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Registered number: 10471371










VOYAGEURS DU MONDE UK LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
VOYAGEURS DU MONDE UK LIMITED
 
 
COMPANY INFORMATION


DIRECTORS
A Capestan 
J-F Rial 
T Barber 
A Bouferguene 




COMPANY SECRETARY
Canute Secretaries Limited



REGISTERED NUMBER
10471371



REGISTERED OFFICE
Fifth Floor
27 Greville Street

London

United Kingdom

EC1N 8SU




INDEPENDENT AUDITORS
Xeinadin Audit Limited

8th Floor

Becket House

36 Old Jewry

London

EC2R 8DD




ACCOUNTANTS
Elman Wall Limited
8th Floor

Becket House

36 Old Jewry

London

EC2R 8DD





 
VOYAGEURS DU MONDE UK LIMITED
 

CONTENTS



Page
Group Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 8
Consolidated Statement of Comprehensive Income
9
Consolidated Statement of Financial Position
10
Company Statement of Financial Position
11
Consolidated Statement of Changes in Equity
12 - 13
Company Statement of Changes in Equity
14 - 15
Consolidated Statement of Cash Flows
16
Notes to the Financial Statements
17 - 33


 
VOYAGEURS DU MONDE UK LIMITED
 
 
GROUP 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 Group 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, The Group 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 enquires in other regions, mainly Europe and Asia (Japan).
Our European sales volumes continues to be strong, so even though the war in Ukraine is a globa lrisk 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

 
VOYAGEURS DU MONDE UK LIMITED
 

GROUP 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 Group. 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
 
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: 12 April 2024

Page 2

 
VOYAGEURS DU MONDE UK LIMITED
 
 
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 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 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 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 loss for the year, after taxation, amounted to £464,300 (2022 - loss £487,064).

There were no dividends paid during the year.

DIRECTORS

The directors who served during the year were:

A Capestan 
J-F Rial 
T Barber 
A Bouferguene 

Page 3

 
VOYAGEURS DU MONDE UK LIMITED
 
 
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 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.

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: 12 April 2024

Page 4

 
VOYAGEURS DU MONDE UK LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VOYAGEURS DU MONDE UK LIMITED
 

OPINION


We have audited the financial statements of Voyageurs Du Monde UK Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, 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 31 December 2023 and of the Group's loss 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 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 forming our opinion, we have considered the adequacy of the disclosures made in the financial statements concerning the Group's or the parent Company's ability to continue as a going concern. Whilst the Group and parent Company reported a loss for the year ended 31 December 2023, as of that date, the Group and parent'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 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 5

 
VOYAGEURS DU MONDE UK LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VOYAGEURS DU MONDE UK LIMITED (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 year 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.


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 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.


Page 6

 
VOYAGEURS DU MONDE UK LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VOYAGEURS DU MONDE UK LIMITED (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 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:
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

 
VOYAGEURS DU MONDE UK LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VOYAGEURS DU MONDE UK LIMITED (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
 
Charted Accountants & Statutory Auditor
  
8th Floor
Becket House
36 Old Jewry
London
EC2R 8DD

12 April 2024
Page 8

 
VOYAGEURS DU MONDE UK LIMITED
 
 
CONSOLIDATED 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)
(10,263,631)

Gross profit
  
4,857,170
3,921,277

Administrative expenses
  
(5,078,871)
(4,205,006)

Operating loss
 5 
(221,701)
(283,729)

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

Interest payable and similar expenses
 10 
(28,172)
(19,297)

Loss before taxation
  
(246,973)
(301,646)

Tax on loss
 11 
(217,327)
(185,418)

Loss for the financial year
  
(464,300)
(487,064)

(Loss) for the year attributable to:
  

Owners of the parent Company
  
(464,300)
(487,064)

Total comprehensive income for the year attributable to:
  

Owners of the parent Company
  
(464,300)
(487,064)

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

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

The notes on pages 17 to 33 form part of these financial statements.

Page 9

 
VOYAGEURS DU MONDE UK LIMITED
REGISTERED NUMBER:10471371

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 13 
4,227,285
5,431,248

Tangible assets
 14 
44,922
37,938

Investments
 15 
881,783
138,082

  
5,153,990
5,607,268

Current assets
  

Debtors: amounts falling due within one year
 16 
1,998,584
2,241,286

Cash at bank and in hand
 17 
3,701,042
1,632,249

  
5,699,626
3,873,535

Creditors: amounts falling due within one year
 18 
(5,206,272)
(3,815,270)

Net current assets
  
 
 
493,354
 
 
58,265

Total assets less current liabilities
  
5,647,344
5,665,533

Creditors: amounts falling due after more than one year
 19 
(1,096,021)
(649,910)

Provisions for liabilities
  

Net assets
  
4,551,323
5,015,623


Capital and reserves
  

Called up share capital 
 21 
11,860
11,860

Share premium account
 22 
12,514,300
12,514,300

Profit and loss account
 22 
(7,974,837)
(7,510,537)

  
4,551,323
5,015,623


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




A Bouferguene
Director

Date: 12 April 2024

The notes on pages 17 to 33 form part of these financial statements.

Page 10

 
VOYAGEURS DU MONDE UK LIMITED
REGISTERED NUMBER:10471371

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 15 
13,242,300
13,242,300

Current assets
  

Cash at bank and in hand
 17 
9,272
5,467

Creditors: amounts falling due within one year
 18 
(153,217)
-

Net current (liabilities)/assets
  
 
 
(143,945)
 
 
5,467

Total assets less current liabilities
  
13,098,355
13,247,767

  

Creditors: amounts falling due after more than one year
 19 
(367,425)
(507,338)

  

Net assets
  
12,730,930
12,740,429


Capital and reserves
  

Called up share capital 
 21 
11,860
11,860

Share premium account
 22 
12,514,300
12,514,300

Profit and loss account carried forward
  
204,770
214,269

  
12,730,930
12,740,429


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


A Bouferguene
Director

Date: 12 April 2024

The notes on pages 17 to 33 form part of these financial statements.

Page 11

 
VOYAGEURS DU MONDE UK LIMITED
 

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


Called up share capital
Share premium account
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£
£

At 1 January 2023
11,860
12,514,300
(7,510,537)
5,015,623
5,015,623


Comprehensive income for the year

Loss for the year
-
-
(464,300)
(464,300)
(464,300)


At 31 December 2023
11,860
12,514,300
(7,974,837)
4,551,323
4,551,323


The notes on pages 17 to 33 form part of these financial statements.

Page 12

 
VOYAGEURS DU MONDE UK LIMITED
 

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


Called up share capital
Share premium account
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£
£

At 1 January 2022
11,860
12,514,300
(7,023,473)
5,502,687
5,502,687


Comprehensive income for the year

Loss for the year
-
-
(487,064)
(487,064)
(487,064)


At 31 December 2022
11,860
12,514,300
(7,510,537)
5,015,623
5,015,623


The notes on pages 17 to 33 form part of these financial statements.

Page 13

 
VOYAGEURS DU MONDE UK LIMITED
 

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


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

£
£
£
£

At 1 January 2023
11,860
12,514,300
214,269
12,740,429


Comprehensive income for the year

Loss for the year
-
-
(9,499)
(9,499)


At 31 December 2023
11,860
12,514,300
204,770
12,730,930


The notes on pages 17 to 33 form part of these financial statements.

Page 14

 
VOYAGEURS DU MONDE UK LIMITED
 

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


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

£
£
£
£

At 1 January 2022
11,860
12,514,300
224,059
12,750,219


Comprehensive income for the year

Loss for the year
-
-
(9,790)
(9,790)


At 31 December 2022
11,860
12,514,300
214,269
12,740,429


The notes on pages 17 to 33 form part of these financial statements.

Page 15

 
VOYAGEURS DU MONDE UK LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Loss for the financial year
(464,300)
(487,064)

Adjustments for:

Amortisation of intangible assets
1,204,909
1,337,447

Depreciation of tangible assets
17,520
17,702

Interest paid
28,172
19,297

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

Taxation charge
217,327
198,658

Decrease in debtors
25,375
353,776

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

Increase in amounts owed to groups
603,787
9,550

Net cash generated from operating activities

2,863,216
1,433,402


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 and other investments
(743,701)
(138,082)

Interest received
2,900
1,380

Net cash from investing activities

(766,251)
(178,157)

Cash flows from financing activities

Repayment of other loans
-
(504,778)

Interest paid
(28,172)
(19,297)

Net cash used in financing activities
(28,172)
(524,075)

Net increase in cash and cash equivalents
2,068,793
731,170

Cash and cash equivalents at beginning of year
1,632,249
901,079

Cash and cash equivalents at the end of year
3,701,042
1,632,249


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
3,701,042
1,632,249

3,701,042
1,632,249


The notes on pages 17 to 33 form part of these financial statements.

Page 16

 
VOYAGEURS DU MONDE UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


GENERAL INFORMATION

Voyageurs Du Monde UK Limited 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 activity is that of a holding company.

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 judgement 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 directors have prepared forecasts taking into account their assessment of the performance of the business and are confident that the Group 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.

 
2.4

REVENUE

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.

Page 17

 
VOYAGEURS DU MONDE UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.5

INTANGIBLE ASSETS

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.

Other 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
Goodwill
-
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%
straight line

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.

Page 18

 
VOYAGEURS DU MONDE UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.7

VALUATION OF INVESTMENTS

Investments in unlisted Group 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 Consolidated 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.

 
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 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.

 
2.10

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.

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.

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 19

 
VOYAGEURS DU MONDE UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)


2.10
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.

 
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.

 
2.12

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.

 
2.13

OPERATING LEASES: THE GROUP 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.

Page 20

 
VOYAGEURS DU MONDE UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.14

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.

 
2.15

INTEREST INCOME

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

 
2.16

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 21

 
VOYAGEURS DU MONDE UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.17

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 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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.

 
2.18

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.

  
2.19

ADVANCE HOLIDAY RECEIPTS AND EXPENDITURE

All revenues 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 22

 
VOYAGEURS DU MONDE UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.



JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the Groups accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are recognised to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the statement of comprehensive income in the period in which the estimate is revised where the revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.


4.


TURNOVER

The total turnover of the Company for the period has been derived from its principal activity wholly undertaken in the United Kingdom.


An analysis of turnover by class of business is as follows:


2023
2022
£
£

Travel related services
16,338,041
14,184,908


All turnover arose within the United Kingdom.


5.


OPERATING LOSS

The operating loss is stated after charging:

2023
2022
£
£

Depreciation of tangible fixed assets
17,520
17,702

Amortisation of intangible assets, including goodwill
1,204,909
1,335,719

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

Other operating lease rentals
343,250
309,198

Defined contribution pension cost
36,920
31,306

Page 23

 
VOYAGEURS DU MONDE UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


AUDITORS' REMUNERATION

2023
2022
£
£

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


7.


EMPLOYEES

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


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


        2023
        2022
            No.
            No.







Average no of employees
47
37

The Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL)

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 Group'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

2,900
1,380

Page 24

 
VOYAGEURS DU MONDE UK LIMITED
 
 
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

Loans from group undertakings
9,304
9,550

28,172
19,297


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


Tax on loss
217,327
185,418
Page 25

 
VOYAGEURS DU MONDE UK LIMITED
 
 
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%) as set out below:

2023
2022
£
£


Loss on ordinary activities before tax
(246,973)
(301,646)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
(58,088)
(57,313)

Effects of:


Fixed asset differences
(177)
(1,134)

Income not taxable for tax purposes
-
1,359

Expenses not deductible for tax purposes
5,457
-

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

Adjustments to deferred tax
-
(1,388)

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

Other permanent difference
1,047
-

Other differences leading to an increase (decrease) in the tax charge
254,843
205,900

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%.


12.


PARENT COMPANY PROFIT FOR THE YEAR

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 loss after tax of the parent Company for the year was £9,499 (2022 - loss £9,790).

Page 26

 
VOYAGEURS DU MONDE UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


INTANGIBLE ASSETS

Group 




Brand establishment & Development
Goodwill
Total

£
£
£



Cost


At 1 January 2023
2,214,190
10,783,963
12,998,153


Additions - internal
946
-
946



At 31 December 2023

2,215,136
10,783,963
12,999,099



Amortisation


At 1 January 2023
1,078,529
6,488,376
7,566,905


Charge for the year on owned assets
131,013
1,073,896
1,204,909



At 31 December 2023

1,209,542
7,562,272
8,771,814



Net book value



At 31 December 2023
1,005,594
3,221,691
4,227,285



Brand establishment & Development intangible fixed assets are held in the Subsidiary Company. 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 27

 
VOYAGEURS DU MONDE UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


TANGIBLE FIXED ASSETS

Group






Fixtures and fittings

£



Cost or valuation


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

Page 28

 
VOYAGEURS DU MONDE UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


FIXED ASSET INVESTMENTS

Group





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.

Company





Investments in subsidiary companies

£



Cost


At 1 January 2023
13,242,300



At 31 December 2023
13,242,300





SUBSIDIARY UNDERTAKINGS


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Original Travel Company Ltd
Ordinary
100%
Original Travel Transport Company Ltd
Ordinary
100%

Page 29

 
VOYAGEURS DU MONDE UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


DEBTORS

Group
Group
2023
2022
£
£


Trade debtors
24,000
-

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

1,998,584
2,241,286


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


17.


CASH AND CASH EQUIVALENTS

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
3,701,042
1,632,249
9,272
5,467

3,701,042
1,632,249
9,272
5,467



18.


CREDITORS: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Trade creditors
81,974
152,787
-
-

Amounts owed to group undertakings
186,016
-
153,217
-

Other creditors
137,449
59,968
-
-

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

5,206,272
3,815,270
153,217
-


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 30

 
VOYAGEURS DU MONDE UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

19.


CREDITORS: Amounts falling due after more than one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Amounts owed to group undertakings
925,109
507,338
367,425
507,338

Accruals and deferred income
170,912
142,572
-
-

1,096,021
649,910
367,425
507,338


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




20.


DEFERRED TAXATION


Group



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:

Group
Group
2023
2022
£
£

Fixed asset timing differences
5,835
11,241

Losses and other deductions
197,323
409,544

Short term timing differences
300
-

203,458
420,785

Page 31

 
VOYAGEURS DU MONDE UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

21.


SHARE CAPITAL

2023
2022
£
£
Allotted, called up and fully paid



40,928 (2022 - 40,928) A Ordinary shares shares of £0.01 each
409
409
1,145,100 (2022 - 1,145,100) Ordinary shares shares of £0.01 each
11,451
11,451

11,860

11,860



22.


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 Group.

Other reserves

This represents a share based payment reserve and includes the fair value of share options expected to vest less the fair value of exercised share options.

Profit and loss account

Includes all current and prior period retained profits and losses.


23.


CONTINGENT LIABILITIES

The Group 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 group 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.


24.


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 £36,920 (2022: £31,306). Contributions totalling £10,433 (2022: £nil) were payable to the fund at the Statement of Financial Position date.

Page 32

 
VOYAGEURS DU MONDE UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

25.


COMMITMENTS UNDER OPERATING LEASES

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


Group
Group
2023
2022
£
£

Not later than 1 year
242,743
242,743

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

704,638
947,741

26.


TRANSACTIONS WITH DIRECTORS

During the year the Group 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 Group £nil (2022: £23,473).
During the year the Group had a loan account with A Smith, a director of a subsidiary. There were net repayments on the loan account of £nil (2022: £98). At the year end, A Smith owed the Group £nil (2022: £nil).


27.


RELATED PARTY TRANSACTIONS

During the year ended 31 December 2017, the Company received a loan of £716,240 from its ultimate parent company Voyageurs Du Monde S.A.. Interest of £9,304 (2022: £9,550) is charged at a rate of 2% pro rata. At the year end, the Company owed £367,425 (2022: £507,338) to Voyageurs Du Monde S.A.
The Group has taken advantage of the exemption to not disclose related party transactions with companies that are wholly owned within the Group.


28.


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.

 
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