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Registered number: 03036965


READER OFFERS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

 
READER OFFERS LIMITED
 
 
COMPANY INFORMATION


Directors
M R Childs 
J R Dickinson 
R C Barker 
G C Cairns 
S P Wikevand 




Company secretary
M R Childs



Registered number
03036965



Registered office
8th Floor
Becket House

36 Old Jewry

London

EC2R 8DD




Independent auditors
Xeinadin Audit Limited
Chartered Accountants & Statutory Auditors

8th Floor

Becket House

36 Old Jewry

London

EC2R 8DD





 
READER OFFERS LIMITED
 

CONTENTS



Page
Strategic Report
1 - 5
Directors' Report
6 - 9
Independent Auditors' Report
10 - 14
Statement of Comprehensive Income
15
Statement of Financial Position
16
Statement of Changes in Equity
17
Notes to the Financial Statements
18 - 35


 
READER OFFERS LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

Introduction
The directors present the Company’s strategic report together with the audited financial statements for the year ended 30 April 2024, together with the comparative period for the year ended 30 April 2023.
The principal activity of the Company continued to be that of cruise specialists, both as agents and tour operators, to the consumer market.
Business review
The Company continued in its full recovery from the Covid-19 pandemic with a strong set of financial results, capitalising on the growth in the cruise sector where, aside from some travel disruption because of conflicts in Ukraine and Palestine, destinations across the world opened for tourism in general.
The most recent cruise industry report from the Cruise Lines International Association (CLIA), revealed a total of
2.3m cruise holidays were taken in the UK and Ireland in the calendar year 2023, an increase of circa 0.6m, or 35%, against the prior year 1.7m. The Mediterranean remains the number one destination for cruise travellers at 35%, followed by Northern Europe at 29%, the Caribbean at 12%, and the rest of the world at 24%.
Future developments
The Company continues to make investments in its digital strategy with a year-on-year growth in post-distribution profit of 15%. This has enabled the Company to maintain a 41% cost of acquisition when measured against gross profit, compared to 45% as it was in the pre-covid FY19. Further development of the front and back-office systems is envisaged in the year ahead, with associated improvements to the Company’s internal reporting through its data warehouse. Many of the Company’s key performance indicators are now monitored daily, enabling management to react quickly to market changes, both in terms of commercial opportunity and fluctuations in consumer demand.
Further developments of the CRM are also planned in the year-ahead and, with the capture of a client’s specific travelling preferences, will enable a more focused and tactical approach of the Company’s marketing campaigns resulting in potential reductions in the cost of acquisition.
Key performance indicators
The Company uses key measurements including TTV per passenger and booking and gross margin to measure performance, as well as concentration by supplier. The Company constantly reviews its return on marketing investment across all distribution channels including press, database and digital and is conversant to reacting dynamically to any material changes affecting post-distribution profit. Key areas of the business, including sales and marketing, are assessed each month against specific targets. In addition to the principal revenue measurements, management also regularly assess the rate of booking transfer over cancellation and monitor daily cash performance and liquidity.

Page 1

 
READER OFFERS LIMITED
 

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

Financial Key Performance Indicators

The key financial performance indicators for the Company are as follows:

2024
2023
        £
        £
Total Transactional Turnover

176,065,258

140,683,947
 
Turnover

50,269,729

38,946,270
 
Operating profit

6,272,551

6,025,275
 
EBITDA

6,454,449

6,248,623
 
Net current assets

9,697,295

6,069,178
 
Distribution costs to gross profit as a %

41

39
 
Average number of employees

137

136
 

Review of financial performance

In line with the reported growth above, the business experienced strong booking demand throughout the year under review with an 18.5% increase in total gross transactional turnover, before booking cancellations and amendments. After the deduction of booking cancellations and amendments, and as represented within the financial statements, total gross transactional turnover for the year was £176m, up by a significant £35m, or 25%, against the prior year £141m. At £176m it also represents an increase of some £23m, or 15%, against the full pre-Covid year, FY19, of £153m. It is fair to say, therefore, that the business is now experiencing solid and organic growth from the pre-pandemic period and is best placed to capitalise on the projected growth within the cruise sector which, for the calendar year 2024, is envisaged to see passenger growth in the UK and Ireland of over 4%.
As has been the case post-pandemic, the Company has streamlined and further enhanced its key routes to market with distribution costs, when measured against gross profit, remaining consistent at 41%. With an annualised spend of circa £12m, and despite the increased turnover reported, total distribution costs fall behind those of FY19 by circa £1m. Operating profit for the year, prior to the absorption of £1.4m of increases in provision, amounted to £7.7m and compares with FY23, before the beneficial write back in provisions of £1.5m, of £4.5m. The Company continues to optimise its treasury management such that interest receipts reported for the year amounted to £1.1m, compared with £0.4m in the prior year.
Overall, the Directors are pleased with the results for the year, which provide for pre-tax profits of £7.4m, compared with £6.3m in the prior year.
Going concern
The Directors have prepared a cash flow forecast for a period of 12 months for the date of approval of these financial statements. The forecast assumes a relatively modest increase in activity over and above FY24, with cancellations reverting to pre-Covid levels, and indicates that the Business will have adequate financial resources to meet its liabilities as they fall due. Given this position, and the results across the first two months of FY25, the Directors consider it appropriate to prepare the financial statements on a going concern basis.

Page 2

 
READER OFFERS LIMITED
 

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

Principal risks and uncertainties
 
The Company is reliant on information technology and has a dedicated IT team to service the daily needs of the business, as well as further enhancing the front and back-office systems and associated reporting. This has enabled the Company to maximise the efficiency of the operational procedures and will continue to be a key focus for the business in the coming years. A fully documented disaster recovery plan is in place, including off- site data backup.
The principal risks faced by the business are as follows:
Credit risk
The Company's credit risk is primarily only attributable to customer receivables for future departures, and therefore has no concentration of credit risk. The financial statements incorporate a provision for cancellations arising from future departures, and this is reviewed periodically by the Directors.
Cash flow risk
The Company has comprehensive daily financial reporting in place. Cashflow, as well as profitability, is reviewed daily against both forecast and prior periods. Any adverse variances are highlighted for management review.
At the outturn of the year cash-at-bank was £27.8m, an increase of £3.3m against the prior year £24.5m. Of the
£27.8m, a total of £9.2m was held in escrow in accordance with the Company’s ATOL licensing conditions which require 70% of all customer monies collected to be placed in escrow until departure.
Travel industry disruption risk
The occurrence of one or more natural disasters, such as hurricanes or earthquakes, and geo-political events, such as civil unrest, could adversely affect our business performance. These events, should they arise, would have a direct impact on our supply partners and cruise lines who may be forced to make last-minute changes to their itineraries or possibly full re-deployments.
The Company has a team of experienced staff to deal with those potential scenarios, to minimise both the disruption caused to its' clients and the cost to the business. During Covid-19, the Company adapted rapidly to the demands upon it following the initial suspension in international cruising in March 2020 and was successful in transferring a significant number of customers to later departures in 2022, 2023 and 2024.

Page 3

 
READER OFFERS LIMITED
 

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

S172 Statement

Large companies must publish a statement setting out how their Directors have complied with Section 172(1) of the Companies Act 2006. This requires Directors to act in the way they consider would most likely promote the success of the company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to:
• the likely consequences of any decisions in the long term.
• the interests of the company's employees.
• the need to foster the company's business relationships with suppliers, customers and others.
• the impact of the company's operations on the community and environment.
• the desirability of the company maintaining a reputation for high standards of business conduct; and,
• the need to act fairly between members of the company.
The following disclosure describes how the Directors have had regard to the matters set out in Section 172(1)(a) to (f) and forms the Directors' statement under section 414CZA of The Companies Act 2006.
The Directors consider, both individually and collectively, that we have acted in the way we consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole (having regard to the stakeholders and matters set out in section 172(1)(a-f) of the Companies Act 2006) in the decisions taken during the year ended 30 April 2024.
Decision-making at the Board
The Board consists of experienced Directors who bring considerable experience and perspective to the decision­ making process. The responsibilities of the Board are set out in the Company's Articles of Association. The Board meets on a regular basis and all matters in which the Board is required to reach a decision are presented at Board meetings. Supporting papers setting out to the Directors the relevant key facts are also provided. The papers also describe any potential short-term and long-term impacts and risks for the Company, its clients, employees, shareholders and other stakeholders including suppliers, the community and environment, and how these are to be managed.
Employees
The Directors consider its employees to be a primary stakeholder in the business and strive to retain and motivate all employees as well as attracting high quality new talent. The culture is to be supportive and actively recognise efforts, ensuring employees feel they are making an impact doing fulfilling work, as well as encouraging people to grow and develop. The Company has a strong focus on employee engagement and HR strategy and seek to develop a workplace that employees enjoy being a part of. The wellbeing of employees is very important, and integrating work and family life, as well as taking care of oneself and giving back to the community are all encouraged.
Diversity and equal opportunity are of great importance to the Company where we believe it's the only way to ensure everyone can reach their full potential. We are proud of our inclusive culture and the part it plays in attracting and retaining a talented workforce with real passion for delivering extraordinary service.

Clients
Our clients are at the heart of what we do. The Company's ethos in providing superlative levels of customer service can be evidenced through Feefo, Google and Trust Pilot with ratings of 4.7/5. The Company’s Feefo rating is also classified as platinum due to the consistency of the rating.  Our travel consultants have many years of travel industry experience, and we support the enhancement of their knowledge through tailored training courses working in conjunction with our cruise line partners.  Our clients’ experiences are closely monitored through feedback, and we have dedicated customer support and care teams to ensure the highest levels of customer satisfaction are maintained.
 
Page 4

 
READER OFFERS LIMITED
 

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


Environment
We work hard to reduce the carbon footprint of our business.  The Company continues to prioritise sustainability in all activities and processes.  The Company uses solar energy to assist in the offsetting of its carbon footprint and in the year under review has installed electric vehicle charging points for its employees and visitors.  The Company has adopted a tree planting initiative where one tree is planted for each travel booking made. 
High standards of business conduct
The Board set out to behave in a responsible manner, operating with the highest standards of business conduct and good governance, ensuring that risks are identified and minimised, and that the business has the resource and ability to continue to provide the highest quality service to its clients even when unexpected situations arise, such as the recent Covid-19 pandemic.
We work closely and collaboratively with our service providers, including cruise lines, airline consolidators, transport services, and suppliers, including our technology partners, developing a partnership approach to foster sound commercial relationships that ultimately benefit our clients.


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





M R Childs
Director

Date: 30 August 2024

Page 5

 
READER OFFERS 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 Strategic Report, the Directors' Report 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 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 of the profit or loss of the Company for that period.

 In preparing these financial statements, the Directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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 transactions and disclose with reasonable accuracy at any time the financial position of the Company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the Company continued to be that of cruise specialists, both as agents and tour operators, to the consumer market.

Results and dividends

The profit for the year, after taxation, amounted to £5,589,010 (2023 - £5,117,464).

The directors have recommended a dividend amounting to £3,448,729 (2023: £776,772) for the financial year.

Directors

The Directors who served during the year were:

M R Childs 
J R Dickinson 
R C Barker 
G C Cairns 
S P Wikevand 

Page 6

 
READER OFFERS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Charitable donations

During the year, the Company made charitable donations amounting to £23,657 (2023: £21,758). 

Statement of directors' indemnities

The Company has made qualifying third-party indemnity provisions for the benefit of directors and officers of the Company which were made during the year and exist at the date of this report
Employment of disabled persons
The Company is committed to a policy of recruitment and promotion on the basis of aptitude and ability without discrimination of any kind. Management actively pursues both the employment of disabled persons whenever a suitable vacancy arises and the continued employment and retraining of employees who become disabled whilst employed by the Company. Particular attention is paid to the training, career development and promotion of employees who are disabled with a view to encouraging them to play an active role in the development of the Company.
Employee engagement
The Company is committed to engaging employees in the performance and direction of the Company. Through the Company's performance development plans and incentive schemes, employees' objectives are closely aligned to those of the Company. Management is committed to having the industry leading training programme and has continued to invest in bespoke training. 
The unique training and awards scheme continues to show significant benefits for the Company. Staff retention is a key strategy for the business and the awards scheme has further enhanced employee knowledge and expertise. Positive feedback has been received from both clients and suppliers alike, and the Directors are confident that this ongoing initiative will enable the business to retain and develop its status as a recognised cruise specialist within the industry. In addition to the training scheme, ROL Cruise Holdings has granted certain senior management and employees within the Company with share options under the umbrella of The ROL Cruise Holdings Employee and Executive Share Schemes.  As with many companies emerging from the Pandemic, staff recruitment and retention are a key challenge and focus for the Business.  Staff engagement, motivation and financial rewards are all pivotal in supporting retention and have underpinned the solid performance of the business as it emerged from the aftermath of the Pandemic.

Engagement with suppliers, customers and others

The directors have prioritised fair and transparent dealings, timely payments, and open communication with suppliers. The directors have encouraged customer centricity, responsiveness, and a focus on customer satisfaction. They have assessed potential synergies, evaluated market opportunities, and negotiated mutually beneficial agreements. 
Corporate social responsibility
The Company is committed to operating to the highest ethical standards; this includes all of its dealings with customers, employees, shareholders and other stakeholders.
Streamlined Energy and Carbon Reporting ('SECR')
The Company is committed to reducing the energy consumption and carbon impact of its business.  The following has been prepared under the SECR requirements:

Page 7

 
READER OFFERS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024


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Page 8

 
READER OFFERS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Matters covered in the strategic report

As permitted by paragraph 1A of Schedule 7 to the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulation 2008, certain matters which are required to be disclosed in the Directors' Report have been omitted as they are included in the Strategic Report on pages 1-5. These matters relate to the principal activity, financial risk management objectives and policies, exposure to certain risks, future developments in the business and post balance sheet events
Research and development activities
The Company continues to invest in research and development, particularly in relation to its software applications. The directors recognise that continued investment in research and development is essential to the long-term success and growth of the business.

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'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's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsXeinadin Audit Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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





M R Childs
Director

Date: 30 August 2024

Page 9

 
READER OFFERS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF READER OFFERS LIMITED
 

Opinion


We have audited the financial statements of Reader Offers Limited (the 'Company') for the year ended 30 April 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the 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 Company's affairs as at 30 April 2024 and of its 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 Company 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 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 10

 
READER OFFERS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF READER OFFERS 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 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 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
the 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.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 6, 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 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 Company or to cease operations, or have no realistic alternative but to do so.


Page 11

 
READER OFFERS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF READER OFFERS 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 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:

Enquiry of management and those charged with governance around actual and potential litigation and claims;
Reviewing minutes of meetings of meetings of those charged with governance;
Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;
Enquiry of management and those charged with governance to identify any instances of non-compliance with laws and regulations.

The potential effect of these laws and regulations on the financial statements varies considerably.
Firstly, the Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
Secondly, the Company is subject to many other laws and regulations where the consequence of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance the imposition of fines or litigation or the loss of the Company's license to operate. We identified the following areas as those most likely to have such an effect: health and safety including data protection laws, employment law, ABTA and CAA compliance recognising the nature of the Company’s activities. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.


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.
Page 12

 
READER OFFERS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF READER OFFERS LIMITED (CONTINUED)




Page 13

 
READER OFFERS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF READER OFFERS LIMITED (CONTINUED)


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.





Yasin Khandwalla FCCA (Senior Statutory Auditor)
  
for and on behalf of
Xeinadin Audit Limited
 
Chartered Accountants & Statutory Auditors
  
8th Floor
Becket House
36 Old Jewry
London
EC2R 8DD

30 August 2024
Page 14

 
READER OFFERS LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
Note
£
£


Total Gross Transactional Turnover
176,065,258
140,683,947

  

Turnover
 4 
50,269,729
38,946,270

Cost of sales
  
(21,606,249)
(12,557,756)

Gross profit
  
28,663,480
26,388,514

Distribution costs
  
(11,857,071)
(10,495,308)

Administrative expenses
  
(10,533,858)
(9,867,931)

Operating profit
 5 
6,272,551
6,025,275

Interest receivable and similar income
 9 
1,126,618
353,546

Interest payable and similar expenses
 10 
-
(80,766)

Profit before tax
  
7,399,169
6,298,055

Tax on profit
 11 
(1,810,159)
(1,180,591)

Profit for the year
  
5,589,010
5,117,464

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 18 to 35 form part of these financial statements.

Page 15

 
READER OFFERS LIMITED
REGISTERED NUMBER: 03036965

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 13 
403,061
518,908

Tangible assets
 14 
52,911
107,579

Investments
 15 
62,943
62,943

  
518,915
689,430

Current assets
  

Debtors: amounts falling due within one year
 16 
116,631,670
115,679,622

Cash at bank and in hand
 17 
27,790,641
24,500,406

  
144,422,311
140,180,028

Creditors: amounts falling due within one year
 18 
(134,725,016)
(134,110,850)

Net current assets
  
 
 
9,697,295
 
 
6,069,178

Total assets less current liabilities
  
10,216,210
6,758,608

Provisions for liabilities
  

Deferred tax
 19 
(90,412)
(129,387)

Other provisions
 20 
(3,833,086)
(2,476,790)

  
 
 
(3,923,498)
 
 
(2,606,177)

Net assets
  
6,292,712
4,152,431


Capital and reserves
  

Called up share capital 
 21 
50,000
50,000

Profit and loss account
 22 
6,242,712
4,102,431

  
6,292,712
4,152,431


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




M R Childs
Director

Date: 30 August 2024

The notes on pages 18 to 35 form part of these financial statements.

Page 16

 
READER OFFERS LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 May 2022
50,000
(248,261)
(198,261)


Comprehensive income for the year

Profit for the year
-
5,117,464
5,117,464
Total comprehensive income for the year
-
5,117,464
5,117,464


Contributions by and distributions to owners

Dividends: Equity capital
-
(766,772)
(766,772)


Total transactions with owners
-
(766,772)
(766,772)


At 1 May 2023
50,000
4,102,431
4,152,431


Comprehensive income for the year

Profit for the year
-
5,589,010
5,589,010
Total comprehensive income for the year
-
5,589,010
5,589,010


Contributions by and distributions to owners

Dividends: Equity capital
-
(3,448,729)
(3,448,729)


Total transactions with owners
-
(3,448,729)
(3,448,729)


At 30 April 2024
50,000
6,242,712
6,292,712


The notes on pages 18 to 35 form part of these financial statements.

Page 17

 
READER OFFERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Reader Offers Limited is a private company limited by shares incorporated in England and Wales, United Kingdom. The address of the registered office is given on the Company Information page of these financial statements. 
The principal activity of the Company continued to be that of cruise specialists, both as agents and tour operators, to the consumer market.

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 management to exercise judgement in applying the Company's accounting policies (see note 3).

  
2.2

Exemptions for qualifying entities under FRS 102

The Company has taken advantage of the following exemptions on the basis that the equivalent disclosures are included in the consolidated financial statements of the group in which the Company is consolidated:
Cash flow statement
Under FRS 102 paragraph 1.12(b), from preparing a Statement of Cash Flows, on the basis that it is a qualifying entity and its parent company, ROL Cruise Holdings Limited, includes the Company’s cash flows in its own consolidated financial statements. These financial statements may be obtained from 8th Floor Becket House, 36 Old Jewry, London, EC2R 8DD.
Key management personnel
Under FRS 102 paragraph 1.12(e) from disclosing the key management personnel in the Company on the basis that it is a qualifying entity and its parent company includes this disclosure.

Page 18

 
READER OFFERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.3

Going concern

The Company’s business activities, together with the factors likely to affect its future trading performance are set out in the Strategic report on pages 1 to 3.  
Business was interrupted from March 2020, due to the Covid-19 pandemic, but has now returned to a normal operating environment, notwithstanding the ongoing conflicts in both Ukraine and Palestine which have led to itinerary changes from a number of cruise lines, but a very low level of cancellations which have had no material impact on profitability in the year.  
The market in which the Company operates generally out performs travel as a whole with a 33% growth in UK and Ireland travellers in 2023. With the significant investment in new cruise ships, the market is projected to grown in 2024 by 4.4%, and the Company remains in a strong position to capitalise on that growth. With pre-tax profit at a record £7.4m, the financial projections for FY25 assume a modest increase, with the first two months of trading in the new year up against the forecast and broadly in line with the prior year.  
In order to offer air inclusive package holidays, the Company requires the annual renewal by the CAA of its ATOL licence. The CAA grants this license on the basis of meeting agreed financial criteria and renews this in September (effective 1st October) each year. The Company has complied with these requirements in previous years. In granting the licence in Oct-21 the Company agreed with the CAA for the operation of an Escrow Account applying to all new air inclusive bookings from that date. Given that agreement, and the improving financial position for the business as set out above, the Company does not envisage any issues in the granting of a new licence from Oct-24. 
The Company is a member of ABTA and requires this membership to protect consumer cash for retail bookings through a scheme of bonding. The basis upon which bonding is to be calculated has now largely reverted to the pre-Covid basis of assessment and consequently the Company does not foresee any issues in securing the required level of bonding. 
The Directors have prepared a cash flow forecast for a period of 12 months for the date of approval of these financial statements. The forecast assumes a relatively modest increase in activity over and above FY24, with cancellations reverting to pre-Covid levels, and indicates that the Business will have adequate financial resources to meet its liabilities as they fall due. Given this position, and the results across the first two months of FY25, the Directors consider it appropriate to prepare the financial statements on a going concern basis.

 
2.4

Revenue

Turnover represents the value of transactions, being cruise, flights and ancillary products in which the Company is, for these purposes regarded as being the principal. Turnover also includes the commission receivable by the company on transactions in which it is regarded as acting as an agent. In all cases, turnover is recognised on a booking date basis.

  
2.5
Cancellation provisions

Provision is made for liabilities arising in respect of expected cancellations and other margin dilution on holidays booked during the year but not yet departed (see note 3).

Page 19

 
READER OFFERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.6

Intangible assets

Intangible assets are stated at cost less accumulated amortisation and any accumulated impairment losses. Capitalised software development costs are amortised over the period in which the company expects to benefit from the use of the product developed but not exceeding ten years.
The directors assess the useful life of the intangible assets at a rate of 20% reducing balance. 
The useful life and the value of the capitalised development costs are assessed for impairment at least annually. The value is written down immediately if impairment has occurred and the unimpaired cost amortised over the reduced useful life.

 
2.7

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 provided on the following basis:

Leasehold improvements
-
25%
straight line
Fixtures and fittings
-
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 the Statement of comprehensive income.

 
2.8

Operating leases: the Company as lessee

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

 
2.9

Valuation of investments

Investments in listed company shares are remeasured to market value at each Statement of financial position date. Gains and losses on remeasurement are recognised in profit or loss for the period

 
2.10

Debtors

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

Page 20

 
READER OFFERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

  
2.11

Cash and cash equivalents

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

 
2.12

Financial instruments

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

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

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.

 
2.13

Creditors

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

 
2.14

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

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

 
2.15

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.

Page 21

 
READER OFFERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.16

Dividends

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

 
2.17

Pensions

Defined contribution pension plan

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

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

 
2.18

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

Interest income

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

 
2.20

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 22

 
READER OFFERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.21

Current and deferred taxation

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

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

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



  
2.22
Cruise miles

The cost of cruise miles are treated as a cost of sale, with an accrual equal to the estimated fair value of the miles issued recognised when the original transaction occurs. On redemption, the cost of the redemption is offset against the accrual.

Page 23

 
READER OFFERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. 
The estimates and associated assumptions are based on historical experience and other factors that are recognised to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the statement of comprehensive income in the period in which the estimate is revised where the revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods. 
Critical judgements 
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements. 
Cancellation provision
Cancellations have now reverted to their pre-Covid level and are broadly a by-product of the income recognition on a booking date basis.  Accordingly, the Directors have calculated a provision based on the full value of future departures and then applied an assessment of the potential dilution in gross transactional turnover and gross profit.
Cruise miles 
In formulating a provision for the estimated value of earnt discounts that will subsequently be redeemed, management makes judgements that are based on historic redemption data.
Key sources of estimation uncertainty
The directors are of the view that there are no estimates or assumptions that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities.


4.


Turnover

The whole of the turnover is attributable to the prinicipal activity which continued to be that of cruise specialists, both as agents and tour operators, to the consumer market.

All turnover arose within the United Kingdom.

Page 24

 
READER OFFERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible assets
66,051
90,139

Amortisation of intangible assets
115,847
133,209

Defined pension contribution cost
96,711
93,309

Exchange differences
(9,716)
12,914

Other operating lease rentals
250,000
296,875


6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors and their associates:


2024
2023
£
£

Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements
29,570
30,000


The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 25

 
READER OFFERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

7.


Employees

Staff costs, including Directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
6,483,712
6,100,537

Social security costs
729,701
703,844

Cost of defined contribution scheme
96,711
93,309

7,310,124
6,897,690


The average monthly number of employees, including the Directors, during the year was as follows:


        2024
        2023
            No.
            No.







Sales and administration
132
131



Management
5
5

137
136


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
1,345,509
1,346,467

Company contributions to defined contribution pension schemes
3,522
4,953

1,349,031
1,351,420


During the year retirement benefits were accruing to 3 Directors (2023 - 4) in respect of defined contribution pension schemes.

The highest paid Director received remuneration of £547,711 (2023 - £344,827).


9.


Interest receivable

2024
2023
£
£


Interest receivable from group companies
307,438
206,525

Other interest receivable
819,180
147,021

1,126,618
353,546

Page 26

 
READER OFFERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
-
80,766


11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
1,814,567
1,202,556

Adjustments in respect of previous periods
34,567
-


1,849,134
1,202,556


Total current tax
1,849,134
1,202,556

Deferred tax


Origination and reversal of timing differences
(38,975)
(21,965)

Total deferred tax
(38,975)
(21,965)


Taxation on profit on ordinary activities
1,810,159
1,180,591
Page 27

 
READER OFFERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The standard rate of Corporation Tax in the UK is 25%. The effective tax rate may differ mainly due to non-qualifying depreciation, disallowable acquisition costs, non-deductible share based payment costs, other non-deductible items in the UK, prior year adjustments and overseas tax rate.
The tax assessed for the year is lower than
 (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19.49%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
7,399,169
6,298,055


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19.49%)
1,849,792
1,227,689

Effects of:


Expenses not deductible for tax purposes
10,354
7,247

Fixed asset differences
-
(1,102)

Adjustments to tax charge in respect of previous periods
34,567
-

Remeasurement of deferred tax for changes in tax rates
-
(4,838)

Movement in deferred tax not recognised
-
1

Group relief surrended/(claimed)
(84,554)
(48,406)

Total tax charge for the year
1,810,159
1,180,591


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


12.


Dividends

2024
2023
£
£


Dividends paid
3,448,729
766,772

3,448,729
766,772

Page 28

 
READER OFFERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

13.


Intangible assets




Software development

£



Cost


At 1 May 2023
1,912,810



At 30 April 2024

1,912,810



Amortisation


At 1 May 2023
1,393,902


Charge for the year on owned assets
115,847



At 30 April 2024

1,509,749



Net book value



At 30 April 2024
403,061



At 30 April 2023
518,908



Page 29

 
READER OFFERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

14.


Tangible fixed assets





Leasehold improvement
Fixtures and fittings
Total

£
£
£



Cost


At 1 May 2023
246,125
798,424
1,044,549


Additions
11,383
-
11,383



At 30 April 2024

257,508
798,424
1,055,932



Depreciation


At 1 May 2023
215,019
721,951
936,970


Charge for the year on owned assets
22,420
43,631
66,051



At 30 April 2024

237,439
765,582
1,003,021



Net book value



At 30 April 2024
20,069
32,842
52,911



At 30 April 2023
31,106
76,473
107,579

Page 30

 
READER OFFERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

15.


Fixed asset investments





Listed investments

£



Cost or valuation


At 1 May 2023
78,015



At 30 April 2024

78,015



Impairment


At 1 May 2023
15,072



At 30 April 2024

15,072



Net book value



At 30 April 2024
62,943



At 30 April 2023
62,943

The fair value of listed investments as at 30 April 2024 was £62,943 (2023: £62,943).

Page 31

 
READER OFFERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

16.


Debtors

2024
2023
£
£


Trade debtors
112,846,383
110,645,245

Amounts owed by group undertakings
3,000,000
4,000,000

Other debtors
93,498
77,350

Prepayments and accrued income
691,789
957,027

116,631,670
115,679,622



17.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
27,790,641
24,500,406

27,790,641
24,500,406


Cash and cash equivalents comprise amounts held in Escrow totalling £9,229,140 (2023: £10,101,079). Amounts held in Escrow are segregated monies received and held in a separate CAA Approved Escrow account. These amounts are held as a financial guarantee for the Company’s travel licenses and for the protection of monies collected from passengers (see 2.3). 


18.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
132,892,604
132,747,049

Corporation tax
715,766
599,367

Other taxation and social security
215,146
136,866

Other creditors
61,707
175,190

Accruals and deferred income
839,793
452,378

134,725,016
134,110,850


Page 32

 
READER OFFERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

19.


Deferred taxation




2024
2023


£

£






At beginning of year
129,387
151,352


Charged to profit or loss
(38,975)
(21,965)



At end of year
90,412
129,387

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
91,646
130,911

Shart term timing differences
(1,234)
(1,524)

90,412
129,387


20.


Provisions




Cancellation provision
Cruise miles provision
Total

£
£
£





At 1 May 2023
1,798,528
678,262
2,476,790


Charged to profit or loss
1,164,654
1,153,512
2,318,166


Redeemed in year
-
(961,870)
(961,870)



At 30 April 2024
2,963,182
869,904
3,833,086

A cancellation provision of £2,963,182 (2023: £1,798,528) has been recognised by the Company for expected cancellations and other margin dilution on holidays booked prior to the year end but not yet departed. It is expected that most of this provision will be utilised in the next financial year and all will be incurred within two years of the balance sheet date. No provisions have been recognised in respect of potential disruptions to customer travel (see note 27). 

Page 33

 
READER OFFERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

21.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



5,000,000 (2023 - 5,000,000) Ordinary shares of £0.01 each
50,000
50,000



22.


Reserves

Profit and loss account

Includes all current and prior year retained profit and losses.


23.


Contingent liabilities

The Company currently hold an Air Travel Organiser's License (ATOL) issued by the Civil Aviation Authority (CAA) and is a member of the Association of British Travel Agents Limited (ABTA).
As at 30 April 2024,  the  Company  had   in  place  an  insurance  backed  variable bond with ABTA ranging from £1,500,006 until September 2024 to £1,636,033 until March 2025 (2023: £4,007,503) to protect customer monies for its retail and non-licensable activities. 
In addition, an insurance backed guarantee of £2,000,000 (2023: £750,000) payable to Oceania Cruises, of £2,500,000 (2023: £3,500,000) payable to Regent Seven Seas Cruises, and of £200,000 (2023: £Nil) payable to NCL (Bahamas) Limited.
As per the accounting policy for turnover, the company recognises sales on a booking date basis, with an adjustment for expected cancellations. Should these departures not take place the bookings will be cancelled, deposits returned to the customer and turnover will be reduced accordingly (see note 2.5). 
The Company has no other material contingent liabilities (see note 27).


24.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £96,711 (2023: £93,309). Contributions totalling £13,160 (2023: £31,782) were payable to the fund at the balance sheet date and are included in creditors.

Page 34

 
READER OFFERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

25.


Commitments under operating leases

At 30 April 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
250,000
250,000

Later than 1 year and not later than 5 years
1,000,000
1,000,000

Later than 5 years
2,437,500
187,500

3,687,500
1,437,500


26.


Related party transactions

During the year, the Company paid £250,000 (2023: £296,875) rent to Lexden House Limited, which owner Peter Beadles is a shareholder of ROL Cruise Holdings Limited (see Note 28).
A total of £Nil (2023: £100,000) paid by the Company to Brentwood Town FC Limited, a company in which Jeremy Dickinson is a director.
The Company has taken advantage of the exemption from disclosing related party transactions with companies that are wholly owned within the Group.


27.


Post balance sheet events

Due to the current turnover recognition policy revenue and profit are likely to be affected by any unforeseen cancellations, restrictions on travel and consumer confidence to travel though the directors cannot determine at present the extent to which the company is likely to be affected (see note 20 and 23).
No other post balance sheet events occurred that can materially affect the Financial Statements.


28.


Controlling party

The immediate parent company is ROL Cruise Holdings Limited.
The ultimate controlling party is Mr J R Dickinson.

 
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