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Registered number: 04687483









HIDDEN TRAVEL GROUP LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
HIDDEN TRAVEL GROUP LIMITED
 
 
COMPANY INFORMATION


Directors
J Burt 
S J Baird 




Company secretary
The Whittington Partnership LLP



Registered number
04687483



Registered office
Whittington Hall
Whittington Road

Worcester

WR5 2ZX




Independent auditors
White Hart Associates (London) Limited
Chartered Accountants and Statutory Auditors

2nd Floor, Nucleus House

2 Lower Mortlake Road

Richmond

TW9 2JA





 
HIDDEN TRAVEL GROUP LIMITED
 

CONTENTS



Page
Strategic Report
1 - 3
Directors' Report
4 - 5
Independent Auditors' Report
6 - 10
Statement of Comprehensive Income
11
Statement of Financial Position
12
Statement of Changes in Equity
13 - 14
Statement of Cash Flows
15 - 16
Notes to the Financial Statements
17 - 30


 
HIDDEN TRAVEL GROUP LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Introduction
 
The Directors present their strategic report of the Company for the year ended 30 September 2024.
The Company is required by the Companies Act 2006, to set out in this report a fair review of the business of the Company during the financial year ended 30 September 2024, the position of the Company at the year end, and a description of the principal risks and uncertainties facing the Company. This review is prepared solely to provide additional information to shareholders to assess the Company's strategies and the potential for the strategies to succeed, the business review should not be relied upon by any other party or for any other purpose.
Corporate structure
The principal activity of the Company is that of a tour operator. The Company has six 100% owned subsidiaries, of which all are non-trading. 
Section 172 (1) Statement
The information provided below is intended to explain how the Directors considered the interests of the Company’s key stakeholders and the broader matters set out in section 172 (1) (a) to (f) of the Companies Act 2006 when performing their duty to promote the success of the Company under section 172 of the Companies Act 2006.
Business review
Building on the success of the previous financial year, the Company has maintained a strong upward trajectory , delivering substantial growth in both revenue and profit for the fiscal year ending 30 September 2024. The business achieved a turnover of £12.9 million, reflecting a year-on-year increase of £3 million, and an EBITDA exceeding £0.9m, representing a £0.3m year-on-year.

Looking ahead, the Company expects continued revenue growth in 2025 and beyond, driven by its continued rise in forward bookings. This growth will be supported by the expansion of domestic and international holiday offerings and a growing customer base. The company’s performance is underpinned by a loyal customer following, evidenced by a high rate of repeat bookings. Furthermore, the successful execution of targeted marketing strategies focused on attracting new customers ensures a consistent influx of fresh clientele, positioning the Company for sustained growth.
Key Performance Indicators
The Company operates a robust ‘measurement and control’ programme and tracks multiple KPIs on a daily, weekly and monthly basis. The Directors prepare a rolling forecast for the business each month and operate a tight cash management plan with regular short and long term cash flow forecasting.
Performance During the Year
The financial statements on pages 11 to 30 provide a detailed summary of the Company's performance and financial position for the year. Over the year, the Company experienced sustained growth in forward bookings, reflected in consistent monthly and year-on-year revenue increases. This performance was driven by the expansion of its tour offerings and an increase in its customer base. Notably, the Company achieved a year-on-year rise in profit before taxation of £401,362. Its financial stability was underscored by a strong liquidity position, with operational activities generating a substantial £0.9 million in cash flow.
 

Page 1

 
HIDDEN TRAVEL GROUP LIMITED
 

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

 
To support its growth and uphold high service standards, the Company strategically increased its workforce. This expansion was designed to effectively manage the growing volume of customer inquiries, streamline order processing, and deliver prompt, personalised support. By enhancing its team, the Company sought to meet current operational needs, build capacity for sustainable growth, and identify new opportunities.
This increase in headcount strengthens the Company’s ability to scale its operations while maintaining its focus on delivering exceptional customer experiences. At the same time, the Company remained committed to strict cost management, channelling investments into new software and technologies to monitor performance and boost productivity and efficiency.
Travel regulatory bodies
The Company holds an Air Travel Organisers Licence ('ATOL') granted by the Civil Aviation Authority ('CAA'). The Company is also a bonded member of the Association of Bonded Travel Organisers Trust ('ABTOT').
Principal risks and uncertainties
The risk factors described below are those which the Directors believe are potentially significant but should not be regarded as a complete and comprehensive statement of all potential risks and uncertainties facing the Company.
Economic challenges:
The travel industry continues to show strong growth, with consumer confidence in travelling now appearing to have returned to pre-Covid levels. Despite ongoing challenges such as high inflation, elevated interest rates, and a cost-of-living crisis shaping the current economic environment, the company remains optimistic about achieving year-on-year growth in both revenue and profitability.
The resilience of the travel sector amidst these economic pressures highlights its adaptability and the enduring demand for travel experiences. This resilience forms a solid foundation for the Group’s confidence in sustaining its success and pursuing further growth.

Regulatory risk:
The Company is exposed to various regulators, including the Civil Aviation Authority ('CAA'), which issues an Air Travel Organisers Licence ('ATOL'), which is required in order for the Group to operate and has been renewed in March 2024. This licence is renewed in March each year and is subject to assessments of fitness and financial criteria, the framework of which is available on the CAA website (www.caa.co.uk). The Company is also a bonded member of the Association of Bonded Travel Organisers Trust ('ABTOT') and renews its ABTOT consumer protection bond in March each year and is subject to assessments of fitness and financial criteria.

Geo-political events and natural disasters:
The nature of the Company's operations inherently exposes it to various geopolitical risks and natural disasters. To mitigate these challenges, the Company employs a flexible business model, enabling it to adjust capacity across a range of destinations as needed. Notably, the Company does not operate in destinations directly impacted by the Ukraine conflict or the ongoing unrest in the Middle East.

 
Page 2

 
HIDDEN TRAVEL GROUP LIMITED
 

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


 
Commercial relationships:
The Company maintains strong, well-established relationships with both customers and suppliers, ensuring risk is mitigated by avoiding over-reliance on any single supplier in a particular area. While the loss or deterioration of a key supplier relationship could have a minor impact on the business, the management team takes proactive measures to minimise this risk. Regular communication with suppliers are held to foster positive working relationships and to monitor their financial health.


This report was approved by the board on 21 January 2025 and signed on its behalf.



J Burt
Director

Page 3

 
HIDDEN TRAVEL GROUP LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

The directors present their report and the financial statements for the year ended 30 September 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

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


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

make judgments and accounting estimates that are reasonable and prudent;

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

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

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

Principal activity

The principal activity of the Company continued to be that of a tour operator. 

Directors

The directors who served during the year were:

J Burt 
S J Baird 

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 4

 
HIDDEN TRAVEL GROUP LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Auditors

The auditorsWhite Hart Associates (London) Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board on 21 January 2025 and signed on its behalf.
 





J Burt
Director

Page 5

 
HIDDEN TRAVEL GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HIDDEN TRAVEL GROUP LIMITED
 

Opinion


We have audited the financial statements of HIDDEN TRAVEL GROUP LIMITED (the 'Company') for the year ended 30 September 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


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


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


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


Page 6

 
HIDDEN TRAVEL GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HIDDEN TRAVEL GROUP LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the Directors' Report.


Page 7

 
HIDDEN TRAVEL GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HIDDEN TRAVEL GROUP LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 8

 
HIDDEN TRAVEL GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HIDDEN TRAVEL GROUP LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

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


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- We exercise professional judgement and maintain professional scepticism throughout the audit;
- We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the deliberate override of internal control;
- We obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of internal control;
- We evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made;
- We assess the risk of management override of controls, including testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business;
- We review the scope of the Company's compliance with The Package and Linked Travel Arrangements Regulations 2018 ("PTR") and sample test relevent documentation to assess this and the effectiveness of its control environment;
- We request and review the minutes of management meetings, and assess any matters identified not already provided for or disclosed that may materially impact the financial statements;
- We review the Company's relationships with related parties and other group companies, identifying and disclosing transactions during the year and balances at year-end with such parties;
- We conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the entity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the entity to cease to continue as a going concern.
 


Page 9

 
HIDDEN TRAVEL GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HIDDEN TRAVEL GROUP LIMITED (CONTINUED)


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


Use of our report
 

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





Ms N A Spoor FCA FCCA (Senior Statutory Auditor)
  
for and on behalf of
White Hart Associates (London) Limited
 
Chartered Accountants and Statutory Auditors
  
2nd Floor, Nucleus House
2 Lower Mortlake Road
Richmond
TW9 2JA

21 January 2025
Page 10

 
HIDDEN TRAVEL GROUP LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
Note
£
£

  

Turnover
  
12,913,945
9,918,214

Cost of sales
  
(9,395,124)
(7,483,286)

Gross profit
  
3,518,821
2,434,928

Administrative expenses
  
(2,723,101)
(1,945,283)

Exceptional administrative expenses
  
-
(29,111)

Operating profit
  
795,720
460,534

Interest receivable and similar income
  
63,603
8,244

Interest payable and similar expenses
  
(128,435)
(139,252)

Profit before tax
  
730,888
329,526

Tax on profit
  
(211,778)
143,954

Profit for the financial year
  
519,110
473,480

Other comprehensive income for the year
  

Total comprehensive income for the year
  
519,110
473,480

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

The notes on pages 17 to 30 form part of these financial statements.


Earnings Before Interest, Taxation, Depeciation, Amortisation and Monitoring fees (EBITDA)

2024
2023
£
£




Operating (loss)/profit
795,720
460,534

Excpetional administrative expenses
-
29,111

Depreciation of tangible fixed assets
3,084
1,114

Amortisatiion of intangible fixed assets
93,547
64,183

Monitoring fees
73,119
77,444






Underlying EBITDA
965,470
632,386

Page 11

 
HIDDEN TRAVEL GROUP LIMITED
REGISTERED NUMBER: 04687483

STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 7 
307,673
331,075

Tangible assets
 8 
1,487
3,346

Investments
 9 
2,847
2,000

  
312,007
336,421

Current assets
  

Debtors: amounts falling due within one year
 10 
2,267,464
2,330,772

Cash at bank and in hand
 11 
2,969,010
2,344,534

  
5,236,474
4,675,306

Creditors: amounts falling due within one year
 12 
(4,312,099)
(4,243,344)

Net current assets
  
 
 
924,375
 
 
431,962

Total assets less current liabilities
  
1,236,382
768,383

Creditors: amounts falling due after more than one year
 13 
(1,142,593)
(1,193,704)

  

Net assets/(liabilities)
  
93,789
(425,321)


Capital and reserves
  

Called up share capital 
 16 
30,000
30,000

Profit and loss account
  
63,789
(455,321)

  
93,789
(425,321)


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 21 January 2025.




J Burt
Director

The notes on pages 17 to 30 form part of these financial statements.

Page 12

 
HIDDEN TRAVEL GROUP LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 October 2023
30,000
(455,321)
(425,321)


Comprehensive income for the year

Profit for the year
-
519,110
519,110
Total comprehensive income for the year
-
519,110
519,110


Total transactions with owners
-
-
-


At 30 September 2024
30,000
63,789
93,789


The notes on pages 17 to 30 form part of these financial statements.

Page 13

 
HIDDEN TRAVEL GROUP LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 October 2022
30,000
(928,801)
(898,801)


Comprehensive income for the year

Profit for the year
-
473,480
473,480
Total comprehensive income for the year
-
473,480
473,480


Total transactions with owners
-
-
-


At 30 September 2023
30,000
(455,321)
(425,321)


The notes on pages 17 to 30 form part of these financial statements.

Page 14

 
HIDDEN TRAVEL GROUP LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
519,110
473,480

Adjustments for:

Amortisation of intangible assets
93,547
64,183

Depreciation of tangible assets
3,084
1,114

Interest paid
128,435
139,252

Interest received
(63,603)
(8,244)

Taxation charge
211,778
(143,954)

(Increase) in debtors
(28,186)
(420,870)

(Increase)/decrease in amounts owed by groups
(120,284)
928

Increase in creditors
328,757
1,081,580

(Decrease)/increase in amounts owed to groups
(214,543)
56,965

Net cash generated from operating activities

858,095
1,244,434


Cash flows from investing activities

Purchase of intangible fixed assets
(70,145)
(101,299)

Purchase of tangible fixed assets
(1,225)
(1,010)

Purchase of fixed asset investments
(847)
-

Interest received
63,603
8,244

Net cash from investing activities

(8,614)
(94,065)
Page 15

 
HIDDEN TRAVEL GROUP LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024


2024
2023

£
£



Cash flows from financing activities

Repayment of bank loans
(51,111)
(51,111)

Repayment of other loans
(45,459)
(129,883)

Interest paid
(128,435)
(139,252)

Net cash used in financing activities
(225,005)
(320,246)

Net increase in cash and cash equivalents
624,476
830,123

Cash and cash equivalents at beginning of year
2,344,534
1,514,411

Cash and cash equivalents at the end of year
2,969,010
2,344,534


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,969,010
2,344,534

2,969,010
2,344,534


The notes on pages 17 to 30 form part of these financial statements.

Page 16

 
HIDDEN TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

As disclosed in the Directors' Report, the principal activity of the Company in the period under review continued to be that of a tour operator. 
The Company is a private company limited by shares and is incorporated in England. The address of the Group's principal place of business, being the same as the registered office stated on the Company Information page, is:
Whittington Hall
Whittington Road
Worcester
WR5 2ZX

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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

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

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company’s management and directors review the financial position and the forecasts for the Company on a regular basis, to ensure they are in a position to react to and mitigate the financial impact from any downturn in trading. The directors have made an assessment of the Company’s ability to continue as a going concern, and have considered a number of future scenarios, synthesizing key drivers of the Company’s trading performance, including consumer demand, post balance sheet trading, booking trajectory, and impact from both financial and geopolitical instability. However, economic uncertainty from interest rates and a new UK government means the Company
remains in a volatile environment.
The directors have prepared budgets and cashflow forecasts to September 2027 which reflect good operational liquidity and profitability throughout. Additionally, they have also performed a sensitivity analysis on the Company's budgets and forecasts to assess the financial impact of any potential further slowdown in trading from the reforecast and its impact , which still shows a healthy financial  position ongoing.
Company management and the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, being at least the following 12 months from the signing of these financial statements. 
As a result, and with the Group continuing to receive the full support of its shareholders, the directors believe that it is still appropriate to apply the going concern basis for the foreseeable future.

Page 17

 
HIDDEN TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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

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

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

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

 
2.4

Turnover

Turnover, excluding value added tax, represents the value of transactions, being hotels, flights and ancillary products in which the Company is, for these purposes, regarded as being the principal. 
Turnover is the amount derived from ordinary activities for tours which have departed in the year and represents the aggregate revenue receivable.

 
2.5

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Interest income

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

 
2.7

Finance costs

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

Page 18

 
HIDDEN TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.8

Borrowing costs

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

 
2.9

Pensions

Defined contribution pension plan

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

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

 
2.10

Current and deferred taxation

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

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

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

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

 
2.11

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

Page 19

 
HIDDEN TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.12

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over its useful economic life.

Other intangible assets

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

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

 The estimated useful lives range as follows:

Development expenditure
-
8
years
Goodwill
-
8
years

 
2.13

Tangible fixed assets

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

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

Depreciation is provided on the following basis:

Plant and machinery
-
25% reducing balance basis
Fixtures and fittings
-
25% reducing balance basis

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

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

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 20

 
HIDDEN TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.15

Debtors

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

 
2.16

Cash and cash equivalents

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

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.17

Creditors

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

 
2.18

Provisions for liabilities

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


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
a) Critical judgments in applying the Company's accounting policies
The directors believe that there are no critical judgments involved in applying the Company's accounting policies that warrant disclosure.
b) Key accounting estimates and assumptions
The directors believe that there are no key accounting estimates and assumptions involved in applying the Company's accounting policies that warrant disclosure.

Page 21

 
HIDDEN TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

4.


Auditors' remuneration

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


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
17,100
14,000


5.


Employees

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


        2024
        2023
            No.
            No.







Sales and administration
24
20


6.


Exceptional items

2024
2023
£
£


Redundancy costs
-
29,111

-
29,111

Page 22

 
HIDDEN TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

7.


Intangible assets




Development expenditure
Goodwill
Total

£
£
£



Cost


At 1 October 2023
503,372
228,563
731,935


Additions
70,145
-
70,145


Disposals
(149,780)
-
(149,780)



At 30 September 2024

423,737
228,563
652,300



Amortisation


At 1 October 2023
262,043
138,817
400,860


Charge for the year on owned assets
64,975
28,572
93,547


On disposals
(149,780)
-
(149,780)



At 30 September 2024

177,238
167,389
344,627



Net book value



At 30 September 2024
246,499
61,174
307,673



At 30 September 2023
241,329
89,746
331,075



Page 23

 
HIDDEN TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

8.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 October 2023
5,241
14,333
19,574


Additions
-
1,225
1,225


Disposals
(5,241)
(5,439)
(10,680)



At 30 September 2024

-
10,119
10,119



Depreciation


At 1 October 2023
5,241
10,987
16,228


Charge for the year on owned assets
-
3,084
3,084


Disposals
(5,241)
(5,439)
(10,680)



At 30 September 2024

-
8,632
8,632



Net book value



At 30 September 2024
-
1,487
1,487



At 30 September 2023
-
3,346
3,346


9.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 October 2023
2,000


Additions
847



At 30 September 2024
2,847




Page 24

 
HIDDEN TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Hidden Travel (Flights) Limited- Dormant
Whittington Hall, Whittington Road, Worcester, Worcestershire, WR5 2ZX
Ordinary
100%
Long Travel Limited - Dormant
Same as above
Ordinary
100%
Completely Travel Limited - Dormant
Same as above
Ordinary
100%
Solos Holidays Limited - Dormant
Same as above
Ordinary
100%
Completely Croatia Limited - Dormant
Same as above
Ordinary
100%
Solos Travel US Inc. - Dormant
100 E Pine St, Orlando, FL 32801
Common
100%

The carrying value of the investments and the aggregate of the share capital and reserves as at 30 September 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Hidden Travel (Flights) Limited
2,000
-

Long Travel Limited
1
-

Completely Travel Limited
1
-

Solos Holidays Limited
1
-

Completely Croatia Limited
1
-

Solos Travel US Inc.
847
-

Page 25

 
HIDDEN TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

10.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
969,356
849,072

Other debtors
364,113
319,506

Prepayments and accrued income
859,337
875,758

Deferred taxation
74,658
286,436

2,267,464
2,330,772


Prepayments and accrued income include supplier payments made in advance for bookings departing after the statement of financial position date, amounting to £747,294 (2023: £809,854).


11.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
2,969,010
2,344,534

2,969,010
2,344,534



12.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
51,111
51,111

Other loans
-
45,459

Trade creditors
381,851
509,135

Amounts owed to group undertakings
236,534
451,077

Other taxation and social security
23,742
19,808

Other creditors
122,304
32,218

Accruals and deferred income
3,496,557
3,134,536

4,312,099
4,243,344


Accruals and deferred income include customer receipts taken in advance for bookings departing after the statement of financial position date, amounting to £3,233,621 (2023: £2,947,370).

Page 26

 
HIDDEN TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

13.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
42,593
93,704

Amounts owed to group undertakings
1,100,000
1,100,000

1,142,593
1,193,704


The above loan in the sum of £1,100,000 is from the Company's immediate parent company Hidden Travel Holdings Limited, and is subject to a subordinated undertaking in favour of the Civil Aviation Authority, in relation to the Company's ATOL licence and cannot be repaid without the Civil Aviation Authority's prior written consent.
Bank loan consists of the Coronavirus Business Interruption Loan provided by HSBC UK Bank Plc and is supported by the Coronavirus Business Interruption Loan Scheme. The loan is for a 66 month term with no capital repayments or interest payments in the the first 12 months. Interest is payable at 3.99% per annum over the bank base rate thereafter. 
To support the CBILS loan, a fixed and floating charge over the Company's assets was registered at Companies House on 29 June 2020 in favour of HSBC UK Bank PLC. 

Page 27

 
HIDDEN TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

14.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
51,111
51,111

Other loans
-
45,459

Amounts falling due 1-2 years

Bank loans
42,593
51,111

Amounts falling due 2-5 years

Bank loans
-
42,593

93,704
190,274


Page 28

 
HIDDEN TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

15.


Deferred taxation




2024
2023


£

£






At beginning of year
286,436
142,482


Charged to profit or loss
(211,778)
143,954



At end of year
74,658
286,436

The deferred tax asset is made up as follows:

2024
2023
£
£


Accelerated capital allowances
1,289
142,482

Tax losses carried forward
73,369
143,954

74,658
286,436


16.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



30,000 (2023 - 30,000) Ordinary shares of £1.00 each
30,000
30,000



17.


Contingent liabilities

At 30 September 2024, there were contingent liabilities outstanding in respect of counter indemnities given by the Company, in the normal course of business, to the Company's bond insurance obligors in respect of Association of Bonded Travel Organisers Trust (ABTOT) travel bonds amounting to £165,324 (2023: £134,666).


18.


Credit card receipts proceeds

The business has an arrangement with its merchant providers that 5% of all receipts will be withheld for 130 days from the date of receipt. These will be released to the business after expiry of 130 days. As at 30 September 2024 total receipts withheld under this arranagement were £316,385 (2023: £260,879). These are included in debtors due within 1 year.

Page 29

 
HIDDEN TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

19.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £41,295 (2023 - £19,075). Contributions totalling £6,514 (2023 - £3,460) were payable to the fund at the reporting date and are included in creditors.


20.


Commitments under operating leases

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

2024
2023
£
£


Not later than 1 year
22,345
22,683

22,345
22,683


21.


Related party transactions

The Company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with other wholly owned subsidiaries within the group. This is because the ultimate parent company prepares consolidated financial statements in which these transactions are eliminated in full. 


22.


Controlling party

The Company's immediate holding company is Hidden Travel Holdings Limited, a company registered in England and Wales. Copies of the financial statements of Hidden Travel Holdings Limited can be obtained from Whittington Hall, Whittington Road, Worcester, WR5 2ZX. 
The Company's ultimate holding company is Stone VP (No. 1) Limited, a company registered in England and Wales. Copies of the financial statements of Stone VP (No. 1) Limited can be obtained from Whittington Hall, Whittington Road, Worcester, WR5 2ZX. 

 
Page 30