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REGISTERED NUMBER: 03464732 (England and Wales)



















Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 30 April 2024

for

CT Travel Group Ltd

CT Travel Group Ltd (Registered number: 03464732)

Contents of the Financial Statements
for the Year Ended 30 April 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 10

Other Comprehensive Income 11

Statement of Financial Position 12

Statement of Changes in Equity 13

Statement of Cash Flows 14

Notes to the Statement of Cash Flows 15

Notes to the Financial Statements 17


CT Travel Group Ltd

Company Information
for the Year Ended 30 April 2024







DIRECTORS: M J Kempster
T C Kempster
D A Bevan
C M Collins





SECRETARY: D A Bevan





REGISTERED OFFICE: 8-9 Orchard Business Centre
North Farm Road
Tunbridge Wells
Kent
TN2 3XF





REGISTERED NUMBER: 03464732 (England and Wales)





AUDITORS: Xeinadin Audit Limited
8th Floor
Becket House
36 Old Jewry
London
EC2R 8DD

CT Travel Group Ltd (Registered number: 03464732)

Strategic Report
for the Year Ended 30 April 2024


The directors present their strategic report for the year ended 30 April 2024.

REVIEW OF BUSINESS
The principal activity of the company in the year under review was that of Corporate Travel Management and Tour Operation.

In 2023/2024 our position continues to improve based on a like for like, year on year comparison Turnover has increased by 20% to £41m (2023 £34m) and the operating margin increased by 29% to £5.01m (2023 £3.94m).

By turnover, Corporate Travel Management continues to be the largest part of the business accounting for 64% (2023 - 70%), Groups & Trade Mission account for 23% (2022 - 17%) and Leisure Travel for 13% (2023 - 13%). There is still currently strong demand for Corporate Travel Management, Groups & Trade Missions, and we see no reason why we cannot deliver continued significant growth over the following year and the years to come.

The management team continues to monitor the cash, profit & loss and trading position of the company on a weekly basis.

PRINCIPAL RISKS
The management team continually looks at the risks facing the company and put's measures in place to mitigate the risks that are borne out of the emerging economic challenges and/or travel industry disruption such as weather, health pandemics or natural disasters.

We are aware that the cost of living crisis still exists and that inflationary pressures continue to have wider implications on the economy and the effects of a change in government are at this stage are unknown.

Retaining key personnel is a priority for the directors of the company and a significant factor for its future success. Recruitment of additional key staff is also essential for us to grow, the industry wide shortages of key people has abated and that has enabled the business to recruit some key roles into the Company putting us in a good position to continue to expand and grow the business.

The political and warring situations around the world continue to represent a risk to the wider travel industry and CT Travel Group Ltd is not excluded from the wider risks associated with these situations.

GOING CONCERN
The company still maintains sufficient financial resources to continue operations for at least the next 12 months, in terms of cash and without breeching regulatory requirements. Directors have no hesitation in reaffirming the company remains in a strong position as a going concern.

FUTURE DEVELOPMENTS
The Company will continue its strategy to invest in the infrastructure, technology and human resources required to operate and grow the business. The company has looked at and considered strategic acquisitions during the financial year and will continue to explore any other opportunity's that may arise strengthening the Company's future.


CT Travel Group Ltd (Registered number: 03464732)

Strategic Report
for the Year Ended 30 April 2024

SUMMARY
The board believes that despite the challenges that still presents themselves in the marketplace and the wider economy, the company remains committed to its goal of giving excellent service to our clients whilst achieving the company's operational and financial objectives.

ON BEHALF OF THE BOARD:





M J Kempster - Director


21 August 2024

CT Travel Group Ltd (Registered number: 03464732)

Report of the Directors
for the Year Ended 30 April 2024


The directors present their report with the financial statements of the company for the year ended 30 April 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of Corporate Travel Management and Tour Operation.

DIVIDENDS
The total distribution of dividends for the year ended 30 April 2024 will be £ 394,949 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 May 2023 to the date of this report.

M J Kempster
T C Kempster
D A Bevan
C M Collins

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently;
-make judgements 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.

CT Travel Group Ltd (Registered number: 03464732)

Report of the Directors
for the Year Ended 30 April 2024


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:




M J Kempster - Director


21 August 2024

Report of the Independent Auditors to the Members of
CT Travel Group Ltd


Opinion
We have audited the financial statements of CT Travel Group Ltd (the 'company') for the year ended 30 April 2024 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The 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 UK, including the FRC'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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, 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 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.

Opinions 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
CT Travel Group Ltd


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 Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 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.

Report of the Independent Auditors to the Members of
CT Travel Group Ltd


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 a Report of the Auditors 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.

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; - Enquiry of management and those charged with governance to identify any instances of non-compliance with laws and regulations;
- 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 estimate for bias.

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 noncompliance 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 and ABTA compliance recognizing 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.

Owing to the inherent limitations of an audit, there is unavoidable risk that we may not have detected some material misstatements even though we have properly planned and performed our audit in accordance with auditing standards. In addition as with any audit there remained a higher risk of non-detection of irregularities as these may involve collusion, forgery, intentional omissions, misrepresentation or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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 Report of the Auditors.

Report of the Independent Auditors to the Members of
CT Travel Group Ltd


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 2006. Our 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 a Report of the Auditors 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.




Mr Ian Palmer FCA (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited
8th Floor
Becket House
36 Old Jewry
London
EC2R 8DD

21 August 2024

CT Travel Group Ltd (Registered number: 03464732)

Income Statement
for the Year Ended 30 April 2024

2024 2023
Notes £    £   

TURNOVER 40,852,146 33,883,480

Cost of sales 35,775,010 29,943,326
GROSS PROFIT 5,077,136 3,940,154

Administrative expenses 3,972,381 2,969,959
OPERATING PROFIT 4 1,104,755 970,195

Interest receivable and similar income 179,346 45,614
1,284,101 1,015,809
Gain on revaluation of current asset
investments

55,328

(47,620

)
1,339,429 968,189

Interest payable and similar expenses 5 7,347 -
PROFIT BEFORE TAXATION 1,332,082 968,189

Tax on profit 6 181,669 155,451
PROFIT FOR THE FINANCIAL YEAR 1,150,413 812,738

CT Travel Group Ltd (Registered number: 03464732)

Other Comprehensive Income
for the Year Ended 30 April 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 1,150,413 812,738


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,150,413

812,738

CT Travel Group Ltd (Registered number: 03464732)

Statement of Financial Position
30 April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 96,894 81,380
Investments 9 3,950 3,950
100,844 85,330

CURRENT ASSETS
Debtors 10 4,441,646 5,159,207
Investments 11 1,011,990 966,650
Cash at bank and in hand 4,465,997 4,017,804
9,919,633 10,143,661
CREDITORS
Amounts falling due within one year 12 5,717,240 6,686,898
NET CURRENT ASSETS 4,202,393 3,456,763
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,303,237

3,542,093

PROVISIONS FOR LIABILITIES 13 21,151 15,471
NET ASSETS 4,282,086 3,526,622

CAPITAL AND RESERVES
Called up share capital 14 94,270 94,270
Share premium 15 13,792 13,792
Capital redemption reserve 15 10,000 10,000
Retained earnings 15 4,164,024 3,408,560
SHAREHOLDERS' FUNDS 4,282,086 3,526,622

The financial statements were approved by the Board of Directors and authorised for issue on 21 August 2024 and were signed on its behalf by:





M J Kempster - Director


CT Travel Group Ltd (Registered number: 03464732)

Statement of Changes in Equity
for the Year Ended 30 April 2024

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 May 2022 94,270 2,937,090 13,792 10,000 3,055,152

Changes in equity
Dividends - (341,268 ) - - (341,268 )
Total comprehensive income - 812,738 - - 812,738
Balance at 30 April 2023 94,270 3,408,560 13,792 10,000 3,526,622

Changes in equity
Dividends - (394,949 ) - - (394,949 )
Total comprehensive income - 1,150,413 - - 1,150,413
Balance at 30 April 2024 94,270 4,164,024 13,792 10,000 4,282,086

CT Travel Group Ltd (Registered number: 03464732)

Statement of Cash Flows
for the Year Ended 30 April 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,016,865 1,454,567
Interest paid (7,347 ) -
Tax paid (306,332 ) (7,376 )
Net cash from operating activities 703,186 1,447,191

Cash flows from investing activities
Purchase of tangible fixed assets (49,377 ) (41,835 )
Purchase of current asset investments - (5,456 )
Sale of current asset investments 9,987 2,004
Interest received 179,346 45,614
Net cash from investing activities 139,956 327

Cash flows from financing activities
Equity dividends paid (394,949 ) (341,268 )
Net cash from financing activities (394,949 ) (341,268 )

Increase in cash and cash equivalents 448,193 1,106,250
Cash and cash equivalents at beginning of
year

2

4,017,804

2,911,554

Cash and cash equivalents at end of year 2 4,465,997 4,017,804

CT Travel Group Ltd (Registered number: 03464732)

Notes to the Statement of Cash Flows
for the Year Ended 30 April 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2024 2023
£    £   
Profit before taxation 1,332,082 968,189
Depreciation charges 33,863 27,921
(Gain)/loss on revaluation of fixed assets (55,328 ) 47,620
Finance costs 7,347 -
Finance income (179,346 ) (45,614 )
1,138,618 998,116
Decrease/(increase) in trade and other debtors 717,561 (943,588 )
(Decrease)/increase in trade and other creditors (839,314 ) 1,400,039
Cash generated from operations 1,016,865 1,454,567

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 30 April 2024
30.4.24 1.5.23
£    £   
Cash and cash equivalents 4,465,997 4,017,804
Year ended 30 April 2023
30.4.23 1.5.22
£    £   
Cash and cash equivalents 4,017,804 2,911,554


CT Travel Group Ltd (Registered number: 03464732)

Notes to the Statement of Cash Flows
for the Year Ended 30 April 2024


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.5.23 Cash flow At 30.4.24
£    £    £   
Net cash
Cash at bank and in hand 4,017,804 448,193 4,465,997
4,017,804 448,193 4,465,997

Liquid resources
Current asset investments 966,650 45,340 1,011,990
966,650 45,340 1,011,990
Total 4,984,454 493,533 5,477,987

CT Travel Group Ltd (Registered number: 03464732)

Notes to the Financial Statements
for the Year Ended 30 April 2024


1. STATUTORY INFORMATION

CT Travel Group Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The company still maintains sufficient financial resources to continue operations for at least the next 12 months, in terms of cash and without breeching regulatory requirements. Directors have no hesitation in reaffirming the company remains in a strong position as a going concern.

Turnover
Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.

Turnover is recognised on the date on which the customer is due to depart, on the basis that it is at this point that the significant risks and rewards of ownership have been transferred to the customer.

Where the company acts as agent on behalf of another tour operator, commission income is recognised on departure date.

Income received in advance at the balance sheet date, as either a deposit or an early payment for bookings which depart after the balance sheet date, is deferred and recognised in creditors, and then transferred to turnover on the date of departure.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - in accordance with the property
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Computer equipment - 25% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


CT Travel Group Ltd (Registered number: 03464732)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals under operating leases are charged to the profit and loss account on a straight line basis over the lease term.

Financial instruments
Basic financial assets, including trade and other receivables and cash and bank balances are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost, using the effective interest rate method.

Basic financial liabilities including trade and other payables are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

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

Pensions
The company operates a defined benefit contribution scheme and the pension charge represents the amounts payable by the group to the fund in respect of the year.

CT Travel Group Ltd (Registered number: 03464732)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024


2. ACCOUNTING POLICIES - continued

Critical accounting judgements and estimation uncertainty
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Provision for liabilities
Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Dividends
Dividends are recognised as liabilities once they are no longer at the discretion of the company.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,149,641 1,645,535
Social security costs 172,227 140,160
Other pension costs 148,448 139,888
2,470,316 1,925,583

The average number of employees during the year was as follows:
2024 2023

Administration 60 51

2024 2023
£    £   
Directors' remuneration 76,443 76,443

4. OPERATING PROFIT

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

2024 2023
£    £   
Other operating leases 111,536 61,449
Depreciation - owned assets 33,863 27,921
Auditors' remuneration 8,000 8,000
Foreign exchange differences 11,507 (1,463 )

CT Travel Group Ltd (Registered number: 03464732)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024


5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Interest on corporation tax 7,347 -

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 319,086 193,641
Prior year corporation tax (143,097 ) (40,363 )
Total current tax 175,989 153,278

Deferred tax 5,680 2,173
Tax on profit 181,669 155,451

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 1,332,082 968,189
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19.493%)

333,021

188,729

Effects of:
Expenses not deductible for tax purposes 2,572 11,053
Income not taxable for tax purposes (16,440 ) (1,767 )
Capital allowances in excess of depreciation - (2,201 )
Depreciation in excess of capital allowances 5,613 -
Adjustments to tax charge in respect of previous periods (143,097 ) (40,363 )
adjustment
Total tax charge 181,669 155,451

CT Travel Group Ltd (Registered number: 03464732)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024


7. DIVIDENDS
2024 2023
£    £   
Ordinary A shares of £1 each
Interim 121,973 7,878
Ordinary B shares of £1 each
Interim 74,149 105,377
Ordinary C shares of £1 each
Interim 103,200 118,700
Ordinary D shares of £1 each
Interim 95,627 109,313
394,949 341,268

8. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 May 2023 5,244 1,104 25,165 265,661 297,174
Additions 7,329 - 14,002 28,046 49,377
At 30 April 2024 12,573 1,104 39,167 293,707 346,551
DEPRECIATION
At 1 May 2023 1,339 1,057 21,001 192,397 215,794
Charge for year 4,821 12 4,546 24,484 33,863
At 30 April 2024 6,160 1,069 25,547 216,881 249,657
NET BOOK VALUE
At 30 April 2024 6,413 35 13,620 76,826 96,894
At 30 April 2023 3,905 47 4,164 73,264 81,380

CT Travel Group Ltd (Registered number: 03464732)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024


9. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 May 2023
and 30 April 2024 3,950
NET BOOK VALUE
At 30 April 2024 3,950
At 30 April 2023 3,950

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Hunt & Palmer Travel Services Ltd
Registered office:
Nature of business: Active
%
Class of shares: holding
Ordinary 50.00
2024 2023
£    £   
Aggregate capital and reserves 100 100

Packyourbags Limited
Registered office:
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 200 200

Packyourbags.com Limited
Registered office:
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 200 200

CT Travel Group Ltd (Registered number: 03464732)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024


9. FIXED ASSET INVESTMENTS - continued

Pathfinder Trade & Invest Ltd
Registered office:
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 338 338

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 940,370 908,769
Other debtors 991,422 1,820,942
Prepayments 2,509,854 2,429,496
4,441,646 5,159,207

11. CURRENT ASSET INVESTMENTS
2024 2023
£    £   
Listed investments 147,338 141,585
Unlisted investments 864,652 825,065
1,011,990 966,650
Market value of listed investments at 30 April 2024 - £ 147,338 (2023 - £ 141,585 ).

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Payments on account 3,068,626 3,690,795
Trade creditors 1,463,511 1,888,685
Tax 219,085 349,428
Social security and other taxes 43,703 36,724
Pension liability 9,486 7,914
VAT 4,054 23,285
Accrued expenses 908,775 690,067
5,717,240 6,686,898

CT Travel Group Ltd (Registered number: 03464732)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024


13. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 21,151 15,471

Deferred
tax
£   
Balance at 1 May 2023 15,471
Charge to Income Statement during year 5,680
Balance at 30 April 2024 21,151

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
71,000 Ordinary A £1 71,000 71,000
15,000 Ordinary B £1 15,000 15,000
5,350 Ordinary C £1 5,350 5,350
2,920 Ordinary D £1 2,920 2,920
94,270 94,270

15. RESERVES
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 May 2023 3,408,560 13,792 10,000 3,432,352
Profit for the year 1,150,413 1,150,413
Dividends (394,949 ) (394,949 )
At 30 April 2024 4,164,024 13,792 10,000 4,187,816

CT Travel Group Ltd (Registered number: 03464732)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024


16. RELATED PARTY DISCLOSURES

CT Travel Group Ltd is connected to MJK and TCK Investments LLP, M.J.K. Limited, Technology Solutions 4 Travel LLP, Whitestocks Holdings Limited and Hunt & Palmer Travel Services Limited through common directors, designated members and through common control.

During the period under review, MJK and TCK Investments LLP charged rents of £40,500 (2023: £40,500) and IT costs of £212,648 (2023: £138,447) to CT Travel Group Ltd.

During the period under review, Technology Solutions 4 Travel LLP charged CT Travel Group Ltd a licence of £20,000 (2023: £20,000) for use of the intellectual property held in Technology Solutions 4 Travel LLP.

During the period under review, M.J.K. Limited charged fees of £120,000 (2023: £120,000) to CT Travel Group Ltd.

As at 30 April 2024, £616,380 (2023: £1,189,274) was owed from M.J.K. Limited, a company under common control.

As at 30 April 2024, £364,626 (2023: £534,439) was owed from Whitestocks Holdings Limited, a company under common control.

As at 30 April 2024, commission income of £76,186 (2023: £18,992) was accrued in respect of a joint venture with Hunt & Palmer Travel Services Limited.

During the year, dividends of £394,949 (2023: £341,268) were paid to the directors.

17. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr M J Kempster by virtue of his shareholding.

18. PENSION COMMITMENTS

The company operates a defined contribution 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 £148,448 (2023: £139,888). £9,486 (2023: £7,914) contributions were payable at the balance sheet date.

19. CURRENCY

The company's presentational and functional currency is Pounds Sterling.

CT Travel Group Ltd (Registered number: 03464732)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024


20. FINANCIAL INSTRUMENTS

The company has the following financial instruments:

Note 2024 2023
Financial assets that are debt instruments measured at
amortised cost

- Trade receivables 9 940,370 908,769
- Other receivables 9 3,501,276 4,250,438
4,441,646 5,159,207

Financial assets that are debt instruments measured at
amortised cost

- Trade payables 11 1,463,511 1,888,685
- Other payables 11 4,253,730 4,798,213
5,717,241 6,686,898