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Registered number: SC054143










OSPREY HOLIDAYS LIMITED










DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
OSPREY HOLIDAYS LIMITED
 
 
COMPANY INFORMATION


Directors
J B Bennett 
M B Bennett 




Company secretary
J B Bennett



Registered number
SC054143



Registered office
21 Logie Mill

Edinburgh

EH7 4HG




Independent auditors
Xeinadin Audit Limited
Chartered Accountants & Statutory Auditor

8th Floor Becket House

36 Old Jewry

London

EC2R 8DD




Bankers
The Royal Bank of Scotland plc
36 St Andrew Square

Edinburgh

EH2 2YB




Solicitors
Gillespie Macandrew LLP
5 Atholl Crescent

Edinburgh

EH3 8EJ





 
OSPREY HOLIDAYS LIMITED
 

CONTENTS



Page
Directors' report
1 - 2
Independent auditors' report
3 - 6
Statement of comprehensive income
7
Statement of financial position
8 - 9
Statement of changes in equity
10 - 11
Notes to the financial statements
12 - 25


 
OSPREY HOLIDAYS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024

The directors present their report and the financial statements for the year ended 30 April 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


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

make judgments and accounting estimates that are reasonable and prudent;

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the company continued to be that of a tour operator.

Directors

The directors who served during the year were:

J B Bennett 
M B Bennett 

Disclosure of information to auditors

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

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

Auditors

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

Page 1

 
OSPREY HOLIDAYS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board on 9 July 2024 and signed on its behalf.
 





J B Bennett
Director

Page 2

 
OSPREY HOLIDAYS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OSPREY HOLIDAYS LIMITED
 

Opinion


We have audited the financial statements of Osprey Holidays Limited (the 'Company') for the year ended 30 April 2024, 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 30 April 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 3

 
OSPREY HOLIDAYS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OSPREY HOLIDAYS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' report has 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 Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' report and from the requirement to prepare a Strategic report.


Page 4

 
OSPREY HOLIDAYS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OSPREY HOLIDAYS LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


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;
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 signficant 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, anti-bribery, money laundering, employment law and ABTA and ATOL 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
Page 5

 
OSPREY HOLIDAYS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OSPREY HOLIDAYS LIMITED (CONTINUED)


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.


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 Auditor
  
8th Floor Becket House
36 Old Jewry
London
EC2R 8DD

9 July 2024
Page 6

 
OSPREY HOLIDAYS LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

As restated
2024
2023
Note
£
£

  

Turnover
 4 
10,135,232
10,785,681

Cost of sales
  
(7,968,080)
(8,503,273)

Gross profit
  
2,167,152
2,282,408

Administrative expenses
  
(1,797,165)
(1,961,200)

Operating profit
 5 
369,987
321,208

Interest receivable and similar income
 8 
31,411
12,459

Interest payable and similar expenses
  
(738)
(1,075)

Profit before tax
  
400,660
332,592

Tax on profit
 9 
(102,873)
(63,998)

Profit for the financial year
  
297,787
268,594

Other comprehensive income for the year
  

Total comprehensive income for the year
  
297,787
268,594

The notes on pages 12 to 25 form part of these financial statements.

Page 7

 
OSPREY HOLIDAYS LIMITED
REGISTERED NUMBER: SC054143

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 11 
715,306
723,586

Investments
 12 
40,000
40,000

  
755,306
763,586

Current assets
  

Debtors: amounts falling due within one year
 13 
711,192
724,113

Cash at bank and in hand
 14 
2,040,106
2,676,958

  
2,751,298
3,401,071

Creditors: amounts falling due within one year
 15 
(1,810,700)
(2,481,565)

Net current assets
  
 
 
940,598
 
 
919,506

Total assets less current liabilities
  
1,695,904
1,683,092

Creditors: amounts falling due after more than one year
 16 
(13,950)
(24,111)

Provisions for liabilities
  

Deferred tax
 18 
(53,482)
(53,482)

  
 
 
(53,482)
 
 
(53,482)

Net assets
  
1,628,472
1,605,499


Capital and reserves
  

Called up share capital 
 19 
359,000
359,000

Revaluation reserve
 20 
309,872
309,872

Other reserves
 20 
200,000
200,000

Profit and loss account
 20 
759,600
736,627

  
1,628,472
1,605,499


Page 8

 
OSPREY HOLIDAYS LIMITED
REGISTERED NUMBER: SC054143
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2024

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 were approved and authorised for issue by the board and were signed on its behalf on 9 July 2024.




J B Bennett
Director

The notes on pages 12 to 25 form part of these financial statements.

Page 9

 
OSPREY HOLIDAYS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024


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

£
£
£
£
£

At 1 May 2023 (Restated)
359,000
200,000
309,872
736,627
1,605,499


Comprehensive income for the year

Profit for the year
-
-
-
297,787
297,787
Total comprehensive income for the year
-
-
-
297,787
297,787


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(274,814)
(274,814)


Total transactions with owners
-
-
-
(274,814)
(274,814)


At 30 April 2024
359,000
200,000
309,872
759,600
1,628,472


The notes on pages 12 to 25 form part of these financial statements.

Page 10

 
OSPREY HOLIDAYS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023


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

£
£
£
£
£

At 1 May 2022
359,000
200,000
309,872
629,704
1,498,576


Comprehensive income for the year

Profit for the year
-
-
-
268,594
268,594
Total comprehensive income for the year
-
-
-
268,594
268,594


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(161,671)
(161,671)


Total transactions with owners
-
-
-
(161,671)
(161,671)


At 30 April 2023 (Restated)
359,000
200,000
309,872
736,627
1,605,499


The notes on pages 12 to 25 form part of these financial statements.

Page 11

 
OSPREY HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Osprey Holidays Limited is a private company limited by shares and registered in Scotland, registered number SC054143. Its principal place of business and registered office is 21 Logie Mill, Edinburgh, EH7 4HG.

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 (see note 3).

 
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

Going concern

The directors have prepared forecasts taking into account their assessment of the performance of the business and are confident that the Company will be able to continue to meet their liabilities as they fall due for a period of not less than 12 months from the date these accounts are signed.
The directors consider it appropriate to prepare the financial statements on a going concern basis as a result.

 
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.

Page 12

 
OSPREY HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.5

Turnover

Turnover comprises revenue recognised by the Company during the year in respect of services supplied in carrying out its principal activity of a tour operator, exclusive of Value Added Tax and trade discounts.
Turnover is recognised based on the date of departure. Deposits and advance payments received from clients are recorded within creditors, funds held on behalf of clients, until the date of departure has based, at which point these balances are released to turnover.

 
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.

 
2.7

Interest income

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

 
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.

Page 13

 
OSPREY HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
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

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:

Fixtures, fittings & equipment
-
13.5% & 15%
Computer equipment
-
33%

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 14

 
OSPREY HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.12

Revaluation of tangible fixed assets

Heritable property is carried at fair value at the reporting date less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
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

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.

 
2.18

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 15

 
OSPREY HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

  
2.19

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.
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 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 the 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 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 reporting 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.

 
2.20

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.

Page 16

 
OSPREY HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

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 judgments, 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:


2024
2023
£
£

Tour operator
10,135,232
10,785,681

10,135,232
10,785,681


All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Auditor's remuneration
14,000
14,000

Depreciation of tangible fixed assets
12,761
14,923

Exchange differences
56,117
(10,467)

Defined contribution pension cost
28,313
25,553


6.


Auditors' remuneration

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


2024
2023
£
£

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

Fees payable to the Company's auditors for non-audit services
6,000
6,000

Page 17

 
OSPREY HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

7.


Employees

The average monthly number of employees, including directors, during the year was 27 (2023 - 25).


8.


Interest receivable

2024
2023
£
£


Bank interest receivable
31,411
12,459

31,411
12,459


9.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
102,694
67,557

Adjustments in respect of previous periods
179
-


102,873
67,557


Total current tax
102,873
67,557

Deferred tax


Origination and reversal of timing differences
-
(3,559)

Total deferred tax
-
(3,559)


Tax on profit
102,873
63,998
Page 18

 
OSPREY HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
 
9.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is the same as (2023 - the same as) the standard rate of corporation tax in the UK of 25% (2023 - 25%) as set out below:

2024
2023
£
£


Profit on ordinary activities before tax
400,660
332,592


Profit on ordinary activities multiplied by the average marginal rate of corporation tax of 25% (2023 - 19.49%)
100,165
64,495

Effects of:


Fixed asset differences
3,075
-

Expenses not deductible for tax purposes
(454)
(4,056)

Adjustments to tax charge in respect of prior periods
87
-

Remeasurement of deferred tax for changes in tax rates
-
3,559

Total tax charge for the year
102,873
63,998


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


10.


Dividends

2024
2023
£
£


Dividends paid on Ordinary shares
274,814
161,671

274,814
161,671

Page 19

 
OSPREY HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

11.


Tangible fixed assets





Heritable property
Fixtures, fittings & equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 May 2023
680,000
279,952
172,913
1,132,865


Additions
-
-
4,481
4,481



At 30 April 2024

680,000
279,952
177,394
1,137,346



Depreciation


At 1 May 2023
-
236,366
172,913
409,279


Charge for the year on owned assets
-
12,304
457
12,761



At 30 April 2024

-
248,670
173,370
422,040



Net book value



At 30 April 2024
680,000
31,282
4,024
715,306



At 30 April 2023
680,000
43,586
-
723,586

The Company's heritable property was last valued by Graham Sibbald on 30 April 2022 on an open market value basis. At 30 April 2024, the directors have used open market comparable to value the heritable property and do not consider that the property value has changed.
The historical cost carrying value of the heritable property is £348,333 (2023: £348,333).


12.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 May 2023
40,000



At 30 April 2024
40,000




Page 20

 
OSPREY HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Osprey Holidays (Tickets) Limited
21 Logie Mill, Edinburgh, EH7 4HG
Purchase of tickets from carriers and resale of tickets to Osprey Holidays Limited
Ordinary
100%


13.


Debtors

2024
As restated 2023
£
£


Trade debtors
2,522
2,649

Other debtors
708,670
721,464

711,192
724,113



14.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
2,040,106
2,676,958

2,040,106
2,676,958


Page 21

 
OSPREY HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

15.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loan
10,161
9,911

Trade creditors
267,705
420,537

Amounts owed to group undertakings
10,725
72,437

Amounts owed to other participating interests
362
362

Corporation tax
102,873
67,557

Other taxation and social security
38,074
43,645

Other creditors and accruals
365,706
654,822

Funds held on behalf of clients
1,015,094
1,212,294

1,810,700
2,481,565



16.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
13,950
24,111

13,950
24,111


Page 22

 
OSPREY HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

17.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
10,161
9,911


10,161
9,911

Amounts falling due 1-2 years

Bank loans
10,419
10,162


10,419
10,162

Amounts falling due 2-5 years

Bank loans
3,531
13,949


3,531
13,949


24,111
34,022



18.


Deferred taxation




2024
2023


£

£






At beginning of year
(53,482)
(57,041)


Charged to statement of comprehensive income
-
3,559



At end of year
(53,482)
(53,482)

Page 23

 
OSPREY HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
 
18.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Fixed asset timing differences
894
3,559

Capital gains
(54,376)
(57,041)

(53,482)
(53,482)


19.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1 (2023 - 1) A Ordinary share of £1.00
1
1
1 (2023 - 1) B Ordinary share of £1.00
1
1
1 (2023 - 1) C Ordinary share of £1.00
1
1
1,750 (2023 - 1,750) D Ordinary shares of £1.00 each
1,750
1,750
1,750 (2023 - 1,750) E Ordinary shares of £1.00 each
1,750
1,750
355,497 (2023 - 355,497) Ordinary shares of £1.00 each
355,497
355,497

359,000

359,000



20.


Reserves

Revaluation reserve

The revaluation reserve represents the surplus on the revaluation of tangible fixed assets net of deferred tax.

Other reserves

Other reserves of £200,000 (2023: £200,000) relate to a capital redemption reserve.

Profit and loss account

The reserve includes all current and prior periods retained profits and losses net of dividends paid.


21.


Restatement of comparatives

The company has restated prior year figures relating to TOMS calculation. This has impacted the profit and loss reserves by £1,677. 

Page 24

 
OSPREY HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

22.


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 £28,313 (2023: £25,553). Contributions totalling £2,774 (2023: £2,329) were payable to the fund at the balance sheet date and are included in creditors.


23.


Commitments under operating leases

At 30 April 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
5,502
5,502

Later than 1 year and not later than 5 years
2,750
8,252

8,252
13,754


24.


Related party transactions

Advantage has been taken of the exemption provided by FRS 102 Section 33 "Related Party Transactions" whereby disclosures need not be given of transactions entered into between two members of a group, provided that the subsidiary which is a party to the transaction is wholly owned by such a member.
At the year end, the Company owed £362 (2023: £362) to Seagull Holdings, a group company.
At the year end, the Company was due £8,955 (2023: £9,000) from M B Bennett, a Director of the Company.


25.


Post balance sheet events

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


26.


Controlling party

Throughout the year, the Company was controlled by J B Bennett as a director and direct shareholder, as well as indirectly via a 100% shareholding in Seagull Holdings, an unlimited company registered in Scotland.

Page 25