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REGISTERED NUMBER: 07306535 (England and Wales)














Group Strategic Report,

Report of the Directors and

Audited

Consolidated Financial Statements

for the Year Ended 30 April 2024

for

Leons Travel Group Limited

Leons Travel Group Limited (Registered number: 07306535)






Contents of the Consolidated Financial Statements
for the Year Ended 30 April 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Consolidated Profit and Loss Account 8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Consolidated Cash Flow Statement 13

Notes to the Consolidated Cash Flow Statement 14

Notes to the Consolidated Financial Statements 15


Leons Travel Group Limited

Company Information
for the Year Ended 30 April 2024







DIRECTORS: M Cooper
J D M Boden
B J Douglas
D A Douglas





REGISTERED OFFICE: Paton Drive
Tollgate Park
Beaconside
Stafford
Staffordshire
ST16 3EF





REGISTERED NUMBER: 07306535 (England and Wales)





AUDITORS: Thompson Wright Limited
Chartered Accountants
and Statutory Auditors
Ebenezer House
Ryecroft
Newcastle under Lyme
Staffordshire
ST5 2BE

Leons Travel Group Limited (Registered number: 07306535)

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.

REVIEW OF BUSINESS
The principal activity of the group throughout the year was that of provision of coach hire and holidays.

The directors monitor the performance of the group through monthly management accounts and sales reports, along with the monitoring of bank balances and ability to meet its future liabilities.

Key performance indicators are turnover, gross profit margin, operating profit margin and debtor days (see below).

The groups performance continues to improve year on year as expected. The directors are pleased with the continuing performance and margins achieved, under the current market conditions.

The fleet profile continues to be adjusted to meet operational requirements. There is an on-going programme of fleet changes and updates planned that will see the vehicle fleet ready to maximise current and new opportunities as they arise.

Careful management of the mix of the above activities is allowing the business to take advantage of opportunities as they arise, without losing our focus on longer term objectives.

The key performance indicators ("KPIs") of the business are:

2024 2023

Turnover (£'000) 6,708 6,456
Gross Profit (%) 40.5 37.6
Operating Profit (%) 32.1 25.7
Debtor (days) 22 26

PRINCIPAL RISKS AND UNCERTAINTIES
The directors have identified the key risks faced by the group to be market risk, financial risk, credit risk and exchange rate risk.

The group is subject to competitive pressure from other suppliers of comparable holiday, accommodation and transport services. The group manages this risk by providing consistent good quality, value for money services to encourage customer loyalty. In addition the group maintains flexibility in its operations by avoiding, where possible, significant uncancellable forward contracts for external accommodation and transport services.

The group recognises its obligations relating to health and safety and the risk to its reputation of any incident affecting the health and safety of its customers or employees. Management are clearly aware of their responsibilities to maintain a safe environment, and regular reviews take place of incidents and procedures to ensure that a safe environment is maintained in the group's operations.

The group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably.

The group's policy throughout the year has been to maintain liquid funds at the bank whilst also funding the repayment of hire purchase obligations.

The principle credit risk arises from the group's trade debtors. Credit risk exposure was spread over a large number of customers.

ON BEHALF OF THE BOARD:





M Cooper - Director


16 January 2025

Leons Travel Group Limited (Registered number: 07306535)

Report of the Directors
for the Year Ended 30 April 2024

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

DIVIDENDS
The total distribution of dividends for the year ended 30 April 2024 will be £ 255,000 .

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 May 2023 to the date of this report.

M Cooper
J D M Boden
B J Douglas
D A Douglas

DISCLOSURE IN THE STRATEGIC REPORT
Future developments and principal risks and uncertainties are disclosed in the strategic report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), 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 and then apply them consistently;
- make judgements 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 company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Thompson Wright Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





M Cooper - Director


16 January 2025

Report of the Independent Auditors to the Members of
Leons Travel Group Limited

Opinion
We have audited the financial statements of Leons Travel Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, 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).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company 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 UK, including the FRC'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 and 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Opinions 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors 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 Report of the Directors.

We have nothing to report in respect of the following matters where 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.

Report of the Independent Auditors to the Members of
Leons Travel Group Limited


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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.

Report of the Independent Auditors to the Members of
Leons Travel Group Limited


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 a Report of the Auditors 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 financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the Senior Statutory Auditor ensured that the audit team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the travel sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, ATOL and ABTA regulations, data protection, anti-bribery, employment, environmental, other industry specific accreditations and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.


Report of the Independent Auditors to the Members of
Leons Travel Group Limited

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 Report of the Auditors.

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 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 a Report of the Auditors 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.




Jeremy Bostock BA BFP FCA (Senior Statutory Auditor)
for and on behalf of Thompson Wright Limited
Chartered Accountants
and Statutory Auditors
Ebenezer House
Ryecroft
Newcastle under Lyme
Staffordshire
ST5 2BE

16 January 2025

Leons Travel Group Limited (Registered number: 07306535)

Consolidated Profit and Loss Account
for the Year Ended 30 April 2024

2024 2023
Notes £    £   

TURNOVER 3 6,707,807 6,456,010

Cost of sales 3,990,917 4,026,343
GROSS PROFIT 2,716,890 2,429,667

Administrative expenses 830,836 1,015,681
1,886,054 1,413,986

Other operating income 264,249 247,354
OPERATING PROFIT 5 2,150,303 1,661,340

Interest receivable and similar income 33,853 13,005
2,184,156 1,674,345

Interest payable and similar expenses 6 - 5,678
PROFIT BEFORE TAXATION 2,184,156 1,668,667

Tax on profit 7 556,815 454,625
PROFIT FOR THE FINANCIAL YEAR 1,627,341 1,214,042

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 1,627,341 1,214,042

Profit attributable to:
Owners of the parent 1,627,341 1,214,042

Total comprehensive income attributable to:
Owners of the parent 1,627,341 1,214,042

Leons Travel Group Limited (Registered number: 07306535)

Consolidated Balance Sheet
30 April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 4,947,497 5,027,562
Investments 12 - -
Investment property 13 1,393,240 1,393,240
6,340,737 6,420,802

CURRENT ASSETS
Debtors 14 2,767,829 2,704,353
Cash at bank and in hand 2,588,138 2,130,243
5,355,967 4,834,596
CREDITORS
Amounts falling due within one year 15 2,242,585 2,032,175
NET CURRENT ASSETS 3,113,382 2,802,421
TOTAL ASSETS LESS CURRENT LIABILITIES 9,454,119 9,223,223

CREDITORS
Amounts falling due after more than one year 16 (487,082 ) (1,619,082 )

PROVISIONS FOR LIABILITIES 17 (661,929 ) (671,374 )
NET ASSETS 8,305,108 6,932,767

CAPITAL AND RESERVES
Called up share capital 18 4,258 5,073
Share premium 19 627,971 627,971
Non distributable reserves 19 157,471 157,471
Capital redemption reserve 19 5,430 4,615
Other reserves 19 (1,619,082 ) (2,369,680 )
Retained earnings 19 9,129,060 8,507,317
SHAREHOLDERS' FUNDS 8,305,108 6,932,767

The financial statements were approved by the Board of Directors and authorised for issue on 16 January 2025 and were signed on its behalf by:





M Cooper - Director


Leons Travel Group Limited (Registered number: 07306535)

Company Balance Sheet
30 April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 4,825,428 4,861,313
Investments 12 997,191 997,191
Investment property 13 1,393,240 1,393,240
7,215,859 7,251,744

CURRENT ASSETS
Debtors 14 862,635 973,027
Cash at bank 160,506 17,244
1,023,141 990,271
CREDITORS
Amounts falling due within one year 15 3,818,369 3,762,991
NET CURRENT LIABILITIES (2,795,228 ) (2,772,720 )
TOTAL ASSETS LESS CURRENT LIABILITIES 4,420,631 4,479,024

CREDITORS
Amounts falling due after more than one year 16 (487,082 ) (1,619,082 )

PROVISIONS FOR LIABILITIES 17 (632,929 ) (631,662 )
NET ASSETS 3,300,620 2,228,280

CAPITAL AND RESERVES
Called up share capital 18 4,258 5,073
Share premium 19 627,971 627,971
Non distributable reserves 19 157,471 157,471
Capital redemption reserve 19 5,430 4,615
Other reserves 19 (1,619,082 ) (2,369,680 )
Retained earnings 19 4,124,572 3,802,830
SHAREHOLDERS' FUNDS 3,300,620 2,228,280

Company's profit for the financial year 1,327,340 937,774

The financial statements were approved by the Board of Directors and authorised for issue on 16 January 2025 and were signed on its behalf by:





M Cooper - Director


Leons Travel Group Limited (Registered number: 07306535)

Consolidated Statement of Changes in Equity
for the Year Ended 30 April 2024

Called up
share Retained Share
capital earnings premium
£    £    £   
Balance at 1 May 2022 5,887 8,343,592 627,971

Changes in equity
Purchase of own shares - (749,677 ) -
Reduction in share capital (814 ) - -
Dividends - (300,640 ) -
Total comprehensive income - 1,214,042 -
Balance at 30 April 2023 5,073 8,507,317 627,971

Changes in equity
Purchase of own shares - (750,598 ) -
Reduction in share capital (815 ) - -
Dividends - (255,000 ) -
Total comprehensive income - 1,627,341 -
Balance at 30 April 2024 4,258 9,129,060 627,971
Non Capital
distributable redemption Other Total
reserves reserve reserves equity
£    £    £    £   
Balance at 1 May 2022 157,471 3,801 (3,119,357 ) 6,019,365

Changes in equity
Purchase of own shares - - 749,677 -
Reduction in share capital - 814 - -
Dividends - - - (300,640 )
Total comprehensive income - - - 1,214,042
Balance at 30 April 2023 157,471 4,615 (2,369,680 ) 6,932,767

Changes in equity
Purchase of own shares - - 750,598 -
Reduction in share capital - 815 - -
Dividends - - - (255,000 )
Total comprehensive income - - - 1,627,341
Balance at 30 April 2024 157,471 5,430 (1,619,082 ) 8,305,108

Leons Travel Group Limited (Registered number: 07306535)

Company Statement of Changes in Equity
for the Year Ended 30 April 2024

Called up
share Retained Share
capital earnings premium
£    £    £   
Balance at 1 May 2022 5,887 3,915,373 627,971

Changes in equity
Purchase of own shares - (749,677 ) -
Reduction in share capital (814 ) - -
Dividends - (300,640 ) -
Total comprehensive income - 937,774 -
Balance at 30 April 2023 5,073 3,802,830 627,971

Changes in equity
Purchase of own shares - (750,598 ) -
Reduction in share capital (815 ) - -
Dividends - (255,000 ) -
Total comprehensive income - 1,327,340 -
Balance at 30 April 2024 4,258 4,124,572 627,971
Non Capital
distributable redemption Other Total
reserves reserve reserves equity
£    £    £    £   
Balance at 1 May 2022 157,471 3,801 (3,119,357 ) 1,591,146

Changes in equity
Purchase of own shares - - 749,677 -
Reduction in share capital - 814 - -
Dividends - - - (300,640 )
Total comprehensive income - - - 937,774
Balance at 30 April 2023 157,471 4,615 (2,369,680 ) 2,228,280

Changes in equity
Purchase of own shares - - 750,598 -
Reduction in share capital - 815 - -
Dividends - - - (255,000 )
Total comprehensive income - - - 1,327,340
Balance at 30 April 2024 157,471 5,430 (1,619,082 ) 3,300,620

Leons Travel Group Limited (Registered number: 07306535)

Consolidated Cash Flow Statement
for the Year Ended 30 April 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,305,649 2,118,767
Interest paid - (5,680 )
Tax paid (282,163 ) (119,033 )
Net cash from operating activities 2,023,486 1,994,054

Cash flows from investing activities
Purchase of tangible fixed assets (715,931 ) (851,762 )
Sale of tangible fixed assets 574,473 718,500
Interest received 33,853 13,005
Net cash from investing activities (107,605 ) (120,257 )

Cash flows from financing activities
Loan repayments in year - (250,000 )
Amount introduced by directors 5,281 216,407
Amount withdrawn by directors (161,989 ) (249,400 )
Consideration for purchase of own shares (1,350,598 ) (749,275 )
Loans to associates 304,320 (2,321,440 )
Equity dividends paid (255,000 ) (300,640 )
Net cash from financing activities (1,457,986 ) (3,654,348 )

Increase/(decrease) in cash and cash equivalents 457,895 (1,780,551 )
Cash and cash equivalents at beginning of year 2 2,130,243 3,910,794

Cash and cash equivalents at end of year 2 2,588,138 2,130,243

Leons Travel Group Limited (Registered number: 07306535)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 30 April 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Profit before taxation 2,184,156 1,668,667
Depreciation charges 513,750 575,339
Profit on disposal of fixed assets (292,230 ) (156,619 )
Finance costs - 5,678
Finance income (33,853 ) (13,005 )
2,371,823 2,080,060
Increase in trade and other debtors (226,496 ) (119,755 )
Increase in trade and other creditors 160,322 158,462
Cash generated from operations 2,305,649 2,118,767

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 April 2024
30.4.24 1.5.23
£    £   
Cash and cash equivalents 2,588,138 2,130,243
Year ended 30 April 2023
30.4.23 1.5.22
£    £   
Cash and cash equivalents 2,130,243 3,910,794


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.5.23 Cash flow At 30.4.24
£    £    £   
Net cash
Cash at bank and in hand 2,130,243 457,895 2,588,138
2,130,243 457,895 2,588,138
Total 2,130,243 457,895 2,588,138

Leons Travel Group Limited (Registered number: 07306535)

Notes to the Consolidated Financial Statements
for the Year Ended 30 April 2024

1. STATUTORY INFORMATION

Leons Travel Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and have been consistently applied within these accounts.

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, being the 12 month period from the date of these accounts being approved and therefore the financial statements have been prepared on a going concern basis.

Basis of consolidation
The group accounts consolidate the accounts of the group and all its subsidiaries at 30 April 2024. All intra-group transactions, balances, income and expenses are eliminated on consolidation.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Significant judgements and estimates
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 considered 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 the revision and future periods where the revision affects both current and future periods.

Turnover
Turnover represents net invoiced sales of services, excluding value added tax.

Revenue is recognised as the company becomes entitled to consideration for the services supplied.

All turnover was derived from UK customers.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Leons Travel Group Limited (Registered number: 07306535)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost and NIL % per annum
Short leasehold - 20% on reducing balance
Plant and machinery - 12.5% on reducing balance, 10% on reducing balance and 10% on cost
Fixtures and fittings - 20% on cost, 12.5% on reducing balance, 10% on cost and 10% on reducing balance
Motor vehicles - 18% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

This accounting policy represents a departure from the Companies Act 2006, which requires that all properties be depreciated. The directors consider that this departure from the requirements of the Act is necessary to give a true and fair view, because these properties are not held for consumption, but for their investment potential and to depreciate them would not give a true and fair view.

If this departure from the Act had not been made, the profit for the financial year would have been reduced by depreciation. However, the amount of depreciation cannot reasonably be quantified because depreciation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Leons Travel Group Limited (Registered number: 07306535)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Holidays 2,780,576 2,465,452
Private Hire 2,285,058 2,359,384
Contract Hire 1,638,915 1,617,877
Other 3,258 13,297
6,707,807 6,456,010

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,147,969 1,094,619
Social security costs 55,094 43,225
Other pension costs 18,928 137,722
1,221,991 1,275,566

The average number of employees during the year was as follows:
2024 2023

Administration and management 9 9
Drivers and maintenance 48 51
57 60

2024 2023
£    £   
Directors' remuneration 50,805 35,360
Directors' pension contributions to money purchase schemes - 120,000

Leons Travel Group Limited (Registered number: 07306535)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2024

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Depreciation - owned assets 513,753 551,609
Profit on disposal of fixed assets (292,230 ) (156,619 )
Goodwill amortisation - 23,731
Auditors' remuneration 26,859 17,426
Foreign exchange differences 5,928 (10,496 )

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest - 5,678

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 566,322 282,204
Under accrued in prior year (61 ) -
Total current tax 566,261 282,204

Deferred tax (9,446 ) 172,421
Tax on profit 556,815 454,625

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 2,184,156 1,668,667
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 -
19 %)

546,039

317,047

Effects of:
Expenses not deductible for tax purposes - 109
Capital allowances in excess of depreciation - (46,517 )
Depreciation in excess of capital allowances 10,837 -
Adjustments to tax charge in respect of previous periods (61 ) -
Marginal relief - 7,056
Goodwill amortised - 4,509
Deferred taxation - 172,421
Total tax charge 556,815 454,625

8. INDIVIDUAL PROFIT AND LOSS ACCOUNT

As permitted by Section 408 of the Companies Act 2006, the Profit and Loss Account of the parent company is not presented as part of these financial statements.


Leons Travel Group Limited (Registered number: 07306535)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2024

9. DIVIDENDS

30.4.23 30.4.22
£ £
A Ordinary Shares of £1 each
Interim 20,000 20,000
B Ordinary Shares of £1 each
Interim 50,160 39,000
C Ordinary Shares of £1 each
Interim 30,000 25,000
E Ordinary Shares of £1 each
Interim 30,000 30,000
G Ordinary Shares of £1 each
Interim 50,160 39,000
H Ordinary Shares of £1 each
Interim 50,160 39,000
I Ordinary Shares of £1 each
Interim 50,160 37,950
J Ordinary Shares of £1 each
Interim 20,000 20,000
300,640 249,950

10. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 May 2023
and 30 April 2024 669,006
AMORTISATION
At 1 May 2023
and 30 April 2024 669,006
NET BOOK VALUE
At 30 April 2024 -
At 30 April 2023 -

Leons Travel Group Limited (Registered number: 07306535)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2024

11. TANGIBLE FIXED ASSETS

Group
Freehold Short Plant and
property leasehold machinery
£    £    £   
COST
At 1 May 2023 2,824,962 29,274 210,164
Additions - - 500
Disposals - - -
At 30 April 2024 2,824,962 29,274 210,664
DEPRECIATION
At 1 May 2023 477,580 28,992 118,662
Charge for year 43,305 57 7,696
Eliminated on disposal - - -
At 30 April 2024 520,885 29,049 126,358
NET BOOK VALUE
At 30 April 2024 2,304,077 225 84,306
At 30 April 2023 2,347,382 282 91,502

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 May 2023 34,164 5,062,186 8,160,750
Additions 507 714,924 715,931
Disposals - (894,430 ) (894,430 )
At 30 April 2024 34,671 4,882,680 7,982,251
DEPRECIATION
At 1 May 2023 16,455 2,491,499 3,133,188
Charge for year 3,377 459,318 513,753
Eliminated on disposal - (612,187 ) (612,187 )
At 30 April 2024 19,832 2,338,630 3,034,754
NET BOOK VALUE
At 30 April 2024 14,839 2,544,050 4,947,497
At 30 April 2023 17,709 2,570,687 5,027,562

Included in cost of land and buildings is freehold land of £660,001 (2023 - £660,001) which is not depreciated.

Leons Travel Group Limited (Registered number: 07306535)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2024

11. TANGIBLE FIXED ASSETS - continued

Company
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 May 2023 2,824,962 174,346 12,503 4,390,491 7,402,302
Additions - - 507 714,924 715,431
Disposals - - - (676,280 ) (676,280 )
At 30 April 2024 2,824,962 174,346 13,010 4,429,135 7,441,453
DEPRECIATION
At 1 May 2023 477,580 99,763 8,396 1,955,250 2,540,989
Charge for year 43,305 4,458 1,024 441,617 490,404
Eliminated on disposal - - - (415,368 ) (415,368 )
At 30 April 2024 520,885 104,221 9,420 1,981,499 2,616,025
NET BOOK VALUE
At 30 April 2024 2,304,077 70,125 3,590 2,447,636 4,825,428
At 30 April 2023 2,347,382 74,583 4,107 2,435,241 4,861,313

Included in cost of land and buildings is freehold land of £ 660,001 (2023 - £ 660,001 ) which is not depreciated.

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 May 2023
and 30 April 2024 2,453,988
PROVISIONS
At 1 May 2023
and 30 April 2024 1,456,797
NET BOOK VALUE
At 30 April 2024 997,191
At 30 April 2023 997,191


The list of subsidiaries is as follows;

Name Registered office Nature of business Interest
Leons Travel Limited Paton Drive, Tollgate Park,
Stafford, ST16 3EF
Provision of holidays 100% ordinary
shares
Leons Coach Travel (Stafford)
Limited
Paton Drive, Tollgate Park,
Stafford, ST16 3EF
Provision of coach services 100% ordinary
shares
Happy Days (Woodseaves) Limited Paton Drive, Tollgate Park,
Stafford, ST16 3EF
Coach and tour operator 100% ordinary
shares
Leons Asset Management Limited Paton Drive, Tollgate Park,
Stafford, ST16 3EF
Dormant company 100% ordinary
shares
Staffordian Travel Limited Paton Drive, Tollgate Park,
Stafford, ST16 3EF
Dormant company 100% ordinary
shares

Leons Travel Group Limited (Registered number: 07306535)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2024

13. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 May 2023
and 30 April 2024 1,393,240
NET BOOK VALUE
At 30 April 2024 1,393,240
At 30 April 2023 1,393,240

Company
Total
£   
FAIR VALUE
At 1 May 2023
and 30 April 2024 1,393,240
NET BOOK VALUE
At 30 April 2024 1,393,240
At 30 April 2023 1,393,240

Investment property was valued on an open market basis on 8 February 2013 by Chivers Commercial, Chartered Surveyors.

The directors have made key assumptions in the determination of the fair value of investment properties in respect of the state of the relevant property market where the properties are located and in respect of the range of reasonable fair value estimates of the properties. The valuation method is described above together with the valuation of the property at the reporting date.

The directors are of the opinion that, given the economic climate, there has been no significant change in market values compared with the valuation undertaken in 2013.

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 403,605 464,297 14,555 9,340
Amounts owed by group undertakings - - 651,001 902,330
Other debtors 1,968,031 2,012,351 - -
Directors' loan accounts 141,300 - 141,300 -
VAT 43,796 69,838 212 212
Prepayments 211,097 157,867 55,567 61,145
2,767,829 2,704,353 862,635 973,027

Leons Travel Group Limited (Registered number: 07306535)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2024

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade creditors 1,041,009 877,138 47,229 43,827
Amounts owed to group undertakings - - 3,019,063 2,897,112
Tax 566,395 282,300 128,122 3,260
Social security and other taxes 14,297 15,320 - -
Other creditors 531,836 749,398 518,556 736,601
Amounts owed to related party - - 41,205 1,600
Directors' loan accounts 55,249 70,658 55,249 70,658
Accrued expenses 33,799 37,361 8,945 9,933
2,242,585 2,032,175 3,818,369 3,762,991

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Other creditors 487,082 1,619,082 487,082 1,619,082

17. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred tax
Accelerated capital allowances 621,567 631,012 592,567 591,300
Other timing differences 40,362 40,362 40,362 40,362
661,929 671,374 632,929 631,662

Group
Deferred
tax
£   
Balance at 1 May 2023 671,374
Accelerated capital allowances (9,445 )
Balance at 30 April 2024 661,929

Company
Deferred
tax
£   
Balance at 1 May 2023 631,662
Accelerated capital allowances 1,267
Balance at 30 April 2024 632,929

Leons Travel Group Limited (Registered number: 07306535)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2024

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
500 A Ordinary £1 500 500
500 B Ordinary £1 500 500
125 C Ordinary £1 125 125
NIL D Ordinary £1 - -
125 E Ordinary £1 125 125
NIL F Ordinary £1 - -
500 G Ordinary £1 500 500
375 H Ordinary £1 375 375
250 I Ordinary £1 250 250
125 J Ordinary £1 125 125
879 Y Ordinary £1 879 1,422
879 Z Ordinary £1 879 1,151
4,258 5,073

On 30 October 2020, the company entered into an agreement to repurchase and cancel 7,188 shares from the shareholders over a six year period.

On 14 October 2023, the company repurchased and cancelled 815 shares from the shareholders.

19. RESERVES

Group
Non
Retained Share distributable
earnings premium reserves
£    £    £   

At 1 May 2023 8,507,317 627,971 157,471
Profit for the year 1,627,341
Dividends (255,000 )
Purchase of own shares (750,598 ) - -
At 30 April 2024 9,129,060 627,971 157,471

Group
Capital
redemption Other
reserve reserves Totals
£    £    £   

At 1 May 2023 4,615 (2,369,680 ) 6,927,694
Profit for the year 1,627,341
Dividends (255,000 )
Purchase of own shares - 750,598 -
Reduction in share capital 815 - 815
At 30 April 2024 5,430 (1,619,082 ) 8,300,850

Leons Travel Group Limited (Registered number: 07306535)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2024

19. RESERVES - continued

Company
Non
Retained Share distributable
earnings premium reserves
£    £    £   

At 1 May 2023 3,802,830 627,971 157,471
Profit for the year 1,327,340
Dividends (255,000 )
Purchase of own shares (750,598 ) - -
At 30 April 2024 4,124,572 627,971 157,471

Company
Capital
redemption Other
reserve reserves Totals
£    £    £   

At 1 May 2023 4,615 (2,369,680 ) 2,223,207
Profit for the year 1,327,340
Dividends (255,000 )
Purchase of own shares - 750,598 -
Reduction in share capital 815 - 815
At 30 April 2024 5,430 (1,619,082 ) 3,296,362

Other reserves relate to the deferred consideration for the purchase of own shares. This is a non distributable reserve and will be released as each stage payment is made.

20. PENSION COMMITMENTS

The company operates a defined contribution 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. At the year end, the company had contributions payable of £2,590 (2023: £2,482).

21. CONTINGENT LIABILITIES

A bond in the amount of £200,000 exists in favour of ABTA Limited.

22. FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £39,122 (2023: £116,792).

These financial commitments represent the total amount of payments remaining on leases ending on or before 2024 of £39,122 (2023: £35,992) and capital commitments entered into at the balance sheet date for the purchase of motor vehicles of £nil (2023: £80,800).

Leons Travel Group Limited (Registered number: 07306535)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2024

23. RELATED PARTY DISCLOSURES

As at 30 April 2024, the group was owed £1,749,236 by Leons Properties Limited, (2023: £2,012,351).

The loan is interest free and has no fixed date of repayment.

On 30th October 2020, the company entered into an agreement to repurchase and cancel 7,188 shares from the shareholders over a six year period. During the year, the company cancelled a total of 815 shares for a value of £750,598 (2023: 815 share cancelled for a value of £750,598). At the year end, the company had 1,758 shares to be cancelled under the agreement for a total value of £987,174. Of this, £500,092 (2023: £718,690) is included within other creditors due within one year. The remaining amount of £487,082 (2023: £1,619,082) is included within other creditors due after one year.

The balance is due to be fully paid by October 2026.

24. POST BALANCE SHEET EVENTS

On 30 October 2020, the company entered into an agreement to repurchase and cancel 7,188 shares from the shareholders over a six year period.

Of which, on 11th November 2024, the company repurchased and cancelled 1,086 shares from the shareholders.

25. ULTIMATE CONTROLLING PARTY

The company is controlled by its directors.