Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-318false2023-04-019Tour operator and travel agenttruetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03713724 2023-04-01 2024-03-31 03713724 2022-04-01 2023-03-31 03713724 2024-03-31 03713724 2023-03-31 03713724 c:Director3 2023-04-01 2024-03-31 03713724 d:FurnitureFittings 2023-04-01 2024-03-31 03713724 d:FurnitureFittings 2024-03-31 03713724 d:FurnitureFittings 2023-03-31 03713724 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 03713724 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-04-01 2024-03-31 03713724 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-03-31 03713724 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-31 03713724 d:Goodwill 2023-04-01 2024-03-31 03713724 d:Goodwill 2024-03-31 03713724 d:Goodwill 2023-03-31 03713724 d:CurrentFinancialInstruments 2024-03-31 03713724 d:CurrentFinancialInstruments 2023-03-31 03713724 d:CurrentFinancialInstruments 1 2024-03-31 03713724 d:CurrentFinancialInstruments 1 2023-03-31 03713724 d:Non-currentFinancialInstruments 2024-03-31 03713724 d:Non-currentFinancialInstruments 2023-03-31 03713724 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 03713724 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 03713724 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 03713724 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 03713724 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-03-31 03713724 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 03713724 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-03-31 03713724 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 03713724 d:ShareCapital 2024-03-31 03713724 d:ShareCapital 2023-03-31 03713724 d:RetainedEarningsAccumulatedLosses 2024-03-31 03713724 d:RetainedEarningsAccumulatedLosses 2023-03-31 03713724 c:FRS102 2023-04-01 2024-03-31 03713724 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 03713724 c:FullAccounts 2023-04-01 2024-03-31 03713724 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 03713724 d:EntityControlledByKeyManagementPersonnel1 2023-04-01 2024-03-31 03713724 d:EntityControlledByKeyManagementPersonnel1 2024-03-31 03713724 d:EntityControlledByKeyManagementPersonnel2 2023-04-01 2024-03-31 03713724 d:EntityControlledByKeyManagementPersonnel2 2024-03-31 03713724 d:WithinOneYear 2024-03-31 03713724 d:WithinOneYear 2023-03-31 03713724 2 2023-04-01 2024-03-31 03713724 7 2023-04-01 2024-03-31 03713724 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 03713724 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 03713724 d:Goodwill d:OwnedIntangibleAssets 2023-04-01 2024-03-31 03713724 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure
Registered number: 03713724


WORLD ODYSSEY LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

 
WORLD ODYSSEY LIMITED
REGISTERED NUMBER: 03713724

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 5 
12,501
15,001

Tangible assets
 6 
4,809
4,120

  
17,310
19,121

Current assets
  

Debtors
 7 
700,761
809,210

Cash at bank and in hand
 8 
1,077,381
1,096,886

  
1,778,142
1,906,096

Creditors: amounts falling due within one year
 9 
(1,170,602)
(1,310,802)

Net current assets
  
 
 
607,540
 
 
595,294

Total assets less current liabilities
  
624,850
614,415

Creditors: amounts falling due after more than one year
 10 
(70,834)
(120,833)

  

Net assets
  
554,016
493,582


Capital and reserves
  

Called up share capital 
  
37,500
37,500

Profit and loss account
  
516,516
456,082

  
554,016
493,582


Page 1

 
WORLD ODYSSEY LIMITED
REGISTERED NUMBER: 03713724
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 21 August 2024.




................................................
M Worrall
Director

The notes on pages 3 to 13 form part of these financial statements.

Page 2

 
WORLD ODYSSEY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


GENERAL INFORMATION

World Odyssey Limited is a private Company limited by shares registered and incorporated in England  and Wales. The address of the registered Company is given on the Company Information page of these financial statements.
The principle activity of the Company continued to be that of tour operators and travel agents supplying luxury holidays.

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

 
2.2

INTANGIBLE ASSETS

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value 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 Statement of comprehensive income over its useful economic life.

 Amortisation is provided on the following bases:

Development expenditure
-
33%
reducing balance
Goodwill
-
10%
straight line

  
2.3

Turnover

Turnover represents gross revenue derived from tour operations carried out in principle activity and amounts receivable for commission and similar earnings in respect of agency activities net of VAT and trade discounts. Turnover and related costs are recognised on a departure date basis. 

 
2.4

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.

Page 3

 
WORLD ODYSSEY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.ACCOUNTING POLICIES (CONTINUED)


2.4
TANGIBLE FIXED ASSETS (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
10% / 33.33% reducing balance basis

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

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

 
2.5

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.

 
2.6

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.

 
2.7

FINANCIAL INSTRUMENTS

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

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

The Company 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.
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic
financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract
is entered into and are subsequently re-measured at their fair value. Changes in the fair value of
derivatives are recognised in profit or loss in finance costs or income as appropriate. The company
does not currently apply hedge accounting for interest rate and foreign exchange derivatives.

 
2.8

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.

Page 4

 
WORLD ODYSSEY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.9

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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. Non-monetary 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 resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

  
2.10

Dividends

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

 
2.11

OPERATING LEASES: THE COMPANY AS LESSEE

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

 
2.12

PENSIONS

Defined contribution pension plan

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

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

 
2.13

INTEREST INCOME

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

Page 5

 
WORLD ODYSSEY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.14

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.

 
2.15

CURRENT AND DEFERRED TAXATION

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

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

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

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

  
2.16

Advance holiday receipts and expenditure

All revenue relating to tours with departure dates after the year end are treated as advance receipts at the balance sheet date and disclosed within other creditors. Payments made to suppliers in respect of these tours are included within other debtors.

 
2.17

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.

 
2.18

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 6

 
WORLD ODYSSEY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.19

BORROWING COSTS

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


3.



JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the Company’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.


4.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 9 (2023 - 8).

Page 7

 
WORLD ODYSSEY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


INTANGIBLE ASSETS




Development expenditure
Goodwill
Total

£
£
£



Cost


At 1 April 2023
6,750
231,250
238,000



At 31 March 2024

6,750
231,250
238,000



Amortisation


At 1 April 2023
6,750
216,249
222,999


Charge for the year on owned assets
-
2,500
2,500



At 31 March 2024

6,750
218,749
225,499



Net book value



At 31 March 2024
-
12,501
12,501



At 31 March 2023
-
15,001
15,001

Goodwill brought forward is related to the incorporation of trade and assets of Sue Lewis Travel LLP on 1 March 2012, and £25,000 of this is related to the amount paid in connection with the acquisition of the client database of Safari Club Limited.



Page 8

 
WORLD ODYSSEY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


TANGIBLE FIXED ASSETS





Fixtures and fittings

£



Cost or valuation


At 1 April 2023
52,536


Additions
2,163



At 31 March 2024

54,699



Depreciation


At 1 April 2023
48,416


Charge for the year on owned assets
1,474



At 31 March 2024

49,890



Net book value



At 31 March 2024
4,809



At 31 March 2023
4,120

Page 9

 
WORLD ODYSSEY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


DEBTORS

2024
2023
£
£



Trade debtors
1,901
3,937

Other debtors
46,598
18,409

Prepayments and accrued income
652,262
735,424

Deferred taxation
-
32,531

Financial Instruments
-
18,909

700,761
809,210


Prepayments and accrued income includes £645,691 (2023: £727,111) of amounts paid to suppliers in respect of future departures.


8.


CASH AND CASH EQUIVALENTS

2024
2023
£
£

Cash at bank and in hand
1,077,381
1,096,886

1,077,381
1,096,886



9.


CREDITORS: Amounts falling due within one year

2024
2023
£
£

Bank loans
50,000
50,000

Trade creditors
1,775
1,172

Corporation tax
148,192
105,346

Other creditors
4,442
8,567

Accruals and deferred income
966,193
1,145,717

1,170,602
1,310,802


Included within accruals and deferred income is £919,847 (2023: £1,138,348) of monies received from clients in respect of holidays departing after the year end.
On 27th November 2020, the Company created a fixed charge and negative pledge in favour of National Westminster Bank PLC.

Page 10

 
WORLD ODYSSEY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


CREDITORS: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
70,834
120,833

70,834
120,833



11.


LOANS


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
50,000
50,000


50,000
50,000

Amounts falling due 1-2 years

Bank loans
50,000
50,000


50,000
50,000

Amounts falling due 2-5 years

Bank loans
20,834
70,833


20,834
70,833


120,834
170,833


In 2021, a government backed Coronavirus Business Interruption Loan (CBIL) was taken with National Westminster Bank PLC by the Company amounting to £250,000. The balance on the loan as at 31 March 2024 was £120,834.

Page 11

 
WORLD ODYSSEY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

12.


DEFERRED TAXATION




2024


£






At beginning of year
32,531


Charged to profit or loss
(32,531)



At end of year
-

The deferred tax asset is made up as follows:

2024
2023
£
£


Accelerated capital allowances
-
32,531

-
32,531


13.


CONTINGENT LIABILITIES AND REGULATORY REQUIREMENTS

The Company currently holds an Air Travel Organiser's License (ATOL) issued by the Civil Aviation Authority (CAA) and is a member of the Association of British Travel Agents Limited (ABTA).
In order to offer air inclusive package holidays, the company requires the annual renewal by the CAA of its ATOL licence. The CAA grants this license on the basis of meeting agreed financial criteria and renews this in September (effective 1st October) each year. The company has complied with these requirements in previous years. The directors see no reason why the ATOL license will not be renewed in September 2024 on substantially the same terms and conditions as currently agreed with the CAA.
As at 31 March 2024, there were contingent liabilities given by the Company in the normal course of business in respect of ABTA bonds, amounting to £77,070 (2023: £202,349).
There are no other material contigent liabilities.


14.


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 £102,851 (2023: £56,155). Contributions totalling to £1,543 (2023: £1,297) were payable to the fund at the balance sheet date.

Page 12

 
WORLD ODYSSEY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

15.


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:

2024
2023
£
£


Not later than 1 year
3,667
-

3,667
-


16.OTHER FINANCIAL COMMITMENTS

There were no outstanding contracts as at the year end.


17.


RELATED PARTY TRANSACTIONS

During the year, the company made sales to the following related parties:
Mr F Kenyon-Slaney's close family -  Sales of £38,606.
Mr P Birley's close family - Sales of £40,566.
Mr M Worrall's close family - Sales of £25,170.
There were no outstanding balances due at the year end in respect of the above sales.
At the balance sheet date the company owed: 
£438 (2023: £438) to Mr F Kenyon-Slaney
£938 (2023: £938) to Mr P Birley 
£833 (2023: £833) to Mr M Worrall
The following dividends were paid during the year:
Mr F Kenyon-Slaney - £66,000 (2023: £42,000)
Mrs F Kenyon-Slaney - £44,000 (2023: £28,000)
Mr P Birley - £66,000 (2023: £42,000)
Mrs J Birley - £44,000 (2023: £28,000)
Mr M Worrall - £110,000 (2023: £70,000)


18.


Controlling party

The company is controlled by Mr F Kenyon-Slaney, Mr P Birley and Mr M Worrall.

 
Page 13