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Registered number: 02926062
TRAVEL EDITIONS GROUP LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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TRAVEL EDITIONS GROUP LIMITED
REGISTERED NUMBER: 02926062
STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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TRAVEL EDITIONS GROUP LIMITED
REGISTERED NUMBER: 02926062
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 SEPTEMBER 2024
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006
with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 6 March 2025.
The notes on pages 3 to 14 form part of these financial statements.
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TRAVEL EDITIONS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Travel Editions Group Limited is a private company limited by shares which is registered and incorporatedin England and Wales, United Kingdom.
The address of the registered office is: Suite B The Old Public Library, 168 Brinkburn Street, Byker, Newcastle Upon Tyne, United Kingdom, NE6 2AR.
The nature of the company's operations and principal activity are that of a tour operator.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The 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).
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Exemption from preparing consolidated financial statements
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The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.
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Foreign currency translation
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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.
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TRAVEL EDITIONS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
Turnover represents amounts receivable for sales of travel and related services net of VAT and trade discounts. Income and related costs are recognised on a departure date basis. Any income that relates to travel commencing after year end of the accounting period is carried forward as deferred income.
Interest income is recognised in profit or loss using the effective interest method.
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.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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.
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TRAVEL EDITIONS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
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Current and deferred taxation
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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.
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Advance receipts and payments
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All revenue relating to tours with departure dates after the financial yearend are treated as advance receipts as at the balance sheet date and are separately disclosed under deferred income. Payments made to suppliers in respect of future departures are treated as advance payments and are separately disclosed under prepayments.
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
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.
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TRAVEL EDITIONS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
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.
Depreciation is provided on the following basis:
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Long-term leasehold property
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straight line basis from the date of use
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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.
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
Investments in subsidiaries are measured at cost less accumulated impairment.
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.
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Cash and cash equivalents
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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.
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TRAVEL EDITIONS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
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.
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Provisions for liabilities
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Provisions are made where an event has taken place that gives the Company a legal or constructive
obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate
can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware
of the obligation, and are measured at the best estimate at the reporting date of the expenditure
required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of
financial position.
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.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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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 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.
The directors are of the view that there are no critical judgements that have had a significant effect on that amounts recognised in the financial statements.
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TRAVEL EDITIONS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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The average monthly number of employees, including directors, during the year was 21 (2023 - 19).
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TRAVEL EDITIONS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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Long-term leasehold property
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Charge for the year on owned assets
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Investments in subsidiary companies
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TRAVEL EDITIONS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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The following were subsidiary undertakings of the Company:
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Travel Editions Purchases Limited
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Provision of transport services to group companies
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Cricketer Holidays Limited
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The aggregate of the share capital and reserves as at 30 September 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
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Aggregate of share capital and reserves
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Travel Editions Purchases Limited
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Cricketer Holidays Limited
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Freehold investment property
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During the year the group sold the investment property to a former director (see note 15).
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TRAVEL EDITIONS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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Due after more than one year
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Prepayments and accrued income
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Prepayments and accrued income includes advanced payables for future travel amounting to £528,156 (2023: £447,238).
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Accruals and deferred income includes advance reciepts for future travel amounting to £1,523,691 (2023: £1,468,373).
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TRAVEL EDITIONS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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Creditors: Amounts falling due after more than one year
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Accruals and deferred income
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Accruals and deferred income includes advance reciepts for future travel amounting to £16,876 (2023: £139,432).
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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In December 2020, the company applied to the Coronavirus Business Interruption Loan Scheme, and received a loan to the value of £200,000.
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TRAVEL EDITIONS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Revaluation reserve
Revaluation includes all current and prior period revaluations.
Following the sale of the investment property in the year the revaluation reserve balance has been transferred to the profit and loss account.
Profit and loss account
Profit and loss account includes all current and prior period retained profits.
The company currently holds an Air Travel Organiser's License (ATOL) issued by the Civil Aviation Authority (CAA) and is a member of the Association of British Travel Agents Limited (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. The company has complied with these requirements in previousyears with the help of a bond. The directors are expecting the ATOL license to be renewed in March 2025.
As at 30 September 2024, there were contingent liabilities given by the company in the normal course of the business in respect of ABTA bonds, amounting to £639,881 (2023: £316,218).
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administtered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £15,276 (2023: £11,283). Contributions totalling to £Nil (2023: £2,459) were payable to the fund at the balance sheet date.
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TRAVEL EDITIONS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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Related party transactions
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The Company has taken advantage of the exemption avaliable under FRS 102 section 33.1A where disclosures of transactions between group members are not required, provided that the subsidiary is wholly owned. At the year end, Travel Editions Group Limited owed an amount of £61,168 to Travel Editions Purchases Limited, a 100% owned subsidiary (2023: £61,168).
During the year investment property held by the company was sold to director E N Coventry for €260,000 (£220,280).
Transactions with pension scheme:
During the year, the Company received £59,945 from TEG 2016 Pension Scheme, a pension fund in which E N Coventry and J R Dryden are beneficiaries (2023: £54,750 was received from the pension fund). The Company paid expenses amounting to £2,713 (2023: £2,584) in respect of professional fees. The company also charged interest of £nil (2023: £3,259) to TEG 2016 Pension Scheme. This interest is charged at rate of 2% above bank base rate.
At the year end, the company was owed:
£nil (2023: £59,945) from the TEG 2016 Pension Scheme
£1,292 (2023: £nil) from E N Coventry
£1,292 (2023: £nil) from J R Dryden
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Post balance sheet events
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On 15 November 2024 Travel Editions Group Limited was acquired by The Artisan Travel Holding Limited (see note 19).
The Company's parent company is The Artisan Travel Holding Limited. The directors are of the view that there is no ultimate controlling party of The Artisan Travel Holding Limited.
The Artisan Travel Holding Limited has the same registered office address as given in the Company Information page of these financial statements. The Artisan Travel Holding Limited's consolidated accounts are available upon request from Companies House, Crown Way, Cardiff, CF14 3VZ.
The auditors' report on the financial statements for the year ended 30 September 2024 was unqualified.
The audit report was signed on 6 March 2025 by Yasin Khandwalla FCCA (Senior statutory auditor) on behalf of Xeinadin Audit Limited.
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