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Registered number: 00904769










GRAY DAWES TRAVEL LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
GRAY DAWES TRAVEL LIMITED
 
 
COMPANY INFORMATION


Directors
M J Bor 
Viscount F J K Glenapp 
S H Horner 
Lord K P L Inchcape 
Hon J J T Mackay 




Company secretary
R S Allardice



Registered number
00904769



Registered office
The Octagon
27 Middleborough

Colchester

Essex

CO1 1RA




Independent auditors
Xeinadin Audit Limited
Chartered Accountants & Statutory Auditor

8th Floor Becket House

36 Old Jewry

London

EC2R 8DD





 
GRAY DAWES TRAVEL LIMITED
 

CONTENTS



Page
Group strategic report
1 - 5
Directors' report
6 - 9
Independent auditors' report
10 - 14
Consolidated profit and loss account
15
Consolidated statement of comprehensive income
16
Consolidated statement of financial position
17 - 18
Company statement of financial position
19 - 20
Consolidated statement of changes in equity
21
Company statement of changes in equity
22
Notes to the financial statements
23 - 49


 
GRAY DAWES TRAVEL LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

Introduction
 
Gray Dawes Travel Limited is the parent company and along with its subsidiary undertakings delivers business travel management to a wide variety of mainly corporate clients in various geographical markets. The company serves the UK,  VCK Travel BV operates in The Netherlands, MP Travel Pty Limited in Australia, with Gray Dawes Travel Inc and Express Travel of Miami serving North America. Alongside the local market service, collectively the group offers global coverage around the clock: “Always On”.

Business review
 
The current year is the first since that ended March 2019 that can be viewed as Pandemic free from a travel pattern point of view, although as Suppliers have sought to rebalance supply and demand average ticket prices (air and hotel) have been high. In the latter part of the year we have seen these higher prices ease.
The Group has continued to engage with alternate working patterns (hybrid of office and home based) in response to staff requests.
Leveraging our staff and service stability has facilitated a successful year for our organic sales team.
In April 2023 The Group acquired Express Travel of Miami Inc , a travel management company with offices in Florida, USA.
In January 2024 The Group acquired VCK Travel BV, a travel management company with offices across the Netherlands.  The annual transactional value acquired is nearly equal to that of the existing Group.
The two acquired businesses continued to operate independently in their respective markets and an integration plan is being developed to bring consistency of infrastructure and service across the businesses, across the globe. 
The Board recognises the critical role of all staff in the continuing success of the Group and have maintained a strong focus on staff remuneration packages with competitive salary increases, a generous annual bonus scheme and incentives tailored to various areas of the business, aligned to the overall Group objectives of delivering increased value to shareholders.  

Page 1

 
GRAY DAWES TRAVEL LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Principal risks and uncertainties
 
Effective customer service
Expected future client trading levels are monitored and staff resources actively managed and increased as necessary, in order to continue to offer excellent service to the growing client base.
On an ongoing basis the main risk to our business is loss of access to systems and data. This has been mitigated by a disaster recovery plan and the ability to move staff, calls and emails between the main office locations if required. The increase in hybrid and home working as noted above also reduces this risk, as does the growing international footprint of the Group. 
The diversity of the client base across the group has increased with acquisition meaning a smaller percentage of clients operate within any one sector or geographical market thereby reducing reliance on specific sectors/markets.
External risk factors
Disruption to international and domestic travel can be caused by a variety of factors outwith the Group’s direct control. Where disruption is temporary in nature (weather/localised disruptions) the availability of additional staff to support the core 24/7 service offering is deployed,  for longer term disruption (pandemic and wider economic factors) the Board carefully considers the expected duration of the disruption and tailors the response to ensure continuity of service delivery whilst managing the medium term cost implications.
Credit risk
The principle credit risk is attributable to trade debtors and is managed through third party credit insurance on client debt, which requires monitoring and reporting on adherence to individual credit terms.

Financial key performance indicators
 
The key performance metrics of the Group are monitored closely by The Board and have improved substantially over the year:

2024
2023
Change
      £000
      £000

Total transactional value

240,013

185,553

29%
 
Turnover

38,908

25,332

54%
 
Operating profit

9,922

6,590

51%
 
Profit after tax

6,921

5,112

35%
 
Dividend

3,600

1,250

188%
 
Quick ratio

1.37x

1.48x

-7%
 
Average number of employees

322

235

37%
 

Trading volumes are tracked against preset budgets and forecasts and exceeded  target measures for the year.
The level of cash balances are monitored daily and managed (in agreement with clients and suppliers) to maximise available funds and yield.

Page 2

 
GRAY DAWES TRAVEL LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Other key non-financial performance indicators
 
The effective dataflow from booking platforms to back office accounting records is monitored daily to ensure timely billing of clients to minimise the working capital cycle.
Operational staff productivity is measured monthly to ensure effective delivery of service is achieved across all clients.

Page 3

 
GRAY DAWES TRAVEL LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Directors' statement of compliance with duty to promote the success of the Group
 
Large companies (which the Group now qualifies as) are required to publish a statement setting out how the Board have complied with Section 172(1) of the Companies Act 2006, this requires the Board to act in a manner they consider would most likely promote the success of the Company for the benefit of its members as a whole, and in doing so having regard to:
• likely consequences of any decisions in the long term;
• interest of employees;
• need to foster close business relationships with customers, suppliers and others
• impact of the group’s operations on the community and environment
• maintaining a reputation for high standard of business conduct
• acting fairly in regard to all members of the company
Directors’ Statement as required by section 414CZA of The Companies Act 2006
The Directors’ consider, individually and collectively, that, in the decision making during the year ended 31 March 2024,  we have acted in good faith and in a manner which would be most likely to promote the success of the Group for the benefit of its members as a whole.
Decision making
The Board comprises those listed in the Directors’ Report and draws experience and expertise from the travel industry as well as wider commercial environments. The Board meets formally on a regular basis where a review of prevailing trading conditions is undertaken and future opportunities discussed. The Board is supported by key functional heads from across the business (executive leadership team) who are in attendance at formal meetings and are tasked with delivering the agreed objectives of the Board. Minutes of meetings are maintained.
Employees
Staff are key stakeholders in the business.  Retention is an important factor in maintaining service delivery excellence; the continuing development of existing staff, involvement in decision making through the Works Council in Netherlands and staff consultative committees elsewhere, monthly Group performance updates delivered by the executive leadership team along with effective remuneration schemes are key to creating a work environment where staff feel valued and fulfilled. Annual conferences are held in each geographic market to allow all employees to celebrate the success of the business. Our staff are representative of the communities from which they are drawn and the Group encourages staff through allowing paid leave absence to participate and support initiatives in their communities, to which the Group also contributes.
Clients
The Group is dependent on the continuing confidence and patronage of our clients.  Our focus on service delivery excellence, through highly qualified staff able to access a wider choice of appropriate travel options, facilitated through our extensive content offerings encourages client retention.  And when things don’t go as planned our “Always On” service offering provides the peace of mind for the delayed/inconvenienced traveller.
Supplier
Our Suppliers are our partners that allow us to deliver for our clients.  We engage actively with Suppliers to ensure that we receive the best options for onward sale to Clients and we provide constructive feedback to allow Suppliers to enhance these services/products.


 
Page 4

 
GRAY DAWES TRAVEL LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024


Environment
Our own carbon footprint is relatively low (as reported in the Directors’ report) but we recognise that the travel (particularly air) we book on behalf of our clients creates substantial emissions.  Where alternate lower emission travel is viable we make this available to our clients, we partner with a carbon offset business and at the request of clients we handoff data that allows those clients to mitigate their footprint through offset. We continue to monitor our own emissions and seek to minimise where possible.
High Standards of business conduct
The Board seek to engage on a fair and equitable basis with all business partners, recognising that the best outcomes for all stakeholders can be achieved in this manner. The group holds various ISO accreditations:  #9001 (Quality), #14001(environmental Management), #22301 (Business Continuity Management), #27001 (Information Security Management), #27701 (Privacy Information Management), which collectively support the operational framework and ethos of the Group.
 


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



................................................
S H Horner
Director

Date: 7 August 2024

Page 5

 
GRAY DAWES TRAVEL LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their report and the financial statements for the year ended 31 March 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 judgements 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.

Results and dividends

The profit for the year, after taxation, amounted to £6,921,097 (2023 - £5,111,813).

The directors have recommended and paid a dividend amounting to £3,600,000 (2023: £1,250,000) in the financial year.
During the Year the group acquired Express Travel of Miami Inc. and VCK Travel B.V., travel management companies with offices in Florida, USA and throughout the Netherlands, respectively. This creates the ability to service clients in the local market and to enhance the 24 hour service provision to UK clients.

Directors

The directors who served during the year were:

M J Bor 
Viscount F J K Glenapp 
S H Horner 
Lord K P L Inchcape 
Hon J J T Mackay 

Page 6

 
GRAY DAWES TRAVEL LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Future developments

We continue to search for opportunities to acquire similar travel agency businesses to build on the successes so far and strengthen the 24 hour “always on” service offering required by an increasing number of clients, as well as focussing on organic growth via new and existing clients in all markets.
The board of directors maintain very close contact to the business with the Inchcape Family fully supporting future plans both commercially and financially.

Engagement with employees

The Group is committed to a policy of recruitment on the basis of aptitude without discrimination of any kind. The Group has had a staff consultative committee in place for a number of years and this group meets regularly, the group is tasked with developing policy recommendations in relation to staff development and benefits and passes any other recommendations to management as they arise, representatives are drawn from all areas of the business. On a monthly basis members of the executive leadership team deliver business performance updates to all staff.
Following the acquisition of VCK Travel B.V. in January 2024 the existing Works Council in the Netherlands has continued to engage in regular meetings with the local Managing Director.
Staff are remunerated through a combination of salary and incentives linked to individual and group performance.
Streamlined Energy and Carbon reporting (“SECR”)
The Group is committed to reducing the carbon impact and energy consumption of the business, and to supporting our clients in reducing the impact of their travel on the environment.
The table below shows data for the UK trading company (Gray Dawes Travel Limited), the impact of foreign subsidiaries is excluded as reporting is not required for these businesses.  
The Group has no emissions that are categorised as Scope 1 – direct emissions. In applying the ghg factors we have adopted a days blending split. We have not reported on Well to Tank (WTT) emissions.



Units
2024
2023
Methodology
Scope 2 - energy indirect

Energy consumption

KwH

91,875

86,058
 
Energy supplier billing
 
Energy emissions

KgCO2e

19,024

16,937
 
Ghg conversion factors applied to supplier billing
 

Page 7

 
GRAY DAWES TRAVEL LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024



Units
2024
2023
Methodology
Scope 3 - other indirect

Business mileage

KgCO2e

10,942

13,115
 
Ghg conversion factors applied to mileage records
 
Business travel

KgCO2e

328,279

125,439
 
DEFRA conversion applied
 



 
 
Total consumption

KgCO2e

358,245

155,490
 
 
Intensity ratios



 
 
1 - per £m revenue


11,200

6,241
 
UK revenue only
 
2 - per FTE


1,524

758
 
UK staff only
 

Scope 2 Energy consumption (and associated emissions) have increased in the year by 7% (12%). 3 additional offices came into scope in August 2022, which accounted for the increase.
Scope 3 emissions have increased by 145%,  self driven mileage and domestic business travel emissions have increased by 10% whilst international travel has generated additional emissions as the Group has expanded globally and required additional travel to support integration of the acquired businesses.

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.

Auditors

The auditorsXeinadin Audit Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 8

 
GRAY DAWES TRAVEL LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

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





................................................
S H Horner
Director

Date: 7 August 2024

Page 9

 
GRAY DAWES TRAVEL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GRAY DAWES TRAVEL LIMITED
 

Opinion


We have audited the financial statements of Gray Dawes Travel Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2024, which comprise the Consolidated profit and loss account, 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 31 March 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 10

 
GRAY DAWES TRAVEL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GRAY DAWES TRAVEL 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 11

 
GRAY DAWES TRAVEL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GRAY DAWES TRAVEL LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 6, 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 12

 
GRAY DAWES TRAVEL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GRAY DAWES TRAVEL 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:

Enquiry of management and those charged with governance around actual and potential litigation and claims;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations
Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.
Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations;
 
The potential effect of these laws and regulations on the financial statements varies considerably.
Firstly, the Group is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
Secondly, the Group is subject to many other laws and regulations where the consequence of noncompliance could have a material effect on amounts or disclosures in the financial statements, for instance the imposition of fines or litigation or the loss of the Group’s license to operate. We identified the following areas as those most likely to have such an effect: health and safety, data protection laws, employment law, ATOL and IATA compliance recognising the nature of the Group’s activities. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.



 
Page 13

 
GRAY DAWES TRAVEL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GRAY DAWES TRAVEL LIMITED (CONTINUED)



We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.


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.


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.





Yasin Khandwalla FCCA (Senior statutory auditor)
  
for and on behalf of
Xeinadin Audit Limited
 
Chartered Accountants
Statutory Auditor
  
8th Floor Becket House
36 Old Jewry
London
EC2R 8DD

7 August 2024
Page 14

 
GRAY DAWES TRAVEL LIMITED
 
 
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

  

  
240,013,349
 185,553,018

Turnover
 4 
38,908,409
25,332,344

Administrative expenses
  
(28,986,535)
(19,291,843)

Other operating income
 5 
-
550,000

Operating profit
 6 
9,921,874
6,590,501

Interest receivable and similar income
 10 
513,244
1,467

Interest payable and similar expenses
 11 
(321,717)
(300,806)

Profit before tax
  
10,113,401
6,291,162

Tax on profit
 12 
(3,192,304)
(1,179,349)

Profit for the financial year
  
6,921,097
5,111,813

Profit for the year attributable to:
  

Owners of the parent
  
6,921,097
5,111,813

  
6,921,097
5,111,813

The notes on pages 23 to 49 form part of these financial statements.



Page 15

 
GRAY DAWES TRAVEL LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£


Profit for the financial year

  

6,921,097
5,111,813

Other comprehensive income
  

Total comprehensive income for the year
  
6,921,097
5,111,813

Profit for the year attributable to:
  


Owners of the parent Company
  
6,921,097
5,111,813

  
6,921,097
5,111,813

Total comprehensive income attributable to:
  


Owners of the parent Company
  
6,921,097
5,111,813

  
6,921,097
5,111,813

The notes on pages 23 to 49 form part of these financial statements.

Page 16

 
GRAY DAWES TRAVEL LIMITED
REGISTERED NUMBER: 00904769

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 14 
20,550,794
10,812,406

Tangible assets
 15 
399,259
301,440

  
20,950,053
11,113,846

Current assets
  

Debtors
 17 
38,484,090
13,949,016

Cash at bank and in hand
 18 
25,215,971
16,381,087

  
63,700,061
30,330,103

Creditors: amounts falling due within one year
 19 
(69,048,173)
(29,283,395)

Net current (liabilities)/assets
  
 
 
(5,348,112)
 
 
1,046,708

Total assets less current liabilities
  
15,601,941
12,160,554

Creditors: amounts falling due after more than one year
 20 
(4,799,779)
(4,679,489)

  

Net assets
  
10,802,162
7,481,065


Capital and reserves
  

Called up share capital 
 23 
150,000
150,000

Profit and loss account
 24 
10,652,162
7,331,065

Equity attributable to owners of the parent Company
  
10,802,162
7,481,065

  
10,802,162
7,481,065


Page 17

 
GRAY DAWES TRAVEL LIMITED
REGISTERED NUMBER: 00904769
    
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
S H Horner
Director

Date: 7 August 2024

The notes on pages 23 to 49 form part of these financial statements.

Page 18

 
GRAY DAWES TRAVEL LIMITED
REGISTERED NUMBER: 00904769

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 14 
7,078,391
8,876,315

Tangible assets
 15 
234,027
252,098

Investments
 16 
2,982
2,054

  
7,315,400
9,130,467

Current assets
  

Debtors
 17 
33,277,795
14,980,953

Cash at bank and in hand
 18 
12,377,255
15,816,510

  
45,655,050
30,797,463

Creditors: amounts falling due within one year
 19 
(39,967,093)
(27,669,969)

Net current assets
  
 
 
5,687,957
 
 
3,127,494

Total assets less current liabilities
  
13,003,357
12,257,961

  

Creditors: amounts falling due after more than one year
 20 
(1,657,103)
(4,582,130)

  

Net assets excluding pension asset
  
11,346,254
7,675,831

Net assets
  
11,346,254
7,675,831


Capital and reserves
  

Called up share capital 
 23 
150,000
150,000

Profit and loss account
 24 
11,196,254
7,525,831

  
11,346,254
7,675,831


Page 19

 
GRAY DAWES TRAVEL LIMITED
REGISTERED NUMBER: 00904769
    
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006
and has not presented its own Profit and loss account in these financial statements.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


................................................
S H Horner
Director

Date: 7 August 2024

The notes on pages 23 to 49 form part of these financial statements.

Page 20

 
GRAY DAWES TRAVEL LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£


At 1 April 2022
150,000
3,469,252
3,619,252
3,619,252


Comprehensive income for the year

Profit for the year
-
5,111,813
5,111,813
5,111,813

Dividends: Equity capital
-
(1,250,000)
(1,250,000)
(1,250,000)



At 1 April 2023
150,000
7,331,065
7,481,065
7,481,065


Comprehensive income for the year

Profit for the year
-
6,921,097
6,921,097
6,921,097

Dividends: Equity capital
-
(3,600,000)
(3,600,000)
(3,600,000)


At 31 March 2024
150,000
10,652,162
10,802,162
10,802,162


The notes on pages 23 to 49 form part of these financial statements.

Page 21

 
GRAY DAWES TRAVEL LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 April 2022
150,000
4,098,040
4,248,040


Comprehensive income for the year

Profit for the year
-
4,677,791
4,677,791

Dividends: Equity capital
-
(1,250,000)
(1,250,000)



At 1 April 2023
150,000
7,525,831
7,675,831


Comprehensive income for the year

Profit for the year
-
7,270,423
7,270,423

Dividends: Equity capital
-
(3,600,000)
(3,600,000)


At 31 March 2024
150,000
11,196,254
11,346,254


The notes on pages 23 to 49 form part of these financial statements.

Page 22

 
GRAY DAWES TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Gray Dawes Travel Limited is a private company limited by shares incorporated in England and Wales, United Kingdom.
The registered office and principal address is The Octagon, 27 Middleborough, Colchester, Essex, CO1 1RA.
The principal activity of the Group continued to be that of travel and expense management for corporate clients and individuals. 

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 judgement 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 Profit and loss account in these financial statements.

 
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 statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

  
2.3

Exemptions for qualifying entities under FRS 102

The Group has taken advantage of the following exemptions on the basis that the equivalent disclosures are included in the consolidated financial statements:
(i) Cash flow statement - Under FRS 102 paragraph 1.12(b), from preparing a Statement of Cash Flows, on the basis that it is a qualifying entity and its parent company, Inchcape Family Estates Limited, includes the Company's cash flows in its own consolidated financial statements.
(ii) Key management personnel - Under FRS 102 paragraph 1.12(e), from disclosing the key management personnel in the Group on the basis that it is a qualifying entity and its parent company, Inchcape Family Estates Limited, includes this disclosure in its own consolidated financial statements. 

Page 23

 
GRAY DAWES TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Foreign currency translation

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. Nonmonetary 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 that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
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 the overseas operations at actual rate are recognised in other comprehensive income.

 
2.5

Revenue

Turnover represents amounts earned during the year from transactions fees, management fees, commissions receivable and other income in accordance with contractual arrangement, exclusive of Value Added Tax. Revenue is taken to the profit and loss account based on the date of booking.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 
2.6

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.

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.

 
2.7

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 24

 
GRAY DAWES TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.9

Borrowing costs

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

 
2.10

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.

 
2.11

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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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.

Page 25

 
GRAY DAWES TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.12

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 profit and loss account over its useful economic life. The finite useful life of goodwill is estimated to be 10 years.

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.

 
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, see methods below.

Depreciation is provided on the following basis:

Improvements to property
-
Over the term of the lease
Plant and machinery
-
3 - 5 years straight line
Motor vehicles
-
Over the term of the lease
Fixtures and fittings
-
15% reducing balance
Office equipment
-
15% reducing balance; 2-10 years straight line
Other fixed assets
-
Over the term of the lease

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.

Page 26

 
GRAY DAWES TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.14

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.15

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group 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 Consolidated profit and loss account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.16

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.

 
2.17

Cash and cash equivalents

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

 
2.18

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.

 
2.19

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.

Page 27

 
GRAY DAWES TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
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.

 
2.21

Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated profit and loss account.

 
2.22

Dividends

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

  
2.23

Business combinations

Business combinations are accounted for using the purchase method as at the acquisition date, which is the date on which control is transferred to the entity.

At the acquisition date, the group recognises goodwill at the acquisition date as:
 
the fair value of the consideration (excluding contingent consideration) transferred; plus
 
estimated amount of contingent consideration (see below); plus
 
the fair value of the equity instruments issued; plus
 
directly attributable transaction costs; less
 
the net recognised amount (generally fair value) of the identifiable assets acquired and liabilities and contingent liabilities assumed.

When the excess is negative, this is recognised and separately disclosed on the face of the balance sheet as negative goodwill. Consideration which is contingent on future events is recognised based on the estimated amount if the contingent consideration is probable and can be measured reliably. Any subsequent changes to the amount are treated as an adjustment to the cost of the acquisition.

Page 28

 
GRAY DAWES TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the Group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are recognised 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 Statement of comprehensive income in the period in which the estimate is revised where the revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods. 
Critical judgements:
Revenue recognition
The group recognises revenue based on the date of booking, which in the directors' judgement, is the most appropriate revenue basis as this matches the point at which the services is performed.
Key sources of estimation uncertainty:
Intangible assets
Intangible assets are reviewed annually for impairment if events or changes in circumstances, such as changes in technology, market or economic conditions indicate changes to the useful economic life of an asset. Intangible assets consist of Goodwill, assets acquired separately, and assets acquired as part of a business combination.
The directors are of the the view that there are no other estimates or assumptions that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities.


4.


Turnover

The whole of the turnover is attributable to travel and expense management for corporate clients and individuals. 

Turnover analysed by geographical market:

2024
2023
£
£

United Kingdom
32,049,498
24,914,680

Rest of Europe
2,835,705
-

Rest of the world
4,023,206
417,664

38,908,409
25,332,344


Page 29

 
GRAY DAWES TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Other operating income

2024
2023
£
£

Debt collection management fee
-
550,000

-
550,000



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
160,647
83,463

Exchange differences
124,077
(3,352)

Amortisation of intangible assets, including goodwill
2,454,084
1,845,397

Other operating lease rentals
595,966
326,454

Defined contribution pension cost
523,114
310,064


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
90,000
56,000

Fees payable to the Company's auditors for non-audit services
30,000
24,000


8.


Employees

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



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Administrative
63
55
49
48



Office and Management
31
18
22
12



Travel consultants and sales
228
162
164
144

322
235
235
204

Page 30

 
GRAY DAWES TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

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

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


Wages and Salaries
17,593,835
12,422,678
13,759,779
12,031,708

Social security costs
1,820,349
1,405,261
1,606,773
1,405,261

Cost of defined contribution scheme
523,114
310,064
247,254
270,696

19,937,298
14,138,003
15,613,806
13,707,665



9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
2,970,405
2,909,236

Group contributions to defined contribution pension schemes
8,377
7,617

2,978,782
2,916,853


During the year retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £2,909,765 (2023 - £2,851,208).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £6,889 (2023 - £6,205).


10.


Interest receivable

2024
2023
£
£


Bank interest receivable
513,244
1,467

513,244
1,467

Page 31

 
GRAY DAWES TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
321,717
300,806

321,717
300,806


12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
3,013,391
1,501,096

Adjustments in respect of previous periods
(13,839)
(226,602)


2,999,552
1,274,494

Foreign tax


Foreign tax on income for the year
187,435
(58,014)

187,435
(58,014)

Total current tax
3,186,987
1,216,480

Deferred tax


Origination and reversal of timing differences
5,317
(53,820)

Adjustments in respect of prior periods
-
16,689

Total deferred tax
5,317
(37,131)


Taxation on profit on ordinary activities
3,192,304
1,179,349
Page 32

 
GRAY DAWES TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is the same as (2023 - the same as) the standard rate of corporation tax in the UK of 25% (2023 - 19%) as set out below:

2024
2023
£
£


Profit on ordinary activities before tax
10,113,401
6,291,162


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
2,528,350
1,123,879

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
405
152,900

Fixed asset differences
449,481
321,050

Adjustments to tax charge in respect of prior periods
(13,839)
(226,602)

Adjustments to tax charge in respect of prior periods - deferred tax
-
16,690

Other differences leading to an increase (decrease) in taxation
40,472
(60,725)

Deferred tax not recognised
-
(101,201)

Remeasurement of deferred tax for change in tax rates
-
11,372

Overseas tax
187,435
(58,014)

Total tax charge for the year
3,192,304
1,179,349


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


13.


Dividends

2024
2023
£
£


Dividends to ordinary shareholders
3,600,000
1,250,000

3,600,000
1,250,000



Page 33

 
GRAY DAWES TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

14.


Intangible assets

Group





Development expenditure
Computer software
Goodwill
Total

£
£
£
£



Cost


At 1 April 2023
39,503
8,867
19,360,079
19,408,449


Additions
-
-
12,076,748
12,076,748


On acquisition of subsidiaries
-
472,735
-
472,735



At 31 March 2024

39,503
481,602
31,436,827
31,957,932



Amortisation


At 1 April 2023
-
8,867
8,587,176
8,596,043


Charge for the year on owned assets
-
14,344
2,439,740
2,454,084


On acquisition of subsidiaries
-
357,011
-
357,011



At 31 March 2024

-
380,222
11,026,916
11,407,138



Net book value



At 31 March 2024
39,503
101,380
20,409,911
20,550,794



At 31 March 2023
39,503
-
10,772,903
10,812,406

The goodwill at 1 April 2023 related to previously owned subdisiaries hived up and MP Travel Pty. Limited acquired in the prior year. The goodwill additions during the year is a result of the acquisition of VCK Travel B.V. and Express Travel of Miami, Inc. See Note 25.



Page 34

 
GRAY DAWES TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
           14.Intangible assets (continued)

Company




Development expenditure
Goodwill
Total

£
£
£



Cost


At 1 April 2023
39,503
12,168,773
12,208,276



At 31 March 2024

39,503
12,168,773
12,208,276



Amortisation


At 1 April 2023
-
3,331,961
3,331,961


Charge for the year
-
1,797,924
1,797,924



At 31 March 2024

-
5,129,885
5,129,885



Net book value



At 31 March 2024
39,503
7,038,888
7,078,391



At 31 March 2023
39,503
8,836,812
8,876,315

Page 35

 


 
GRAY DAWES TRAVEL LIMITED


 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


15.


Tangible fixed assets


Group






Improvements to property
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Other fixed assets
Total

£
£
£
£
£
£
£


Cost or valuation


At 1 April 2023
251,656
400,878
-
77,139
51,412
185,176
966,261


Additions
24,086
91,973
-
-
3,062
-
119,121


Acquisition of subsidiary
10,612
-
46,774
13,008
485,019
-
555,413


Disposals
-
-
-
-
-
(185,176)
(185,176)



At 31 March 2024

286,354
492,851
46,774
90,147
539,493
-
1,455,619


Depreciation


At 1 April 2023
175,296
232,596
-
67,139
41,412
148,378
664,821


Charge for the year on owned assets
32,728
68,778
2,106
-
20,237
36,798
160,647


Disposals
-
-
-
-
-
(185,176)
(185,176)


Acquisition of subsidiary
9,636
-
16,839
13,008
376,585
-
416,068



At 31 March 2024

217,660
301,374
18,945
80,147
438,234
-
1,056,360


Net book value



At 31 March 2024
68,694
191,477
27,829
10,000
101,259
-
399,259



At 31 March 2023
76,360
168,282
-
10,000
10,000
36,798
301,440
Page 36

 


 
GRAY DAWES TRAVEL LIMITED


 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

           15.Tangible fixed assets (continued)




Company







Improvements to property
Plant and machinery
Fixtures and fittings
Office equipment
Total

£
£
£
£
£

Cost or valuation


At 1 April 2023
226,459
388,936
62,632
86,131
764,158


Additions
24,086
48,645
-
-
72,731



At 31 March 2024

250,545
437,581
62,632
86,131
836,889


Depreciation


At 1 April 2023
155,236
208,061
62,632
86,131
512,060


Charge for the year on owned assets
30,648
60,154
-
-
90,802



At 31 March 2024

185,884
268,215
62,632
86,131
602,862


Net book value



At 31 March 2024
64,661
169,366
-
-
234,027



At 31 March 2023
71,223
180,875
-
-
252,098

Page 37

 
GRAY DAWES TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

16.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2023
2,054


Additions
928



At 31 March 2024
2,982




Investments at 1 April 2023 relate to Gray Dawes Holidays Limited and Gray Dawes Travel Pty Limited. Additions to investment during the year relate to Gray Dawes Travel, Inc. and Gray Dawes Travel Holding B.V.

Page 38

 
GRAY DAWES TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

The Business Travel Partnership Limited *^<
Ordinary
100%
Chiswick Investments Limited *^<
Ordinary
100%
BTP Group Limited ^<
Ordinary
100%
Amethyst Corporate Enterprises Limited ^<
Ordinary
100%
Travel Focus Limited **^<
Ordinary
100%
Travel Management Group Plc ^<
Ordinary
100%
Gray Dawes Holidays Limited ***
Ordinary
100%
Giles Travel Limited ^<
Ordinary
100%
CTM Travel Management Limited ^<
Ordinary
100%
Travel By Amber Road Limited ^<
Ordinary
100%
Amber Road Travel Limited ****^<
Ordinary
100%
Amber Road Hotels Limited ****^<
Ordinary
100%
Gray Dawes Travel Pty Limited
Ordinary
100%
MP Travel Pty Limited *****
Ordinary
100%
Gray Dawes Travel, Inc.
Ordinary
100%
Express Travel of Miami, Inc.******
Ordinary
100%
Gray Dawes Travel Holding B.V.
Ordinary
100%
VCK Holding B.V. *******
Ordinary
100%

* these are wholly owned subsidiaries of BTP Group Limited
** this is a wholly owned subsidiary of Amethyst Corporate Enterprises Limited
*** this is a wholly owned subsidiary of Travel Management Group Plc
**** these are wholly owned subsidiaries of Travel By Amber Road Limited
***** this is a wholly owned subsidiary of Gray Dawes Travel Pty Limited
****** this is a wholly owned subsidiary of Gray Dawes Travel, Inc.
******* this is a wholly owned subsidiary of Gray Dawes Travel Holding B.V.

^ subsidiaries hived up in 2023.
< dormant subsidiaries in the process of dissolution.
On 10th March 2023, Gray Dawes Travel Limited  incorporated Gray Dawes Travel, Inc., based in US.
On 28th April 2023, Gray Dawes Travel, Inc. acquired 100% ownership of Express Travel of Miami, Inc., based in US.
On 22nd December 2023, Gray Dawes Travel Limited incorporated Gray Dawes Travel Holding B.V., based in the Netherlands.
On 3rd January 2024, Gray Dawes Travel Holding B.V. acquired 100% ownership of VCK Travel B.V., based in the Netherlands.

Page 39

 
GRAY DAWES TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

17.


Debtors

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

Due after more than one year

Amounts owed by group undertakings
1,106,187
-
1,106,187
-

Due within one year

Trade debtors
28,483,661
9,240,822
15,539,420
9,181,985

Amounts owed by group undertakings
2,717,721
3,928,417
14,619,059
5,131,766

Other debtors
1,999,186
159,278
327,349
97,467

Prepayments and accrued income
4,064,726
512,435
1,628,292
506,930

Deferred taxation
112,609
108,064
57,488
62,805

38,484,090
13,949,016
33,277,795
14,980,953



18.


Cash and cash equivalents

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

Cash at bank and in hand
25,215,971
16,381,087
12,377,255
15,816,510

25,215,971
16,381,087
12,377,255
15,816,510



19.


Creditors: Amounts falling due within one year

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

Bank loans
2,290,487
2,114,286
2,290,487
2,114,286

Trade creditors
39,080,582
17,362,010
20,821,200
17,317,301

Amounts owed to group undertakings
-
-
17,818
17,818

Corporation tax
1,638,994
1,538,764
1,312,163
1,526,938

Other taxation and social security
380,732
377,297
285,190
336,915

Other creditors
8,672,208
2,862,041
840,539
1,596,752

Accruals and deferred income
16,985,170
5,028,997
14,399,696
4,759,959

69,048,173
29,283,395
39,967,093
27,669,969


At the year end the Group had an outstanding BSP liability of £11,398,766 (2023: £3,430,255).

Page 40

 
GRAY DAWES TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

20.


Creditors: Amounts falling due after more than one year

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

Bank loans
1,057,103
3,171,434
1,057,103
3,171,434

Amounts owed to group undertakings
-
210,696
-
210,696

Other creditors
3,742,676
1,297,359
600,000
1,200,000

4,799,779
4,679,489
1,657,103
4,582,130


Secured loans:
The Group entered into a loan facility during year ending 31 March 2022 for £7,400,000, repayable over a term of 3 year 6 months, attracting an interest rate of 2.5% over base rate. At the year end, £3,347,590 remained payable.
Legal charges and securities:
The Group has a bank overdraft facility of £2,500,000, repayable on demand. To secure the bank overdraft facility and loan facility detailed above, the Group has entered into a Composite Company Limited Multilateral Guarantee with HSBC Bank Plc, dated 29 March 2021. At the year end the utilisation of the facility was £nil (2023: £nil) 
Other Creditors includes deferred consideration payable on the acquisition of subsidiaries.

Page 41

 
GRAY DAWES TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

21.


Loans


Analysis of the maturity of loans is given below:


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

Amounts falling due within one year

Bank loans
2,290,487
2,114,286
2,290,487
2,114,286


2,290,487
2,114,286
2,290,487
2,114,286

Amounts falling due 1-2 years

Bank loans
1,057,103
2,114,286
1,057,103
2,114,286


1,057,103
2,114,286
1,057,103
2,114,286

Amounts falling due 2-5 years

Bank loans
-
1,057,148
-
1,057,148


-
1,057,148
-
1,057,148


3,347,590
5,285,720
3,347,590
5,285,720



22.


Deferred taxation


Group



2024
2023


£

£






At beginning of year
108,064
25,674


Charged to profit or loss
4,545
37,131


On acquisition of subsidiary
-
45,259



At end of year
112,609
108,064

Page 42

 
GRAY DAWES TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
22.Deferred taxation (continued)

Company


2024
2023


£

£






At beginning of year
62,805
25,674


Charged to profit or loss
(5,317)
37,131



At end of year
57,488
62,805

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

Accelerated capital allowances
16,564
18,062
16,564
18,062

Short term timing differences
40,924
44,743
40,924
44,743

Other
55,121
45,259
-
-

112,609
108,064
57,488
62,805


23.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



150,000 (2023 - 150,000) Ordinary shares of £1.00 each
150,000
150,000



24.


Reserves

Profit and loss account

Includes all current and prior period retained profit and losses.

Page 43

 
GRAY DAWES TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

25.
 

Business combinations

During the year, the Group completed acquisitions of following entities-
- On 3rd January 2024, the Group acquired 100% ownership of VCK Travel B.V., based in the Netherlands.
- On 28th April 2023, the group acquired 100% ownership of Express Travel of Miami, Inc., based in the United States of America.

Acquisition of VCK Travel B.V

Recognised amounts of identifiable assets acquired and liabilities assumed

Fair value
£

Fixed Assets

Tangible
120,498

Intangible
117,031

237,529

Current Assets

Debtors
13,188,966

Cash at bank and in hand
6,446,243

Total Assets
19,872,738

Creditors

Due within one year
(16,627,441)

Provisions for liabilities
(32,942)

Total Identifiable net assets
3,212,355


Goodwill
9,956,898

Total purchase consideration
13,169,253

Consideration

£


Cash
8,519,861

Deferred consideration
4,576,348

Directly attributable costs
73,044

Total purchase consideration
13,169,253

Page 44

 
GRAY DAWES TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

25.Business combinations (continued)

Cash outflow on acquisition

£


Purchase consideration settled in cash, as above
8,519,861

Directly attributable costs
73,044

8,592,905

Less: Cash and cash equivalents acquired
(6,446,243)

Net cash outflow on acquisition
2,146,662

The results of VCK Travel B.V since acquisition are as follows:

Current period since acquisition
£

Turnover
2,835,701

Profit for the period since acquisition
548,074

Page 45

 
GRAY DAWES TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

25.Business combinations (continued)

Acquisition of Express Travel of Miami, Inc.

Recognised amounts of identifiable assets acquired and liabilities assumed

Fair value
£

Fixed Assets

Tangible
1,136

1,136

Current Assets

Debtors
289,048

Cash at bank and in hand
184,927

Total Assets
475,111

Creditors

Due within one year
(430,564)

Total Identifiable net assets
44,547


Goodwill
2,119,850

Total purchase consideration
2,164,397

Consideration

£


Cash
1,202,443

Deferred consideration
961,954

Total purchase consideration
2,164,397

Cash outflow on acquisition

£


Purchase consideration settled in cash, as above
1,202,443

1,202,443

Less: Cash and cash equivalents acquired
(184,927)

Net cash outflow on acquisition
1,017,516

Page 46

 
GRAY DAWES TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

25.Business combinations (continued)

The results of Express Travel of Miami, Inc. since acquisition are as follows:

Current period since acquisition
£

Turnover
1,680,782

Profit for the period since acquisition
270,118


26.


Contingent liabilities

Gray Dawes Travel Limited currently holds an Air Travel Organisers’ License (‘ATOL’) issued by the Civil Aviation Authority (‘CAA’) and is an accredited agent of the International Air Transport Association (‘IATA’). As at 31 March 2024, there were no contingent liabilities, in the normal course of business, in respect of CAA or IATA regulatory and financial requirements.
As at 31 March 2024, there were no other material contingent liabilities.


27.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held seperately 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 £523,114 (2023: £270,696). Contributions totalling £145,704 (2023: £62,251) were payable to the fund at the balance sheet date and included within other creditors.

Page 47

 
GRAY DAWES TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

28.


Commitments under operating leases

At 31 March 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
Company
Company
2024
2023
2024
2023
£
£
£
£

Land and buildings

Not later than 1 year
790,824
379,880
422,975
342,975

Later than 1 year and not later than 5 years
1,403,671
1,379,537
1,288,276
1,379,537

Later than 5 years
172,486
399,058
172,486
399,058

2,366,981
2,158,475
1,883,737
2,121,570

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

Other

Not later than 1 year
4,756
13,228
-
12,694

Later than 1 year and not later than 5 years
396
10,428
-
10,428

5,152
23,656
-
23,122

Page 48

 
GRAY DAWES TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

29.


Related party transactions

The Company has taken advantage of the exemption to disclose related party transactions with companies that are wholly owned within the Group.
During the year, the Group paid £17,737 (2023: £800) to J Horner, spouse of S Horner in relation to repair work.
There were no other transactions with related parties.


30.


Post balance sheet events

The directors have concluded that no other material events have occurred since the date of approval of these financial statements that would affect the financial statements of the group.


31.


Controlling party

The immediate parent undertaking is Inchcape Family Estates Limited.
The ultimate parent company is Castle Street Nominees Limited.
The largest group to consolidate these financial statements is Inchcape Family Estates Limited. Copies of the consolidated financial statements can be obtained from the Company Secretary at 25 St Thomas
Street, Winchester, S023 9HJ.

 
Page 49