Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31true2023-01-01No description of principal activitytruefalse11truefalse 06969930 2023-01-01 2023-12-31 06969930 c:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-01-01 2023-12-31 06969930 c:EntitiesControlledByKeyManagementPersonnel 2023-01-01 2023-12-31 06969930 2022-01-01 2022-12-31 06969930 2023-12-31 06969930 c:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-12-31 06969930 c:EntitiesControlledByKeyManagementPersonnel 2023-12-31 06969930 2022-12-31 06969930 c:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-12-31 06969930 c:EntitiesControlledByKeyManagementPersonnel 2022-12-31 06969930 2022-01-01 06969930 d:Director1 2023-01-01 2023-12-31 06969930 d:RegisteredOffice 2023-01-01 2023-12-31 06969930 c:ComputerEquipment 2023-01-01 2023-12-31 06969930 c:ComputerEquipment 2023-12-31 06969930 c:ComputerEquipment 2022-12-31 06969930 c:ComputerEquipment c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 06969930 c:CurrentFinancialInstruments 2023-12-31 06969930 c:CurrentFinancialInstruments 2022-12-31 06969930 c:Non-currentFinancialInstruments 2023-12-31 06969930 c:Non-currentFinancialInstruments 2022-12-31 06969930 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 06969930 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 06969930 c:Non-currentFinancialInstruments c:AfterOneYear 2023-12-31 06969930 c:Non-currentFinancialInstruments c:AfterOneYear 2022-12-31 06969930 c:ReportableOperatingSegment1 2023-01-01 2023-12-31 06969930 c:ReportableOperatingSegment1 2022-01-01 2022-12-31 06969930 e:UnitedKingdom 2023-01-01 2023-12-31 06969930 e:UnitedKingdom 2022-01-01 2022-12-31 06969930 e:RestEuropeOutsideUK 2023-01-01 2023-12-31 06969930 e:RestEuropeOutsideUK 2022-01-01 2022-12-31 06969930 e:RestWorldOutsideUK 2023-01-01 2023-12-31 06969930 e:RestWorldOutsideUK 2022-01-01 2022-12-31 06969930 c:ShareCapital 2023-12-31 06969930 c:ShareCapital 2022-12-31 06969930 c:ShareCapital 2022-01-01 06969930 c:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 06969930 c:RetainedEarningsAccumulatedLosses 2023-12-31 06969930 c:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 06969930 c:RetainedEarningsAccumulatedLosses 2022-12-31 06969930 c:RetainedEarningsAccumulatedLosses 2022-01-01 06969930 c:AcceleratedTaxDepreciationDeferredTax 2023-12-31 06969930 c:AcceleratedTaxDepreciationDeferredTax 2022-12-31 06969930 c:TaxLossesCarry-forwardsDeferredTax 2023-12-31 06969930 c:TaxLossesCarry-forwardsDeferredTax 2022-12-31 06969930 d:OrdinaryShareClass1 2023-01-01 2023-12-31 06969930 d:OrdinaryShareClass1 2023-12-31 06969930 d:OrdinaryShareClass1 2022-12-31 06969930 d:FRS102 2023-01-01 2023-12-31 06969930 d:Audited 2023-01-01 2023-12-31 06969930 d:FullAccounts 2023-01-01 2023-12-31 06969930 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 06969930 2 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 06969930


VOYAGE PRIVE UK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 
VOYAGE PRIVE UK LIMITED
 
 
COMPANY INFORMATION


Director
C Guilhamon 




Registered number
06969930



Registered office
8th Floor
Becket House

36 Old Jewry

London

EC2R 8DD




Independent auditors
Xeinadin Audit Limited
Chartered Accountants & Statutory Auditors

8th Floor

Becket House

36 Old Jewry

London

EC2R 8DD





 
VOYAGE PRIVE UK LIMITED
 

CONTENTS



Page
Strategic report
1 - 2
Director's report
3 - 4
Independent auditors' report
5 - 8
Statement of comprehensive income
9
Statement of financial position
10
Statement of changes in equity
11
Notes to the financial statements
12 - 24


 
VOYAGE PRIVE UK LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The principal activity of the company is online travel agency.
The revenue for 2023 was £40,163,297, with an increase of 42% compared to 2022 (£28,283,223). The gross profit has reached at year-end 2023 an overall amount of £7,623,654 (versus £5,044,776 in 2022) with a profit for the financial year amounting to £1,379,085 (compared to a loss of £407,235 in 2022).

Business review
 
The Company’s revenue includes turnover of its tour operating activities as well as the revenue related to its agency business.
2023 has been marked by a return to performance with £61,465k of total transactional value achieved (based on booking dates).Trading volumes of 2019 amounting to £72,563k have not been exceeded yet as the environment becomes even more complex with economic and geopolitical uncertainties, fluctuating risks on geographical areas, and a dependency with hotels and airlines execution.
Promising levels of growth have however been reached in 2023 with an increase of initial travel revenues of +22% compared to 2022, while cancellations rates have been controlled.Acquisition expenses have been pursued as well (+33% versus 2022) to keep developing local visibility whereas a new TV commercial has been launched at year end to better match the Group branding and identity.
The operating result of 2023 restores balance, and reaches at year end an operating profit of £928,070 (loss of £472,015 in 2022). The Company invested in operational costs to support the revenue growth whereas managed to improve its profitability ratio. 
Cash at bank at year-end remains solid (£9,066,416 at year-end) and the company has continued support from its parent company VPG.

Principal risks and uncertainties
 
The changes in foreign exchange rate could impact our results as, for most of the destinations offered to our customers, we are contracting room nights in foreign currencies. The Company implemented a hedging strategy in 2016 to mitigate this risk. 
We might also be affected by the overall geopolitical instabilities that could lead to unexpected changes in customers’ demand. Natural disasters, pandemics are also part of the risks we can face as shown by the Covid-19 crisis back in March 2020.

Page 1

 
VOYAGE PRIVE UK LIMITED
 

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

Financial key performance indicators
 
In our industry, the main KPI’s are the number of members in our databases, audience engagement measured by traffic on our website and apps, and conversion rate (number of bookings / traffic).
Voyage Privé brand has now a good recognition in travel industry amongst online holidays markers with a good performance on customer satisfaction generating recurring business.
The overall trend to increase digitalization in the travel space will continue to support our growth in the future and we remain reasonability optimistic for the year to come.
 


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



C Guilhamon
Director

Date: 24 June 2024
Page 2

 
VOYAGE PRIVE UK LIMITED
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The director presents his report and the financial statements for the year ended 31 December 2023.

Director's responsibilities statement

The director is responsible for preparing the Strategic report, the Director's report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The director is 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 him to ensure that the financial statements comply with the Companies Act 2006He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £1,379,085 (2022 - loss £407,235).

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

Director

The director who served during the year was:

C Guilhamon 

Future developments

Levels of growth have been maintained in 2024 with a total transactional value by booking date of £27,568k at the end of May 2024 (£26,097k in 2023) which represents an increase of +6% versus 2023 volumes at the same period. Marketing campaigns have been emphasized with £1,362k spent so far, with local TV spots amounting £335k (+17% compared with 2023 investments). 

Page 3

 
VOYAGE PRIVE UK LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Disclosure of information to auditors

The director at the time when this Director's report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the Company's auditors are unaware, and

he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

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

Auditors

The auditorsXeinadin Audit Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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





C Guilhamon
Director

Date: 24 June 2024

Page 4

 
VOYAGE PRIVE UK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VOYAGE PRIVE UK LIMITED
 

Opinion


We have audited the financial statements of Voyage Prive UK Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of comprehensive income, the Statement of financial position, 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 director's 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 director with respect to going concern are described in the relevant sections of this report.


Page 5

 
VOYAGE PRIVE UK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VOYAGE PRIVE UK LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The director is 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 Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Director's 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 Director's 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 director's 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 Director's responsibilities statement set out on page 3, the director is 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 director determines 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 director is 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 director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
VOYAGE PRIVE UK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VOYAGE PRIVE UK LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these 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 Company 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 Company 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 Company’s license to operate. We identified the following areas
as those most likely to have such an effect: health and safety, data protection laws, employment law, ATOL, ABTA and IATA compliance recognising the nature of the Company’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.


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

 
VOYAGE PRIVE UK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VOYAGE PRIVE UK LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Karanjit Gill FCCA (Senior statutory auditor)
  
for and on behalf of
Xeinadin Audit Limited
 
Chartered Accountants & Statutory Auditors
  
8th Floor
Becket House
36 Old Jewry
London
EC2R 8DD

24 June 2024
Page 8

 
VOYAGE PRIVE UK LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
40,163,296
28,283,223

Cost of sales
  
(32,539,642)
(23,238,447)

Gross profit
  
7,623,654
5,044,776

Administrative expenses
  
(7,060,076)
(5,689,513)

Other operating income
  
364,492
172,722

Operating profit/(loss)
 5 
928,070
(472,015)

Interest receivable and similar income
 8 
536,529
97,105

Interest payable and similar expenses
 9 
(85,193)
(32,325)

Profit/(loss) before tax
  
1,379,406
(407,235)

Tax on profit/(loss)
 10 
(321)
-

Profit/(loss) for the financial year
  
1,379,085
(407,235)

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

The notes on pages 12 to 24 form part of these financial statements.

Page 9

 
VOYAGE PRIVE UK LIMITED
REGISTERED NUMBER: 06969930

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 11 
1,363
2,661

  
1,363
2,661

Current assets
  

Debtors
 12 
3,629,931
3,673,315

Cash at bank and in hand
 13 
9,066,416
12,661,083

  
12,696,347
16,334,398

Creditors: amounts falling due within one year
 14 
(12,974,804)
(13,262,570)

Net current (liabilities)/assets
  
 
 
(278,457)
 
 
3,071,828

Total assets less current liabilities
  
(277,094)
3,074,489

Creditors: amounts falling due after more than one year
 15 
(1,868,403)
(6,599,392)

Provisions for liabilities
  

Deferred tax
 16 
(321)
-

  
 
 
(321)
 
 
-

Net liabilities
  
(2,145,818)
(3,524,903)


Capital and reserves
  

Called up share capital 
 17 
6,220,001
6,220,001

Profit and loss account
 18 
(8,365,819)
(9,744,904)

  
(2,145,818)
(3,524,903)


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 June 2024.




C Guilhamon
Director

The notes on pages 12 to 24 form part of these financial statements.

Page 10

 
VOYAGE PRIVE UK LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
6,220,001
(9,337,669)
(3,117,668)


Comprehensive income for the year

Loss for the year
-
(407,235)
(407,235)



At 1 January 2023
6,220,001
(9,744,904)
(3,524,903)


Comprehensive income for the year

Profit for the year
-
1,379,085
1,379,085


At 31 December 2023
6,220,001
(8,365,819)
(2,145,818)


The notes on pages 12 to 24 form part of these financial statements.

Page 11

 
VOYAGE PRIVE UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Voyage Prive UK Limited is a membership based, online travel agency which provides travel related services.
The Company is a private company, limited by shares, and is incorporated in England and Wales, United Kingdom.
The address of its registered office is disclosed on the Company Information page of these financial statements.

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).

 
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).

This information is included in the consolidated financial statements of VPG SAS as at 31 December 2023 and these financial statements may be obtained from 330 Rue Pascal Duverger, 13090 Aix-en-Provence, France.

 
2.3

Going concern

Based on the continued support from the directors who 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 12

 
VOYAGE PRIVE UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

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.

 
2.5

Revenue

Turnover includes aggregate amount of commission and similar earnings receivable in respect of travel agency activities and gross revenue derived from tour operations carried out in principle activity.
Turnover represents amounts receivable for the sale of travel related services to members of the company net of VAT and trade discount.
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. Booking fees is recognised on a booking date basis and all other revenue is recognised on a departure date basis.

 
2.6

Operating leases: the Company as lessee

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

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

 
2.7

Interest income

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

Page 13

 
VOYAGE PRIVE UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Finance costs

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

 
2.9

Pensions

Defined contribution pension plan

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

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

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

  
2.11

Advance bookings

All amounts received from customers relating to holidays with departures after the year end are disclosed under accruals and deferred income.
All amounts paid to suppliers relating to holidays with departures after the year end are disclosed under prepayments and accrued income.

Page 14

 
VOYAGE PRIVE UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight line method.

Depreciation is provided on the following basis:

Computer equipment
-
33% straight line basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.13

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.

 
2.14

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.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Page 15

 
VOYAGE PRIVE UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.16

Financial instruments

The Company 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.
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 Statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference
between an asset's carrying amount and the present value of estimated cash flows discounted at the
asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the Statement of financial
position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 16

 
VOYAGE PRIVE UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company'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.



4.


Turnover

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


2023
2022
£
£

Travel related sales
40,163,296
28,283,223

40,163,296
28,283,223


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
1,426,174
1,605,309

Rest of Europe
20,277,382
14,526,296

Rest of the world
18,459,740
12,151,618

40,163,296
28,283,223



5.


Operating profit/(loss)

The operating profit/(loss) is stated after charging:

2023
2022
£
£

Depreciation
1,298
1,540

Exchange differences
94,221
271,350

Page 17

 
VOYAGE PRIVE UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Auditors' remuneration

2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
14,000
14,700

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


7.


Employees

Staff costs were as follows:


2023
2022
£
£

Wages and salaries
37,848
15,148

Social security costs
3,968
1,792

Cost of defined contribution scheme
948
1,029

42,764
17,969


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


        2023
        2022
            No.
            No.







Average number of employees
1
1


8.


Interest receivable

2023
2022
£
£


Other interest receivable
536,529
97,105

536,529
97,105

Page 18

 
VOYAGE PRIVE UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Interest payable and similar expenses

2023
2022
£
£


Loans from group undertakings
85,193
32,325

85,193
32,325


10.


Taxation


2023
2022
£
£



Total current tax
-
-

Deferred tax


Origination and reversal of timing differences
321
-

Total deferred tax
321
-


Tax on profit/(loss)
321
-
Page 19

 
VOYAGE PRIVE UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
10.Taxation (continued)


Factors affecting tax charge for the year

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

2023
2022
£
£


Profit/(loss) on ordinary activities before tax
1,379,406
(407,235)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022 - 19%)
307,268
(77,375)

Effects of:


Remeasurement of deferred tax for changes in tax rates
19,845
(24,434)

Movement in deferred tax not recognised
(335,022)
101,809

Expenses not deductible for tax purposes
8,230
-

Total tax charge for the year
321
-

Page 20

 
VOYAGE PRIVE UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 January 2023
14,931



At 31 December 2023

14,931



Depreciation


At 1 January 2023
12,270


Charge for the year on owned assets
1,298



At 31 December 2023

13,568



Net book value



At 31 December 2023
1,363



At 31 December 2022
2,661


12.


Debtors

2023
2022
£
£



Other debtors
656,124
1,498,586

Prepayments and accrued income
2,973,807
2,174,729

3,629,931
3,673,315


Prepayments and accrued incomes included advance payments to suppliers for departures after the balance sheet date amounting to £2,820,258 (2022: £2,110,968).

Page 21

 
VOYAGE PRIVE UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
9,066,416
12,661,083

9,066,416
12,661,083



14.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
2,667,767
2,173,471

Amounts owed to group undertakings
-
1,716,107

Other taxation and social security
303,898
-

Other creditors
506,029
1,025,263

Accruals and deferred income
9,497,110
8,347,729

12,974,804
13,262,570


Accruals and deferred income includes advance receipts from customers for departures after the balance sheet date amounting to £6,940,923 (2022: £5,824,863).
At the year end the company had an outstanding BSP liability of £237,639.


15.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Amounts owed to group undertakings
1,868,403
6,599,392

1,868,403
6,599,392


Page 22

 
VOYAGE PRIVE UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Deferred taxation




2023


£






Charged to profit or loss
(321)



At end of year
(321)

The deferred taxation balance is made up as follows:

2023
2022
£
£


Fixed asset timing differences
(341)
-

Short term timing differences
20
-

(321)
-


17.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



6,220,001 (2022 - 6,220,001) Ordinary shares of £1.00 each
6,220,001
6,220,001



18.


Reserves

Profit and loss account

Profit and loss includes all current and prior period retained profits.


19.


Contingent liabilities

The company currently holds an Air Travel Organisers’ License (‘ATOL’) issued by the Civil Aviation Authority (‘CAA’) and a license from ABTA.
As at 31st December 2023, there were contingent liabilities given by the Company's parent company VPG SAS  in the normal course of business in respect of ATOL and ABTA bonds.

Page 23

 
VOYAGE PRIVE UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

20.


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 £948 (2022 - £1,029). Contributions totalling £186 (2022 - £257) were payable to the fund at the reporting date.


21.


Commitments under operating leases

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


22.


Related party transactions

The Company has taken advantage of section 33 paragraph 33.1a of FRS 102, which states disclosures need not be given of transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.
At the year end, the company had a balance of £1,540,009 (2022: £7,761,591) owing to VPG SAS, the ultimate parent company.
At the year end, the company had a balance of £325,233 (2022: £553,667) owing to Voyage Privé Espana S.I.U, a connected company.
At the year end, the company had a balance of £- (2022: £129) owed from Voyage Prive Italia S.R.L, a connected company.


23.


Post balance sheet events

The directors have concluded that no material events have occured since the date of approval of these financial statements that would affect the financial statements of the company.


24.


Controlling party

The ultimate parent company is VPG SAS, a company registered in France.
 
Page 24