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Registered number: 07261883










A&D HOLIDAYS LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2024

 
A&D HOLIDAYS LIMITED
REGISTERED NUMBER: 07261883

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 5 
2,997
15,191

Tangible assets
 6 
20,688
26,843

  
23,685
42,034

Current assets
  

Debtors: amounts falling due within one year
 7 
800,794
950,060

Cash at bank and in hand
 8 
1,145,328
926,040

  
1,946,122
1,876,100

Creditors: amounts falling due within one year
 9 
(1,807,876)
(2,053,695)

Net current assets/(liabilities)
  
 
 
138,246
 
 
(177,595)

Total assets less current liabilities
  
161,931
(135,561)

Creditors: amounts falling due after more than one year
 10 
(147,252)
(231,837)

Provisions for liabilities
  

Deferred tax
 12 
(7,009)
-

  
 
 
(7,009)
 
 
-

Net assets/(liabilities)
  
7,670
(367,398)


Capital and reserves
  

Called up share capital 
  
10,199
10,001

Share premium account
  
30,557
30,100

Profit and loss account
  
(33,086)
(407,499)

  
7,670
(367,398)


Page 1

 
A&D HOLIDAYS LIMITED
REGISTERED NUMBER: 07261883
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

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




A Hunt
Director

Date: 23 August 2024

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
A&D HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

A&D Holidays Limited is a private company limited by shares incorporated in England, United Kingdom.
The registered office address is 19 Fairfield Avenue, Cheltenham, England, GL53 7PN.
The nature of the company's operations and principal activities in the year under review were those of a tour operator.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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

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

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

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.3

Revenue

Turnover represents amounts receivable and received for holidays travelled in the year and on non refundable deposits for future departures booked during the year, excluding value added tax. Non refundable deposits are recognised as turnover at the date of customer confirmation. The remaining turnover is recognised at the date of departure. Cancellation income is recognised at the date of cancellation.

 
2.4

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.

Page 3

 
A&D HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.5

Interest income

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

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

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

 
2.8

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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

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 balance sheet 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 balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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

Page 4

 
A&D HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

  
2.10

Advance receipts and payments

Receipts from customers in respect of tours with departure dates after the year end are treated as advanced receipts and are included in accruals and deferred income. The amount stated is net of non-refundable deposits recognised in turnover.
Payments made to suppliers in respect of tours with departure dates after the year end are treated as advanced payments and are included in prepayments.

 
2.11

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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

Depreciation is provided on the following basis:

Office equipment
-
25%

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

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

 
2.13

Debtors

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

 
2.14

Cash and cash equivalents

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

Page 5

 
A&D HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.15

Creditors

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

 
2.16

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.18

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade debtors, other debtors, trade creditors, other creditors, loans from banks and other third parties & loans with related parties.
Derivatives, including forward foreign exchange contracts, are not basic financial instruments. Derivatives are intially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in the profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for foreign exchange derivatives.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include the estimation of the useful lives of tangible and intangible fixed assets for calculating depreciation and amortisation.


4.


Employees

The average monthly number of employees, including directors, during the year was 23 (2023 - 19).

Page 6

 
A&D HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


Intangible assets




Website

£



Cost


At 1 May 2023
194,176


Additions
2,520


Impairment
(8,412)



At 30 April 2024

188,284



Amortisation


At 1 May 2023
178,985


Charge for the year on owned assets
6,302



At 30 April 2024

185,287



Net book value



At 30 April 2024
2,997



At 30 April 2023
15,191



Page 7

 
A&D HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

6.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 May 2023
104,324


Additions
930



At 30 April 2024

105,254



Depreciation


At 1 May 2023
77,481


Charge for the year on owned assets
7,085



At 30 April 2024

84,566



Net book value



At 30 April 2024
20,688



At 30 April 2023
26,843


7.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
33,388
-

Other debtors
221,786
122,710

Prepayments
545,620
725,943

Deferred taxation
-
101,407

800,794
950,060


Prepayments includes £543,710 (2023: £723,484) of advanced payments to suppliers in respect of future departures.

Page 8

 
A&D HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,145,328
926,040

1,145,328
926,040



9.


Creditors: Amounts falling due within one year

As restated
2024
2023
£
£

Bank loan
43,226
38,378

Trade creditors
47,905
127,001

Corporation tax
20,229
681

Other taxation and social security
24,261
46,086

Other creditors
20,404
22,128

Accruals and deferred income
1,647,771
1,666,368

Financial instruments
4,080
153,053

1,807,876
2,053,695


Accruals and deferred income in the above and below includes £1,606,935 (2023: £1,652,768) of advanced receipts from customers, net of non-refundable deposits recognised in turnover.


10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loan
109,169
157,283

Other creditors
15,000
15,000

Accruals and deferred income
23,083
59,554

147,252
231,837


Other creditors represents a £15,000 (2023: £15,000) loan that is subordinated to the Civil Aviation Authority (CAA), and cannot be withdrawn without the CAA's prior written consent (see note 14).

Page 9

 
A&D HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

11.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
43,226
38,378


43,226
38,378

Amounts falling due 1-2 years

Bank loans
50,939
43,486


50,939
43,486

Amounts falling due 2-5 years

Bank loans
58,230
113,797


58,230
113,797


152,395
195,661


A government backed Coronavirus Business Interruption Loan (CBIL) was taken by the company amounting to £250,000 in November 2020 and is repayable over 5 years.


12.


Deferred taxation




2024
2023


£

£






At beginning of period
101,407
182,827


Charged to profit or loss
(108,416)
(81,420)



At end of period
(7,009)
101,407

Page 10

 
A&D HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
 
12.Deferred taxation (continued)

The deferred taxation balance is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(8,970)
(10,509)

Tax losses carried forward
-
111,517

Short term timing difference
1,961
399

(7,009)
101,407


13.


Prior year adjustment

During the year some costs in the prior accounting period were reclassified from cost of sales to administration expenses and from administration expenses to fair value movements on forward contracts. This had no impact on the retained reserves brought forward.
Additionally, some of the balances in the prior accounting period were reclassified from other creditors to financial instruments within the trade creditor less than one year note. This had no impact on the balance sheet figures.


14.


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 contribution payable by the Company to the fund and amounted to £23,296 (2023: £19,633). Contributions totalling £12,929 (2023: £10,102) were payable to the fund at the balance sheet date and are included in creditors.


15.


Contingent liabilities and regulatory requirements

The company currently holds an Air Travel Organisers License ('ATOL') issued by the Civil Aviation Authority ('CAA'). 
In order to offer air inclusive package holidays, the company requires the annual renewal by the CAA of its ATOL license. 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. For the September 2024 renewal, the CAA have stated that they will be basing the renewal on their financial assessment of Inquisitive Traveller Limited, the parent company. The directors of the company and the group see no reasons why the ATOL license will not be renewed in September 2024 on substantially the same terms and conditions as currently agreed with the CAA.

Page 11

 
A&D HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

16.Other financial commitments

The Company enters into forward contracts to mitigate the exchange rate risk for future currency payables. At 30 April 2024 the Company is committed to selling £1,536,196 and receiving a fixed amount of JPY, MAD, USD & ZAR.
The fair value position at the year end on open forward contracts amounted to a loss of £4,080 and is within creditors in the balance sheet.
The outstanding contracts all mature within 24 months.


17.


Related party transactions

During the year, interest of £nil was charged on the balance due by the director A Hunt. At the period end £42,873 (2023: £42,640) was owed to the company from A Hunt.
During the year, interest of £nil was charged on the balance due by the director R Hunt. At the year end £9,859 (2023: £9,898) was owed to the company from R Hunt.
The company has taken advantage of the exemption available under FRS102 section 33.1A where disclosures of transactions between group members are not required, provided that the subsidiary is wholly-owned.


18.


Post balance sheet events

The directors have concluded that no material events have occured since the balance sheet date that would affect these financial statements as at the date of approval of these financial statements.


19.


Controlling party

The Company's immediate parent and ultimate controlling party is Inquisitive Traveller Limited, incorporated in England and Wales. Inquisitive Traveller Limited's registered office address is 28 Pilford Avenue, Cheltenham, United Kingdom, GL53 9EH. Inquisitive Traveller Limited produce publically available consolidated financial statements which are available upon request from Companies House, Crown Way, Cardiff, CF14 3VZ.


20.


Auditors' information

The auditors' report on the financial statements for the year ended 30 April 2024 was unqualified.

The audit report was signed on 23 August 2024 by Yasin Khandwalla (Senior Statutory Auditor) on behalf of Xeinadin Audit Limited.

 
Page 12