Caseware UK (AP4) 2023.0.135 2023.0.135 2024-05-312024-05-3130482023-06-01falseNo description of principal activityfalsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 12566159 2023-06-01 2024-05-31 12566159 2022-06-01 2023-05-31 12566159 2024-05-31 12566159 2023-05-31 12566159 c:Director1 2023-06-01 2024-05-31 12566159 d:FurnitureFittings 2023-06-01 2024-05-31 12566159 d:FurnitureFittings 2024-05-31 12566159 d:FurnitureFittings 2023-05-31 12566159 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 12566159 d:ComputerEquipment 2023-06-01 2024-05-31 12566159 d:ComputerEquipment 2024-05-31 12566159 d:ComputerEquipment 2023-05-31 12566159 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 12566159 d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 12566159 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-06-01 2024-05-31 12566159 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-05-31 12566159 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-05-31 12566159 d:CurrentFinancialInstruments 2024-05-31 12566159 d:CurrentFinancialInstruments 2023-05-31 12566159 d:Non-currentFinancialInstruments 2024-05-31 12566159 d:Non-currentFinancialInstruments 2023-05-31 12566159 d:CurrentFinancialInstruments d:WithinOneYear 2024-05-31 12566159 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 12566159 d:Non-currentFinancialInstruments d:AfterOneYear 2024-05-31 12566159 d:Non-currentFinancialInstruments d:AfterOneYear 2023-05-31 12566159 d:ShareCapital 2024-05-31 12566159 d:ShareCapital 2023-05-31 12566159 d:SharePremium 2023-06-01 2024-05-31 12566159 d:SharePremium 2024-05-31 12566159 d:SharePremium 2023-05-31 12566159 d:CapitalRedemptionReserve 2023-06-01 2024-05-31 12566159 d:CapitalRedemptionReserve 2024-05-31 12566159 d:CapitalRedemptionReserve 2023-05-31 12566159 d:RetainedEarningsAccumulatedLosses 2023-06-01 2024-05-31 12566159 d:RetainedEarningsAccumulatedLosses 2024-05-31 12566159 d:RetainedEarningsAccumulatedLosses 2023-05-31 12566159 d:TaxLossesCarry-forwardsDeferredTax 2024-05-31 12566159 d:TaxLossesCarry-forwardsDeferredTax 2023-05-31 12566159 c:OrdinaryShareClass1 2023-06-01 2024-05-31 12566159 c:OrdinaryShareClass1 2024-05-31 12566159 c:OrdinaryShareClass1 2023-05-31 12566159 c:FRS102 2023-06-01 2024-05-31 12566159 c:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 12566159 c:FullAccounts 2023-06-01 2024-05-31 12566159 c:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 12566159 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:ExternallyAcquiredIntangibleAssets 2023-06-01 2024-05-31 12566159 6 2023-06-01 2024-05-31 12566159 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2023-06-01 2024-05-31 12566159 e:PoundSterling 2023-06-01 2024-05-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 12566159









PANACHE TRAVEL GROUP LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2024

 
PANACHE TRAVEL GROUP LIMITED
REGISTERED NUMBER: 12566159

STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
137,377
-

Tangible assets
 5 
245,437
47,144

Investments
 6 
885
-

  
383,699
47,144

Current assets
  

Debtors: amounts falling due within one year
 7 
1,576,537
615,965

Cash at bank and in hand
 8 
282,567
465,062

  
1,859,104
1,081,027

Creditors: amounts falling due within one year
 9 
(934,243)
(386,705)

Net current assets
  
 
 
924,861
 
 
694,322

Total assets less current liabilities
  
1,308,560
741,466

Creditors: amounts falling due after more than one year
 10 
(514,198)
(442,665)

  

Net assets
  
794,362
298,801


Capital and reserves
  

Called up share capital 
 12 
1,045
1,050

Share premium account
 13 
154,950
154,950

Capital redemption reserve
 13 
15
-

Profit and loss account
 13 
638,352
142,801

  
794,362
298,801


Page 1

 
PANACHE TRAVEL GROUP LIMITED
REGISTERED NUMBER: 12566159
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MAY 2024

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

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

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 21 October 2024.




James Cole
Director

The notes on pages 3 to 14 form part of these financial statements.

Page 2

 
PANACHE TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Panache Travel Group Limited is a private company, limited by shares, incorporated in England and Wales, registered number 12566159. The registered office is 36/37 Strawberry Fields Digital Hub, Strawberry Fields, Euxton Lane, Chorley, PR7 1PQ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors and management continue to review the Company’s financial position, as well as its budgets and forecasts, and plan mitigation actions in order to neutralise the financial impact from any potential downturn in trading.
As a result of these reviews and forecasts, and specifically with the continued support of the company’s directors, management have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, being at least the following 12 months from the signing of these financial statements.
Consequently, the directors believe that it is still appropriate to apply the going concern basis for the foreseeable future.

Page 3

 
PANACHE TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

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.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover represents the net commission receivable for travel arrangements recognised on the date of booking basis.

 
2.5

Operating leases: the Company as lessee

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

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

Page 4

 
PANACHE TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.6

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.7

Finance costs

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

 
2.8

Pensions

Defined contribution pension plan

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

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

Page 5

 
PANACHE TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.9

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.

 
2.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Development expenditure
-
3
years

 
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.

Page 6

 
PANACHE TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

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

Depreciation is provided on the following basis:

Fixtures and fittings
-
15%
Reducing balance
Computer equipment
-
33%
Straight line

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

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

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.15

Creditors

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

Page 7

 
PANACHE TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.16

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.

 
2.17

Financial instruments

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

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

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

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

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

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is
Page 8

 
PANACHE TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)


2.17
Financial instruments (continued)

immaterial.

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

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

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

 
2.18

Dividends

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


3.


Employees

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


        2024
        2023
            No.
            No.







Directors and administrative
48
30

Page 9

 
PANACHE TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

4.


Intangible assets




Development expenditure

£



Cost


Additions
267,541



At 31 May 2024

267,541



Amortisation


Charge for the year on owned assets
130,164



At 31 May 2024

130,164



Net book value



At 31 May 2024
137,377



At 31 May 2023
-



Page 10

 
PANACHE TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

5.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost or valuation


At 1 June 2023
38,051
41,948
79,999


Additions
189,040
53,171
242,211



At 31 May 2024

227,091
95,119
322,210



Depreciation


At 1 June 2023
7,933
24,922
32,855


Charge for the year on owned assets
23,822
20,096
43,918



At 31 May 2024

31,755
45,018
76,773



Net book value



At 31 May 2024
195,336
50,101
245,437



At 31 May 2023
30,118
17,026
47,144


6.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


Additions
885



At 31 May 2024
885




The company has 100% share holdings in Panache Cruises Inc, a company incorporated in United States. The registered office address is 37 N Orange Ave, Orlando, FL 32801, United States.

Page 11

 
PANACHE TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

7.


Debtors

2024
2023
£
£


Trade debtors
767,882
387,818

Amounts owed by group undertakings
116,024
4,025

Other debtors
79,666
5,500

Prepayments and accrued income
415,387
218,622

Deferred taxation
197,578
-

1,576,537
615,965



8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
282,567
465,062

282,567
465,062



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
231,179
92,631

Other taxation and social security
361,666
182,069

Other creditors
260,032
32,581

Accruals and deferred income
81,366
79,424

934,243
386,705



10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other creditors
514,198
442,665

514,198
442,665


Page 12

 
PANACHE TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

11.


Deferred taxation




2024


£






Charged to profit or loss
197,578



At end of year
197,578

The deferred tax asset is made up as follows:

2024
2023
£
£


Tax losses carried forward
197,578
-

197,578
-

Page 13

 
PANACHE TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

12.


Share capital

As restated
2024
2023
£
£
Allotted, called up and fully paid



10,450 (2023 - 10,500) Ordinary shares shares of £0.10 each
1,045
1,050

During the year the company issued an additional 100 ordinary shares of £0.10 each.
During the year the company repurchased 150 ordinary shares of £0.10 each from one of the shareholders. The total amount paid for the share buyback amounted to £30,000.



13.


Reserves

Share premium account

The share premium account represents the additional amount shareholders have paid for their issued shares that was in excess of the par value of those shares.

Capital redemption reserve

The capital redemption reserve represents a non-distributable reserve created upon share buyback and represents the nominal value of the shares bought back.

Profit and loss account

The profit and loss account represents the net distributable reserves of the company at the date of the statement of financial position.


14.


Prior year adjustment

An adjustment has been made to restate prior year share capital. In the 2023 accounts there was not a proper differentiation between share capital and share premium account. A premium of £99,950 was paid by shareholders in excess of the nominal value of the shares.


15.


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 £660 (2023 - £2,163). Contributions totalling £1,416 (2023 - £4,368 - payable) paid in advance to the fund at the reporting date and are included in debtors and creditors.

 
Page 14