Caseware UK (AP4) 2023.0.135 2023.0.135 2024-07-312024-07-31truetruetruetrueNo description of principal activityfalse192023-08-0119truefalsefalse SC299214 2023-08-01 2024-07-31 SC299214 2023-01-01 2023-07-31 SC299214 2024-07-31 SC299214 2023-07-31 SC299214 2023-01-01 SC299214 1 2023-08-01 2024-07-31 SC299214 c:Exceptional 2023-08-01 2024-07-31 SC299214 c:Exceptional 2023-01-01 2023-07-31 SC299214 d:Director1 2023-08-01 2024-07-31 SC299214 d:Director1 2024-07-31 SC299214 d:Director2 2023-08-01 2024-07-31 SC299214 d:Director2 2024-07-31 SC299214 d:Director3 2023-08-01 2024-07-31 SC299214 d:Director3 2024-07-31 SC299214 d:Director4 2023-08-01 2024-07-31 SC299214 d:Director4 2024-07-31 SC299214 d:RegisteredOffice 2023-08-01 2024-07-31 SC299214 c:MotorVehicles 2023-08-01 2024-07-31 SC299214 c:MotorVehicles 2024-07-31 SC299214 c:MotorVehicles 2023-07-31 SC299214 c:MotorVehicles c:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 SC299214 c:FurnitureFittings 2023-08-01 2024-07-31 SC299214 c:FurnitureFittings 2024-07-31 SC299214 c:FurnitureFittings 2023-07-31 SC299214 c:FurnitureFittings c:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 SC299214 c:OfficeEquipment 2023-08-01 2024-07-31 SC299214 c:OfficeEquipment 2024-07-31 SC299214 c:OfficeEquipment 2023-07-31 SC299214 c:OfficeEquipment c:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 SC299214 c:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 SC299214 c:Goodwill 2023-08-01 2024-07-31 SC299214 c:Goodwill 2024-07-31 SC299214 c:Goodwill 2023-07-31 SC299214 c:CurrentFinancialInstruments 2024-07-31 SC299214 c:CurrentFinancialInstruments 2023-07-31 SC299214 c:Non-currentFinancialInstruments 2024-07-31 SC299214 c:Non-currentFinancialInstruments 2023-07-31 SC299214 c:CurrentFinancialInstruments c:WithinOneYear 2024-07-31 SC299214 c:CurrentFinancialInstruments c:WithinOneYear 2023-07-31 SC299214 c:ReportableOperatingSegment1 2023-08-01 2024-07-31 SC299214 c:ReportableOperatingSegment1 2023-01-01 2023-07-31 SC299214 c:UKTax 2023-08-01 2024-07-31 SC299214 c:UKTax 2023-01-01 2023-07-31 SC299214 c:ShareCapital 2023-08-01 2024-07-31 SC299214 c:ShareCapital 2024-07-31 SC299214 c:ShareCapital 2023-01-01 2023-07-31 SC299214 c:ShareCapital 2023-07-31 SC299214 c:ShareCapital 2023-01-01 SC299214 c:CapitalRedemptionReserve 2023-08-01 2024-07-31 SC299214 c:CapitalRedemptionReserve 2024-07-31 SC299214 c:CapitalRedemptionReserve 2023-01-01 2023-07-31 SC299214 c:CapitalRedemptionReserve 2023-07-31 SC299214 c:CapitalRedemptionReserve 2023-01-01 SC299214 c:RetainedEarningsAccumulatedLosses 2023-08-01 2024-07-31 SC299214 c:RetainedEarningsAccumulatedLosses 2024-07-31 SC299214 c:RetainedEarningsAccumulatedLosses 2023-01-01 2023-07-31 SC299214 c:RetainedEarningsAccumulatedLosses 2023-07-31 SC299214 c:RetainedEarningsAccumulatedLosses 2023-01-01 SC299214 c:OtherDeferredTax 2024-07-31 SC299214 c:OtherDeferredTax 2023-07-31 SC299214 d:OrdinaryShareClass1 2023-08-01 2024-07-31 SC299214 d:OrdinaryShareClass1 2024-07-31 SC299214 d:OrdinaryShareClass1 2023-07-31 SC299214 d:FRS102 2023-08-01 2024-07-31 SC299214 d:Audited 2023-08-01 2024-07-31 SC299214 d:FullAccounts 2023-08-01 2024-07-31 SC299214 d:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 SC299214 2 2023-08-01 2024-07-31 SC299214 4 2023-08-01 2024-07-31 SC299214 7 2023-08-01 2024-07-31 SC299214 c:Goodwill c:OwnedIntangibleAssets 2023-08-01 2024-07-31 SC299214 e:PoundSterling 2023-08-01 2024-07-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: SC299214










IBT TRAVEL LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

 
IBT TRAVEL LIMITED
 
 
COMPANY INFORMATION


Directors
J W Icke 
R Parry  




Registered number
SC299214



Registered office
Cairn House
15 Skye Road

Preswick

Ayreshire

KA9 2TA




Independent auditors
Xeinadin Audit Limited
Chartered Accountants & Statutory Auditor

8th Floor

Becket House

36 Old Jewry

London

EC2R 8DD





 
IBT TRAVEL LIMITED
 

CONTENTS



Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditors' report
6 - 9
Statement of comprehensive income
10
Statement of financial position
11
Statement of changes in equity
12 - 13
Notes to the financial statements
14 - 31


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

Introduction
 
The directors of IBT Travel Limited present their Strategic Report for the year ended 31st July 2024.
Principal Activity
The principal activity of the company is the provision of Ski and Educational trips to both English and Scottish schools.

Business review
 
On 5th December 2023, the company was acquired by the Huron Topco group of companies. 
Through continued collaborative efforts across both IBT Travel Limited and the existing Huron Topco group of companies, this acquisition has allowed the Group to expand its product offering and audience reach, and gain additional advantages through enhancing processes, systems and commercial practices.
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.

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

2024
2023
Change
        £
        £
        %

Turnover

11,813,042

8,490,017

39
 
Gross profit

2,846,530

1,419,198

101
 

Page 1

 
IBT TRAVEL LIMITED
 

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

Section 172 Companies Act 2006
 
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

 
IBT 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 3

 
IBT 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 £1,184,323 (2023 - profit £757,890).

Dividend of £4,015,000 was paid prior to the acquisition, and no further dividend has been paid since the acquisition for the financial year

Directors

The directors who served during the year were:

J W Icke (appointed 28 June 2024)
R Parry (appointed 5 December 2023)
C Halpin-Rose (appointed 5 December 2023, resigned 28 June 2024)
I Black (resigned 5 December 2023)

Political contributions

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

Page 4

 
IBT 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 Limitedwere appointed in the year and will 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

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

Opinion


We have audited the financial statements of IBT 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 6

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

 
IBT TRAVEL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF IBT 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:

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 and ATOL, ABTA 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.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Page 8

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


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 9

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

12 months ended
31 July
7 months ended
31 July
2024
2023
Note
£
£

  

Turnover
 4 
11,813,042
8,490,017

Cost of sales
  
(8,966,512)
(7,070,819)

Gross profit
  
2,846,530
1,419,198

Administrative expenses
  
(1,771,579)
(723,728)

Exceptional expenses- inter company write off
 14 
(2,226,476)
-

Other operating income
 5 
-
264,342

Operating (loss)/profit
 6 
(1,151,525)
959,812

Interest receivable and similar income
 10 
41,066
13,653

Interest payable and similar expenses
 11 
(38,488)
(14,978)

(Loss)/profit before tax
  
(1,148,947)
958,487

Tax on (loss)/profit
 12 
(35,376)
(200,597)

(Loss)/profit for the financial year
  
(1,184,323)
757,890

Other comprehensive income for the year
  

Total comprehensive income for the year
  
(1,184,323)
757,890

The notes on pages 14 to 31 form part of these financial statements.

Page 10

 
IBT TRAVEL LIMITED
REGISTERED NUMBER: SC299214

STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 15 
87,500
137,500

Tangible assets
 16 
56,809
189,214

  
144,309
326,714

Current assets
  

Debtors: amounts falling due after more than one year
 17 
2,258,010
-

Debtors: amounts falling due within one year
 17 
1,038,112
4,890,498

Current asset investments
 18 
-
2,558,549

Cash at bank and in hand
 19 
1,973,081
2,464,013

  
5,269,203
9,913,060

Creditors: amounts falling due within one year
 20 
(4,244,036)
(3,713,933)

Net current assets
  
 
 
1,025,167
 
 
6,199,127

Total assets less current liabilities
  
1,169,476
6,525,841

Provisions for liabilities
  

Deferred tax
  
(6,904)
(163,946)

  
 
 
(6,904)
 
 
(163,946)

Net assets
  
1,162,572
6,361,895


Capital and reserves
  

Called up share capital 
 23 
240,000
240,000

Capital redemption reserve
 24 
613,492
613,492

Profit and loss account
 24 
309,080
5,508,403

  
1,162,572
6,361,895


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 14 to 31 form part of these financial statements.

Page 11

 
IBT TRAVEL LIMITED
 

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


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

£
£
£
£

At 1 August 2023
240,000
613,492
5,508,403
6,361,895


Comprehensive income for the year

Loss for the year

-
-
(1,184,323)
(1,184,323)


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
(1,184,323)
(1,184,323)


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(4,015,000)
(4,015,000)


Total transactions with owners
-
-
(4,015,000)
(4,015,000)


At 31 July 2024
240,000
613,492
309,080
1,162,572


The notes on pages 14 to 31 form part of these financial statements.

Page 12

 
IBT TRAVEL LIMITED
 

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


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

£
£
£
£

At 1 January 2023
240,000
613,492
4,750,513
5,604,005


Comprehensive income for the period

Profit for the period

-
-
757,890
757,890


Other comprehensive income for the period
-
-
-
-


Total comprehensive income for the period
-
-
757,890
757,890


Total transactions with owners
-
-
-
-


At 31 July 2023
240,000
613,492
5,508,403
6,361,895


The notes on pages 14 to 31 form part of these financial statements.

Page 13

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

1.


General information

 IBT Travel Limited is a private company limited by shares incorporated in the United Kingdom.
The registered office and principal place of business is Cairn House, 15 Skye Road, Prestwick, Ayrshire, KA9 2TA.
 
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.


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 ChurchillPark, Colwick Business Estate, Nottingham, NG4 2HF.

Page 14

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

2.Accounting policies (continued)

 
2.3

Going concern

The financial statements of the company have been prepared on a going concern basis. 
The company is part of the Huron Topco Group which 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 Group 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.

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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

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

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

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

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

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

Page 15

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

2.Accounting policies (continued)

 
2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

The Company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 01 January 2023 to continue to be charged over the period to the first market rent review rather than the term of the lease.

 
2.7

Interest income

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

 
2.8

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.

 
2.9

Borrowing costs

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

 
2.10

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 16

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

2.Accounting policies (continued)

 
2.11

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.


 
2.12

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.13

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. 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 Statement of comprehensive income over its useful economic life.

Other intangible assets

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

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

Page 17

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

2.Accounting policies (continued)

 
2.14

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.

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
10%
reducing balance
Office equipment
-
10%
reducing balance; 25% 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.

 
2.15

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.

 
2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.17

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.

Page 18

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

2.Accounting policies (continued)

 
2.18

Holiday pay accrual

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

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.

 
2.19

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.

 
2.20

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.


 
2.21

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 19

 
IBT 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.
Accrual provision:
In formulating a provision for the estimated liability in respect of accruals recognised for the trips departed during the year makes judgement based on the historic data and budgeted figures.

Page 20

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

4.


Turnover

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


12 months ended
31 July
7 months ended
31 July
2024
2023
£
£

Educational travel sales
11,813,042
8,490,017

11,813,042
8,490,017


All turnover arose within the United Kingdom.


5.


Other operating income

12 months ended
31 July
7 months ended
31 July
2024
2023
£
£

Management charges
-
264,342

-
264,342



6.


Operating (loss)/profit

The operating (loss)/profit is stated after charging:

12 months ended
31 July
7 months ended
31 July
2024
2023
£
£

Exchange differences
75,557
14,218

Other operating lease rentals
46,589
26,283

Amortisation - intangible fixed assets
50,000
29,167

Depreciation - tangible fixed assets
32,423
5,757

Loss on sale of fixed assets
9,341
-

Page 21

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

7.


Auditors' remuneration

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


12 months ended
31 July
7 months ended
31 July
2024
2023
£
£

Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements
8,400
-

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.


8.


Employees

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


12 months ended
31 July
7 months ended
31 July
2024
2023
£
£

Wages and salaries
860,092
436,982

Social security costs
62,422
-

Cost of defined contribution scheme
13,857
7,829

936,371
444,811


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


  12 months ended
        31 July
   7 months ended
         31 July
        2024
        2023
            No.
            No.







Directors, sales and administration
19
19

Page 22

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

9.


Directors' remuneration

12 months ended
31 July
7 months ended
31 July
2024
2023
£
£

Directors' emoluments
12,000
21,000

12,000
21,000



10.


Interest receivable

12 months ended
31 July
7 months ended
31 July
2024
2023
£
£


Other interest receivable
41,066
13,653

41,066
13,653


11.


Interest payable and similar expenses

12 months ended
31 July
7 months ended
31 July
2024
2023
£
£


Bank interest payable
38,488
14,978

38,488
14,978

Page 23

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

12.


Taxation


12 months ended
31 July
7 months ended
31 July
2024
2023
£
£

Corporation tax


Current tax on profits for the year
115,789
198,107

Adjustments in respect of previous periods
69,330
-


185,119
198,107


Total current tax
185,119
198,107

Deferred tax


Origination and reversal of timing differences
(149,743)
2,490

Total deferred tax
(149,743)
2,490


Tax on (loss)/profit
35,376
200,597
Page 24

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


Factors affecting tax charge for the year/period

The tax assessed for the year/period 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:

12 months ended
31 July
7 months ended
31 July
2024
2023
£
£


(Loss)/profit on ordinary activities before tax
(1,148,947)
958,487


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
(287,237)
239,622

Effects of:


Expenses not deductible for tax purposes
561,403
-

Fixed asset differences
12,500
-

Adjustments to tax charge in respect of prior periods
69,330
-

Capital losses
(117,012)
-

Other differences leading to an increase (decrease) in the tax charge
-
(39,025)

Group relief
(203,608)
-

Total tax charge for the year/period
35,376
200,597


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


13.


Dividends

2024
2023
£
£


Final dividends
4,015,000
-

4,015,000
-

Page 25

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

14.


Exceptional items

12 months ended
31 July
7 months ended
31 July
2024
2023
£
£


Inter company balance write off
2,226,476
-

2,226,476
-


15.


Intangible assets




Goodwill

£



Cost


At 1 August 2023
1,007,500



At 31 July 2024

1,007,500



Amortisation


At 1 August 2023
870,000


Charge for the year on owned assets
50,000



At 31 July 2024

920,000



Net book value



At 31 July 2024
87,500



At 31 July 2023
137,500



Page 26
 


 
IBT TRAVEL LIMITED


 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024


16.


Tangible fixed assets






Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 August 2023
112,736
18,205
235,986
366,927


Additions
-
-
3,360
3,360


Disposals
(112,736)
-
-
(112,736)



At 31 July 2024

-
18,205
239,346
257,551



Depreciation


At 1 August 2023
-
7,805
169,908
177,713


Charge for the year on owned assets
9,394
1,582
21,447
32,423


Disposals
(9,394)
-
-
(9,394)



At 31 July 2024

-
9,387
191,355
200,742



Net book value



At 31 July 2024
-
8,818
47,991
56,809



At 31 July 2023
112,736
10,400
66,078
189,214

Page 27
 
IBT TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

17.


Debtors

2024
2023
£
£

Due after more than one year

Amounts owed by group undertakings
2,258,010
-

2,258,010
-


2024
2023
£
£

Due within one year

Trade debtors
1,958
-

Other debtors
-
4,861,687

Prepayments and accrued income
1,036,154
28,811

1,038,112
4,890,498



 


18.


Current asset investments

2024
2023
£
£

Listed investments
-
2,558,549

-
2,558,549



19.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,973,081
2,464,013

1,973,081
2,464,013


Cash and cash equivalents compromise amounts held in Escrow totalling £679,129. Amounts held in Escrow are segregated monies received and held in a separate 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 25).

Page 28

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

20.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
-
410,000

Corporation tax
115,789
-

Other taxation and social security
31,647
413,925

Lease liabilities
-
84,015

Other creditors
89,086
1,714

Accruals and deferred income
4,007,514
2,804,279

4,244,036
3,713,933


Accruals and deferred income, include advance receipts from customers for future travel amounting to
£3,544,553 (2023: £2,657,593).


21.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
-
410,000


-
410,000




-
410,000


The bank loan was fully settled upon acquisition of the company (see Note 30).

Page 29

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

22.


Deferred taxation




2024


£






At beginning of year
(163,946)


Charged to profit or loss
157,042



At end of year
(6,904)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Fixed asset timing differences
(6,904)
(163,946)

(6,904)
(163,946)


23.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



240,000 (2023 - 240,000) Ordinary shares of £1.00 each
240,000
240,000

On 5th December 2023, the entire share capital was acquired by Huron Bidco Limited (see Note 30).



24.


Reserves

Capital redemption reserve

The company has a Capital redemption reserve of £613,492.

Profit and loss account

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

Page 30

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

25.


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.
As of 31 July 2024, IBT Travel Limited had in place an insurance backed bond with ABTOT amounting to
£1,370,013. 


26.


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 £13,857 (2023: £7,829). There were contributions payable to the fund at the reporting date amounting to £1,950 (2023: £1,714).


27.


Commitments under operating leases

The Company had no commitments under non-cancellable operating leases at the reporting date.


28.


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.


29.


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.


30.


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.

 
Page 31