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Registered number: 06648649









QUINTESSENTIALLY TRAVEL LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
QUINTESSENTIALLY TRAVEL LIMITED
 
 
COMPANY INFORMATION


Directors
I M Birns 
B W Elliot 
D Ellis 
S L Mullen 
A T Simpson 




Registered number
06648649



Registered office
29 Portland Place

London

W1B 1QB




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

2nd Floor, Nucleus House

2 Lower Mortlake Road

Richmond

TW9 2JA





 
QUINTESSENTIALLY TRAVEL LIMITED
 

CONTENTS



Page
Group Strategic Report
1 - 3
Directors' Report
4 - 5
Independent Auditors' Report
6 - 10
Consolidated Profit and Loss Account
11
Consolidated Statement of Comprehensive Income
12
Consolidated Statement of Financial Position
13 - 14
Company Statement of Financial Position
15 - 16
Consolidated Statement of Changes in Equity
17
Company Statement of Changes in Equity
18
Consolidated Statement of Cash Flows
19 - 20
Consolidated Analysis of Net Debt
21
Notes to the Financial Statements
22 - 46


 
QUINTESSENTIALLY TRAVEL LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

Introduction
 
The directors present their strategic report of the Company and the Group for the year ended 30 April 2024.

Business review
 
The Group's principal activity is that of a Luxury Travel Agency, for individuals. The Group’s objective is to provide a first class delivery of a wide portfolio of travel experiences.
The Quintessentially Travel is the award-winning travel division of Quintessentially, the world's leading luxury lifestyle company. As experts in global travel management, we provide two dedicated services - leisure and incentives.
Backed by two decades of experience in luxury lifestyle, we truly understand the needs of the elite and discerning, and how to deliver beyond the expected. Our global footprint also ensures we have a team of experts on-the-ground in every continent to enable quick activation and deep cultural understanding.

Financial review

Group turnover decreased from £30.9m to £14.7m in the year as a result discontinued operations from one of its subsidiaries since 31 May 2023.
The Group recorded Earnings Before Interest, Taxation, Depreciation, Amortisation and Profit of sale of Subsidiary (“EBITDAP”) of £717,246 in the financial year (2023: £1,328,833). The Group recorded an operating profit in the financial year of £712,792 (2023: £1,131,108).

Going concern

For the year ended 30 April 2024, the Group reported a profit before tax of £1,825,121 (2023:                          £1,118,952). The Group had net current assets of £5,643,170 (2023: £2,691,830) and net assets of £5,654,010 (2023: £3,218,354).
In relation to going concern considerations, the Group has produced forecasts that demonstrate it can trade within its existing facilities and meet its liabilities as they fall due even in robust stress scenarios considered by the directors which include a continued revenue shortfall compared to pre pandemic levels taking into account the ability of the business to reduce costs further.
As part of this forecasting process, the directors have considered the impact of the cost of living crisis and inflationary pressures on the future performance of the Group.
In conclusion the directors are confident that the Group should remain a going concern for the foreseeable future.

Page 1

 
QUINTESSENTIALLY TRAVEL LIMITED
 

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

Principal risks and uncertainties
 
The Group follows a corporate policy for managing risks which involves regular disclosure covering all aspects of the business, including safety, environmental, legal, financial and employees. Any material risks are evaluated and disclosed as they arise, and these are tracked and monitored until the risk is mitigated. The Group operates in a favourable liquidity position, whereby all cash is received from clients prior to related costs being settled.

Economic and environmental risk
Quintessentially Travel Group is reliant on discretionary consumer spending driving demand for bespoke holidays. With the current ongoing economic pressures caused by increase in fuel prices and resulting inflation, fluctuations in customer confidence can be mitigated by our strong emphasis on client/member service aimed at maintaining high levels of guest retentions and repeat bookings as well as investment in digital marketing strategy aimed at proactively attracting new guests.
The Group provides luxury holidays in many parts of the world and demand for certain locations can be affected by natural phenomena including tsunami, snowfall, earthquake, global pandemic or political unrest. The wide geographical reach of our product offering ensures alternate destinations are always available to guests and a core value-add part of our service is to be pro-active in suggesting a suitable range of those. We also ensure guests are informed of the current Foreign & Commonwealth Office (FCO) guidelines relating to travel safety allowing them to change their travel plans where appropriate.
Regulatory risk
The Group is exposed to various regulators, including the Civil Aviation Authority ("CAA") which issues an Air Travel Organisers Licence ("ATOL") which is required in order for the Company to operate. This license is renewed each year and is subject to assessments of fitness and financial criteria, the framework of which is available on the CAA's website (www.caa.co.uk).
Currency risk
The Group is exposed to foreign exchange rate risk. This risk is managed by ensuring that sufficient natural hedges are established between cost and revenue streams to minimise exposure to the Group.
Competition
The Group operates in a competitive market particularly around price and product availability. This results in downward pressure on ticket prices and margins. This risk is mitigated by seeking out opportunities to differentiate its product offering and by increasing its product range, specifically in the tailormade segment.

Page 2

 
QUINTESSENTIALLY TRAVEL LIMITED
 

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

Financial key performance indicators
 
The main key performance indicators used in managing the performance of the Group include revenue and margin. These are monitored on a weekly basis for each division against prior actuals and the current year budget.

Future development
 
The Group's focus over the next 12 months will be to monitor the ongoing impact of the cost of living crisis on the travel industry. Our key priority will be to continue to engage with as many customers as possible and to ensure that we deliver outstanding service to secure future revenue, profitability and customer loyalty. 


This report was approved by the board on 24 September 2024 and signed on its behalf.



A T Simpson
Director

Page 3

 
QUINTESSENTIALLY TRAVEL LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024

The directors present their report and the financial statements for the year ended 30 April 2024.

Directors' responsibilities statement

The directors are responsible for preparing the 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 judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the 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 £1,614,897 (2023 - £942,330).

The directors do not propose a dividend for the year (2023 - £Nil).

Directors

The directors who served during the year were:

I M Birns 
B W Elliot 
D Ellis 
S L Mullen 
A T Simpson 

Future developments

Future developments and financial risk management are disclosed in the Strategic Report as per Section 414C(11) of the Companies Act 2006.

Page 4

 
QUINTESSENTIALLY TRAVEL LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Financial instruments

The directors do not believe there is any indication of risk in regards to financial risk, management objectives and policies of the Group.
The principal risks to the Company have been disclosed in the Strategic Report.

Qualifying third party indemnity provisions

There were no qualifying third party indemnity provisions for the benefit of any of the directors at any time during the financial year to the date the report has been signed.

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 post balance sheet events that have had a material impact on the results of the Group for the financial year ended 30 April 2024.

Auditors

The auditorsWhite Hart Associates (London) Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 24 September 2024 and signed on its behalf.
 





A T Simpson
Director

Page 5

 
QUINTESSENTIALLY TRAVEL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF QUINTESSENTIALLY TRAVEL LIMITED
 

Opinion


We have audited the financial statements of Quintessentially Travel Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 April 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 Cash Flows, 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 30 April 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 6

 
QUINTESSENTIALLY TRAVEL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF QUINTESSENTIALLY 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 7

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


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 4, 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 8

 
QUINTESSENTIALLY TRAVEL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF QUINTESSENTIALLY 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:

- We exercise professional judgment and maintain professional skepticism throughout the audit;
- We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the deliberate override of internal control;
- We obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of internal control;
- We evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made;
- We assess the risk of management override of controls, including testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business;
- We review the scope of the company's compliance with The Package and Linked Travel Arrangements Regulations 2018 (“PTRs”) and sample test relevant documentation to assess this and the effectiveness of its control environment;
- We request and review the minutes of management meetings, and assess any matters identified not already provided for or disclosed that may materially impact the financial statements;
- We review the group's relationships with related parties, identifying and disclosing transactions during the year and balances at year-end with such parties;
- We conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the entity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the entity to cease to continue as a going concern.
 


Page 9

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


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.





Nicola Anne Spoor FCA FCCA (Senior Statutory Auditor)
  
for and on behalf of
White Hart Associates (London) Limited
 
Chartered Accountants and Statutory Auditors
  
2nd Floor, Nucleus House
2 Lower Mortlake Road
Richmond
TW9 2JA

24 September 2024
Page 10

 
QUINTESSENTIALLY TRAVEL LIMITED
 
 
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2024

Continuing operations
Discontin'd operations
Total
Continuing operations As restated
Discontinued operations
Total 
As restated
2024
2024
2024
2023
2023
2023
Note
£
£
£
£
£
£

  

Turnover
 4 
13,163,069
1,541,630
14,704,699
10,747,486
20,130,466
30,877,952

Cost of sales
  
(7,668,617)
(1,410,492)
(9,079,109)
(5,925,379)
(18,392,808)
(24,318,187)

Gross profit
  
5,494,452
131,138
5,625,590
4,822,107
1,737,658
6,559,765

Administrative expenses
  
(4,814,771)
(98,027)
(4,912,798)
(4,231,389)
(1,197,268)
(5,428,657)

Operating profit
 5 
679,681
33,111
712,792
590,718
540,390
1,131,108

Profit on sale of subsidiary
  
1,124,127
-
1,124,127
-
-
-

Interest receivable and similar income
 8 
-
-
-
-
2,972
2,972

Interest payable and similar expenses
 9 
(11,798)
-
(11,798)
(15,128)
-
(15,128)

Profit before tax
  
1,792,010
33,111
1,825,121
575,590
543,362
1,118,952

Tax on profit
 10 
(210,224)
-
(210,224)
(37,692)
(138,930)
(176,622)

Profit for the financial year
  
1,581,786
33,111
1,614,897
537,898
404,432
942,330

Profit for the year attributable to:
  

Owners of the parent
  
1,614,897
-
1,614,897
537,898
404,432
942,330

  
1,614,897
-
1,614,897
537,898
404,432
942,330

The notes on pages 22 to 46 form part of these financial statements.

Page 11

 
QUINTESSENTIALLY TRAVEL LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

As restated
2024
2023
Note
£
£


Profit for the financial year

  

1,614,897
942,330

Other comprehensive income
  


Foreign exchange reserves movement
  
2,463
(11,147)

Other comprehensive income for the year
  
2,463
(11,147)

Total comprehensive income for the year
  
1,617,360
931,183

Profit for the year attributable to:
  


Owners of the parent Company
  
1,614,897
942,330

  
1,614,897
942,330

The notes on pages 22 to 46 form part of these financial statements.

Page 12

 
QUINTESSENTIALLY TRAVEL LIMITED
REGISTERED NUMBER: 06648649

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 11 
-
545,677

Tangible assets
 12 
12,655
30,012

  
12,655
575,689

Current assets
  

Debtors: amounts falling due within one year
 14 
8,159,038
5,824,782

Cash at bank and in hand
 15 
1,296,897
3,064,395

  
9,455,935
8,889,177

Creditors: amounts falling due within one year
 16 
(3,812,765)
(6,197,347)

Net current assets
  
 
 
5,643,170
 
 
2,691,830

Total assets less current liabilities
  
5,655,825
3,267,519

Creditors: amounts falling due after more than one year
 17 
-
(41,662)

Provisions for liabilities
  

Deferred taxation
 19 
(1,815)
(7,503)

Net assets
  
 
 
5,654,010
 
 
3,218,354


Capital and reserves
  

Called up share capital 
 20 
20,000
20,000

Share premium account
 21 
1,794
1,794

Capital redemption reserve
 21 
29,900
29,900

Foreign exchange reserve
 21 
(8,684)
(11,147)

Other reserves
 21 
(19,895)
(19,895)

Profit and loss account
 21 
5,630,895
3,197,702

  
5,654,010
3,218,354


Page 13

 
QUINTESSENTIALLY TRAVEL LIMITED
REGISTERED NUMBER: 06648649
    
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 September 2024.




A T Simpson
Director

The notes on pages 22 to 46 form part of these financial statements.

Page 14

 
QUINTESSENTIALLY TRAVEL LIMITED
REGISTERED NUMBER: 06648649

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
7,257
5,480

Investments
 13 
119,792
2,666,041

  
127,049
2,671,521

Current assets
  

Debtors: amounts falling due within one year
 14 
7,574,879
3,466,665

Cash at bank and in hand
 15 
872,796
1,821,984

  
8,447,675
5,288,649

Creditors: amounts falling due within one year
 16 
(3,749,401)
(4,258,709)

Net current assets
  
 
 
4,698,274
 
 
1,029,940

Total assets less current liabilities
  
4,825,323
3,701,461

  

Creditors: amounts falling due after more than one year
 17 
-
(41,662)

Provisions for liabilities
  

Deferred taxation
 19 
(1,815)
(1,370)

  
 
 
(1,815)
 
 
(1,370)

Net assets
  
4,823,508
3,658,429

Page 15

 
QUINTESSENTIALLY TRAVEL LIMITED
REGISTERED NUMBER: 06648649
    
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2024

2024
2023
Note
£
£


Capital and reserves
  

Called up share capital 
 20 
20,000
20,000

Share premium account
 21 
1,794
1,794

Capital redemption reserve
 21 
29,900
29,900

Other reserves
 21 
(19,895)
(19,895)

Profit and loss account
 21 
4,791,709
3,626,630

  
4,823,508
3,658,429


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 September 2024.


A T Simpson
Director

The notes on pages 22 to 46 form part of these financial statements.

Page 16
 

 
QUINTESSENTIALLY TRAVEL LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024



Called up share capital
Share premium account
Capital redemption reserve
Foreign exchange reserve
Other reserves
Profit and loss account
Total equity


£
£
£
£
£
£
£



At 1 May 2022
20,000
1,794
29,900
-
(19,895)
2,255,372
2,287,171





Profit for the year
-
-
-
-
-
942,330
942,330


Foreign exchange reserves movement
-
-
-
(11,147)
-
-
(11,147)





At 1 May 2023
20,000
1,794
29,900
(11,147)
(19,895)
3,197,702
3,218,354





Profit for the year
-
-
-
-
-
1,614,897
1,614,897


Transfer on disposal of subsidiary
-
-
-
-
-
818,296
818,296


Foreign exchange reserves movement
-
-
-
2,463
-
-
2,463



At 30 April 2024
20,000
1,794
29,900
(8,684)
(19,895)
5,630,895
5,654,010



The notes on pages 22 to 46 form part of these financial statements.

Page 17

 

 
QUINTESSENTIALLY TRAVEL LIMITED


 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024



Called up share capital
Share premium account
Capital redemption reserve
Other reserves
Profit and loss account
Total equity


£
£
£
£
£
£



At 1 May 2022
20,000
1,794
29,900
(19,895)
3,478,100
3,509,899





Profit for the year
-
-
-
-
148,530
148,530





At 1 May 2023
20,000
1,794
29,900
(19,895)
3,626,630
3,658,429





Profit for the year
-
-
-
-
1,165,079
1,165,079



At 30 April 2024
20,000
1,794
29,900
(19,895)
4,791,709
4,823,508



The notes on pages 22 to 46 form part of these financial statements.

Page 18
 
QUINTESSENTIALLY TRAVEL LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024

As restated
2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,614,897
942,330

Adjustments for:

Amortisation of intangible assets
-
163,705

Depreciation of tangible assets
4,454
34,020

Interest paid
217,337
15,128

Interest received
-
(2,972)

Taxation charge
210,224
176,622

(Increase) in debtors
(15,394)
(1,178,853)

(Increase) in amounts owed by associates
(3,431,722)
(685,398)

(Decrease)/increase in creditors
(834,855)
904,171

(Decrease)/increase in amounts owed to associates
(385,139)
552,994

Corporation tax (paid)
(336,595)
(66,714)

Profit on sale of subsidiary
(1,124,127)
-

Net cash generated from operating activities

(4,080,920)
855,033

Cash flows from investing activities

Sales proceeds from disposal of subsidiary
3,000,000
-

Net cash disposed of in subsidiary
(291,996)
-

Purchase of tangible fixed assets
(10,579)
(5,625)

Interest received
-
2,972

Net cash from investing activities

2,697,425
(2,653)
Page 19

 
QUINTESSENTIALLY TRAVEL LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

As restated

2024
2023

£
£



Cash flows from financing activities

Repayment of loans
(166,666)
(166,667)

Interest paid
(217,337)
(15,128)

Net cash used in financing activities
(384,003)
(181,795)

Net (decrease)/increase in cash and cash equivalents
(1,767,498)
670,585

Cash and cash equivalents at beginning of year
3,064,395
2,393,810

Cash and cash equivalents at the end of year
1,296,897
3,064,395


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,296,897
3,064,395

1,296,897
3,064,395


The notes on pages 22 to 46 form part of these financial statements.

Page 20

 
QUINTESSENTIALLY TRAVEL LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 APRIL 2024




At 1 May 2023
Cash flows
At 30 April 2024
£

£

£

Cash at bank and in hand

3,064,395

(1,767,498)

1,296,897

Debt due after 1 year

(41,662)

41,662

-

Debt due within 1 year

(166,671)

125,004

(41,667)


2,856,062
(1,600,832)
1,255,230

The notes on pages 22 to 46 form part of these financial statements.

Page 21

 
QUINTESSENTIALLY TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Quintessentially Travel Limited is a private company limited by shares incorporated in England and Wales.
The address of the registered office is given in the Company's information page of these financial statements. The nature of the Company's operations and principal activities are that of luxury travel advisor and tour operator.

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 judgment 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 following principal accounting policies have been applied:

 
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 Profit and Loss Account from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Going concern

For the year ended 30 April 2024, the Group reported after tax profit of £1,614,897 (2023: £942,330), it had net current assets of £5,643,170 (2023: £2,691,830) and net assets of £5,654,010 (2023: £3,218,354).
Group management and the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future, being at least the following 12 months from the signing of these financial statements. This is supported by the performance seen so far in 2024/2025. The Group has been well placed to meet and service the additional volume.
As a result, and with the Company and the Group continuing to receive the full support of its shareholders, the directors believe that it is still appropriate to apply the going concern basis for the foreseeable future.

Page 22

 
QUINTESSENTIALLY TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.4

Revenue

Turnover represents amounts receivable for sales of travel and related services net of VAT and discounts.
Turnover is recognised at the point of departure or experience for the tour operator, gross of all charges billed to the customer less any discounts and sales taxes. The full cost of such trips are included within cost of sales. Any income that relates to travel or experiences commencing after year end of the accounting period is carried forward as deferred income.
Turnover is recognised at the point of departure or experience for commission sales and represents the net commission receivable from third parties, less any discounts and sales taxes.
Turnover is recognised at the point of booking for the corporate travel business, gross of all charges billed to the customer less any discounts and sales taxes. The full cost of such trips are included within cost of sales.
Turnover from marketing sales is recognised straight line over the period of the contract, gross of all charges billed to the customer less any discounts and sales taxes. Any income that relates to marketing services provided after year end of the accounting period is carried forward as deferred income.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group 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.

 
2.5

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.

Page 23

 
QUINTESSENTIALLY TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.6

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.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Profit and Loss Account 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 overseas operations at actual rate are recognised in other comprehensive income.

 
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.

 
2.9

Borrowing costs

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

Page 24

 
QUINTESSENTIALLY TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
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

 
QUINTESSENTIALLY TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 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.

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, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
10 years straight line
Fixtures and fittings
-
25% straight line
Office equipment
-
25% straight line
Computer equipment
-
25% straight line
Other fixed assets
-
25% straight line

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

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

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 26

 
QUINTESSENTIALLY TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.16

Cash and cash equivalents

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

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.17

Creditors

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

 
2.18

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.

 
2.19

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.

Page 27

 
QUINTESSENTIALLY TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.20

Financial instruments

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

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

Basic financial assets

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

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

Other financial assets

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

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.


 

Page 28

 
QUINTESSENTIALLY TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.20
Financial instruments (continued)

Financial liabilities

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

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

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

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

Page 29

 
QUINTESSENTIALLY TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Company and 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 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 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.
Significant judgments in the preparation of the financial statements made by the directors include:
Determining whether leases entered by the Company or Group either as a lessor or a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.
Determining whether there are indicators of impairment of the Company and Group's tangible assets, as well as the Group's goodwill. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and, in the case of goodwill, where it's a component of a larger cash-generating unit, the viability and expected performance of that unit.
Other key sources of estimation uncertainty:
Tangible fixed assets
Tangible fixed assets are depreciated over their useful lives, taking into account residual values where appropriate. The actual values of the assets and residual values are assessed annually and may vary depending upon a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Page 30

 
QUINTESSENTIALLY TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

4.


Turnover

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


As restated
2024
2023
£
£

Travel related services
14,683,734
30,858,168

Marketing
20,965
19,784

14,704,699
30,877,952


Analysis of turnover by country of destination:

As restated
2024
2023
£
£

United Kingdom
8,102,333
24,810,954

Saudi Arabia
3,943,996
1,768,999

Americas
1,899,121
3,464,323

Asia
759,249
833,676

14,704,699
30,877,952



5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
18,504
(22,733)

Other operating lease rentals
145,623
260,650


6.


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
23,474
29,300

Page 31

 
QUINTESSENTIALLY TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

7.


Employees

Staff costs were as follows:


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


Wages and salaries
2,195,197
2,297,075
1,680,403
1,641,636

Social security costs
191,892
252,366
191,892
183,365

Cost of defined contribution scheme
105,772
86,158
99,008
72,294

2,492,861
2,635,599
1,971,303
1,897,295


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.









Admin staff
51
39
24
22


8.


Interest receivable

2024
2023
£
£


Other interest receivable
-
2,972

-
2,972


9.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
11,798
15,128

11,798
15,128

Page 32

 
QUINTESSENTIALLY TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
209,779
180,217


209,779
180,217


Total current tax
209,779
180,217

Deferred tax


Origination and reversal of timing differences
445
(3,595)

Total deferred tax
445
(3,595)


Tax on profit
210,224
176,622
Page 33

 
QUINTESSENTIALLY TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

As restated
2024
2023
£
£


Profit on ordinary activities before tax
1,825,121
1,118,952


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
456,280
212,601

Effects of:


Non-tax deductible amortisation of goodwill and impairment
-
31,104

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
3,051
969

Capital allowances for year in excess of depreciation
(445)
4,569

Deferred tax movement
(445)
(1,283)

Other timing differences leading to an increase (decrease) in taxation
-
2,642

Foreign gains not subject to UK tax/ foreign tax
5,611
(73,980)

Profit on disposal of subsidiary
(253,828)
-

Total tax charge for the year
210,224
176,622


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 34

 
QUINTESSENTIALLY TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

11.


Intangible assets

Group and Company





Goodwill

£





At 1 May 2023
1,637,038


On disposal of subsidiaries
(1,637,038)



At 30 April 2024

-





At 1 May 2023
1,091,361


On disposals
(1,091,361)



At 30 April 2024

-



Net book value



At 30 April 2024
-



At 30 April 2023
545,677



Page 35
 


 
QUINTESSENTIALLY TRAVEL LIMITED


 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024


12.


Tangible fixed assets



 


Group







Short-term leasehold property
Fixtures and fittings
Office equipment
Computer equipment
Computer software
Total

£
£
£
£
£
£



Cost or valuation


At 1 May 2023
74,760
35,938
138,577
77,465
194,024
520,764


Additions
-
6,420
4,159
-
-
10,579


Disposals
-
-
-
(59,749)
-
(59,749)


Disposal of subsidiary
(74,760)
(35,938)
-
(17,716)
-
(128,414)



At 30 April 2024

-
6,420
142,736
-
194,024
343,180



Depreciation


At 1 May 2023
62,300
33,541
133,098
67,790
194,023
490,752


Charge for the year on owned assets
623
1,322
2,381
127
1
4,454


Disposals
-
-
-
(52,956)
-
(52,956)


Disposal of subsidiary
(62,923)
(33,841)
-
(14,961)
-
(111,725)



At 30 April 2024

-
1,022
135,479
-
194,024
330,525
Page 36

 


 
QUINTESSENTIALLY TRAVEL LIMITED


 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

           12.Tangible fixed assets (continued)




Net book value



At 30 April 2024
-
5,398
7,257
-
-
12,655



At 30 April 2023
12,460
2,397
5,479
9,675
1
30,012




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Short leasehold
-
12,460

-
12,460


Page 37
 
QUINTESSENTIALLY TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

           12.Tangible fixed assets (continued)


Company






Office equipment
Computer software
Total

£
£
£

Cost or valuation


At 1 May 2023
138,577
194,024
332,601


Additions
4,159
-
4,159



At 30 April 2024

142,736
194,024
336,760



Depreciation


At 1 May 2023
133,098
194,023
327,121


Charge for the year on owned assets
2,381
1
2,382



At 30 April 2024

135,479
194,024
329,503



Net book value



At 30 April 2024
7,257
-
7,257



At 30 April 2023
5,479
1
5,480






Page 38

 
QUINTESSENTIALLY TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

13.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 May 2023
2,666,041


Disposals
(2,546,249)



At 30 April 2024
119,792






Net book value



At 30 April 2024
119,792



At 30 April 2023
2,666,041


Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Quintessentially Arabia LLC
5176 Imam Saud Abdulaziz Bin Mohammad Road, 6764 Al Nakheel District, 12381 Riyadh, Kingdom of Saudi Arabia, P.O Box 230537
Ordinary
100%
Quintessentially Travel (USA), Inc. - Dormant company
515 West 20th Street, 6W, NY US
Ordinary
100%

Page 39

 
QUINTESSENTIALLY TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

14.


Debtors

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


Trade debtors
1,239,402
2,061,627
785,463
640,600

Amounts owed by related parties
5,252,882
1,821,160
5,252,882
1,495,331

Other debtors
207,507
495,212
206,094
387,785

Prepayments and accrued income
1,459,247
1,446,783
1,330,440
942,949

8,159,038
5,824,782
7,574,879
3,466,665



15.


Cash and cash equivalent

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

Cash at bank and in hand
1,296,897
3,064,395
872,796
1,821,984

1,296,897
3,064,395
872,796
1,821,984



16.


Creditors: Amounts falling due within one year

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

Bank loans
41,667
166,671
41,667
166,671

Trade creditors
559,671
1,368,987
545,204
246,233

Amounts owed to related parties
656,815
890,003
776,607
1,009,795

Corporation tax
17,740
144,556
17,740
4,343

Other taxation and social security
58,238
63,101
-
-

Other creditors
302,481
462,372
291,925
278,761

Accruals and deferred income
2,176,153
3,101,657
2,076,258
2,552,906

3,812,765
6,197,347
3,749,401
4,258,709


Page 40

 
QUINTESSENTIALLY TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

17.


Creditors: Amounts falling due after more than one year

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

Bank loans
-
41,662
-
41,662

-
41,662
-
41,662





18.


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
41,667
166,671
41,667
166,671

Amounts falling due 1-2 years

Bank loans
-
41,662
-
41,662

41,667
208,333
41,667
208,333



19.


Deferred taxation


Group



2024
2023


£

£






At beginning of year
(7,503)
(11,098)


Charged to profit or loss
5,688
3,595



At end of year
(1,815)
(7,503)

Page 41

 
QUINTESSENTIALLY TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
 
19.Deferred taxation (continued)

Company


2024
2023


£

£






At beginning of year
(1,370)
(3,682)


Charged to profit or loss
(445)
2,312



At end of year
(1,815)
(1,370)

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

Accelerated capital allowances
(1,815)
(7,503)
(1,815)
(1,370)

(1,815)
(7,503)
(1,815)
(1,370)


20.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



2,000,000 (2023 - 2,000,000) Ordinary shares of £0.01 each
20,000
20,000


Page 42

 
QUINTESSENTIALLY TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

21.


Reserves

Share premium account

Share premium includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

Capital redemption reserve

Capital redemption reserve records the nominal value of shares repurchased by the Company.

Foreign exchange reserve

The foreign exchange reserve represents differences arising upon the revaluation of foreign subsidiary companies stated in their local currencies. The financial statements of these companies are revalued to match the presentation currency of the Group for consolidation purposes, to show the entirety of the Group’s results in Pounds Sterling (GBP). See accounting policy 2.6 for details of how individual balances within foreign subsidiaries are translated.

Other reserves

Capital reserves are funds that are non-distributable profits.

Profit and loss account

Profit and loss include all current and prior periods retained profit less dividends declared for the period.

Page 43

 
QUINTESSENTIALLY TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

22.


Discontinued operations

On 5 June 2023, the Group sold its entire shareholding in C.J. Leigh Travel Limited in order to focus on its core activities of providing luxury travel services to its customers. 

£


Cash proceeds
3,000,000

3,000,000

Net assets disposed of:


Tangible fixed assets
16,689

Debtors
1,124,919

Cash
291,996

Creditors
(1,215,716)

 
 
217,888


Net goodwill disposed
545,677

Retained reserves disposed
818,296

Cost associated with sale of subsidiary
294,012

Profit on disposal before tax
1,124,127

The net inflow of cash in respect of the sale of C.J. Leigh Travel Limited is as follows:

£


Cash consideration
3,000,000

Net inflow of cash
3,000,000


23.


Prior year adjustment

On 12 October 2022, the Group acquired fully owned subsidiary called Quintessentially Arabia Limited, a company incorporated in Saudi Arabia. Prior year’s group accounts did not incorporate balances for this subsidiary. Therefore, prior year balances are restated to include balances from this subsidiary.

Page 44

 
QUINTESSENTIALLY TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

24.


Contingent liabilities

A debenture is held by one of the Company's bankers which includes a Fixed Charge over all present freehold and leasehold property. First Fixed Charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; and First Floating Charge over all assets and undertakings both present and future.
During the year the Company provided a bond of £38,253 (2023: £14,131) to the Association of Bonded Travel Organisers Trust (ABTOT). The Company has provided the insurers with counter indemnities in relation to the bond issued.


25.


Pension commitments

The Group 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 £105,772 (2023: £86,158).

Contributions totalling £Nil (2023: £Nil) were outstanding at the balance sheet date.


26.


Commitments under operating leases

The Group and the Company had no commitments under non-cancellable operating leases at the reporting date.

Page 45

 
QUINTESSENTIALLY TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

27.


Related party transactions

The Group has taken advantage of the FRS 102 exemption not to disclose related party transactions with companies that are wholly owned within the Group.
The following entities have been deemed related parties as a result of shared ownership across each of these entities as the shareholders of Quintessentially Travel Limited have an interest in the below companies.
Sales between the Group and these related parties were for normal trading for the Group and were conducted on an arm's length basis on normal trading terms.
Expenses paid relate to management recharges, payroll costs and other expenses borne by these related companies. These expenses are charged at appropriate mark ups in line with expected costs from a third party.
Assets due from and liabilities payable to these related parties are interest free and repayable on demand.


Sales
Expenses
Debtors
Creditors
£
£
£
£

Quintessentially (UK) Limited
509,308
5,918,099
5,062,214
-
Quintessentially & Co. Limited
52,393
8,580
134,075
-
Quintessentially Hong Kong Limited
-
9,828
-
9,828
Quintessentially & Co Dubai
-
-
34,974
-
Quintessentially Aviation Limited
-
938
-
3,121
Quintessentially Villas Limited
-
843
-
49,447
Quintessentially Driven Limited
-
-
21,153
-
Quintessentially Estates Limited
466
-
466
-
Quintessentially Incorporated
160,021
427,078
-
589,098
Quintessentially DMCC
-
-
-
5,319
722,188
6,365,366
5,252,882
656,813


28.


Post balance sheet events

There have been no post balance sheet events that have had a material impact on the results of the Group for the financial year ended 30 April 2024.


29.


Controlling party

In the opinion of the directors, there is no ultimate controlling party.

 
Page 46