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Registered number: 00984970


SUNVIL INTERNATIONAL SALES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 
SUNVIL INTERNATIONAL SALES LIMITED
 
 
COMPANY INFORMATION


Directors
N C L Josephides 
P V D der Parthog 
C Wright 




Company secretary
C Wright



Registered number
00984970



Registered office
Sunvil House
Upper Square

Isleworth

Middlesex

TW7 7BJ




Independent auditors
Xeinadin Audit Limited
Chartered Accountants & Statutory Auditor

8th Floor

Becket House

36 Old Jewry

London

EC2R 8DD





 
SUNVIL INTERNATIONAL SALES LIMITED
 

CONTENTS



Page
Group Strategic Report
1
Directors' Report
2 - 3
Independent Auditors' Report
4 - 9
Consolidated Statement of Comprehensive Income
10
Consolidated Statement of Financial Position
11 - 12
Company Statement of Financial Position
13
Consolidated Statement of Changes in Equity
14
Company Statement of Changes in Equity
15
Consolidated Statement of Cash Flows
16
Consolidated Analysis of Net Debt
17
Notes to the Financial Statements
18 - 40


 
SUNVIL INTERNATIONAL SALES LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The Directors present their Strategic Report for the year ended 31 December 2023.

Business review
 
Consolidated revenues in FY23 decreased to £23.5m as business returned to normal levels following the post pandemic spike in 2022. 
Our specialist long haul businesses saw a decrease in turnover during the year as the impact of limited sales team capacity in 2022 resulted in lower enquiry conversion.  With long booking lead times, the benefits of strong sales in 2023 will be seen in 2024.
Short haul business revenues were maintained at similar levels to the prior year, but the margin was impacted by several climate and weather related events affecting Greece during the summer.  
The Group continues to evolve its business model to provide more agility, this has not only protected the Group by reducing its risk profile, but it has also allowed it to take advantage of new opportunities with access to product from new markets. 
The Group remains adequately funded and continues to protect liquidity where possible. 

Principal risks and uncertainties
 
The Group has exposure to foreign currency movements. These are managed at the time of booking by purchasing currency to match future liabilities. The objective is to reduce the impact of exchange rate volatility on short term profits. This exposure is reviewed monthly by the Directors.
Exposure to liquidity risk is considered to be low. The Group traded profitably generating sufficient levels of liquidity to continue to grow. This risk is closely monitored by the Directors and sufficient measures have been put in place to protect Group liquidity. 

Financial key performance indicators
 
Consolidated turnover has decreased  to £23.5m in 2023.
Consolidated pre-tax profits of £412k have been recorded, compared to pre-tax profits of £1.6m in 2022.


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



N C L Josephides
Director

Date: 19 July 2024

Page 1

 
SUNVIL INTERNATIONAL SALES 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.

Principal activity

The principal activity of the Group continued to be that of a tour operator and licensed travel agency.

Results and dividends

The profit for the year, after taxation and minority interests, amounted to £239,724 (2022 - £957,990).

The Company paid dividends of £nil (2022: nil) during the year. No dividends have been declared post year-end
(2022: £nil).

Directors

The Directors who served during the year were:

N C L Josephides 
P V D der Parthog 
C Wright 

Future developments

The Group continues to nurture and develop existing products & brands, whilst actively researching new destinations and potential opportunities.

Page 2

 
SUNVIL INTERNATIONAL SALES 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.
 





N C L Josephides
Director

Date: 19 July 2024

Page 3

 
SUNVIL INTERNATIONAL SALES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SUNVIL INTERNATIONAL SALES LIMITED
 

Opinion


We have audited the financial statements of Sunvil International Sales Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Group Statement of Comprehensive Income, the Group and Company Statements of Financial Position, the Group Statement of Cash Flows, the Group and 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 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 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. The Group and parent Company reported a profit for the year ended 31 December 2023 and, as of that date, the Group and parent Company's current liabilities exceeded its current assets.
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 4

 
SUNVIL INTERNATIONAL SALES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SUNVIL INTERNATIONAL SALES 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 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.


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.


Page 5

 
SUNVIL INTERNATIONAL SALES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SUNVIL INTERNATIONAL SALES LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 2, 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

 
SUNVIL INTERNATIONAL SALES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SUNVIL INTERNATIONAL SALES 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;
Reviewing minutes of meetings of those charged with governance;
Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;
Enquiry of management and those charged with governance to identify any instances of non-compliance with laws and regulations.

The potential effect of these laws and regulations on the financial statements varies considerably.
Firstly, the Group is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
Secondly, the Group is subject to many other laws and regulations where the consequence of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance the imposition of fines or litigation or the loss of the Group’s license to operate. We identified the following areas as those most likely to have such an effect: ABTA and ATOL compliance recognising the nature of the Group’s activities.  Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.
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. 
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.


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

 
SUNVIL INTERNATIONAL SALES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SUNVIL INTERNATIONAL SALES LIMITED (CONTINUED)




Page 8

 
SUNVIL INTERNATIONAL SALES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SUNVIL INTERNATIONAL SALES 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
 
Chartered Accountants
Statutory Auditor
  
8th Floor
Becket House
36 Old Jewry
London
EC2R 8DD

19 July 2024
Page 9

 
SUNVIL INTERNATIONAL SALES LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
23,523,529
26,452,167

Cost of sales
  
(18,966,101)
(21,128,163)

Gross profit
  
4,557,428
5,324,004

Administrative expenses
  
(4,138,777)
(3,599,587)

Exceptional administrative expenses
  
-
(150,001)

Other operating income
 5 
22,633
55,512

Fair value movements
  
(42,735)
-

Operating profit
 6 
398,549
1,629,928

Income from fixed assets investments
  
533
516

Interest receivable and similar income
 11 
13,441
1,335

Profit before taxation
  
412,523
1,631,779

Tax on profit
 12 
(61,381)
(198,789)

Profit for the year
  
351,142
1,432,990

  

  
-
-

Total comprehensive income for the year
  
-
-

Profit for the year attributable to:
  

Non-controlling interests
  
111,418
475,000

Owners of the parent Company
  
239,724
957,990

  
351,142
1,432,990

The notes on pages 18 to 40 form part of these financial statements.

Page 10

 
SUNVIL INTERNATIONAL SALES LIMITED
REGISTERED NUMBER: 00984970

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 15 
487,570
481,495

Tangible assets
 16 
2,203,888
2,277,244

Investments
 17 
38,326
38,326

  
2,729,784
2,797,065

Current assets
  

Debtors: amounts falling due within one year
 18 
6,202,429
5,071,811

Cash at bank and in hand
 19 
1,669,706
1,088,920

  
7,872,135
6,160,731

Creditors: amounts falling due within one year
 20 
(8,047,550)
(6,553,336)

Net current liabilities
  
 
 
(175,415)
 
 
(392,605)

Total assets less current liabilities
  
2,554,369
2,404,460

Creditors: amounts falling due after more than one year
 21 
(694,937)
(896,170)

Provisions for liabilities
  

Net assets
  
1,859,432
1,508,290

Page 11

 
SUNVIL INTERNATIONAL SALES LIMITED
REGISTERED NUMBER: 00984970
    
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Capital and reserves
  

Called up share capital 
 24 
1,176,000
1,176,000

Revaluation reserve
 25 
1,741,451
1,741,451

Other reserves
 25 
189,000
189,000

Profit and loss account
 25 
(2,018,066)
(2,257,790)

Equity attributable to owners of the parent Company
  
1,088,385
848,661

Non-controlling interests
  
771,047
659,629

  
1,859,432
1,508,290


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




N C L Josephides
Director

Date: 19 July 2024

The notes on pages 18 to 40 form part of these financial statements.

Page 12

 
SUNVIL INTERNATIONAL SALES LIMITED
REGISTERED NUMBER: 00984970

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 15 
481,495
481,495

Tangible assets
 16 
2,170,109
2,244,717

Investments
 17 
207,204
207,204

  
2,858,808
2,933,416

Current assets
  

Debtors: amounts falling due within one year
 18 
14,725,574
14,626,402

Cash at bank and in hand
 19 
462,793
633,567

  
15,188,367
15,259,969

Creditors: amounts falling due within one year
 20 
(16,974,156)
(16,899,208)

Net current liabilities
  
 
 
(1,785,789)
 
 
(1,639,239)

Total assets less current liabilities
  
1,073,019
1,294,177

  

Creditors: amounts falling due after more than one year
 21 
(626,178)
(896,170)

  

Net assets
  
446,841
398,007


Capital and reserves
  

Called up share capital 
 24 
1,176,000
1,176,000

Revaluation reserve
 25 
1,741,451
1,741,451

Profit and loss account
 25 
(2,470,610)
(2,519,444)

  
446,841
398,007


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




N C L Josephides
Director

Date: 19 July 2024


The notes on pages 18 to 40 form part of these financial statements.

Page 13

 

 
SUNVIL INTERNATIONAL SALES LIMITED


 

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



Called up share capital
Revaluation reserve
Other reserves
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity


£
£
£
£
£
£
£



At 1 January 2022
1,176,000
1,741,451
189,000
(3,215,780)
(109,329)
184,629
75,300



Comprehensive income for the year


Profit for the year
-
-
-
957,990
957,990
475,000
1,432,990





At 1 January 2023
1,176,000
1,741,451
189,000
(2,257,790)
848,661
659,629
1,508,290



Comprehensive income for the year


Profit for the year
-
-
-
239,724
239,724
111,418
351,142



At 31 December 2023
1,176,000
1,741,451
189,000
(2,018,066)
1,088,385
771,047
1,859,432



Page 14

 
SUNVIL INTERNATIONAL SALES LIMITED
 

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


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
1,176,000
1,741,451
(2,834,973)
82,478


Comprehensive income for the year

Profit for the year
-
-
315,529
315,529



At 1 January 2023
1,176,000
1,741,451
(2,519,444)
398,007


Comprehensive income for the year

Profit for the year
-
-
48,834
48,834


At 31 December 2023
1,176,000
1,741,451
(2,470,610)
446,841


The notes on pages 18 to 40 form part of these financial statements.

Page 15

 
SUNVIL INTERNATIONAL SALES LIMITED
 

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

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
351,142
1,432,990

Adjustments for:

Amortisation of intangible assets
2,025
-

Depreciation of tangible assets
101,251
93,862

Interest received
(13,974)
(1,851)

Taxation charge
61,381
198,789

(Increase)/decrease in debtors
(1,132,736)
1,671,031

Increase/(decrease) in creditors
1,394,386
(3,878,468)

Net fair value losses recognised in P&L
42,735
-

Corporation tax (paid)/received
(193,087)
144,789

Investment write off
-
150,001

Net cash generated from operating activities

613,123
(188,857)


Cash flows from investing activities

Purchase of intangible fixed assets
(8,100)
-

Purchase of tangible fixed assets
(27,895)
(23,432)

Sale of tangible fixed assets
-
73

Interest received
13,441
1,335

Dividends received
533
516

Net cash from investing activities

(22,021)
(21,508)

Cash flows from financing activities

Repayment of loans
(269,992)
(170,830)

Net cash used in financing activities
(269,992)
(170,830)

Net increase/(decrease) in cash and cash equivalents
321,110
(381,195)

Cash and cash equivalents at beginning of year
1,085,196
1,466,391

Cash and cash equivalents at the end of year
1,406,306
1,085,196


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,669,706
1,088,920

Bank overdrafts
(263,400)
(3,724)

1,406,306
1,085,196


The notes on pages 18 to 40 form part of these financial statements.

Page 16

 
SUNVIL INTERNATIONAL SALES LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023





At 1 January 2023
Cash flows
Other non-cash changes
At 31 December 2023
£

£

£

£

Cash at bank and in hand

1,088,920

580,786

-

1,669,706

Bank overdrafts

(3,724)

(259,676)

-

(263,400)

Debt due after 1 year

(896,170)

-

269,992

(626,178)

Debt due within 1 year

(270,000)

269,992

(269,992)

(270,000)


(80,974)
591,102
-
510,128

The notes on pages 18 to 40 form part of these financial statements.

Page 17

 
SUNVIL INTERNATIONAL SALES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Sunvil International Sales Limited is a private company limited by shares incorporated in England and Wales, United Kingdom.
The address of the registed office is given on the Company Information page of these financial statements. 
The nature of the Company's operations and principal activities are recorded in the Directors' Report.

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.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 January 2014.

 
2.3

Going concern

The directors continued to take steps to reduce outgoings by controlling overhead expenses. They have seen a significant increase in the level of bookings and tours departing post year end along with and influx of forward bookings for future years.
Based on the above, the directors are confident that the company, will have sufficient funds and cash reserves to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.

Page 18

 
SUNVIL INTERNATIONAL SALES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Revenue

Turnover represents amounts receivable from the sale of holidays recognised on the date of departure, together with net non-refundable deposits for advanced bookings and other services supplied to customers, net of TOMS VAT.

  
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.
Landing rights
Capitalised landing rights based in the EU are not amortised as regulations provide that landing Rights are perpetual.

 
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, .

Depreciation is provided on the following basis:

Freehold property
-
2% on cost of freehold and 5% on cost of improvements to property (freehold land is not depreciated)
Short-term leasehold property
-
5% on cost
Plant and machinery
-
5% on cost and 25% on reducing balance
Motor vehicles
-
25% on cost
Fixtures and fittings
-
10% and 33% on cost
Office equipment
-
15% on reducing balance
Computer equipment
-
33% on cost

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 19

 
SUNVIL INTERNATIONAL SALES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

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.

 
2.8

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

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.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.10

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.

 
2.11

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.

 
2.12

Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially
Page 20

 
SUNVIL INTERNATIONAL SALES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.12
Financial instruments (continued)

and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Income statement

 
2.13

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.

 
2.14

Hedge accounting

The Group uses foreign currency forward contracts to manage its exposure to cash flow risk on its future transactions using foreign currency. These derivatives are measured at fair value at each reporting date.

To the extent the cash flow hedge is effective, movements in fair value are recognised in other comprehensive income and presented in a separate cash flow hedge reserve. Any ineffective portions of those movements are recognised in profit or loss for the year.

 
2.15

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 except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 21

 
SUNVIL INTERNATIONAL SALES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.16

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 payments obligations.
The contributions are recognised as an expense in the  Consolidated statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position.

 
2.17

Interest income

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

 
2.18

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.19

Provisions for liabilities

Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Group 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.

Page 22

 
SUNVIL INTERNATIONAL SALES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.20

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.

  
2.21
Advanced receipts and payments

All revenue received relating to bookings that depart after the Statement of Financial Position date is treated as advance receipts and is separately disclosed under accruals and deferred income.
Payments made to suppliers relating to bookings that depart after the Statement of Financial Position date are treated as advance payments and are separately disclosed under prepayments and accrued income.

 
2.22

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.

Page 23

 
SUNVIL INTERNATIONAL SALES 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 Group's 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 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 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.
Critical judgements
The directors are of the view that there are no further citical judgements (apart from those involving estimates) in applying their accounting policies that have had a significant effect on amounts recognised in the financial statements.
Key sources of estimation uncertainty
The directors are of the view that there are no estimates or assumptions that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities.


4.


Turnover

The whole of the turnover is attributable to sales of holidays and other services supplied to customers whilst acting as a tour operator and licensed travel agency.

All turnover arose within the United Kingdom.


5.


Other operating income

2023
2022
£
£

Rents receivable
19,825
19,914

Royalty receivable
8
450

Sundry income
2,800
35,148

22,633
55,512


Page 24

 
SUNVIL INTERNATIONAL SALES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation of tangible fixed assets
101,251
93,862

Amortisation of intangible assets, including goodwill
2,025
-

Exchange differences
198,517
(457,593)

Defined contribution pension cost
86,406
82,718


7.


Auditors' remuneration

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


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
40,000
32,000


8.


Employees

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


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


Wages and salaries
2,035,565
1,716,566
1,009,652
957,417

Social security costs
88,194
99,788
88,194
99,788

Cost of defined contribution scheme
86,406
82,718
45,149
44,667

2,210,165
1,899,072
1,142,995
1,101,872


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


        2023
        2022
            No.
            No.







Sales
24
24



Office management
19
16

43
40

Page 25

 
SUNVIL INTERNATIONAL SALES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Directors' remuneration, Group

2023
2022
£
£

Directors' emoluments
395,360
373,306

Group contributions to defined contribution pension schemes
32,247
30,954

427,607
404,260


During the year retirement benefits were accruing to no Directors (2022 - 2) in respect of defined contribution pension schemes.

The highest paid Director received remuneration of £83,070 (2022 - £67,242).


10.


Income from investments

2023
2022
£
£



Income from current asset investments
533
516





11.


Interest receivable

2023
2022
£
£


Other interest receivable
13,441
1,335


12.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
72,091
205,915

Adjustments in respect of previous periods
(12,828)
(30,698)


Total current tax
59,263
175,217

Deferred tax


Origination and reversal of timing differences
2,118
23,572

Total deferred tax

2,118
23,572


Taxation on profit on ordinary activities
61,381
198,789
Page 26

 
SUNVIL INTERNATIONAL SALES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
12.Taxation (continued)


Factors affecting tax charge for the year

The accounting period covers two UK financial years with differing tax rates of 19% in Financial Year 2022 & 25% in Financial Year 2023. The tax assessed for the year is higher than (2022 - the same as) The average rate for the accounting period in the UK of 23.52% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
412,523
1,631,779


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
97,025
310,038

Effects of:


Expenses not deductible for tax purposes
10,641
29,314

Capital allowances for year in excess of depreciation
-
19

Exempt ABGH distributions
(125)
(98)

Adjustments to tax charge in respect of prior periods
(12,829)
(30,699)

Fixed asset differences
5,150
(1,187)

Remeasurements of deferred tax for changes in tax rates
(499)
41,713

Deferred tax not recognised
(21,665)
(150,311)

Other differences leading to an increase (decrease) in the tax charge
(16,317)
-

Total tax charge for the year
61,381
198,789


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


13.


Exceptional items

2023
2022
£
£


Investment Write Off
-
150,001


14.


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 profit after tax of the parent Company for the year was £48,834 (2022 - £315,529).

Page 27

 
SUNVIL INTERNATIONAL SALES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Intangible assets

Group





Landing rights
Computer software
Goodwill
Total

£
£
£
£



Cost


At 1 January 2023
481,495
-
568,798
1,050,293


Additions
-
8,100
-
8,100



At 31 December 2023

481,495
8,100
568,798
1,058,393



Amortisation


At 1 January 2023
-
-
568,798
568,798


Charge for the year on owned assets
-
2,025
-
2,025



At 31 December 2023

-
2,025
568,798
570,823



Net book value



At 31 December 2023
481,495
6,075
-
487,570



At 31 December 2022
481,495
-
-
481,495



Company




Landing rights

£



Cost


At 1 January 2023
481,495



At 31 December 2023

481,495






Net book value



At 31 December 2023
481,495



At 31 December 2022
481,495

Page 28

 


 
SUNVIL INTERNATIONAL SALES LIMITED


 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


16.


Tangible fixed assets


Group







Freehold property
Short-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£
£
£
£
£



Cost


At 1 January 2023
2,114,514
120,985
444,655
2,600
678,871
15,295
129,642
3,506,562


Additions
-
-
-
-
27,895
-
-
27,895



At 31 December 2023

2,114,514
120,985
444,655
2,600
706,766
15,295
129,642
3,534,457



Depreciation


At 1 January 2023
88,791
111,236
287,538
650
601,372
14,921
124,810
1,229,318


Charge for the year on owned assets
17,759
4,875
21,863
650
54,920
85
1,099
101,251



At 31 December 2023

106,550
116,111
309,401
1,300
656,292
15,006
125,909
1,330,569



Net book value



At 31 December 2023
2,007,964
4,874
135,254
1,300
50,474
289
3,733
2,203,888



At 31 December 2022
2,025,723
9,749
157,117
1,950
77,499
374
4,832
2,277,244

Page 29

 


 
SUNVIL INTERNATIONAL SALES LIMITED


 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.
Tangible fixed assets (continued)

Both Land and Buildings and Boats classes of fixed assets above are accounted for under the revaluation method. In respect of the most recent revaluations carried out on these classes of assets:
Freehold Land and Buildings
The last valuation was conducted on 31 December 2017, when the freehold land and buildings at 7-8 Upper Square and 10-12 Upper Square were revalued by Stiles Harold Williams Partnership LLP (Chartered Surveyors) on an open market basis. This is reflected in the financial statements as above. In accordance with the accounting policies on note 2.6 , Freehold Land is not depreciated and, at the year end, the amount included in the above net book value in respect of Freehold Land was £1,226,600 (2022: £1,226,600).
Boats (shown with Plant and machinery)
The boat (known as "Genevieve") was last revalued on 16 April 2010 by Peter Freebody & Co - a reputable and professional boat design, sale and building company. The revalued amount is reflected in the financial statements.

Page 30

 


 
SUNVIL INTERNATIONAL SALES LIMITED


 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


Company







Freehold property
Short-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£
£

Cost


At 1 January 2023
2,114,514
23,488
437,148
2,600
512,069
3,089,819


Additions
-
-
-
-
983
983



At 31 December 2023

2,114,514
23,488
437,148
2,600
513,052
3,090,802



Depreciation


At 1 January 2023
88,791
23,488
280,059
650
452,114
845,102


Charge for the year on owned assets
17,759
-
21,857
650
35,325
75,591



At 31 December 2023

106,550
23,488
301,916
1,300
487,439
920,693



Net book value



At 31 December 2023
2,007,964
-
135,232
1,300
25,613
2,170,109



At 31 December 2022
2,025,723
-
157,089
1,950
59,955
2,244,717

Page 31

 


 
SUNVIL INTERNATIONAL SALES LIMITED


 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           16.Tangible fixed assets (continued)

Both Land and Buildings and Boats classes of fixed assets above are accounted for under the revaluation method. In respect of the most recent revaluations carried out on these classes of assets:
Freehold Land and Buildings
The last valuation was conducted on 31 December 2017, when the freehold land and buildings at 7-8 Upper Square and 10-12 Upper Square were revalued by Stiles Harold Williams Partnership LLP (Chartered Surveyors) on an open market basis. This is reflected in the financial statements as above. In accordance with the accounting policies on note 2.6, Freehold Land is not depreciated and, at the year end, the amount included in the above net book value in respect of Freehold Land was £1,226,600 (2021: £1,226,600).
Boats (shown with Plant and machinery)
The boat (known as "Genevieve") was last revalued on 16 April 2010 by Peter Freebody & Co - a reputable and professional boat design, sale and building company. The revalued amount is reflected in the financial statements.






Page 32

 
SUNVIL INTERNATIONAL SALES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.


Fixed asset investments

Group





Listed investments
Unlisted investments
Total

£
£
£



Cost or valuation


At 1 January 2023
13,245
25,081
38,326



At 31 December 2023
13,245
25,081
38,326




Company





Investments in subsidiary companies
Listed investments
Unlisted investments
Total

£
£
£
£



Cost or valuation


At 1 January 2023
168,878
13,245
25,081
207,204



At 31 December 2023
168,878
13,245
25,081
207,204




Page 33

 
SUNVIL INTERNATIONAL SALES 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

Discovery Worldwide Limited
Tatenda Boundary Road, Dockenfield, Farnham, Surrey, United Kingdom, GU10 4EU
Travel agent and tour operator
United Kingdom
51.69%
Sunvil UK Limited
Sunvil House, Upper Square, Old Isleworth, Middlesex, TW7 7BJ
Travel agent and tour operator
United Kingdom
80%
Villa Centre Holidays Limited
10-12 Upper Square, Old Isleworth, Middlesex, TW7 7BJ
Travel agent and tour operator
United Kingdom
100%
Sunvil Holidays Limited
7-8 Upper Square, Isleworth, Middlesex, TW7 7BJ
Transport company
United Kingdom
100%
Planet Aviation Limited
Sunvil House, Upper Square, Isleworth, Middlesex, TW7 7BJ
Transport company
United Kingdom
100%
Planet Holidays Limited
Sunvil House, Upper Square, Isleworth, Middlesex, TW7 7BJ
Travel agent and tour operator
United Kingdom
100%
Sunvil Africa Limited
Sunvil House, Upper Square, Isleworth, Middlesex, TW7 7BJ
Dormant
United Kingdom
100%
Expert Africa Limited
Sunvil House, Upper Square, Isleworth, Middlesex, TW7 7BJ
Dormant
United Kingdom
51.69%

Page 34

 
SUNVIL INTERNATIONAL SALES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Debtors

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


Trade debtors
449,072
408,392
402,025
365,525

Amounts owed by group undertakings
-
-
12,373,115
12,372,115

Other debtors
550,112
657,851
250,150
394,328

Prepayments and accrued income
5,066,382
3,867,091
1,557,784
1,351,934

Deferred taxation
136,863
138,477
142,500
142,500

6,202,429
5,071,811
14,725,574
14,626,402


Prepayments and accrued income includes advance payments to suppliers for departures after the Statement of Financial Position date amounting to £4,952,669 (2022: £3,706,298) for the Group, and £1,430,137, (2022: £1,197,813) for the Company.


19.


Cash and cash equivalents

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

Cash at bank and in hand
1,669,706
1,088,920
462,793
633,567

Less: bank overdrafts
(263,400)
(3,724)
(263,400)
(3,724)

1,406,306
1,085,196
199,393
629,843


Page 35

 
SUNVIL INTERNATIONAL SALES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

20.


Creditors: Amounts falling due within one year

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

Bank overdrafts
263,400
3,724
263,400
3,724

Bank loans
270,000
270,000
270,000
270,000

Trade creditors
3,683,957
2,943,089
1,111,543
1,141,541

Amounts owed to group undertakings
-
-
14,263,678
14,311,921

Corporation tax
72,091
205,915
-
-

Other taxation and social security
92,036
18,786
91,577
18,355

Other creditors
17,165
3,711
13,623
238

Accruals and deferred income
3,606,166
3,108,111
942,172
1,153,429

Financial instruments
42,735
-
18,163
-

8,047,550
6,553,336
16,974,156
16,899,208


Accruals and deferred income includes advanced receipts from customers for departures after the Statement of Financial Position date amounting to £3,496,250 (2022: £2,876,019) for the Group, and £825,678 (2022: £989,860) for the Company.


21.


Creditors: Amounts falling due after more than one year

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

Bank loans
614,178
884,170
614,178
884,170

Other loans
12,000
12,000
12,000
12,000

Accruals and deferred income
68,759
-
-
-

694,937
896,170
626,178
896,170


Other loans of £12,000 (2022: £12,000) are shareholders’ loans which have no fixed payment date and no interest is payable.
The bank loans are secured by way of debenture comprising fixed and floating charges over all the assets and undertaking of the company including goodwill, uncalled capital, buildings, fixtures, fixed plant and machinery.
The other loans are secured by fixed charge and negative pledge.

Page 36

 
SUNVIL INTERNATIONAL SALES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

22.


Loans


Analysis of the maturity of loans is given below:


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

Amounts falling due within one year

Bank loans
270,000
270,000
270,000
270,000

Amounts falling due 1-2 years

Bank loans
270,000
270,000
270,000
270,000

Other loans
12,000
12,000
12,000
12,000


282,000
282,000
282,000
282,000

Amounts falling due 2-5 years

Bank loans
344,178
614,170
344,178
614,170

896,178
1,166,170
896,178
1,166,170


Bank loans relate to the Coronavirus Business Interruption Loan Scheme (CBILS) which the Group has taken advantage of due to the previous global pandemic - COVID-19. 
The final repayment date of this loan is 72 months after the Loan is drawn.
Interest will be charged at the Fixed Rate. The Fixed Rate detailed in the latest Interest Fixing Schedule issued to the Company for the Fixed Rate Period then 4.71% p.a. over Base Rate, unless otherwise agreed between the bank and the customer. Where Base Rate is below zero, it will be deemed to be zero.


23.


Deferred taxation


Group



2023
2022


£

£






At beginning of year
138,477
162,049


Charged to profit or loss
(1,614)
(23,572)



At end of year
136,863
138,477

Page 37

 
SUNVIL INTERNATIONAL SALES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
23.Deferred taxation (continued)

Company


2023
2022


£

£






At beginning of year
142,500
142,500



At end of year
142,500
142,500

The deferred tax asset is made up as follows:

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

Accelerated capital allowances
(5,637)
(4,023)
-
-

Losses and other deductions
142,500
142,500
142,500
142,500

136,863
138,477
142,500
142,500


24.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,176,000 (2022 - 1,176,000) Ordinary shares of £1.00 each
1,176,000
1,176,000



25.


Reserves

Revaluation reserve

Includes all current and prior year revaluations.

Other reserves

Includes all current and prior year movements of other reserves.

Profit and loss account

Includes all current and prior period retained profit and losses.
Included within the reserve is £nil (2022: £nil) of unrealised gains which are non-distributable.

Page 38

 
SUNVIL INTERNATIONAL SALES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

26.


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 £120,441 (2022: £130,742). Contributions totalling £13,623 (2022: £238 ) were payable to the fund at the reporting date.


27.


Cash flow hedging

The Group enters into various foreign currency contracts to mitigate the exchange rate risk for certain foreign currency payables. At 31 December 2023, there were 14 (2022: nil) outstanding contracts.
The Group is committed to buying 2,500,000 EUR / 981,373 USD / 10,000,000 ZAR and paying a fixed sterling amount of £3,420,638 as at the year end.
As at 31 December 2023, the recognised net loss on currency cash flow hedging instruments amounted to £42,735 (2022: £nil) which is reflected within the Statement of Comprehensive Income.


28.


Commitments under operating leases

The Group and the Company had no commitments under non-cancellable operating leases at the reporting date.


29.


Related party transactions

Company
During the year under review, there were £144,281 (2022: £162,573) of intercompany recharges with subsidiary company, Discovery Worldwide Limited. An amount of £5,708,398 (2022: £5,740,467) is due to the Company at the year end.
During the year under review, there were £Nil (2022: £Nil) of intercompany recharges with a subsidiary company, Sunvil UK Limited. An amount of £321,059 (2022: £321,059) is due to the Company at the year end.
During the year under review, there were £Nil (2022: £Nil) of intercompany recharges with a subsidiary company, Sunvil Retail. An amount of £1,070 (2022: £1,070) is due to the Company at the year end.
An amount of £8,579,600 (2022: £8,471,213) is owed to Villa centre Holidays at the year end.
An amount of £77,556 (2022: £100,241) is owed to Planet Holidays Limited at the year end.
An amount of £12,049,986 (2022: £12,049,986) is owed from Sunvil Holidays Limited at the year end.
The Group has taken the exemption available to not disclose transactions within the year, between wholly
owned subsidiariesd

Page 39

 
SUNVIL INTERNATIONAL SALES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

30.


Controlling party

Sunvil International Sales Limited is the largest and smallest group for which group accounts are prepared. Copies of the Sunvil International Sales Limited consolidated financial statements can be obtained from its registered office: Sunvil House, Upper Square, Isleworth, Middlesex, TW7 7BJ.
The Directors consider that the Company has no individual controlling party

 
Page 40