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Registered number: 00786323










PREMIER TRAVEL AGENCY LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
PREMIER TRAVEL AGENCY LIMITED
 

COMPANY INFORMATION


Directors
P S Andrews 
R L Sargent 
N L Waters 
P A Waters 
S P Cox (appointed 1 October 2024) 




Company secretary
N L Waters



Registered number
00786323



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 TRAVEL AGENCY 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 TRAVEL AGENCY LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Introduction
 
The principal activity of Premier Travel Agency Ltd (the ‘Company’) during the year was that of a travel agency business.

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. Two additional branches opened during the year increasing our reach with the East of England region.
Financial performance of the Company was very positive with an increase of 15.6% in transaction values (unaudited) year on year to £62,044,588 (2023 - £53,679,763). Excluding non-comparable Branches the increase was 11% or £5.9M. Costs control remains challenging with a significant increase in the National Minimum Wage (NMW) from April 2024 offset in part by Business Rates Relief being extended through to 2025. Operating Profit Margin increased from 12.6% to 19.1% as a result of new branches, lower discounting and lower relative central cost.
 
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 TRAVEL AGENCY 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 tour operators and by continued investment 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
Mitigation
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.

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 (Unaudited - Transaction Value), Total Revenue (UK GAAP), Net Commission % and Forward Bookings. These are monitored at Company and Branch level daily; weekly and monthly against prior years and budget.

Key Performance Indicators
2024 (£'000)
2023 (£'000)
YOY
YOY%
Revenue (Transaction Value - Unaudited)
62,044.6
53,679.8
8,364.83
15.6
Revenue (Total)
6,842.3
5,809.6
1,032.67
17.8
Forward Bookings (Transaction Value)
32,228
28,286
3,942
13.9


Page 2

 
PREMIER TRAVEL AGENCY 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 Branch Targets,  Foreign Currency Sales and Purchases and Marketing income from Tour Operators, Tourist Boards and a third party suppliers with the supply chain.
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.

Operating (loss)/profit
2024 (£'000)
2023 (£'000)
YOY
Operating (loss)/profit
1,085.7
911.0
174.7
Depreciation, amortisation and impairment of non-financial asset
76.8
77.8
(1.0)
EBITDA '000's
1,162.4
988.8
173.6
EBITDA %
17.0%
17.0%
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 (used in) generated from operations
1,985.5
2,365.9
(380.4)
Purchase of property, plant and equipment
(45.8)
(42.9)
(2.9)
Free Cashflow
1,939.7
2,323.0
(383.3)



This report was approved by the board on 27 February 2025 and signed on its behalf.



................................................
P A Waters
Director

Page 3

 
PREMIER TRAVEL AGENCY 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 
R L Sargent 
N L Waters 
P A Waters 
S P Cox (appointed after the year end on 1 October 2024 but before the date of this report) 

Results and dividends

The profit for the year, after taxation, amounted to £984,166 (2023 - £731,101).

The directors paid a dividend from reserves of £102,256 (2023 - £nil)

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 TRAVEL AGENCY LIMITED
 

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

Future developments

Investment in the IT infrastructure and growth of the branch network into area areas beyond the current footprint to support sustainable long-term business performance.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

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 27 February 2025 and signed on its behalf.
 





................................................
P A Waters
Director

Page 5

 
PREMIER TRAVEL AGENCY LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PREMIER TRAVEL AGENCY LIMITED
 

Opinion


We have audited the financial statements of Premier Travel Agency 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.


Other matters


The comparative figures were not audited.


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.


Page 6

 
PREMIER TRAVEL AGENCY LIMITED
 

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


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.


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 TRAVEL AGENCY LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PREMIER TRAVEL AGENCY 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.
• 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 TRAVEL AGENCY LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PREMIER TRAVEL AGENCY 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

27 February 2025
Page 9

 
PREMIER TRAVEL AGENCY LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
Note
£
£

  

Turnover
     3
6,842,309
5,809,639

Gross profit
  
6,842,309
5,809,639

Administrative expenses
  
(6,066,814)
(5,243,640)

Other operating income
 4 
310,161
243,941

Fair value movements
  
-
101,037

Operating profit
 5 
1,085,656
910,977

Interest receivable and similar income
 9 
219,513
32,729

Profit before tax
  
1,305,169
943,706

Tax on profit
 10 
(321,003)
(212,605)

Profit for the financial year
  
984,166
731,101

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

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

Page 10

 
PREMIER TRAVEL AGENCY LIMITED
REGISTERED NUMBER: 00786323

STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024

2024
2023
as restated
Note
£
£

Fixed assets
  

Intangible fixed assets
 12 
68,444
85,555

Tangible fixed assets
 13 
217,625
231,467

Investment property
 14 
401,268
401,268

  
687,337
718,290

Current assets
  

Stocks
 15 
553
1,725

Debtors: amounts falling due within one year
 16 
760,497
529,869

Cash at bank and in hand
 17 
7,234,726
5,177,737

  
7,995,776
5,709,331

Creditors: amounts falling due within one year
 18 
(7,427,658)
(6,079,782)

Net current assets/(liabilities)
  
 
 
568,118
 
 
(370,451)

Total assets less current liabilities
  
1,255,455
347,839

Creditors: amounts falling due after more than one year
 19 
(86,286)
(60,580)

  

Net assets
  
1,169,169
287,259


Capital and reserves
  

Called up share capital 
 21 
100,000
100,000

Profit and loss account
 22 
1,069,169
187,259

  
1,169,169
287,259


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 February 2025.




................................................
P A Waters
Director

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

Page 11

 
PREMIER TRAVEL AGENCY LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 October 2022
100,000
(543,842)
(443,842)



Profit for the year
-
731,101
731,101



At 1 October 2023
100,000
187,259
287,259



Profit for the year
-
984,166
984,166

Dividends: Equity capital
-
(102,256)
(102,256)


At 30 September 2024
100,000
1,069,169
1,169,169


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

Page 12

 
PREMIER TRAVEL AGENCY LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
984,166
731,101

Adjustments for:


Amortisation of intangible assets
17,111
17,111

Depreciation of tangible assets
59,639
60,646

Fair value movement
-
(101,036)

Interest received
(219,513)
(32,729)

Taxation charge
321,003
212,605

Decrease in stocks
1,172
1,575

(Increase)/decrease in debtors
(230,628)
682,832

Increase in creditors
1,052,579
793,833

Net cash generated from operating activities

1,985,529
2,365,938


Cash flows from investing activities

Purchase of tangible fixed assets
(45,797)
(42,863)

Interest received
219,513
32,729

Net cash from investing activities

173,716
(10,134)

Cash flows from financing activities

Dividends paid
(102,256)
-

Net cash used in financing activities
(102,256)
-

Net increase in cash and cash equivalents
2,056,989
2,355,804

Cash and cash equivalents at beginning of year
5,177,737
2,821,933

Cash and cash equivalents at the end of year
7,234,726
5,177,737


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
7,234,726
5,177,737


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

Page 13

 
PREMIER TRAVEL AGENCY LIMITED
 

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

1.


General information

Premier Travel Agency Limited is a private company incorporated in England and Wales.
The registered office is: Building 1020 Cambourne Business Park, Cambourne, Cambridge, CB23 6DW
The company's principal activity continued to be that of a travel agent.

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.

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. 

 
2.3

Revenue

Travel date commissions receivable are recognised on departure date of tours.
Revenue represents the amount of gross revenue receivable from inclusive tours, travel agency commissions receivable and other services supplied to customers in the ordinary course of business.
Cost of sales subsequently represents gross revenue receivable after the deduction of commission.

 
2.4

Operating leases: the Company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

Page 14

 
PREMIER TRAVEL AGENCY LIMITED
 

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

2.Accounting policies (continued)

 
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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Interest income

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

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

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.

 
2.9

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.


Page 15

 
PREMIER TRAVEL AGENCY LIMITED
 

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

2.Accounting policies (continued)

 
2.10

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over its useful economic life.


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:

Goodwill
-
20
years straight line

 
2.11

Tangible fixed assets

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

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

Depreciation is provided on the following basis:

Freehold property
-
35 years straight line
Fixtures and fittings
-
5 years straight line
Software development
-
3 - 5 years straight line

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.

Page 16

 
PREMIER TRAVEL AGENCY LIMITED
 

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

2.Accounting policies (continued)

  
2.12

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each reporting date to
determine whether there is any indication that the assets are impaired. Where there is any indication
that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the
asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount
by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is
the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of
assessing impairment, assets are grouped at the lowest levels for which there are separately
identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are
reviewed at each reporting date to assess whether there is any indication that the impairment losses
recognised in prior periods may no longer exist or may have decreased.

 
2.13

Investment property

Investment property is carried at fair value. This was determined in 2023 by external valuers and
since then has been reviewed by directors on an annual basis. The value is derived from the current
market rents and investment property yields for comparable real estate, adjusted if necessary for
any difference in the nature, location or condition of the specific asset. No depreciation is provided.
Changes in fair value are recognised in the Statement of comprehensive income.

 
2.14

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.15

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.

 
2.16

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.

 
2.17

Creditors

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

Page 17

 
PREMIER TRAVEL AGENCY LIMITED
 

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

2.Accounting policies (continued)

 
2.18

Financial instruments

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

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 debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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 debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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. 

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 instrument is 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 creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted
Page 18

 
PREMIER TRAVEL AGENCY LIMITED
 

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

2.Accounting policies (continued)


2.18
Financial instruments (continued)

where the effect of discounting is immaterial.

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

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors 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.

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.

  
2.19

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.

 
2.20

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.

Page 19

 
PREMIER TRAVEL AGENCY LIMITED
 

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

2.Accounting policies (continued)

  
2.21

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.


3.


Turnover

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


4.


Other operating income

2024
2023
£
£

Net rents receivable
7,473
7,550

Marketing income
302,688
236,391

310,161
243,941



5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
59,639
60,646

Amortisation of intangible assets
17,111
17,111


6.


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
16,500
-

Fees payable to the Company's auditors for non audit services
3,000
-
Page 20

 
PREMIER TRAVEL AGENCY LIMITED
 

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

7.


Employees

2024
2023
£
£

Wages and salaries
3,300,751
2,864,254

Social security costs
268,607
174,252

Cost of defined contribution scheme
79,270
72,366

3,648,628
3,110,872


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


        2024
        2023
            No.
            No.







Operational
115
96



Admin
9
13

124
109


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
353,829
315,151

Company contributions to defined contribution pension schemes
10,350
10,100

364,179
325,251


During the year retirement benefits were accruing to 1 director (2023 - 1) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £306,563 (2023 - £271,145).

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).


9.


Interest receivable

2024
2023
£
£


Other interest receivable
219,513
32,729

Page 21

 
PREMIER TRAVEL AGENCY LIMITED
 

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

10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
321,003
-


Total current tax
321,003
-

Deferred tax


Origination and reversal of timing differences
-
212,605

Total deferred tax
-
212,605


Tax on profit
321,003
212,605

Factors affecting tax charge for the year

The tax assessed for the year is the same as (2023 - the same as) the standard rate of corporation tax in the UK of 25% (2023 - 19%) as set out below:

2024
2023
£
£


Profit on ordinary activities before tax
1,305,169
943,706


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 22%)
326,292
207,615

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
21,570
22,769

Capital allowances for year in excess of depreciation
(26,859)
(17,779)

Total tax charge for the year
321,003
212,605


Factors that may affect future tax charges

There were no factors that may affect future tax charges.




11.


Dividends

2024
2023
£
£


Dividends paid
102,256
-

Page 22

 
PREMIER TRAVEL AGENCY LIMITED
 

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

12.


Intangible assets




Goodwill

£



Cost


At 1 October 2023
342,219



At 30 September 2024

342,219



Amortisation


At 1 October 2023
256,664


Charge for the year on owned assets
17,111



At 30 September 2024

273,775



Net book value



At 30 September 2024
68,444



At 30 September 2023
85,555

Travel Centre (Norwich) Ltd was acquired in 2008, with Goodwill being material to the company. The
carrying amount at 30 September 2024 was £68,444 (2023: £85,555) and has an estimated useful life
remaining of 4 years.



Page 23

 
PREMIER TRAVEL AGENCY LIMITED
 

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

13.


Tangible fixed assets





Freehold property
Fixtures and fittings
Software development
Total

£
£
£
£



Cost or valuation


At 1 October 2023
151,019
525,032
44,003
720,054


Additions
-
45,797
-
45,797


Disposals
-
(13,045)
(4,132)
(17,177)



At 30 September 2024

151,019
557,784
39,871
748,674



Depreciation


At 1 October 2023
17,003
441,191
30,393
488,587


Charge for the year on owned assets
4,315
48,508
6,816
59,639


Disposals
-
(13,045)
(4,132)
(17,177)



At 30 September 2024

21,318
476,654
33,077
531,049



Net book value



At 30 September 2024
129,701
81,130
6,794
217,625



At 30 September 2023
134,016
83,841
13,610
231,467

Page 24

 
PREMIER TRAVEL AGENCY LIMITED
 

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

14.


Investment property


Freehold investment property

£



Valuation


At 1 October 2023
401,268



At 30 September 2024
401,268





On 10 August 2023 Cheffins undertook a valuation of the properties. The valuations now represent on an
open market value for existing use basis, as at the year end.
The directors have reviewed the value as at 30 September 2024 and consider there to be no material
difference to the fair value of the property as at the year end.
If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
230,574
230,574


15.


Stocks

2024
2023
£
£

Finished goods and goods for resale
553
1,725



16.


Debtors

2024
2023
£
£


Trade debtors
177,037
109,129

Other debtors
82,624
48,689

Prepayments and accrued income
448,883
320,098

Deferred taxation
51,953
51,953

760,497
529,869


Page 25

 
PREMIER TRAVEL AGENCY LIMITED
 

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

17.


Cash and cash equivalents

2024
2023
as restated
£
£

Cash at bank and in hand
7,234,726
5,177,737



18.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
351,296
274,076

Corporation tax
321,003
-

Other taxation and social security
453,132
286,546

Other creditors
108,716
135,728

Accruals and deferred income
6,193,511
5,383,432

7,427,658
6,079,782


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 £5,457,944 (2023:
£4,742,610).
Lloyds Bank PLC has a fixed and floating charge over all current and future property or undertaking of the
company, containing a negative pledge.


19.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Accruals and deferred income
86,286
60,580


Included within "Accruals and deferred income" above are amounts relating to customer monies held on account for holidays departing more than one year after the year end, the total of which amount to £86,286 (2023: £60,580).

Page 26

 
PREMIER TRAVEL AGENCY LIMITED
 

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

20.


Deferred taxation




2024


£






At beginning of year
51,953



At end of year
51,953

The deferred tax asset is made up as follows:

2024
2023
£
£


Accelerated capital allowances
28,566
28,566

Losses and other deductions
23,387
23,387

51,953
51,953


21.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100,000 (2023 - 100,000) Share capital shares of £1.00 each
100,000
100,000



22.


Reserves

Profit and loss account

Profit and loss includes all current and prior periods retained profit.


23.


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 £79,270 (2023 - £72,366). Contributions totalling £nil (2023 - £nil) were payable to the fund at the reporting date and are included in creditors.

Page 27

 
PREMIER TRAVEL AGENCY LIMITED
 

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

24.


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
287,858
477,154

Later than 1 year and not later than 5 years
442,367
284,873

730,225
762,027


25.


Related party transactions

The company occupies premises owned by the Premier Travel Holdings Limited Pension and Assurance
Scheme, of which Mr P S Andrews and Mr R L Sargent are members and trustees, for a market annual
rental of £40,000 (2023: £40,000). The balance owing to the scheme at 30 September 2024 was £nil
(2023: £nil).
During the year the following transactions occured with Premier Holidays Limited, of which P S Andrews,
N L Waters and R L Sargent are directors:


2024
2023
£
£

Commissions receivable
655,969
577,804
Operating expenses
(489,598)
(948,422)
166,371
(370,618)

At the year end, the Company was owed £nil (2023: £nil) from Premier Holidays Limited.


26.


Post balance sheet events

The directors have concluded that no other material events have occurred since the date of approval of
these financial statements that would affect the financial statements of the Company.


27.


Controlling party

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


28.


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. This has therefore been corrected by way of a prior year restatement. This adjustment had no impact to overall net assets.


Page 28