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Registered number: 10522802









ACTIVE TRAVEL GROUP LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
ACTIVE TRAVEL GROUP LIMITED
 
 
COMPANY INFORMATION


Directors
C M Burton 
J H Maltz 
J Wimbleton 
P Easto 
I McIlrath 




Registered number
10522802



Registered office
2nd Floor, Nucleus House
2 Lower Mortlake Road

Richmond

TW9 2JA




Independent auditors
White Hart Associates (London) Limited
Chartered Accountants and Statutory Auditors

2nd Floor, Nucleus House

2 Lower Mortlake Road

Richmond

TW9 2JA





 
ACTIVE TRAVEL GROUP LIMITED
 

CONTENTS



Page
Group Strategic Report
1 - 4
Directors' Report
5 - 7
Independent Auditors' Report
8 - 12
Consolidated Income Statement
13
Consolidated Statement of Comprehensive Income
14
Consolidated Statement of Financial Position
15
Company Statement of Financial Position
16
Consolidated Statement of Changes in Equity
17
Company Statement of Changes in Equity
18
Consolidated Analysis of Net Debt
19
Notes to the Financial Statements
20 - 46


 
ACTIVE TRAVEL GROUP LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

Introduction
The directors present their strategic report of the Company and the Group for the year ended 30 April 2024.

Business review
 
The Company is required by the Companies Act 2006 to set out in this report, a fair review of the business of the Company during the financial year ended 30th April 2024, the position of the Company at the end of the period and a description of the principal risks and uncertainties facing the Company. This review is prepared solely to provide additional information to shareholders to assess the Company's strategies and the potential for those strategies to succeed, and the business review should not be relied upon by any other party or for any other purpose.
The Group delivered another impressive financial performance across all divisions through the reporting period, with the Company’s premium mix of active and adventure holidays continuing to resonate with consumers.  
It was a successful operating year for all brands, starting with the Wilderness Group and Cycling for Softies which operated a full programme of guided and self-guided walking and cycling holidays across the British Isles, France and Italy. The Wilderness Group delivered 26% revenue growth, leveraging strong demand from international source markets, particularly the US. Admission to the Virtuoso network of luxury travel agents in January 2024 supported forward booking growth through the latter part of the year and will be a catalyst for further growth in 2025. Cycling for Softies impressive revenue growth of 31% was supported by new base development, notably in Tuscany and Umbria through the acquisition of the cycle assets of Inspired Italy. 
During the second half of the year, the Company’s Ski Solutions winter-sports operation delivered another strong performance with 19% revenue growth. Buoyant consumer demand for premium, tailor-made holidays in snow-sure destinations translated once again into strong booking volumes through the summer and peak autumn selling period. These were delivered without hindrance, and with all-time high NPS customer satisfaction scores across the full operating season from early December through late April.
In addition, the Group made significant investment in new Ski Solutions, Cycling for Softies and Wilderness consumer facing websites during the year, which will support further lead generation and bookings growth across these brands in the future. 

Page 1

 
ACTIVE TRAVEL GROUP LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Business review (continued)
 
Management therefore reflects positively on the full year result which provides a strong platform for further growth through the year ahead. 
Gross Retail Turnover (GRT) increased by £8.7m to £48.9m (2023: £40.2m). Gross Profit increased by £2.5m to £11.4m (2023: £8.9m). The EBITDA result of £3.5m is a £0.9m improvement on prior year (2023: £2.6m). EBITDA as a percentage of GRT increased to 7.06%. 
The impressive financial performance of the Group and strong underlying cash generation gave the Directors confidence to accelerate the repayment of Investor Loans to improve gearing ratios, whilst maintaining healthy levels of cash reserves and liquidity. Loan Note repayments totalled £3.6m in FY24.
The Company’s asset-light operating model continues to allow the directors to react swiftly to challenges. This model minimises supply cost exposure and allows for the rapid development of new products and revenue generating opportunities. The Company remains focused on delivering clients premium active and experiential holidays through its family of market-leading brands. The directors believe that demand for sustainable, outdoors focused adventure and activity travel will continue to grow, with consumers placing value in booking with trusted tour operators and agents offering unique experiences, high-touch service, and financial protection. 
The Company is mindful of broader macro-economic pressures which might impact consumer spend on holidays. This is mitigated by the affluent demographic evidenced across all the ATG brands from both UK and International source markets. Holidays continue to be a top priority discretionary consumer spend category. 

The key performance indicators used by the directors to monitor the progress of the Company are set out below:

2024
2023
£
£
Key performance indicators
Gross retail turnover - "GRT"

48,887,194

40,173,433

Turnover - commission and margin

35,023,726

28,678,268

Gross profit

11,435,877

8,920,904

Gross profit as a percentage of GRT

23.39%

22.21%

Earnings before interest, taxation, depreciation and amortisation - "EBITDA"

3,452,698

2,601,979

EBITDA as a percentage of GRT

7.06%

6.48%

EBITDA as a percentage of Turnover

9.86%

9.07%

Page 2

 
ACTIVE TRAVEL GROUP LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Principal risks and uncertainties

 The Directors review the financial position of the Group on a regular basis and continue to make appropriate adjustments to forecasts. These forecasts reflect a range of assumptions for both the summer and winter activities and show that the Group has sufficient liquidity to trade in all scenarios envisaged by the Directors.
The Group is exposed to various regulators, including the Civil Aviation Authority ("CAA"), which issues an Air Travel Organisers Licence ("ATOL"), which is required in order for the Group to operate. This licence is renewed in September each year and is subject to assessments of fitness and financial criteria, the framework of which is available on the CAA website (www.caa.co.uk).  The Group operates in a highly competitive market featuring innovation in the travel products and the methods by which it is marketed, as well as price pressures. The Group seeks to constantly invest in its brand to increase public awareness as well as offer a wide selection of products from a wide range of suppliers at competitive prices to maintain its market position and protect against erosion of its market share. The Group also monitors competitor activity closely.
The Group is heavily reliant on the uninterrupted operation of its IT systems and website. These systems are vulnerable to power loss, fire, computer viruses and other events. Loss of these systems would impair the ability of the Group to carry on its business effectively. The Group has made arrangements to mitigate this risk.
The Group is exposed to foreign exchange rate risk when it purchases overseas holiday services in currencies other than British Pounds. Monetary assets and liabilities are translated at the exchange rate prevailing at the statement of financial position date. All exchange gains and losses so arising are taken to the income statement. The Group partially hedges this risk and where not hedged, the Group bears the risk associated with such foreign exchange movements.
The Group has well established and close relationships with customers and suppliers and risk is spread by not placing over-reliance on any one supplier in any particular area. However, if a relationship were lost or damaged with a major supplier this could have a detrimental effect on the business. The management team meets regularly with suppliers to maintain good working relationships and to understand the supplier's financial position. 
The Group finances its operations through retained profits. The Group's exposure to interest rate fluctuations on its cash deposits are managed by using short term, fixed and floating deposits.
The nature of the business exposes the Group to various commercial risks which may affect the trading performance of the Group. These include:
- acts of terrorism, particularly in key tourist destinations
- epidemics in key tourist destinations which threaten the health of tourists
- wars or other international uncertainty which affects air travel
- natural disasters in key tourist destinations
- detrimental weather conditions, both in the UK and key tourist destinations
- changes in customer behaviour and preferences
- increase in government taxes
- economic climate fluctuation
These factors may affect the Group by causing potential customers to cancel or postpone travel plans, reducing the earnings potential of the Group. The Group seeks to minimise such risks by offering products in a wide range of destinations.

Page 3

 
ACTIVE TRAVEL GROUP LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024


This report was approved by the board on 21 August 2024 and signed on its behalf.


................................................
C M Burton
Director

Page 4

 
ACTIVE TRAVEL GROUP LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024

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

Directors' responsibilities statement

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

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


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

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The Company's principal activity during the period was that of a holding company of a trading group. 
The principal activity of the Group continued to be that of a specialist activity and adventure tour operator and Destination Management Companies (DMC). Ski Solutions operates luxury tailor-made wintersports holidays to Europe and North America, operating sometimes as agent to UK based chalet tour operators. Cycling for Softies and BSpoke Tours offer self-guided leisure cycling holidays, principally to their own-operated bases in France and England. The Wilderness Group, consisting of Wilderness Scotland, Wilderness Ireland and Wilderness England offer guided and customised adventure holidays in the British Isles. 

Results and dividends

The profit for the year, after taxation, amounted to £1,302,496 (2023 - £359,789).

No dividends will be distributed for the year ended 30 April 2024.

Page 5

 
ACTIVE TRAVEL GROUP LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024


Directors

The directors who served during the year were:

C M Burton 
J H Maltz 
J Wimbleton 
P Easto 
I McIlrath 

Future developments

During 2024 and 2025 the Group will continue to operate as outlined in the principal activity note above.

Research and development activities

The Group's growth requires investment in innovative technology and the ability to deliver fast, innovative and effective search results for consumers in a market that has seen significant technological advances in recent years. During the period the Group made significant investment into software development.

Engagement with employees
The Group has a culture of continuous improvement through investment in people at all levels within the Group, looking to encourage and develop all members of staff to realise their full potential. Wherever possible, vacancies are filled from within the Group and adequate opportunities for internal promotion are created.
The Group is committed to pursuing equality and diversity in all of its employment activities including recruitment, training, career development and promotion and ensuring there is no bias or discrimination in the treatment of employees.
Employees are consulted regularly about changes which may affect them through regular meetings and communications, which are used to ensure that employees are kept up to date with the business performance of their employer and the financial and economic factors affecting the performance of the Group.

Matters covered in the Group Strategic Report

The directors have chosen, in line with the Companies Act 2006, to show the review of the business (including events since the date of the statement of financial position) and the principal risks and uncertainties in the Strategic Report to the financial statements.

Disclosure of information to auditors

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

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

Post balance sheet events

 There have been no significant events affecting the Group since the year end.

Page 6

 
ACTIVE TRAVEL GROUP LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Auditors

The auditorsWhite Hart Associates (London) Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 21 August 2024 and signed on its behalf.
 





................................................
C M Burton
Director

Page 7

 
ACTIVE TRAVEL GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ACTIVE TRAVEL GROUP LIMITED
 

Opinion


We have audited the financial statements of Active Travel Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 April 2024, which comprise the Consolidated Income Statement, the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 30 April 2024 and of the Group's 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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


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


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


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


Page 8

 
ACTIVE TRAVEL GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ACTIVE TRAVEL GROUP LIMITED (CONTINUED)


Other information


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


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.


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


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company 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.


Page 9

 
ACTIVE TRAVEL GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ACTIVE TRAVEL GROUP LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 10

 
ACTIVE TRAVEL GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ACTIVE TRAVEL GROUP LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
- We exercise professional judgment and maintain professional skepticism throughout the audit; 
- We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the deliberate override of internal control;
- We obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of internal control;
- We evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made; 
- We assess the risk of management override of controls, including testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business;
- We review the scope of the Company's compliance with its regulator, the Civil Aviation Authority ("CAA"), and its membership of The Association of British Travel Agents ("ABTA") and sample test relevant documentation to assess this and the effectiveness of its control environment;
- We request and review the minutes of management meetings, and assess any matters identified not already provided for or disclosed that may materially impact the financial statements;
- We conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the entity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the entity to cease to continue as a going concern.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 11

 
ACTIVE TRAVEL GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ACTIVE TRAVEL GROUP LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Ms N A Spoor FCA FCCA (Senior Statutory Auditor)
  
for and on behalf of
White Hart Associates (London) Limited
 
Chartered Accountants and Statutory Auditors
  
2nd Floor, Nucleus House
2 Lower Mortlake Road
Richmond
TW9 2JA

21 August 2024
Page 12

 
ACTIVE TRAVEL GROUP LIMITED
 
 
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
Note
£
£



Gross Retail Turnover ("GRT")
48,887,194
40,173,433

48,887,194
40,173,433

  

Turnover
 4 
35,023,726
28,678,268

Cost of sales
  
(23,587,849)
(19,757,364)

Gross profit
  
11,435,877
8,920,904

Administrative expenses
  
(8,692,499)
(7,721,574)

Exceptional administrative expenses
  
(30,735)
(4,110)

Other operating income
 5 
28,752
164,584

Operating profit
 6 
2,741,395
1,359,804

Interest receivable and similar income
 10 
73,597
10,565

Interest payable and similar expenses
 11 
(1,028,536)
(1,170,040)

Profit before tax
  
1,786,456
200,329

Tax on profit
 12 
(483,960)
159,460

Profit for the financial year
  
1,302,496
359,789

Profit for the year attributable to:
  

Owners of the parent
  
1,302,496
359,789

  
1,302,496
359,789

The notes on pages 20 to 46 form part of these financial statements.

2024
2023
£
£

Earnings Before Interest, Taxation, Depreciation and Amortisation (EBITDA)


Operating profit/(loss)
2,741,395
1,359,804

Depreciation of tangible fixed assets
385,705
282,148

Amortisation of intangible fixed assets
49,008
945,352

Exceptional costs
30,735
4,110

Property revaluation
172,258
-

Interest income earned on operational cash
73,597
10,565

EBITDA
3,452,698
2,601,979

Page 13

 
ACTIVE TRAVEL GROUP LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
Note
£
£


Profit for the financial year

  

1,302,496
359,789

Other comprehensive income
  


Currency translation differences on revaluation of reserves
  
(8,746)
25,214

Movement in unrealised foreign exchange reserve
  
(1,981)
4,943

Other comprehensive income for the year
  
(10,727)
30,157

Total comprehensive income for the year
  
1,291,769
389,946

Profit for the year attributable to:
  


Owners of the parent Company
  
1,302,496
359,789

Total comprehensive income attributable to:
  


Owners of the parent Company
  
1,291,769
389,946

The notes on pages 20 to 46 form part of these financial statements.

Page 14

 
ACTIVE TRAVEL GROUP LIMITED
REGISTERED NUMBER: 10522802

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 14 
171,082
119,743

Tangible assets
 15 
2,692,467
2,402,006

  
2,863,549
2,521,749

Current assets
  

Debtors: amounts falling due within one year
 17 
5,518,278
4,611,651

Cash at bank and in hand
 18 
7,731,870
8,477,808

  
13,250,148
13,089,459

Creditors: amounts falling due within one year
 19 
(13,236,758)
(11,956,031)

Net current assets
  
 
 
13,390
 
 
1,133,428

Total assets less current liabilities
  
2,876,939
3,655,177

Creditors: amounts falling due after more than one year
 20 
(11,274,353)
(13,456,831)

Deferred taxation
 23 
(112,471)
-

  
 
 
(112,471)
 
 
-

Net liabilities
  
(8,509,885)
(9,801,654)


Capital and reserves
  

Called up share capital 
 24 
15,225
15,225

Share premium account
 25 
1,242,932
1,242,932

Foreign exchange reserve
 25 
2,540
4,521

Profit and loss account
 25 
(9,770,582)
(11,064,332)

Equity attributable to owners of the parent Company
  
(8,509,885)
(9,801,654)


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


................................................
C M Burton
Director

The notes on pages 20 to 46 form part of these financial statements.

Page 15

 
ACTIVE TRAVEL GROUP LIMITED
REGISTERED NUMBER: 10522802

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 16 
758,428
758,428

  
758,428
758,428

Current assets
  

Debtors: amounts falling due within one year
 17 
420,302
420,302

Cash at bank and in hand
 18 
19
19

  
420,321
420,321

Total assets less current liabilities
  
 
 
1,178,749
 
 
1,178,749

  

  

Net assets
  
1,178,749
1,178,749


Capital and reserves
  

Called up share capital 
 24 
15,225
15,225

Share premium account
 25 
1,242,932
1,242,932

Profit and loss account brought forward
  
(79,408)
(23,521)

Profit/(loss) for the year
  
-
(55,887)

Profit and loss account carried forward
  
(79,408)
(79,408)

  
1,178,749
1,178,749


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


................................................
C M Burton
Director

The notes on pages 20 to 46 form part of these financial statements.

Page 16

 
ACTIVE TRAVEL GROUP LIMITED
 

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


Called up share capital
Share premium account
Foreign exchange reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 May 2022
14,946
1,241,819
(422)
(11,449,335)
(10,192,992)


Comprehensive income for the year

Profit for the year
-
-
-
359,789
359,789

Currency translation differences
-
-
-
25,214
25,214

Movement in unrealised foreign exchange reserve
-
-
4,943
-
4,943
Total comprehensive income for the year
-
-
4,943
385,003
389,946

Shares issued during the year
279
1,113
-
-
1,392



At 1 May 2023
15,225
1,242,932
4,521
(11,064,332)
(9,801,654)


Comprehensive income for the year

Profit for the year
-
-
-
1,302,496
1,302,496

Currency translation differences on revaluation of reserves
-
-
-
(8,746)
(8,746)

Movement in unrealised foreign exchange reserve
-
-
(1,981)
-
(1,981)
Total comprehensive income for the year
-
-
(1,981)
1,293,750
1,291,769


At 30 April 2024
15,225
1,242,932
2,540
(9,770,582)
(8,509,885)


The notes on pages 20 to 46 form part of these financial statements.

Page 17

 
ACTIVE TRAVEL GROUP LIMITED
 

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


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 May 2022
14,946
1,241,819
(23,521)
1,233,244


Comprehensive income for the year

Loss for the year
-
-
(55,887)
(55,887)

Shares issued during the year
279
1,113
-
1,392


Total transactions with owners
279
1,113
-
1,392



At 1 May 2023
15,225
1,242,932
(79,408)
1,178,749


Comprehensive income for the year


At 30 April 2024
15,225
1,242,932
(79,408)
1,178,749


The notes on pages 20 to 46 form part of these financial statements.

Page 18

 
ACTIVE TRAVEL GROUP LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 APRIL 2024






At 1 May 2023
Cash flows
New leases
Increase in loan note balances
At 30 April 2024
£

£

£

£

£

Cash at bank and in hand

8,477,808

(745,938)

-

-

7,731,870

Debt due after 1 year

(12,813,004)

3,587,000

-

(1,017,543)

(10,243,547)

Finance leases

(621,928)

178,809

(301,784)

-

(744,903)


(4,957,124)
3,019,871
(301,784)
(1,017,543)
(3,256,580)

The notes on pages 20 to 46 form part of these financial statements.

Page 19

 
ACTIVE TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

As disclosed in the Directors' Report, the principal activity of the Company in the period under review was that of a holding company of a trading group. 
The principal activity of the Group continued to be that of a specialist activity and adventure tour operator and Destination Management Companies (DMC). Ski Solutions operates luxury tailor-made wintersports holidays to Europe and North America, operating sometimes as agent to UK based  tour operators. Cycling for Softies and BSpoke Tours offer self-guided leisure cycling holidays, principally to their own-operated bases in France, Italy and England. The Wilderness Group, consisting of Wilderness Scotland, Wilderness Ireland and Wilderness England offer guided and customised adventure holidays in the British Isles. 
The Company is a private company limited by shares and is incorporated in England. The address of the Group's principal place of business, being different to the registered office stated on the Company Information page, is:
Unit 3, Walton Lodge Laundry
374 Coldharbour Lane
London
SW9 8PL

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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Income Statement in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Income Statement from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 20

 
ACTIVE TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.3

Going concern

Group management and the Directors review the financial position and financial projections of the Group on a regular basis. Sensitivity analysis suggests the Group has adequate liquidity to trade through all reasonable scenarios envisaged by the Directors, including the potential for a downturn in trading. The Directors therefore conclude that it is appropriate to prepare the financial statements on a going concern basis.

 
2.4

Turnover

Turnover, excluding value added tax, represents the gross selling price of packages sold as principal. Turnover also includes the commision receivable by the Group on transactions in which it is regarded as acting as an agent.
When acting as principal, revenue is recognised on a departure date basis.
When acting as an agent, turnover is recognised on a booking date basis, due to the risks and rewards inherent in the booking remaining with the tour operator.

  
2.5

Gross retail turnover

In order to provide the user of the financial statements with a measure of the gross value of business, the gross value of all sales transactions is shown as a memorandum item at the top of the statement of comprehensive income. 
Gross retail turnover does not represent statutory turnover in accordance with Section 23 of FRS 102. 
Where the Group acts as an agent, gross retail turnover represents the price at which products or services have been sold, inclusive of any service fees but excluding commissions paid to third party distributors and any associated sales taxes. 
In cases where the Group does act as principal, gross retail turnover represents the price at which products or services are sold, net of any value added taxes.

Page 21

 
ACTIVE TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.6

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Income Statement over its useful economic life.

Other 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
-
25% Reducing Balance Basis
Goodwill
-
20% Straight Line Basis

Page 22

 
ACTIVE TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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

Depreciation is provided on the following basis:

Freehold property
-
1% Straight Line Basis
Short-term leasehold property
-
20% Straight Line Basis
Plant and machinery
-
20% to 25% Reducing Balance Basis
Motor vehicles
-
20% Straight Line Basis

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

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

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.9

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.

 
2.10

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.

Page 23

 
ACTIVE TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.11

Financial instruments

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

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Group's Statement of Financial Position when the Group 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 Group'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 Group after the deduction of all its liabilities.

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

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


 
Page 24

 
ACTIVE TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.11
Financial instruments (continued)

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.

Derecognition of financial liabilities

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

 
2.12

Creditors

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

 
2.13

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated Income Statement in the same period as the related expenditure.

Page 25

 
ACTIVE TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.14

Foreign currency translation

Functional and presentation currency

The Group'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 Consolidated Income Statement within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.15

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.

 
2.16

Operating leases: the Group as lessee

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

Page 26

 
ACTIVE TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.17

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

 
2.18

Interest income

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

 
2.19

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.20

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 27

 
ACTIVE TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.21

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 and the Group operate and generate 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.

 
2.22

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.

 
2.23

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.

Page 28

 
ACTIVE TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments 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.
a) Critical judgments in applying the Group's accounting policies
The directors believe that there are no critical judgments involved in applying the Group's accounting policies that warrant disclosure.
b) Key accounting estimates and assumptions
The directors believe that there are no key accounting estimates and assumptions involved in applying the Group's accounting policies that warrant disclosure.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Ski & Activity Sales
35,023,726
28,678,268

35,023,726
28,678,268


Analysis of turnover by office location:

2024
2023
£
£

United Kingdom
31,716,471
26,297,077

Rest of Europe
3,307,255
2,381,191

35,023,726
28,678,268



5.


Other operating income

2024
2023
£
£

Government grants receivable
28,752
164,584

28,752
164,584


Page 29

 
ACTIVE TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Research & development charged as an expense
-
10,549

Exchange differences
6,284
3,596

Other operating lease rentals
126,443
103,256


7.


Auditors' remuneration

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


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
42,214
34,368


8.


Employees

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


        2024
        2023
            No.
            No.







Administration
12
12



Marketing & Sales
127
102

139
114

The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL)

Staff costs, including directors' remuneration, were as follows:

Group 2024
Group 2023
        £
        £

Wages and salaries

5,015,781

3,998,662

Social security costs

493,277

520,764

Cost of defined contribution scheme

129,287

139,551


5,638,345

4,658,977


Page 30

 
ACTIVE TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
424,965
287,225

Company contributions to defined contribution pension schemes
21,434
48,390

446,399
335,615


During the year retirement benefits were accruing to 3 directors (2023 - 3) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £148,131 (2023 - £105,420).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £7,300 (2023 - £6,134).


10.


Interest receivable

2024
2023
£
£


Interest receivable
73,597
10,565

73,597
10,565


11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
-
55,648

Other loan interest payable
1,025,858
1,078,274

Finance leases and hire purchase contracts
2,678
36,118

1,028,536
1,170,040

Page 31

 
ACTIVE TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
35,821
29,465


Total current tax
35,821
29,465

Deferred tax


Origination and reversal of timing differences
448,139
(188,925)


Taxation on profit/(loss) on ordinary activities
483,960
(159,460)

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19.5%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,786,456
200,329


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19.5%)
421,703
39,050

Effects of:


Non-tax deductible amortisation of goodwill and impairment
-
179,335

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
173,769
75,249

Capital allowances for year in excess of depreciation
5,361
(125,720)

Deferred tax movement
448,139
(188,925)

Unrelieved tax losses carried forward
-
113,854

Utilisation of tax losses
(558,793)
(252,303)

Difference in foreign tax rates and unutilised losses
(6,219)
-

Total tax charge for the year
483,960
(159,460)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 32

 
ACTIVE TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

13.


Exceptional items

2024
2023
£
£


Legal fees for acquisition and share purchase
30,735
4,110

30,735
4,110

14.


Intangible assets

Group and Company




Development expenditure
Goodwill
Total

£
£
£



Cost


At 1 May 2023
311,421
7,693,339
8,004,760


Additions
100,377
-
100,377


Foreign exchange movement
(147)
-
(147)



At 30 April 2024

411,651
7,693,339
8,104,990



Amortisation


At 1 May 2023
191,678
7,693,339
7,885,017


Charge for the year on owned assets
49,008
-
49,008


Foreign exchange movement
(117)
-
(117)



At 30 April 2024

240,569
7,693,339
7,933,908



Net book value



At 30 April 2024
171,082
-
171,082

Goodwill arising on consolidation, relating to the acquisition of SVP (SSH) Limited and its subsidiaries, is being amortised on a straight line basis over 5 years from the date of acquisition on 1 September 2017. 
Goodwill arising on consolidation, relating to the acquisition of Wilderness Scotland Limited and its subsidiary, is being amortised on a straight line basis over 5 years from the date of acquisition on 1 September 2018.



Page 33

 
ACTIVE TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

15.


Tangible fixed assets

Group






Freehold property
Short-term leasehold property
Plant and machinery
Motor vehicles
Total

£
£
£
£
£



Cost or valuation


At 1 May 2023
958,205
50,134
1,093,204
971,290
3,072,833


Additions
-
-
355,645
539,389
895,034


Disposals
-
-
(64,439)
-
(64,439)


Revaluations
(198,333)
-
-
-
(198,333)


Exchange adjustments
-
(1,405)
(5,370)
(15,081)
(21,856)



At 30 April 2024

759,872
48,729
1,379,040
1,495,598
3,683,239



Depreciation


At 1 May 2023
24,416
22,180
438,228
186,003
670,827


Charge for the year on owned assets
3,431
7,416
175,957
198,901
385,705


Disposals
-
-
(33,598)
-
(33,598)


On revalued assets
(26,075)
-
-
-
(26,075)


Exchange adjustments
-
(713)
(2,362)
(3,012)
(6,087)



At 30 April 2024

1,772
28,883
578,225
381,892
990,772



Net book value



At 30 April 2024
758,100
19,846
800,815
1,113,706
2,692,467




The net book value of land and buildings may be further analysed as follows:


2024
£

Freehold
758,100

Short leasehold
19,846

777,946


Page 34

 
ACTIVE TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

16.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 May 2023
758,428



At 30 April 2024
758,428




Page 35

 
ACTIVE TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Active Travel Group Midco Limited
2nd Floor, Nucleus House, 2 Lower Mortlake Road, Richmond, TW9 2JA
Holding company
Ordinary
100%
Active Travel Group Bidco Limited
As above
Management services
Ordinary
100%
SVP (SSH) Limited
As above
Holding company
Ordinary
100%
Ski Solutions Holdings Limited
As above
Holding company
Ordinary
100%
Ski Solutions Limited
As above
Travel agents and tour operators
Ordinary
100%
Ski Solutions (Transport) Limited
As above
Transport provider
Ordinary
100%
Bspoke Tours Limited
As above
Dormant
Ordinary
100%
Cycling for Softies Limited
As above
Dormant
Ordinary
100%
Wilderness England Limited
Underley Business Centre, Kearstwick, Kirkby Lonsdale, Cumbria, England, LA6 2DY
Dormant
Ordinary
100%
Wilderness Group Limited
Wilderness Scotland, Dalfaber Drive, Aviemore, Highland, Scotland, PH22 1ST
Adventure holiday tour operator
Ordinary
100%
Wilderness Scotland Limited
As above
Transport provider
Ordinary
100%
Wilderness Ireland Travel Limited
Unit 8A, 1-2 Northwest Business Park, Collooney, Co. Sligo, Ireland
Adventure holiday tour operator
Ordinary
100%
Wilderness Travel Limited
2nd Floor, Nucleus House, 2 Lower Mortlake Road, Richmond, TW9 2JA
Dormant
Ordinary
100%
ATG Services SRL
Citta' Di Castello (PG), Corso Vittorio, Emanuele 27 Cap 06012
Management services
Ordinary
100%
ATG Services France SARL
25, Place De LA Madeleine Paris (75008)
Management services
Ordinary
100%

Page 36

 
ACTIVE TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
Subsidiary undertakings (continued)

The aggregate of the share capital and reserves as at 30 April 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Active Travel Group Midco Limited
(5,212,798)
(1,015,197)

Active Travel Group Bidco Limited
8,858,104
(220,556)

SVP (SSH) Limited
166,300
-

Ski Solutions Holdings Limited
86,906
-

Ski Solutions Limited
4,678,358
1,731,865

Ski Solutions (Transport) Limited
2,000
-

Bspoke Tours Limited
1
-

Cycling for Softies Limited
1
-

Wilderness England Limited
1
-

Wilderness Group Limited
2,751,840
584,921

Wilderness Scotland Limited
1
-

Wilderness Ireland Travel Limited
694,170
299,256

ATG Services SRL
(91,195)
(102,117)

Wilderness Travel Limited
(427)
(183)

ATG Services France SARL
8,538
-

ATG Services France SARL was incorporated and acquired on 12 January 2024.

Page 37

 
ACTIVE TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

17.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
3,583,818
2,670,511
-
-

Amounts owed by group undertakings
-
-
420,302
420,302

Other debtors
365,439
205,790
-
-

Called up share capital not paid
545
545
-
-

Prepayments and accrued income
1,568,476
1,399,057
-
-

Deferred taxation
-
335,748
-
-

5,518,278
4,611,651
420,302
420,302


Included within Prepayments and accrued income above are payments made to suppliers relating to bookings departing after the period end, where the Group is acting as principal. The total of these prepaid costs at 30 April 2024 was £1,293,850 (2023: £1,205,106).
Included in Other Debtors is a loan to Director of £15,247 bearing 2% interest, which will be repaid by the director within 9 months after year end.


18.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
7,731,870
8,477,808
19
19

7,731,870
8,477,808
19
19


Page 38

 
ACTIVE TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

19.


Creditors: Amounts falling due within one year

Group
Group
2024
2023
£
£

Trade creditors
3,695,356
3,701,311

Corporation tax
7,724
18,395

Other taxation and social security
251,729
317,997

Obligations under finance lease and hire purchase contracts
238,930
182,096

Other creditors
173,514
148,787

Accruals and deferred income
8,869,505
7,587,445

13,236,758
11,956,031


Included within Accruals and deferred income above are receipts from customers relating to bookings departing within one year after the period end, less amounts already recognised during the period in line with the Group's turnover policies, where the Group is acting as principal. The total of these receipts taken in advance at 30 April 2024 was £8,001,567 (2023: £6,848,599).

Page 39

 
ACTIVE TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

20.


Creditors: Amounts falling due after more than one year

Group
Group
2024
2023
£
£

Other loans
10,243,547
12,813,004

Net obligations under finance leases and hire purchase contracts
505,973
439,832

Accruals and deferred income
524,833
203,995

11,274,353
13,456,831


Included within Accruals and deferred income above are receipts from customers relating to bookings departing more than one year after the period end, less amounts already recognised during the period in line with the Group's turnover policies, where the Group is acting as principal. The total of these receipts taken in advance at 30 April 2024 was £277,834 (2023: £nil).


The following liabilities were secured:
Group
Group
2024
2023
£
£

Loan Notes as detailed below

Due between one and two years
10,243,547
-

Due between two and five years
-
12,813,004

10,243,547
12,813,004

Details of security provided:

The Group Loan Notes are secured by a fixed and floating charge over the assets of the Company and its subsidiaries, dated 31 August 2017 and registered with Companies House on 7 September 2017, along with an additional fixed and floating charge over the assets of the Company and its subsidiaries, dated 4 November 2020 and registered with Companies House on 6 November 2020.

Other loans are made up of A, B, C and D Loan Notes.
The A Loan Notes were fully repaid in the year.
The B Loan Notes are repayable in their entirety on the earlier of 31 August 2025 or an exit event arising from the sale of the Company's subsidiaries. Additionally, the B Loan Notes bear interest at a rate of nine per cent per annum. 
The C Loan Notes are repayable in their entirety on the earlier of 31 August 2025 or an exit event arising from the sale of the Company's subsidiaries. Additionally, the C Loan Notes bear interest at a rate of twelve per cent per annum.
The D Loan Notes are repayable in their entirety on the earlier of 31 August 2025 or an exit event arising from the sale of the Company's subsidiaries. Additionally, the D Loan Notes bear interest at a rate of eight per cent per annum..

Page 40

 
ACTIVE TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

21.


Loans


Analysis of the maturity of loans is given below:


Group
Group
2024
2023
£
£


Amounts falling due 1-2 years

Other loans
10,243,547
-

Amounts falling due 2-5 years

Other loans
-
12,813,004


10,243,547
12,813,004



22.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2024
2023
£
£

Within one year
238,930
182,096

Between 1-5 years
505,973
439,499

744,903
621,595

Page 41

 
ACTIVE TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

23.


Deferred taxation


Group



2024
2023


£

£






At beginning of year
335,748
147,837


Charged to profit or loss
(448,139)
187,761


Foreign exchange movements
(80)
150



At end of year
(112,471)
335,748

Group
Group
2024
2023
£
£

Accelerated capital allowances
(173,676)
(284,196)

Tax losses carried forward
61,205
619,944

(112,471)
335,748

There are post April 2017 unrealised Group tax losses at 30 April 2024. The Deferred Tax asset is attributed to the Company in the Group that is anticipated to utilise the Group loss relief against its projected taxable profits for the twelve months ended 30 April 2025.

Page 42

 
ACTIVE TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

24.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



680,000 (2023 - 680,000) A Ordinary shares of £0.01 each
6,800
6,800
61,764 (2023 - 61,764) B Ordinary shares of £0.01 each
550
550
347,257 (2023 - 347,257) C1 Ordinary shares of £0.01 each
3,473
3,473
30,000 (2023 - 30,000) C2 Ordinary shares of £0.10 each
3,000
3,000
7,666 (2023 - 7,666) Converting shares of £0.01 each
77
77
50,745 (2023 - 50,745) D1 Ordinary shares of £0.02 each
1,015
1,015

14,915

14,915

Allotted, called up and unpaid



31,046 (2023 - 31,046) Growth shares of £0.01 each
310
310



25.


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.

Foreign exchange reserve

The foreign exchange reserve represents differences arising upon the revaluation of foreign subsidiary companies stated in Euros. The financial statements of these companies are revalued to match the presentation currency of the Group for consolidation purposes, to show the entirety of the Group's results in Pounds Sterling (GBP). See accounting policy 2.14 for details of how the individual balances within the foreign subsidiaries are translated. 

Profit and loss account

The profit and loss account represents all current and prior period retained profits and losses, less any dividends paid to the Company's parent.


26.


Contingent liabilities

The Group is a member of the Association of British Travel Agents (ABTA). The Group provides ABTA with a travel bond which at 30 April 2024 amounted to £898,283 (2023: £514,862). The Group is a member of the Association of Bonded Travel Organisers Trust (ABTOT). The Group provides ABTOT with a travel bond which at 30 April 2024 amounted to £198,586 (2023: £246,426).

Page 43

 
ACTIVE TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

27.


Pension commitments

The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group  to the fund and amounted to £129,287 (2023: £139,551). Contributions totalling £22,319 (2023: £22,692) were payable to the fund at the reporting date and are included in creditors.


28.


Commitments under operating leases

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


Group
Group
2024
2023
£
£

Not later than 1 year
90,373
91,029

Later than 1 year and not later than 5 years
117,199
190,694

207,572
281,723
Page 44

 
ACTIVE TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

29.


Related party transactions

The related party transactions for the period ended 30 April 2024 are as follows:


2024
2023
£
£

Mobeus 1LP (Formely known as Mobeus Equity Partners IV LP)
Immediate controlling partnership of the Group.
A Loan Notes outstanding at the period end, secured by means of a fixed and floating charge over the assets of the Company and its subsidiaries.
-
1,520,713
B Loan Notes outstanding at the period end, secured by means of a fixed and floating charge over the assets of the Company and its subsidiaries.
6,508,853
6,007,633
C Loan Notes outstanding at the period end, secured by means of a fixed and floating charge over the assets of the Company and its subsidiaries.
2,404,092
3,926,219
Interest payable to the related party for the period.
-
959,996
C M Burton
Director and shareholder.
A Loan Notes outstanding at the period end, secured by means of a fixed and floating charge over the assets of the Company and its subsidiaries.
-
13,244
B Loan Notes outstanding at the period end, secured by means of a fixed and floating charge over the assets of the Company and its subsidiaries.
200,948
224,681
Interest payable to the related party for the period.
18,351
20,338
J Wimbleton
Director and shareholder.
A Loan Notes outstanding at the period end, secured by means of a fixed and floating charge over the assets of the Company and its subsidiaries.
-
1,986
B Loan Notes outstanding at the period end, secured by means of a fixed and floating charge over the assets of the Company and its subsidiaries.
80,038
104,418
Interest payable to the related party for the period.
8,014
9,191
P Easto
Director and shareholder.
D Loan Notes outstanding at the period end, secured by means of a fixed and floating charge over the assets of the Company and its subsidiaries.
437,650
440,620
Interest payable to the related party for the period.
18,279
31,980
S Christie
Shareholder
D Loan Notes outstanding at the period end, secured by means of a fixed and floating charge over the assets of the Company and its subsidiaries.
430,915
433,840
Interest payable to the related party for the period.
17,998
31,488
B Thorburn
Shareholder
B Loan Notes outstanding at the period end, secured by means of a fixed and floating charge over the assets of the Company and its subsidiaries.
51,544
51,250
D Loan Notes outstanding at the period end, secured by means of a fixed and floating charge over the assets of the Company and its subsidiaries.
51,732
50,465
Interest payable to the related party for the period.
2,695
8,113
Page 45

 
ACTIVE TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

29.Related party transactions (continued)

K Thurlow
Shareholder
D Loan Notes outstanding at the period end, secured by means of a fixed and floating charge over the assets of the Company and its subsidiaries.
37,679
37,935
Interest payable to the related party for the period.
1,574
2,753


30.


Controlling party

The Company is controlled by Mobeus 1 LP (previously Mobeus Equity Partners IV LP), a limited partnership registered in England and Wales. The registered office of Mobeus 1 LP is C/O Mobeus Equity Partners LLP, 1st Floor, 1 Babmaes Street, London, SW1Y 6HF.
In the opinion of the directors, there is no single individual who is the ultimate controlling party of Mobeus 1 LP.


31.


Post balance sheet events

There have been no significant events affecting the Group since the year end, other than that referred to above. 

 
Page 46