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Registered number: 00995587










CANTERBURY TRAVEL (LONDON) LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
CANTERBURY TRAVEL (LONDON) LIMITED
 
 
COMPANY INFORMATION


Directors
B Cassidy 
R Green 
D Wilson 




Registered number
00995587



Registered office
42 High Street

Northwood

Middlesex

HA6 1BL




Independent auditors
Sumer Auditco Limited
Chartered Accountants & Statutory Auditors

14th Floor

33 Cavendish Square

London

W1G 0PW





 
CANTERBURY TRAVEL (LONDON) LIMITED
 

CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 9
Statement of Comprehensive Income
10
Balance Sheet
11
Statement of Changes in Equity
12
Notes to the Financial Statements
13 - 28


 
CANTERBURY TRAVEL (LONDON) LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Review of developments and future prospects
 
The directors present their report and the financial statements for the year ended 31 December 2023.
Turnover for the year is £29,986,726 (2022: £24,141,971). Gross Profit for the year is £6,484,818 (2022: £6,211,130) and EBITDA before management charges is £4,661,082 (2022: £4,235,652). Operating Profit for the year is £4,411,266 (2022: £3,994,560).
The Company operates 2 separate business streams:  Lapland Holidays and Villa Holidays.  In both business streams the year ended 31 December 2023 saw a step change in capacity which was successfully filled through adept sales and marketing.
Looking forward, each of the business streams will continue to increase capacity during 2024 albeit in a measured approach rather than in another step change.  Sales trends are currently encouraging and point to good sell through numbers.
The Board is very satisfied with the trading result for 2023 and looks forward to a successful 2024.

Principal risks and uncertainties
 
The Board meets regularly and evaluates the Company's risk position. The principal risk and uncertainties facing the Company are detailed below.
The operational risk is primarily reliance on supply from hoteliers, airlines, and changes in general economic and other business conditions which may adversely affect demand for tourism products. 
Liquidity risk – The Company maintains sufficient funds for operational liquidity.  The Board considers liquidity risk at Board meetings through monitoring of cash levels and detailed cash flow forecasts.  Funding to date has been obtained through operational activities and from parent company. 
Foreign currency risk – The Company incurs substantial purchases denominated in foreign currency.  The Board considers foreign currency risk at Board meetings and directs an appropriate medium and longer-term hedging strategy.  

Interest rate risk – To the extent that non-operational finance is required it is organised through the parent company and accordingly no interest rate risk arises. 
Management believe the Company can meet key business risks in respect of competition and employee retention. 
Geopolitical risk – restrictions, or a loss of confidence, in travel as a result of geopolitical tensions pose a risk to the confidence of the travelling public with an associated adverse impact on the Company.  When such issues arise, the Board actively monitor trends in the development of the particular issue, assess the likely impact in customer demand, and seek to maximise the offsetting impact of mitigating actions.

Page 1

 
CANTERBURY TRAVEL (LONDON) LIMITED
 

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

Financial key performance indicators
 
The financial indicators of the company are:

2023
2022
Variance
        £
        £
        %

Turnover

29,986,726

24,141,971

24
 
Gross Profit

6,484,818

6,211,130

4
 
EBITDA before management charges

4,661,082

4,235,652

10
 


This report was approved by the board on 19 March 2024 and signed on its behalf.





D Wilson
Director

Page 2

 
CANTERBURY TRAVEL (LONDON) 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 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 judgments and accounting estimates that are reasonable and prudent;

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.

Principal activity

The principal activity of the company continued to be that of a management and holding company, tour operator and travel distributor.

Results and dividends

The profit for the year, after taxation, amounted to £4,079,342 (2022 - £3,529,247).

The directors do not propose the payment of a dividend.

Directors

The directors who served during the year were:

J Banham (resigned 24 July 2023)
B Cassidy 
R Green 
D Wilson 

Page 3

 
CANTERBURY TRAVEL (LONDON) LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Employees and disabled persons

The Company is committed to a policy of recruitment and promotion on the basis of aptitude without discrimination of any kind. Management actively pursue both the employment of disabled persons whenever suitable vacancies arise and the continued employment and retraining of employees who become disabled whilst                                                                                                                                                                          employed by the Company.
The Company's policy is to consult and discuss with employees matters likely to affect employees' interests. Information on matters of concern to employees is given through information bulletins and face-to-face meetings with management. Information on the Company's performance is maintained through a regular newsletter and bi-annual conferences. The performance and development review process ensures employees are made aware of their individual contribution to the business. 

Matters covered in the Strategic Report

Management's review of developments and future prospects and principal risks and uncertainties are included in the Strategic Report.

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.

Auditors

Simmons Gainsford LLP, the previous auditors, have transferred their audit business to Sumer Auditco Limited who will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 19 March 2024 and signed on its behalf.
 





D Wilson
Director

Page 4

 
CANTERBURY TRAVEL (LONDON) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CANTERBURY TRAVEL (LONDON) LIMITED
 

Opinion


We have audited the financial statements of Canterbury Travel (London) Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, 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 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

 
CANTERBURY TRAVEL (LONDON) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CANTERBURY TRAVEL (LONDON) 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 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

 
CANTERBURY TRAVEL (LONDON) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CANTERBURY TRAVEL (LONDON) 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 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:

In order to identify and assess the risks of material misstatements, including fraud and non-compliance with laws and regulations that could be expected to have a material impact on the financial statements, we have considered:

•       the results of our enquiries of management and those charged with governance of their assessment of the
        risks of fraud and irregularities;
•       the nature of the Company, including its management structure and control systems (including the
        opportunity for management to override such controls);
•       management’s incentives and opportunities for fraudulent manipulation of the financial statements including
        the Company’s remuneration and bonus policies and performance targets; and
•       the industry and environment in which it operates.
We also considered UK tax and pension legislation and laws and regulations relating to employment and the preparation and presentation of the financial statements such as the Companies Act 2006.
Based on this understanding we identified the following matters as being of significance to the entity:
•       laws and regulations considered to have a direct effect on the financial statements including UK financial
        reporting standards, Company Law, tax and pension legislation, distributable profits legislation, CAA, ABTA
        and IATA regulations;
•       the timing of the recognition of commercial income;
•       management bias in selecting accounting policies and determining estimates; and
       recoverability of debtors.
We communicated the outcomes of these discussions and enquiries, as well as consideration as to where and how fraud may occur in the entity, to all engagement team members.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised:
•       enquiries of management and those charged with governance as to whether the entity complies with such
        laws and regulations;
•       enquiries with the same concerning any actual or potential litigation or claims;

•       discussion with the same regarding any known or suspected instances of non-compliance with laws and
        regulation and fraud;
•       assessment of matters reported to management and the result of the subsequent investigation;
•       obtaining an understanding of the relevant controls during the period;
•       obtaining an understanding of the policies and controls over the recognition of income and testing their
 
Page 7

 
CANTERBURY TRAVEL (LONDON) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CANTERBURY TRAVEL (LONDON) LIMITED (CONTINUED)


        implementation during the period;
•       review documentation relating to compliance with the regulations relating to health and safety including
        health and safety certificates, and fire assessment reports;
•       review documentation relating to compliance with the regulations relating to the CAA, ABTA, and IATA
        including CAA and ABTA returns;
•       challenging assumptions made by management in their specific accounting policies and estimates, in
        particular in relation to depreciation of tangible fixed assets; amortisation of intangible fixed assets,
  and reviewing impairment considerations including that of investments;  
•       identifying and testing journal entries, in particular any journal entries posted with unusual account
        combinations or crediting revenue;
•       assessing the recovery of debtors in the period since the balance sheet date and challenging assumptions
        made by management regarding the recovery of balances which remain outstanding;
•       reviewing the financial statements for compliance with the relevant disclosure requirements;
•       performing analytical procedures to identify any unusual or unexpected relationships or unexpected
        movements in account balances which may be indicative of fraud;
•       reviewing the correspondence with HMRC; and
•       evaluating the underlying business reasons for any unusual transactions.
• reviewing intercompany balances and transactions.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
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 8

 
CANTERBURY TRAVEL (LONDON) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CANTERBURY TRAVEL (LONDON) 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.





Shilen Manek ACA FCCA (Senior Statutory Auditor)
  
for and on behalf of
Sumer Auditco Limited
 
Chartered Accountants
Statutory Auditors
  
14th Floor
33 Cavendish Square
London
W1G 0PW

19 March 2024
Page 9

 
CANTERBURY TRAVEL (LONDON) LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
29,986,726
24,141,971

Cost of sales
  
(23,501,908)
(17,930,841)

Gross profit
  
6,484,818
6,211,130

Administrative expenses
  
(2,244,052)
(2,387,070)

Other operating income
 5 
170,500
170,500

Operating profit
 6 
4,411,266
3,994,560

Income from fixed assets investments
 10 
397,196
-

Interest receivable and similar income
 11 
527,872
110,417

Interest payable and similar expenses
 12 
-
(506)

Profit before tax
  
5,336,334
4,104,471

Tax on profit
 13 
(1,256,992)
(575,224)

Profit for the financial year
  
4,079,342
3,529,247

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

The notes on pages 13 to 28 form part of these financial statements.

Page 10

 
CANTERBURY TRAVEL (LONDON) LIMITED
REGISTERED NUMBER: 00995587

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 14 
334,131
351,045

Tangible assets
 15 
2,808,259
2,951,815

Investments
 16 
1,462,878
32,878

  
4,605,268
3,335,738

Current assets
  

Debtors: amounts falling due within one year
 17 
21,484,149
16,863,679

Cash at bank and in hand
 18 
11,565,923
11,839,437

  
33,050,072
28,703,116

Creditors: amounts falling due within one year
 19 
(8,836,245)
(7,247,134)

Net current assets
  
 
 
24,213,827
 
 
21,455,982

Total assets less current liabilities
  
28,819,095
24,791,720

Provisions for liabilities
  

Deferred tax
 20 
(36,678)
(88,645)

  
 
 
(36,678)
 
 
(88,645)

Net assets
  
28,782,417
24,703,075


Capital and reserves
  

Called up share capital 
 21 
25,184
25,184

Share premium account
  
68,773
68,773

Other reserves
  
5,000
5,000

Profit and loss account
  
28,683,460
24,604,118

  
28,782,417
24,703,075


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 March 2024.




B Cassidy
Director

The notes on pages 13 to 28 form part of these financial statements.

Page 11

 
CANTERBURY TRAVEL (LONDON) LIMITED
 

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


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

£
£
£
£
£


At 1 January 2022
25,184
68,773
5,000
21,074,871
21,173,828


Comprehensive income for the year

Profit for the year
-
-
-
3,529,247
3,529,247



At 1 January 2023
25,184
68,773
5,000
24,604,118
24,703,075


Comprehensive income for the year

Profit for the year
-
-
-
4,079,342
4,079,342


At 31 December 2023
25,184
68,773
5,000
28,683,460
28,782,417


The notes on pages 13 to 28 form part of these financial statements.

Page 12

 
CANTERBURY TRAVEL (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

The Company is a private company limited by shares, and is incorporated in England and Wales. The address of its registered office is 42 High Street, Northwood, Middlesex, United Kingdom, HA6 1BL.

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 judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
•         the requirements of Section 7 Statement of Cash Flows;
•         the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
•         the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47,
          11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
•         the requirements of Section 33 Related Party Disclosures paragraph 33.7
This information is included in the consolidated financial statements of Brooklyn Travel Holdings Limited as at 31 December 2023 and these financial statements may be obtained from 42 High Street, Northwood, Middlesex, United Kingdom, HA6 1BL.

 
2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

 
2.4

Going concern

The financial statements have been prepared on the Going Concern basis. Management has prepared detailed financial projections that stretch out for 21 months beyond the date of signing of these accounts that support the Going Concern basis of preparation. In these projections assumptions have been made that are supported by recent business trends in turnover and costs.

Page 13

 
CANTERBURY TRAVEL (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.6

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
The Company acts as a Principal when it assumes all the risks rewards from organising a client’s holiday. The Company has control over price setting and over the procurement of the component parts of a holiday package using its own means and resources. The related total transaction value is accounted for as revenue.
All revenue is recognised on a departure date basis. 

 
2.7

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.

 
2.8

Interest income

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

 
2.9

Finance costs

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

Page 14

 
CANTERBURY TRAVEL (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.11

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 balance sheet 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 balance sheet 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 balance sheet date.

Page 15

 
CANTERBURY TRAVEL (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

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 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 Statement of Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the revaluation model, intangible assets shall be carried at a revalued amount, being its fair value at the date of revaluation less any subsequent accumulated amortisation and subsequent impairment losses - provided that the fair value can be determined by reference to an active market.
Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the balance sheet date.

All other 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.

 
2.13

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.

Depreciation is provided on the following basis:

Freehold property
-
2%
Straight line with the exception of land which is not depreciated
Fixtures and fittings
-
20%
Straight Line
Computer equipment
-
20%
Straight Line

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.15

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

 
CANTERBURY TRAVEL (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.16

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.

 
2.17

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.

 
2.18

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.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

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.

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 Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans 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.
Page 17

 
CANTERBURY TRAVEL (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.18
Financial instruments (continued)


Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements in accordance with generally accepted financial accounting principles requires the directors to make critical accounting estimates and judgments that affect the amounts reported in the financial statements and accompanying notes. The key estimates and assumptions that have a significant risk of causing material adjustments to the carrying value of assets and liabilities within the next financial year are goodwill, which has been assessed as per the note 14 and the directors are of the opinion that the carrying value, based on discounted cash flows is recoverable.
The directors consider there to be no significant areas of judgments or key sources of estimation uncertainty. 


4.


Turnover

All turnover arose within the United Kingdom. An analysis of turnover by class of business is as follows:


2023
2022
£
£

Lapland tour sales
23,901,229
19,546,513

Villa tour sales
6,085,497
4,595,458

29,986,726
24,141,971


Page 18

 
CANTERBURY TRAVEL (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Other operating income

2023
2022
£
£

Rent and management charges receivable
170,500
170,500

170,500
170,500


6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Tangible fixed assets - depreciation
231,929
224,845

Intangible fixed assets - amortisation
17,887
16,247

Exchange differences
16,212
57,788

Operating lease rentals
51,868
50,617

Profit/loss on sale of tangible assets
9,031
-

7.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditor and its associates for the audit of the Company's annual financial statements
9,800
9,500

The Company has taken advantage of the exemption not to disclose amounts paid for non audit services as these are disclosed in the group accounts of the parent Company.

Page 19

 
CANTERBURY TRAVEL (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Employees

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


2023
2022
£
£

Wages and salaries
1,442,919
1,431,528

Social security costs
115,648
103,863

Cost of defined contribution scheme
29,391
23,474

1,587,958
1,558,865


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


        2023
        2022
            No.
            No.







Directors
4
4



Sales
18
26



Operations
21
8



Administrative
4
2

47
40


9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
33,333
115,000

Company contributions to defined contribution pension schemes
10,688
8,052

44,021
123,052


During the year retirement benefits were accruing to 1 director (2022 - 1) in respect of defined contribution pension schemes.

Page 20

 
CANTERBURY TRAVEL (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Income from investments

2023
2022
£
£





Dividends received from subsidiary
397,196
-

397,196
-



11.


Interest receivable

2023
2022
£
£


Bank interest receivable
527,872
110,417

527,872
110,417


12.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
-
506

-
506

Page 21

 
CANTERBURY TRAVEL (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
1,219,595
684,339

Adjustments in respect of previous periods
89,364
(87,163)


1,308,959
597,176


Total current tax
1,308,959
597,176

Deferred tax


Origination and reversal of timing differences
(51,967)
(21,952)

Total deferred tax
(51,967)
(21,952)


Taxation on profit on ordinary activities
1,256,992
575,224

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 25% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
5,336,334
4,104,471


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022 - 19%)
1,334,084
779,849

Effects of:


Non-tax deductible amortisation of goodwill and impairment
3,990
3,032

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
1,904
21

Capital allowances for year/period less than/(in excess of) depreciation
3,664
25,793

Adjustments to tax charge in respect of prior periods
89,364
(87,163)

Increase/(decrease) of tax due to change in tax rates
(76,713)
(5,268)

Other tax adjustments
(99,301)
-

Group relief claimed
-
(141,040)

Total tax charge for the year
1,256,992
575,224

Page 22

 
CANTERBURY TRAVEL (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
13.Taxation (continued)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


14.


Intangible assets




Computer software
Goodwill
Total

£
£
£



Cost


At 1 January 2023
9,568
398,950
408,518


Additions
973
-
973



At 31 December 2023

10,541
398,950
409,491



Amortisation


At 1 January 2023
289
57,184
57,473


Charge for the year on owned assets
1,929
15,958
17,887



At 31 December 2023

2,218
73,142
75,360



Net book value



At 31 December 2023
8,323
325,808
334,131



At 31 December 2022
9,279
341,766
351,045



Page 23

 
CANTERBURY TRAVEL (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Tangible fixed assets





Freehold property
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
6,852,047
1,434,667
37,460
8,324,174


Additions
191,261
7,579
1,771
200,611


Disposals
(230,462)
-
-
(230,462)



At 31 December 2023

6,812,846
1,442,246
39,231
8,294,323



Depreciation


At 1 January 2023
4,259,259
1,098,658
14,442
5,372,359


Charge for the year on owned assets
88,263
135,908
7,758
231,929


Disposals
(118,224)
-
-
(118,224)



At 31 December 2023

4,229,298
1,234,566
22,200
5,486,064



Net book value



At 31 December 2023
2,583,548
207,680
17,031
2,808,259



At 31 December 2022
2,592,788
336,009
23,018
2,951,815


16.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
32,878


Additions
1,430,000



At 31 December 2023
1,462,878




Page 24

 
CANTERBURY TRAVEL (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Congress Team International (UK) Limited
England & Wales
Transport brokerage
Ordinary
100%
Kiinteisto Oy Luosto Villas
Finland
Villa management
Ordinary
100%
Kiinteisto Oy Fastak
Finland
Dormant
Ordinary
100%
A la Carte Laplan Oy
Finland
Ground arrangement
Ordinary
100%
As Oy Suomun Jahtituvat
Finland
Dormant
Ordinary
100%


17.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
20,348,138
16,215,505

Other debtors
288,765
131,724

Prepayments and accrued income
847,246
516,450

21,484,149
16,863,679



18.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
11,565,923
11,839,437

11,565,923
11,839,437


Page 25

 
CANTERBURY TRAVEL (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

19.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
991,319
1,150,739

Amounts owed to group undertakings
2,933,120
1,749,868

Corporation tax
558,958
684,339

Other taxation and social security
55,153
42,221

Other creditors
2,281,998
2,613,012

Accruals and deferred income
2,015,697
1,006,955

8,836,245
7,247,134



20.


Deferred taxation




2023
2022


£

£






At beginning of year
(88,645)
(110,597)


Charged to profit or loss
51,967
21,952



At end of year
(36,678)
(88,645)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(37,893)
(89,674)

Pension liability
1,215
1,029

(36,678)
(88,645)

Page 26

 
CANTERBURY TRAVEL (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

21.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



134 (2022 - 134) Ordinary A shares of £1.00 each
134
134
22,500 (2022 - 22,500) Ordinary Non Voting shares of £1.00 each
22,500
22,500
2,550 (2022 - 2,550) Ordinary Voting shares of £1.00 each
2,550
2,550

25,184

25,184



22.


Contingent liabilities

The company, together with its fellow group companies has provided a guarantee over their assets to the Civil Aviation Authority to meet any future obligations and liabilities incurred by the group companies as ATOL license holders.
The Company has provided a cash bond of £Nil (2022 - £29,500) to meet any future obligations from The Association of British Travel Agents (ABTA) when they arise.


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 £29,391 (2022 - £23,474).
Contributions totalling £4,856 (2022 - £4,118) were payable to the fund at the balance sheet date and are included in creditors.


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
32,021
28,000

Later than 1 year and not later than 5 years
112,000
112,000

Later than 5 years
-
28,153

144,021
168,153

Page 27

 
CANTERBURY TRAVEL (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

25.


Related party transactions

The company has taken advantage of the exemption available in FRS102 not to disclose transactions entered into between two or more members of a group, as the company is a wholly owned subsidiary undertaking of the group to which it is a party to the transactions. 


26.


Controlling party

The Company is a wholly owned subsidiary of Brooklyn Travel Limited, and the indirect parent undertaking of the Company is Brooklyn Travel Holdings Limited, which is the largest and smallest group to consolidate the Company's results. Both Companies have their registered office at 42 High Street, Northwood, Middlesex, United Kingdom, HA6 1BL.
The parent undertaking of Brooklyn Travel Holdings Limited is Zachary Asset Holdings Limited, a company incorporated in Jersey.
The ultimate controlling party of the group is the Haller family.

 
Page 28