ELLISONS TRAVEL SERVICES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
Company Registration No. 10886116 (England and Wales)
ELLISONS TRAVEL SERVICES LIMITED
COMPANY INFORMATION
Directors
Mr M G Magowan
Mr A Magowan
Company number
10886116
Registered office
Queens Garage
61 Boundary Road
St Helens
Merseyside
WA10 2LX
Auditor
DSG Audit
Castle Chambers
43 Castle Street
Liverpool
L2 9TL
ELLISONS TRAVEL SERVICES LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 29
ELLISONS TRAVEL SERVICES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 1 -

The directors present the strategic report for the year ended 31 October 2024.

 

Principal activities

The principal activity of the group continued to be that of coach operators and providers of executive chauffeuring services.

 

The principal activity of the company continued to be that of a holding company.

Review of the business

In the year to October 2024, “in house” turnover increased by £1.1m or 10.6% to £11.65m. The increase reflects a mix of both rate and volume increases.

 

Reassuringly, our respective sectors continue to grow, especially football and airline. Whilst trading margins remain tight at £366k or 3.2% of turnover after writing off £126k on vehicle deposits to Van Hool UK Ltd, the margin on used vehicles remained strong with £452k profit disposals. Vehicle net book values of £9.45m are insured for £15m.

 

Employee numbers have increased on the previous year to 128, however ongoing recruitment at sensible wage rates remains challenging.

 

The group has consolidated debt against a balanced program of vehicle renewal.

 

Post Year End

Our clients are now focused on 2025 season and are attacking their relevant sectors very aggressively with the airlines heavily increasing flight schedules and routes, together with the cruise transfer market which is now planning a strong return from April 2025.

 

The football sector continues to grow with the new Champions League format, the majority of Premiership Teams now taking a second coach on a permanent basis and the increased number of fixtures for Women, U21 and Youth Academy teams.

 

The first two months to the end of December 2024 have been very promising with “in house” turnover increasing by a further 14% or £257k.

 

Turnover and operating profit are the key performance indicators which management use to run the business; the arrival of new vehicles in 2025 will allow negotiation of new rates and the disposal of used vehicles whilst the market remains strong. The group is in the process of selling and replacing existing vehicles with newly financed vehicles funded on an asset secure basis. The Company is presently taking full advantage of the market with the intention to replace 10 new coaches in 2025 and a further four in 2026.

 

The Bank continues to provide a headroom of £2m available to finance new vehicles this year.

 

A buoyant expectation for year ending 2025 is somewhat marred by the significant impact of higher national insurance contributions, which have eroded 3.3% of this year’s wage increase, together with the increase in the minimum wage and prospect of fuel price increases due to the weaker Pound.

 

Financial risk management objectives and policies

The group uses various financial instruments including invoice discounting, intercompany loans, cash, and various items, such as trade debtors and trade creditors, that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the group's operations. The existence of these financial instruments exposes the group to a number of financial risks; the main risks arising from the company's financial instruments are liquidity risk and credit risk. The directors review and agree policies for managing each of these risks and they are summarised below.

 

These policies have remained unchanged from previous years.

ELLISONS TRAVEL SERVICES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -

Liquidity risk

The group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. The group utilises an overdraft and factoring facility to mitigate this risk.

 

Credit risk

The group's principal financial assets are cash and trade debtors. The credit risk associated with the cash is limited, as the counterparties have high credit ratings assigned by international credit-rating agencies. The principal credit risk arises therefore from its trade debtors.

 

In order to manage credit risk the directors set limits for customers based on a combination of payment history and third party credit references. Credit limits are reviewed by the credit controller on a regular basis in conjunction with debt ageing and collection history.

 

Currency risk

This risk is minimised by the majority of customers being based in the UK, and majority of supplies being from the UK or contracts to acquire new vehicles have already been agreed in advance of any changes.

On behalf of the board

Mr M G Magowan
Director
11 February 2025
ELLISONS TRAVEL SERVICES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 October 2024.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £257,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr M G Magowan
Mr A Magowan
Auditor

DSG resigned as auditor on 11 September 2024. DSG Audit were appointed on 11 September 2024 as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Strategic report

The group has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of the principal activities and financial instruments.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr M G Magowan
Director
11 February 2025
ELLISONS TRAVEL SERVICES LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 4 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

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

ELLISONS TRAVEL SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ELLISONS TRAVEL SERVICES LIMITED
- 5 -
Opinion

We have audited the financial statements of Ellisons Travel Services Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

 

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

 

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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.

Opinions on other matters prescribed by the Companies Act 2006

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

ELLISONS TRAVEL SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ELLISONS TRAVEL SERVICES LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their 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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 parent 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 auditor's 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

 

The following laws and regulations were identified as being of significance to the entity:

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; consideration of the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; testing the appropriateness of journal entries and post year end payment reviews for evidence of claims pay outs.

 

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

ELLISONS TRAVEL SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ELLISONS TRAVEL SERVICES LIMITED
- 7 -

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 auditor's 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.

Andrew Moss BA FCA (Senior Statutory Auditor)
For and on behalf of DSG Audit, Statutory Auditor
Chartered Accountants
Castle Chambers
43 Castle Street
Liverpool
L2 9TL
11 February 2025
ELLISONS TRAVEL SERVICES LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
11,648,353
10,526,613
Cost of sales
(8,781,555)
(7,827,327)
Gross profit
2,866,798
2,699,286
Administrative expenses
(1,462,247)
(1,204,123)
Operating profit
4
1,404,551
1,495,163
Interest payable and similar expenses
7
(591,794)
(424,329)
Profit before taxation
812,757
1,070,834
Tax on profit
8
(211,959)
(267,023)
Profit for the financial year
22
600,798
803,811
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.

The notes on pages 14 to 29 form part of these financial statements.

ELLISONS TRAVEL SERVICES LIMITED
GROUP BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
9,533,447
8,013,640
Current assets
Stocks
13
34,042
21,558
Debtors
14
1,734,187
1,928,421
Cash at bank and in hand
29,392
24,877
1,797,621
1,974,856
Creditors: amounts falling due within one year
15
(3,032,585)
(2,743,683)
Net current liabilities
(1,234,964)
(768,827)
Total assets less current liabilities
8,298,483
7,244,813
Creditors: amounts falling due after more than one year
16
(5,212,629)
(4,714,716)
Provisions for liabilities
Deferred tax liability
19
862,271
650,312
(862,271)
(650,312)
Net assets
2,223,583
1,879,785
Capital and reserves
Called up share capital
21
10,000
10,000
Profit and loss reserves
22
2,213,583
1,869,785
Total equity
2,223,583
1,879,785

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 11 February 2025 and are signed on its behalf by:
11 February 2025
Mr M G Magowan
Director
Company registration number 10886116 (England and Wales)
ELLISONS TRAVEL SERVICES LIMITED
COMPANY BALANCE SHEET
AS AT 31 OCTOBER 2024
31 October 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
12
5,000
5,000
Current assets
Debtors
14
5,260
5,000
Cash at bank and in hand
18,653
14,397
23,913
19,397
Creditors: amounts falling due within one year
15
(4,300)
(4,300)
Net current assets
19,613
15,097
Net assets
24,613
20,097
Capital and reserves
Called up share capital
21
10,000
10,000
Profit and loss reserves
22
14,613
10,097
Total equity
24,613
20,097

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £261,516 (2023 - £133,582 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 11 February 2025 and are signed on its behalf by:
11 February 2025
Mr M G Magowan
Director
Company registration number 10886116 (England and Wales)
ELLISONS TRAVEL SERVICES LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 November 2022
10,000
1,189,974
1,199,974
Year ended 31 October 2023:
Profit and total comprehensive income
-
803,811
803,811
Dividends
9
-
(124,000)
(124,000)
Balance at 31 October 2023
10,000
1,869,785
1,879,785
Year ended 31 October 2024:
Profit and total comprehensive income
-
600,798
600,798
Dividends
9
-
(257,000)
(257,000)
Balance at 31 October 2024
10,000
2,213,583
2,223,583
ELLISONS TRAVEL SERVICES LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 November 2022
10,000
515
10,515
Year ended 31 October 2023:
Profit and total comprehensive income for the year
-
133,582
133,582
Dividends
9
-
(124,000)
(124,000)
Balance at 31 October 2023
10,000
10,097
20,097
Year ended 31 October 2024:
Profit and total comprehensive income
-
261,516
261,516
Dividends
9
-
(257,000)
(257,000)
Balance at 31 October 2024
10,000
14,613
24,613
ELLISONS TRAVEL SERVICES LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
3,228,819
2,028,142
Interest paid
(591,794)
(424,329)
Net cash inflow from operating activities
2,637,025
1,603,813
Investing activities
Purchase of tangible fixed assets
(495,116)
(157,676)
Proceeds from disposal of tangible fixed assets
698,314
1,252,327
Net cash generated from investing activities
203,198
1,094,651
Financing activities
Repayment of bank loans
(227,539)
(227,538)
Payment of finance leases obligations
(2,373,558)
(2,477,783)
Dividends paid to equity shareholders
(257,000)
(124,000)
Net cash used in financing activities
(2,858,097)
(2,829,321)
Net decrease in cash and cash equivalents
(17,874)
(130,857)
Cash and cash equivalents at beginning of year
(206,161)
(75,304)
Cash and cash equivalents at end of year
(224,035)
(206,161)
Relating to:
Cash at bank and in hand
29,392
24,877
Bank overdrafts included in creditors payable within one year
(253,427)
(231,038)
ELLISONS TRAVEL SERVICES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 14 -
1
Accounting policies
Company information

Ellisons Travel Services Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is .

 

The group consists of Ellisons Travel Services Limited and all of its subsidiaries.

 

The principal activities of the group are disclosed in the Strategic Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

ELLISONS TRAVEL SERVICES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 15 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Ellisons Travel Services Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 October 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

The directors have adopted the going concern basis in preparing these financial statements. They have assessed the 12 month period from the signing date of the financial statements and have prepared detailed cash flow forecasts adjusting key assumptions for each sector.

 

The cash flow forecasts were then sensitised for a range of material downside scenarios and stress tested to allow the directors to assess the impact of these scenarios on liquidity. The base case cash flow forecast projects that the business will continue as a going concern. The directors do not believe that the business would need to take any mitigating actions to maintain sufficient liquidity through the next 12 months. In the event that such action were required, there are a range of actions that could be taken in the event of a more severe downside scenario taking place. These include the potential sale of non-core assets, agreeing delays to the timing of payments and seeking increased financing.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

 

Where travel takes place over a period of time, the revenue is recognised on the day of departure and it is then pro-rated for the number of days falling in a given period.

ELLISONS TRAVEL SERVICES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 16 -
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
5% straight line. Land not depreciated.
Plant and equipment
15% - 50% reducing balance
Computers
15% - 20% reducing balance or 33% straight line
Motor vehicles
Cars - 33% straight line. Coaches 15% - 20% reducing balance or 15% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.7
Fixed asset investments

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

ELLISONS TRAVEL SERVICES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 17 -
1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

ELLISONS TRAVEL SERVICES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 18 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

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

1.12
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

ELLISONS TRAVEL SERVICES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 19 -
1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Leases

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

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, 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 accounting estimates are recognised in the period in which the estimate is 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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Depreciation of tangible fixed assets

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

ELLISONS TRAVEL SERVICES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 20 -
3
Turnover
2024
2023
£
£
Turnover analysed by class of business - shown net of sub-contract
Coach operator services
8,038,645
7,378,454
Car chauffeuring services
3,609,708
3,148,159
11,648,353
10,526,613
2024
2023
£
£
Coach operator sub-contract
132,959
104,430
Car chauffering sub-contract
359,317
575,409
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
11,648,353
10,526,613
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Auditors' remuneration
5,300
5,300
Depreciation of owned tangible fixed assets
322,901
499,295
Depreciation of tangible fixed assets held under finance leases
1,628,647
1,070,804
Profit on disposal of tangible fixed assets
(451,705)
(423,731)
Operating lease charges
50,000
50,000
5
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Drivers
100
97
-
-
Office and mechanics
28
27
-
-
Total
128
124
-
0
-
0
ELLISONS TRAVEL SERVICES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
5
Employees
(Continued)
- 21 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
4,373,947
3,809,593
-
0
-
0
Social security costs
415,214
345,589
-
-
Pension costs
104,120
73,723
-
0
-
0
4,893,281
4,228,905
-
0
-
0
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
10,039
94,600
Company pension contributions to defined contribution schemes
25,686
7,298
35,725
101,898

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023: 2).

7
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
117,337
117,293
Interest on finance leases and hire purchase contracts
474,457
307,036
Total finance costs
591,794
424,329
ELLISONS TRAVEL SERVICES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 22 -
8
Taxation
2024
2023
£
£
Deferred tax
Origination and reversal of timing differences
211,959
267,023

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
812,757
1,070,834
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
203,189
267,709
Unutilised tax losses carried forward
110,688
257,550
Permanent capital allowances in excess of depreciation
(103,289)
(259,590)
Other differences leading to a decrease in tax charge
1,371
1,354
Taxation charge
211,959
267,023
9
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
257,000
124,000
ELLISONS TRAVEL SERVICES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 23 -
10
Tangible fixed assets
Group
Leasehold land and buildings
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 November 2023
269,332
235,727
218,084
16,538,519
17,261,662
Additions
-
0
4,340
61,449
3,652,175
3,717,964
Disposals
-
0
-
0
-
0
(1,634,491)
(1,634,491)
At 31 October 2024
269,332
240,067
279,533
18,556,203
19,345,135
Depreciation and impairment
At 1 November 2023
264,541
208,174
202,186
8,573,121
9,248,022
Depreciation charged in the year
4,791
10,587
18,046
1,918,124
1,951,548
Eliminated in respect of disposals
-
0
-
0
-
0
(1,387,882)
(1,387,882)
At 31 October 2024
269,332
218,761
220,232
9,103,363
9,811,688
Carrying amount
At 31 October 2024
-
0
21,306
59,301
9,452,840
9,533,447
At 31 October 2023
4,791
27,553
15,898
7,965,398
8,013,640
The company had no tangible fixed assets at 31 October 2024 or 31 October 2023.

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
Motor vehicles
8,875,859
7,607,309
-
0
-
0
11
Subsidiaries

Details of the company's subsidiaries at 31 October 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Gavin Murray Limited
61 Boundary Road, St Helens, Merseyside, WA10 2LX
Ordinary
100.00
ELLISONS TRAVEL SERVICES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 24 -
12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
11
-
0
-
0
5,000
5,000
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 November 2023 and 31 October 2024
5,000
Carrying amount
At 31 October 2024
5,000
At 31 October 2023
5,000
13
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
34,042
21,558
-
0
-
0
14
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,334,800
1,346,612
-
0
-
0
Other debtors
250,212
420,677
5,260
5,000
Prepayments and accrued income
149,175
161,132
-
0
-
0
1,734,187
1,928,421
5,260
5,000

Included in other debtors is a balance of £30,000 (2023: £150,000) in respect of deposits on new vehicles. The total capital commitment at the year end is detailed in note 23.

ELLISONS TRAVEL SERVICES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 25 -
15
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
17
480,965
458,576
-
0
-
0
Obligations under finance leases
18
1,249,515
1,125,677
-
0
-
0
Invoice discount facility
592,931
485,416
-
0
-
0
Trade creditors
296,546
419,400
-
0
-
0
Other taxation and social security
104,984
82,516
-
-
Other creditors
18,953
11,814
-
0
-
0
Accruals and deferred income
288,691
160,284
4,300
4,300
3,032,585
2,743,683
4,300
4,300

The invoice discount facility is secured via a fixed and floating charge over the assets of the company.

16
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
17
303,385
530,924
-
0
-
0
Obligations under finance leases
18
4,909,244
4,183,792
-
0
-
0
5,212,629
4,714,716
-
-
17
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
530,923
758,462
-
0
-
0
Bank overdrafts
253,427
231,038
-
0
-
0
784,350
989,500
-
-
Payable within one year
480,965
458,576
-
0
-
0
Payable after one year
303,385
530,924
-
0
-
0

The bank hold security by way of a fixed and floating charge over all assets of the group and a multilateral guarantee with W.S. Ellison Limited, which is a company under common control.

 

The directors have provided personal guarantees totalling £102,000 in respect of the bank loan.

Bank loans amounting to £530,923 (2023: £758,462) have been provided under the Coronavirus Business Interruption Loan Scheme, with an initial 12 month payment holiday, and a further 6 month payment holiday after the first 2 payments monthly repayments had been made. The final repayment will be payable in September 2027. Interest is charged at 3.99% over base rate.

ELLISONS TRAVEL SERVICES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 26 -
18
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
1,594,278
1,125,677
-
0
-
0
In two to five years
4,564,481
4,183,792
-
0
-
0
6,158,759
5,309,469
-
-

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 6 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

 

Net obligations under finance leases and hire purchase contracts are secured against the assets to which they relate.

19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
972,959
907,860
Tax losses
(110,688)
(257,548)
862,271
650,312
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 November 2023
650,312
-
Charge to profit or loss
211,959
-
Liability at 31 October 2024
862,271
-
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
104,120
73,723
ELLISONS TRAVEL SERVICES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
20
Retirement benefit schemes
(Continued)
- 27 -

The group operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

 

Contributions totalling £15,790 (2023: £12,997) were payable to the fund at the balance sheet date and are included in creditors.

21
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
10,000
10,000
10,000
10,000
22
Reserves
Profit and loss reserves

Retained earnings includes all current and prior period retained profits and losses.

23
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
50,000
50,000
-
-
Between two and five years
200,000
200,000
-
-
In over five years
188,493
238,630
-
-
438,493
488,630
-
-
24
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2024
2023
2024
2023
£
£
£
£
Acquisition of tangible fixed assets
1,222,800
2,964,000
-
-
ELLISONS TRAVEL SERVICES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 28 -
25
Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

 

The controlling interest in the share capital of Ellisons Travel Services Limited is held by the Magowan Trusts, which hold 100% of the issued share capital. The Magowan Trusts are controlled by M G Magowan and A J Magowan.

During the year, rent has been charged to the group by a company under common control of £50,000 (2023: £50,000) for use of the company premises.

 

The balance due to the group from companies under common control as at 31 October 2024 was £205,000 (2023: £217,000). This has been included in debtors.

26
Controlling party

The directors are of the opinion that there is no one ultimate controlling party.

The ultimate controlling parties are M G Magowan and A J Magowan, by way of their controlling interest in the Magowan Trust which holds 100% of the company's issued share capital.

27
Cash generated from group operations
2024
2023
£
£
Profit after taxation
600,798
803,811
Adjustments for:
Taxation charged
211,959
267,023
Finance costs
591,794
424,329
Gain on disposal of tangible fixed assets
(451,705)
(423,731)
Depreciation and impairment of tangible fixed assets
1,951,548
1,570,099
Movements in working capital:
(Increase)/decrease in stocks
(12,484)
10,999
Decrease/(increase) in debtors
194,234
(339,358)
Increase/(decrease) in creditors
142,675
(285,030)
Cash generated from operations
3,228,819
2,028,142
ELLISONS TRAVEL SERVICES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 29 -
28
Analysis of changes in net debt - group
1 November 2023
Cash flows
New finance leases
31 October 2024
£
£
£
£
Cash at bank and in hand
24,877
4,515
-
29,392
Bank overdrafts
(231,038)
(22,389)
-
(253,427)
(206,161)
(17,874)
-
(224,035)
Borrowings excluding overdrafts
(758,462)
227,539
-
(530,923)
Obligations under finance leases
(5,309,469)
2,373,558
(3,222,848)
(6,158,759)
(6,274,092)
2,583,223
(3,222,848)
(6,913,717)
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