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Registered number: 01876045









SKI SOLUTIONS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
SKI SOLUTIONS LIMITED
 
 
COMPANY INFORMATION


Directors
C M Burton 
I McIlrath 




Registered number
01876045



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

Richmond

TW9 2JA




Trading Address
Unit 3, Walton Lodge Laundry
374 Coldharbour Lane

London

SW9 8PL






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

2nd Floor, Nucleus House

2 Lower Mortlake Road

Richmond

TW9 2JA





 
SKI SOLUTIONS LIMITED
 

CONTENTS



Page
Strategic Report
1 - 4
Directors' Report
5 - 6
Independent Auditors' Report
7 - 10
Statement of Comprehensive Income
11
Statement of Financial Position
12
Statement of Changes in Equity
13 - 14
Analysis of Net Debt
15
Notes to the Financial Statements
16 - 31


 
SKI SOLUTIONS LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

Introduction
 
The directors present their strategic report 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 budget 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 Company delivered another impressive financial performance across Ski and Cycle brands through the reporting period, with its premium mix of active and adventure holidays continuing to resonate with consumers.
Cycling for Softies operated a successful programme of self-guided cycling holidays in the British Isles, France and Italy achieving year-on-year revenue growth of 31%. This 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% year-on-year 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. Advanced bookings secured in the final quarter of the year for departure in winter 24/25 were once again ahead of expectations, with strong underlying consumer demand continuing into the new booking cycle. 
Management therefore reflects positively on this full year result, which provides a platform for further growth through the year ahead. Gross Retail Turnover (GRT) increased by £6.1m to £35.7m (2023: £29.6m). Gross Profit increased by £1.2m to £6.7m (2023: £5.5m). The EBITDA result of £2.2m is a £0.5m improvement on prior year (2023: £1.7m). EBITDA as a percentage of GRT increased to 6.1%.
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 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 the Ski and Cycle brands from both UK and International source markets. Holidays continue to be a top priority in discretionary consumer spend category.

Page 1

 
SKI SOLUTIONS LIMITED
 

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

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"

35,720,682

29,626,100

Turnover - commission and margin

21,857,214

18,130,915

Gross profit

6,670,358

5,531,248

Gross profit as a percentage of GRT

18.67%

18.67%

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

2,165,504

1,736,035

EBITDA as a percentage of GRT

6.07%

4.85%

EBITDA as a percentage of turnover

9.91%

9.57%


Page 2

 
SKI SOLUTIONS LIMITED
 

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

Principal risks and uncertainties
 
The Company is mindful of the impact of climate change, in particular on the winter sports business. The Company is committed to promoting low-carbon holidays, and reducing Scope 1, 2 and 3 emissions within its direct control. The Ski programme will continue to be focused on premium, high-altitude Alpine destinations, North America and the Nordics where snow conditions are most assured. 
The Directors review the financial position of the Company 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 Company has sufficient liquidity to trade in all scenarios envisaged by the Directors. 
The Company is exposed to various regulators, including the Civil Aviation Authority ("CAA"), which issues an Air Travel Organisers Licence ("ATOL"), which is required for the Company 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).
 
Page 3

 
SKI SOLUTIONS LIMITED
 

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

The Company 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 Company 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 Company also monitors competitor activity closely.
The Company 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 Company to carry on its business effectively. The Company has made arrangements to mitigate this risk.
The Company 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 Company bears the risk associated with such foreign exchange movements.
The Company 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 Company finances its operations through retained profits. The Company'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 Company to various commercial risks which may affect the trading performance of the Company. 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 Company by causing potential customers to cancel or postpone travel plans, reducing the earnings potential of the Company. The Company seeks to minimise such risks by offering products in a wide range of destinations.
 


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



C M Burton
Director

Page 4

 
SKI SOLUTIONS 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 Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 of the profit or loss of the Company for that period.

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


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

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the Company in the year under review was that of travel agents and tour operators,
specialising in wintersports and summer activity holidays. The Ski Solutions brand operates luxury tailor-made
wintersports holidays to Europe and North America, operating sometimes as agent to UK based chalet tour
operators. The Cycling for Softies and BSpoke Tours brands offer self-guided leisure cycling holidays, principally
to their own-operated bases in France and England.

Results and dividends

The profit for the year, after taxation, amounted to £1,731,865 (2023 - £1,776,651).

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

Directors

The directors who served during the year were:

C M Burton 
I McIlrath 

Page 5

 
SKI SOLUTIONS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024


Future developments

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

Research and development activities

The Company'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 year the Company made significant investment into software development.

Matters covered in the 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'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's auditors are aware of that information.

Post balance sheet events

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

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 6

 
SKI SOLUTIONS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SKI SOLUTIONS LIMITED
 

Opinion


We have audited the financial statements of Ski Solutions Limited (the 'Company') for the year ended 30 April 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the 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 Company's affairs as at 30 April 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 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 7

 
SKI SOLUTIONS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SKI SOLUTIONS 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 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 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the 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 Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 8

 
SKI SOLUTIONS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SKI SOLUTIONS 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 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 9

 
SKI SOLUTIONS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SKI SOLUTIONS 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 10

 
SKI SOLUTIONS LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
Note
£
£



Gross Retail Turnover ("GRT")
35,720,682
29,626,100

  

Turnover
 4 
21,857,214
18,130,935

Cost of sales
  
(15,186,856)
(12,599,687)

Gross profit
  
6,670,358
5,531,248

Administrative expenses
  
(4,654,903)
(3,844,221)

Exceptional administrative expenses
  
-
(4,110)

Operating profit
 5 
2,015,455
1,682,917

Interest receivable and similar income
 9 
42,291
-

Interest payable and similar expenses
 10 
-
(6,720)

Profit before tax
  
2,057,746
1,676,197

Tax on profit
 11 
(325,881)
100,454

Profit for the financial year
  
1,731,865
1,776,651

Other comprehensive income for the year
  

Total comprehensive income for the year
  
1,731,865
1,776,651

The notes on pages 16 to 31 form part of these financial statements.

2024
2023
        £
        £
Earnings Before Interest, Taxation, Depreciation and Amortisation

Operating profit

2,015,455

1,682,917

Depreciation of tangible fixed assets

37,368

25,997

Amortisation of intangible fixed assets

47,916

23,011

Exceptional costs

-

4,110

Operating interest received

42,291

-

Add back: Intercompany Mark-Up

22,474

-

EBITDA

2,165,504

1,736,035


Page 11

 
SKI SOLUTIONS LIMITED
REGISTERED NUMBER: 01876045

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 12 
167,208
114,747

Tangible assets
 13 
118,068
141,397

Investments
 14 
2,002
2,002

  
287,278
258,146

Current assets
  

Debtors: amounts falling due within one year
 15 
9,508,749
6,226,132

Cash at bank and in hand
 16 
2,781,608
3,807,065

  
12,290,357
10,033,197

Creditors: amounts falling due within one year
 17 
(6,408,196)
(7,344,850)

Net current assets
  
 
 
5,882,161
 
 
2,688,347

Total assets less current liabilities
  
6,169,439
2,946,493

Creditors: amounts falling due after more than one year
 18 
(1,488,386)
-

Provisions for liabilities
  

Deferred tax
 19 
(2,695)
-

  
 
 
(2,695)
 
 
-

Net assets
  
4,678,358
2,946,493


Capital and reserves
  

Called up share capital 
 20 
40,000
40,000

Share premium account
 21 
36,000
36,000

Profit and loss account
 21 
4,602,358
2,870,493

  
4,678,358
2,946,493


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 16 to 31 form part of these financial statements.

Page 12

 
SKI SOLUTIONS LIMITED
 

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 2023
40,000
36,000
2,870,493
2,946,493


Comprehensive income for the year

Profit for the year

-
-
1,731,865
1,731,865


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
1,731,865
1,731,865


Total transactions with owners
-
-
-
-


At 30 April 2024
40,000
36,000
4,602,358
4,678,358


The notes on pages 16 to 31 form part of these financial statements.

Page 13

 
SKI SOLUTIONS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023


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

£
£
£
£

At 1 May 2022
40,000
36,000
1,093,842
1,169,842


Comprehensive income for the year

Profit for the year

-
-
1,776,651
1,776,651


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
1,776,651
1,776,651


Total transactions with owners
-
-
-
-


At 30 April 2023
40,000
36,000
2,870,493
2,946,493


The notes on pages 16 to 31 form part of these financial statements.

Page 14

 
SKI SOLUTIONS LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 APRIL 2024




At 1 May 2023
Cash flows
At 30 April 2024
£

£

£

Cash at bank and in hand

3,807,065

(1,025,457)

2,781,608


3,807,065
(1,025,457)
2,781,608

The notes on pages 16 to 31 form part of these financial statements.

Page 15

 
SKI SOLUTIONS 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 year under review was that of travel agents and tour operators, specialising in wintersports and summer activity holidays. The Ski Solutions brand operates luxury tailor-made wintersports holidays to Europe and North America, operating sometimes as agent to UK based chalet tour operators. The Cycling for Softies and BSpoke Tours brands offer self-guided leisure cycling holidays, principally to their own-operated bases in France and England.
The Company is a private company limited by shares and is incorporated in England. The address of the Company'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 management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

 
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.

Page 16

 
SKI SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.4

Turnover

Turnover, excluding value added tax, represents the value of transactions, being hotels, flights and ancillary products in which the Company is, for these purposes, regarded as being the principal. Turnover also includes the commission receivable by the Company on transactions in which it is regarded as acting as an agent.
When acting as principal, the lower of the booking deposit and the booking gross profit is recognised in the statement of comprehensive income at the point of booking. The remainder of the booking 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.
Trade debtors still represent gross amounts receivable and trade creditors still represent gross amounts payable in respect of travel and holiday arrangements.

 
2.5

Operating leases: the Company as lessee

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

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

 
2.6

Research and development

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

 
2.7

Interest income

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

 
2.8

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.

Page 17

 
SKI SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.9

Pensions

Defined contribution pension plan

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

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

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.11

Exceptional items

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

 
2.12

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.

Page 18

 
SKI SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.13

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, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25% Reducing Balance Basis
Office equipment
-
25% Reducing Balance Basis
Computer equipment
-
25% Reducing Balance Basis
Other fixed assets
-
25% Reducing Balance 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.

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

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

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

 
2.15

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.

 
2.16

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 19

 
SKI SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.17

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.

 
2.18

Provisions for liabilities

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

 
2.19

Financial instruments

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

The Company 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 Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

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

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

Other financial assets

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

Page 20

 
SKI SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.19
Financial instruments (continued)

Financial liabilities

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

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

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

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

Other financial instruments

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

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

Derecognition of financial liabilities

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

Page 21

 
SKI SOLUTIONS 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 Company's accounting policies
The directors believe that there are no critical judgments involved in applying the Company'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 Company's accounting policies that warrant disclosure.


4.


Turnover

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


2024
2023
£
£

Ski & Activity Sales
21,857,214
18,130,935

21,857,214
18,130,935


All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Other operating lease rentals
47,800
47,800


6.


Auditors' remuneration

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


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
25,000
22,000

Page 22

 
SKI SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

7.


Employees

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


2024
2023
£
£

Wages and salaries
2,396,054
2,079,228

Social security costs
233,540
360,641

Cost of defined contribution scheme
47,212
90,721

2,676,806
2,530,590


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


        2024
        2023
            No.
            No.







Administration
6
6



Marketing & Sales
51
44

57
50


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
-
205,420

Company contributions to defined contribution pension schemes
-
44,123

-
249,543


During the year retirement benefits were accruing to no directors (2023 - 2) in respect of defined contribution pension schemes.


9.


Interest receivable

2024
2023
£
£


Interest receivable
42,291
-

42,291
-

Page 23

 
SKI SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

10.


Interest payable and similar expenses

2024
2023
£
£


Other loan interest payable
-
6,720

-
6,720


11.


Taxation


2024
2023
£
£



Total current tax
-
-

Deferred tax


Origination and reversal of timing differences
325,881
(100,454)

Total deferred tax
325,881
(100,454)


Taxation on profit/(loss) on ordinary activities
325,881
(100,454)
Page 24

 
SKI SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower 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
2,057,746
1,676,197


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19.5%)
514,437
326,744

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
16,799
8,479

Capital allowances for year in excess of depreciation
4,078
(44,949)

Utilisation of tax losses
-
(245,084)

Deferred tax movement
325,881
(100,454)

Group relief
(535,314)
(45,190)

Total tax charge for the year
325,881
(100,454)


Factors that may affect future tax charges

Deferred taxes at the Statement of Financial Position date have been measured using the rates that will be applicable in the periods to which they relate.

Page 25

 
SKI SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

12.


Intangible assets




Development expenditure
Goodwill
Total

£
£
£



Cost


At 1 May 2023
225,734
597,001
822,735


Additions
100,377
-
100,377



At 30 April 2024

326,111
597,001
923,112



Amortisation


At 1 May 2023
110,987
597,001
707,988


Charge for the year on owned assets
47,916
-
47,916



At 30 April 2024

158,903
597,001
755,904



Net book value



At 30 April 2024
167,208
-
167,208



At 30 April 2023
114,747
-
114,747



Page 26

 
SKI SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

13.


Tangible fixed assets





Fixtures and fittings
Office equipment
Computer equipment
Other fixed assets
Total

£
£
£
£
£



Cost or valuation


At 1 May 2023
106,880
2,993
108,767
305,040
523,680


Additions
2,755
2,514
7,544
3,508
16,321


Disposals
-
-
-
(2,282)
(2,282)



At 30 April 2024

109,635
5,507
116,311
306,266
537,719



Depreciation


At 1 May 2023
102,885
2,460
78,216
198,722
382,283


Charge for the year on owned assets
1,472
613
8,785
26,498
37,368



At 30 April 2024

104,357
3,073
87,001
225,220
419,651



Net book value



At 30 April 2024
5,278
2,434
29,310
81,046
118,068



At 30 April 2023
3,995
533
30,551
106,318
141,397


14.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 May 2023
2,002



At 30 April 2024
2,002




Page 27

 
SKI SOLUTIONS 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

Ski Solutions (Transport) Limited
2nd Floor, Nucleus House, 2 Lower Mortlake Road, Richmond, TW9 2JA
Transport provider
Ordinary
100%
Bspoke Tours Limited
2nd Floor, Nucleus House, 2 Lower Mortlake Road, Richmond, TW9 2JA
Dormant
Ordinary
100%
Cycling for Softies Limited
2nd Floor, Nucleus House, 2 Lower Mortlake Road, Richmond, TW9 2JA
Dormant
Ordinary
100%

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 was as follows:

Name
Aggregate of share capital and reserves
£

Ski Solutions (Transport) Limited
2,000

Bspoke Tours Limited
1

Cycling for Softies Limited
1


15.


Debtors

2024
2023
£
£


Trade debtors
3,566,978
2,654,195

Amounts owed by group undertakings
5,137,571
2,539,352

Other debtors
82,841
111,054

Prepayments and accrued income
721,359
598,345

Deferred taxation
-
323,186

9,508,749
6,226,132


Included within Prepayments and accrued income above are payments made to suppliers relating to bookings departing after the year end, where the Company is acting as principal. The total of these prepaid costs at 30 April 2024 was £588,364 (2023: £485,721).

Page 28

 
SKI SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

16.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
2,781,608
3,807,065

2,781,608
3,807,065



17.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
3,541,649
3,258,759

Amounts owed to group undertakings
352,448
1,537,389

Other taxation and social security
125,292
153,066

Other creditors
103,627
112,906

Accruals and deferred income
2,285,180
2,282,730

6,408,196
7,344,850


Included within Accruals and deferred income above are receipts from customers relating to bookings departing after the year end, less amounts already recognised during the year in line with the Company's turnover policies, where the Company is acting as principal. The total of these receipts taken in advance at 30 April 2024 was £2,090,142 (2023: £2,026,442).


18.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Amounts owed to group undertakings
1,488,386
-

1,488,386
-


Page 29

 
SKI SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

19.


Deferred taxation




2024


£






At beginning of year
323,186


Charged to profit or loss
(325,881)



At end of year
(2,695)

The deferred taxation balance is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(2,695)
(60,554)

Tax losses carried forward
-
383,740

(2,695)
323,186


20.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



40,000 (2023 - 40,000) Ordinary shares of £1.00 each
40,000
40,000



21.


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.

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.


22.


Contingent liabilities

The Company is a member of the Association of British Travel Agents (ABTA). The Company provides ABTA with a travel bond which at 30 April 2024 amounted to £898,283 (2023 - £514,862).

Page 30

 
SKI SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

23.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £47,212 (2023 - £90,721). Contributions totalling £11,026 (2023 - £10,746) were payable to the fund at the reporting date and are included in creditors.


24.


Commitments under operating leases

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

2024
2023
£
£


Not later than 1 year
47,800
47,800

Later than 1 year and not later than 5 years
38,883
86,633

86,683
134,433


25.


Related party transactions

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 other wholly owned subsidiaries within the group. This is because the ultimate  parent company prepares consolidated financial statements in which these transactions are eliminated in full.


26.


Controlling party

The Company's immediate holding company is Ski Solutions Holdings Limited, a company registered in England and Wales. Copies of the financial statements of Ski Solutions Holdings Limited can be obtained from 2nd Floor, Nucleus House, 2 Lower Mortlake Road, Richmond, TW9 2JA. 
The Company's ultimate holding company is Active Travel Group Limited, a company registered in England and Wales. Copies of the financial statements of Active Travel Group Limited can be obtained from 2nd Floor, Nucleus House, 2 Lower Mortlake Road, Richmond, TW9 2JA. 
Active Travel Group Limited is controlled by Mobeus 1LP (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 1LP.

 
Page 31