Caseware UK (AP4) 2023.0.135 2023.0.135 2024-09-302024-09-30P S Andrews, N L Waters and R L Sargent are directors of Premier Travel Agency Limited. The following transactions occurred with Premier Travel Agency Limited: At the year end, the Company owed £nil to Premier Travel Agency Limited (2023: £nil).false2023-10-0198falsePremier Holidays Limited's principal activity is that of a tour operator.95falsefalse 01791598 2023-10-01 2024-09-30 01791598 2022-10-01 2023-09-30 01791598 2024-09-30 01791598 2023-09-30 01791598 2022-10-01 01791598 1 2023-10-01 2024-09-30 01791598 1 2022-10-01 2023-09-30 01791598 4 2023-10-01 2024-09-30 01791598 4 2022-10-01 2023-09-30 01791598 5 2023-10-01 2024-09-30 01791598 5 2022-10-01 2023-09-30 01791598 1 2023-10-01 2024-09-30 01791598 e:CompanySecretary1 2023-10-01 2024-09-30 01791598 e:Director1 2023-10-01 2024-09-30 01791598 e:Director2 2023-10-01 2024-09-30 01791598 e:Director3 2023-10-01 2024-09-30 01791598 e:Director4 2023-10-01 2024-09-30 01791598 e:Director5 2023-10-01 2024-09-30 01791598 e:Director6 2023-10-01 2024-09-30 01791598 e:RegisteredOffice 2023-10-01 2024-09-30 01791598 d:FurnitureFittings 2023-10-01 2024-09-30 01791598 d:FurnitureFittings 2024-09-30 01791598 d:FurnitureFittings 2023-09-30 01791598 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 01791598 d:ComputerEquipment 2023-10-01 2024-09-30 01791598 d:ComputerEquipment 2024-09-30 01791598 d:ComputerEquipment 2023-09-30 01791598 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 01791598 d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 01791598 d:ComputerSoftware 2023-10-01 2024-09-30 01791598 d:ComputerSoftware 2024-09-30 01791598 d:ComputerSoftware 2023-09-30 01791598 d:CurrentFinancialInstruments 2024-09-30 01791598 d:CurrentFinancialInstruments 2023-09-30 01791598 d:CurrentFinancialInstruments 1 2024-09-30 01791598 d:CurrentFinancialInstruments 1 2023-09-30 01791598 d:CurrentFinancialInstruments 6 2024-09-30 01791598 d:CurrentFinancialInstruments 6 2023-09-30 01791598 d:Non-currentFinancialInstruments 2024-09-30 01791598 d:Non-currentFinancialInstruments 2023-09-30 01791598 d:CurrentFinancialInstruments d:WithinOneYear 2024-09-30 01791598 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 01791598 d:Non-currentFinancialInstruments d:AfterOneYear 2024-09-30 01791598 d:Non-currentFinancialInstruments d:AfterOneYear 2023-09-30 01791598 d:UKTax 2023-10-01 2024-09-30 01791598 d:UKTax 2022-10-01 2023-09-30 01791598 d:ShareCapital 2024-09-30 01791598 d:ShareCapital 2023-09-30 01791598 d:ShareCapital 2022-10-01 01791598 d:CapitalRedemptionReserve 2023-10-01 2024-09-30 01791598 d:CapitalRedemptionReserve 2024-09-30 01791598 d:CapitalRedemptionReserve 1 2023-10-01 2024-09-30 01791598 d:CapitalRedemptionReserve 2023-09-30 01791598 d:CapitalRedemptionReserve 2022-10-01 01791598 d:RevaluationReserve 1 2022-10-01 2023-09-30 01791598 d:ForeignCurrencyTranslationReserve 2023-10-01 2024-09-30 01791598 d:ForeignCurrencyTranslationReserve 2024-09-30 01791598 d:ForeignCurrencyTranslationReserve 1 2023-10-01 2024-09-30 01791598 d:ForeignCurrencyTranslationReserve 2023-09-30 01791598 d:ForeignCurrencyTranslationReserve 2022-10-01 01791598 d:ForeignCurrencyTranslationReserve 1 2022-10-01 2023-09-30 01791598 d:RetainedEarningsAccumulatedLosses 2023-10-01 2024-09-30 01791598 d:RetainedEarningsAccumulatedLosses 2024-09-30 01791598 d:RetainedEarningsAccumulatedLosses 1 2023-10-01 2024-09-30 01791598 d:RetainedEarningsAccumulatedLosses 2022-10-01 2023-09-30 01791598 d:RetainedEarningsAccumulatedLosses 2023-09-30 01791598 d:RetainedEarningsAccumulatedLosses 2022-10-01 01791598 d:RetainedEarningsAccumulatedLosses 1 2022-10-01 2023-09-30 01791598 d:AcceleratedTaxDepreciationDeferredTax 2024-09-30 01791598 d:AcceleratedTaxDepreciationDeferredTax 2023-09-30 01791598 e:OrdinaryShareClass1 2023-10-01 2024-09-30 01791598 e:OrdinaryShareClass1 2024-09-30 01791598 e:OrdinaryShareClass1 2023-09-30 01791598 e:FRS102 2023-10-01 2024-09-30 01791598 e:Audited 2023-10-01 2024-09-30 01791598 e:FullAccounts 2023-10-01 2024-09-30 01791598 e:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 01791598 d:WithinOneYear 2024-09-30 01791598 d:WithinOneYear 2023-09-30 01791598 d:BetweenOneFiveYears 2024-09-30 01791598 d:BetweenOneFiveYears 2023-09-30 01791598 d:ComputerSoftware d:ExternallyAcquiredIntangibleAssets 2023-10-01 2024-09-30 01791598 2 2023-10-01 2024-09-30 01791598 d:ShareCapital 1 2023-10-01 2024-09-30 01791598 d:ShareCapital 1 2022-10-01 2023-09-30 01791598 d:ComputerSoftware d:OwnedIntangibleAssets 2023-10-01 2024-09-30 01791598 f:PoundSterling 2023-10-01 2024-09-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 01791598










PREMIER HOLIDAYS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
PREMIER HOLIDAYS LIMITED
 

COMPANY INFORMATION


Directors
P S Andrews 
N L Waters 
H A Blades 
M J Godfrey 
D K Goffin 
R L Sargent 




Company secretary
N L Waters



Registered number
01791598



Registered office
Building 1020
Cambourne Business Park

Cambourne

Cambridge

CB23 6DW




Independent auditors
Price Bailey LLP
Chartered Accountants & Statutory Auditors

Tennyson House

Cambridge Business Park

Cambridge

CB4 0WZ





 
PREMIER HOLIDAYS LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 3
Directors' Report
 
4 - 5
Independent Auditors' Report
 
6 - 9
Statement of Comprehensive Income
 
10
Statement of Financial Position
 
11
Statement of Changes in Equity
 
12
Statement of Cash Flows
 
13
Notes to the Financial Statements
 
14 - 28

 
PREMIER HOLIDAYS LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Introduction
 
The principal activity of Premier Holidays Ltd (the ‘Company’) during the year was that of a tour operator. 

Business review
 
The UK travel market continued to progress with strong demand and confidence across all markets and destinations globally with transaction values for the Company continuing to increase year on year. 
The Company’s financial performance was again very positive building on the strong foundations of the previous year post pandemic.  Revenue increased by 5.5% to £44.6m (£42.2m - 2023) with Long Haul holidays up 8% and Short Haul holidays up 2.6% year on year. Gross Profit after adjustments was up 0.3% at 12.6% (12.3% - 2023) and Operating Profit remained flat at 4.2%. Passenger numbers were down year on year by 2.4% as a result of the change in the sales mix from Short Haul to Long Haul.
Continued investment in new technology including the development of a new booking platform with enhanced integration and productivity at the core progressed through the year. This will enable a new Agent portal and enhanced website and supply chain integration. Further investment is being undertaken to support the back-office functions improving efficiency and streamlining the insights and reporting needs of the Company to better support both short and long term decision making. Ongoing investment in appropriate technology is seen by management as key to the ongoing success on the Company. 
The year ahead starts on a positive footing with forward bookings Revenue for the next 12 months of £19.9M up 5.8% on the prior year (£18.8M - 2023). Passenger numbers are down 2.5%. The financial plan for the next 12 months expects a limited change to passenger numbers year on year, revenue to increase by 5% due to inflation and ongoing shift from short haul to the more complex multi-centre long haul holidays. Operating Profits are expected to be lower year on year due to additional costs in the short term to support the transition to the new booking platform. The business environment is challenging with many potential headwinds due to ongoing war and unrest in the Middle East and Ukraine, cost of living increases with a challenging employment landscape and slowing global growth.   
 
Recruitment and retention remain challenging and attracting the right quality of candidate across many departments requires the Company to be innovative in its approach and challenge traditional thinking. Hybrid working remains in place and works well, a strong benefits package and an inclusive, open, honest and fun culture continue to help us stand out from the crowd.

Page 1

 
PREMIER HOLIDAYS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Principal risks and uncertainties
 
The Company operates in a highly competitive, price led market. The risks include constant changes in ownership of traditional travel agents, advances in technology to improve online booking capabilities, confusing publicity to the consumer over holiday protection and the threat of sudden falls in holiday demand as a result of natural disasters/political unrest or the improvement in the UK weather.  This changing environment is a risk to the company and could result in it losing revenue.
The Company manages this risk by providing value added services to its customers, maintaining strong relationships with travel agents and by continued investment in its product development and systems to ensure it offers the right product effectively. 
The Directors have identified a number of risk and uncertainties that could damage the current business and future growth prospects of the Company. They are summarised below:
 

Risk/Uncertainty
Risk/Uncertainty
Recruitment & Retention of high calibre staff for both the customer focused and support functions. 
Ongoing review of culture, pay and benefits packages, work/life balance and continued professional development to provide an attractive market leading proposition for existing and new employees.
 
Senior Leadership loss and replacement
Organisational reviews, succession planning and leadership development aligned to the requirements of the strategic plan and good Corporate Governance. 
 
Brand Reputation 
Careful assessment of supply chain partners, internal Customer Service processes and a Customer first approach to decision making.
 
Foreign Currency exchange fluctuations
Regular reviews of the Company’s known exposure and consistent approach to the purchases of Forward Contracts.
 
Political, Human and Natural risk
Ongoing monitoring of the relevant jurisdictions, contingency and scenario planning to provide a framework for action.
 
Technological Obsolescence/Pace of change
Ongoing review and continued investment to deliver appropriate technological solutions through a customer first approach.
 
IT Disruption, Scams and outages
Appropriate investment in IT security and support. Ongoing training/development of Teams against Scams and Fraud.
 
Financial key performance indicators
 
The main Key Performance Indicators (KPI’s) used in managing the performance of the Company include Revenue (Departures), Gross Profit %, Forward Bookings (Departures) and Total Passenger Numbers. These are monitored by Product Market daily; weekly and monthly against prior years and budget.

Key Performance Indicators
2024 (£'000)
2023 (£'000)
YOY
YOY %
Revenue (Departures)
44,554.4
42,228.5
2,325.93
5.5
Gross Profit %
12.6%
12.3%
0.3%
2.5
Forward Bookings
19,892.3
18,808.8
1,083.6
5.8
Total Passenger Numbers
25,316
25,937
(621)
(2.4)


Page 2

 
PREMIER HOLIDAYS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Other key performance indicators
 
Management makes use of certain alternative performance measures (APMs) such as travel agents activity which is monitored on a weekly basis and, the additional funds that are offered to the company from the Tourist Boards looking to work with us to attract holidaymakers to their destinations.
Additionally we use EBITDA and Free Cashflow both non-UK GAAP measures as defined below. 
EBITDA is operating profit as measured using UK GAAP principles adjusted for the effects of depreciation, amortisation and impairment of non-financial assets. EBITDA is reported to the Board as management considers that it provides a useful proxy for the Company’s operating profit excluding non-cash items.
 

EBITDA
2024 (£'000)
2023 (£'000)
YOY
Operating Profit
1,853.6
1,766.1
87.4
Depreciation, amortisation and impairment of non-financial asset
31.4
36.6
(5.2)
EBITDA '000's
1,885.0
1,802.7
82.3
EBITDA %
4.2%
4.3%
0.0%




Free cash flow is an important APM and gives the Board some insight as to the Company’s ability to produce cash to repay creditors or to distribute to shareholders. The free cash flow uses cash generated from operations adjusted by capital expenditure.

Free Cashflow
2024 (£'000)
2023 (£'000)
YOY
Cash generate from operations
1,711.2
1,692.1
19.2
Purchase of property, plant and equipment
(14.7)
(2.7)
(12.0)
Purchase of other intangible assets
(191.8)
(15.3)
(176.5)
Free Cashflow
1,504.7
1,674.1
(169.4)

This report was approved by the board on 3 March 2025 and signed on its behalf.



................................................
N L Waters
Director
Page 3

 
PREMIER HOLIDAYS 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.

Directors

The directors who served during the year were:

P S Andrews 
N L Waters 
H A Blades 
M J Godfrey 
D K Goffin 
R L Sargent 

Results and dividends

The profit for the year, after taxation, amounted to £1,572,426 (2023 - £1,364,647).

The directors paid a dividend from reserves of £833,026 (2023 - £154,000).

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 4

 
PREMIER HOLIDAYS LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Future developments

Investment in the IT infrastructure to support continued growth into new markets and revenue streams sustaining the long-term business performance.

Post balance sheet events

Since the year end the Company has paid dividends of £400,000.

Auditors

Under section 487(2) of the Companies Act 2006Price Bailey LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board on 3 March 2025 and signed on its behalf.
 





................................................
N L Waters
Director
Page 5

 
PREMIER HOLIDAYS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PREMIER HOLIDAYS LIMITED
 

Opinion


We have audited the financial statements of Premier Holidays Limited (the 'Company') for the year ended 30 September 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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:


give a true and fair view of the state of the Company's affairs as at 30 September 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


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


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 Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 6

 
PREMIER HOLIDAYS LIMITED
 

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


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


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


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
PREMIER HOLIDAYS LIMITED
 

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


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.
Our approach was as follows:
• We considered the nature of the commercial activities undertaken and the business performance for the year and held discussions with management.
• We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, UK taxation legislation and Health and Safety.
• We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.
• We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.
• We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.
• We discussed during the audit engagement team briefing regarding how and where fraud might arise in the financial statements and any potential indication of fraud. We remained alert to any indication of fraud or non-compliance with laws and regulations throughout the audit.
• We have reviewed compliance and correspondence with ATOL and ABTA regulations.
• Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.


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.
Page 8

 
PREMIER HOLIDAYS LIMITED
 

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


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 2006Our 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.





Andrew Booth (Senior Statutory Auditor)
  
for and on behalf of
Price Bailey LLP
 
Chartered Accountants
Statutory Auditors
  
Tennyson House
Cambridge Business Park
Cambridge
CB4 0WZ

5 March 2025
Page 9

 
PREMIER HOLIDAYS LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
44,554,392
42,228,456

Cost of sales
  
(38,927,286)
(37,027,408)

Gross profit
  
5,627,106
5,201,048

Administrative expenses
  
(4,516,963)
(4,132,634)

Other operating income
 5 
743,436
697,374

Operating profit
 6 
1,853,579
1,765,788

Interest receivable and similar income
 10 
253,398
32,224

Profit before tax
  
2,106,977
1,798,012

Tax on profit
 11 
(534,551)
(433,365)

Profit for the financial year
  
1,572,426
1,364,647

Other comprehensive income for the year
  

Movements on forward contracts
  
(61,622)
(214,354)

Other comprehensive income for the year
  
(61,622)
(214,354)

Total comprehensive income for the year
  
1,510,804
1,150,293

The notes on pages 14 to 28 form part of these financial statements.
Page 10

 
PREMIER HOLIDAYS LIMITED
REGISTERED NUMBER: 01791598

STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024

2024
2023
as restated
Note
£
£

Fixed assets
  

Intangible Assets
 13 
204,112
23,093

Tangible fixed assets
 14 
42,485
48,360

  
246,597
71,453

Current assets
  

Debtors: amounts falling due within one year
 15 
3,983,193
3,397,117

Cash at bank and in hand
 16 
10,429,885
9,504,818

  
14,413,078
12,901,935

Creditors: amounts falling due within one year
 17 
(10,874,647)
(9,871,942)

Net current assets
  
 
 
3,538,431
 
 
3,029,993

Total assets less current liabilities
  
3,785,028
3,101,446

Creditors: amounts falling due after more than one year
 18 
(34,718)
(28,914)

  

Net assets
  
3,750,310
3,072,532


Capital and reserves
  

Called up share capital 
 21 
750,000
750,000

Capital redemption reserve
 22 
466,236
466,236

Foreign exchange reserve
 22 
(20,022)
41,600

Profit And Loss Account
 22 
2,554,096
1,814,696

  
3,750,310
3,072,532


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 3 March 2025.




................................................
N L Waters
Director

The notes on pages 14 to 28 form part of these financial statements.
Page 11
 

 
PREMIER HOLIDAYS LIMITED


 

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



Called up share capital
Capital redemption reserve
Foreign exchange reserve
Profit and loss account
Total equity


£
£
£
£
£



At 1 October 2022
750,000
466,236
255,954
604,049
2,076,239





Profit for the year
-
-
-
1,364,647
1,364,647


Movement on forward contracts
-
-
(214,354)
-
(214,354)


Dividends: Equity capital
-
-
-
(154,000)
(154,000)





At 1 October 2023
750,000
466,236
41,600
1,814,696
3,072,532





Profit for the year
-
-
-
1,572,426
1,572,426


Movement on forward contracts
-
-
(61,622)
-
(61,622)


Dividends: Equity capital
-
-
-
(833,026)
(833,026)



At 30 September 2024
750,000
466,236
(20,022)
2,554,096
3,750,310



The notes on pages 14 to 28 form part of these financial statements.
Page 12
 
PREMIER HOLIDAYS LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
As restated
£
£

Cash flows from operating activities

Profit for the financial year
1,572,426
1,364,647

Adjustments for:

Amortisation of intangible assets
10,801
14,836

Depreciation of tangible assets
20,579
21,725

Interest received
(253,398)
(32,224)

Taxation charge
534,551
433,365

(Increase) in debtors
(627,679)
(723,815)

Increase in creditors
453,940
613,525

Net cash generated from operating activities

1,711,220
1,692,059


Cash flows from investing activities

Purchase of intangible fixed assets
(191,820)
(15,276)

Purchase of tangible fixed assets
(14,704)
(5,000)

Interest received
253,398
32,224

Net cash from investing activities

46,874
11,948

Cash flows from financing activities

Dividends paid
(833,026)
(154,000)

Net cash used in financing activities
(833,026)
(154,000)

Net increase in cash and cash equivalents
925,068
1,550,007

Cash and cash equivalents at beginning of year
9,504,817
7,954,811

Cash and cash equivalents at the end of year
10,429,885
9,504,818


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
10,429,885
9,504,818


The notes on pages 14 to 28 form part of these financial statements.

Page 13

 
PREMIER HOLIDAYS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

Premier Holidays Limited is a private company limited by shares and is incorporated in England & Wales. The address of its registered office is given in the company information page of these financial statements.
Premier Holidays Limited's principal activity is that of a tour operator.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with 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 management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The company’s business activities, together with the factors likely to affect its future development, performance and position are set out in the Strategic Report. The financial position of the company is also described in the Strategic Report. 
 
The company has considerable financial resources and the directors believe that the company is well placed to manage its business risks successfully despite any uncertainties with the economic outlook. 
 
The directors expect that the company has resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements. 

Page 14

 
PREMIER HOLIDAYS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Revenue

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable.
The turnover of the company is the aggregate amount charged to customers in the United Kingdom for bookings and services rendered in respect of departures up until 30 September 2024. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 15

 
PREMIER HOLIDAYS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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:

Software development
-
5
years

 
2.10

Tangible fixed assets

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

Page 16

 
PREMIER HOLIDAYS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

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

Depreciation is provided on the following basis:

Fixtures and fittings
-
5 years
Computer equipment
-
3 - 5 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

  
2.14

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

 
2.15

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.

Page 17

 
PREMIER HOLIDAYS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.15
Financial instruments (continued)

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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

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

Basic financial assets

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

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

Other financial assets

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

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments
Page 18

 
PREMIER HOLIDAYS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.15
Financial instruments (continued)

discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

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

Other financial instruments

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

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

Derecognition of financial instruments

Derecognition of financial assets

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

Derecognition of financial liabilities

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

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

  
2.17

Advanced receipts and payments

All revenue relating to tours with departure dates after the year end are treated as advance receipts at the balance sheet date and are separately disclosure under other accruals and deferred income. Payments made to suppliers in respect of these are included in prepayments and accrued income.

Page 19

 
PREMIER HOLIDAYS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

IIn 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 recognised 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 of revision and future periods where the revision affects both current and future periods.
The directors are of the view that there are no estimates or assumptions that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities.


4.


Turnover

Turnover is derived solely in the UK from its sole primary activity.

All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Other operating income
210,578
171,027

Marketing income
532,858
526,347

743,436
697,374



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Amortisation
10,801
14,836

Depreciation
20,579
21,725

Exchange differences
(210,042)
(171,027)

Other operating lease rentals
105,102
93,597

Page 20

 
PREMIER HOLIDAYS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

7.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
22,500
25,200

Fees payable to the Company's auditors for non audit services
7,750
10,800

8.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
3,099,853
2,876,470

Social security costs
294,402
253,825

Cost of defined contribution scheme
114,642
110,278

3,508,897
3,240,573


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Direct operational staff
55
51



Administration staff
40
47

95
98


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
679,924
650,505

Company contributions to defined contribution pension schemes
64,742
38,627

744,666
689,132


During the year retirement benefits were accruing to 4 directors (2023 - 4) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £305,031 (2023 - £270,176).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £10,350 (2023 - £10,100).

Page 21

 
PREMIER HOLIDAYS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

10.


Interest receivable

2024
2023
£
£


Other interest receivable
253,398
32,224


11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
534,551
153,425


Deferred tax


Origination and reversal of timing differences
-
279,940


Tax on profit
534,551
433,365

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
2,106,977
1,798,012


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
526,744
395,710

Effects of:


Fixed asset differences
-
(275)

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
13,637
4,428

Remeasurement of deferred tax for changes in tax rates
-
33,502

Capital allowances
(5,830)
-

Total tax charge for the year
534,551
433,365


Factors that may affect future tax charges

There were no factors that may affect future tax changes.

Page 22

 
PREMIER HOLIDAYS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

12.


Dividends

2024
2023
£
£


Dividends
833,026
154,000


13.


Intangible assets




Software development

£



Cost


At 1 October 2023
735,617


Additions
191,820


Disposals
(214,571)



At 30 September 2024

712,866



Amortisation


At 1 October 2023
712,524


Charge for the year on owned assets
10,801


On disposals
(214,571)



At 30 September 2024

508,754



Net book value



At 30 September 2024
204,112



At 30 September 2023
23,093



Page 23

 
PREMIER HOLIDAYS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

14.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost or valuation


At 1 October 2023
387,381
202,116
589,497


Additions
-
14,704
14,704


Disposals
(199,721)
(37,906)
(237,627)



At 30 September 2024

187,660
178,914
366,574



Depreciation


At 1 October 2023
354,708
186,429
541,137


Charge for the year on owned assets
12,821
7,758
20,579


Disposals
(199,721)
(37,906)
(237,627)



At 30 September 2024

167,808
156,281
324,089



Net book value



At 30 September 2024
19,852
22,633
42,485



At 30 September 2023
32,673
15,687
48,360


15.


Debtors

2024
2023
£
£


Trade debtors
838,011
308,131

Other debtors
260,658
176,154

Prepayments and accrued income
2,881,129
2,867,837

Deferred taxation
3,395
3,395

Financial instruments
-
41,600

3,983,193
3,397,117


Included within "prepayments and accrued income" above are amounts relating to payments in advance to suppliers for holidays departing after the year end, the total of which amounts to £2,541,075 (2023: £2,572,801).

Page 24

 
PREMIER HOLIDAYS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

16.


Cash and cash equivalents

2024
2023
as restated
£
£

Cash at bank and in hand
10,429,885
9,504,818



17.


Creditors: Amounts falling due within one year

2024
2023
As restated
£
£

Trade creditors
2,318,400
2,102,869

Corporation tax
534,551
153,425

Other taxation and social security
63,975
64,792

Other creditors
140,444
273,415

Accruals and deferred income
7,797,259
7,277,441

Financial instruments
20,018
-

10,874,647
9,871,942


Included within "Accruals and deferred income" above are amounts relating to customer monies held on account for holidays departing after the year end, the total of which amount to £7,166,283 (2023: £6,746,864).
Lloyds Bank PLC has a fixed charge, containing a negative pledge, to secure the liabilities of the company.


18.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Accruals and deferred income
34,718
28,914


The above amounts relate to customer monies held on account for holidays departing at a minimum of one year after the year end.

Page 25

 
PREMIER HOLIDAYS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

19.


Cash flow hedging

The company enters into various foreign currency contracts to mitigate the exchange rate risk for certain foreign currency payables. At 30 September 2024, the outstanding contracts all mature within 12 months of the year end.
The company is committed to buying the below and pay a fixed sterling amount:
AED  1,190,000
AUD  420,000
CAD  60,000
  
EUR  155,000
  
HKD  130,000
  
NZD  700,000
  
SGD  200,000
  
THB  33,500,000 
 
USD  1,250,000  
ZAR  7,000,000
As at 30 September 2024, the recognised net gains on currency cash flow hedging instruments amounted to £61,618, which is reflected within other comprehensive income. 


20.


Deferred taxation




2024


£






At beginning of year
3,395



At end of year
3,395

The deferred tax asset is made up as follows:

2024
2023
£
£


Accelerated capital allowances
3,395
3,395

Page 26

 
PREMIER HOLIDAYS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

21.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



750,000 (2023 - 750,000) Ordinary shares of £1.00 each
750,000
750,000



22.


Reserves

Capital redemption reserve

Includes all current and prior year redemptions or repurchases of issued share capital.

Foreign exchange reserve

Includes all current and prior year foreign exchange movements on derivatives that qualify for hedge accounting.

Profit and loss account

Profit and loss includes all current and prior periods retained profit, net of dividends paid and other adjustments.


23.


Contingent liabilities

The company currently holds an Air Travel Organisers' License ('ATOL') issued by the Civil Aviation Authority ('CAA'), is a member of the Association of British Travel Agents Limited ('ABTA') and is an accredited agent of the international Air Transport Association ('IATA').
As at 30 September 2024, there were contingent liabilities, in relation to ABTA bonds, given by the company in the normal course of business to First Underwriting Limited amounting to £305,317 (2023: £399,380) and Travel and General Insurance Services Limited amounting to £305,317 (2023: £400,447). 


24.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £114,642 (2023 - £110,278). Contributions totalling £32,797 (2023 - £29,421) were payable to the fund at the balance sheet date and are included in other creditors.

Page 27

 
PREMIER HOLIDAYS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

25.


Commitments under operating leases

At 30 September 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
49,041
119,886

Later than 1 year and not later than 5 years
67,008
200,565

116,049
320,451


26.


Related party transactions

P S Andrews, N L Waters and R L Sargent are directors of Premier Travel Agency Limited.
The following transactions occurred with Premier Travel Agency Limited:


2024
2023
£
£

Sales
5,915,022
5,256,343
Commission payable
(655,969)
(577,804)
Operating recharges
489,598
948,422

At the year end, the Company owed £nil to Premier Travel Agency Limited (2023: £nil).


27.


Post balance sheet events

Since the year end the Company has paid dividends of £400,000.


28.


Controlling party

As at 30 September 2024, there is not deemed to be an ultimate controlling party of Premier Holidays Limited.


29.


Prior year restatement

During the preparation of the financial statements for the current year, it was identified that amounts included on the Balance Sheet as current asset investments should've been treated as Cash at Bank. It was also identified that other taxation and social security was not appropriately disclosed, as such we have reclassified the appropriate value for disclosure.
 
These have therefore been corrected by way of a prior year restatement. These adjustments have no impact to overall net assets.

Page 28