Mickledore Travel Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 05240113

Mickledore Travel Limited

Filleted Financial Statements

31 December 2024

Mickledore Travel Limited

Statement of Financial Position

31 December 2024

	2024		2023
Note	£	£	£

Fixed assets

Intangible assets	5	6,862	3,842
Tangible assets	6	2,073	7,980
Investments	7	500	–
		-------	--------
		9,435	11,822

Current assets

Stocks		8,155	8,597
Debtors	8	36,135	31,368
Cash at bank and in hand		1,284,639	1,026,899
		------------	------------
		1,328,929	1,066,864

Creditors: amounts falling due within one year	9	690,176		559,223
		------------		------------
Net current assets			638,753	507,641
			---------	---------
Total assets less current liabilities			648,188	519,463

Provisions	1,730	2,341
	---------	---------
Net assets	646,458	517,122
	---------	---------

Capital and reserves

Called up share capital	30,000	30,000
Profit and loss account	616,458	487,122
	---------	---------
Shareholders funds	646,458	517,122
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

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.

Mickledore Travel Limited

Statement of Financial Position (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 14 March 2025 , and are signed on behalf of the board by:

Mr A Toft

Director

Company registration number: 05240113

Mickledore Travel Limited

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 27 Greville Street, London, EC1N 8SU.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis unless otherwise specified within the accounting policies. The financial statements are prepared in sterling, which is the functional currency of the entity.

Changes in accounting estimates

During the year the company changed its VAT registration to a group registration with its parent company. The company believes the group registration has saved it £39,882 in output VAT in the year to 31 December 2024.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for booked trips, stated net of discounts and of Value Added Tax. Revenue from the sale of trips is recognised at the date of departure or at the date of cancellation by the customer where a proportion of the value of the booking is retained.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Advanced receipts and payments

All revenue relating to trips with departure dates after the year end are treated as advance receipts at the balance sheet date and are separately disclosed under accruals and deferred income.

Credit notes to customers still valid at the year end are included within accruals and deferred income.

Payments made to suppliers in respect of future trips and refunds due from suppliers in respect of cancelled bookings are included within prepayments.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Website development	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Plant and machinery	-	33% straight line

During the year the group decided to apply a global rate for the amortisation of website costs of 10% straight line. Therefore the company's previous rate of amortisation, to write off over 3 years, has been brought into line with the group.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 15 (2023: 15 ).

5. Intangible assets

	Website development
	£
Cost
At 1 January 2024	74,290
Additions	3,899
	--------
At 31 December 2024	78,189
	--------
Amortisation
At 1 January 2024	70,448
Charge for the year	879
	--------
At 31 December 2024	71,327
	--------
Carrying amount
At 31 December 2024	6,862
	--------
At 31 December 2023	3,842
	--------

6. Tangible assets

	Plant and machinery
	£
Cost
At 1 January 2024	100,171
Additions	1,242
	---------
At 31 December 2024	101,413
	---------
Depreciation
At 1 January 2024	92,191
Charge for the year	7,149
	---------
At 31 December 2024	99,340
	---------
Carrying amount
At 31 December 2024	2,073
	---------
At 31 December 2023	7,980
	---------

7. Investments

	Other investments other than loans
	£
Cost
At 1 January 2024	–
Additions	500
	----
At 31 December 2024	500
	----
Impairment
At 1 January 2024 and 31 December 2024	–
	----

Carrying amount
At 31 December 2024	500
	----
At 31 December 2023	–
	----

8. Debtors

	2024	2023
	£	£
Other debtors	36,135	31,368
	--------	--------

Prepayments and accrued income includes advanced payments to suppliers for departures after the balance sheet date amounting to £16,970 (2023 - £13,184).

9. Creditors: amounts falling due within one year

	2024	2023
	£	£
Corporation tax	87,655	51,313
Social security and other taxes	71,352	47,558
Other creditors	531,169	460,352
	---------	---------
	690,176	559,223
	---------	---------

Accruals and deferred income includes advanced receipts from customers for departures after the balance sheet date amounting to £486,079 (2023 - £422,303).

10. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2024	2023
	£	£
Not later than 1 year	300	300
Later than 1 year and not later than 5 years	225	525
	----	----
	525	825
	----	----

11. Contingencies

The Company is currently a member of the Association of British Travel Agents (ABTA). As at 31st December 2023, there were contingent liabilities given by the company in the normal course of business to Travel & General Insurance Services Limited in respect of ABTA bonds, amounting to £594,562 until 28 February 2025 and £1,281,808 thereafter until 30 September 2025 (2023: £1,205,935). A third party counter indemnity from Voyageurs du Monde SA and K E Adventure Travel Limited is a condition of the bond.

12. Summary audit opinion

The auditor's report dated 14 March 2025 was unqualified .

The senior statutory auditor was Peter Stewart FCA , for and on behalf of Gregory Priestley & Stewart .

13. Related party transactions

During the year the company was charged £3,188 by KE Adventure Travel Ltd for office cleaning costs (2023: £3,188), £429 for staff training (2023: £nil) and £nil for staff entertaining (2023: £1,284). The amount owed to KE Adventure Travel Ltd at the year end in respect of these transactions was £nil (2023: £nil). During the year Mickledore Travel accepted £nil (2023: £947) of credit notes issued by KE Adventure Travel Ltd to its customer for cancelled holidays, as payments for holidays booked with Mickledore Travel Ltd. At the year end KE Adventure Travel Ltd owed £nil to Mickledore Travel Ltd in respect of these transactions (2023: £nil). During the year the company sold holidays to other companies within the same group, the value of holidays sold was £52,758 (2023 - £9,302). As part of the same group, these companies benefit from a group discount of between 5 and 10%.

14. Ethical standards

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities, report to regulatory bodies regarding our compliance and assist with the preparation of the financial statements.

15. Controlling party

The immediate parent company of the company is K E Adventure Travel Limited, a company incorporated in England and Wales. The company was controlled throughout the year by Erta Ale Développement SAS, a company registered in France. The registered office is Zone Artisanale Ou Zone D'Activité De Longifan, 38530 Chapareillan, France. The ultimate controlling party of the company is considered to be Voyageurs du Monde S.A, a company registered on the Euronext Growth Stock Exchange. The results of the company are included in the consolidated financial statements of Voyageurs du Monde S.A. Copies of the group financial statements are available from its registered office at 55, Rue Sainte-Anne, 75002 Paris.