Registered number:
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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PREMIER HOLIDAYS LIMITED
COMPANY INFORMATION
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PREMIER HOLIDAYS LIMITED
CONTENTS
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PREMIER HOLIDAYS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
The principal activity of Premier Holidays Ltd (the ‘Company’) during the year was that of a tour operator.
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.
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PREMIER HOLIDAYS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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:
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.
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PREMIER HOLIDAYS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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.
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.
This report was approved by the board on 3 March 2025 and signed on its behalf.
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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.
The directors who served during the year were:
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).
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the 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 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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PREMIER HOLIDAYS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Investment in the IT infrastructure to support continued growth into new markets and revenue streams sustaining the long-term business performance.
Since the year end the Company has paid dividends of £400,000.
Under section 487(2) of the Companies Act 2006, Price 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
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PREMIER HOLIDAYS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PREMIER HOLIDAYS LIMITED
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 policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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.
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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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PREMIER HOLIDAYS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PREMIER HOLIDAYS LIMITED (CONTINUED)
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.
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.
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PREMIER HOLIDAYS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PREMIER HOLIDAYS LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these 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.
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PREMIER HOLIDAYS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PREMIER HOLIDAYS LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
Tennyson House
Cambridge Business Park
CB4 0WZ
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PREMIER HOLIDAYS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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PREMIER HOLIDAYS LIMITED
REGISTERED NUMBER: 01791598
STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 14 to 28 form part of these financial statements.
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