Registered number:
FOR THE YEAR ENDED 30 APRIL 2024
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QUINTESSENTIALLY TRAVEL LIMITED
COMPANY INFORMATION
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QUINTESSENTIALLY TRAVEL LIMITED
CONTENTS
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QUINTESSENTIALLY TRAVEL LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
The directors present their strategic report of the Company and the Group for the year ended 30 April 2024.
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.
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).
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.
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QUINTESSENTIALLY TRAVEL LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
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.
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QUINTESSENTIALLY TRAVEL LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
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.
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.
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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.
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make 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 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £1,614,897 (2023 - £942,330).
The directors do not propose a dividend for the year (2023 - £Nil).
The directors who served during the year were:
Future developments and financial risk management are disclosed in the Strategic Report as per Section 414C(11) of the Companies Act 2006.
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QUINTESSENTIALLY TRAVEL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
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.
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.
The auditors, White Hart Associates (London) Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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QUINTESSENTIALLY TRAVEL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF QUINTESSENTIALLY TRAVEL LIMITED
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 policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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QUINTESSENTIALLY TRAVEL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF QUINTESSENTIALLY TRAVEL LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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QUINTESSENTIALLY TRAVEL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF QUINTESSENTIALLY TRAVEL LIMITED (CONTINUED)
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QUINTESSENTIALLY TRAVEL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF QUINTESSENTIALLY TRAVEL LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
- 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.
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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.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants and Statutory Auditors
2nd Floor, Nucleus House
2 Lower Mortlake Road
TW9 2JA
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QUINTESSENTIALLY TRAVEL LIMITED
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2024
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QUINTESSENTIALLY TRAVEL LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
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QUINTESSENTIALLY TRAVEL LIMITED
REGISTERED NUMBER: 06648649
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024
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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.
The notes on pages 22 to 46 form part of these financial statements.
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QUINTESSENTIALLY TRAVEL LIMITED
REGISTERED NUMBER: 06648649
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024
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QUINTESSENTIALLY TRAVEL LIMITED
REGISTERED NUMBER: 06648649
COMPANY 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
The notes on pages 22 to 46 form part of these financial statements.
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QUINTESSENTIALLY TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
12.Tangible fixed assets (continued)
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QUINTESSENTIALLY TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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QUINTESSENTIALLY TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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QUINTESSENTIALLY TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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QUINTESSENTIALLY TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
19.Deferred taxation (continued)
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QUINTESSENTIALLY TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
Share premium account
Capital redemption reserve
Foreign exchange reserve
Other reserves
Profit and loss account
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QUINTESSENTIALLY TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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.
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QUINTESSENTIALLY TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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.
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.
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QUINTESSENTIALLY TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
In the opinion of the directors, there is no ultimate controlling party.
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