRAVEL COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Share premium account
Capital redemption reserve
Profit and loss account
The Company currently holds an Air Travel Organisers' License ("ATOL") issued by the Civil Association Authority ("CAA"), is a member of the Association of British Travel Agents Limited ("ABTA") and is an accredited agent of the International Air Transport Association ("IATA").
As at 31 December 2023, there were contingent liabilities given by the Company in the normal course of business in respect of ABTA bonds amounting to £690,467 (2022: £690,467). As at 31 December 2023, IATA holds a cash deposit of £50,000 (2022: £50,000) in relation to guarantees provided on behalf of Original Travel Company Limited.
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £36,920 (2022: £31,306). Contributions totalling £10,433 (2022: £nil) were payable to the fund at the Statement of Financial Position date.
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ORIGINAL TRAVEL COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The ultimate controlling party is Avantage S.A., a company registered in France. The registered office address is 55 Rue Sainte-Anne, Paris, France, 75002.
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