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REGISTERED NUMBER: 07860375 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 30 September 2024

for

The Natural Travel Collection Ltd

The Natural Travel Collection Ltd (Registered number: 07860375)






Contents of the Financial Statements
for the Year Ended 30 September 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 5

Statement of Directors' Responsibilities 6

Report of the Independent Auditors 7

Statement of Comprehensive Income 10

Statement of Financial Position 11

Statement of Changes in Equity 12

Statement of Cash Flows 13

Notes to the Statement of Cash Flows 14

Notes to the Financial Statements 15


The Natural Travel Collection Ltd

Company Information
for the Year Ended 30 September 2024







DIRECTORS: C C A Breen
T A Bennett
N S F Joynes





REGISTERED OFFICE: Chancery House
30 St Johns Road
Woking
Surrey
GU21 7SA





REGISTERED NUMBER: 07860375 (England and Wales)





AUDITORS: WP Audit Services LLP
Chancery House
30 St Johns Road
Woking
Surrey
GU21 7SA

The Natural Travel Collection Ltd (Registered number: 07860375)

Strategic Report
for the Year Ended 30 September 2024

The directors present their strategic report for the year ended 30 September 2024.

REVIEW OF BUSINESS
The directors aim to present a review of the development and performance of the company during the year under review and its position at the year end. This review is consistent with the size and nature of the company and is written in the context of the risks and uncertainties it faces.

Throughout the financial year the company has seen continued increase in customer demand, resulting in the year showing an increase in bookings, turnover and margin compared to the previous year. The company considers that its key performance indicators are those that communicate the financial performance and strength of the company, primarily turnover, gross profit and operating profit. The company saw sales for the year increase from £17.4m to £18.1m. This reflected a 4.4% increase over the previous period (2023: 71% increase). The company's gross profit increased from £3.5m to £4.4m reflecting a 25% increase over the previous period (2023: 59% increase) with a resultant net profit before tax of £807k (2023: £448k). Given the straightforward nature of the business the directors are of the opinion that further analysis using Key Performance Indicators is not necessary for an understanding of the development, performance, or position of the company.

With its emphasis on the environment, its wildlife and sustainable local engagement, supported by experienced guides, and in combination with personalised one-to-one customer service, the company has a distinct appeal to a professional, affluent client base and enjoys high rebooking rates. Holidays are multi-component, high quality, often flexible packages, many using specialist guides and accommodation with itineraries designed by the company's specialist staff. The company focuses on making flexible working arrangements available to staff and has a team of loyal, experienced and highly skilled specialist staff. Environmental awareness and sustainability are at the heart of everything The Natural Travel Collection does, from the design and creation of its trips through to their operation. The staff are very environmentally aware and work hard to ensure that the trips far exceed the client expectations.

The directors are confident that the company is in a good position with a loyal customer base and specialist staff to continue to capitalise on the increased demand for the experiential, adventure holidays to explore the natural environment

PRINCIPAL RISKS AND UNCERTAINTIES
The management of the company and the nature of its trading strategy is subject to several risks. The company operates a thorough risk assessment and management process which involves a formal review of all the risks identified and is introducing processes to monitor and mitigate each risk where possible.

Competition and damage to company's reputation and brands
The company operates in a highly competitive market and any significant damage to the company's reputation and brands would have a significant impact on the company's turnover and profitability. This could be due to performance failure by the company's staff, partners and third-party suppliers or disruption to infrastructure or information technology systems and business processes. The company mitigates this risk by adopting a policy of placing great emphasis on delivering competitively priced products and services to the market including keeping a tight control on operating costs, hedging forward currency contracts and assessing its flexible pricing strategy with ongoing market research.

Major incident catastrophe, health and safety incident, loss of airspace
The company is continually affected by the risk of a major incident impacting on its ability to continue trading. This could include a natural disaster, the closure of airspace, political unrest or terrorism in a major market of the company, or a major health and safety incident in a similar location. The company mitigates this risk by offering a wide selection of destinations across the world throughout the year so the business is neither seasonal nor dependent on any one region. There is a policy of monitoring the market and destinations sold by the company including taking advice from regulators and government advisory agencies with regard to risk management.

Changes to regulatory environment including environmental risks regulations
The company operates in a strongly controlled regulatory environment which includes a close monitoring of the company's performance and projected future trading which can require additional resources to be set aside to meet solvency criteria. The company mitigates this risk by working closely with its regulators mitigating any uncertainties these may have on the company's operations and profitability.

The Natural Travel Collection Ltd (Registered number: 07860375)

Strategic Report
for the Year Ended 30 September 2024


Loss of key personnel and senior talent
The company operates in a competitive industry and is continually affected by pressures within the employment market. The company mitigates this risk by a policy of ensuring it monitors the market and by adopting remuneration and benefits packages designed to be competitive within the market. This includes adopting employment and culture policies as well as remuneration and benefits packages to allow fulfilling opportunities for all employees including succession planning and professional development for all relevant employees.

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The company's principal financial instruments comprise cash and bank balances, loans to the company from its directors and trade debtors and creditors. The main purpose of these instruments is to provide funds for the company's operations. Their existence exposes the company to a number of financial risks, which have been considered and are managed as follows:

Operational risk
Operational risk is the risk of a direct or indirect loss resulting from the inadequacies or failures of processes or controls due to technology, staff, organisation or external factors. To monitor and control operational risk, the company maintains a system of comprehensive policies and a control framework which is designed to provide a sound and well-controlled operational environment.

Price risk
Price risk is the risk that financial performance of the company will be adversely affected by pricing changes. The company sets its own prices and settlement terms and operates with a wide range of suppliers and products. In addition, the use of foreign exchange forward contracts and the ability to levy exchange rate surcharges if necessary, leaves the company with a limited exposure to price risk.

Liquidity risk
Liquidity risk is the risk that the company will have insufficient unencumbered resources to meet its financial liabilities as they fall due. The company's strategy to managing liquidity risk is to ensure that the company has sufficient funds to meet all its potential liabilities as they fall due. In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility including the use of forward exchange contracts. Although it is normal for the company to hold a significant amount of cash balances, the liquidity risk is managed by ensuring there are sufficient available funds to meet the supplier payments as they fall due.

Currency risk
Currency risk is the risk that financial performance of the company will be adversely affected by adverse fluctuations in foreign currencies used by the company. The company limits its exposure to foreign currency risk by purchasing foreign currency forward exchange contracts together with including surcharges for foreign exchange movements within its terms and conditions.

GOING CONCERN
The company's business activities, together with the factors likely to affect its future development, performance and position are set out above.

The financial statements have been prepared on the going concern basis. This basis assumes that sufficient funds will be available to finance future operations and that the realisation of assets and settlement of liabilities, contingent liabilities and commitments will occur in the ordinary course of business. All events subsequent to the date of the financial statements and for which the applicable financial reporting framework require adjustment or disclosure have been adjusted or disclosed.

On the basis of their assessment of the company's financial position, the directors have an expectation that the company's net assets as at 30 September 2024 and projections for a period of 12 months from the financial statements signing date are more than sufficient to provide adequate resources to continue in operational existence for the foreseeable future. The directors have therefore concluded that it is appropriate to prepare the financial statements on a going concern basis of accounting.


The Natural Travel Collection Ltd (Registered number: 07860375)

Strategic Report
for the Year Ended 30 September 2024

FUTURE DEVELOPMENTS
The directors aim to maintain the company's existing management policies which include the intention to grow sales and maintain control over overheads.

With a strong foundation in new and existing product, plus excellent and experienced staff, the company with its emphasis on outdoor activities, the environment and wildlife, is in a strong position to take advantage of the increasing interest in experiential holidays and nature-based tourism. Continual investment in technology includes the introduction of branded applications to enhance the customer experience and increase repeat bookings.

ON BEHALF OF THE BOARD:





T A Bennett - Director


29 January 2025

The Natural Travel Collection Ltd (Registered number: 07860375)

Report of the Directors
for the Year Ended 30 September 2024

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

PRINCIPAL ACTIVITIES
The principal activities of the company in the year under review were those of the sale of tailor-made holidays and tour operators.

DIVIDENDS
An interim dividend of £5 per share was paid on 12 July 2024. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 30 September 2024 will be £ 50,000 .

FUTURE DEVELOPMENTS
This information is disclosed in the Strategic Report in accordance with Section 414C (11) of the Companies Act 2006.

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

C C A Breen
T A Bennett
N S F Joynes

DISABLED EMPLOYEES
The company operates an equal opportunities policy with regard to recruitment and seeks to offer suitable work and training wherever practicable to persons with disabilities. The policy of the company is to ensure that disabled applicants for employment are given full and fair consideration having regard to their particular aptitudes and abilities. Existing disabled employees are given equal access to appropriate training, career development and promotion opportunities within the company. In the event of employees becoming disabled while in the employment of the company, all reasonable means are explored to achieve retention in employment in the same or an alternative capacity.

EMPLOYEE INVOLVEMENT
An open management policy is operated with input from all members of staff (including part-time and casual staff) encouraged.

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

AUDITORS
The auditors, WP Audit Services LLP, have indicated their willingness to continue in office.

ON BEHALF OF THE BOARD:





T A Bennett - Director


29 January 2025

The Natural Travel Collection Ltd (Registered number: 07860375)

Statement of Directors' Responsibilities
for the Year Ended 30 September 2024

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and 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 and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Report of the Independent Auditors to the Members of
The Natural Travel Collection Ltd

Opinion
We have audited the financial statements of The Natural Travel Collection Ltd (the 'company') for the year ended 30 September 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 September 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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

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

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
The Natural Travel Collection Ltd


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 Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, 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 Statement of Directors' Responsibilities set out on page six, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

We obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, given the industry it operates in. This included obtaining an understanding of how the company complies within these frameworks through discussions with the directors and management.

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, taxation legislation, UK Civil Aviation Authority regulations and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

The company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on the amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: health and safety, data protection laws, anti-bribery, employment law, regulatory capital and liquidity and certain aspects of company legislation recognising the nature of the company's activities and its legal form. 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.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.

Report of the Independent Auditors to the Members of
The Natural Travel Collection Ltd


In addition, as with any audit, there remained a higher risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We enquired with the company and its management concerning whether there were instances of non-compliance with any such laws and regulations and whether they had any knowledge of actual or suspected fraud. We are not responsible for preventing non-compliance.

We communicated relevant identified laws and regulations and potential audit risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Our procedures in response to the risks identified included reviewing the financial statements disclosures and testing supporting documentation to assess compliance with the provisions of relevant laws and regulations considered to have a direct effect in the financial statements, enquiring of management concerning actual or potential litigation and claims, performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud, reading minutes of meetings of those charged with governance, reviewing correspondence with relevant regulatory authorities and in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether the judgements made in making accounting estimates are indicative of a potential bias and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We assessed the appropriateness of the competence and capability of the audit engagement team both individually and collectively, including consideration of the engagement team knowledge and understanding of the industry in which the company operates in and their practical experience thorough other audit engagement of a similar nature and training experiences.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Stuart Wright (Senior Statutory Auditor)
for and on behalf of WP Audit Services LLP
Chancery House
30 St Johns Road
Woking
Surrey
GU21 7SA

29 January 2025

The Natural Travel Collection Ltd (Registered number: 07860375)

Statement of Comprehensive
Income
for the Year Ended 30 September 2024

30/9/24 30/9/23
Notes £    £   

REVENUE 5 18,121,022 17,364,209

Cost of sales (13,705,880 ) (13,829,673 )
GROSS PROFIT 4,415,142 3,534,536

Administrative expenses (3,625,623 ) (3,039,035 )
789,519 495,501

Other operating income - (20,000 )
OPERATING PROFIT 7 789,519 475,501

Interest receivable and similar income 55,747 15,970
845,266 491,471

Interest payable and similar expenses 8 (38,023 ) (43,430 )
PROFIT BEFORE TAXATION 807,243 448,041

Tax on profit 9 (208,828 ) (116,600 )
PROFIT FOR THE FINANCIAL YEAR 598,415 331,441

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

598,415

331,441

The Natural Travel Collection Ltd (Registered number: 07860375)

Statement of Financial Position
30 September 2024

30/9/24 30/9/23
Notes £    £   
FIXED ASSETS
Intangible assets 11 13,930 41,787
Property, plant and equipment 12 11,555 13,920
Investments 13 19 19
25,504 55,726

CURRENT ASSETS
Debtors 14 9,366,593 8,873,112
Cash at bank and in hand 1,709,551 1,553,196
11,076,144 10,426,308
CREDITORS
Amounts falling due within one year 15 (6,681,491 ) (6,214,564 )
NET CURRENT ASSETS 4,394,653 4,211,744
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,420,157

4,267,470

CREDITORS
Amounts falling due after more than one
year

16

(2,736,506

)

(3,131,643

)

PROVISIONS FOR LIABILITIES 20 (2,889 ) (3,480 )
NET ASSETS 1,680,762 1,132,347

CAPITAL AND RESERVES
Called up share capital 21 100 100
Share premium 22 199,980 199,980
Retained earnings 22 1,480,682 932,267
SHAREHOLDERS' FUNDS 1,680,762 1,132,347

The financial statements were approved by the Board of Directors and authorised for issue on 29 January 2025 and were signed on its behalf by:





T A Bennett - Director


The Natural Travel Collection Ltd (Registered number: 07860375)

Statement of Changes in Equity
for the Year Ended 30 September 2024

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 October 2022 100 600,826 199,980 800,906

Changes in equity
Total comprehensive income - 331,441 - 331,441
Balance at 30 September 2023 100 932,267 199,980 1,132,347

Changes in equity
Dividends - (50,000 ) - (50,000 )
Total comprehensive income - 598,415 - 598,415
Balance at 30 September 2024 100 1,480,682 199,980 1,680,762

The Natural Travel Collection Ltd (Registered number: 07860375)

Statement of Cash Flows
for the Year Ended 30 September 2024

30/9/24 30/9/23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 616,547 149,988
Interest paid (38,023 ) (43,430 )
Government grants (repaid) - (20,000 )
Corporation tax paid (204,586 ) (11,866 )
Net cash from operating activities 373,938 74,692

Cash flows from investing activities
Purchase of tangible fixed assets (3,330 ) (7,515 )
Interest received 55,747 15,970
Net cash from investing activities 52,417 8,455

Cash flows from financing activities
Loan repayments in year (220,000 ) (170,000 )
Equity dividends paid (50,000 ) -
Net cash from financing activities (270,000 ) (170,000 )

Increase/(decrease) in cash and cash equivalents 156,355 (86,853 )
Cash and cash equivalents at beginning of
year

2

1,553,196

1,640,049

Cash and cash equivalents at end of year 2 1,709,551 1,553,196

The Natural Travel Collection Ltd (Registered number: 07860375)

Notes to the Statement of Cash Flows
for the Year Ended 30 September 2024

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

30/9/24 30/9/23
£    £   
Profit before taxation 807,243 448,041
Depreciation charges 33,552 34,734
Loss on disposal of fixed assets - 44
Government grants - 20,000
Finance costs 38,023 43,430
Finance income (55,747 ) (15,970 )
823,071 530,279
Increase in trade and other debtors (493,481 ) (1,808,990 )
Increase in trade and other creditors 286,957 1,428,699
Cash generated from operations 616,547 149,988

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 30 September 2024
30/9/24 1/10/23
£    £   
Cash and cash equivalents 1,709,551 1,553,196
Year ended 30 September 2023
30/9/23 1/10/22
£    £   
Cash and cash equivalents 1,553,196 1,640,049


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/10/23 Cash flow At 30/9/24
£    £    £   
Net cash
Cash at bank and in hand 1,553,196 156,355 1,709,551
1,553,196 156,355 1,709,551
Debt
Debts falling due within 1 year (170,000 ) - (170,000 )
Debts falling due after 1 year (432,500 ) 220,000 (212,500 )
(602,500 ) 220,000 (382,500 )
Total 950,696 376,355 1,327,051

The Natural Travel Collection Ltd (Registered number: 07860375)

Notes to the Financial Statements
for the Year Ended 30 September 2024

1. STATUTORY INFORMATION

The Natural Travel Collection Limited is a private company, limited by shares, incorporated in the UK and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. The company's principal place of business is Long Barn South, Sutton Manor Farm, Bishops Sutton, Alresford, Hampshire.

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

2. STATEMENT OF COMPLIANCE

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

3. ACCOUNTING POLICIES

Basis of preparing the financial statements and going concern
The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about The Natural Travel Collection Limited as an individual company and do not contain consolidated financial information as the parent of the group. The company is exempt under Section 402 of Companies Act 2006 as set out in FRS 102 paragraph 9.3(f) from the requirements to prepare consolidated financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable excluding discounts, rebates, value added tax and other sales taxes of air tickets, hotel bookings, tours, insurance and other related services for client bookings made with deposits paid during the year.

Goodwill
Goodwill, being the amount paid in connection with businesses and brand name acquisitions, is amortised evenly over the respective estimated useful lives of between one and seven years.

Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses. Depreciation is provided on all tangible fixed assets at rates calculated to write off each asset to its estimated residual value over its expected useful life, as follows:-

Fixtures and fittings - 33% on reducing balance
Plant and machinery - over three years
Office equipment - 33% on reducing balance

Residual value is calculated on prices prevailing at the reporting date, after estimated costs of disposal, for the asset as if it were at the age and in the condition expected at the end of its useful life.

Impairment of fixed assets
Fixed assets are reviewed for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable or as otherwise required by relevant accounting standards.

Shortfalls between the carrying value of fixed assets and their recoverable amounts, being the higher of net realisable value and value-in-use, are recognised as impairments. Impairment losses are recognised in the profit and loss account.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

The Natural Travel Collection Ltd (Registered number: 07860375)

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

3. ACCOUNTING POLICIES - continued

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

Financial assets - Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective rate method, unless the arrangement constitutes a financial transaction, where the transaction is measure at the present value of the future receipts discounted at a market rate of interest.

Financial liabilities - Basic financial liabilities, which include trade creditors and other payables, are initially measured at transaction price and subsequently measured at amortised cost, unless the arrangement constitutes a financial transaction where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Equity instruments - Equity instruments issued by the company are recorded at the fair value of the proceeds received net of direct issue costs. Dividends payable on equity instruments are recognised once they are no longer at the discretion of the company.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

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

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

Foreign currencies
Transactions in currencies other than the functional currency (foreign currencies) are initially recorded at the exchange rate prevailing on the date of the transaction.

Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the reporting date. Non-monetary assets and liabilities denominated in foreign currencies are translated at the rate ruling at the date of the transaction or, if the asset or liability is measured at fair value, the rate when that fair value was determined.

All translation differences are taken to profit or loss, except to the extent that they relate to gains or losses on
non-monetary items recognised in other comprehensive income, when the related translation gain or loss is also recognised in other comprehensive income.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

The Natural Travel Collection Ltd (Registered number: 07860375)

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

3. ACCOUNTING POLICIES - continued

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

For defined contribution schemes the amount charged to the profit and loss account in respect of pension costs and other post-retirement benefits is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense in the period in which these are incurred.

The holiday year for the company ends at the reporting date and employees are not entitled to carry forward unused holiday.

Foreign exchange forward contracts
Foreign exchange forward contracts are initially measured at fair value on the date a forward contract is entered into and subsequently re-measured to fair value at each reporting date. Fair value gains and losses are recognised in profit and loss. The instruments are used to hedge against currency risks.

4. CRITICAL ACCOUNTING JUDGEMENTS 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 amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised the revision only affects that period or in the period of the revision and future periods if the revision affects both current and future periods.

The company makes estimates and assumptions concerning the future and the resulting accounting estimates and assumptions will, by definition, seldom equal the actual related results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Travel creditors
Due to the nature of the business, there are high levels of trade creditors at the year end that predominantly relate to cost accruals for future bookings. There is a risk that the actual costs will vary from the estimates calculated and as this assessment is inherently subjective, the final costings may in future not prove to be accurate. Management review commercial arrangements with suppliers on a regular basis, with the company recognising discounts and rebates in the period in which economic and legal benefit transfers.

Intangible assets - Intangible assets are amortised over their estimated useful lives. The actual lives of the assets are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as future market conditions and the remaining benefit being obtained from the assets are taken into account.

Tangible fixed assets - Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, asset life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

The Natural Travel Collection Ltd (Registered number: 07860375)

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

5. REVENUE

The revenue and profit before taxation are attributable to the principal activities of the company.

In the year to 30 September 2024 less than 1% (2023 - less than 1%) of the company's turnover was to markets outside the United Kingdom.

6. EMPLOYEES AND DIRECTORS
30/9/24 30/9/23
£    £   
Wages and salaries 1,841,561 1,517,122
Social security costs 193,528 159,428
Other pension costs 104,414 90,173
2,139,503 1,766,723

The average number of employees during the year was as follows:
30/9/24 30/9/23

Sales and administration 44 37
Directors 3 3
47 40

30/9/24 30/9/23
£    £   
Directors' remuneration 97,902 101,256
Directors' pension contributions to money purchase schemes 68,379 61,049

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 3

The directors are the only key management personnel.

7. OPERATING PROFIT

The operating profit is stated after charging:

30/9/24 30/9/23
£    £   
Hire of plant and machinery - 1,738
Depreciation - owned assets 5,695 6,877
Loss on disposal of fixed assets - 44
Goodwill amortisation 27,857 27,857
Auditors' remuneration 10,000 10,000
Taxation compliance services 500 500
Other non- audit services 6,340 5,175
Operating lease rentals - land and buildings 34,715 34,715

The Natural Travel Collection Ltd (Registered number: 07860375)

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

8. INTEREST PAYABLE AND SIMILAR EXPENSES
30/9/24 30/9/23
£    £   
Bank loan interest 37,307 40,666
Other interest 716 2,764
38,023 43,430

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30/9/24 30/9/23
£    £   
Current tax:
UK corporation tax 209,419 104,586
Prior year under / (over) provision - 11,866
Total current tax 209,419 116,452

Deferred tax (591 ) 148
Tax on profit 208,828 116,600

UK corporation tax has been charged at 25% (2023 - 22%).

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

30/9/24 30/9/23
£    £   
Profit before tax 807,243 448,041
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 22.008%)

201,811

98,605

Effects of:
Expenses not deductible for tax purposes 7,017 6,268
Adjustments to tax charge in respect of previous periods - 11,865
Effect of super deduction allowance - (138 )
Total tax charge 208,828 116,600

The corporation tax rate for company profits during the period under review was 25%. On 1 April 2023, the main rate of corporation tax rose to 25%, giving a standard rate for the comparative period to 30 September 2023 of 22%.

Deferred tax has been recognised at a rate of 25%, being the main rate of corporation tax at the year end for both periods.

The Natural Travel Collection Ltd (Registered number: 07860375)

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

10. DIVIDENDS
30/9/24 30/9/23
£    £   
Ordinary shares of 1p each
Interim 50,000 -

11. INTANGIBLE FIXED ASSETS
Goodwill
£   
Cost
At 1 October 2023
and 30 September 2024 680,234
Amortisation
At 1 October 2023 638,447
Amortisation for year 27,857
At 30 September 2024 666,304
Net book value
At 30 September 2024 13,930
At 30 September 2023 41,787

Amortisation is charged to administrative expenses within the Statement of Comprehensive Income.

12. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Plant and and Office
machinery fittings equipment Totals
£    £    £    £   
Cost
At 1 October 2023 1,699 8,186 49,300 59,185
Additions - - 3,330 3,330
At 30 September 2024 1,699 8,186 52,630 62,515
Depreciation
At 1 October 2023 1,699 7,683 35,883 45,265
Charge for year - 167 5,528 5,695
At 30 September 2024 1,699 7,850 41,411 50,960
Net book value
At 30 September 2024 - 336 11,219 11,555
At 30 September 2023 - 503 13,417 13,920

Depreciation is charged to administrative expenses within the Statement of Comprehensive Income.

The Natural Travel Collection Ltd (Registered number: 07860375)

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

13. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
Cost
At 1 October 2023
and 30 September 2024 19
Net book value
At 30 September 2024 19
At 30 September 2023 19

The company's fixed asset investments comprise dormant companies incorporated in England and Wales and sharing the same year end. These subsidiaries were incorporated for brand name protection purposes and are all 100% owned by the company. They comprise Wildlife Worldwide Limited, Dive Worldwide Limited, Oceans Worldwide Limited, Walks Worldwide Limited, Families Worldwide Limited, Schools Worldwide Limited, Cycle Worldwide Limited, Festival of Wildlife Limited, Wild Ambitions Limited, Regal Diving and Tours Limited, Wildfair Limited and The Travelling Naturalist Limited.

14. DEBTORS
30/9/24 30/9/23
£    £   
Amounts falling due within one year:
Trade debtors 7,708,763 6,448,052
Other debtors 15,007 21,385
Foreign exchange forward contracts - 107,084
Prepayments 47,721 43,318
7,771,491 6,619,839

Amounts falling due after more than one year:
Trade debtors 1,595,102 2,253,273

Aggregate amounts 9,366,593 8,873,112

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/9/24 30/9/23
£    £   
Bank loans and overdrafts (see note 17) 170,000 170,000
Trade creditors 6,029,202 5,765,738
Tax 109,419 104,586
Social security and other taxes 46,156 50,381
VAT 1,448 15,392
Other creditors and accruals 129,129 108,467
Foreign exchange forward contracts 196,137 -
6,681,491 6,214,564

The Natural Travel Collection Ltd (Registered number: 07860375)

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

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30/9/24 30/9/23
£    £   
Bank loans (see note 17) 212,500 382,500
Other loans (see note 17) - 50,000
Trade creditors 2,524,006 2,699,143
2,736,506 3,131,643

17. LOANS

An analysis of the maturity of loans is given below:

30/9/24 30/9/23
£    £   
Amounts falling due within one year or on demand:
Bank loans 170,000 170,000

Amounts falling due between one and two years:
Bank loans - 1-2 years 170,000 170,000
Other loans - 1-2 years - 50,000
170,000 220,000

Amounts falling due between two and five years:
Bank loans - 2-5 years 42,500 212,500

18. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
30/9/24 30/9/23
£    £   
Within one year 33,615 33,615
Between one and five years 19,609 53,224
53,224 86,839

The Natural Travel Collection Ltd (Registered number: 07860375)

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

19. SECURED DEBTS

The following secured debts are included within creditors:

30/9/24 30/9/23
£    £   
Bank loans 382,500 552,500

The company's bankers hold a fixed and floating charge over the company's assets in respect of all balances due to them under the terms of the company's Coronavirus Business Interruption Loan, taken out by the company in 2020. The loan has an interest charge of 3% plus the Bank of England Base Rate with total interest charged during the period under review being £37,307 (2023 - £40,666). The total amount due on the loan at the year end was £382,500 (2023 - £552,500).

As at 30 September 2023, forming the end of the comparative period, the company's bankers held a charge over £200,000 held in a specified bank account in respect of guarantees provided to the Civil Aviation Authority. During the current period under review, the CAA released these guarantees and these funds were transferred back to the company.

20. PROVISIONS FOR LIABILITIES
30/9/24 30/9/23
£    £   
Deferred tax 2,889 3,480

Deferred
tax
£   
Balance at 1 October 2023 3,480
Credit to Statement of Comprehensive Income during year (591 )
Balance at 30 September 2024 2,889

The deferred tax provision relates to accelerated capital allowances. The timing of the reversal of the provision is uncertain due to the offset of excess depreciation of existing assets offset by accelerated capital allowances being claimed on future asset purchases.

Deferred tax has been recognised at a rate of 25%.

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30/9/24 30/9/23
value: £    £   
10,000 Ordinary 1p 100 100

The company's ordinary shares, which carry no right to fixed income, each carry the right to one vote at general meetings of the company.

The Natural Travel Collection Ltd (Registered number: 07860375)

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

22. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 October 2023 932,267 199,980 1,132,247
Profit for the year 598,415 - 598,415
Dividends (50,000 ) - (50,000 )
At 30 September 2024 1,480,682 199,980 1,680,662

Retained earnings
This includes all current and prior period cumulative retained profits and losses, net of distributions to owners.

Share premium
This includes any premium received on issue of share capital. Any transaction costs associated with the issuing of share capital are deducted from share premium.

23. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The contributions payable by the company during the year totalled £104,414 (2023 - £90,173). Employer contributions totalling £2,964 (2023 - £2,752) were unpaid at the period end and are included within other creditors.

24. COMMITMENTS GUARANTEES AND CONTINGENCIES

At the year end, the company had entered into forward exchange foreign exchange contracts in order to manage currency risk from its operations. As at 30 September 2024, there were £5.2m of forward exchange foreign currency contracts in place (2023 - £3.04m).

25. RELATED PARTY DISCLOSURES

During the period, the company was invoiced £160,068 (2023 - £136,980) for software development and licence fees from Skyline Systems Development Ltd, a company incorporated in England and Wales and in which the company's directors are also directors and controlling shareholders. The balance due as at the period end date was £nil (2023 - £32,890).

During the period, the company was invoiced £191,046 (2023 - £184,095) for marketing, photography, travel consultancy and tour leader services from Natural World Consulting Ltd, a company incorporated in England and Wales and in which two of the company's directors, C C A Breen and T A Bennett, are also directors. The balance due as at the period end date was £nil (2023 - £nil).

In the comparative period other loans included unsecured loans totalling £50,000 made by two of the company's directors, C C A Breen and T A Bennett, subordinated to the Civil Aviation Authority. During the period the CAA permitted the repayment of these loans, which was completed on 25 April 2024. The total interest charged on the loans during the period was £240 (2023 - £2,750).

26. ULTIMATE CONTROLLING PARTY

The company has no ultimate controlling party.