Registered number:
FOR THE YEAR ENDED 31 MARCH 2024
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GRAY DAWES TRAVEL LIMITED
COMPANY INFORMATION
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GRAY DAWES TRAVEL LIMITED
CONTENTS
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GRAY DAWES TRAVEL LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
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”.
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.
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GRAY DAWES TRAVEL LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
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.
The key performance metrics of the Group are monitored closely by The Board and have improved substantially over the year:
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GRAY DAWES TRAVEL LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
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.
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GRAY DAWES TRAVEL LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
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.
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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.
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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.
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.
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 2006. They 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.
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.
The directors who served during the year were:
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GRAY DAWES TRAVEL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
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.
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.
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GRAY DAWES TRAVEL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
There have been no significant events affecting the Group since the year end.
The auditors, Xeinadin Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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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.
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GRAY DAWES TRAVEL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GRAY DAWES TRAVEL LIMITED
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 policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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.
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.
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GRAY DAWES TRAVEL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GRAY DAWES TRAVEL LIMITED (CONTINUED)
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 Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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.
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.
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.
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GRAY DAWES TRAVEL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GRAY DAWES TRAVEL LIMITED (CONTINUED)
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GRAY DAWES TRAVEL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GRAY DAWES TRAVEL LIMITED (CONTINUED)
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.
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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.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in 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.
for and on behalf of
Chartered Accountants
Statutory Auditor
8th Floor Becket House
36 Old Jewry
EC2R 8DD
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GRAY DAWES TRAVEL LIMITED
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
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GRAY DAWES TRAVEL LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
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GRAY DAWES TRAVEL LIMITED
REGISTERED NUMBER: 00904769
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024
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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:
The notes on pages 23 to 49 form part of these financial statements.
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GRAY DAWES TRAVEL LIMITED
REGISTERED NUMBER: 00904769
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024
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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:
The notes on pages 23 to 49 form part of these financial statements.
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GRAY DAWES TRAVEL LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
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GRAY DAWES TRAVEL LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
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GRAY DAWES TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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
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.
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.
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.
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GRAY DAWES TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
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. 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.
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GRAY DAWES TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
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GRAY DAWES TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
Goodwill
Other intangible assets
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.
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:
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.
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GRAY DAWES TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
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GRAY DAWES TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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.
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.
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GRAY DAWES TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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.
The whole of the turnover is attributable to travel and expense management for corporate clients and individuals.
Turnover analysed by geographical market:
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GRAY DAWES TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Page 30
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GRAY DAWES TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Page 31
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GRAY DAWES TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Page 32
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GRAY DAWES TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
12.Taxation (continued)
There were no factors that may affect future tax charges.
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GRAY DAWES TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Page 34
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GRAY DAWES TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
14.Intangible assets (continued)
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15.Tangible fixed assets (continued)
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GRAY DAWES TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Page 38
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GRAY DAWES TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Page 39
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GRAY DAWES TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Page 40
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GRAY DAWES TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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.
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GRAY DAWES TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Page 42
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GRAY DAWES TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
22.Deferred taxation (continued)
Profit and loss account
Page 43
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GRAY DAWES TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 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.
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GRAY DAWES TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
25.Business combinations (continued)
Page 45
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GRAY DAWES TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
25.Business combinations (continued)
Page 46
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GRAY DAWES TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
25.Business combinations (continued)
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.
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.
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GRAY DAWES TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Page 48
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GRAY DAWES TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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.
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