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Registered number: 04122639









UNIQUE CARIBBEAN HOLIDAYS LIMITED









FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

 
UNIQUE CARIBBEAN HOLIDAYS LIMITED
 
 
 
COMPANY INFORMATION


 
Directors
K R Thompson 
S R Foster 
D Stefano 
J A Clarke 




Registered number
04122639



Registered office
2nd Floor, Nucleus House
2 Lower Mortlake Road

Richmond

TW9 2JA




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

2nd Floor, Nucleus House

2 Lower Mortlake Road

Richmond

TW9 2JA




Solicitors
Fox Williams LLP
10 Finsbury Square

London

EC2A 1AF





 
UNIQUE CARIBBEAN HOLIDAYS LIMITED
 
 
 
CONTENTS



Page
Strategic Report
1 - 3
Directors' Report
4 - 6
Independent Auditors' Report
7 - 10
Statement of Profit or Loss and Other Comprehensive Income
11
Statement of Financial Position
12 - 13
Statement of Changes in Equity
14
Statement of Cash Flows
15
Notes to the Financial Statements
16 - 43
Detailed Profit and Loss Account and Summaries
43

 
UNIQUE CARIBBEAN HOLIDAYS LIMITED
 
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

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

Business review
 
The Company is required by the Companies Act to set out in this report, a fair review of the business of the Company during the financial year ended 30 June 2024, and its position at the end of the year along with 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 those strategies to succeed, and the business review should not be relied upon by any other party or for any other purpose.
The directors are satisfied with the Company's performance during the year. The Company continues to prioritise customer service, where necessary rebooking to future dates to retain bookings and generating customer goodwill. This has continued to result in strong booking profiles and performance for the year and into the future.
The key performance indicators used by the directors to monitor the progress of the Company are set out below:-


2024
2023
£
£
Key performance indicators
Revenue
83,309,184
90,200,223
Gross profit
6,436,353
6,865,369
Gross profit as a percentage of revenue
7.73%
7.61%
Profit on ordinary activities before taxation
3,069,547
3,261,277
Profit on ordinary activities as a percentage of revenue
3.68%
3.62%

Monthly management accounts including full year forecasts are reviewed against budgets and prior years to monitor the business performance and to highlight required actions as appropriate.


Principal risks and uncertainties
 
The following risk factors may affect the Company's operating results and its financial position. 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 risk and uncertainties facing the Company. The directors do not feel that the risks in 2025 will be much different to those that were prevalent in 2024. The Company is monitoring the situation and will take all necessary actions to try and protect the Company's immediate trading performance and long-term position.
 
Page 1

 
UNIQUE CARIBBEAN HOLIDAYS LIMITED
 
 
 
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Principal risks and uncertainties (continued)
Regulatory risk
The Company is exposed to various regulators, including the Civil Aviation Authority ("CAA"), which issues an Air Travel Organisers Licence ("ATOL") and is required in order for the Company to operate. 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's website (www.caa.co.uk). The Company is also a member of the Association of British Travel Agents ("ABTA") and as such is obliged to maintain a high standard of service as governed by ABTA's code of conduct.
Credit risk
Due to the nature of the Company's business whereby individual customers are required to pay for their holiday in full before they are allowed to travel, credit risk is considered to be low. In the case of sales through travel agents and wholesalers whereby payment may be received after the travel date, ongoing business relationships mean that chasing debts is significantly easier and controls have been put in place to ensure that debts are chased when they are due.
Liquidity risk
The objective of the Company in managing liquidity risk is to ensure that it can meet its financial obligations as and when they fall due. The Company expects to meet its financial obligations through operating cash flows. However, if due to unusual circumstances this was insufficient, the Company could draw on support from within the wider group.
Foreign exchange rate exposure
The functional currency of the Company is sterling, however the Company undertakes transactions with suppliers principally in US Dollars. Consequently the Company is at risk to the extent that the Pound Sterling may weaken against the United States Dollar to which the Company needs to settle its land-based costs post-travel. This risk is mitigated by other group members having prudent forward exchange contracts in place to hedge against exchange rate fluctuations.
Technology risk
The Company is heavily reliant on the uninterrupted operation of its IT systems and website. These systems are vulnerable to power loss, fire, computer viruses and other events. Loss of these systems would impair the ability of the Company to carry on its business effectively. The Company has made arrangements to mitigate this risk.
Interest rate risk
Interest rate risk is considered to be less of an issue for the Company as it is not reliant upon receiving interest in order to continue trading and also because it does not have any loans susceptible to changes in interest rates. The Company finances its operations through retained profits.
Economic conditions
The demand for holidays is affected by local economic conditions. During 2023 and into 2024, geopolitical wars and tensions have affected the cost of holiday arrangements and resulted in consumers having less discretionary spending available for holiday travel. However, due to the customer goodwill built up in recent years, the Company is continuing to see high levels of consumer demand. Consequently, the Company’s management and the directors have continued to review the Company’s financial position, as well as forecasts, and plan mitigation actions in order to neutralise any potential financial impacts on future trading performance.

Page 2

 
UNIQUE CARIBBEAN HOLIDAYS LIMITED
 
 
 
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Future developments
 
The directors continue to be encouraged by the number of bookings that are retained when they have been affected by a change either on island or by an airline and believe that the policies adopted during the pandemic built customer goodwill that will continue to benefit the Company long into the future.
The levels of business on the books for 2025 departures and beyond, together with the ongoing development of the existing Sandals and Beaches resorts, leads the directors to believe that the Company will continue to grow. 


This report was approved by the board on 17 October 2024 and signed on its behalf.



K R Thompson
Director

Page 3

 
UNIQUE CARIBBEAN HOLIDAYS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024

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

Directors' responsibilities statement

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

Company law requires the directors to prepare financial statements for each financial year. Under that law they have elected to prepare the financial statements in accordance with International Financial Reporting Standards (IFRS) as adopted by the UK.

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 the financial statements, the directors are required to:

select suitable accounting policies and then apply them consistently;

make judgments and estimates that are reasonable and prudent;

state whether they have been prepared in accordance with IFRS as adopted by the UK, subject to any material departures disclosed and explained in the financial statements;

assess the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and

use the going concern basis of accounting unless they either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

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 responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Company and to prevent and detect fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' Reports may differ from legislation in other jurisdictions.

Principal activity

The principal activity of the Company in the year under review was the provision of Sandals and Beaches holidays to UK based consumers as either land-only or flight inclusive packages.

Results and dividends

The profit for the year, after taxation, amounted to £2,299,137 (2023 - £3,013,333).

No dividends will be distributed for the year ended 30 June 2024 (2023 - £Nil).

Page 4

 
UNIQUE CARIBBEAN HOLIDAYS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Directors

The directors who served during the year were:

K R Thompson 
S R Foster 
D Stefano 
J A Clarke 

Future developments

There have been no significant events affecting the Company since the year end. The Company has seen a noticeable impact to consumer demand because of the UK economic situation.
During 2025, the Company will continue to operate as outlined in the principal activity note above.

Going concern

The directors have considered the Company's current and future prospects, taking into account the effects of the current economic environment on cash flows and liquidity. As set out in the notes to the financial statements, the results of our base case and downside scenario forecasting indicate that there is sufficient support available within the wider group to enable the Company to continue to pay its liabilities as they fall due for a period of at least 12 months from the date of approval of these financial statements. As such, the directors continue to adopt the going concern basis of preparation for these financial statements. 

Qualifying indemnity provision

During the period and up to the date of this report, the Company maintained liability insurance and third-party indemnification provisions for its directors, under which the Company has agreed to indemnify the directors to the extent permitted by law in respect of all liabilities to third parties arising out of, or in connection with, the execution of their powers, duties and responsibilities as directors of the Company.

Disclosure in the Strategic Report

The directors have provided commentary for the Review of Business and Analysis of Performance as well as the Principal Risks and Uncertainties in the Strategic Report in line with The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.

Greenhouse gas emissions, energy consumption and energy efficiency action

The Company has not disclosed information in respect of greenhouse gas emissions, energy consumption and energy efficiency action as its energy consumption in the United Kingdom for the year is 40,000kWh or lower.

Page 5

 
UNIQUE CARIBBEAN HOLIDAYS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

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.

Auditors

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

This report was approved by the board on 17 October 2024 and signed on its behalf.
 



K R Thompson
Director
Page 6

 
UNIQUE CARIBBEAN HOLIDAYS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNIQUE CARIBBEAN HOLIDAYS LIMITED
 

Opinion


We have audited the financial statements of Unique Caribbean Holidays Limited for the year ended 30 June 2024 which comprise the Statement of Profit or Loss and Other Comprehensive Incomethe Statement of Financial Positionthe Statement of Cash Flowsthe Statement of Changes in Equity and the related notes, including a summary of significant accounting policies set out on pages 17 - 26. The financial reporting framework that has been applied in their preparation is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom.

In our opinion the financial statements:

give a true and fair view of the state of the Company's affairs as at 30 June 2024 and of its profit for the year then ended;

have been properly prepared in accordance with IFRSs as adopted by the United Kingdom; 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. Our evaluation of the directors' assessment of the Company's ability to continue to adopt the going concern basis of accounting included:

We have confirmed that the Company continues to receive the backing and support of its parent company and larger group. As part of this evaluation, we have also sought comfort that the group which the Company is a part of can continue as a going concern and has sufficient reserves to continue in business for the forseeable future. We have also confirmed that the directors' assessment of the Company's ability to continue as a going concern covers a period of at least 12 months from the date of signing of these financial statements and that there have been no significant events that could affect the business since year-end. 

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 7

 
UNIQUE CARIBBEAN HOLIDAYS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNIQUE CARIBBEAN HOLIDAYS 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.


Responsibilities of directors

As explained more fully in the directors' responsibilities statement 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

 
UNIQUE CARIBBEAN HOLIDAYS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNIQUE CARIBBEAN HOLIDAYS 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 judgment 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 ("PTRs") and sample test relevant 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;
 
Page 9

 
UNIQUE CARIBBEAN HOLIDAYS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNIQUE CARIBBEAN HOLIDAYS LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements (continued)
- 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.

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 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 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.




 
 
M S Caldicott ACA FCCA CTA (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

17 October 2024
Page 10

 
UNIQUE CARIBBEAN HOLIDAYS LIMITED
 
 
 
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024


2024
2023
Note
£
£

  

Revenue
 6 
83,309,184
90,200,223

Cost of sales
  
(76,872,831)
(83,334,854)

Gross profit
  
6,436,353
6,865,369

  

Administrative expenses
  
(3,730,750)
(3,779,131)

Profit from operations
  
2,705,603
3,086,238

  

Finance income
  
376,471
194,546

Finance expense
  
(12,527)
(19,507)

Profit before tax
  
3,069,547
3,261,277

  

Tax expense
 10 
(770,410)
(247,944)

Profit for the year
  
2,299,137
3,013,333

Other comprehensive income:

  
-
-

  

  

Total comprehensive income
  
2,299,137
3,013,333

The notes on pages 17 to 43 form part of these financial statements.

Page 11

 
UNIQUE CARIBBEAN HOLIDAYS LIMITED
REGISTERED NUMBER: 04122639
 
 
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024


2024
2023
Note
£
£


Assets

Non-current assets
  

Property, plant and equipment
 11 
590,788
981,191

Intangible assets
 12 
106,536
48,212

  
697,324
1,029,403

Current assets
  

Trade and other receivables
 13 
3,310,289
4,447,678

Cash and cash equivalents
 22 
18,890,617
17,442,896

  
22,200,906
21,890,574

Total assets

  

22,898,230
22,919,977

Liabilities

Non-current liabilities
  

Trade and other liabilities
 14 
893,101
935,751

Leasing liabilities
 15 
80,000
395,249

Deferred tax liability
 10 
26,072
51,550

  
999,173
1,382,550

Current liabilities
  

Trade and other liabilities
 14 
18,599,728
20,544,701

Leasing liabilities
 15 
315,249
307,783

  
18,914,977
20,852,484

Total liabilities
  
19,914,150
22,235,034

Net assets
  
2,984,080
684,943
Page 12

 
UNIQUE CARIBBEAN HOLIDAYS LIMITED
REGISTERED NUMBER: 04122639
 
 
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2024


2024
2023
Note
£
£


Issued capital and reserves
  

Share capital
 17 
500,000
500,000

Retained earnings
  
2,484,080
184,943

TOTAL EQUITY
  
2,984,080
684,943

The financial statements on pages 1 to 43 were approved and authorised for issue by the board of directors on 17 October 2024 and were signed on its behalf by:



K R Thompson
Director

The notes on pages 17 to 43 form part of these financial statements.

Page 13

 
UNIQUE CARIBBEAN HOLIDAYS LIMITED

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



Share capital
Retained earnings
Total equity


£
£
£

At 1 July 2022
500,000
(2,828,390)
(2,328,390)

Comprehensive income for the year


Profit for the year
-
3,013,333
3,013,333

Total comprehensive income for the year
-
3,013,333
3,013,333

At 30 June 2023
500,000
184,943
684,943

At 1 July 2023
500,000
184,943
684,943

Comprehensive income for the year


Profit for the year
-
2,299,137
2,299,137

Total comprehensive income for the year
-
2,299,137
2,299,137

At 30 June 2024
500,000
2,484,080
2,984,080

The notes on pages 17 to 43 form part of these financial statements.

Page 14

 
UNIQUE CARIBBEAN HOLIDAYS LIMITED

 
 
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024


2024
2023
Note
£
£

Cash flows from operating activities
  

Profit for the year
  
2,299,137
3,013,333

Adjustments for:
  

Depreciation of property, plant and equipment
 11 
409,893
408,636

Amortisation of intangible fixed assets
 12 
26,586
15,351

Finance income
  
(376,471)
(194,546)

Gain on sale of property, plant and equipment
  
-
(591)

Income tax expense
 10 
770,410
247,944

Movements in working capital:
  

Decrease in trade and other receivables
  
1,151,580
1,260,200

Decrease in trade and other payables
  
(2,704,503)
(4,394,791)

Decrease in amounts owed to group companies
  
(27,382)
(859,469)

  

Income taxes paid
  
(65,817)
-

Net cash from/(used in) operating activities

  
1,483,433
(503,933)

Cash flows from investing activities
  

Purchases of property, plant and equipment
  
(19,490)
(11,736)

Sale of property, plant and equipment
  
-
7,094

Purchase of intangibles
 12 
(84,910)
(42,000)

Interest received
  
376,471
194,546

Net cash from investing activities

  
272,071
147,904

Cash flows from financing activities
  

Payments of finance lease creditors
  
(307,783)
(300,493)

Net cash used in financing activities
  
(307,783)
(300,493)

Net increase/(decrease) in cash and cash equivalents
  
1,447,721
(656,522)

  

Cash and cash equivalents at the beginning of year
  
17,442,896
18,099,418

Cash and cash equivalents at the end of the year
 22 
18,890,617
17,442,896

The notes on pages 17 to 43 form part of these financial statements.

Page 15

 
UNIQUE CARIBBEAN HOLIDAYS LIMITED
 
 
 
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024




Page



Page
1.
Accounting policies
17

14.
Trade and other payables
38
2.
Reporting entity
26

15.
Financial liabilities - leasing
39
3.
Basis of preparation
27

16.
Pension commitments
39
4.
Functional and presentation 
28

17.
Share capital
39

currency


18.
Reserves
40
5.
Accounting estimates and 
29

19.
Leases
40

judgments


20.
Related party transactions
41
6.
Revenue
30

21.
Controlling party
42
7.
Auditors' remuneration
31

22.
Notes supporting statement of 
42
8.
Employee benefit expenses
31


cash flows
9.
Finance income and expense
32

23.
IATA financial security
42
10.
Tax expense

24.
Capital management
42
11.
Property, plant and equipment
35

25.
Events after the reporting date
43
12.
Intangible assets
37

26.
Foreign currency translation
43
13.
Trade and other receivables
38



























































































































Page 16

 
UNIQUE CARIBBEAN HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.Accounting policies


1.1

Going concern

In assessing the Company's going concern position for the year ended 30 June 2024, the directors have considered the Company's cash flows, liquidity and business activities, including forecasts and budgets. The Company is a trading subsidiary of the group headed up by the ultimate parent company and has net current assets as at 30 June 2024. As a result of its business model, the Company is reliant on the continued financial support of the group and it has confirmed with Unique Vacations Inc, the ultimate controlling party, its intention to support the Company for a period of at least 12 months after these financial statements are signed.
In making this assessment, the directors have considered the potential impact of the current economic climate on the cash flows and liquidity of the Company over the period to 31 October 2025.
The assessment reflects the current measures put in place by the Company to preserve cash whilst dealing with current economic pressures on consumers and the value of Sterling.
The directors acknowledge that there could be some remaining uncertainties that may cast doubt over the Company's ability to continue as a going concern, in respect of potential reductions in revenues that may arise from a reduction in consumer demand for the holidays that the Company sells as the economic environment impacts consumers.
Having completed these assessments, the directors' have a reasonable expectation that the Company has adequate resources to continue in operational existence for the next 12 months. For these reasons and the continued financial support received from Unique Vacations Inc, they continue to adopt a going concern basis for the preparation of the financial statements. Accordingly these financial statements do not include any adjustments to the carrying amount or classification of assets and liabilities that would result if the Company were unable to continue as a going concern.

Page 17

 
UNIQUE CARIBBEAN HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.Accounting policies (continued)

 
1.2

Revenue and expense recognition

Revenue represents the amounts receivable by the Company for sales of holiday products and related commissions. Revenue is measured based on the consideration specified in the Company's contracts with customers, excluding discounts, rebates and other sales taxes. Revenue is recognised as the performance obligations are satisfied.
Nature of goods and services
Holiday revenue, net of discounts, includes revenue earned primarily from accommodation packages and any other supporting activities, including air and other transportation and customer cancellations. The Company's performance obligations under these contracts are to provide a package vacation and other supporting activities in exchange for the invoiced transaction price. The Company engages third parties to fulfill obligations to customers for air and other transportation, but retains the ultimate risks of fulfilment and generally has discretion to select the acceptable carrier and absorbs the risk of cost fluctuations. The Company satisfies the performance obligations and recognises revenue pro-rata over the vacation period, except for cancellation revenues, which are recognised upon cancellation.
Payment Terms and Deferred Revenue
Payment terms and cancellation policies are broadly standard. A deposit for a future vacation is required at or soon after the time of booking to secure the booking. The Company collects a majority of its deposits for bookings and tours up to, and in some cases more than, a year in advance of the departure date with the remaining balances due prior to departure. Deposits include the total amounts paid by customers prior to departure, for which the Company is obligated to perform services. These deposits represent contract liabilities, which are recorded as deferred revenue and are recognised as revenue generally pro rata over the vacation period. Deferred revenue is a current liability as it relates to the Company's normal operating cycle.
Costs of sales
Expenses from the Company's holiday operations are recognised at the time the Company provides the services. The Company is usually required to make deposit payments to suppliers for the cost of accommodation, flights and other related costs at or soon after the time of booking to secure these, with the remaining balances due prior to departure. These deposit payments represent contract assets, which are recorded as prepayments and are recognised as cost of sales generally pro-rata over the vacation period. Prepayments are a current asset as they relate to the Company's normal operating cycle.
Administrative expenses
Administration costs include marketing costs, employee costs, office expenses, professional services and other administrative costs. Marketing costs include media advertising, brochure production, direct mail costs, promotional expenses, search engine marketing and other costs that support the ongoing development of the Company's brand and customer database. Marketing costs are expensed as incurred. Television advertising and exhibition costs are deferred until they take place. Office expenses include rent expense, utility costs, office supplies and telecommunication costs. Professional service fees include costs for accounting services, legal services and information technology consulting services. Other administrative costs include corporate insurance, postage and other sundry expenses. Employee costs, office expenses, professional service fees and other administrative expenses are expensed as incurred. Rent is recognised as expense on a straight-line basis over the lease term. Total administrative expenses for the periods ended 30 June 2024 and 30 June 2023 were £3.7 million, and £3.8 million, respectively.

The Company does not expect to have any contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. As a consequence, the Company does not adjust any of the transaction prices for the time value of money.

Page 18

 
UNIQUE CARIBBEAN HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.Accounting policies (continued)

  
1.3

Leasing

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases.


The Company as a lessee

The Company assesses whether a contract is or contains a lease, at inception of a contract. The Company recognises a right-of-use asset and a corresponding lease liability with respect to all lease agreements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low-value assets. For these leases, the Company recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Company uses its incremental borrowing rate. 

Lease payments included in the measurement of the lease liability comprise:

fixed lease payments (including in-substance fixed payments), less any lease incentives;


The lease liability is included in the 'Leasing liabilities' line in the Statement of Financial Position.

The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made.

The Company remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever:

a lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate.

The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses.

Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Company expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease.

Page 19

 
UNIQUE CARIBBEAN HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.Accounting policies (continued)


1.3
Leasing (continued)


 The Company as a lessee (continued)

The right-of-use assets are included in the 'Property, Plant and Equipment' line, as applicable, in the Statement of Financial Position.

The Company applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in note 1.8.

As a practical expedient, IFRS 16 permits a lessee not to separate non-lease components, and instead account for any lease and associated non-lease components as a single arrangement. The Company has used this practical expedient.

 
1.4

Foreign currencies

In preparing the financial statements of the Company, transactions in currencies other than the entity's functional currency (foreign currencies) are recognised at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.

Exchange differences on monetary items are recognised in profit or loss in the period in which they arise except for:
exchange differences on foreign currency borrowings relating to assets under construction for future productive use, which are included in the cost of those assets when they are regarded as an adjustment to interest costs on those foreign currency borrowings;
exchange differences on transactions entered into in order to hedge certain foreign currency risks; and
exchange differences on monetary items receivable from or payable to foreign operations for which settlement is neither planned nor likely to occur (therefore forming part of the net investment in the foreign operation), which are recognised initially in other comprehensive income and reclassified from equity to profit or loss on repayment of the monetary items.

For the purposes of presenting these financial statements, the assets and liabilities of the Company's foreign operations are translated into pounds using exchange rates prevailing at the end of each reporting period. Income and expense items are translated at the average exchange rates for the period, unless exchange rates fluctuate significantly during that period, in which case the exchange rates at the dates of the transactions are used. Exchange differences arising, if any, are recognised in other comprehensive income and accumulated in equity (and attributed to non-controlling interests as appropriate).







Page 20

 
UNIQUE CARIBBEAN HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.Accounting policies (continued)


1.5

Finance costs

Finance costs are charged to the Statement of Profit and Loss and Other Comprehensive Income 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. 

Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation.

All other finance costs are recognised in profit or loss in the period in which they are incurred.

  
1.6

Employee benefits


Short-term and other long-term employee benefits

A liability is recognised for benefits accruing to employees in respect of wages and salaries, annual leave and sick leave in the period the related service is rendered at the undiscounted amount of the benefits expected to be paid in exchange for that service.

Liabilities recognised in respect of short-term employee benefits are measured at the undiscounted amount of the benefits expected to be paid in exchange for the related service.

Liabilities recognised in respect of other long-term employee benefits are measured at the present value of the estimated future cash outflows expected to be made by the Company in respect of services provided by employees up to the reporting date.

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 the Statement of Profit and Loss and Other Comprehensive Income 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.

 
1.7

Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.


(i) Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from ‘profit before tax’ as reported in the Statement of Profit or Loss and Other Comprehensive Income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Page 21

 
UNIQUE CARIBBEAN HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.Accounting policies (continued)


1.7
Taxation (continued)


(ii) Deferred tax

Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. Such deferred tax assets and liabilities are not recognised if the temporary difference arises from the initial recognition (other than in a business combination) of assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. In addition, deferred tax liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill.

Deferred tax liabilities are recognised for taxable temporary differences associated with investments in subsidiaries and associates, and interests in joint ventures, except where the Company is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and interests are only recognised to the extent that it is probable that there will be sufficient taxable profits against which to utilise the benefits of the temporary differences and they are expected to reverse in the foreseeable future.

The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.


(iii) Current and deferred tax for the year

Current and deferred tax are recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognised in other comprehensive income or directly in equity respectively. Where current tax or deferred tax arises from the initial accounting for a business combination, the tax effect is included in the accounting for the business combination.

Page 22

 
UNIQUE CARIBBEAN HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.Accounting policies (continued)

 
1.8

Property, plant and equipment

Items of property, plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses.

If significant parts of an item of property, plant and equipment have different useful lives, then they are accounted for as separate items (major components) of property, plant and equipment. Any gain or loss on disposal of an item of property, plant and equipment is recognised in profit or loss. Subsequent expenditure is capitalised only if it is probable that the future economic benefits associated with the expenditure will flow to the Company.

Depreciation is provided on all other items of property, plant and equipment so as to write off their carrying value over their expected useful economic lives. It is provided at the following range:

Short-term leasehold property
- shorter of remaining lease period and 10 years
Fixtures and fittings
- 25% straight line
Computer equipment
- 25% straight line
Right of use assets
- over the lease term

Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

 
1.9

Intangible assets


Intangible assets acquired separately

Intangible assets with finite useful lives that are acquired separately are carried at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised on a straight-line basis over their estimated useful lives. The estimated useful life and amortisation method are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis. Intangible assets with indefinite useful lives that are acquired separately are carried at cost less accumulated impairment losses.

Computer software
- 25% straight line


1.10

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and demand deposits, together with other short-term, highly liquid investments maturing within 90 days from the date of acquisition that are readily convertible into known amounts of cash and which are subject to an insignificant risk of changes in value.

In the presentation of the Statement of Cash Flows, cash and cash equivalents also include bank overdrafts. Any such overdrafts are shown within borrowings under ‘current liabilities’ on the Statement of Financial Position.

Page 23

 
UNIQUE CARIBBEAN HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.Accounting policies (continued)

 
1.11

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. When a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

 
1.12

Financial instruments

Financial assets and financial liabilities are recognised when an entity becomes a party to the contractual provisions of the instruments.

Financial assets include cash and cash equivalents, trade receivables, other receivables, loans and derivative financial instruments. Those relevant to the Company are trade and other receivables, which are recorded at their nominal amount less an allowance for any doubtful debts, and cash and cash equivalents which are also recorded at their nominal amount. These financial assets are classified as loans and receivables and so are carried at amortised cost. Gains and losses are recognised in the statement of profit or loss when the assets are derecognised or impaired, as well as through the amortisation process.
Financial liabilities include trade and other payables, accruals, finance debt and derivative instruments. Those relevant to the Company are trade and other payables and accruals which are stated at their nominal value. These financial liabilities are initially recognised at fair value and are then subsequently measured at amortised cost. Gains and losses arising on the repurchase, settlement or cancellation of liabilities are recognised in the statement of profit or loss.
Equity instruments issued by the Company are recorded at the proceeds received net of direct issue costs.

 
1.13

Financial assets

All regular purchases or sales of financial assets are recognised and derecognised on a trade date basis. Regular purchases or sales are purchases or sales of financial assets that require delivery of assets within the time frame established by regulation or convention in the marketplace.

All recognised financial assets are subsequently measured in their entirety at either amortised cost or fair value, depending on the classification of the financial assets.

Page 24

 
UNIQUE CARIBBEAN HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.Accounting policies (continued)

 
1.14

Financial liabilities and equity instruments


(i) Classification as debt or equity

Debt and equity instruments issued by an entity are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument.


(ii) Equity instruments

An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by an entity are recognised at the proceeds received, net of direct issue costs.

Repurchase of the Company's own equity instruments is recognised and deducted directly in equity. No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Company's own equity instruments.



(iii) Financial liabilities

All financial liabilities are subsequently measured at amortised cost using the effective interest method or at fair value through profit or loss ("FVTPL").

However, financial liabilities that arise when a transfer of a financial asset does not qualify for derecognition or when the continuing involvement approach applies, financial guarantee contracts issued by the Company, and commitments issued by the Company to provide a loan at below-market interest rate are measured in accordance with the specific accounting policies set out below.

Financial liabilities subsequently measured at amortised cost

Financial liabilities that are not (i) contingent consideration of an acquirer in a business combination, (ii) held for trading, or (iii) designated as at FVTPL, are subsequently measured at amortised cost using the effective interest method.

The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the amortised cost of a financial liability.
 
Page 25

 
UNIQUE CARIBBEAN HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.Accounting policies (continued)


1.14
Financial liabilities and equity instruments (continued)


(iii) Financial liabilities (continued)


Foreign exchange gains and losses

For financial liabilities that are denominated in a foreign currency and are measured at amortised cost at the end of each reporting period, the foreign exchange gains and losses are determined based on the amortised cost of the instruments. These foreign exchange gains and losses are recognised in the 'finance income' or 'finance expense' line item, for gains and losses respectively, in profit or loss for financial liabilities that are not part of a designated hedging relationship.

The fair value of financial liabilities denominated in a foreign currency is determined in that foreign currency and translated at the spot rate at the end of the reporting period. For financial liabilities that are measured as at FVTPL, the foreign exchange component forms part of the fair value gains or losses and is recognised in profit or loss for financial liabilities that are not part of a designated hedging relationship.



Derecognition of financial liabilities

The Company derecognises financial liabilities when, and only when, the Company's obligations are discharged, cancelled or have expired. The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable, including any non-cash assets transferred or liabilities assumed, is recognised in profit or loss.

  
1.15

Interest income

Interest income is recognised in the Statement of Profit and Loss and Other Comprehensive Income using the effective interest method.


2.


Reporting entity

Unique Caribbean Holidays Limited (the 'Company') is a private company, limited by shares, incorporated in England and Wales. The Company's registered office is at: 2nd Floor Nucleus House, 2 Lower Mortlake Road, Richmond, TW9 2JA. The Company's principal activity is the provision of Sandals and Beaches holidays to UK based consumers as either land-only or flight inclusive packages. The Company's ATOL Number is 11174, ABTA Number is Y6413 and IATA Numeric Code is 07886493.

Page 26

 
UNIQUE CARIBBEAN HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

3.


Basis of preparation

The financial statements have been prepared in accordance with International Financial Reporting Standards, International Accounting Standards and Interpretations as adopted by the UK (collectively IFRSs). They were authorised for issue by the Company's board of directors on 17 October 2024.

Details of the Company's accounting policies, including changes during the year, are included in note 1.

In preparing these financial statements, management has made judgments, estimates and assumptions that affect the application of the Company accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively.

The areas where judgments and estimates have been made in preparing the financial statements and their effects are disclosed in note 5.


3.1 Basis of measurement

The financial statements have been prepared on the historical cost basis except for the following items, which are measured on an alternative basis on each reporting date.


Items

Measurement basis


Intangible assets
Cost less accumulated amortisation

Property, plant and equipment
Cost less accumulated amortisation

Deferred taxation
Fair value


3.2 Changes in accounting policies

i) New standards, interpretations and amendments effective from 1 July 2023

The Company has not adopted any new accounting standards during the year.
IFRS 17 'Insurance Contracts' ("IFRS 17") was issued in May 2017 and introduces a single accounting model for the recognition of profits from insurance contracts for companies providing insurance services. IFRS 17 was effective for periods beginning on or after 1 January 2023, however because the Company does not act as an insurer, it does not expect the standard to have a significant impact on its financial statements.

Page 27

 
UNIQUE CARIBBEAN HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

3.Basis of preparation (continued)

ii) 

New standards, interpretations and amendments not yet effective

The following standards and interpretations to published standards are not yet effective:


New standard or interpretation

EU Endorsement status

Mandatory effective date (period beginning)


IFRS S1 - General Requirements for Disclosure of Sustainability-related Financial Information
Not yet endorsed for use in the EU or UK
1 January 2024

IFRS S2 - Climate-related Disclosures
Not yet endorsed for use in the EU or UK
1 January 2024

IFRS S1 "General Requirements for Disclosure of Sustainability-related Financial Information" and IFRS S2 "Climate-related Disclosures" were issued in June 2023 and require entities to disclose information about their sustainability and climate related risks and opportunities. IFRS S1 and S2 are effective for periods beginning on or after 1 January 2024, however the implementation of this is subject to local regulation, which the UK Government is expected to make the UK-endorsed ISSB standards available in Q1 2025. 




4.


Functional and presentation currency

These financial statements are presented in British Pounds Sterling (GBP), which is the Company's functional currency. All amounts have been rounded to the nearest pound, unless otherwise indicated.

Page 28

 
UNIQUE CARIBBEAN HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

5.


Accounting estimates and judgments

5.1 Judgment

Amortisation rates

The directors have made judgements when determining the useful economic life of goodwill and other intangible assets. Amortisation is recognised so as to write off the value of the assets over the life that economic benefit is expected to flow.

Impairment

At the period end, the directors have considered whether there is any indication that intangible assets, property, plant and equipment are impaired and have conducted an impairment review in respect of those assets. Management have utilised discounted cashflow forecasts to calculate a value in use in respect of these assets and have concluded that no impairment indicators exist and therefore no impairment charge is required in the financial statements for the year ended 30 June 2024.


5.2 Estimates and assumptions

Use of estimates

The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised. The effect of the use of estimates in these financial statements is not material.

Page 29

 
UNIQUE CARIBBEAN HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

6.


Revenue


The following is an analysis of the Company's revenue for the year from continuing operations:


2024
2023
£
£


Tour operator sales
83,309,184
90,200,223


Analysis of revenue by source market:

2024
2023
£
£


United Kingdom
83,309,184
90,200,223

Deferred revenue (contract liabilities)
Activity in the Company's deferred revenue for the periods ended 30 June 2024 and 2023 is as follows:



2024
2023


Payments on account at 1 July
16,398,325
19,396,158

Increase due to cash received
81,583,051
87,202,390

Revenue recognised
(83,309,184)
(90,200,223)

Payments on account at 30 June
14,672,192
16,398,325

The Company recognised approximately £83 million and £90 million from contract liabilities in revenue during the periods ended 30 June 2024 and 2023, respectively, which were derived from the majority of the Company's deferred revenue balances at the beginning of each period and the cash received during the periods ended 30 June 2024 and 2023. Of the £14.7 million deferred revenue balance as at 30 June 2024, the Company expects 94% to be recognised in revenue over the next 12 months.


Assets recognised from the costs to obtain a contract with a customer

Prepaid commissions and prepaid credit card fees are incremental costs of obtaining contracts with customers that the Company recognises as assets, which are included within prepaid expenses in the statement of financial position.
Prepaid costs decreased to £1,805,043 as of 30 June 2024 from £1,915,812 as of 30 June 2023. The majority of the Company's prepaid costs as of 1 July 2023 were expensed and reported within costs of sales in the Statement of Profit and Loss and Other Comprehensive Income for the year ended 30 June 2024.

Page 30

 
UNIQUE CARIBBEAN HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

7.


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

17,400
20,513

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


8.


Employee benefit expenses

2024
2023
£
£

Employee benefit expenses (including directors) comprise:

Wages and salaries
1,793,541
1,778,331

National insurance
197,477
201,083

Defined contribution pension cost
99,688
77,038

2,090,706
2,056,452


The monthly average number of persons, including the directors, employed by the Company during the year was as follows:


2024
2023
No.
No.

Sales
23
29

Marketing
1
2

Administration
14
13

Directors
4
4

42
48

In the opinion of the directors there are no members of key management personnel other than the directors themselves. All directors are remunerated by another group company therefore there were no transactions with key management personnel during the year (2023: £Nil)

Page 31

 
UNIQUE CARIBBEAN HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

9.


Finance income and expense

Recognised in profit or loss


2024
2023
£
£
Finance income

Interest on:
- Bank deposits
376,471
194,546


Total finance income

376,471
194,546

Finance expense

Bank interest payable
307
-

Lease interest payable
12,220
19,507

Total finance expense
12,527
19,507


Net finance income recognised in profit or loss
363,944
175,039






10.


Tax expense

10.1 Income tax recognised in profit or loss



2024
2023
£
£

Current tax

Current tax on profits for the year
795,888
65,817

Total current tax
795,888
65,817


Deferred tax expense

Origination and reversal of timing differences
(25,478)
182,127


770,410
247,944

Page 32

 
UNIQUE CARIBBEAN HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

10.Tax expense (continued)


10.1 Income tax recognised in profit or loss (continued)

The reasons for the difference between the actual tax charge for the year and the standard rate of corporation tax in the United Kingdom applied to profits for the year are as follows:


2024
2023
£
£


Profit for the year
2,299,137
3,013,333

Income tax expense (including income tax on associate, joint venture and discontinued operations)
770,410
247,944

Profit before income taxes
3,069,547
3,261,277


Tax using the Company's domestic tax rate of 25% (2023: 20.5%)
767,387
668,562

Expenses not deductible for tax purposes, other than goodwill, amortisation and impairment
3,023
60

Capital allowances for the year in excess of depreciation
25,478
21,924

Utilisation of tax losses
-
(624,729)

Movement in deferred taxation
(25,478)
182,127

Total tax expense
770,410
247,944

Changes in tax rates and factors affecting the future tax charges

There were no factors that may affect future tax charges at 30 June 2024.

10.2 Current tax assets and liabilities

2024
2023
£
£


Current tax liabilities

Corporation tax payable
795,888
65,817

Page 33

 
UNIQUE CARIBBEAN HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

10.Tax expense (continued)

10.3 Deferred tax balances

The following is the analysis of deferred tax liabilities presented in the statement of financial position:


2024
2023
£
£


Deferred tax liabilities
(26,072)
(51,550)




Opening balance
Recognised in profit or loss
Closing balance
        £
        £
        £
2024
Property, plant and equipment

(51,550)

25,478

(26,072)



(51,550)


25,478


(26,072)





Opening balance
Recognised in profit or loss
Closing balance
        £
        £
        £
2023
Property, plant and equipment

(59,423)

7,873

(51,550)

Tax losses carried forward

190,000

(190,000)

-



130,577


(182,127)


(51,550)


Page 34

 
UNIQUE CARIBBEAN HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

11.


Property, plant and equipment





Improvements to property
Fixtures, fittings & equipment
Computer equipment
Right of use assets
Total

£
£
£
£
£



Cost or valuation







At 1 July 2022
1,497,667
316,389
129,658
1,293,761
3,237,475


Additions
-
1,342
10,394
-
11,736


Disposals
-
(7,094)
-
-
(7,094)



At 30 June 2023
1,497,667
310,637
140,052
1,293,761
3,242,117


Additions
-
160
19,330
-
19,490


Disposals
-
(16,305)
(44,956)
-
(61,261)



At 30 June 2024
1,497,667
294,492
114,426
1,293,761
3,200,346


Improvements to property
Fixtures, fittings & equipment
Computer equipment
Right of use assets
Total

£
£
£
£
£



Accumulated depreciation and impairment







At 1 July 2022
945,865
306,206
120,868
479,943
1,852,882


Charge owned for the year
149,767
2,897
5,566
-
158,230


Charged financed for the year
-
-
-
250,405
250,405


Disposals
-
(591)
-
-
(591)



At 30 June 2023
1,095,632
308,512
126,434
730,348
2,260,926


Charge owned for the year
149,766
1,695
8,028
-
159,489


Charged financed for the year
-
-
-
250,404
250,404


Disposals
-
(16,305)
(44,956)
-
(61,261)



At 30 June 2024
1,245,398
293,902
89,506
980,752
2,609,558



Net book value


At 1 July 2022
551,802
10,183
8,790
813,818
1,384,593


At 30 June 2023
402,035
2,125
13,618
563,413
981,191


At 30 June 2024
252,269
590
24,920
313,009
590,788

Page 35

 
UNIQUE CARIBBEAN HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

11.Property, plant and equipment (continued)


11.1. Assets held under leases


The net book value of owned and leased assets included as "Property, plant and equipment" in the Statement of Financial Position is as follows:

2024
2023
£
£


Property, plant and equipment owned
277,779
417,778

Right-of-use assets, excluding investment property
313,009
563,413

590,788
981,191

Information about right-of-use assets is summarised below:

Net book value

2024
2023
£
£

Offices
313,009
563,413

313,009
563,413

Depreciation charge for the period ended

2024
2023
£
£

Offices
250,404
250,405

250,404
250,405

Page 36

 
UNIQUE CARIBBEAN HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

12.


Intangible assets





Computer software

£



Cost



At 1 July 2022
294,066


Additions - external
42,000



At 30 June 2023
336,066


Additions - external
84,910


Disposals
(3,727)



At 30 June 2024
417,249


Computer software

£



Accumulated amortisation and impairment



At 1 July 2022
272,503


Charge for the year - owned
15,351



At 30 June 2023
287,854


Charge for the year - owned
26,586


Disposals
(3,727)


At 30 June 2024
310,713



Net book value


At 1 July 2022
21,563


At 30 June 2023
48,212


At 30 June 2024
106,536

Page 37

 
UNIQUE CARIBBEAN HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

13.


Trade and other receivables


2024
2023
£
£


Current

Trade receivables
416,382
453,187

Prepayments and accrued income
2,842,756
3,943,611

Other receivables
51,151
50,880

Total current trade and other receivables
3,310,289
4,447,678


14.


Trade and other payables


2024
2023
£
£

Non-current

Deferred income
893,101
935,751


Current

Trade payables
2,986,783
3,949,056

Amounts owed to group undertakings
798,955
826,337

Other payables
19,348
8,531

Accruals
219,663
232,386

Tax and social security payables
795,888
65,817

Deferred income
13,779,091
15,462,574

Total current trade and other payables
18,599,728
20,544,701

The amounts shown as owed to group undertakings relates to an interest free loan from Unique Travel Corp., which is repayable on demand. However, included in the £798,955 is an amount of £658,848 (2023 - £658,848) which is classified as subordinated debt held with Unique Travel Corp. and cannot be repaid without the Civil Aviation Authority's prior written consent. 
The Company had BSP outstanding cash sales due to be paid of £512,769 at 30 June 2024 (2023 -  £634,702), all of which were paid within July 2024. The Company did not have any unutilised overdraft or Revolving Credit Facilities at 30 June 2024.

Page 38

 
UNIQUE CARIBBEAN HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

15.


Financial liabilities - leasing

2024
2023
£
£

Non-current

Lease liabilities
80,000
395,249

Current

Lease liabilities
315,249
307,783

Total loans and borrowings
395,249
703,032


16.


Pension commitments

The Company operates a defined contribution 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 £99,688 (2023 - £77,038). Contributions totalling £14,191 (2023 - £Nil) were payable to the fund at the reporting date and are included in other payables.

17.


Share capital

Issued and fully paid


2024
2024
2023
2023
Number
£
Number
£

Ordinary shares of £1.00 each

At 1 July and 30 June
500,000

500,000

500,000
 
500,000
 

The ordinary shares of £1 each carry full voting rights, full dividend rights and full rights to participation in any capital distribution on winding up.

Page 39

 
UNIQUE CARIBBEAN HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

18.


Reserves


The Company's reserves at 30 June 2024 can be analysed as follows:

Retained earnings

Retained earnings represents all current and prior period retained profits and losses, less any dividends paid to the Company's parent.


19.


Leases




(i) Leases as a lessee



The Company leases one office building, which has a non-cancellable term of 10 years ending in 2025. 


Lease liabilities are due as follows:

2024
2023
£
£

Contractual undiscounted cash flows due

Not later than one year
320,000
320,000

Between one year and five years
80,000
400,000

400,000
720,000


Lease liabilities included in the Statement of Financial Position at 30 June
395,249
703,032


Non-current
80,000
395,249

Current
315,249
307,783

Lease repayments during the period amounted to £320,000 (2023 - £320,000). 
Total operating expenses related to short-term leases and leases for low-value assets for the year ended 30 June 2024 were £Nil. Operating expenses related to variable lease payments for the year ended 30 June 2024 were £Nil.


The following amounts in respect of leases have been recognised in profit or loss:

2024
2023
£
£

Interest expense on lease liabilities
12,217
19,507

Page 40

 
UNIQUE CARIBBEAN HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

20.


Related party transactions

Details of transactions between the Company and its related parties are disclosed below.

20.1 Trading transactions


During the year, the Company entered into the following trading transactions with related parties:



Sales of goods
Purchases of goods
2024
2023
2024
2023
£
£
£
£


Unique Travel Corp. - Holiday accommodation costs
-
-
52,479,141
55,556,812

Unique Travel Corp. - Override income
203,872
552,071
-
-

Unique Vacations (UK) Limited - Management recharges and marketing services
-
-
192,000
192,000

Unique Vacations (UK) Limited - Recharged overheads
69,184
-
255,339
235,610

273,056
552,071
52,926,480
55,984,422

The following balances were outstanding at the end of the reporting period:



Amounts owed to related parties
2024
2023
£
£


Unique Travel Corp. - Holiday accommodation liabilities
2,450,533
3,240,415

Unique Vacations (UK) Limited
-
-

2,450,533
3,240,415

20.2 Loans from related parties


2024
2023
£
£


Unique Travel Corp.
798,955
826,337

798,955
826,337

Page 41

 
UNIQUE CARIBBEAN HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

21.


Controlling party

The Company's immediate parent undertaking is Unique Vacations Inc, a company incorporated in Panama. The Company is a wholly-owned member of Unique Vacations Inc whose registered office address is Calle Aquilino de la Guardia, No.8, IGRA Building, PO Box 87-1371, Panama 7, Republic of Panama.


22.

Notes supporting statement of cash flows

2024
2023
£
£


Cash at bank available on demand
18,890,617
17,442,896

Cash and cash equivalents in the statement of financial position

18,890,617
17,442,896


Cash and cash equivalents in the statement of cash flows
18,890,617
17,442,896

Restricted cash
The Company is subject to the following restrictions upon its cash and cash equivalents:
The Company has entered into a covenant with the Civil Aviation Authority ('CAA') to maintain sufficient cash reserves so as to satisfy the CAA's liquidity ratio requirements. For these purposes, the cash to client monies ratio is to be calculated by dividing the Company's total cash (total cash) by the Company's liabilities attributable to client monies held (customers monies received in advance). For clarity, total cash comprises of all cash held within the ringfenced Company excluding any cash held for agency bookings. Customer monies received in advance will comprise of gross client monies in respect of licensable transactions with no netting off of amounts paid to suppliers. Any amounts outstanding that are held for agency bookings are to be excluded from customer monies received in advance.


23.


IATA financial security

At 30 June 2024, the Company had lodged £500,000 (2023 - £1,670,000) as financial security in favour of the International Air Transport Association ('IATA'), the balance of which is included within prepayments and accrued income at year-end.


24.


Capital management

The Company's capital management objectives are to ensure the Company's ability to continue as a going concern, so it can provide returns to shareholders and benefits to other stakeholders.
This is achieved by pricing products commensurably with the level of risk and ensuring sufficient bank and other facilities are in place, and collecting customer deposits in a timely manner.

The Company is not subject to any externally imposed capital requirements.

Page 42

 
UNIQUE CARIBBEAN HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

25.

Events after the reporting date

There have been no significant events affecting the Company since the year end. The Company has seen a noticeable impact to consumer demand because of the UK economic situation.
During 2025, the Company will continue to operate as outlined in the principal activity note.


26.


Foreign currency translation

2024
2023
£
£



Arising from operating activities
96,094
24,433

Total foreign exchange gains/(losses)
96,094
24,433

Page 43