Caseware UK (AP4) 2022.0.179 2022.0.179 2023-12-312024-05-142024-05-142023-12-312024-05-1437truefalse2023-01-01falseTravel company47 04437204 2023-01-01 2023-12-31 04437204 2022-01-01 2022-12-31 04437204 2023-12-31 04437204 2022-12-31 04437204 2022-01-01 04437204 1 2023-01-01 2023-12-31 04437204 1 2022-01-01 2022-12-31 04437204 2 2023-01-01 2023-12-31 04437204 2 2022-01-01 2022-12-31 04437204 4 2023-01-01 2023-12-31 04437204 4 2022-01-01 2022-12-31 04437204 5 2023-01-01 2023-12-31 04437204 5 2022-01-01 2022-12-31 04437204 d:CompanySecretary1 2023-01-01 2023-12-31 04437204 d:Director2 2023-01-01 2023-12-31 04437204 d:Director4 2023-01-01 2023-12-31 04437204 d:Director5 2023-01-01 2023-12-31 04437204 d:Director6 2023-01-01 2023-12-31 04437204 d:Director7 2023-01-01 2023-12-31 04437204 d:RegisteredOffice 2023-01-01 2023-12-31 04437204 e:FurnitureFittings 2023-01-01 2023-12-31 04437204 e:FurnitureFittings 2023-12-31 04437204 e:FurnitureFittings 2022-12-31 04437204 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04437204 e:PatentsTrademarksLicencesConcessionsSimilar 2023-01-01 2023-12-31 04437204 e:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 04437204 e:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 04437204 e:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 04437204 e:CurrentFinancialInstruments 2023-12-31 04437204 e:CurrentFinancialInstruments 2022-12-31 04437204 e:Non-currentFinancialInstruments 2023-12-31 04437204 e:Non-currentFinancialInstruments 2022-12-31 04437204 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 04437204 e:CurrentFinancialInstruments e:WithinOneYear 2022-12-31 04437204 e:Non-currentFinancialInstruments e:AfterOneYear 2023-12-31 04437204 e:Non-currentFinancialInstruments e:AfterOneYear 2022-12-31 04437204 e:UKTax 2023-01-01 2023-12-31 04437204 e:UKTax 2022-01-01 2022-12-31 04437204 e:ShareCapital 2023-12-31 04437204 e:ShareCapital 2022-12-31 04437204 e:ShareCapital 2022-01-01 04437204 e:SharePremium 2023-01-01 2023-12-31 04437204 e:SharePremium 2023-12-31 04437204 e:SharePremium 2022-12-31 04437204 e:SharePremium 2022-01-01 04437204 e:CapitalRedemptionReserve 2023-01-01 2023-12-31 04437204 e:CapitalRedemptionReserve 2023-12-31 04437204 e:CapitalRedemptionReserve 2022-12-31 04437204 e:CapitalRedemptionReserve 2022-01-01 04437204 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 04437204 e:RetainedEarningsAccumulatedLosses 2023-12-31 04437204 e:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 04437204 e:RetainedEarningsAccumulatedLosses 2022-12-31 04437204 e:RetainedEarningsAccumulatedLosses 2022-01-01 04437204 d:OrdinaryShareClass1 2023-01-01 2023-12-31 04437204 d:OrdinaryShareClass1 2023-12-31 04437204 d:OrdinaryShareClass1 2022-12-31 04437204 d:OrdinaryShareClass2 2023-01-01 2023-12-31 04437204 d:OrdinaryShareClass2 2023-12-31 04437204 d:OrdinaryShareClass2 2022-12-31 04437204 d:OrdinaryShareClass3 2023-01-01 2023-12-31 04437204 d:OrdinaryShareClass3 2023-12-31 04437204 d:OrdinaryShareClass3 2022-12-31 04437204 d:FRS102 2023-01-01 2023-12-31 04437204 d:Audited 2023-01-01 2023-12-31 04437204 d:FullAccounts 2023-01-01 2023-12-31 04437204 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04437204 e:WithinOneYear 2023-12-31 04437204 e:WithinOneYear 2022-12-31 04437204 e:BetweenOneFiveYears 2023-12-31 04437204 e:BetweenOneFiveYears 2022-12-31 04437204 e:AcceleratedTaxDepreciationDeferredTax 2023-12-31 04437204 e:AcceleratedTaxDepreciationDeferredTax 2022-12-31 04437204 e:TaxLossesCarry-forwardsDeferredTax 2023-12-31 04437204 e:TaxLossesCarry-forwardsDeferredTax 2022-12-31 04437204 e:RetirementBenefitObligationsDeferredTax 2023-12-31 04437204 e:RetirementBenefitObligationsDeferredTax 2022-12-31 04437204 e:DevelopmentCostsCapitalisedDevelopmentExpenditure e:InternallyGeneratedIntangibleAssets 2023-01-01 2023-12-31 04437204 2 2023-01-01 2023-12-31 04437204 6 2023-01-01 2023-12-31 04437204 e:DevelopmentCostsCapitalisedDevelopmentExpenditure e:OwnedIntangibleAssets 2023-01-01 2023-12-31 04437204 f:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 04437204


ORIGINAL TRAVEL COMPANY LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 
ORIGINAL TRAVEL COMPANY LTD
 
 
COMPANY INFORMATION


Directors
T Barber 
A Capestan 
J-F Rial 
A Smith 
A Bouferguene 




Company secretary
Canute Secretaries Limited



Registered number
04437204



Registered office
Fifth Floor
27 Greville Street

London

EC1N 8SU




Trading Address
111 Upper Richmond Road

London

United Kingdom

 SW15 2TL






Independent auditors
Xeinadin Audit Limited
Chartered Accountants & Statutory Auditor

8th Floor

Becket House

36 Old Jewry

London

EC2R 8DD




Accountants
Elman Wall Limited
8th Floor

Becket House

36 Old Jewry

London

EC2R 8DD





 
ORIGINAL TRAVEL COMPANY LTD
 

CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 8
Statement of Comprehensive Income
9
Statement of Financial Position
10
Statement of Changes in Equity
11 - 12
Statement of Cash Flows
13 - 14
Notes to the Financial Statements
15 - 29


 
ORIGINAL TRAVEL COMPANY LTD
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors present their report and financial statements for the year ended 31 December 2023.

Business review
 
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.

Principal risks and uncertainties
 
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.

Page 1

 
ORIGINAL TRAVEL COMPANY LTD
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Foreign exchange risk
 
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.

European Union
 
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.  

Financial key performance indicators
 
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.



A Bouferguene
Director

Date: 14 May 2024

Page 2

 
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.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the 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 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 of the profit or loss of the Company for that period.

 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 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £619,195 (2022 - £596,621).

There were no dividends paid during the year (2022: £nil).

Directors

The directors who served during the year were:

T Barber 
A Capestan 
J-F Rial 
A Smith 
A Bouferguene 

Page 3

 
ORIGINAL TRAVEL COMPANY LTD
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

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'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's auditors are aware of that information.

Post balance sheet events

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

Auditors

The auditorsXeinadin Audit Limitedwill 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.
 





A Bouferguene
Director

Date: 14 May 2024

Page 4

 
ORIGINAL TRAVEL COMPANY LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ORIGINAL TRAVEL COMPANY LTD
 

Opinion


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 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 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; 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 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.


Conclusions relating to going concern


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.


Page 5

 
ORIGINAL TRAVEL COMPANY LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ORIGINAL TRAVEL COMPANY 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 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 set out on page 3, 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.


Page 6

 
ORIGINAL TRAVEL COMPANY LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ORIGINAL TRAVEL COMPANY LTD (CONTINUED)


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 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.


Page 7

 
ORIGINAL TRAVEL COMPANY LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ORIGINAL TRAVEL COMPANY LTD (CONTINUED)


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.





Ian Palmer FCA (Senior Statutory Auditor)
  
for and on behalf of
Xeinadin Audit Limited
 
Chartered Accountants
Statutory Auditor
  
8th Floor
Becket House
36 Old Jewry
London
EC2R 8DD

14 May 2024
Page 8

 
ORIGINAL TRAVEL COMPANY LTD
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

  

  

Turnover
 4 
16,338,041
14,184,908

Cost of sales
  
(11,480,871)
(10,263,632)

Gross profit
  
4,857,170
3,921,276

Administrative expenses
  
(4,004,680)
(3,130,870)

Operating profit
 5 
852,490
790,406

Interest receivable and similar income
 9 
2,900
1,380

Interest payable and similar expenses
 10 
(18,868)
(9,747)

Profit before tax
  
836,522
782,039

Tax on profit
 11 
(217,327)
(185,418)

Profit for the year
  
619,195
596,621

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 15 to 29 form part of these financial statements.

Page 9

 
ORIGINAL TRAVEL COMPANY LTD
REGISTERED NUMBER: 04437204

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 12 
1,005,594
1,135,661

Tangible assets
 13 
44,922
37,938

Investments
 14 
881,783
138,082

  
1,932,299
1,311,681

Current assets
  

Debtors: amounts falling due within one year
 15 
2,151,901
2,241,286

Cash at bank and in hand
 16 
3,691,770
1,626,782

  
5,843,671
3,868,068

Creditors: amounts falling due within one year
 17 
(5,206,272)
(3,815,270)

Net current assets
  
 
 
637,399
 
 
52,798

Total assets less current liabilities
  
2,569,698
1,364,479

Creditors: amounts falling due after more than one year
 18 
(728,596)
(142,572)

  

Net assets
  
1,841,102
1,221,907


Capital and reserves
  

Called up share capital 
 20 
145,200
145,200

Share premium account
 21 
2,193,174
2,193,174

Capital redemption reserve
 21 
13,200
13,200

Profit and loss account
 21 
(510,472)
(1,129,667)

  
1,841,102
1,221,907


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




A Bouferguene
Director

Date: 14 May 2024

The notes on pages 15 to 29 form part of these financial statements.

Page 10

 
ORIGINAL TRAVEL COMPANY LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 January 2023
145,200
2,193,174
13,200
(1,129,667)
1,221,907


Comprehensive income for the year

Profit for the year
-
-
-
619,195
619,195


At 31 December 2023
145,200
2,193,174
13,200
(510,472)
1,841,102


The notes on pages 15 to 29 form part of these financial statements.

Page 11

 
ORIGINAL TRAVEL COMPANY LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 January 2022
145,200
2,193,174
13,200
(1,726,288)
625,286


Comprehensive income for the year

Profit for the year
-
-
-
596,621
596,621


At 31 December 2022
145,200
2,193,174
13,200
(1,129,667)
1,221,907


The notes on pages 15 to 29 form part of these financial statements.

Page 12

 
ORIGINAL TRAVEL COMPANY LTD
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
619,195
596,621

Adjustments for:

Amortisation of intangible assets
131,013
263,552

Depreciation of tangible assets
17,520
17,702

Interest paid
18,868
9,747

Interest received
(2,900)
(1,380)

Taxation charge
217,327
194,418

Decrease in debtors
25,375
358,048

(Increase)/decrease in amounts owed by groups
(153,317)
-

Increase/(decrease) in creditors
1,233,326
(14,584)

Increase in amounts owed to groups
743,700
-

Corporation tax received/(paid)
-
(32)

Net cash generated from operating activities

2,850,107
1,424,092


Cash flows from investing activities

Purchase of intangible fixed assets
(946)
(21,559)

Purchase of tangible fixed assets
(24,504)
(19,896)

Purchase of unlisted investments
(743,701)
(138,082)

Interest received
2,900
1,380

Net cash from investing activities

(766,251)
(178,157)
Page 13

 
ORIGINAL TRAVEL COMPANY LTD
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


2023
2022

£
£



Cash flows from financing activities

Repayment of other loans
-
(504,778)

Interest paid
(18,868)
(9,747)

Net cash used in financing activities
(18,868)
(514,525)

Net increase in cash and cash equivalents
2,064,988
731,410

Cash and cash equivalents at beginning of year
1,626,782
895,372

Cash and cash equivalents at the end of year
3,691,770
1,626,782


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
3,691,770
1,626,782

3,691,770
1,626,782


The notes on pages 15 to 29 form part of these financial statements.

Page 14

 
ORIGINAL TRAVEL COMPANY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

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

 
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 management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

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.

 
2.3

Turnover

Turnover represents amounts receivable from the sale of tours and other services supplied to customers net of VAT. Revenue and related costs are taken to the profit and loss account on date of departure basis.

 
2.4

Going concern

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.

Page 15

 
ORIGINAL TRAVEL COMPANY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Intangible assets

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

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

 The estimated useful lives range as follows:

Brand establishment
-
4
years
Development expenditure
-
10
years

 
2.6

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:

Fixtures and fittings
-
20%

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.

 
2.7

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.8

Debtors

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

Page 16

 
ORIGINAL TRAVEL COMPANY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

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 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 Company's cash management.

 
2.10

Financial instruments

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.

 
2.11

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.

Page 17

 
ORIGINAL TRAVEL COMPANY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

Operating leases: the Company as lessee

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

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

 
2.13

Pensions

Defined contribution pension plan

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

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

 
2.14

Interest income

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

 
2.15

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 18

 
ORIGINAL TRAVEL COMPANY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.16

Current and deferred taxation

The tax expense for the year 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 operates and generates 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.

 
2.17

Research and development

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

 
2.18

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.

  
2.19
Advance Holiday Receipts and Expenditure

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.

Page 19

 
ORIGINAL TRAVEL COMPANY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

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


4.


Turnover

All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation of tangible fixed assets
17,520
17,702

Amortisation of intangible assets
131,013
263,552

Fees payable to the Company's auditor for the audit of the Company's annual financial statements
13,000
13,000

Defined contribution pension costs
36,920
31,306

Other operating lease rentals
343,250
309,198


6.


Auditors' remuneration

2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
13,000
13,000

Page 20

 
ORIGINAL TRAVEL COMPANY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Employees

2023
2022
£
£

Wages and salaries
1,924,721
1,527,184

Social security costs
204,384
173,459

Cost of defined contribution scheme
36,920
31,306

2,166,025
1,731,949


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


        2023
        2022
            No.
            No.







Staff
47
37


8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
184,278
160,111

Company contributions to defined contribution pension schemes
2,642
2,430

186,920
162,541


During the year retirement benefits were accruing to 2 directors (2022 - 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £95,136 (2022 - £90,300).
The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,321 (2022 - £1,321).


9.


Interest receivable

2023
2022
£
£


Other interest receivable
2,900
1,380

Page 21

 
ORIGINAL TRAVEL COMPANY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
18,868
9,747


11.


Taxation


2023
2022
£
£

Corporation tax


Adjustments in respect of previous periods
-
(9,000)


Deferred tax


Origination and reversal of timing differences
215,856
148,812

Adjustments in respect of prior periods
1,471
(1,388)

Effect of changes in tax rates
-
46,994

Total deferred tax
217,327
194,418


Taxation on profit on ordinary activities
217,327
185,418
Page 22

 
ORIGINAL TRAVEL COMPANY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is the same as (2022 - the same as) the standard rate of corporation tax in the UK of 23.52% (2022 - 19.00%) as set out below:

2023
2022
£
£


Profit on ordinary activities before tax
836,522
782,039


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19.00%)
196,755
148,588

Effects of:


Fixed asset differences
(177)
(1,134)

Expenses not deductible for tax purposes
5,457
-

Capital allowances for year in excess of depreciation
-
1,358

Adjustments to tax charge in respect of prior periods
1,471
(9,000)

Other permanent differences
1,047
-

Adjustments to tax charge in respect of previous periods - deferred tax
-
(1,388)

Remeasurement of deferred tax for changes in tax rates
12,774
46,994

Total tax charge for the year
217,327
185,418


Factors that may affect future tax charges

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%.

Page 23

 
ORIGINAL TRAVEL COMPANY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Intangible assets




Brand Establishment & Development

£



Cost


At 1 January 2023
2,214,190


Additions - internal
946



At 31 December 2023

2,215,136



Amortisation


At 1 January 2023
1,078,529


Charge for the year on owned assets
131,013



At 31 December 2023

1,209,542



Net book value



At 31 December 2023
1,005,594



At 31 December 2022
1,135,661

At 1 January 2023 the useful economic life of the intangible asset was reassessed. The intangible asset is now being amortised over 10 years.



Page 24

 
ORIGINAL TRAVEL COMPANY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Tangible fixed assets





Fixtures and fittings

£



Cost


At 1 January 2023
126,234


Additions
24,504



At 31 December 2023

150,738



Depreciation


At 1 January 2023
88,296


Charge for the year on owned assets
17,520



At 31 December 2023

105,816



Net book value



At 31 December 2023
44,922



At 31 December 2022
37,938


14.


Fixed asset investments





Other fixed asset investments

£



Cost


At 1 January 2023
138,082


Additions
743,701



At 31 December 2023
881,783




Other fixed asset investment represents minority shares in Extraordinary Journeys, LLC.

Page 25

 
ORIGINAL TRAVEL COMPANY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Debtors

2023
2022
£
£


Trade debtors
24,000
-

Amounts owed by group undertakings
153,317
-

Other debtors
188,812
558,920

Prepayments and accrued income
1,572,022
1,251,289

Tax recoverable
10,292
10,292

Deferred taxation
203,458
420,785

2,151,901
2,241,286


Prepayments include advance payments to suppliers for departures after the year end amounting to £1,401,015 (2022: £1,124,283).


16.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
3,691,770
1,626,782



17.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
81,974
152,787

Amounts owed to group undertakings
186,016
-

Other creditors
137,449
59,968

Accruals and deferred income
4,800,833
3,602,515

5,206,272
3,815,270


Accruals and deferred income include advance receipts from customers for departures after the year end amounting to £4,585,688 (2022: £3,395,513).

Page 26

 
ORIGINAL TRAVEL COMPANY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Amounts owed to group undertakings
557,684
-

Accruals and deferred income
170,912
142,572

728,596
142,572


Accruals and deferred income include advance receipts from customers departing on or after 01 January 2024 amounting to £170,912 (2022: £142,572).


19.


Deferred taxation




2023
2022


£

£






At beginning of year
420,785
615,203


Charged to profit or loss
(217,327)
(194,418)



At end of year
203,458
420,785

The deferred tax asset is made up as follows:

2023
2022
£
£


Fixed asset timing differences
5,835
11,241

Short term timing differences
300
-

Losses and other deductions
197,323
409,544

203,458
420,785

Page 27

 
ORIGINAL TRAVEL COMPANY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

20.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



13,955,955 (2022 - 13,955,955) Ordinary shares of £0.01 each
139,560
139,560
200,000 (2022 - 200,000) Ordinary A shares of £0.01 each
2,000
2,000
364,000 (2022 - 364,000) Ordinary B shares of £0.01 each
3,640
3,640

145,200

145,200



21.


Reserves

Share premium account

Includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium. 

Capital redemption reserve

Capital redemption reserve records the nominal value of shares repurchased by the Company.

Profit and loss account

Includes all current and prior period retained profits and losses.


22.


Contingent liabilities

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.


23.


Pension commitments

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.

Page 28

 
ORIGINAL TRAVEL COMPANY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

24.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
242,024
242,743

Later than 1 year and not later than 5 years
461,895
704,998

703,919
947,741


25.


Related party transactions

During the year the Company had a loan account with director T Barber. There were net repayments on the loan account of £23,473 (2022: net advances of £16,508). At the year end, T Barber owed the Company £nil (2022: £23,473).
During the year the Company had a loan account with director A Smith. There were net advances on the loan account of £nil (2022: net repayments of £98). At the year end, A Smith owed the Company £nil (2022: £nil).
The Company has taken advantage of the exemption to not disclose related party transactions with companies that are wholly owned within the Group.
At the year end, the Company owed £743,700 (2022: £-nil) to Voyageurs du Monde S.A.


26.


Controlling party

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.

 
Page 29