Company registration number 04783866 (England and Wales)
Lime Management Limited
Annual report and financial statements
For the year ended 30 September 2024
Lime Management Limited
Company information
Directors
Mr M W Edwards
Ms E J Bond
(Appointed 12 October 2023)
Company number
04783866
Registered office
Chester House
Lloyd Drive
Cheshire Oaks Business Park
Ellesmere Port
Cheshire
England
CH65 9HQ
Auditor
DJH Audit Limited
Chester House
LLoyd Drive
Ellesmere Port
Cheshire
United Kingdom
CH65 9HQ
Business address
World House
Lloyd Drive
Cheshire Oaks Business Park
Ellesmere Port
England
CH65 9HQ
Lime Management Limited
Contents
Page
Strategic report
1 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Profit and loss account
9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 - 28
Lime Management Limited
Strategic report
For the year ended 30 September 2024
- 1 -

The directors present the strategic report for the year ended 30 September 2024.

Review of the business

Following on from the financial year 2022/23 the business has continued to grow with turnover reaching £163.4m (2022/23 £154.1m) with a gross profit of £7.3m - 4.45% (2022/23 £6.7m – 4.34%).

The Company has continued its growth from prior year. Innovation and excellent customer service continue to be at the forefront of the Company’s growth strategy, and this has resulted in agreeing contracts with new customers in addition to increasing business from the existing customer base. The excellent relationships that the Company holds with their airline partners has resulted in additional revenue streams some of which have provided income in this financial year and others that are currently in development and will provide further growth over the next financial year.

The director and senior management team continue to adapt and exploit opportunities as they arise, seeking to strengthen the business in both the immediate and long term.

The director considers these indicators to best communicate the financial performance and strength of the Company.

Principal risks and uncertainties including financial instruments

Risks are identified and routinely monitored, with appropriate actions taken to mitigate their potential adverse consequences on the Company’s performance objectives.

Risks include the potential for deterioration in relationships with the airlines and tour operators, failure of vital technology or information systems, the loss of key personnel, and failure of debtors to settle balances due.

Development and performance

The director is confident that the Company is in a sound position to further grow revenues in the ensuing financial years through the implementation of new business streams and the development of commercial relationships with key airline partners.

The Company has continued to advance its computer systems, making it well placed to service the business growth. The director remains confident that the investment for the longer term is sound and will support and enable additional future revenue.

We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and straightforward nature of our business and is written in the context of the market sector we operate in.

Other information and explanations

In the year in question the Company only has financial assets and liabilities such as trade debtors and creditors arising directly from its operations.

All operators who trade on credit terms are subject to continuing credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

The Company manages its cash surpluses to maximise interest income whilst ensuring the Company has sufficient liquid resources to meet the operating needs of the business. All cash surpluses are only invested through banks and companies approved by the board.

 

Lime Management Limited
Strategic report (continued)
For the year ended 30 September 2024
- 2 -
S172 Statement by the Directors

Section 172 of the Companies Act requires a director of a company to act in the way he or she considers, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole. In doing so, s172 requires a director to have regard, amongst other matters, to the :-

In discharging section 172 duties the directors consider the factors set out above as well as other factors they consider relevant to the decision being made. The directors seek to ensure that their decision making process not only takes into account the company’s purpose, vision and values, together with its strategic priorities, but also reflects as far as practical and possible the interests of all stakeholders.

The directors delegates authority for the day-to-day management of the company to the senior leadership team and engages management in setting, approving and overseeing execution of the business strategy and related policies. The directors review and approve key financial and operational performance, legal and regulatory compliance and other key risks at board meetings.

Detailed below are examples of how the directors have discharged their duties :-

Stakeholder

Our Approach

Stakeholder consideration in the directors decision making

Customers

We work closely with our customers to understand their evolving needs so the company can improve and adapt to meet these needs.

 

To have a strong customer focus and understand that the best service we can offer our customers will deliver best value.

 

Long-term customer engagement is a key part of the company culture through developing new propositions and innovating existing ones.

 

The company’s market growth in the last 12 months has resulted from maintaining high levels of quality service and proactive customer engagement.

 

The directors believe in continuous innovation to ensure our products are market-leading and provide our customers with breadth of products to support their growth and market demands.

 

Lime Management Limited
Strategic report (continued)
For the year ended 30 September 2024
- 3 -

Promoting the success of the company cont...

 

Employees

Our people are a critical part of delivering the company strategy and creating value.

 

The company has a strong culture to ensure the development and support for all employees.

 

The company has invested in the development of the ‘TIG Academy’ which delivers a full training plan for all employees that covers technical and soft skills training including regular updates to ensure knowledge is retained.

 

During the year the company has employed a Welfare and Occupational Therapist who has great experience and expertise to ensure wellness and welfare within the workplace.

 

 

The directors have a strong belief that all employees are key to the success of the company and their constant support is clearly visible for all employees to see.

Regulators

A good working relationship with the regulators ensures that the company continues to thrive and develop.

 

The company maintains a close relationship with regulators and proactively engages with them on any issues ensuring they are rectified quickly and efficiently.

 

The CFO focuses on compliance and attends the company’s board meetings to raise any relevant issues that need to be considered in any decision making of the directors.

 

On behalf of the board

Mr M W Edwards
Director
13 December 2024
Lime Management Limited
Directors' report
For the year ended 30 September 2024
- 4 -

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

Principal activities

The principal activity of the company in the year under review was that of airline ticketing agents principally to tour operators.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £Nil (2023- £Nil). 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 W Edwards
Ms E J Bond
(Appointed 12 October 2023)
Auditor

The auditors, DJH Mitten Clarke Audit Limited, have indicated their willingness to continue in office.

Energy and carbon report

The company has taken exemption from including an energy consumption report in its own accounts as the report is included within the group accounts - Lime TIG Co Ltd for the same period end.

Disclosure in the strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company'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 future developments, financial instruments and overseas branches.

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 company’s auditor 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 company’s auditor is aware of that information.

 

On behalf of the board
Mr M W Edwards
Director
13 December 2024
Lime Management Limited
Directors' responsibilities statement
For the year ended 30 September 2024
- 5 -

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 company and of the profit or loss of the company 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 company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the company website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

LIME MANAGEMENT LIMITED
Lime Management Limited
Independent auditor's report
TO THE MEMBERS OF LIME MANAGEMENT LIMITED
- 6 -
Opinion

We have audited the financial statements of Lime Management Limited (the 'company') for the year ended 30 September 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the 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 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 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.

LIME MANAGEMENT LIMITED
Lime Management Limited
Independent auditor's report (continued)
TO THE MEMBERS OF LIME MANAGEMENT LIMITED
- 7 -

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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.

Explanation as to what extent the audit was considered capable of detecting irregularities including fraud

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.

 

However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the company and management.

LIME MANAGEMENT LIMITED
Lime Management Limited
Independent auditor's report (continued)
TO THE MEMBERS OF LIME MANAGEMENT LIMITED
- 8 -
Our approach was as follows

We obtained an understanding of the legal and regulatory framework that is applicable to the company and determined that the most significant are frameworks which are directly relevant to the assertions in the financial statements including amounts and disclosures; those that relate to reporting framework FRS 102; the Companies Act 2006 and UK taxation legislation.

 

We assessed how the company is complying with those frameworks by:

- making enquiries of management and;

- reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations together with the use of an appropriate software package to check the disclosures required by the relevant accounting standards and legislation.

 

We assessed the susceptibility of the company’s financial statements to material misstatement including how fraud might occur. The risk of fraud associated with management override of controls is always deemed high and we performed audit procedures to address this specific risk including testing journal entries and other adjustments for appropriateness; also assessing whether judgements and assumptions used in accounting estimates were indicative of potential bias.

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.

Desirie Lea FCA FCCA (Senior Statutory Auditor)
For and on behalf of DJH Audit Limited
17 December 2024
Accountants
Statutory Auditor
Chester House
LLoyd Drive
Ellesmere Port
Cheshire
United Kingdom
CH65 9HQ
LIME MANAGEMENT LIMITED
Lime Management Limited
Profit and loss account
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
163,351,803
154,096,720
Cost of sales
(156,086,491)
(147,410,713)
Gross profit
7,265,312
6,686,007
Administrative expenses
(5,479,655)
(6,400,395)
Other operating income
6,000
6,000
Operating profit
4
1,791,657
291,612
Interest receivable and similar income
7
689,997
444,951
Interest payable and similar expenses
8
(5,529)
(37,765)
Profit before taxation
2,476,125
698,798
Taxation
9
(636,578)
(214,189)
Profit for the financial year
21
1,839,547
484,609

The profit and loss account has been prepared on the basis that all operations are continuing operations.

Lime Management Limited
Statement of comprehensive income
For the year ended 30 September 2024
- 10 -
2024
2023
£
£
Profit for the year
1,839,547
484,609
Other comprehensive income
-
-
Total comprehensive income for the year
1,839,547
484,609
Lime Management Limited
Balance sheet
As at 30 September 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
201,277
207,813
Investments
11
5,002
5,002
206,279
212,815
Current assets
Debtors
13
6,639,899
5,468,610
Cash at bank and in hand
18,349,549
19,152,877
24,989,448
24,621,487
Creditors: amounts falling due within one year
14
(21,085,943)
(22,563,710)
Net current assets
3,903,505
2,057,777
Total assets less current liabilities
4,109,784
2,270,592
Provisions for liabilities
Deferred tax liability
17
40,501
40,856
(40,501)
(40,856)
Net assets
4,069,283
2,229,736
Capital and reserves
Called up share capital
19
205,000
205,000
Capital redemption reserve
20
350,000
350,000
Profit and loss reserves
21
3,514,283
1,674,736
Total equity
4,069,283
2,229,736
The financial statements were approved by the board of directors and authorised for issue on 13 December 2024 and are signed on its behalf by:
Mr M W Edwards
Director
Company registration number 04783866 (England and Wales)
LIME MANAGEMENT LIMITED
Lime Management Limited
Statement of changes in equity
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 12 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 October 2022
205,000
350,000
1,190,127
1,745,127
Year ended 30 September 2023:
Profit and total comprehensive income for the year
-
-
484,609
484,609
Balance at 30 September 2023
205,000
350,000
1,674,736
2,229,736
Year ended 30 September 2024:
Profit and total comprehensive income for the year
-
-
1,839,547
1,839,547
Balance at 30 September 2024
205,000
350,000
3,514,283
4,069,283
Lime Management Limited
Statement of cash flows
For the year ended 30 September 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
25
(354,880)
1,866,530
Interest paid
(5,529)
(37,765)
Income taxes paid
(205,230)
(100,948)
Net cash (outflow)/inflow from operating activities
(565,639)
1,727,817
Investing activities
Purchase of tangible fixed assets
(93,447)
(122,765)
Amounts due from group undertakings
(975,000)
(900,000)
Amounts due from related parties
5,761
(28,771)
Interest received
689,997
444,951
Net cash used in investing activities
(372,689)
(606,585)
Financing activities
Proceeds from borrowings
135,000
-
0
Repayment of bank loans
-
0
(1,000,000)
Net cash generated from/(used in) financing activities
135,000
(1,000,000)
Net (decrease)/increase in cash and cash equivalents
(803,328)
121,232
Cash and cash equivalents at beginning of year
19,152,877
19,031,645
Cash and cash equivalents at end of year
18,349,549
19,152,877
LIME MANAGEMENT LIMITED
Lime Management Limited
Notes to the financial statements
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 14 -
1
Accounting policies
Company information

Lime Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is Chester House, Lloyd Drive, Cheshire Oaks Business Park, Ellesmere Port, Cheshire, England, CH65 9HQ.

 

The principal place of business is World House, Lloyd Drive, Cheshire Oaks Business Park, Ellesmere Port, Cheshire CH65 9HQ.

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, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Statement of compliance

 

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.

 

Preparation of consolidated financial statements

 

This 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 financial statements of the company are consolidated in the financial statements of Lime TIG Co Ltd. These consolidated financial statements are available from its registered office, Chester House, Lloyd Drive, Ellesmere Port CH65 9HQ.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company 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.

1.3
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.

Revenue from the airline ticketing operation is recognised at the point of ticketing, when the significant risks and rewards of ownership of the goods have passed to the buyer, 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.

LIME MANAGEMENT LIMITED
Lime Management Limited
Notes to the financial statements (continued)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 15 -

Revenue from contracts for the provision of software as a service is recognised by reference to the stage of completion, when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is determined by the accomplishment of fixed milestones set out in the contract that have been and agreed and signed off by the customer. Further to these implementation fees for the provision of a ticketing system, revenue is also recognised for system usage at the point the service is delivered. Service delivery is at the point of ticketing and revenue is measured at a predetermined ticketing fee.

1.4
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 improvements
over the term of the lease
Fixtures, fittings & equipment
33% on cost and 20% on cost
Computer equipment
33% on cost
Motor vehicles
33% on cost

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 credited or charged to profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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

1.6
Impairment of fixed assets

In each reporting period, the company 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.

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.

LIME MANAGEMENT LIMITED
Lime Management Limited
Notes to the financial statements (continued)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 16 -

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.

1.7
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.

1.8
Financial instruments

The company 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 company's balance sheet 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 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.

LIME MANAGEMENT LIMITED
Lime Management Limited
Notes to the financial statements (continued)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 17 -
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 company 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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

 

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

 

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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

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

LIME MANAGEMENT LIMITED
Lime Management Limited
Notes to the financial statements (continued)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 18 -
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 company’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 when the company has 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.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

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.

1.12
Retirement benefits

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

1.13
Leases

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 leases asset are consumed.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

LIME MANAGEMENT LIMITED
Lime Management Limited
Notes to the financial statements (continued)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 19 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’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.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Revenue from airline ticketing
163,351,803
154,096,720
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
140,443,071
125,277,749
North America
21,063,745
26,154,640
Canada
1,476,085
2,273,782
Australia
97,719
104,373
Europe
271,183
286,176
163,351,803
154,096,720
2024
2023
£
£
Other revenue
Interest income
689,997
444,951
LIME MANAGEMENT LIMITED
Lime Management Limited
Notes to the financial statements (continued)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 20 -
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses
129,127
84,766
Fees payable to the company's auditor for the audit of the company's financial statements
16,900
8,884
Fees payable to the company's auditor for non audit services
6,276
3,216
Depreciation of owned tangible fixed assets
99,983
76,673
Directors salaries
615,954
300,000
Operating lease charges
292,458
314,649
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
16,900
8,884
For other services
All other non-audit services
6,276
3,216
6
Employees

The average monthly number of persons (including directors with service contracts) employed by the company during the year was:

2024
2023
Number
Number
Other
21
25
Sales and marketing
19
10
Operational
61
67
101
102

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
2,939,029
3,015,993
Social security costs
200,928
209,702
Pension costs
125,895
91,330
3,265,852
3,317,025
LIME MANAGEMENT LIMITED
Lime Management Limited
Notes to the financial statements (continued)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 21 -
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
689,997
444,951

Investment income includes the following:

Interest on financial assets not measured at fair value through profit or loss
689,997
444,951
8
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Other interest
5,529
37,765
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
621,312
189,609
Adjustments in respect of prior periods
15,617
4,869
Total current tax
636,929
194,478
Deferred tax
Origination and reversal of timing differences
(351)
19,711
Total tax charge
636,578
214,189
LIME MANAGEMENT LIMITED
Lime Management Limited
Notes to the financial statements (continued)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
9
Taxation
(Continued)
- 22 -

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
2,476,125
698,798
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
619,031
174,700
Tax effect of expenses that are not deductible in determining taxable profit
1,929
58,912
Adjustments in respect of prior years
15,618
4,869
Tax at marginal rate
-
0
(25,775)
Depreciation in excess of capital allowances
351
(18,228)
Deferred tax
(351)
19,711
Taxation charge for the year
636,578
214,189
10
Tangible fixed assets
Leasehold improvements
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 October 2023
299,960
350,383
1,017,447
4,184
1,671,974
Additions
-
0
26,578
66,869
-
0
93,447
Disposals
-
0
(43,173)
(706,631)
-
0
(749,804)
At 30 September 2024
299,960
333,788
377,685
4,184
1,015,617
Depreciation and impairment
At 1 October 2023
212,313
349,085
898,579
4,184
1,464,161
Depreciation charged in the year
29,871
2,408
67,704
-
0
99,983
Eliminated in respect of disposals
-
0
(43,173)
(706,631)
-
0
(749,804)
At 30 September 2024
242,184
308,320
259,652
4,184
814,340
Carrying amount
At 30 September 2024
57,776
25,468
118,033
-
0
201,277
At 30 September 2023
87,647
1,298
118,868
-
0
207,813

The company has allowed a fixed and floating charge over the company's assets, including the tangible fixed assets with a carrying amount of £201,277 as security for the debenture entered into with HSBC.

LIME MANAGEMENT LIMITED
Lime Management Limited
Notes to the financial statements (continued)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 23 -
11
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
12
5,002
5,002
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 October 2023 & 30 September 2024
5,002
Carrying amount
At 30 September 2024
5,002
At 30 September 2023
5,002
12
Subsidiaries

Details of the company's subsidiaries at 30 September 2024 are as follows:

Name of undertaking
Address
Class of
% Held
shares held
Direct
Lime Management (Australia) Limited
1
Ordinary
100.00
Lime Management (Worldwide) Limited
2
Ordinary
100.00

Registered office addresses (all UK unless otherwise indicated):

1
Chester House Lloyd Drive, Ellesmere Port Business Park, Cheshire CH65 9HQ
2
Chester House Lloyd Drive, Ellesmere Port Business Park, Cheshire CH65 9HQ
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Lime Management (Australia) Limited
2
Lime Management (Worldwide) Limited
9,263
LIME MANAGEMENT LIMITED
Lime Management Limited
Notes to the financial statements (continued)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 24 -
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
4,341,247
4,051,656
Amounts owed by group undertakings
1,875,000
900,000
Other debtors
-
0
10,000
Prepayments
166,763
210,240
Accrued income
233,879
267,943
6,616,889
5,439,839
2024
2023
Amounts falling due after more than one year:
£
£
Amounts due from related parties
23,010
28,771
Total debtors
6,639,899
5,468,610

IATA Note – Included within Trade Debtors at the year end there was a balance due from Aviate Management Limited of £Nil (2023 - £1,174).

 

14
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Amounts owed to related parties
15
135,000
-
0
Trade creditors
15,610,003
15,742,167
Amounts owed to group undertakings
9,265
9,265
Corporation tax
621,312
189,609
Other taxation and social security
163,958
165,943
Deferred income
3,658,523
5,082,324
Other creditors
287,829
284,824
Accruals
600,053
1,089,578
21,085,943
22,563,710

As at the year end, trade creditors include amounts paid by tour operators for impending ticket requests and other creditors include amounts paid by certain tour operators to be used for security to allow Lime Management Limited to offer credit facilities.

 

Deferred income include deposits and balance payments made by tour operators for advance bookings which will be ticketed after the year end.

LIME MANAGEMENT LIMITED
Lime Management Limited
Notes to the financial statements (continued)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
14
Creditors: amounts falling due within one year
(Continued)
- 25 -

IATA Note – Included within trade creditors at the year end was an amount due to Aviate £Nil (2023 - £380) and amount paid in advance from TIG South Africa of £Nil (2023 - £52,368).

The net amount due to BSP for tickets issued in September 2024 that will be paid in October 2024 is £1,890,887 (2023 - £6,043).

15
Loans and overdrafts
2024
2023
£
£
Loans from related parties
135,000
-
0
Payable within one year
135,000
-
0
16
Provisions for liabilities
2024
2023
Notes
£
£
Deferred tax liabilities
17
40,501
40,856
17
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
40,501
40,856
The deferred tax liability at the year end represents accelerated capital allowances and other short term timing differences reversing within one year
2024
Movements in the year:
£
Liability at 1 October 2023
40,856
Credit to profit or loss
(355)
Liability at 30 September 2024
40,501
LIME MANAGEMENT LIMITED
Lime Management Limited
Notes to the financial statements (continued)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 26 -
18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
125,895
91,330

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

19
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
205,000
205,000
205,000
205,000

The holders of the Ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company. All Ordinary shares rank equally with regard to the company's residual assets.

20
Capital redemption reserve
2024
2023
£
£
At beginning and end of year
350,000
350,000

This reserve records the nominal value of shares purchased by the company in previous years.

 

 

21
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
1,674,736
1,190,127
Profit for the year
1,839,547
484,609
At the end of the year
3,514,283
1,674,736

Profit and loss reserves represent cumulative profit and losses net of dividends paid.

LIME MANAGEMENT LIMITED
Lime Management Limited
Notes to the financial statements (continued)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 27 -
22
Operating lease commitments
Lessee

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

2024
2023
£
£
Within one year
198,304
198,820
Between two and five years
761,219
771,222
In over five years
873,402
1,061,702
1,832,925
2,031,744
23
Related party transactions

The company has shareholders and directors in common with the following companies and traded on an arm’s length basis:

Entities controlled by Key management personnel

Goods and services purchased £3,697,339 (2023 - £3,595,660)

Goods and services sold £36,051,381 (2023 - £36,019,836)

Amounts owed of £Nil (2023 - £380) for goods and services purchased.

Amounts due of £2,951,699 (2023 - £2,928,593) for goods and services sold.

Included in accruals are costs payable of £121,811 (2023 - £155,530).

Amounts owed of £135,000 (2023 – £Nil) with respect to a loan from Aviate Management Ltd.

Amounts due of £1,875,000 (2023 - £Nil) with respect to a loan provided to Lime TIG Co Ltd.

There was no interest receivable or chargeable on the loans listed above.

Key management personnel

The directors, who have the authority and responsibility for planning, directing and controlling the activities of the company are considered to be key management personnel. Total remuneration in respect of these individuals is £615,954 (2023 - £300,000); dividends total £nil (2023 - £nil); consultancy fees total £NIL (2023 - £NIL) and pension contributions total £NIL (2023 - £NIL).

Terms and conditions of transactions with related parties

Sales and purchases between related parties are made at normal market prices. Outstanding balances with entities are unsecured, interest free and settlement terms are not defined. The company has not provided or benefitted from any guarantees for any related party receivable or payable. Also the company has not made any provision for doubtful debts relating to amounts owed by related parties (2023 - £nil).

24
Ultimate controlling party

The ultimate controlling party is Lime TIG Co Ltd.

LIME MANAGEMENT LIMITED
Lime Management Limited
Notes to the financial statements (continued)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 28 -
25
Cash (absorbed by)/generated from operations
2024
2023
£
£
Profit for the year after tax
1,839,547
484,609
Adjustments for:
Taxation charged
636,578
214,189
Finance costs
5,529
37,765
Investment income
(689,997)
(444,951)
Depreciation and impairment of tangible fixed assets
99,983
76,673
Movements in working capital:
Increase in debtors
(202,050)
(3,361,791)
(Decrease)/increase in creditors
(620,669)
3,700,454
(Decrease)/increase in deferred income
(1,423,801)
1,159,582
Cash (absorbed by)/generated from operations
(354,880)
1,866,530
26
Analysis of changes in net funds
1 October 2023
Cash flows
30 September 2024
£
£
£
Cash at bank and in hand
19,152,877
(803,328)
18,349,549
Borrowings excluding overdrafts
-
(135,000)
(135,000)
19,152,877
(938,328)
18,214,549
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