Registered number:
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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HIDDEN TRAVEL HOLDINGS LIMITED
COMPANY INFORMATION
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HIDDEN TRAVEL HOLDINGS LIMITED
CONTENTS
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HIDDEN TRAVEL HOLDINGS LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
The Directors present their strategic report of the Group for the year ended 30 September 2024.
The Group is required by the Companies Act 2006, to set out in this report a fair review of the business of the Group during the financial year ended 30 September 2024, the position of the Group at the year end, and a description of the principal risks and uncertainties facing the Group. This review is prepared solely to provide additional information to shareholders to assess the Group's strategies and the potential for the strategies to succeed, the business review should not be relied upon by any other party or for any other purpose. Corporate structure The principal activity of the Group is that of a tour operator. The Company has six 100% owned subsidiaries, of which all are non-trading. Section 172 (1) Statement The information provided below is intended to explain how the Directors considered the interests of the Group’s key stakeholders and the broader matters set out in section 172 (1) (a) to (f) of the Companies Act 2006 when performing their duty to promote the success of the Company under section 172 of the Companies Act 2006. Business review Building on the success of the previous financial year, the Company has maintained a strong upward trajectory, delivering substantial growth in both revenue and profit for the fiscal year ending September 2024. The business achieved a turnover of £12.9 million, reflecting a year-on-year increase of £3 million, and an EBITDA exceeding £0.9, representing a £0.3m year-on-year improvement. Looking ahead, the Company expects continued revenue growth in 2025 and beyond, driven by its continued rise in forward bookings. This growth will be supported by the expansion of domestic and international holiday offerings and a growing customer base. The company’s performance is underpinned by a loyal customer following, evidenced by a high rate of repeat bookings. Furthermore, the successful execution of targeted marketing strategies focused on attracting new customers ensures a consistent influx of fresh clientele, positioning the Company for sustained growth. Key Performance Indicators The Group operates a robust ‘measurement and control’ programme and tracks multiple KPIs on a daily, weekly and monthly basis. The Directors prepare a rolling forecast for the business each month and operate a tight cash management plan with regular short and long term cash flow forecasting. Performance During the Year The financial statements on pages 11 to 35 provide a detailed summary of the Group's performance and financial position for the year. Over the year, the Group experienced sustained growth in forward bookings, reflected in consistent monthly and year-on-year revenue increases. This performance was driven by the expansion of its tour offerings and an increase in its customer base. Notably, the Group achieved a year-on-year rise in profit before taxation of £401,362. Its financial stability was underscored by a strong liquidity position, with operational activities generating a substantial £0.9 million in cash flow.
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HIDDEN TRAVEL HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
To support its growth and uphold high service standards, the Company strategically increased its workforce. This expansion was designed to effectively manage the growing volume of customer inquiries, streamline order processing, and deliver prompt, personalised support. By enhancing its team, the Company sought to meet current operational needs, build capacity for sustainable growth, and identify new opportunities.
This increase in headcount strengthens the Company’s ability to scale its operations while maintaining its focus on delivering exceptional customer experiences. At the same time, the Company remained committed to strict cost management, channelling investments into new software and technologies to monitor performance and boost productivity and efficiency. Travel regulatory bodies The Group holds an Air Travel Organisers Licence ('ATOL') granted by the Civil Aviation Authority ('CAA'). The Group is also a bonded member of the Association of Bonded Travel Organisers Trust ('ABTOT'). Principal risks and uncertainties The risk factors described below are those which the Directors believe are potentially significant but should not be regarded as a complete and comprehensive statement of all potential risks and uncertainties facing the Company. Economic challenges: The travel industry continues to show strong growth, with consumer confidence in travelling now appearing to have returned to pre-Covid levels. Despite ongoing challenges such as high inflation, elevated interest rates, and a cost-of-living crisis shaping the current economic environment, the company remains optimistic about achieving year-on-year growth in both revenue and profitability. The resilience of the travel sector amidst these economic pressures highlights its adaptability and the enduring demand for travel experiences. This resilience forms a solid foundation for the Group’s confidence in sustaining its success and pursuing further growth. Regulatory risk: The Company is exposed to various regulators, including the Civil Aviation Authority ('CAA'), which issues an Air Travel Organisers Licence ('ATOL'), which is required in order for the Group to operate and has been renewed in March 2024. This licence is renewed in March each year and is subject to assessments of fitness and financial criteria, the framework of which is available on the CAA website (www.caa.co.uk). The Company is also a bonded member of the Association of Bonded Travel Organisers Trust ('ABTOT') and renews its ABTOT consumer protection bond in March each year and is subject to assessments of fitness and financial criteria. Geo-political events and natural disasters: The nature of the Company's operations inherently exposes it to various geopolitical risks and natural disasters. To mitigate these challenges, the Company employs a flexible business model, enabling it to adjust capacity across a range of destinations as needed. Notably, the Company does not operate in destinations directly impacted by the Ukraine conflict or the ongoing unrest in the Middle East.
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HIDDEN TRAVEL HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Commercial relationships:
The Company maintains strong, well-established relationships with both customers and suppliers, ensuring risk is mitigated by avoiding over-reliance on any single supplier in a particular area. While the loss or deterioration of a key supplier relationship could have a minor impact on the business, the management team takes proactive measures to minimise this risk. Regular communication with suppliers are held to foster positive working relationships and to monitor their financial health.
This report was approved by the board on 21 January 2025 and signed on its behalf.
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HIDDEN TRAVEL HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
The directors present their report and the financial statements for the year ended 30 September 2024.
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The principal activity of the Group continued to be that of tour operators.
The directors who served during the year were:
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HIDDEN TRAVEL HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
The auditors, White Hart Associates (London) Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board on
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HIDDEN TRAVEL HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HIDDEN TRAVEL HOLDINGS LIMITED
We have audited the financial statements of Hidden Travel Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 September 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of 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).
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 Group 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.
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 or the 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.
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HIDDEN TRAVEL HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HIDDEN TRAVEL HOLDINGS LIMITED (CONTINUED)
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 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group 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 Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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HIDDEN TRAVEL HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HIDDEN TRAVEL HOLDINGS LIMITED (CONTINUED)
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HIDDEN TRAVEL HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HIDDEN TRAVEL HOLDINGS LIMITED (CONTINUED)
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 Group 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 skepticism 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 missions, 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 Group'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 Group's relationships with related parties, identifying and disclosing transactions during the year and balances at year-end with such parties; - We conclude on the appropriateness of the director's 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 signifcant 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.
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HIDDEN TRAVEL HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HIDDEN TRAVEL HOLDINGS LIMITED (CONTINUED)
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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.
for and on behalf of
Chartered Accountants and Statutory Auditors
2nd Floor, Nucleus House
2 Lower Mortlake Road
TW9 2JA
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HIDDEN TRAVEL HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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HIDDEN TRAVEL HOLDINGS LIMITED
REGISTERED NUMBER: 08414606
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024
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HIDDEN TRAVEL HOLDINGS LIMITED
REGISTERED NUMBER: 08414606
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 SEPTEMBER 2024
The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 21 January 2025.
The notes on pages 20 to 35 form part of these financial statements.
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HIDDEN TRAVEL HOLDINGS LIMITED
REGISTERED NUMBER: 08414606
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 20 to 35 form part of these financial statements.
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HIDDEN TRAVEL HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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HIDDEN TRAVEL HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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HIDDEN TRAVEL HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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HIDDEN TRAVEL HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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HIDDEN TRAVEL HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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HIDDEN TRAVEL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
As disclosed in the Directors' Report, the principal activity of the Company in the period under review continued to be that of a holding company of a trading group. The principal activity of the Group continued to be that of tour operators.
The Company is a private company limited by shares and is incorporated in England. The address of the Group's principal place of business, being the same as the registered office stated on the Company Information page, is: Whittington Hall Whittington Road Worcester WR5 2ZX
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 October 2017.
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HIDDEN TRAVEL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
The Group’s management and directors review the financial position and the forecasts for the Group on a regular basis, to ensure they are in a position to react to and mitigate the financial impact from any downturn in trading. The directors have made an assessment of the Group’s ability to continue as a going concern, and have considered a number of future scenarios, synthesizing key drivers of the Group’s trading performance, including consumer demand, post balance sheet trading, booking trajectory, and impact from both financial and geopolitical instability. However, economic uncertainty from interest rates and a new UK government means the Group remains in a volatile environment.
The directors have prepared budgets and cashflow forecasts to September 2027 which reflect good operational liquidity and profitability throughout. Additionally, they have also performed a sensitivity analysis on the Group's budgets and forecasts to assess the financial impact of any potential further slowdown in trading from the reforecast and its impact , which still shows a healthy financial position ongoing. Company management and the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future, being at least the following 12 months from the signing of these financial statements. As a result, and with the Group continuing to receive the full support of its shareholders, the directors believe that it is still appropriate to apply the going concern basis for the foreseeable future.
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HIDDEN TRAVEL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
Turnover is the amount derived from ordinary activities and represents the aggregate revenue receivable from tours departed during the year.
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HIDDEN TRAVEL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
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HIDDEN TRAVEL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
Goodwill
Other intangible assets
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
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HIDDEN TRAVEL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
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.
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HIDDEN TRAVEL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. a) Critical judgments in applying the Group's accounting policies The directors believe that there are no critical judgments involved in applying the Group's accounting policies that warrant disclosure. b) Key accounting estimates and assumptions The directors believe that there are no key accounting estimates and assumptions involved in applying the Group's accounting policies that warrant disclosure.
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HIDDEN TRAVEL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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HIDDEN TRAVEL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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HIDDEN TRAVEL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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HIDDEN TRAVEL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Indirect subsidiary undertakings (continued)
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HIDDEN TRAVEL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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HIDDEN TRAVEL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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HIDDEN TRAVEL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
During the year on 29 February 2024 the Company issued 1,289 B Ordinary shares of £1 each. On the same day the Company reclassed 30,929 Ordinary shares into A Ordinary shares.
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HIDDEN TRAVEL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
At 30 September 2024, there were contingent liabilities outstanding in respect of counter indemnities given by the Group, in the normal course of business, to the Group's bond insurance obligors in respect of Association of Bonded Travel Organisers Trust (ABTOT) travel bonds amounting to £165,324 (2023: £134,666).
The business has an arrangement with its merchant providers that 5% of all receipts will be withheld for 130 days from the date of receipt. These will be released to the business after expiry of 130 days. As at 30 September 2024 total receipts withheld under this arranagement were £316,385 (2023: £260,879). These are included in debtors due within 1 year.
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £41,295 (2023 - £19,075). Contributions totalling £6,514 (2023 - £3,460) were payable to the fund at the reporting date and are included in creditors.
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HIDDEN TRAVEL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
The Company's immediate holding company is Stone Venture Partners Limited, a company registered in England and Wales. Copies of the financial statements of Stone Venture Partners Limited can be obtained from Whittington Hall, Whittington Road, Worcester, WR5 2ZX.
The Company's ultimate holding company is Stone VP (No. 1) Limited, a company registered in England and Wales. Copies of the financial statements of Stone VP (No. 1) Limited can be obtained from Whittington Hall, Whittington Road, Worcester, WR5 2ZX.
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