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Registered number: 04271147










OUTLOOK EXPEDITIONS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2024

 
OUTLOOK EXPEDITIONS LIMITED
REGISTERED NUMBER: 04271147

BALANCE SHEET
AS AT 31 OCTOBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
13,531
6,090

  
13,531
6,090

Current assets
  

Debtors
 5 
125,101
103,071

Cash at bank and in hand
 6 
851,501
810,894

  
976,602
913,965

Creditors: amounts falling due within one year
 7 
(1,297,517)
(1,060,635)

Net current liabilities
  
 
 
(320,915)
 
 
(146,670)

Total assets less current liabilities
  
(307,384)
(140,580)

Creditors: amounts falling due after more than one year
 8 
(724,574)
(939,569)

  

Net liabilities
  
(1,031,958)
(1,080,149)


Capital and reserves
  

Called up share capital 
  
4,790
4,790

Share premium account
  
1,750,085
1,750,085

Profit and loss account
  
(2,786,833)
(2,835,024)

  
(1,031,958)
(1,080,149)


Page 1

 
OUTLOOK EXPEDITIONS LIMITED
REGISTERED NUMBER: 04271147
    
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 profit and loss account 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 7 March 2025.




N Miller
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
OUTLOOK EXPEDITIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

1.


General information

Outlook Expeditions Limited is a private company limited by shares incorporated in England and Wales. The registered office is 8th Floor Becket House, 36 Old Jewry, London, England, EC2R 8DD.

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.

 
2.2

Going concern

Based on the continued support from the directors, the directors are confident that the company, will have sufficient funds and cash reserves to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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

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

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

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

 
2.4

Turnover

Turnover represents the gross value of travel and other related services. Turnover is recognised at point of departure and the full cost of departures is included within cost of sales.

 
2.5

Interest income

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

Page 3

 
OUTLOOK EXPEDITIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.6

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.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
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 Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

  
2.9

Taxation

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 balance sheet date in the countries where the Company
operates and generates income.

 
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.

 
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 4

 
OUTLOOK EXPEDITIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 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:

Plant and machinery
-
25%
straight line
Fixtures and fittings
-
15%
straight line
Office equipment
-
15%
straight line
Computer equipment
-
33%
straight line

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

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

 
2.12

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.

 
2.13

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.

 
2.14

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.

 
2.15

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
 

Page 5

 
OUTLOOK EXPEDITIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

3.


Employees

2024
2023
£
£

Wages and salaries
423,885
287,068

Social security costs
37,884
26,169

Cost of defined contribution scheme
7,857
5,603

469,626
318,840


The average monthly number of employees, including directors, during the year was 13 (2023 - 9).


4.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 November 2023
591,008
213,339
6,781
811,128


Additions
-
4,331
5,738
10,069



At 31 October 2024

591,008
217,670
12,519
821,197



Depreciation


At 1 November 2023
591,008
213,339
691
805,038


Charge for the year on owned assets
-
833
1,795
2,628



At 31 October 2024

591,008
214,172
2,486
807,666



Net book value



At 31 October 2024
-
3,498
10,033
13,531



At 31 October 2023
-
-
6,090
6,090

Page 6

 
OUTLOOK EXPEDITIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

5.


Debtors


2024
2023
£
£

Due after more than one year

Prepayments and accrued income
4,369
4,725

4,369
4,725

Due within one year

Trade debtors
2,930
4,550

Other debtors
2,973
460

Prepayments and accrued income
114,829
93,336

125,101
103,071


Prepayments and accrued income includes advanced payments to suppliers for departures after the balance sheet date amounting to £83,595 (2023: £62,736).


6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
851,501
810,894

851,501
810,894



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
18,109
36,707

Other taxation and social security
14,526
8,860

Other creditors
34,603
1,136

Accruals and deferred income
1,230,279
1,013,932

1,297,517
1,060,635


Accruals and deferred income within one year includes monies received in advance to customers of £1,221,029 (2023: £1,004,682) which relate to bookings departing after the year end.

Page 7

 
OUTLOOK EXPEDITIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other loans
350,000
350,000

Accruals and deferred income
374,574
589,569

724,574
939,569


Accruals and deferred income over one year includes monies received in advance to customers of £54,949 (2023: £64,944) which relate to bookings departing after the year end.


9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£



Amounts falling due 2-5 years

Other loans
350,000
350,000


350,000
350,000


350,000
350,000


Total of other loans is £350,000.
Other loans falling due in 2 - 5 years: Nigel Miller (£50,000), Bluebird Capital (£50,000) and Finance Wales (£250,000).


10.


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 £7,857 (2023: £5,603).
Contributions totalling £2,040 (2023: £1,136) were payable to the fund at the reporting date.


11.


Related party transactions

As at 31 October 2024, the Company owed £322,625 (2023: £524,625) to Bluebird. The loan has no fixed repayment schedule and currently no interest is due on amounts outstanding. 

 
Page 8