Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31true32023-01-01falseNo description of principal activity4trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09487792 2023-01-01 2023-12-31 09487792 c:KeyManagementIndividualGroup1 2023-01-01 2023-12-31 09487792 c:OtherRelatedParties 2023-01-01 2023-12-31 09487792 c:KeyManagementIndividualGroup3 2023-01-01 2023-12-31 09487792 c:KeyManagementIndividualGroup4 2023-01-01 2023-12-31 09487792 c:KeyManagementIndividualGroup5 2023-01-01 2023-12-31 09487792 2022-01-01 2022-12-31 09487792 2023-12-31 09487792 c:KeyManagementIndividualGroup1 2023-12-31 09487792 c:OtherRelatedParties 2023-12-31 09487792 c:KeyManagementIndividualGroup3 2023-12-31 09487792 c:KeyManagementIndividualGroup4 2023-12-31 09487792 c:KeyManagementIndividualGroup5 2023-12-31 09487792 2022-12-31 09487792 d:Director1 2023-01-01 2023-12-31 09487792 d:Director2 2023-01-01 2023-12-31 09487792 d:RegisteredOffice 2023-01-01 2023-12-31 09487792 c:OfficeEquipment 2023-01-01 2023-12-31 09487792 c:OfficeEquipment 2023-12-31 09487792 c:OfficeEquipment 2022-12-31 09487792 c:OfficeEquipment c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 09487792 c:CurrentFinancialInstruments 2023-12-31 09487792 c:CurrentFinancialInstruments 2022-12-31 09487792 c:Non-currentFinancialInstruments 2023-12-31 09487792 c:Non-currentFinancialInstruments 2022-12-31 09487792 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 09487792 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 09487792 c:Non-currentFinancialInstruments c:AfterOneYear 2023-12-31 09487792 c:Non-currentFinancialInstruments c:AfterOneYear 2022-12-31 09487792 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2023-12-31 09487792 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2022-12-31 09487792 c:ShareCapital 2023-12-31 09487792 c:ShareCapital 2022-12-31 09487792 c:RetainedEarningsAccumulatedLosses 2023-12-31 09487792 c:RetainedEarningsAccumulatedLosses 2022-12-31 09487792 d:FRS102 2023-01-01 2023-12-31 09487792 d:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 09487792 d:FullAccounts 2023-01-01 2023-12-31 09487792 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 09487792 c:Subsidiary1 2023-01-01 2023-12-31 09487792 c:Subsidiary1 1 2023-01-01 2023-12-31 09487792 c:Subsidiary2 2023-01-01 2023-12-31 09487792 c:Subsidiary2 1 2023-01-01 2023-12-31 09487792 c:Subsidiary3 2023-01-01 2023-12-31 09487792 c:Subsidiary3 1 2023-01-01 2023-12-31 09487792 2 2023-01-01 2023-12-31 09487792 6 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure
Registered number: 09487792


HAPPY TOURS LTD
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 
HAPPY TOURS LTD
 
 
COMPANY INFORMATION


Directors
Mr S Krumpak 
Ms A Z Krumpak 




Registered number
09487792



Registered office
15F Millbank Tower
21-24 Millbank

London

SW1P 4QP




Accountants
Xeinadin London Limited
Accountants

8th Floor

Becket House

36 Old Jewry

London

EC2R 8DD





 
HAPPY TOURS LTD
 

CONTENTS



Page
Statement of Financial Position
1 - 2
Notes to the Financial Statements
3 - 11


 
HAPPY TOURS LTD
REGISTERED NUMBER: 09487792

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022 - Restated
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,921
2,211

Investments
 5 
1,466,557
1,466,557

  
1,468,478
1,468,768

Current assets
  

Debtors: amounts falling due within one year
 6 
1,086,134
515,513

Bank and cash balances
  
18,747
12,015

  
1,104,881
527,528

Creditors: amounts falling due within one year
 7 
(1,928,113)
(1,628,390)

Net current liabilities
  
 
 
(823,232)
 
 
(1,100,862)

Total assets less current liabilities
  
645,246
367,906

Creditors: amounts falling due after more than one year
 8 
(23,822)
(32,520)

  

Net assets
  
621,424
335,386


Capital and reserves
  

Called up share capital 
  
710
710

Profit and loss account
  
620,714
334,676

  
621,424
335,386


Page 1

 
HAPPY TOURS LTD
REGISTERED NUMBER: 09487792
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

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




Mr S Krumpak
Director

Date: 25 September 2024

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
HAPPY TOURS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Happy Tours Limited is a private company limited by shares incorporated in England and Wales, United Kingdom.
The address of the registered office is given 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 Section 1A of 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.

  
2.2

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare
consolidated accounts

 
2.3

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.

 
2.4

Revenue

Turnover comprises revenue recognised by the company on a departure date basis in respect of wholesale of travel related services during the year, exclusive of Value Added Tax and trade discounts. 

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the profit and loss account in the same period as the related expenditure.

Page 3

 
HAPPY TOURS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Interest income

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

 
2.7

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.

 
2.8

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.

 
2.9

Taxation

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.

 
2.10

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, on a reducing balance basis.

Depreciation is provided on the following basis:

Office equipment
-
25%
reducing balance 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.

Page 4

 
HAPPY TOURS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.11

Borrowing costs

All borrowing costs are recognised in the Statement of comprehensive income in the year in which they are incurred

  
2.12

Advance receipts and payments

All revenue relating to tours with departure dates after the financial year end are treated as advance receipts as at the statement of financial position date and are separately disclosed under accruals and deferred income.
Payments made to suppliers in respect of future departures are treated as advance payments and are separately disclosed under prepayments and accrued income.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.14

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.

 
2.15

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.

 
2.16

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.

 
2.17

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

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

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Page 5

 
HAPPY TOURS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.17
Financial instruments (continued)

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

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

Derecognition of financial liabilities

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

 
2.18

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2022 - 3).

Page 6

 
HAPPY TOURS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Office equipment

£



Cost


At 1 January 2023
4,925


Additions
307



At 31 December 2023

5,232



Depreciation


At 1 January 2023
2,714


Charge for the year on owned assets
597



At 31 December 2023

3,311



Net book value



At 31 December 2023
1,921



At 31 December 2022
2,211


5.


Fixed asset investments - Restated





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
1,466,557



At 31 December 2023
1,466,557





Page 7

 
HAPPY TOURS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Happy Tours D.O.O
Ordinary
99%
Hygge Consulting
Ordinary
100%
Druzina Krumpak PVT
Ordinary
99%

The aggregate of the share capital and reserves as at 31 December 2023 and the profit or loss for the year ended on that date for the subsidiary undertakings was as follows:

Name
Aggregate of share capital and reserves
£

Happy Tours D.O.O
1,667,316

Hygge Consulting
18,612

Druzina Krumpak PVT
930

Page 8

 
HAPPY TOURS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors- Amounts falling due within one year

2023
2022
£
£


Trade debtors
397,592
334,031

Amounts owed by group undertakings
51,958
5,979

Other debtors
382,163
20,329

Prepayments and accrued income
254,421
155,174

1,086,134
515,513


Prepayments and accrued income includes payments in advance to suppliers amounting to £254,421 (2022: £144,918) in relation to bookings departing after the year end.


7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
12,281
12,281

Other loans
-
374,208

Trade creditors
1,304,799
829,226

Amounts owed to other participating interests
4,563
17,858

Corporation tax
101,877
30,650

Other creditors
11,254
21,902

Accruals and deferred income
493,339
342,265

1,928,113
1,628,390


Accruals and deferred income includes monies received in advance from customers amounting to £488,455 (2022: £334,190) which relate to bookings departing after the year end.
Other loans relate to an amount owed to Druzina Krumpak D.O.O (Slovenia), a company based in Slovenia under common control by a director.

Page 9

 
HAPPY TOURS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
23,822
32,520

23,822
32,520


The Company secured a loan of £50,000 through a Bounce Back Loan Scheme in prior years. This loan is backed by the UK Government.


9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
12,281
12,281

Other loans
-
374,208


Amounts falling due 2-5 years

Bank loans
23,822
32,520


23,822
32,520


36,103
419,009



10.


Prior year adjustment

In the prior year, the directors discovered an error in the recognition of the fixed asset investment which was corrected by way of prior year adjustment. The adjustment had no impact on the retained reserves or the net assets.


11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held seperately 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 £1,735 (2022: £1,150). Contributions totalling £331 (2022: £788) were payable to the fund at the balance sheet date.

Page 10

 
HAPPY TOURS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Related party transactions

At the year end the Company was owed £45,979 (2022: £374,208 owed by the company) by Druzina Krumpak D.O.O., a company based in Slovenia under common control by a related director.
At the year end the Company was owed £283,359 (2022: £4,416) by Happy Tours D.O.O, a subsidiary entity of Happy Tours Ltd.
At the year end the Company was owed £1,563 (2022: £23,018) by Hygge Consulting Company Ltd, a subsidiary entity of Happy Tours Ltd, based in Taiwan.
At the year end the Company was owed £71,063 (2022: £13,225 owed by the company) to Halki D.O.O, a subsidiary entity of Druzina Krumpak D.O.O. which is under common control by a related director.
At the year end the Company owed £2,596 (2022: £2,666) to Kalea D.O.O, a subsidiary entity of Druzina Krumpak D.O.O. which is under common control by a related director.
At the year end the Company owes £1,967 (2022: £1,967) to Jadranka Krumpak, a related party.

 
Page 11