Caseware UK (AP4) 2024.0.164 2024.0.164 2024-08-312024-08-31262023-09-01falseTour operator specialising in activity holidays26falsetruefalse 04482022 2023-09-01 2024-08-31 04482022 2022-09-01 2023-08-31 04482022 2024-08-31 04482022 2023-08-31 04482022 2022-09-01 04482022 1 2023-09-01 2024-08-31 04482022 1 2022-09-01 2023-08-31 04482022 5 2023-09-01 2024-08-31 04482022 5 2022-09-01 2023-08-31 04482022 1 2023-09-01 2024-08-31 04482022 e:Director2 2023-09-01 2024-08-31 04482022 d:FurnitureFittings 2023-09-01 2024-08-31 04482022 d:OfficeEquipment 2023-09-01 2024-08-31 04482022 d:OfficeEquipment 2024-08-31 04482022 d:OfficeEquipment 2023-08-31 04482022 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 04482022 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-09-01 2024-08-31 04482022 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-08-31 04482022 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-08-31 04482022 d:CurrentFinancialInstruments 2024-08-31 04482022 d:CurrentFinancialInstruments 2023-08-31 04482022 d:CurrentFinancialInstruments d:WithinOneYear 2024-08-31 04482022 d:CurrentFinancialInstruments d:WithinOneYear 2023-08-31 04482022 d:ShareCapital 2024-08-31 04482022 d:ShareCapital 2023-08-31 04482022 d:ShareCapital 2022-09-01 04482022 d:SharePremium 2024-08-31 04482022 d:SharePremium 2023-08-31 04482022 d:SharePremium 2022-09-01 04482022 d:CapitalRedemptionReserve 2024-08-31 04482022 d:CapitalRedemptionReserve 2023-08-31 04482022 d:CapitalRedemptionReserve 2022-09-01 04482022 d:RetainedEarningsAccumulatedLosses 2023-09-01 2024-08-31 04482022 d:RetainedEarningsAccumulatedLosses 2024-08-31 04482022 d:RetainedEarningsAccumulatedLosses 2022-09-01 2023-08-31 04482022 d:RetainedEarningsAccumulatedLosses 2023-08-31 04482022 d:RetainedEarningsAccumulatedLosses 2022-09-01 04482022 d:AcceleratedTaxDepreciationDeferredTax 2024-08-31 04482022 d:AcceleratedTaxDepreciationDeferredTax 2023-08-31 04482022 e:FRS102 2023-09-01 2024-08-31 04482022 e:Audited 2023-09-01 2024-08-31 04482022 e:FullAccounts 2023-09-01 2024-08-31 04482022 e:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 04482022 d:Subsidiary1 2023-09-01 2024-08-31 04482022 d:Subsidiary1 1 2023-09-01 2024-08-31 04482022 e:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 04482022 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:InternallyGeneratedIntangibleAssets 2023-09-01 2024-08-31 04482022 2 2023-09-01 2024-08-31 04482022 6 2023-09-01 2024-08-31 04482022 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2023-09-01 2024-08-31 04482022 f:PoundSterling 2023-09-01 2024-08-31 iso4217:GBP xbrli:pure

Registered number: 04482022









THE ARTISAN TRAVEL COMPANY LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2024

 
THE ARTISAN TRAVEL COMPANY LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE ARTISAN TRAVEL COMPANY LIMITED
UNDER SECTION 449 OF THE COMPANIES ACT 2006
 

Opinion


We have audited the financial statements of The Artisan Travel Company Limited (the 'Company') for the year ended 31 August 2024, which comprise  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 31 August 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


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


Conclusions relating to going concern


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


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


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


Page 1

 
THE ARTISAN TRAVEL COMPANY LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE ARTISAN TRAVEL COMPANY LIMITED (CONTINUED)
UNDER SECTION 449 OF THE COMPANIES ACT 2006


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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' Report has 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 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; or


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 1, 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 2

 
THE ARTISAN TRAVEL COMPANY LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE ARTISAN TRAVEL COMPANY LIMITED (CONTINUED)
UNDER SECTION 449 OF THE COMPANIES ACT 2006


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:

- We exercise professional judgment and maintain professional skepticism throughout the audit;
- We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the deliberate override of internal control;
- We obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of internal control;
- We evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made;
- We assess the risk of management override of controls, including testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business;
- We review the scope of the Company's compliance with its regulator, the Civil Aviation Authority ("CAA"), and its membership of The Association of British Travel Agents ("ABTA") and sample test relevant documentation to assess this and the effectiveness of its control environment;
- We request and review the minutes of management meetings, and assess any matters identified not already provided for or disclosed that may materially impact the financial statements.


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 3

 
THE ARTISAN TRAVEL COMPANY LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE ARTISAN TRAVEL COMPANY LIMITED (CONTINUED)
UNDER SECTION 449 OF THE COMPANIES ACT 2006


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.





M S Caldicott ACA FCCA CTA (Senior Statutory Auditor)
  
for and on behalf of
White Hart Associates (London) Limited
 
Chartered Accountants and Statutory Auditors
  
2nd Floor, Nucleus House
2 Lower Mortlake Road
Richmond
TW9 2JA

11 February 2025
Page 4

 
THE ARTISAN TRAVEL COMPANY LIMITED
REGISTERED NUMBER: 04482022

STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
49,815
18,070

Tangible assets
 5 
6,168
3,934

Investments
 6 
100
200

  
56,083
22,204

Current assets
  

Debtors: amounts falling due within one year
 7 
1,991,342
1,341,642

Cash at bank and in hand
 8 
721,784
491,001

  
2,713,126
1,832,643

Creditors: amounts falling due within one year
 9 
(1,811,871)
(1,272,954)

Net current assets
  
 
 
901,255
 
 
559,689

Total assets less current liabilities
  
957,338
581,893

Provisions for liabilities
  

Deferred tax
 10 
(13,996)
(5,501)

  
 
 
(13,996)
 
 
(5,501)

Net assets
  
943,342
576,392


Capital and reserves
  

Called up share capital 
  
151
151

Share premium account
  
39,932
39,932

Capital redemption reserve
  
17
17

Profit and loss account
  
903,242
536,292

  
943,342
576,392


Page 5

 
THE ARTISAN TRAVEL COMPANY LIMITED
REGISTERED NUMBER: 04482022
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 AUGUST 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 11 February 2025.




A V Hope
Director

The notes on pages 10 to 21 form part of these financial statements.

Page 6

 
THE ARTISAN TRAVEL COMPANY LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 September 2022 (as restated)
151
39,932
17
321,111
361,211


Comprehensive income for the year

Profit for the year
-
-
-
215,181
215,181



At 1 September 2023
151
39,932
17
536,292
576,392


Comprehensive income for the year

Profit for the year
-
-
-
366,950
366,950


At 31 August 2024
151
39,932
17
903,242
943,342


The notes on pages 10 to 21 form part of these financial statements.

Page 7

 
THE ARTISAN TRAVEL COMPANY LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
366,950
215,181

Adjustments for:

Amortisation of intangible assets
12,710
9,317

Depreciation of tangible assets
4,313
3,224

Interest paid
569
15,507

Interest received
(16,086)
(351)

Taxation charge
8,495
57,653

Increase in debtors
(191,159)
(66,249)

Increase in amounts owed by group undertakings
(458,439)
(353,598)

Increase in creditors
590,574
82,143

Increase in amounts owed to group undertakings
2,198
13,960

Corporation tax paid
(53,855)
(52,108)

Net cash generated from operating activities

266,270
(75,321)


Cash flows from investing activities

Purchase of intangible fixed assets
(44,457)
(23,844)

Purchase of tangible fixed assets
(6,547)
(1,737)

Interest received
16,086
351

Net cash from investing activities

(34,918)
(25,230)
Page 8

 
THE ARTISAN TRAVEL COMPANY LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024


2024
2023

£
£



Cash flows from financing activities

Repayment of loans
-
(196,409)

Interest paid
(569)
(15,507)

Net cash used in financing activities
(569)
(211,916)

Net increase/(decrease) in cash and cash equivalents
230,783
(312,467)

Cash and cash equivalents at beginning of year
491,001
803,468

Cash and cash equivalents at the end of year
721,784
491,001


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
721,784
491,001

721,784
491,001


The notes on pages 10 to 21 form part of these financial statements.

Page 9

 
THE ARTISAN TRAVEL COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1.


General information

The Artisan Travel Company Limited (the “company”) is a private company limited by shares and is registered and incorporated in England and Wales. The registered office address is 168 Brinkburn Street, Suite B, The Old Public Library, Newcastle, NE6 2AR.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

Company management and the directors, based on the current trading and the forward budgets/ forecasts prepared, have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, being at least the following 12 months from the signing of these financial statements.
For this reason, and with the Company continuing to receive the full support of the Group, the directors continue to adopt the going concern basis in the financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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

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

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

Page 10

 
THE ARTISAN TRAVEL COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Travel arrangements provided to customers are recognised on the date of departure basis.

 
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.

Page 11

 
THE ARTISAN TRAVEL COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

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

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

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

 
2.10

Intangible assets

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

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Development expenditure
-
3
years

 
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.

Page 12

 
THE ARTISAN TRAVEL COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

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

Depreciation is provided on the following basis:

Fixtures and fittings
-
10%
Office equipment
-
33%

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

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

 
2.12

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

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.14

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.

 
2.15

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.

Page 13

 
THE ARTISAN TRAVEL COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.16

Creditors

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

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
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.

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

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

Basic financial assets

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

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

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate
Page 14

 
THE ARTISAN TRAVEL COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)


2.18
Financial instruments (continued)

method.

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

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 26 (2023 - 26).

Page 15

 
THE ARTISAN TRAVEL COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

4.


Intangible assets




Development expenditure

£



Cost


At 1 September 2023
250,492


Additions
44,457



At 31 August 2024

294,949



Amortisation


At 1 September 2023
232,422


Charge for the year on owned assets
12,712



At 31 August 2024

245,134



Net book value



At 31 August 2024
49,815



At 31 August 2023
18,070



Page 16

 
THE ARTISAN TRAVEL COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

5.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 September 2023
93,990


Additions
6,547



At 31 August 2024

100,537



Depreciation


At 1 September 2023
90,056


Charge for the year on owned assets
4,313



At 31 August 2024

94,369



Net book value



At 31 August 2024
6,168



At 31 August 2023
3,934

Page 17

 
THE ARTISAN TRAVEL COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

6.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 September 2023
200


Amounts written off
(100)



At 31 August 2024
100





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Activities Abroad Limited
168 Brinkburn Street, Suite B, Newcastle, NE6 2AR
Ordinary
100%

The aggregate of the share capital and reserves as at 31 August 2024 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit/(loss)

Activities Abroad Limited

369,339
(1,832)

Page 18

 
THE ARTISAN TRAVEL COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

7.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
1,480,169
1,021,730

Other debtors
14,047
49,049

Prepayments and accrued income
497,126
270,863

1,991,342
1,341,642


Included in prepayments and accrued income above is the sum of £474,745 (2023: £228,219) which relates to advance supplier payments for bookings departing from 1 September 2024 onwards.


8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
721,784
491,001

721,784
491,001


Included in cash at bank above were restricted funds held in the Trust Account of £49,032 (2023: £147,157).


9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
2,966
29,978

Amounts owed to group undertakings
368,960
366,762

Corporation tax
-
53,855

Other taxation and social security
16,775
9,845

Accruals and deferred income
1,423,170
812,514

1,811,871
1,272,954


Included in accruals and deferred income balance is the sum of £1,367,824 (2023: £757,573) which relates to advance customer receipts for bookings departing from 1 September 2024 onwards.

Page 19

 
THE ARTISAN TRAVEL COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

10.


Deferred taxation




2024


£






At beginning of year
(5,501)


Charged to profit or loss
(8,495)



At end of year
(13,996)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(13,996)
(5,501)

(13,996)
(5,501)


11.


Contingent liabilities

At 31 August 2024, there were contingent liabilities outstanding in respect of counter indemnities and guarantees given by the Company, in the normal course of business, to the Company's bond insurance obligors in respect of ABTA travel bonds amounting to £101,632 (2023: £203,494).


12.


Prior year adjustment

An adjustment has been made to correct the accounting treatment previously made in relation to a company buyback of shares on 16 June 2017. The prior year balances have been restated to recognise a capital redemption reserve of £17, increase share premium by £9,983 and reduced retained reserves by £10,000.


13.


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 £20,101 (2023: £15,301). Contributions totalling £Nil (2023: £Nil) were payable to the fund at the reporting date.


14.


Related party transactions

The Company has taken advantage of the exemption in Financial Reporting Standard 102, paragraph 33.1A, from the requirement to disclose transactions with group companies on the basis that consolidated financial statements are prepared by the ultimate parent company.

Page 20

 
THE ARTISAN TRAVEL COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

15.


Post balance sheet events

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


16.


Controlling party

The ultimate holding company is The Artisan Travel Holding Limited, a company incorporated in England and Wales.
The immediate parent company is The Artisan Travel Group Limited, a company incorporated in England and Wales.
The immediate and ultimate parent company prepares group consolidated financial statements for the year. Copies of consolidated financial statements can be obtained from its registered office at 168 Brinkburn Street, Suite B, The Old Public Library, Newcastle, NE6 2AR.

 
Page 21