Registered number:
FOR THE YEAR ENDED 30 APRIL 2024
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THE TURQUOISE HOLIDAY COMPANY LIMITED
COMPANY INFORMATION
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THE TURQUOISE HOLIDAY COMPANY LIMITED
CONTENTS
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THE TURQUOISE HOLIDAY COMPANY LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
The Company is required by the Companies Act 2006, to set out in this report a fair review of its business during the financial period ended 30 April 2024, the position of the Company at the year end, and a description of the principal risks and uncertainties facing the Company.
The review is prepared solely to provide additional information to shareholders to assess the Company's strategies and the potential for the strategies to succeed, and the business review should not be relied upon by any other party or for any other purpose.
The Turquoise Holiday Company has had a very successful year and despite still encountering the wake of Covid, we are delighted with the performance of the business. We have completed a successful upgrade of our IT systems and placed the business’s technology into the cloud, together with investing in new laptops for all staff, installed a new phone system and taken upgrades to our back office and CRM systems.
This has been complemented with a new sales structure and expansion of our product team to extend our offering in the Caribbean and Europe and perhaps even more excitingly we launched a new tailor-made department specialising in Australia, New Zealand and Canada. All this combined with a slight change in our product mix has resulted in a dramatically improved selling price and margin at point of sale. However the latter is not reflected in our accounts due to the crash in the exchange markets. This has been rectified for 2023/24 by changes to our hedge account methods and procedures. Our repeat and referral business continues to grow and stands as testament to our policy of ‘client first’ during Covid. New and innovative marketing remains another cornerstone of the brand. As a family owned and run business, we continue to punch above our weight in the luxury sector. We have a strong management team with aggressive goals and targets in place for 2023/24 and we look forward to next year with optimism and ambition.
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THE TURQUOISE HOLIDAY COMPANY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
The following risk factors may affect the Company's operating results and its financial position. The risk factors described below are those which the directors believe are potentially significant, but should not be regarded as a complete and comprehensive statement of all potential risks and uncertainties facing the Company.
Economic uncertainty - Consumer confidence is important to the success of the business. The demand for holidays is affected by local and global economic conditions. The uncertainty caused by first Brexit and then the Covid-19 pandemic, and the ensuing volatility in exchange rates and consumer confidence, has created a fragile trading environment. The current war in Ukraine, cost-of-living crisis and increased energy bills are further concerns, but traditionally the company has operated in the higher end of the market where these issues seem to have less effect on people’s desire for holidays. However, the directors still believe the Company is able to quickly adapt to changes in the local market demand, as it continues to be flexible in tailoring its customer proposition to suit the economic climate. A further prolonged period of booking slowdown, such as experienced during the Covid-19 outbreak, would adversely affect financial results. Regulatory risk - The Company is exposed to various regulators, including the Civil Aviation Authority (“CAA”) which issues an Air Travel Organisers Licence (“ATOL”), which is required in order for the company to operate. This licence is renewed in September each year and is subject to assessments of fitness and financial criteria, the framework of which is available on the CAA website (www.caa.co.uk). The company operates the vast majority of its business under its ATOL licence (ATOL 5875). Competition risk - The Company continues to face competition from web-based tour operators with a lower cost base who are prepared to sacrifice gross profit in order to gain market share. The Company seeks to constantly invest in both its brand, to increase public awareness, as well as a massively superior customer service offering, to maintain its market position. Foreign exchange risk - The Company faces transactional exposure primarily relating to the cost of acquiring accommodation and other ground arrangements. The Company's main exposure to exchange rate fluctuations is in relation to the Euro/Sterling and US$/Sterling exchange rate. This risk is managed by forward buying foreign exchange and hedging policies to match requirements as they are generated by customer bookings: we have improved our systems and processes around this for 2023/24. Information technology risk - Like many travel businesses the Company is highly dependent on the uninterrupted operation of its IT systems and website. Our systems have been recently placed into the cloud giving us greater security and reliability. IT risks are managed through a third party outsourced IT Company.
This report was approved by the board on 29 July 2024 and signed on its behalf.
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THE TURQUOISE HOLIDAY COMPANY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
The directors present their report and the financial statements for the year ended 30 April 2024.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are also responsible for the maintenance and integrity of the corporate and financial information included on the Company's website.
The profit for the year, after taxation, amounted to £515,541 (2023 - £358,242).
The directors have not recommended a final dividend. No interim dividends were paid during the period.
The directors who served during the year were:
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THE TURQUOISE HOLIDAY COMPANY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
The directors took the opportunity presented by the Covid-19 pandemic to review and streamline the business, as well as introducing new holiday destinations. They therefore believe they are now in an excellent position to capitalise on the pent up demand for travel, as evidenced by the surge in bookings seen in the current year and going forwards into 2023/24. The directors also plan to maintain the extremely high standard of customer service which they believe is a strong USP of the business.
There have been no significant events affecting the Company since the period end.
The auditors, White Hart Associates (London) Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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THE TURQUOISE HOLIDAY COMPANY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE TURQUOISE HOLIDAY COMPANY LIMITED
We have audited the financial statements of The Turquoise Holiday Company Limited (the 'Company') for the year ended 30 April 2024, which comprise the Income Statement, the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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THE TURQUOISE HOLIDAY COMPANY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE TURQUOISE HOLIDAY COMPANY LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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THE TURQUOISE HOLIDAY COMPANY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE TURQUOISE HOLIDAY COMPANY LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
- We exercise professional judgement and maintain professional scepticism throughout the audit; - We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the deliberate override of internal control; - We obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of internal control; - We evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made; - We assess the risk of management override of controls, including testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business; - We review the scope of the Company's compliance with its regulator, the Civil Aviation Authority ("CAA") and its accreditation with the International Air Transport Association ("IATA") and sample test relevant documentation to assess this and the effectiveness of its control environment; - We review the Company's relationships with related parties and other group companies, identifying and disclosing transactions during the year and balances at year-end with such parties; - We conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the entity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the entity to cease to continue as a going concern.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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THE TURQUOISE HOLIDAY COMPANY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE TURQUOISE HOLIDAY COMPANY LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants and Statutory Auditors
2nd Floor, Nucleus House
2 Lower Mortlake Road
TW9 2JA
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THE TURQUOISE HOLIDAY COMPANY LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024
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THE TURQUOISE HOLIDAY COMPANY LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
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THE TURQUOISE HOLIDAY COMPANY LIMITED
REGISTERED NUMBER: 04424442
STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 15 to 32 form part of these financial statements.
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THE TURQUOISE HOLIDAY COMPANY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
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THE TURQUOISE HOLIDAY COMPANY LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
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THE TURQUOISE HOLIDAY COMPANY LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 APRIL 2024
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THE TURQUOISE HOLIDAY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
The Turquoise Holiday Company Limited is a private company limited by shares, domiciled in England and Wales, registration number 04424442. The registered office is The Stables, 4 Bakery Court, 37-39 London End, Beaconsfield, Buckinghamshire, HP9 2FN.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The directors have continued to prepare budgets and cashflow forecasts which reflect good operational liquidity and profitability throughout. Additionally, they have also continued to perform sensitivity analysis on these budgets and forecasts to assess the financial impact of any potential slowdown in forecast trading and its impact on the liquidity of the business. This analysis shows that the Company has enough liquidity and cash to trade through such a potential slowdown.
The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, being at least the following 12 months from the signing of these financial statements. This is supported by the continued strong performance seen in the post balance sheet period, which the Company remains well placed to meet and service. As a result, and with the Company continuing to receive the full support of its shareholders and bankers, the directors believe that it is still appropriate to apply the going concern basis for the foreseeable future.
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THE TURQUOISE HOLIDAY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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THE TURQUOISE HOLIDAY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
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THE TURQUOISE HOLIDAY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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THE TURQUOISE HOLIDAY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.
The Company designates certain derivaties as either:
- Hedges of the fair value of recognised assets or liabilities or a firm commitment (fair value hedge); - Hedges of a particular risk associated with a recognised asset or liability or a highly probable forecast transaction (cash flow hedge); or - Hedges of a net investment in a foreign operation (net investment hedge). The Company documents at the inception of the transaction the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various hedging transactions. The Company also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. The full fair value of a hedging derivative is classified as a current asset or liability.Trading derivatives are classified as a current asset or liability.
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THE TURQUOISE HOLIDAY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
a) Critical judgments in applying the Company's accounting policies The directors believe that there are no critical judgments involved in applying the Company's accounting policies that warrant disclosure. b) Key accounting estimates and assumptions The directors believe that there are no key accounting estimates and assumptions involved in applying the Company's accounting policies that warrant disclosure.
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THE TURQUOISE HOLIDAY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
Analysis of turnover by country of destination:
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THE TURQUOISE HOLIDAY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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THE TURQUOISE HOLIDAY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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THE TURQUOISE HOLIDAY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
There were no factors that may affect future tax charges.
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THE TURQUOISE HOLIDAY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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THE TURQUOISE HOLIDAY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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THE TURQUOISE HOLIDAY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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THE TURQUOISE HOLIDAY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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THE TURQUOISE HOLIDAY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
As at 30 April 2024, the company had contracted to purchase foreign currency totalling £6,108,524 (2023 - £3,280,473). This is undertaken as part of the Company's hedging activities to meet its future foreign cash flow liabilities generated as part of its normal trading.
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THE TURQUOISE HOLIDAY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
Called up share capital represents the nominal value of shares that have been issued. Preference share capital represents the nominal value of preference shares that have been issued.
The holders of the preference shares are entitled in priority to any payment of dividend on any class of share to a fixed cumulative preferential dividend of 4% per annum. These shares can be redeemed at the option of the company (although not without the prior written agreement of the Civil Aviation Authority - see note 17 above) and do not carry voting rights.
Share premium account
Foreign exchange reserve
Profit and loss account
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THE TURQUOISE HOLIDAY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
At 30 April 2024, the Company had granted options to three key employees under the Enterprise Management Incentives (EMI) scheme over 6,477 ordinary shares at a market value and exercise price of £5 per share.
All share options had their stated market values agreed with HM Revenue and Customs under the EMI scheme, but no options have been exercised as at 30 April 2024. The directors have reviewed the value of the share based payments in relation to the above options and have not recognised any charge in the statement of comprehensive income on the gorunds of materiality.
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 £54,902 (2023 - £44,357). Contributions totalling £9,446 (2023 - £8,739) were payable to the fund at the reporting date and are included in creditors.
As at 30 April 2024, the Company had £89,334 payable to (2023: refunds due of £451 from) International Air Transport Association (IATA) for tickets issued in the month of April 2024.
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THE TURQUOISE HOLIDAY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
Included in the cash at bank as at 30 April 2024 was £2,934,991 held in the CAA Escrow Trust Account as consumer protected restricted funds. The terms of the trust deed are that 70% of all customer monies received for ATOL protected bookings remain within the independently administered CAA Escrow Trust Account until the customer returns from their holiday. The Company's cash at bank as at 30 April 2024 was:
Unrestricted Cash - £1,897,091 Restricted Cash - £2,934,991 Total Cash - £4,832,082 In accordance with the maintenance of the company's ATOL, the Company is required to maintain at all times a minimum unrestricted cash balance of £730,000.
The ultimate controlling party is B G J Barton, a director and owner of a majority of the issued equity share capital of the company.
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