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Registered number: 05071391










EXPERIENCE TRAVEL GROUP LTD










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2024

 
EXPERIENCE TRAVEL GROUP LTD
REGISTERED NUMBER: 05071391

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 5 
140
187

Tangible assets
 6 
70,722
45,794

  
70,862
45,981

Current assets
  

Debtors: amounts falling due within one year
 7 
521,978
481,795

Cash at bank and in hand
 8 
857,315
804,240

  
1,379,293
1,286,035

Creditors: amounts falling due within one year
 9 
(1,336,578)
(1,112,187)

Net current assets
  
 
 
42,715
 
 
173,848

Total assets less current liabilities
  
113,577
219,829

Creditors: amounts falling due after more than one year
 10 
(12,853)
(178,007)

  

Net assets
  
100,724
41,822


Capital and reserves
  

Called up share capital 
  
154
142

Share premium account
 13 
29,958
29,958

Profit and loss account
 13 
70,612
11,722

  
100,724
41,822


Page 1

 
EXPERIENCE TRAVEL GROUP LTD
REGISTERED NUMBER: 05071391
    
STATEMENT OF FINANCIAL POSITION (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: 




S G Clark
Director

Date: 23 August 2024

The notes on pages 3 to 12 form part of these financial statements.
Page 2

 
EXPERIENCE TRAVEL GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Experience Travel Group Limited is a private company limited by shares incorporated in England, United Kingdom. The address of the registered office is 8th Floor, Becket House, 36 Old Jewry, London, EC2R 8DD. The trading address of the company is 7 Prescott Place, Clapham, London, SW4 6BS.

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.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

 
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.

 
2.3

Turnover

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

 
EXPERIENCE TRAVEL GROUP LTD
 
 
 
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 Statement of financial position. 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 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.

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

Page 4

 
EXPERIENCE TRAVEL GROUP LTD
 
 
 
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:

Plant and machinery
-
25%
reducing balance
Motor vehicles
-
25%
reducing balance

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

 
EXPERIENCE TRAVEL GROUP LTD
 
 
 
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 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.

 
2.17

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 18 (2023 - 15).

Page 6

 
EXPERIENCE TRAVEL GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


Intangible assets




Computer software

£



Cost


At 1 May 2023
12,605



At 30 April 2024

12,605



Amortisation


At 1 May 2023
12,418


Charge for the year on owned assets
47



At 30 April 2024

12,465



Net book value



At 30 April 2024
140



At 30 April 2023
187



Page 7

 
EXPERIENCE TRAVEL GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

6.


Tangible fixed assets





Plant and machinery
Motor vehicles
Total

£
£
£



Cost or valuation


At 1 May 2023
272,327
8,854
281,181


Additions
42,119
-
42,119



At 30 April 2024

314,446
8,854
323,300



Depreciation


At 1 May 2023
227,773
7,614
235,387


Charge for the year on owned assets
16,881
310
17,191



At 30 April 2024

244,654
7,924
252,578



Net book value



At 30 April 2024
69,792
930
70,722



At 30 April 2023
44,554
1,240
45,794


7.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
42,169
-

Other debtors
158,058
56,663

Prepayments
269,359
351,808

Deferred taxation
52,392
73,324

521,978
481,795


Prepayments includes £203,826 (2023: £313,627) of advanced payments to suppliers in respect of future departures.

Page 8

 
EXPERIENCE TRAVEL GROUP LTD
 
 
 
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
857,315
804,240

857,315
804,240



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
62,500
62,500

Other loans
95,000
-

Trade creditors
224,949
180,129

Corporation tax
3,029
-

Other taxation and social security
12,345
25,900

Other creditors
26,145
10,676

Accruals and deferred income
902,033
832,982

Financial instruments
10,577
-

1,336,578
1,112,187


Accruals and deferred income in the above and below includes £777,917 (2023: £750,601) of advanced receipts from customers, net of non-refundable deposits recognised in turnover.
At the year end £95,000 was due to director, R A Armstrong. This loan is interest free and repayable on demand.


10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
5,208
67,708

Other creditors
-
95,000

Accruals and deferred income
7,645
15,299

12,853
178,007


Page 9

 
EXPERIENCE TRAVEL GROUP LTD
 
 
 
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
62,500
62,500

Other loans
95,000
-


157,500
62,500


Amounts falling due 1-2 years

Bank loans
5,208
67,708


5,208
67,708


162,708
130,208


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


12.


Deferred taxation




2024
2023


£

£






At beginning of year
73,324
78,641


Charged to profit or loss
(20,932)
(5,317)



At end of year
52,392
73,324

The deferred tax asset is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(16,117)
(9,887)

Tax losses carried forward
68,509
83,211

52,392
73,324

Page 10

 
EXPERIENCE TRAVEL GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

13.


Reserves

Share premium account

This reserve records the amount above the nominal value received for shares sold, less transaction costs.

Profit and loss account

Profit and loss account includes all current and prior year retained profits.


14.


Contingent liabilities and regulatory requirements

As at 30 April 2024, there were contingent liabilities given by the Company in the normal course of business in respect of an insurance backed ABTA bond, amounting to £54,971 (2023: £94,172).
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.


15.


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 £16,741 (2023: £13,121). Contributions totalling £4,067 (2023: £3,627) were payable to the fund at the reporting date and are included in other creditors.


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 £1,290,488 (2023: £1,317,508) and receiving a fixed amount of USD, TBH, INR & SGD. 
Deposits amounting to £60,506 have been made to the forward contract providers in respect of this and is recorded within other debtors in the balance sheet. The fair value position at the year end on open forward contracts amounted to a loss of £10,577 and is within creditors in the balance sheet.
The outstanding contracts all mature within 24 months.

Page 11

 
EXPERIENCE TRAVEL GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

17.


Related party transactions

As at the year end the company was due the following balances from directors: S G Clark - £8,976 (2023: £8,925), N Clark - £10 (2023: £nil).
As at the year end the company owed director M J Nicholas £2,473 (2023: £nil).
On 29 March 2023 100 Ordinary and 20 Ordinary B shares were issued. These shares were transferred to Inquisitive Traveller Limited on 29 March 2023.
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.


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.

19.


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 (FCCA) (Senior statutory auditor) on behalf of Xeinadin Audit Limited.

 
Page 12