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Registered number: 10367760









WORLD ADVENTURES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
WORLD ADVENTURES LIMITED
REGISTERED NUMBER: 10367760

STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
81,044
90,049

Tangible assets
 5 
11,019
8,792

Investments
 6 
7,483
7,483

  
99,546
106,324

Current assets
  

Debtors
 7 
2,138,257
1,753,901

Cash at bank and in hand
 8 
2,488,364
1,910,802

  
4,626,621
3,664,703

Creditors: amounts falling due within one year
 9 
(3,490,833)
(3,235,702)

Net current assets
  
 
 
1,135,788
 
 
429,001

Total assets less current liabilities
  
1,235,334
535,325

Creditors: amounts falling due after more than one year
 10 
(28,240)
(33,796)

Provisions for liabilities
  

Other provisions
 12 
(39,240)
(81,693)

  
 
 
(39,240)
 
 
(81,693)

Net assets
  
1,167,854
419,836


Capital and reserves
  

Called up share capital 
  
243,690
155,814

Share premium account
  
5,049,239
3,137,115

Profit and loss account
  
(4,125,075)
(2,873,093)

  
1,167,854
419,836


Page 1

 
WORLD ADVENTURES LIMITED
REGISTERED NUMBER: 10367760
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 SEPTEMBER 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

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

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

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 January 2025.




C Roche
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
WORLD ADVENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

The company is a private company limited by share capital, incorporated in England and Wales. The address of its registered office and place of business is Studio 1.01 Piano House, 9 Brighton Terrace, London, SW9 8DJ.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

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 with the Company 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.

 
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'.

Page 3

 
WORLD ADVENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover represents the net commission receivable for holiday arrangements recognised on the date of booking basis. The directors have made a provision for cancellations after year end.

 
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

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.7

Interest income

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

 
2.8

Finance costs

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

 
2.9

Borrowing costs

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

Page 4

 
WORLD ADVENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.10

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.

 
2.11

Taxation

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.

 
2.12

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
-
10% Reducing balance

 
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.

Page 5

 
WORLD ADVENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.13
Tangible fixed assets (continued)

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

Depreciation is provided on the following basis:

Office equipment
-
25%
Reducing balance

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

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

 
2.14

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
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.

 
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.

Page 6

 
WORLD ADVENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

3.


Employees

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


4.


Intangible assets




Development expenditure

£



Cost


At 1 October 2023
152,616



At 30 September 2024

152,616



Amortisation


At 1 October 2023
62,567


Charge for the year on owned assets
9,005



At 30 September 2024

71,572



Net book value



At 30 September 2024
81,044



At 30 September 2023
90,049



Page 7

 
WORLD ADVENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

5.


Tangible fixed assets





Office equipment

£



Cost


At 1 October 2023
26,346


Additions
4,783



At 30 September 2024

31,129



Depreciation


At 1 October 2023
17,554


Charge for the year on owned assets
2,556



At 30 September 2024

20,110



Net book value



At 30 September 2024
11,019



At 30 September 2023
8,792


6.


Fixed asset investments





Unlisted investments

£



Cost


At 1 October 2023
7,483



At 30 September 2024
7,483




Page 8

 
WORLD ADVENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

7.


Debtors


2024
2023
£
£



Trade debtors
2,050,027
1,670,006

Other debtors
39,422
34,994

Prepayments and accrued income
48,808
48,901

2,138,257
1,753,901



8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
2,488,364
1,910,802

2,488,364
1,910,802


The company has been granted an Air Travel Organisers Licence ("ATOL") by the Civil Aviation Authority ("CAA") a term of grant of which was to operate a CAA Approved Trust Account. Included in cash at bank above as of 30 September 2024 were restricted funds held in the Trust Account of £96,784 (2023: £315,693). 


9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
5,556
5,556

Trade creditors
3,375,927
3,111,503

Other taxation and social security
32,822
35,243

Other creditors
24,596
25,912

Accruals and deferred income
51,932
57,488

3,490,833
3,235,702


Page 9

 
WORLD ADVENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
28,240
33,796

28,240
33,796



11.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
5,556
5,556


5,556
5,556

Amounts falling due 1-2 years

Bank loans
5,556
5,556


5,556
5,556

Amounts falling due 2-5 years

Bank loans
16,667
16,667


16,667
16,667

Amounts falling due after more than 5 years

Bank loans
6,017
11,573

6,017
11,573

33,796
39,352


Included above is bank loan from Company's bankers Barclays Bank Plc, under the Bounce Back Loan Scheme (BBLS). The loan is for a term of 10 years, with no capital repayments for the first 12 months. There is also no interest payable for the first 12 months, with a rate of 2.5% per annum charged thereafter.

Page 10

 
WORLD ADVENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

12.


Provisions





Cancellation provision

£





At 1 October 2023
81,693


Charged to profit or loss
(42,453)



At 30 September 2024
39,240

The company has made general provision for the loss of margin as a result of cancellations in the post year end.


13.


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 ABTA travel bonds amounting to £166,017 (2023:  £80,370).


14.


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 £22,501 (2023: £18,319). Contributions totalling £7,080 (2023: £7,505) were payable to the fund at the reporting date and are included in creditors.


15.


Post balance sheet events

There have been no significant events affecting the entity since the year end.

 
Page 11