Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-3128362023-07-01falseTour operator activitiesfalsetrue 07661074 2023-07-01 2024-03-31 07661074 2022-07-01 2023-06-30 07661074 2024-03-31 07661074 2023-06-30 07661074 c:Director1 2023-07-01 2024-03-31 07661074 d:PlantMachinery 2023-07-01 2024-03-31 07661074 d:PlantMachinery 2024-03-31 07661074 d:PlantMachinery 2023-06-30 07661074 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-07-01 2024-03-31 07661074 d:ComputerSoftware 2024-03-31 07661074 d:ComputerSoftware 2023-06-30 07661074 d:OtherResidualIntangibleAssets 2023-07-01 2024-03-31 07661074 d:CurrentFinancialInstruments 2024-03-31 07661074 d:CurrentFinancialInstruments 2023-06-30 07661074 d:Non-currentFinancialInstruments 2024-03-31 07661074 d:Non-currentFinancialInstruments 2023-06-30 07661074 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 07661074 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 07661074 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 07661074 d:Non-currentFinancialInstruments d:AfterOneYear 2023-06-30 07661074 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-03-31 07661074 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-06-30 07661074 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-03-31 07661074 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-06-30 07661074 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-03-31 07661074 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-06-30 07661074 d:ShareCapital 2024-03-31 07661074 d:ShareCapital 2023-06-30 07661074 d:SharePremium 2024-03-31 07661074 d:SharePremium 2023-06-30 07661074 d:RetainedEarningsAccumulatedLosses 2024-03-31 07661074 d:RetainedEarningsAccumulatedLosses 2023-06-30 07661074 c:OrdinaryShareClass1 2023-07-01 2024-03-31 07661074 c:OrdinaryShareClass1 2024-03-31 07661074 c:OrdinaryShareClass1 2023-06-30 07661074 c:FRS102 2023-07-01 2024-03-31 07661074 c:Audited 2023-07-01 2024-03-31 07661074 c:FullAccounts 2023-07-01 2024-03-31 07661074 c:PrivateLimitedCompanyLtd 2023-07-01 2024-03-31 07661074 d:WithinOneYear 2024-03-31 07661074 d:WithinOneYear 2023-06-30 07661074 d:BetweenOneFiveYears 2024-03-31 07661074 d:BetweenOneFiveYears 2023-06-30 07661074 c:SmallCompaniesRegimeForAccounts 2023-07-01 2024-03-31 07661074 d:ComputerSoftware d:ExternallyAcquiredIntangibleAssets 2023-07-01 2024-03-31 07661074 2 2023-07-01 2024-03-31 07661074 d:ComputerSoftware d:OwnedIntangibleAssets 2023-07-01 2024-03-31 07661074 e:PoundSterling 2023-07-01 2024-03-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 07661074










LATIN ROUTES LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 MARCH 2024

 
LATIN ROUTES LIMITED
REGISTERED NUMBER: 07661074

BALANCE SHEET
AS AT 31 MARCH 2024

31 March
30 June
2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
27,636
-

Tangible assets
 5 
37,785
11,781

  
65,421
11,781

Current assets
  

Debtors
 6 
1,711,708
1,538,149

Cash at bank and in hand
 7 
351,064
73,712

  
2,062,772
1,611,861

Creditors: amounts falling due within one year
 8 
(1,412,008)
(1,147,725)

Net current assets
  
 
 
650,764
 
 
464,136

Total assets less current liabilities
  
716,185
475,917

Creditors: amounts falling due after more than one year
 9 
(492,434)
(443,773)

Provisions for liabilities
  

Deferred tax
  
(16,355)
-

  
 
 
(16,355)
 
 
-

Net assets
  
207,396
32,144


Capital and reserves
  

Called up share capital 
  
143
143

Share premium account
  
73,674
73,674

Profit and loss account
  
133,579
(41,673)

  
207,396
32,144


Page 1

 
LATIN ROUTES LIMITED
REGISTERED NUMBER: 07661074
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 September 2024.




J A F Dennison
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
LATIN ROUTES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

1.


General information

Latin Routes Limited is a private company limited by shares incorporated in England and Wales. The address of the registered office is given on the Company Information page of these financial statements.
The principal activity of the Company during the year was that of a tour operator.
This is the first year that the Company's accounts have been audited. The prior year comparative figures shown have not been audited.
The financial statements are prepared for 9 months period ending 31 March 2024. Comparatives are for 12 months period to 30th June 2023. Consequently, comparative amounts for the Income Statement and the related notes are not entirely comparable. 

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

The Company's agency turnover represents the value of goods and services supplied to customers during the year, recognised on a departure date basis.
Revenue derived from tour operator activities represents income received or receivable for tours departing during the financial year and non-refundable deposits received for tours booked during the year, net of VAT and trade discounts.

 
2.3

Interest income

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

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

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

Page 3

 
LATIN ROUTES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

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

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

 
2.7

Current and deferred taxation

The tax expense for the period 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 balance sheet date in the countries where the Company operates and generates income.

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

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

 
2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Other intangible fixed assets
-
5
years

Page 4

 
LATIN ROUTES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.9

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, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
straight line basis

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

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

 
2.10

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.

 
2.11

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.

 
2.12

Creditors

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

 
2.13

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.

 
2.14

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of
Page 5

 
LATIN ROUTES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.14
Financial instruments (continued)

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.

  
2.15

Advanced receipts and payments

Balances received relating to bookings that depart after the balance sheet date are treated as advance receipts and are included within accruals and deferred income.

Payments made to suppliers relating to bookings that depart after the balance sheet date are treated as advance payments and are set off against advance receipts within accruals and deferred income.


3.


Employees

The average monthly number of employees, including directors, during the period was 36 (2023 - 28).


4.


Intangible assets






Computer software

£



Cost


Additions
29,410



At 31 March 2024

29,410



Amortisation


Charge for the period on owned assets
1,774



At 31 March 2024

1,774



Net book value



At 31 March 2024
27,636



At 30 June 2023
-



Page 6

 
LATIN ROUTES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

5.


Tangible fixed assets







Plant and machinery

£



Cost or valuation


At 1 July 2023
90,186


Additions
32,275



At 31 March 2024

122,461



Depreciation


At 1 July 2023
78,405


Charge for the period on owned assets
6,271



At 31 March 2024

84,676



Net book value



At 31 March 2024
37,785



At 30 June 2023
11,781


6.


Debtors

31 March
30 June
2024
2023
£
£

Due after more than one year

Other debtors
3,250
3,250

Prepayments and accrued income
480,029
91,245

483,279
94,495

Due within one year

Trade debtors
63,442
7,687

Other debtors
75,528
38,819

Prepayments and accrued income
1,089,459
1,330,379

Deferred taxation
-
66,769

1,711,708
1,538,149


Page 7

 
LATIN ROUTES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

7.


Cash and cash equivalents

31 March
30 June
2024
2023
£
£

Cash at bank and in hand
351,064
73,712

Less: bank overdrafts
(1,431)
(2,359)

349,633
71,353



8.


Creditors: Amounts falling due within one year

31 March
30 June
2024
2023
£
£

Bank overdrafts
1,431
2,359

Bank loans
66,571
69,825

Trade creditors
85,779
42,608

Corporation tax
72,398
-

Other taxation and social security
49,258
43,660

Other creditors
16,781
8,481

Accruals and deferred income
1,119,790
980,792

1,412,008
1,147,725


Accruals and deferred income includes advance receipts from customers for departures after the balance sheet date amounting to £1,102,507 (2023 : £975,792).


9.


Creditors: Amounts falling due after more than one year

31 March
30 June
2024
2023
£
£

Bank loans
168,580
217,429

Accruals and deferred income
323,854
226,344

492,434
443,773


Accruals and deferred income includes advance receipts from customers for departures after the balance sheet date amounting to £323,854 (2023 : £226,344).

Page 8

 
LATIN ROUTES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

10.


Loans


Analysis of the maturity of loans is given below:


31 March
30 June
2024
2023
£
£

Amounts falling due within one year

Bank loans
66,571
69,825


66,571
69,825

Amounts falling due 1-2 years

Bank loans
70,413
66,262


70,413
66,262

Amounts falling due 2-5 years

Bank loans
95,667
116,167


95,667
116,167

Amounts falling due after more than 5 years

Bank loans
2,500
35,000

2,500
35,000

235,151
287,254



11.


Share capital

31 March
30 June
2024
2023
£
£
Allotted, called up and fully paid



143 (2023 - 143) Ordinary shares of £1.00 each
143
143



12.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £7,395 (2023: £24,421). 

Page 9

 
LATIN ROUTES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

13.


Commitments under operating leases

At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

31 March
30 June
2024
2023
£
£


Not later than 1 year
19,176
19,176

Later than 1 year and not later than 5 years
20,857
35,305

40,033
54,481


14.


Controlling party

The controlling parties are Jessica Dennison and Martin Johnson by virtue of their shareholding.


15.


Auditors' information

The auditors' report on the financial statements for the period ended 31 March 2024 was unqualified.

The audit report was signed on 17 September 2024 by Ian Palmer (Senior Statutory Auditor) on behalf of Xeinadin Audit Limited.

 
Page 10