Caseware UK (AP4) 2024.0.164 2024.0.164 2024-05-312024-05-31false2023-06-0130No description of principal activityfalse28falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 06916506 2023-06-01 2024-05-31 06916506 2022-06-01 2023-05-31 06916506 2024-05-31 06916506 2023-05-31 06916506 c:Director4 2023-06-01 2024-05-31 06916506 d:OfficeEquipment 2023-06-01 2024-05-31 06916506 d:OfficeEquipment 2024-05-31 06916506 d:OfficeEquipment 2023-05-31 06916506 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 06916506 d:ComputerEquipment 2023-06-01 2024-05-31 06916506 d:ComputerEquipment 2024-05-31 06916506 d:ComputerEquipment 2023-05-31 06916506 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 06916506 d:OtherPropertyPlantEquipment 2023-06-01 2024-05-31 06916506 d:OtherPropertyPlantEquipment 2024-05-31 06916506 d:OtherPropertyPlantEquipment 2023-05-31 06916506 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 06916506 d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 06916506 d:CurrentFinancialInstruments 2024-05-31 06916506 d:CurrentFinancialInstruments 2023-05-31 06916506 d:CurrentFinancialInstruments 6 2024-05-31 06916506 d:CurrentFinancialInstruments 6 2023-05-31 06916506 d:Non-currentFinancialInstruments 2024-05-31 06916506 d:Non-currentFinancialInstruments 2023-05-31 06916506 d:CurrentFinancialInstruments d:WithinOneYear 2024-05-31 06916506 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 06916506 d:Non-currentFinancialInstruments d:AfterOneYear 2024-05-31 06916506 d:Non-currentFinancialInstruments d:AfterOneYear 2023-05-31 06916506 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-05-31 06916506 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-05-31 06916506 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-05-31 06916506 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-05-31 06916506 d:ShareCapital 2024-05-31 06916506 d:ShareCapital 2023-05-31 06916506 d:SharePremium 2023-06-01 2024-05-31 06916506 d:SharePremium 2024-05-31 06916506 d:SharePremium 2023-05-31 06916506 d:OtherMiscellaneousReserve 2024-05-31 06916506 d:OtherMiscellaneousReserve 2023-05-31 06916506 d:RetainedEarningsAccumulatedLosses 2023-06-01 2024-05-31 06916506 d:RetainedEarningsAccumulatedLosses 2024-05-31 06916506 d:RetainedEarningsAccumulatedLosses 2023-05-31 06916506 c:OrdinaryShareClass1 2023-06-01 2024-05-31 06916506 c:OrdinaryShareClass1 2024-05-31 06916506 c:OrdinaryShareClass1 2023-05-31 06916506 c:OrdinaryShareClass2 2023-06-01 2024-05-31 06916506 c:OrdinaryShareClass2 2024-05-31 06916506 c:OrdinaryShareClass2 2023-05-31 06916506 c:OrdinaryShareClass3 2023-06-01 2024-05-31 06916506 c:OrdinaryShareClass3 2024-05-31 06916506 c:FRS102 2023-06-01 2024-05-31 06916506 c:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 06916506 c:FullAccounts 2023-06-01 2024-05-31 06916506 c:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 06916506 2 2023-06-01 2024-05-31 06916506 f:PoundSterling 2023-06-01 2024-05-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 06916506









GENTIANES SOLUTIONS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2024

 
GENTIANES SOLUTIONS LIMITED
REGISTERED NUMBER: 06916506

STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
18,134
22,649

  
18,134
22,649

Current assets
  

Debtors: amounts falling due within one year
 6 
919,766
943,032

Cash at bank and in hand
 7 
3,842,003
2,685,857

  
4,761,769
3,628,889

Creditors: amounts falling due within one year
 8 
(4,339,018)
(3,259,279)

Net current assets
  
 
 
422,751
 
 
369,610

Total assets less current liabilities
  
440,885
392,259

Creditors: amounts falling due after more than one year
 9 
(13,930)
(24,109)

  

Net assets
  
426,955
368,150


Capital and reserves
  

Called up share capital 
 11 
695
638

Share premium account
 12 
7,327,232
6,656,862

Other reserves
 12 
3,975
686

Profit and loss account
 12 
(6,904,947)
(6,290,036)

  
426,955
368,150


Page 1

 
GENTIANES SOLUTIONS LIMITED
REGISTERED NUMBER: 06916506
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MAY 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 19 February 2025.




A R E Narracott
Director

The notes on pages 3 to 13 form part of these financial statements.

Page 2

 
GENTIANES SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Gentianes Solutions Limited is a private company limited by shares incorporated in England and Wales, United Kingdom. The registered office is shown on the company information page. The nature of the company’s operations and principal activities are that of a specialist travel agency.

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, and with the Company continuing to receive 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

 
GENTIANES SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue includes commissions received for the provision of travel related services. Commissions are recognised on the date of booking of the service to be provided.
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.

  
2.5

Total Transaction Value ('TTV')

Total Transaction Value ('TTV') represents the gross values of all sales transactions from clients before cancellations and is shown as a memorandum item at the top of the profit and loss account. TTV does not represent statutory turnover in accordance with section 23 of FRS 102. The company acts as agent and as such TTV represents the price at which services have been sold inclusive of any service fees, but excluding amounts paid to third-party tour operators and any associated sales taxes.

 
2.6

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.

 
2.7

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

 
GENTIANES SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 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.

Page 5

 
GENTIANES SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.12

Tangible fixed assets

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

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
Over 3 years
Computer equipment
-
Over 3 years
Other fixed assets
-
Over 3 to 4 years

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.

 
2.13

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.

 
2.14

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.

 
2.15

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.

Page 6

 
GENTIANES SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.16

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

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

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

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

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Page 7

 
GENTIANES SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)


2.16
Financial instruments (continued)


Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgments, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised in the period in which the estimates are revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.


4.


Employees

The average monthly number of employees, including directors, during the year was 30 (2023 - 28).

Page 8

 
GENTIANES SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

5.


Tangible fixed assets





Office equipment
Computer equipment
Other fixed assets
Total

£
£
£
£



Cost or valuation


At 1 June 2023
11,767
50,894
34,311
96,972


Additions
3,142
7,696
-
10,838



At 31 May 2024

14,909
58,590
34,311
107,810



Depreciation


At 1 June 2023
11,697
28,315
34,311
74,323


Charge for the year on owned assets
3,212
12,141
-
15,353



At 31 May 2024

14,909
40,456
34,311
89,676



Net book value



At 31 May 2024
-
18,134
-
18,134



At 31 May 2023
70
22,579
-
22,649


6.


Debtors

2024
2023
£
£


Other debtors
578,327
686,044

Prepayments and accrued income
341,439
256,988

919,766
943,032


Included in other debtors above is a cash-backed bond in the sum of £500,000 (2023: £629,000), given in favour of the Association of Bonded Travel Organisers Trust ("ABTOT”) in the ordinary course of business. See note 14 for further details.

Page 9

 
GENTIANES SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
3,842,003
2,685,857

3,842,003
2,685,857



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
10,150
9,882

Trade creditors
3,068,360
1,862,300

Other taxation and social security
41,796
39,524

Other creditors
561,771
732,815

Accruals and deferred income
571,389
484,678

Financial instruments
85,552
130,080

4,339,018
3,259,279



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
13,930
24,109

13,930
24,109


Page 10

 
GENTIANES SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Bank loans - falling due within one year
10,150
9,882

Bank loans - falling due within 1-2 years
13,930
9,604

Bank loans - falling due within 2-5 years
-
14,505

24,080
33,991


The above bank loan relates to a government-backed loan under the Bounce Back Loan Scheme ('BBLS'), which benefits from a capital repayment holiday of 12 months, after which the loan is due to be repaid through 60 monthly instalments ending in 2026. The applicable interest rate will be fixed at 2.50%. In addition, to the 12 month capital repayment holiday, the loan benefits from a Busines Interruption Payment ('BIP') made by the UK Government on behalf of the Company to cover interest arising on the BBLS loan for the first 12 months.


11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



61,243,494 (2023 - 54,296,142) Ordinary shares of £0.00001 each
663
612
2,605,524 (2023 - 2,605,524) Preference shares of £0.00001 each
29
26
300,413 (2023 - Nil) Growth shares of £0.00001 each-
3
-

695

638


Page 11

 
GENTIANES SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

11.Share capital (continued)

During the year 5,031,215 Ordinary shares of £0.00001 each were issued and paid for, 3,923,171 at a premium of £0.2663 per share and 1,108,044 at a premium of £0.3218 per share.
During the year 300,413 Growth shares of £0.00001 each were issued and paid for at a premium of £0.0033 per share.
During the year 309,421 Preference shares of £0.00001 each were issued and paid for at a premium of £0.3218 per share.
During the year, a further investment of £186,655 was received by the company. As at 31 May 2024 the entirety of the investment has been included within share premium until the shares were issued on 25 July 2024. A further 577,700 Ordinary shares of £0.00001 each were issued at a premium of £0.3230 per share.
On 12 November 2024, a further 18,368,218 A Ordinary shares of £0.00001 each were issued at a premium of £0.00049 per share.
On 12 November 2024 18,368,218 A Preference shares of £0.0001 each were issued at a premium of £0.23359 per share.


12.


Reserves

Share premium account

The share premium account represents consideration received for shares issued above their nominal value, net of transaction costs.

Profit and loss account

Profit and loss reserves represent cumulative profits and losses of the company, net of distributions to owners.


13.


ABTOT Membership and Bonding

The Company is a member of the Association of Bonded Tour Operators (“ABTOT”) and sells non-flight packages to consumers. The Company provides ABTOT with bonds in the normal course of business, in the sum of £2,362,577 for the protection of consumer deposits and payments in advance of travel. There is an insurance bond in the sum of £1,862,577 issued by Accredited Insurance Europe SA UK Branch and a cash-backed bond from Barclays bank in the sum of £500,000.


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 £171,628 (2023: £47,573). Contributions totalling £15,969 (2023: £12,849) were payable to the fund at the reporting date and are included in creditors.

Page 12

 
GENTIANES SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

15.


Controlling party

In the opinion of the directors, there is no single ultimate controlling part of the Company. 

 
Page 13