Caseware UK (AP4) 2023.0.135 2023.0.135 2024-07-312024-07-31falsetruetrue2023-08-01No description of principal activity79falsefalse85true 02002208 2023-08-01 2024-07-31 02002208 2022-08-01 2023-07-31 02002208 2024-07-31 02002208 2023-07-31 02002208 2022-08-01 02002208 1 2023-08-01 2024-07-31 02002208 1 2022-08-01 2023-07-31 02002208 6 2023-08-01 2024-07-31 02002208 6 2022-08-01 2023-07-31 02002208 d:Director1 2023-08-01 2024-07-31 02002208 d:Director2 2023-08-01 2024-07-31 02002208 d:Director2 2024-07-31 02002208 d:Director6 2023-08-01 2024-07-31 02002208 d:Director6 2024-07-31 02002208 d:Director7 2023-08-01 2024-07-31 02002208 d:RegisteredOffice 2023-08-01 2024-07-31 02002208 e:MotorVehicles 2023-08-01 2024-07-31 02002208 e:MotorVehicles 2024-07-31 02002208 e:MotorVehicles 2023-07-31 02002208 e:MotorVehicles e:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 02002208 e:FurnitureFittings 2023-08-01 2024-07-31 02002208 e:FurnitureFittings 2024-07-31 02002208 e:FurnitureFittings 2023-07-31 02002208 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 02002208 e:OfficeEquipment 2023-08-01 2024-07-31 02002208 e:OfficeEquipment 2024-07-31 02002208 e:OfficeEquipment 2023-07-31 02002208 e:OfficeEquipment e:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 02002208 e:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 02002208 e:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-07-31 02002208 e:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-07-31 02002208 e:Goodwill 2024-07-31 02002208 e:Goodwill 2023-07-31 02002208 e:ComputerSoftware 2024-07-31 02002208 e:ComputerSoftware 2023-07-31 02002208 e:CurrentFinancialInstruments 2024-07-31 02002208 e:CurrentFinancialInstruments 2023-07-31 02002208 e:Non-currentFinancialInstruments 2024-07-31 02002208 e:Non-currentFinancialInstruments 2023-07-31 02002208 e:CurrentFinancialInstruments e:WithinOneYear 2024-07-31 02002208 e:CurrentFinancialInstruments e:WithinOneYear 2023-07-31 02002208 e:Non-currentFinancialInstruments e:AfterOneYear 2024-07-31 02002208 e:Non-currentFinancialInstruments e:AfterOneYear 2023-07-31 02002208 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2024-07-31 02002208 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2023-07-31 02002208 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2024-07-31 02002208 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2023-07-31 02002208 e:ReportableOperatingSegment1 2023-08-01 2024-07-31 02002208 e:ReportableOperatingSegment1 2022-08-01 2023-07-31 02002208 e:ShareCapital 2023-08-01 2024-07-31 02002208 e:ShareCapital 2024-07-31 02002208 e:ShareCapital 2022-08-01 2023-07-31 02002208 e:ShareCapital 2023-07-31 02002208 e:ShareCapital 2022-08-01 02002208 e:RetainedEarningsAccumulatedLosses 2023-08-01 2024-07-31 02002208 e:RetainedEarningsAccumulatedLosses 2024-07-31 02002208 e:RetainedEarningsAccumulatedLosses 2022-08-01 2023-07-31 02002208 e:RetainedEarningsAccumulatedLosses 2023-07-31 02002208 e:RetainedEarningsAccumulatedLosses 2022-08-01 02002208 e:AcceleratedTaxDepreciationDeferredTax 2024-07-31 02002208 e:AcceleratedTaxDepreciationDeferredTax 2023-07-31 02002208 e:TaxLossesCarry-forwardsDeferredTax 2024-07-31 02002208 e:TaxLossesCarry-forwardsDeferredTax 2023-07-31 02002208 e:RetirementBenefitObligationsDeferredTax 2024-07-31 02002208 e:RetirementBenefitObligationsDeferredTax 2023-07-31 02002208 d:OrdinaryShareClass1 2023-08-01 2024-07-31 02002208 d:OrdinaryShareClass1 2024-07-31 02002208 d:OrdinaryShareClass1 2023-07-31 02002208 d:FRS102 2023-08-01 2024-07-31 02002208 d:Audited 2023-08-01 2024-07-31 02002208 d:FullAccounts 2023-08-01 2024-07-31 02002208 d:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 02002208 e:EntityControlledByKeyManagementPersonnel1 2023-08-01 2024-07-31 02002208 e:EntityControlledByKeyManagementPersonnel1 2024-07-31 02002208 e:EntityControlledByKeyManagementPersonnel1 2023-07-31 02002208 e:WithinOneYear 2024-07-31 02002208 e:WithinOneYear 2023-07-31 02002208 e:BetweenOneFiveYears 2024-07-31 02002208 e:BetweenOneFiveYears 2023-07-31 02002208 e:DevelopmentCostsCapitalisedDevelopmentExpenditure e:ExternallyAcquiredIntangibleAssets 2023-08-01 2024-07-31 02002208 e:Goodwill e:ExternallyAcquiredIntangibleAssets 2023-08-01 2024-07-31 02002208 e:ComputerSoftware e:ExternallyAcquiredIntangibleAssets 2023-08-01 2024-07-31 02002208 2 2023-08-01 2024-07-31 02002208 6 2023-08-01 2024-07-31 02002208 7 2023-08-01 2024-07-31 02002208 e:ExternallyAcquiredIntangibleAssets 2023-08-01 2024-07-31 02002208 e:Goodwill e:OwnedIntangibleAssets 2023-08-01 2024-07-31 02002208 e:DevelopmentCostsCapitalisedDevelopmentExpenditure e:OwnedIntangibleAssets 2023-08-01 2024-07-31 02002208 e:ComputerSoftware e:OwnedIntangibleAssets 2023-08-01 2024-07-31 02002208 f:PoundSterling 2023-08-01 2024-07-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 02002208










HALSBURY TRAVEL LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

 
HALSBURY TRAVEL LIMITED
 
 
COMPANY INFORMATION


Directors
A P Williamson 
J W Icke 
R Parry 




Registered number
02002208



Registered office
35 Churchill Park
Colwick Business Estate

Nottingham

NG4 2HF




Independent auditors
Xeinadin Audit Limited
Chartered Accountants & Statutory Auditor

8th Floor

Becket House

36 Old Jewry

London

EC2R 8DD





 
HALSBURY TRAVEL LIMITED
 

CONTENTS



Page
Strategic Report
1 - 4
Directors' Report
5 - 6
Independent Auditors' Report
7 - 10
Statement of Comprehensive Income
11
Statement of Financial Position
12
Statement of Changes in Equity
13 - 14
Notes to the Financial Statements
15 - 33


 
HALSBURY TRAVEL LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024

Introduction
 
The directors of Halsbury Travel Limited present their Strategic Report for the year ended 31st July 2024.
Principal Activity 
The principal activity of the business remains the provision of school group travel arrangements on a worldwide basis across a range of educations, language, music, sport and ski tours.

Business review
 
Turnover was down on the prior year, with 2022 - 23 benefitting from higher demand post the Covid-19 pandemic with schools booking multiple trips. This initial demand in the market post the pandemic was expected to reduce, resulting in lower revenues for 2023 - 24. We continue to be encouraged by the overall recovery of revenue post the pandemic.
During the year, financial performance was impacted by an administrative error in the previous year related to coach transport which had to be booked at short notice incurring additional costs. Whilst the main impact of this error was in 2022-23, this continued to have an impact in the first months of 2023-24 due to the time lag of our booking and departure cycle. Margins were also impacted by some ski trips having to be relocated to alternative hotels at a higher cost. 
Whilst both these issues had an impact on margin in the year, the decisions were made to ensure a high standard of operational delivery to our customers was maintained. 
During the year £621,230 of costs relating to prior year trips was also identified. A prior year adjustment has been made to ensure these costs are allocated to the correct period. 
Improvements have been made to both systems and processes during the year to increase margins and financial control, whilst also improving our levels of customer service.
Enquiries and bookings have remained strong throughout the year, providing a positive outlook for 2024-2025.

Principal risks and uncertainties
 
The major risk and uncertainty to the business is increasing cost of sales, compounded by foreign currency volatility for purchases in local currencies. There is a risk that increases in the cost of living may also limit growth in the school travel market.
There continues to be uncertainty and a lack of clarity with respect to overseas VAT regulatory changes as a result of exiting EU TOMS. However, any additional costs are not expected to be materially damaging to the business.
The announcement in the Autumn 2024 budget that VAT of 20% will be applied to private school fees from 1st January 2025 may also reduce demand for school travel. The business continues to closely monitor the impact of this change.

Page 1

 
HALSBURY TRAVEL LIMITED
 

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

Key performance indicators
 
Financial indicators
The key financial performance indicators for the business are turnover and gross profit.

2024
2023
        £
        £

Turnover

22,317,364

31,673,758

Gross Profit

3,480,719

3,304,059


Non-financial indicators
 
The key non-financial performance indicators are NPS, Trustpilot and Google ratings.









Page 2

 
HALSBURY TRAVEL 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 3

 
HALSBURY TRAVEL 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 4

 
HALSBURY TRAVEL 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.

Results and dividends

The loss for the year, after taxation, amounted to £1,362,300 (2023 - loss £590,419).

The directors have recommended a dividend amounting to £nil (2022: £Nil) for the financial year.

Directors

The directors who served during the year were:

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

Political contributions

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

Page 5

 
HALSBURY TRAVEL LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024

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.

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 6

 
HALSBURY TRAVEL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HALSBURY TRAVEL LIMITED
 

Opinion


We have audited the financial statements of Halsbury Travel Limited (the 'Company') for the year ended 31 July 2024, which comprise 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 7

 
HALSBURY TRAVEL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HALSBURY TRAVEL LIMITED (CONTINUED)


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 5, 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 8

 
HALSBURY TRAVEL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HALSBURY TRAVEL LIMITED (CONTINUED)


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 noncompliance 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, ABTA, employment law and ATOL and ABTOT 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 9

 
HALSBURY TRAVEL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HALSBURY TRAVEL LIMITED (CONTINUED)



 


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
  
8th Floor
Becket House
36 Old Jewry
London
EC2R 8DD

30 January 2025
Page 10

 
HALSBURY TRAVEL LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2024

2024
Restated 2023
Note
£
£

  

Turnover
 4 
22,317,364
31,673,758

Cost of sales
  
(18,836,645)
(28,369,699)

Gross profit
  
3,480,719
3,304,059

Administrative expenses
  
(5,041,735)
(4,011,392)

Other operating income
 5 
-
(5,808)

Fair value movements
  
-
22,605

Operating loss
 6 
(1,561,016)
(690,536)

Interest receivable and similar income
 10 
40,540
119,298

Interest payable and similar expenses
 11 
(40,070)
(44,208)

Loss before tax
  
(1,560,546)
(615,446)

Tax on loss
 12 
198,246
25,027

Loss for the financial year
  
(1,362,300)
(590,419)

Other comprehensive income for the year
  

Total comprehensive income for the year
  
(1,362,300)
(590,419)

The notes on pages 15 to 33 form part of these financial statements.

Page 11

 
HALSBURY TRAVEL LIMITED
REGISTERED NUMBER: 02002208

STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2024

2024
Restated 2023
Note
£
£

Fixed assets
  

Intangible assets
 13 
871,713
506,672

Tangible assets
 14 
245,729
291,676

Investments
 15 
-
105,380

  
1,117,442
903,728

Current assets
  

Debtors: amounts falling due after more than one year
 16 
1,221,408
90,648

Debtors: amounts falling due within one year
 16 
3,061,164
3,172,827

Cash at bank and in hand
 17 
4,528,519
6,568,866

  
8,811,091
9,832,341

Creditors: amounts falling due within one year
 18 
(8,574,524)
(8,371,313)

Net current assets
  
 
 
236,567
 
 
1,461,028

Total assets less current liabilities
  
1,354,009
2,364,756

Creditors: amounts falling due after more than one year
 19 
(2,869,677)
(2,518,124)

  

Net liabilities
  
(1,515,668)
(153,368)


Capital and reserves
  

Called up share capital 
 22 
50,000
50,000

Profit and loss account
 23 
(1,565,668)
(203,368)

  
(1,515,668)
(153,368)


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 33 form part of these financial statements.

Page 12

 
HALSBURY TRAVEL 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 (Restated)
50,000
(203,368)
(153,368)


Comprehensive income for the year

Loss for the year

-
(1,362,300)
(1,362,300)


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
(1,362,300)
(1,362,300)


Total transactions with owners
-
-
-


At 31 July 2024
50,000
(1,565,668)
(1,515,668)


The notes on pages 15 to 33 form part of these financial statements.

Page 13

 
HALSBURY TRAVEL LIMITED
 

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


Called up share capital
Restated Profit and loss account
Restated Total equity

£
£
£

At 1 August 2022
50,000
387,051
437,051


Comprehensive income for the year

Restated Loss for the year

-
(590,419)
(590,419)


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
(590,419)
(590,419)


Total transactions with owners
-
-
-


At 31 July 2023
50,000
(203,368)
(153,368)


The notes on pages 15 to 33 form part of these financial statements.

Page 14

 
HALSBURY TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


General information

Halsbury Travel 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, NG4 2HF.
The principal activity of the business remains the provision of school group travel arrangements on a worldwide basis across a range of educational, language, music, sports 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.

These financial statements are presented in pound sterling, which is the Company's functional currency. All amounts have been rounded to the nearest pound, unless otherwise indicated.

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 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

Going concern

The company 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.

Page 15

 
HALSBURY TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the urnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 

Turnover consists of tour operating income and cancellation charges.
Turnover and expenses relating to trips are taken to the statement of comprehensive income on date of departure.

  
2.5

Loyalty Scheme

The cost of loyalty points are treated as deferred income, with deferred turnover equal to the estimated fair value of the points issued recognised when the original transaction occurs. On redemption, the cost of the redemption is offset against the deferred income balance.

  
2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the statement of comprehensive income 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.
 
  
2.7

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the statement of comprehensive income in the same period as the related expenditure.

 
2.8

Interest income

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

 
2.9

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.

 
2.10

Borrowing costs

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

Page 16

 
HALSBURY TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.11

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.

 
2.12

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.


  
2.13

Goodwill

Goodwill represents the amount paid in connection with the acquisition of the trade and certain assets. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the consolidated statement of comprehensive income over its usefull econominc life, not exceeding more than 10 years.

Page 17

 
HALSBURY TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.14

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.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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.

Amortisation is provided on the following basis:
Computer Software- 20% Straight line
Development Expenditure - 20% Straight line

 
2.15

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the methods mentioned below.

Depreciation is provided on the following basis:

Fixtures and fittings
-
10%
reducing balance
Office equipment
-
20%
straight line;20% reducing balance

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.

 
2.16

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. 
 
 
2.17

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 18

 
HALSBURY TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.18

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.

 
2.19

Cash and cash equivalents

Cash is represented by cash in hand, restricted cash and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
 
 
2.20

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.

 
2.21

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.

 
2.22

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.

 
2.23

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 19

 
HALSBURY TRAVEL 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 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 recognised 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 revision and future periods where the revision affects both current and future periods.
Critical Judgements and estimates:
Claim provision: 
In formulating a provision for the estimated liability in respect of claims due as a result of the pandemic on non-refundable receipts management makes a judgement based on historic pay out rates and budgeted figures.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Educational travel sales
22,317,364
31,673,758

22,317,364
31,673,758


All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Government grants refunded
-
(5,808)

-
(5,808)


Page 20

 
HALSBURY TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

6.


Operating loss

The operating loss is stated after charging:

2024
2023
£
£

Depreciation of Tangible Fixed assets
107,219
69,702

Defined pension contribution cost
98,035
66,181

Intangible Asset amortisation
103,336
48,212

Exchange differences
8,929
(384,325)

Other operating lease rentals
83,500
83,500

Profit/(Loss) on disposal of fixed assets
1,500
21,000


7.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors and their associates:


2024
2023
£
£

Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements
33,600
33,600

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.

Page 21

 
HALSBURY TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

8.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
2,860,546
2,511,593

Social security costs
291,652
252,429

Cost of defined contribution scheme
93,927
66,631

3,246,125
2,830,653


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


        2024
        2023
            No.
            No.







Directors
3
3



Sales and administration
82
76

85
79


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
334,726
225,733

Company contributions to defined contribution pension schemes
3,853
2,495

338,579
228,228


During the year retirement benefits were accruing to 3 directors (2023 - 3) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £165,250 (2023 - £119,359).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,321.

Page 22

 
HALSBURY TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

10.


Interest receivable

2024
2023
£
£


Bank and other interest receivable
40,540
119,298

40,540
119,298


11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
40,070
44,208

40,070
44,208


12.


Taxation


2024
2023
£
£



Total current tax
-
-

Deferred tax


Origination and reversal of timing differences
(198,246)
(25,027)

Total deferred tax
(198,246)
(25,027)


Tax on loss
(198,246)
(25,027)
Page 23

 
HALSBURY TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is the same as (2023 - the same as) the standard rate of corporation tax in the UK of 25% (2023 - 25%) as set out below:

2024
2023
£
£


Loss on ordinary activities before tax
(1,560,546)
(615,446)


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
(390,137)
1,215

Effects of:


Expenses not deductible for tax purposes
26,385
1,203

Fixed asset differences
-
(23,446)

Other differences leading to an increase (decrease) in the tax charge
126
-

Group relief
165,380
-

Remeasurement of deferred tax for charges in tax rates
-
(3,999)

Total tax charge for the year
(198,246)
(25,027)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 24

 
HALSBURY TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

13.


Intangible assets




Development expenditure
Computer software
Goodwill
Total

£
£
£
£



Cost


At 1 August 2023
33,132
525,222
995,366
1,553,720


Additions
81,128
419,199
-
500,327



At 31 July 2024

114,260
944,421
995,366
2,054,047



Amortisation


At 1 August 2023
-
51,682
995,366
1,047,048


Charge for the year on owned assets
1,904
133,382
-
135,286



At 31 July 2024

1,904
185,064
995,366
1,182,334



Net book value



At 31 July 2024
112,356
759,357
-
871,713



At 31 July 2023
33,132
473,540
-
506,672

Goodwill brought forward represents the amount paid in connection with the acquisition of the trade and certain assets of Wyvern Schooltours Limited, Broadway Travel and Tours Limited, The School Travel Company Limited and Gower Tours Limited, in addition to the trade only of Casterbridge Tours Limited. 
Goodwill has been fully amortised.



Page 25

 
HALSBURY TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

14.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 August 2023
27,380
125,020
603,682
756,082


Additions
-
1,318
28,003
29,321


Disposals
(12,172)
-
-
(12,172)



At 31 July 2024

15,208
126,338
631,685
773,231



Depreciation


At 1 August 2023
27,380
45,965
391,061
464,406


Charge for the year on owned assets
-
7,936
67,332
75,268


Disposals
(12,172)
-
-
(12,172)



At 31 July 2024

15,208
53,901
458,393
527,502



Net book value



At 31 July 2024
-
72,437
173,292
245,729



At 31 July 2023
-
79,055
212,621
291,676

Page 26

 
HALSBURY TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

15.


Fixed asset investments





Investments in subsidiary companies

£





At 1 August 2023
105,380


Amounts written off
(105,380)



At 31 July 2024
-




The subsidiary undertakings were dissolved during the year.

Page 27

 
HALSBURY TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

16.


Debtors

2024
2023
£
£

Due after more than one year

Amounts owed by group undertakings
1,221,408
-

Other debtors
-
90,648

1,221,408
90,648


2024
2023
£
£

Due within one year

Trade debtors
11,018
742,834

Other debtors
269,118
345,510

Prepayments and accrued income
2,504,055
2,005,756

Deferred taxation
276,973
78,727

3,061,164
3,172,827


Prepayments and accrued income, include prepayments made to suppliers for future travel amounting to £2,135,702 (2023: £1,665,760).


17.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
4,528,519
6,568,866

4,528,519
6,568,866


Cash and cash equivalents comprise amounts held in Escrow totalling £2,743,727. Amounts held in Escrow are segregated monies received and held in a separate CAA Approved Escrow account. These amounts are held as a financial guarantee for the company's travel licences and for the protection of monies collected from passengers (see note 26).
Cash and cash equivalents also include restricted cash held as a financial guarantee for the protection of monies collected from customers amounting to £900,000 (2023: £3,318,000) (see note 26).

Page 28

 
HALSBURY TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

18.


Creditors: Amounts falling due within one year

2024
Restated 2023
£
£

Bank loans
370,000
370,000

Trade creditors
295,164
487,860

Amounts owed to group undertakings
-
3,633

Other taxation and social security
85,882
89,986

Other creditors
476,450
470,667

Accruals and deferred income
7,347,028
6,949,167

8,574,524
8,371,313


Accruals and deferred income, include advance receipts from customers for future travel amounting to £6,386,565 (2023: £5,355,082).


19.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
611,667
981,667

Amounts owed to group undertakings
2,258,010
1,530,032

Accruals and deferred income
-
6,425

2,869,677
2,518,124


Page 29

 
HALSBURY TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

20.


Loans

In 2021, the company secured a loan of £1,850,000 through a Coronavirus Business Interruption Loan Scheme repayable over a term of 6 years . The loan is guaranteed by the UK government.
The bank loans are also secured by way of debenture comprising fixed and floating charges over all the property or undertakings of the company.



Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
370,000
370,000


370,000
370,000

Amounts falling due 1-2 years

Bank loans
370,000
370,000


370,000
370,000

Amounts falling due 2-5 years

Bank loans
241,667
611,667


241,667
611,667


981,667
1,351,667



21.


Deferred taxation




2024
2023


£

£






At beginning of year
78,727
53,700


Charged to profit or loss
198,246
25,027



At end of year
276,973
78,727

Page 30

 
HALSBURY TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
 
21.Deferred taxation (continued)

The deferred tax asset is made up as follows:

2024
2023
£
£


Fixed asset timing differences
(255,666)
(174,825)

Short term timing differences
2,040
2,164

Losses and other deductions
530,599
251,388

276,973
78,727


22.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



50,000 (2023 - 50,000) A Voting shares of £1.00 each
50,000
50,000



23.


Reserves

Profit and loss account

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


24.


Prior year adjustment

Further to a detailed review of the margins reported, it was identified that costs of sales and related liabilities had been incorrectly recorded in the prior reporting period. In the year 31 July 2023, costs of sales and liabilities were understated by £621,230.
 
The overall impact on opening reserves was £621,230.


25.


Pension commitments

The company operates a defined contribution 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 £93,927 (2023: £73,379). There were contributions payable to the fund at the reporting date amounting to £8,159 (2023: £8,656).

Page 31

 
HALSBURY TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

26.


External regulatory requirements and contingent liabilities

The company currently holds an Air Travel Organisers' License ('ATOL') issued by the Civil Aviation Authority ('CAA') and is a member of the Association of Bonded Travel Organisers Trust ('ABTOT') and Association of British Travel Agents (‘ABTA’).
In order to offer air inclusive package holidays, the company requires the annual renewal by the CAA of its ATOL license. The CAA grants this license based on meeting agreed financial criteria and renews this in March (effective 1st April) each year. As a condition of granting this license, the company has agreed with the CAA to operate an Escrow account for all licensable bookings. The directors are expecting the ATOL license to be renewed under similar terms and conditions (see note 17).
As of 31 July 2024, the company had in place a cash backed bond with ABTOT amounting to £900,000 (see note 17) and an insurance backed bond amounting to £3,082,116.


27.


Related party transactions

The company has taken advantage of the exemption not to disclose related party transactions with companies that are wholly owned within the group.
The company entered into the following transactions with related parties as summarised below:
Included in other debtors shown within one year and over one year at the balance sheet date is a balance due from a former director totalling £89,252 (2023: £181,106). During the year interest at a rate of 1.65% (2023: 1.65%) has been charged on the outstanding balance, amounting to £1,600 (2023: £3,278)


28.


Commitments under operating leases

At 31 July 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
83,500
83,980

Later than 1 year and not later than 5 years
222,667
306,167

306,167
390,147

The above leases relate to two leases of land and buildings which are all due to expire in 2028.

Page 32

 
HALSBURY TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

29.


Ultimate 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 Bidco 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.


30.


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. 

 
Page 33