Caseware UK (AP4) 2023.0.135 2023.0.135 2024-07-312024-07-31false2023-08-01falsetruetruetruetrueprovision of school group travel arrangements on a worldwide basis across a range of educational,language, music sport and ski tours.33truefalse 14026857 2023-08-01 2024-07-31 14026857 2022-08-01 2023-07-31 14026857 2024-07-31 14026857 2023-07-31 14026857 2022-08-01 14026857 1 2023-08-01 2024-07-31 14026857 d:Director1 2023-08-01 2024-07-31 14026857 d:Director1 2024-07-31 14026857 d:Director2 2023-08-01 2024-07-31 14026857 d:Director3 2023-08-01 2024-07-31 14026857 d:Director4 2023-08-01 2024-07-31 14026857 d:Director4 2024-07-31 14026857 d:RegisteredOffice 2023-08-01 2024-07-31 14026857 c:CurrentFinancialInstruments 2024-07-31 14026857 c:CurrentFinancialInstruments 2023-07-31 14026857 c:Non-currentFinancialInstruments 2024-07-31 14026857 c:Non-currentFinancialInstruments 2023-07-31 14026857 c:CurrentFinancialInstruments c:WithinOneYear 2024-07-31 14026857 c:CurrentFinancialInstruments c:WithinOneYear 2023-07-31 14026857 c:Non-currentFinancialInstruments c:AfterOneYear 2024-07-31 14026857 c:Non-currentFinancialInstruments c:AfterOneYear 2023-07-31 14026857 c:ShareCapital 2023-08-01 2024-07-31 14026857 c:ShareCapital 2024-07-31 14026857 c:ShareCapital 2022-08-01 2023-07-31 14026857 c:ShareCapital 2023-07-31 14026857 c:ShareCapital 2022-08-01 14026857 c:RetainedEarningsAccumulatedLosses 2023-08-01 2024-07-31 14026857 c:RetainedEarningsAccumulatedLosses 2024-07-31 14026857 c:RetainedEarningsAccumulatedLosses 2022-08-01 2023-07-31 14026857 c:RetainedEarningsAccumulatedLosses 2023-07-31 14026857 c:RetainedEarningsAccumulatedLosses 2022-08-01 14026857 d:OrdinaryShareClass1 2023-08-01 2024-07-31 14026857 d:OrdinaryShareClass1 2024-07-31 14026857 d:OrdinaryShareClass1 2023-07-31 14026857 d:FRS102 2023-08-01 2024-07-31 14026857 d:Audited 2023-08-01 2024-07-31 14026857 d:FullAccounts 2023-08-01 2024-07-31 14026857 d:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 14026857 c:Subsidiary1 2023-08-01 2024-07-31 14026857 c:Subsidiary1 1 2023-08-01 2024-07-31 14026857 6 2023-08-01 2024-07-31 14026857 e:PoundSterling 2023-08-01 2024-07-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 14026857










HURON MIDCO LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

 
HURON MIDCO LIMITED
 
 
COMPANY INFORMATION


Directors
A P Williamson 
R Parry 
J W Icke 




Registered number
14026857



Registered office
35 Churchill Park
Colwick Business Estate

Nottingham

NG4 2HF




Independent auditors
Xeinadin Audit Limited
Chartered Accountants & Statutory Auditor

Becket House

36 Old Jewry

London

EC2R 8DD





 
HURON MIDCO LIMITED
 

CONTENTS



Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditors' report
6 - 9
Profit and loss account
10
Statement of comprehensive income
11
Statement of financial position
12
Statement of changes in equity
13 - 14
Notes to the financial statements
15 - 20


 
HURON MIDCO LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024

Introduction
 
The directors present the Strategic Report for the year ended 31st July 2024.

Business review
 
The company is an intermediate holding company in the Huron Topco group of companies (see Note 15)  and records interest expenditure on loan notes issued by the shareholders. 
Principal Activity
The principal activity of the Huron Topco group is the provision of school group travel arrangements on a worldwide basis across a range of educations, language, music, sport and ski tours.

Principal risks and uncertainties
 
As an intermediate holding company, the main risks relate to the future performance of the subsidiary undertakings. Further details of the risks facing those businesses is contained in the respective statutory accounts of the subsidiary undertakings.

Page 1

 
HURON MIDCO LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024

Directors' statement of compliance with duty to promote the success of the Company
 
The company is ineligible for medium-sized company exemptions under section 467 of Companies Act. Therefore, large company accounts have been prepared. Large companies are required to publish a statement setting out how the Board have complied with Section 172(1) of the Companies Act 2006, this requires the Board to act in a manner they consider would most likely promote the success of the group for the benefit of its members as a whole, and in doing so having regard to:
• likely consequences of any decisions in the long term;
• interest of employees;
• need to foster close business relationships with customers, suppliers and others
• impact of the group’s operations on the community and environment
• maintaining a reputation for high standard of business conduct
• acting fairly in regard to all members of the company
Directors’ Statement as required by section 414CZA of The Companies Act 2006
This report sets out how the directors comply with the requirement of Section 172 Companies Act 2006 and how these requirements have impacted on the Board’s decision making throughout 2023-24.
The key matters that the directors report on when undertaking their duties are:
The likely consequence of any decision in the long term.
The business is operated within tight budgetary guidelines and, as part of regular monitoring, looks out for external events that may materially impact the business and develops mitigation plans to offset any adverse impacts or take advantage of growth opportunities.
The interest of the company’s employees.
The company’s employees are fundamental to the long-term success of the business. The company aims to be a responsible employer in the approach to pay and benefits the employees receive. All employees have objectives and personal development plans which enable them to further their careers within the business. An annual survey is conducted to measure the engagement of the employees and follow up plans are put in place to improve this on a yearly basis.
The need to foster the company’s business relationships with suppliers, customers and others.
Delivery of excellent service to our customers is key to the success of the business in order to retain, grow and acquire new business. The company conducts regular client satisfaction surveys and monitors department performance against these surveys. The company maintains excellent relationships with all its suppliers and conducts regular supplier reviews to monitor performance.
The impact of the company’s operations on the community and environment.
The company encourages all its employees to get involved in charitable projects to improve the places where they live and work. 
The desirability of the company maintaining a reputation for high standards of business conduct.
The directors take the reputation of the company seriously which is not limited to only operational and financial performance. The company regularly reviews its policies to ensures they remain appropriate as the business develops and grows.

 
Page 2

 
HURON MIDCO LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024


The need to act fairly between members.
The intentions of the Board of Directors are to behave responsibly toward stakeholders and treat them fairly and equally so they too may benefit from the successful delivery of the Board’s plan.
 


This report was approved by the board on 30 January 2025 and signed on its behalf.



J W Icke
Director

Page 3

 
HURON MIDCO LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2024

The directors present their report and the financial statements for the year ended 31 July 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

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

Directors

The directors who served during the year were:

C Halpin-Rose (resigned 28 June 2024)
A P Williamson 
R Parry 
J W Icke (appointed 28 June 2024)

Political contributions

The company made no political or charitable donations or incurred any political expenditure during the period
(2023: £nil).

Matters covered in the Strategic report

Where necessary, disclosures relating to future developments, results and dividends have been made in the Strategic Report and have not been repeated here in accordance with Section 414C of the Companies Act 2006.

Page 4

 
HURON MIDCO LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

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

Auditors

The auditorsXeinadin Audit Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 30 January 2025 and signed on its behalf.
 





J W Icke
Director

Page 5

 
HURON MIDCO LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HURON MIDCO LIMITED
UNDER SECTION 449 OF THE COMPANIES ACT 2006
 

Opinion


We have audited the financial statements of Huron Midco Limited (the 'Company') for the year ended 31 July 2024, which comprise the Profit and loss account, the Statement of comprehensive income, the Statement of financial position, 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 July 2024 and of its loss 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 6

 
HURON MIDCO LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HURON MIDCO 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 Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


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


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
HURON MIDCO LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HURON MIDCO 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:
 
 Enquiry of management and those charged with governance around actual and potential litigation and
claims; 
 
Reviewing minutes of meetings of those charged with governance;
 
 Performing audit work over the risk of management override of controls, including testing of journal entries
and other adjustments for appropriateness, evaluating the business rationale of significant transactions
outside the normal course of business and reviewing accounting estimates for bias;
 
 Enquiry of management and those charged with governance to identify any instances of non-compliance
with laws and regulations.
 
The potential effect of these laws and regulations on the financial statements varies considerably.
Firstly, the Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.  
Secondly, the Company is subject to many other laws and regulations where the consequence of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance the imposition of fines or litigation or the loss of the Company’s license to operate. We identified the following areas as those most likely to have such an effect: health and safety including data protection laws, employment law compliance recognising the nature of the Company’s activities.  Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Page 8

 
HURON MIDCO LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HURON MIDCO LIMITED (CONTINUED)
UNDER SECTION 449 OF THE COMPANIES ACT 2006



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.


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.





Yasin Khandwalla (FCCA) (Senior statutory auditor)
  
for and on behalf of
Xeinadin Audit Limited
 
Chartered Accountants
Statutory Auditor
  
Becket House
36 Old Jewry
London
EC2R 8DD

30 January 2025
Page 9

 
HURON MIDCO LIMITED
 
 
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JULY 2024

2024
2023
Note
£
£

  

Interest payable and similar expenses
 6 
(204,987)
(146,221)

Loss before tax
  
(204,987)
(146,221)

Loss for the financial year
  
(204,987)
(146,221)

The notes on pages 15 to 20 form part of these financial statements.

Page 10

 
HURON MIDCO LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2024

2024
2023
Note
£
£


Loss for the financial year

  

(204,987)
(146,221)

Other comprehensive income
  

Total comprehensive income for the year
  
(204,987)
(146,221)

The notes on pages 15 to 20 form part of these financial statements.

Page 11

 
HURON MIDCO LIMITED
REGISTERED NUMBER: 14026857

STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2024

2024
2023
Note
£
£

Fixed assets
  

Fixed asset investments
  
1
1

  
1
1

Current assets
  

Debtors: amounts falling due after more than one year
 8 
4,040,570
2,437,000

Debtors: amounts falling due within one year
 8 
-
97,999

  
4,040,570
2,534,999

Creditors: amounts falling due within one year
 9 
(103,570)
(97,999)

Net current assets
  
 
 
3,937,000
 
 
2,437,000

Total assets less current liabilities
  
3,937,001
2,437,001

Creditors: amounts falling due after more than one year
 10 
(4,303,832)
(2,598,845)

  

Net liabilities
  
(366,831)
(161,844)


Capital and reserves
  

Called up share capital 
 11 
1
1

Profit and loss account
 12 
(366,832)
(161,845)

  
(366,831)
(161,844)


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 January 2025.



J W Icke
Director

The notes on pages 15 to 20 form part of these financial statements.

Page 12

 
HURON MIDCO LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 August 2023
1
(161,845)
(161,844)


Comprehensive income for the year

Loss for the year
-
(204,987)
(204,987)
Total comprehensive income for the year
-
(204,987)
(204,987)


Total transactions with owners
-
-
-


At 31 July 2024
1
(366,832)
(366,831)


The notes on pages 15 to 20 form part of these financial statements.

Page 13

 
HURON MIDCO LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 August 2022
1
(15,624)
(15,623)


Comprehensive income for the year

Loss for the year
-
(146,221)
(146,221)
Total comprehensive income for the year
-
(146,221)
(146,221)


Total transactions with owners
-
-
-


At 31 July 2023
1
(161,845)
(161,844)


The notes on pages 15 to 20 form part of these financial statements.

Page 14

 
HURON MIDCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


General information

Huron Midco Limited is a private company incorporated in the United Kingdom.
The registered office and principal place of business is 35 Churchill Park Colwick Business Estate, Nottingham, United Kingdom, NG4 2HF.
The principal activity of the company is that of an intermediate holding company for its investments.
The principal activity of the group of which the company is the parent is the provision  of school group
travel arrangements on a worldwide basis across a range of educational, language, music, sport and ski
tours.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Huron Topco Limited as at 31st July 2024 and these financial statements may be obtained from its registered office, 35 Churchill Park, Colwick Business Estate, Nottingham, NG4 2HF.

 
2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

Page 15

 
HURON MIDCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.4

Going concern

The Huron Topco group has continued to see significant bookings for the 2024-25 financial year and a strong start to bookings for the 2025 - 26 financial year. There is also a considerable internal focus on investing in systems, streamlining processes and training to deliver higher levels of customer service and internal operational efficiencies. In addition, schools and the Government are still encouraging learning outside of the classroom and school trips. It is for these reasons, alongside the support from Literacy Capital Plc, that the directors are confident that the company will have adequate resources 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.

 
2.5

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.

 
2.6

Borrowing costs

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

 
2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.8

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.

 
2.9

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.

 
2.10

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.
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 income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.


Page 16

 
HURON MIDCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements estimates and assumptions about the carrying value if assets and liabilities that are not readily available 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 assumption 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.


4.


Auditors' remuneration

The auditor’s remuneration for services provided to the group was charged to trading subsidiaries Halsbury Travel Limited and IBT Travel Limited. It is not practicable to allocate the total fees, amounting to £42,000 (2023: £33,600), specifically to services provided to the Company for the year ended 31 July 2024.



The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


5.


Employees




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


        2024
        2023
            No.
            No.







Directors
3
3


6.


Interest payable and similar expenses

2024
 2023
£
£


Other loan interest payable
204,987
146,221

204,987
146,221

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HURON MIDCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

7.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


Additions
1



At 31 July 2024
1





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Class of shares

Holding

Huron Bidco Limited
Ordinary
100%

Page 18

 
HURON MIDCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

8.


Debtors

2024
2023
£
£

Due after more than one year

Amounts owed by group undertakings
4,040,570
2,437,000

4,040,570
2,437,000


2024
2023
£
£

Due within one year

Amounts owed by group undertakings
-
97,999

-
97,999



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Amounts owed to group undertakings
103,570
97,999

103,570
97,999



10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Loan notes
4,303,832
2,598,845

4,303,832
2,598,845


The debenture loans relate to the loan notes issued by the shareholders of Huron Topco Limited on 22nd June 2022. There was an additional loan note issued during the year amounting £1,500,000 by the shareholders of Huron Topco Limited on 5th December 2023 and this loan has been subordinated in accordance with the terms set out by the Civil Aviation Authority.
The loan notes carry interest at 6% per annum. The principal amount and accrued interest are repayable
in 2029.

Page 19

 
HURON MIDCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1 (2023 - 1) £1 Ordinary Share Capital share of £1.00
1
1



12.


Reserves

Profit and loss account

The profit and loss account includes all current and prior periods retained profit


13.


Related party transactions

The company has taken advantage of the exemption to disclose related party transactions with companies that are wholly owned within the Group.


14.


Post balance sheet events

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


15.


Controlling party

The ultimate controlling party is Literacy Capital Plc, by virtue of its controlling interest in the intermediary parent company, Huron Topco Limited.
The immediate parent undertaking is Huron Topco Limited.
The largest group to consolidate these financial statements is Huron Topco Limited. Copies of the group financial statements for Huron Topco Limited can be obtained from its registered office: 35 Churchill Park, Colwick Business Estate, Nottingham, NG4 2HF. 

 
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