REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements |
for the Year Ended 30 April 2024 |
for |
CT Travel Group Ltd |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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: |
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 £ |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 May 2023 to the date of this report. |
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: |
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. |
for and on behalf of |
8th Floor |
Becket House |
36 Old Jewry |
London |
EC2R 8DD |
CT Travel Group Ltd (Registered number: 03464732) |
Income Statement |
for the Year Ended 30 April 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING PROFIT | 4 |
Interest receivable and similar income |
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 |
PROFIT BEFORE TAXATION |
Tax on profit | 6 |
PROFIT FOR THE FINANCIAL YEAR |
CT Travel Group Ltd (Registered number: 03464732) |
Other Comprehensive Income |
for the Year Ended 30 April 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
CT Travel Group Ltd (Registered number: 03464732) |
Statement of Financial Position |
30 April 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
Investments | 9 |
CURRENT ASSETS |
Debtors | 10 |
Investments | 11 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 13 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 14 |
Share premium | 15 |
Capital redemption reserve | 15 |
Retained earnings | 15 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
Changes in equity |
Dividends | - | ( |
) | - | - | ( |
) |
Total comprehensive income | - | - |
Balance at 30 April 2023 |
Changes in equity |
Dividends | - | ( |
) | - | - | ( |
) |
Total comprehensive income | - | - |
Balance at 30 April 2024 |
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 |
Interest paid | ( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Purchase of current asset investments | - | (5,456 | ) |
Sale of current asset investments |
Interest received |
Net cash from investing activities |
Cash flows from financing activities |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of year |
2 |
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 |
Depreciation charges |
(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 | ( |
) |
(Decrease)/increase in trade and other creditors | ( |
) |
Cash generated from operations |
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 | 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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipment | - |
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 |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2024 | 2023 |
Administration |
2024 | 2023 |
£ | £ |
Directors' remuneration |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Other operating leases |
Depreciation - owned assets |
Auditors' remuneration |
Foreign exchange differences | ( |
) |
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 |
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 |
Prior year corporation tax | (143,097 | ) | (40,363 | ) |
Total current tax |
Deferred tax |
Tax on profit |
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 |
Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
Effects of: |
Expenses not deductible for tax purposes |
Income not taxable for tax purposes | ( |
) | ( |
) |
Capital allowances in excess of depreciation | - | ( |
) |
Depreciation in excess of capital allowances | - |
Adjustments to tax charge in respect of previous periods | ( |
) | ( |
) |
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 |
Ordinary B shares of £1 each |
Interim |
Ordinary C shares of £1 each |
Interim |
Ordinary D shares of £1 each |
Interim |
8. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and | Computer |
property | machinery | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 May 2023 |
Additions |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
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 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
The company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
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 |
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments |
11. | CURRENT ASSET INVESTMENTS |
2024 | 2023 |
£ | £ |
Listed investments | 147,338 | 141,585 |
Unlisted investments | 864,652 | 825,065 |
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 |
Trade creditors |
Tax |
Social security and other taxes |
Pension liability | 9,486 | 7,914 |
VAT | 4,054 | 23,285 |
Accrued expenses |
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 |
Charge to Income Statement during year |
Balance at 30 April 2024 |
14. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary A | £1 | 71,000 | 71,000 |
Ordinary B | £1 | 15,000 | 15,000 |
Ordinary C | £1 | 5,350 | 5,350 |
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 | 3,432,352 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 30 April 2024 | 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 |