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REGISTERED NUMBER: 02253675 (England and Wales)













STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2023

FOR

TRAVEL BUFF LIMITED
T/A
DAUNT BOOKS

TRAVEL BUFF LIMITED (REGISTERED NUMBER: 02253675)
T/A DAUNT BOOKS

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023










Page

Company Information 1

Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 5

Profit and Loss Account 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 13


TRAVEL BUFF LIMITED
T/A DAUNT BOOKS

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2023







DIRECTOR: A J Daunt





SECRETARY: B D Wolstencroft





REGISTERED OFFICE: 83 Marylebone High Street
London
W1U 4QW





REGISTERED NUMBER: 02253675 (England and Wales)





AUDITORS: Sproull & Co.
Chartered Accountants
Statutory Auditors
First Floor, Jebsen House
53-61 High Street
Ruislip
Middlesex
HA4 7BD

TRAVEL BUFF LIMITED (REGISTERED NUMBER: 02253675)
T/A DAUNT BOOKS

STRATEGIC REPORT
FOR THE YEAR ENDED 31ST DECEMBER 2023


The director presents his strategic report for the year ended 31st December 2023.

REVIEW OF BUSINESS
The business has had a good year, benefiting from good publishing and the continued excellence of its booksellers. The bookshops continue to have a strong reputation within their communities, and to have good relations with their suppliers and landlords. In September, the company was pleased to purchase the L&R Bookshop on Kensington Park Road.

Relevant Key Performance Indicators for the business are:

Key Performance Indicator 2023 2022
Turnover £15,730,329 £13,132,101
Gross Profit £7,143,980 £5,657,821
Gross Profit Margin (%) 45.4% 43.0%
Operating Profit £2,591,218 £427,198
Shareholders' Funds £7,051,296 £7,066,038

PRINCIPAL RISKS AND UNCERTAINTIES
The company is managed prudently by an experienced team. It depends upon the health of high street shopping in London, the principal risks to which are a return of a pandemic, or other major disruption to established shopping behaviours. It depends also on the immediate physical position of its shops which can be impacted by road works, or other such disruption.

The company remains independently owned by the Daunt family and, separately to Daunt Books, James Daunt continues to be the CEO of the Waterstones and Barnes & Noble bookselling businesses.

ON BEHALF OF THE BOARD:





A J Daunt - Director


4th November 2024

TRAVEL BUFF LIMITED (REGISTERED NUMBER: 02253675)
T/A DAUNT BOOKS

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31ST DECEMBER 2023


The director presents his report with the financial statements of the company for the year ended 31st December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of a book retailer.

DIVIDENDS
An interim dividend of £8.33 per share on the Ordinary £1 shares was paid on 8th August 2023. The director recommends that no final dividend be paid on these shares.

No interim dividend was paid on the Preference £1 shares. The director recommends that no final dividend be paid on these shares.

The total distribution of dividends for the year ended 31st December 2023 will be £ 2,000,000 .

DIRECTOR
A J Daunt held office during the whole of the period from 1st January 2023 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

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

TRAVEL BUFF LIMITED (REGISTERED NUMBER: 02253675)
T/A DAUNT BOOKS

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31ST DECEMBER 2023


AUDITORS
Under section 487(2) of the Companies Act 2006, Sproull & Co., Chartered Accountants and Statutory Auditors, are deemed to be reappointed as auditors.

ON BEHALF OF THE BOARD:





A J Daunt - Director


4th November 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TRAVEL BUFF LIMITED


Opinion
We have audited the financial statements of Travel Buff Limited (the 'company') for the year ended 31st December 2023 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31st December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

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

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

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TRAVEL BUFF LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

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

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

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

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:

- Through assessing our cumulative acquired knowledge and review of relevant sector information, we gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud.
- We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006, Financial Reporting Standards and UK taxation legislation.
- We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial results and management bias in accounting estimates.
- We discussed among the engagement team how and where fraud might occur in the financial statements and any potential indicators of fraud. Furthermore, we communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TRAVEL BUFF LIMITED


Based on the above, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. Our work included:

- Discussions with management and those charged with governance in relation to known or suspected instances of non-compliance with laws and regulations and fraud as well as those policies and procedures designed to detect such instances.
- Obtaining 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 purposes of expressing an opinion on the effectiveness of the company's internal control.
- Evaluating the appropriateness of accounting policies used, evaluating the reasonableness and testing of significant accounting estimates and assessing whether the judgements made are indicative of a potential bias by management that represented a risk of material misstatement due to fraud.
- Testing of journal entries back to corroborating evidence.
- Reviewing the financial statement disclosures and agreeing to supporting documentation where relevant to assess compliance with relevant laws and regulations.


Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with the laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

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

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




Michelle Wickwar (Senior Statutory Auditor)
for and on behalf of Sproull & Co.
Chartered Accountants
Statutory Auditors
First Floor, Jebsen House
53-61 High Street
Ruislip
Middlesex
HA4 7BD

6th November 2024

TRAVEL BUFF LIMITED (REGISTERED NUMBER: 02253675)
T/A DAUNT BOOKS

PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31ST DECEMBER 2023

2023 2022
Notes £ £

TURNOVER 4 15,730,329 13,132,101

Cost of sales 8,586,349 7,474,280
GROSS PROFIT 7,143,980 5,657,821

Administrative expenses 4,762,780 5,230,623
2,381,200 427,198

Other operating income 210,018 -
OPERATING PROFIT 6 2,591,218 427,198

Interest receivable and similar income 53,920 9,249
PROFIT BEFORE TAXATION 2,645,138 436,447

Tax on profit 7 659,880 171,441
PROFIT FOR THE FINANCIAL YEAR 1,985,258 265,006

TRAVEL BUFF LIMITED (REGISTERED NUMBER: 02253675)
T/A DAUNT BOOKS

BALANCE SHEET
31ST DECEMBER 2023

2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible assets 10 1,624,211 1,533,441

CURRENT ASSETS
Stocks 11 1,347,603 1,224,254
Debtors 12 2,147,136 2,013,500
Cash at bank 4,226,894 4,333,016
7,721,633 7,570,770
CREDITORS
Amounts falling due within one year 13 2,161,113 1,829,251
NET CURRENT ASSETS 5,560,520 5,741,519
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,184,731

7,274,960

PROVISIONS FOR LIABILITIES 16 133,435 208,922
NET ASSETS 7,051,296 7,066,038

CAPITAL AND RESERVES
Called up share capital 17 240,100 240,100
Retained earnings 6,811,196 6,825,938
SHAREHOLDERS' FUNDS 7,051,296 7,066,038

The financial statements were approved by the director and authorised for issue on 4th November 2024 and were signed by:





A J Daunt - Director


TRAVEL BUFF LIMITED (REGISTERED NUMBER: 02253675)
T/A DAUNT BOOKS

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31ST DECEMBER 2023

Called up
share Retained Total
capital earnings equity
£ £ £
Balance at 1st January 2022 240,100 6,560,932 6,801,032

Changes in equity
Total comprehensive income - 265,006 265,006
Balance at 31st December 2022 240,100 6,825,938 7,066,038

Changes in equity
Total comprehensive income - 1,985,258 1,985,258
Dividends - (2,000,000 ) (2,000,000 )
Balance at 31st December 2023 240,100 6,811,196 7,051,296

TRAVEL BUFF LIMITED (REGISTERED NUMBER: 02253675)
T/A DAUNT BOOKS

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST DECEMBER 2023

2023 2022
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 2,054,253 1,333,683
Tax paid (82,542 ) (280,913 )
Net cash from operating activities 1,971,711 1,052,770

Cash flows from investing activities
Purchase of tangible fixed assets (221,771 ) (83,646 )
Interest received 53,920 9,249
Net cash from investing activities (167,851 ) (74,397 )

Cash flows from financing activities
Government grants 210,018 -
Loans written off in year (120,000 ) -
Equity dividends paid (2,000,000 ) -
Net cash from financing activities (1,909,982 ) -

(Decrease)/increase in cash and cash equivalents (106,122 ) 978,373
Cash and cash equivalents at beginning of
year

2

4,333,016

3,354,643

Cash and cash equivalents at end of year 2 4,226,894 4,333,016

TRAVEL BUFF LIMITED (REGISTERED NUMBER: 02253675)
T/A DAUNT BOOKS

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST DECEMBER 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£ £
Profit before taxation 2,645,138 436,447
Depreciation charges 131,001 102,489
Loss on disposal of fixed assets - 12,459
Government grants (210,018 ) -
Finance income (53,920 ) (9,249 )
2,512,201 542,146
(Increase)/decrease in stocks (123,349 ) 326,446
Increase in trade and other debtors (133,636 ) (281,161 )
(Decrease)/increase in trade and other creditors (200,963 ) 746,252
Cash generated from operations 2,054,253 1,333,683

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31st December 2023
31.12.23 1.1.23
£ £
Cash and cash equivalents 4,226,894 4,333,016
Year ended 31st December 2022
31.12.22 1.1.22
£ £
Cash and cash equivalents 4,333,016 3,354,643


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
£ £ £
Net cash
Cash at bank 4,333,016 (106,122 ) 4,226,894
4,333,016 (106,122 ) 4,226,894
Total 4,333,016 (106,122 ) 4,226,894

TRAVEL BUFF LIMITED (REGISTERED NUMBER: 02253675)
T/A DAUNT BOOKS

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023


1. STATUTORY INFORMATION

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

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

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

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - see below
Improvements to property - 10% on cost and straight line over the life of the lease
Fixtures and fittings - 20% on reducing balance
Computer equipment - 20% on reducing balance

Freehold property is depreciated over its estimated useful economic life after taking the residual value of the assets into consideration. The directors consider the residual value of the company's freehold property to be in excess of the original cost and consequently no depreciation is provided.

The residual value of the company's assets and whether the value has been impaired are considered by the director on an annual basis.

Government grants
The company recognises income arising from government grants using the performance model.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

TRAVEL BUFF LIMITED (REGISTERED NUMBER: 02253675)
T/A DAUNT BOOKS

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
Financial instruments are classified according to the substance of the financial instrument's contractual obligations, as financial assets, financial liabilities or equity instruments.

Financial instruments are initially measured at transaction price (after deducting transaction costs) and subsequently held at amortised cost.

Taxation
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company contributes to personal pension schemes for employees. The assets of the schemes are held independently of the company by an insurance company. The amount charged to the profit and loss account is the contributions payable in the year.

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company's accounting policies, which are described in note 2, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The critical judgements made by management that have a significant effect on the amounts recognised in the financial statements are described below.

Tangible fixed assets
Tangible fixed assets are depreciated over their useful lives after taking into account residual value of the assets into consideration. Land and buildings are shown at cost less any accumulated depreciation and any accumulated impairment losses.

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

TRAVEL BUFF LIMITED (REGISTERED NUMBER: 02253675)
T/A DAUNT BOOKS

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023


5. EMPLOYEES AND DIRECTORS
2023 2022
£ £
Wages and salaries 2,178,779 2,681,125
Social security costs 206,450 305,321
Other pension costs 46,247 43,067
2,431,476 3,029,513

The average number of employees during the year was as follows:
2023 2022

Directors 1 1
Management and senior staff 5 5
Retail staff 77 75
83 81

2023 2022
£ £
Director's remuneration - -

6. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
£ £
Other operating leases 1,037,436 940,705
Depreciation - owned assets 131,001 102,489
Loss on disposal of fixed assets - 12,459
Auditors' remuneration 20,375 18,400

TRAVEL BUFF LIMITED (REGISTERED NUMBER: 02253675)
T/A DAUNT BOOKS

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023


7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£ £
Current tax:
UK corporation tax 615,367 82,519

Deferred tax 44,513 88,922
Tax on profit 659,880 171,441

UK corporation tax was charged at 19%) in 2022.

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

2023 2022
£ £
Profit before tax 2,645,138 436,447
Profit multiplied by the standard rate of corporation tax in the UK of
23.520% (2022 - 19%)

622,136

82,925

Effects of:
Expenses not deductible for tax purposes 637 2,758
Capital allowances in excess of depreciation (7,406 ) (3,164 )
Deferred tax provision 44,513 88,922
Total tax charge 659,880 171,441

8. DIVIDENDS
2023 2022
£ £
Ordinary shares of £1 each
Interim 2,000,000 -

TRAVEL BUFF LIMITED (REGISTERED NUMBER: 02253675)
T/A DAUNT BOOKS

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023


9. GOVERNMENT GRANTS

The company has recognised income in the form of government grants as follows:
2023 2022
£ £
Retail, Hospitality and Leisure Grant Fund 210,018 -
210,018 -

10. TANGIBLE FIXED ASSETS
Fixtures
Freehold Improvements and Computer
property to property fittings equipment Totals
£ £ £ £ £
COST
At 1st January 2023 1,018,043 1,592,421 303,635 8,063 2,922,162
Additions - 169,840 44,050 7,881 221,771
At 31st December 2023 1,018,043 1,762,261 347,685 15,944 3,143,933
DEPRECIATION
At 1st January 2023 - 1,169,674 218,110 937 1,388,721
Charge for year - 110,007 18,749 2,245 131,001
At 31st December 2023 - 1,279,681 236,859 3,182 1,519,722
NET BOOK VALUE
At 31st December 2023 1,018,043 482,580 110,826 12,762 1,624,211
At 31st December 2022 1,018,043 422,747 85,525 7,126 1,533,441

11. STOCKS
2023 2022
£ £
Finished goods 1,347,603 1,224,254

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade debtors 10,572 98,693
Amounts owed by group undertakings 313,335 313,335
Other debtors 3,933 199,425
VAT 1,381,839 1,148,172
Prepayments 437,457 253,875
2,147,136 2,013,500

TRAVEL BUFF LIMITED (REGISTERED NUMBER: 02253675)
T/A DAUNT BOOKS

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023


12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

The amounts owed by group undertakings are interest-free, unsecured and repayable on demand.

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade creditors 1,154,672 938,928
Taxation 615,344 82,519
Social security and other taxes 193,668 623,311
Other creditors 137,369 128,138
Directors' current accounts 813 813
Accrued expenses 59,247 55,542
2,161,113 1,829,251

14. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£ £
Within one year 903,643 770,550
Between one and five years 1,164,212 979,971
2,067,855 1,750,521

The operating lease commitments relate to the properties from which the business trades. These operating leases are subject to periodic rent reviews, though break clauses are available as these reviews fall due.

The operating lease commitments shown above are the total amounts payable up to each break clause.

15. FINANCIAL INSTRUMENTS

Categorisation of financial instruments
2023 2022
£ £
Financial assets that are debt instruments measured at amortised cost 4,550,801 4,745,044

Financial liabilities measured at amortised cost 1,351,288 1,122,608

Financial assets measured at amortised cost comprises cash, trade debtors and amounts owed by group undertakings.

Financial liabilities measured at amortised cost comprises trade creditors, accrued expenses and other creditors.

TRAVEL BUFF LIMITED (REGISTERED NUMBER: 02253675)
T/A DAUNT BOOKS

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023


16. PROVISIONS FOR LIABILITIES
2023 2022
£ £
Deferred taxation movement 133,435 88,922
Other provisions - 120,000
133,435 208,922

Deferred Other
tax provisions
£ £
Balance at 1st January 2023 88,922 120,000
Provided during year 44,513 -
Written off during year - (120,000 )
Balance at 31st December 2023 133,435 -

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
240,000 Ordinary £1 240,000 240,000
100 Preference £1 100 100
240,100 240,100

18. PENSION COMMITMENTS

The company operates a defined contribution scheme. During the year, the company contributed £46,247 (2022 - £43,067). At the reporting date contributions of £11,343 (2022 - £12,402) were outstanding.

19. PARENT AND ULTIMATE CONTROLLING PARTY

The company's parent company is Daunt Books Limited, a company incorporated in England and Wales.

The registered office and principal place of business of Daunt Books Limited is 83 Marylebone High Street, London, W1U 4QW.

The ultimate controlling party is A J Daunt, the director of the company.