REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements |
for the Year Ended 30 September 2024 |
for |
The Natural Travel Collection Ltd |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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: |
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 £ |
The total distribution of dividends for the year ended 30 September 2024 will be £ |
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. |
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: |
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. |
for and on behalf of |
Chancery House |
30 St Johns Road |
Woking |
Surrey |
GU21 7SA |
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 |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
789,519 | 495,501 |
Other operating income | ( |
) |
OPERATING PROFIT | 7 |
Interest receivable and similar income |
845,266 | 491,471 |
Interest payable and similar expenses | 8 | ( |
) | ( |
) |
PROFIT BEFORE TAXATION |
Tax on profit | 9 | ( |
) | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
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 |
Property, plant and equipment | 12 |
Investments | 13 |
CURRENT ASSETS |
Debtors | 14 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 15 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
16 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 20 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 21 |
Share premium | 22 |
Retained earnings | 22 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
Changes in equity |
Total comprehensive income | - | - |
Balance at 30 September 2023 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 30 September 2024 |
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 |
Interest paid | ( |
) | ( |
) |
Government grants (repaid) | ( |
) |
Corporation tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Interest received |
Net cash from investing activities |
Cash flows from financing activities |
Loan repayments in year | ( |
) | ( |
) |
Equity dividends paid | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase/(decrease) in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
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 |
Depreciation charges |
Loss on disposal of fixed assets |
Government grants |
Finance costs | 38,023 | 43,430 |
Finance income | (55,747 | ) | (15,970 | ) |
823,071 | 530,279 |
Increase in trade and other debtors | ( |
) | ( |
) |
Increase in trade and other creditors |
Cash generated from operations |
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 | 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 |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements and going concern |
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 |
Social security costs |
Other pension costs |
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 |
30/9/24 | 30/9/23 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
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 |
Depreciation - owned assets |
Loss on disposal of fixed assets |
Goodwill amortisation |
Auditors' remuneration |
Taxation compliance services |
Other non- audit services |
Operating lease rentals - land and buildings |
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 |
Other interest |
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 |
Prior year under / (over) provision | - | 11,866 |
Total current tax |
Deferred tax | ( |
) |
Tax on profit |
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 |
Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
Effects of: |
Expenses not deductible for tax purposes |
Adjustments to tax charge in respect of previous periods |
Effect of super deduction allowance | ( |
) |
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 |
11. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
Cost |
At 1 October 2023 |
and 30 September 2024 |
Amortisation |
At 1 October 2023 |
Amortisation for year |
At 30 September 2024 |
Net book value |
At 30 September 2024 |
At 30 September 2023 |
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 |
Additions |
At 30 September 2024 |
Depreciation |
At 1 October 2023 |
Charge for year |
At 30 September 2024 |
Net book value |
At 30 September 2024 |
At 30 September 2023 |
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 |
Net book value |
At 30 September 2024 |
At 30 September 2023 |
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 |
Other debtors |
Foreign exchange forward contracts | - | 107,084 |
Prepayments |
Amounts falling due after more than one year: |
Trade debtors |
Aggregate amounts |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/9/24 | 30/9/23 |
£ | £ |
Bank loans and overdrafts (see note 17) |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 1,448 | 15,392 |
Other creditors and accruals |
Foreign exchange forward contracts | 196,137 | - |
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) |
Other loans (see note 17) |
Trade creditors |
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 |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Other loans - 1-2 years | - |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
18. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
30/9/24 | 30/9/23 |
£ | £ |
Within one year |
Between one and five years |
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 |
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 |
Credit to Statement of Comprehensive Income during year | ( |
) |
Balance at 30 September 2024 |
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: | £ | £ |
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 | 1,132,247 |
Profit for the year | - |
Dividends | ( |
) | - | ( |
) |
At 30 September 2024 | 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. |