Lime TIG Co Ltd and Subsidiary Undertakings
Annual report and financial statements
For the year ended 30 September 2024
Lime TIG Co Ltd And Subsidiary Undertakings
Lime TIG Co Ltd and Subsidiary Undertakings
Company information
Directors
Mr M W Edwards
Ms E J Bond
Company number
14847814
Registered office
Chester House
Lloyd Drive
Cheshire Oaks Business Park
Ellesmere Port
Cheshire
England
CH65 9HQ
Auditor
DJH Audit Limited
Chester House
LLoyd Drive
Ellesmere Port
Cheshire
United Kingdom
CH65 9HQ
Lime TIG Co Ltd And Subsidiary Undertakings
Lime TIG Co Ltd and Subsidiary Undertakings
Contents
Page
Strategic report
1 - 3
Directors' report
4 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Profit and loss account
10
Group statement of comprehensive income
11
Group balance sheet
12
Company balance sheet
13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Company statement of cash flows
17
Notes to the financial statements
18 - 35
Lime TIG Co Ltd And Subsidiary Undertakings
Lime TIG Co Ltd and Subsidiary Undertakings
Strategic report
For the year ended 30 September 2024
- 1 -

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

Review of the business

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

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

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

Principal risks and uncertainties including financial instruments

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

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

Development and performance

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

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

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

Other information and explanations

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

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

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

Lime TIG Co Ltd And Subsidiary Undertakings
Lime TIG Co Ltd and Subsidiary Undertakings
Strategic report (continued)
For the year ended 30 September 2024
- 2 -
S172 Statement by the Directors

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

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

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

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

Stakeholder

Our Approach

Stakeholder consideration in the directors decision making

Customers

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

 

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

 

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

 

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

 

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

 

Lime TIG Co Ltd And Subsidiary Undertakings
Lime TIG Co Ltd and Subsidiary Undertakings
Strategic report (continued)
For the year ended 30 September 2024
- 3 -

Promoting the success of the company cont...

 

Employees

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

 

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

 

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

 

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

 

 

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

Regulators

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

 

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

 

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

 

On behalf of the board

Mr M W Edwards
Director
13 December 2024
Lime TIG Co Ltd And Subsidiary Undertakings
Lime TIG Co Ltd and Subsidiary Undertakings
Directors' report
For the year ended 30 September 2024
- 4 -

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

Principal activities

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

Results and dividends

The results for the year are set out on page 10.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr M W Edwards
Ms E J Bond
Energy and carbon report
2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
- Gas combustion
9,697
6,057
- Electricity purchased
99,681
77,384
109,378
83,441
2024
2023
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
1.77
1.11
- Fuel consumed for owned transport
-
-
1.77
1.11
Scope 2 - indirect emissions
- Electricity purchased
20.64
16.02
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the group
-
-
Total gross emissions
22.41
17.13
Intensity ratio
Tonnes CO2e per full-time employee
0.22
0.167
Lime TIG Co Ltd And Subsidiary Undertakings
Lime TIG Co Ltd and Subsidiary Undertakings
Directors' report (continued)
For the year ended 30 September 2024
- 5 -
Quantification and reporting methodology

The group has followed the 2019 HM Government Environmental Reporting Guidelines. The group has also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per average full-time employee.

Measures taken to improve energy efficiency

All meeting rooms across the Group are installed with the latest video conferencing technology for staff meetings, to reduce the need for travel between sites.

All thermostats are centrally controlled to ensure they work at the most efficient level and all air conditioning units are regularly serviced. Blinds are installed on every window to assist with the improvement in efficiency.

The Company has introduced a scheme to encourage the purchase of electric cars and to support this it has installed 4 recharge points in the office car park.

The Company offers a cycle MOT scheme in addition to cycle shelters to encourage staff to cycle to work.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Mr M W Edwards
Director
13 December 2024
Lime TIG Co Ltd And Subsidiary Undertakings
Lime TIG Co Ltd and Subsidiary Undertakings
Directors' responsibilities statement
For the year ended 30 September 2024
- 6 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Lime TIG Co Ltd And Subsidiary Undertakings
Lime TIG Co Ltd and Subsidiary Undertakings
Independent auditor's report
To the members of Lime TIG Co Ltd And Subsidiary Undertakings
- 7 -
Opinion

We have audited the financial statements of Lime TIG Co Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

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

 

We have nothing to report in this regard.

Lime TIG Co Ltd And Subsidiary Undertakings
Lime TIG Co Ltd and Subsidiary Undertakings
Independent auditor's report (continued)
To the members of Lime TIG Co Ltd And Subsidiary Undertakings
- 8 -

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

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

 

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

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

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

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

 

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

Lime TIG Co Ltd And Subsidiary Undertakings
Lime TIG Co Ltd and Subsidiary Undertakings
Independent auditor's report (continued)
To the members of Lime TIG Co Ltd And Subsidiary Undertakings
- 9 -
Our approach was as follows

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

 

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

- making enquiries of management and;

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

 

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

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Desirie Lea FCA, FCCA
(Senior Statutory Auditor)
For and on behalf of DJH Audit Limited
17 December 2024
Accountants
Statutory Auditor
Chester House
LLoyd Drive
Ellesmere Port
Cheshire
United Kingdom
CH65 9HQ
Lime TIG Co Ltd And Subsidiary Undertakings
Lime TIG Co Ltd and Subsidiary Undertakings
Group profit and loss account
For the year ended 30 September 2024
- 10 -
Year
Period
ended
ended
30 September
30 September
2024
2023
Notes
£
£
Turnover
3
163,351,803
39,924,880
Cost of sales
(156,086,491)
(38,292,571)
Gross profit
7,265,312
1,632,309
Administrative expenses
(5,607,776)
(1,564,218)
Other operating income
6,000
6,000
Operating profit
5
1,663,536
74,091
Interest receivable and similar income
7
689,997
160,971
Interest payable and similar expenses
9
(102,173)
(27,868)
Profit before taxation
2,251,360
207,194
Tax on profit
10
(636,578)
(129,919)
Profit for the financial year
22
1,614,782
77,275
Profit for the financial year is attributable to:
- Owners of the parent company
888,161
23,218
- Non-controlling interests
726,621
54,057
1,614,782
77,275
Lime TIG Co Ltd And Subsidiary Undertakings
Lime TIG Co Ltd and Subsidiary Undertakings
Group statement of comprehensive income
For the year ended 30 September 2024
- 11 -
Year
Period
ended
ended
30 September
30 September
2024
2023
£
£
Profit for the year
1,614,782
77,275
Other comprehensive income
-
-
Total comprehensive income for the year
1,614,782
77,275
Total comprehensive income for the year is attributable to:
- Owners of the parent company
888,161
23,218
- Non-controlling interests
726,621
54,057
1,614,782
77,275
Lime TIG Co Ltd And Subsidiary Undertakings
Lime TIG Co Ltd and Subsidiary Undertakings
Group balance sheet
As at 30 September 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
11
1,121,275
1,249,421
Tangible assets
12
201,277
207,813
1,322,552
1,457,234
Current assets
Debtors
15
4,764,900
4,568,610
Cash at bank and in hand
18,349,550
19,152,878
23,114,450
23,721,488
Creditors: amounts falling due within one year
16
(21,660,469)
(23,590,182)
Net current assets
1,453,981
131,306
Total assets less current liabilities
2,776,533
1,588,540
Creditors: amounts falling due after more than one year
17
(217,286)
(643,720)
Provisions for liabilities
Deferred tax liability
19
40,501
40,856
(40,501)
(40,856)
Net assets
2,518,746
903,964
Capital and reserves
Called up share capital
21
1
1
Profit and loss reserves
22
911,379
23,218
Equity attributable to owners of the parent company
911,380
23,219
Non-controlling interests
1,607,366
880,745
2,518,746
903,964
The financial statements were approved by the board of directors and authorised for issue on 13 December 2024 and are signed on its behalf by:
13 December 2024
Mr M W Edwards
Director
Company registration number 14847814 (England and Wales)
Lime TIG Co Ltd And Subsidiary Undertakings
Lime TIG Co Ltd and Subsidiary Undertakings
Company balance sheet
As at 30 September 2024
30 September 2024
- 13 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
13
2,547,651
2,547,651
Current assets
Cash at bank and in hand
1
1
Creditors: amounts falling due within one year
16
(2,454,528)
(1,031,450)
Net current liabilities
(2,454,527)
(1,031,449)
Total assets less current liabilities
93,124
1,516,202
Creditors: amounts falling due after more than one year
17
(217,286)
(1,543,720)
Net liabilities
(124,162)
(27,518)
Capital and reserves
Called up share capital
21
1
1
Profit and loss reserves
22
(124,163)
(27,519)
Total equity
(124,162)
(27,518)

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £96,644 (2023 - £27,519 loss).

The financial statements were approved by the board of directors and authorised for issue on 13 December 2024 and are signed on its behalf by:
13 December 2024
Mr M W Edwards
Director
Company registration number 14847814 (England and Wales)
Lime TIG Co Ltd And Subsidiary Undertakings
Lime TIG Co Ltd and Subsidiary Undertakings
Group statement of changes in equity
For the year ended 30 September 2024
- 14 -
Share capital
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
Balance at 16 June 2023
-
0
-
0
-
-
-
Period ended 30 September 2023:
Profit and total comprehensive income
-
23,218
23,218
54,057
77,275
Issue of share capital
21
1
-
1
-
1
Acquisition of subsidiary
-
-
-
826,688
826,688
Balance at 30 September 2023
1
23,218
23,219
880,745
903,964
Year ended 30 September 2024:
Profit and total comprehensive income
-
888,161
888,161
726,621
1,614,782
Balance at 30 September 2024
1
911,379
911,380
1,607,366
2,518,746
Lime TIG Co Ltd And Subsidiary Undertakings
Lime TIG Co Ltd and Subsidiary Undertakings
Company statement of changes in equity
For the year ended 30 September 2024
- 15 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 16 June 2023
-
0
-
0
-
Period ended 30 September 2023:
Loss and total comprehensive income for the period
-
(27,519)
(27,519)
Issue of share capital
21
1
-
1
Balance at 30 September 2023
1
(27,519)
(27,518)
Year ended 30 September 2024:
Profit and total comprehensive income
-
(96,644)
(96,644)
Balance at 30 September 2024
1
(124,163)
(124,162)
Lime TIG Co Ltd And Subsidiary Undertakings
Lime TIG Co Ltd and Subsidiary Undertakings
Group statement of cash flows
For the year ended 30 September 2024
- 16 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
24
(451,500)
3,233,834
Interest paid
(5,529)
(27,868)
Income taxes paid
(205,254)
(117,734)
Net cash (outflow)/inflow from operating activities
(662,283)
3,088,232
Investing activities
Net cash acquired on purchase of a business
-
14,262,090
Purchase of tangible fixed assets
(93,447)
(33,586)
Interest received
689,997
160,971
Net cash generated from investing activities
596,550
14,389,475
Financing activities
Proceeds from issue of shares
-
1
Amounts due to related parties
(737,595)
1,675,170
Net cash (used in)/generated from financing activities
(737,595)
1,675,171
Net (decrease)/increase in cash and cash equivalents
(803,328)
19,152,878
Cash and cash equivalents at beginning of year
19,152,878
-
0
Cash and cash equivalents at end of year
18,349,550
19,152,878
Lime TIG Co Ltd And Subsidiary Undertakings
Lime TIG Co Ltd and Subsidiary Undertakings
Company statement of cash flows
For the year ended 30 September 2024
- 17 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
25
(1,084,000)
1,647,651
Net cash (outflow)/inflow from operating activities
(1,084,000)
1,647,651
Investing activities
Purchase of subsidiaries
-
0
(2,547,651)
Net cash used in investing activities
-
(2,547,651)
Financing activities
Proceeds from issue of shares
-
1
Proceeds from borrowings
1,084,000
900,000
Net cash generated from financing activities
1,084,000
900,001
Net increase in cash and cash equivalents
-
1
Cash and cash equivalents at beginning of year
1
-
0
Cash and cash equivalents at end of year
1
1
Lime TIG Co Ltd And Subsidiary Undertakings
Lime TIG Co Ltd and Subsidiary Undertakings
Notes to the group financial statements
For the year ended 30 September 2024
- 18 -
1
Accounting policies
Company information

Lime TIG Co Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Ashbourne House, The Guildway, Old Portsmouth Road, Guildford, Surrey, England, GU3 1LR.

 

The group consists of Lime TIG Co Ltd and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Lime TIG Co Ltd together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 30 September 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Lime TIG Co Ltd And Subsidiary Undertakings
Lime TIG Co Ltd and Subsidiary Undertakings
Notes to the group financial statements (continued)
For the year ended 30 September 2024
1
Accounting policies
(Continued)
- 19 -

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Revenue from the airline ticketing operation is recognised at the point of ticketing, when the significant risks and rewards of ownership of the goods have passed to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

Lime TIG Co Ltd And Subsidiary Undertakings
Lime TIG Co Ltd and Subsidiary Undertakings
Notes to the group financial statements (continued)
For the year ended 30 September 2024
1
Accounting policies
(Continued)
- 20 -
1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
over the term of the lease
Fixtures and fittings
33% on cost and 20% on cost
Computers
33% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

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

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

Lime TIG Co Ltd And Subsidiary Undertakings
Lime TIG Co Ltd and Subsidiary Undertakings
Notes to the group financial statements (continued)
For the year ended 30 September 2024
1
Accounting policies
(Continued)
- 21 -
1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

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

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Lime TIG Co Ltd And Subsidiary Undertakings
Lime TIG Co Ltd and Subsidiary Undertakings
Notes to the group financial statements (continued)
For the year ended 30 September 2024
1
Accounting policies
(Continued)
- 22 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Lime TIG Co Ltd And Subsidiary Undertakings
Lime TIG Co Ltd and Subsidiary Undertakings
Notes to the group financial statements (continued)
For the year ended 30 September 2024
1
Accounting policies
(Continued)
- 23 -
Other financial liabilities

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

 

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

Derecognition of financial liabilities

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

1.12
Equity instruments

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

1.13
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Lime TIG Co Ltd And Subsidiary Undertakings
Lime TIG Co Ltd and Subsidiary Undertakings
Notes to the group financial statements (continued)
For the year ended 30 September 2024
1
Accounting policies
(Continued)
- 24 -
1.14
Employee benefits

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

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits

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

1.16
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Airline ticketing
163,351,803
39,924,880
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
140,443,071
32,458,179
North America
21,063,745
6,776,400
Canada
1,476,085
589,114
Australia
97,719
27,042
Europe
271,183
74,145
163,351,803
39,924,880
Lime TIG Co Ltd And Subsidiary Undertakings
Lime TIG Co Ltd and Subsidiary Undertakings
Notes to the group financial statements (continued)
For the year ended 30 September 2024
3
Turnover and other revenue
(Continued)
- 25 -
2024
2023
£
£
Other revenue
Interest income
689,997
160,971
4
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
-
-
Audit of the financial statements of the company's subsidiaries
16,900
2,887
For other services
All other non-audit services
6,276
-
5
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Exchange losses
129,127
55,687
Fees payable to the group's auditor for the audit of the group's financial statements
16,900
-
Fees payable to the group's auditor for non audit services
6,276
Depreciation of owned tangible fixed assets
99,983
20,265
Amortisation of intangible assets
128,146
32,036
Directors salaries
615,954
-
Operating lease charges
292,458
12,969
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Other
21
25
-
-
Sales and marketing
19
10
-
-
Operational
61
67
-
-
Total
101
102
-
0
-
0
Lime TIG Co Ltd And Subsidiary Undertakings
Lime TIG Co Ltd and Subsidiary Undertakings
Notes to the group financial statements (continued)
For the year ended 30 September 2024
6
Employees
(Continued)
- 26 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,939,029
748,135
-
0
-
0
Social security costs
200,928
52,963
-
-
Pension costs
125,895
24,023
-
0
-
0
3,265,852
825,121
-
0
-
0
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
689,997
160,971
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
689,997
160,971
8
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
615,954
125,000
Remuneration disclosed above includes the following amounts paid to the highest paid director in 2024:
2024
£
Remuneration for qualifying services
507,039
Lime TIG Co Ltd And Subsidiary Undertakings
Lime TIG Co Ltd and Subsidiary Undertakings
Notes to the group financial statements (continued)
For the year ended 30 September 2024
- 27 -
9
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Unwinding of discount on provisions
96,644
27,519
Other interest
5,529
349
Total finance costs
102,173
27,868
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
621,312
105,339
Adjustments in respect of prior periods
15,617
4,869
Total current tax
636,929
110,208
Deferred tax
Origination and reversal of timing differences
(351)
19,711
Total tax charge
636,578
129,919

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
2,251,360
207,194
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
562,840
51,799
Tax effect of expenses that are not deductible in determining taxable profit
26,084
65,792
Adjustments in respect of prior years
15,618
4,869
Amortisation on assets not qualifying for tax allowances
32,036
-
0
Tax at marginal rate
-
0
(2,033)
Amortisation of goodwill acquired
-
0
8,009
Depreciation in excess of capital allowances
351
(18,228)
Deferred tax
(351)
19,711
Taxation charge
636,578
129,919
Lime TIG Co Ltd And Subsidiary Undertakings
Lime TIG Co Ltd and Subsidiary Undertakings
Notes to the group financial statements (continued)
For the year ended 30 September 2024
- 28 -
11
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 October 2023 and 30 September 2024
1,281,457
Amortisation and impairment
At 1 October 2023
32,036
Amortisation charged for the year
128,146
At 30 September 2024
160,182
Carrying amount
At 30 September 2024
1,121,275
At 30 September 2023
1,249,421
The company had no intangible fixed assets at 30 September 2024 or 30 September 2023.
Goodwill as noted above represents the balance of net assets acquired from Lime Management Limited less consideration paid as disclosed within the notes to the accounts.
12
Tangible fixed assets
Group
Leasehold improvements
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 October 2023
95,114
1,498
131,466
228,078
Additions
-
0
26,578
66,869
93,447
At 30 September 2024
95,114
28,076
198,335
321,525
Depreciation and impairment
At 1 October 2023
7,467
200
12,598
20,265
Depreciation charged in the year
29,871
2,408
67,704
99,983
At 30 September 2024
37,338
2,608
80,302
120,248
Carrying amount
At 30 September 2024
57,776
25,468
118,033
201,277
At 30 September 2023
87,647
1,298
118,868
207,813
The company had no tangible fixed assets at 30 September 2024 or 30 September 2023.
Lime TIG Co Ltd And Subsidiary Undertakings
Lime TIG Co Ltd and Subsidiary Undertakings
Notes to the group financial statements (continued)
For the year ended 30 September 2024
12
Tangible fixed assets
(Continued)
- 29 -

The company has allowed a fixed and floating charge over the group's assets, including the tangible fixed assets with a carrying amount of £201,277 (2023: £207,813) as security for the debenture entered into with HSBC.

13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
2,547,651
2,547,651
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 October 2023 and 30 September 2024
2,547,651
Carrying amount
At 30 September 2024
2,547,651
At 30 September 2023
2,547,651
14
Subsidiaries

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct/
Indirect
Lime Management Limited
England
Ordinary
60.50
-
Lime Management (Australia) Limited
England
Ordinary
0
60.50
Lime Management (Worldwide) Limited
England
Ordinary
0
60.50
Lime TIG Co Ltd And Subsidiary Undertakings
Lime TIG Co Ltd and Subsidiary Undertakings
Notes to the group financial statements (continued)
For the year ended 30 September 2024
- 30 -
15
Debtors
Group
Group
Company
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
4,341,248
4,051,656
-
0
-
0
Other debtors
-
10,000
-
0
-
0
Prepayments
166,763
210,240
Accrued income
233,879
267,943
-
0
-
0
4,741,890
4,539,839
-
-
Amounts falling due after more than one year:
Amount owed by related parties
23,010
28,771
-
0
-
0
Total debtors
4,764,900
4,568,610
-
-

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

16
Creditors: amounts falling due within one year
Group
Group
Company
Company
2024
2023
2024
2023
Notes
£
£
£
£
Amounts due to related parties
18
714,528
1,031,450
579,528
1,031,450
Trade creditors
15,610,003
15,742,167
-
0
-
0
Amounts owed to group undertakings
4,263
4,263
1,875,000
-
0
Corporation tax payable
621,312
189,633
-
0
-
0
Other taxation and social security
163,958
165,943
-
-
Deferred income
3,658,523
5,082,324
-
0
-
0
Other creditors
287,829
284,824
-
-
Accruals
600,053
1,089,578
-
0
-
0
21,660,469
23,590,182
2,454,528
1,031,450

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

 

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

Lime TIG Co Ltd And Subsidiary Undertakings
Lime TIG Co Ltd and Subsidiary Undertakings
Notes to the group financial statements (continued)
For the year ended 30 September 2024
16
Creditors: amounts falling due within one year
(Continued)
- 31 -

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

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

17
Creditors: amounts falling due after more than one year
Group
Group
Company
Company
2024
2023
2024
2023
Notes
£
£
£
£
Amounts due to group undertakings
18
-
0
-
0
-
0
900,000
Amounts due to related parties
217,286
643,720
217,286
643,720
217,286
643,720
217,286
1,543,720
18
Loans and overdrafts
Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£
Loans from group undertakings
-
0
-
0
1,875,000
900,000
Loans from related parties
244,000
-
0
109,000
-
0
244,000
-
1,984,000
900,000
Payable within one year
244,000
-
0
1,984,000
-
0
Payable after one year
-
0
-
0
-
0
900,000

 

19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
40,501
40,856
The company has no deferred tax assets or liabilities.
Lime TIG Co Ltd And Subsidiary Undertakings
Lime TIG Co Ltd and Subsidiary Undertakings
Notes to the group financial statements (continued)
For the year ended 30 September 2024
19
Deferred taxation
(Continued)
- 32 -
Group
Company
2024
2024
Movements in the year:
£
£
At 16 June 2023
40,856
-
Credit to profit or loss
(355)
-
Liability at 30 September 2024
40,501
-

 

20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
125,895
24,023

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

21
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of 1p each
100
100
1
1
22
Reserves
Profit and loss reserves

Profit and loss reserves represent the profit earned by the group less any distributions made.

Lime TIG Co Ltd And Subsidiary Undertakings
Lime TIG Co Ltd and Subsidiary Undertakings
Notes to the group financial statements (continued)
For the year ended 30 September 2024
- 33 -
23
Operating lease commitments
Lessee

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

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
198,304
198,820
-
-
Between two and five years
761,219
771,222
-
-
In over five years
873,402
1,061,702
-
-
1,832,925
2,031,744
-
-
24
Cash (absorbed by)/generated from group operations
2024
2023
£
£
Profit for the year after tax
1,614,782
77,275
Adjustments for:
Taxation charged
636,578
129,919
Finance costs
102,173
27,868
Investment income
(689,997)
(160,971)
Amortisation and impairment of intangible assets
128,146
32,036
Depreciation and impairment of tangible fixed assets
99,983
20,265
(Decrease)/increase in provisions
(96,644)
16,787
Movements in working capital:
(Increase)/decrease in debtors
(202,051)
1,086,193
(Decrease)/increase in creditors
(620,669)
2,004,462
Decrease in deferred income
(1,423,801)
-
Cash (absorbed by)/generated from operations
(451,500)
3,233,834
Lime TIG Co Ltd And Subsidiary Undertakings
Lime TIG Co Ltd and Subsidiary Undertakings
Notes to the group financial statements (continued)
For the year ended 30 September 2024
- 34 -
25
Cash (absorbed by)/generated from operations - company
2024
2023
£
£
Loss for the year after tax
(96,644)
(27,519)
Adjustments for:
Finance costs
96,644
27,519
Decrease in provisions
(96,644)
(27,519)
Movements in working capital:
(Decrease)/increase in creditors
(987,356)
1,675,170
Cash (absorbed by)/generated from operations
(1,084,000)
1,647,651
26
Analysis of changes in net funds - group
1 October 2023
Cash flows
30 September 2024
£
£
£
Cash at bank and in hand
19,152,878
(803,328)
18,349,550
Borrowings excluding overdrafts
-
(244,000)
(244,000)
19,152,878
(1,047,328)
18,105,550
27
Analysis of changes in net debt - company
1 October 2023
Cash flows
30 September 2024
£
£
£
Cash at bank and in hand
1
-
1
Borrowings excluding overdrafts
(900,000)
(1,084,000)
(1,984,000)
(899,999)
(1,084,000)
(1,983,999)
Lime TIG Co Ltd And Subsidiary Undertakings
Lime TIG Co Ltd and Subsidiary Undertakings
Notes to the group financial statements (continued)
For the year ended 30 September 2024
- 35 -
28
Related party transactions
Transactions with related parties

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

Entities controlled by Key management personnel

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

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

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

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

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

Amounts owed of £244,000 (2023 – £Nil) with respect to loans from Aviate Management Ltd.

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

Key management personnel

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

Terms and conditions of transactions with related parties

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

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