Caseware UK (AP4) 2024.0.164 2024.0.164 2024-07-312024-07-31falsefalse2023-08-0100falsefalse 02599533 2023-08-01 2024-07-31 02599533 2022-08-01 2023-07-31 02599533 2024-07-31 02599533 2023-07-31 02599533 2022-08-01 02599533 1 2023-08-01 2024-07-31 02599533 1 2022-08-01 2023-07-31 02599533 5 2023-08-01 2024-07-31 02599533 5 2022-08-01 2023-07-31 02599533 d:Director1 2023-08-01 2024-07-31 02599533 d:Director1 2024-07-31 02599533 d:Director2 2023-08-01 2024-07-31 02599533 d:Director2 2024-07-31 02599533 d:Director3 2023-08-01 2024-07-31 02599533 d:Director4 2023-08-01 2024-07-31 02599533 d:Director4 2024-07-31 02599533 d:Director5 2023-08-01 2024-07-31 02599533 d:Director5 2024-07-31 02599533 d:RegisteredOffice 2023-08-01 2024-07-31 02599533 e:Buildings e:ShortLeaseholdAssets 2023-08-01 2024-07-31 02599533 e:Buildings e:ShortLeaseholdAssets 2024-07-31 02599533 e:Buildings e:ShortLeaseholdAssets 2023-07-31 02599533 e:LandBuildings 2024-07-31 02599533 e:LandBuildings 2023-07-31 02599533 e:FurnitureFittings 2023-08-01 2024-07-31 02599533 e:FurnitureFittings 2024-07-31 02599533 e:FurnitureFittings 2023-07-31 02599533 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 02599533 e:OfficeEquipment 2023-08-01 2024-07-31 02599533 e:OfficeEquipment 2024-07-31 02599533 e:OfficeEquipment 2023-07-31 02599533 e:OfficeEquipment e:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 02599533 e:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 02599533 e:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-08-01 2024-07-31 02599533 e:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-07-31 02599533 e:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-07-31 02599533 e:Goodwill 2023-08-01 2024-07-31 02599533 e:Goodwill 2024-07-31 02599533 e:Goodwill 2023-07-31 02599533 e:CopyrightsPatentsTrademarksServiceOperatingRights 2023-08-01 2024-07-31 02599533 e:CurrentFinancialInstruments 2024-07-31 02599533 e:CurrentFinancialInstruments 2023-07-31 02599533 e:CurrentFinancialInstruments 6 2024-07-31 02599533 e:CurrentFinancialInstruments 6 2023-07-31 02599533 e:CurrentFinancialInstruments e:WithinOneYear 2024-07-31 02599533 e:CurrentFinancialInstruments e:WithinOneYear 2023-07-31 02599533 e:ReportableOperatingSegment1 2023-08-01 2024-07-31 02599533 e:ReportableOperatingSegment1 2022-08-01 2023-07-31 02599533 e:UKTax 2023-08-01 2024-07-31 02599533 e:UKTax 2022-08-01 2023-07-31 02599533 e:ShareCapital 2024-07-31 02599533 e:ShareCapital 2023-07-31 02599533 e:ShareCapital 2022-08-01 02599533 e:OtherMiscellaneousReserve 2023-08-01 2024-07-31 02599533 e:OtherMiscellaneousReserve 2024-07-31 02599533 e:OtherMiscellaneousReserve 1 2023-08-01 2024-07-31 02599533 e:OtherMiscellaneousReserve 2023-07-31 02599533 e:OtherMiscellaneousReserve 2022-08-01 02599533 e:OtherMiscellaneousReserve 1 2022-08-01 2023-07-31 02599533 e:RetainedEarningsAccumulatedLosses 2023-08-01 2024-07-31 02599533 e:RetainedEarningsAccumulatedLosses 2024-07-31 02599533 e:RetainedEarningsAccumulatedLosses 1 2023-08-01 2024-07-31 02599533 e:RetainedEarningsAccumulatedLosses 2022-08-01 2023-07-31 02599533 e:RetainedEarningsAccumulatedLosses 2023-07-31 02599533 e:RetainedEarningsAccumulatedLosses 2022-08-01 02599533 e:RetainedEarningsAccumulatedLosses 1 2022-08-01 2023-07-31 02599533 e:AcceleratedTaxDepreciationDeferredTax 2024-07-31 02599533 e:AcceleratedTaxDepreciationDeferredTax 2023-07-31 02599533 d:OrdinaryShareClass1 2023-08-01 2024-07-31 02599533 d:OrdinaryShareClass1 2024-07-31 02599533 d:OrdinaryShareClass1 2023-07-31 02599533 d:FRS102 2023-08-01 2024-07-31 02599533 d:Audited 2023-08-01 2024-07-31 02599533 d:FullAccounts 2023-08-01 2024-07-31 02599533 d:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 02599533 e:Subsidiary1 2023-08-01 2024-07-31 02599533 e:Subsidiary1 1 2023-08-01 2024-07-31 02599533 e:WithinOneYear 2024-07-31 02599533 e:WithinOneYear 2023-07-31 02599533 e:BetweenOneFiveYears 2024-07-31 02599533 e:BetweenOneFiveYears 2023-07-31 02599533 e:DevelopmentCostsCapitalisedDevelopmentExpenditure e:ExternallyAcquiredIntangibleAssets 2023-08-01 2024-07-31 02599533 e:Goodwill e:ExternallyAcquiredIntangibleAssets 2023-08-01 2024-07-31 02599533 2 2023-08-01 2024-07-31 02599533 6 2023-08-01 2024-07-31 02599533 9 2023-08-01 2024-07-31 02599533 e:ExternallyAcquiredIntangibleAssets 2023-08-01 2024-07-31 02599533 e:Goodwill e:OwnedIntangibleAssets 2023-08-01 2024-07-31 02599533 e:DevelopmentCostsCapitalisedDevelopmentExpenditure e:OwnedIntangibleAssets 2023-08-01 2024-07-31 02599533 f:PoundSterling 2023-08-01 2024-07-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 02599533









WST TRAVEL LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

 
WST TRAVEL LIMITED
 
 
COMPANY INFORMATION


Directors
Mrs D C Beckett (resigned 9 August 2023)
Mr D J Craven (resigned 9 August 2023)
Mrs M Whiteman 
Mr A J Morris (appointed 9 August 2023)
Mrs S L Belfield (appointed 9 August 2023)




Registered number
02599533



Registered office
181 Bristol Avenue

Blackpool

Lancashire

FY2 0FP




Independent auditors
White Hart Associates (London) Limited
Chartered Accountants and Statutory Auditors

2nd Floor, Nucleus House

2 Lower Mortlake Road

Richmond

TW9 2JA





 
WST 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
Analysis of Net Debt
13
Notes to the Financial Statements
14 - 32


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

Introduction
 
The directors present their strategic report of the Company for the year ended 31 July 2024.

Business review
 
The Company is required by the Companies Act 2006 to set out in this report, a fair review of the business of the Company during the financial year ended 31 July 2024, the position of the Company at the end of the period and a description of the principal risks and uncertainties facing the Company. This review is prepared solely to provide additional information to shareholders to assess the Company's strategies and the potential for those strategies to succeed, and the business review should not be relied upon by any other party or for any other purpose.
The Group is pleased to report a strong year of growth across all 4 brands, delivering 99 more tours than last year and reporting revenue growth of over 24% as a group. There have been significantly less operational issues this year now that supply and services have finally improved following the COVID-19 pandemic. Customer feedback has been excellent with improved NPS scores across the Group. 
Schools have been very keen to travel, with more venturing overseas again. Recruitment of staff has been challenging at times for more junior roles. We have made some key management and executive level appointments which has helped the business to deliver against its 3-year growth strategy.
Investment in IT has continued and we are very confident of seeing the benefit of this investment in the next 12 – 24 months, both in terms of delivering efficiencies and improving customer service levels.  
The key performance indicators used by the directors to monitor the progress of the Company are set out below:-

2024
2023
£
£
Turnover

19,344,835

15,140,103

Gross profit

4,135,211

2,509,033

Gross profit as a percentage of turnover

21.38%

16.57%

Profit on ordinary activities before taxation

1,721,643

782,726

Profit on ordinary activities as a percentage of turnover

8.90%

5.17%

Net cash inflow from operating activities

1,835,994

522,447

Net assets

3,761,236

2,113,736

30,798,919

21,068,045


Page 1

 
WST TRAVEL LIMITED
 

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

Principal risks and uncertainties
 
The following risk factors may affect the Company's operating results and its financial position. The risk factors described below are those which the directors believe are potentially significant but should not be regarded as a complete and comprehensive statement of all potential risk and uncertainties facing the Company.
Economic risk
The demand for educational tours is somewhat affected by local economic conditions. During 2024, rising costs across the economy have provided further challenges, however this has been compensated by the strong desire of teachers and parents to ensure students do not miss out on trips linked to the curriculum and by groups moving away from their previous tour operator due to poor service. 
Regulatory risk
The Company is exposed to various regulators, including the Civil Aviation Authority ("CAA"), which issues an Air Travel Organisers Licence ("ATOL"), which is required in order for the Group to operate. This licence is renewed in March each year and is subject to assessments of fitness and financial criteria, the framework of which is available on the CAA website (www.caa.co.uk).
Market risk
The Company operates in a highly competitive market featuring innovation in travel products and the methods by which it is marketed, as well as price pressures. The Company seeks to constantly invest in its brands to increase public awareness, as well as offer a wide selection of products from a wide range of suppliers at competitive prices, to maintain its market position at the same time as continuing to deliver exceptional customer service. The Company also monitors competitor activity closely.
Finance risk
The Company is naturally exposed to foreign exchange rate risk when it purchases overseas services in currencies other than British Pounds. All exchange gains and losses so arising are taken to the income statement once realised. The Company strategy is to hedge against the majority of this risk and for any element not hedged, the Company bears the risk associated with such foreign exchange movements.
Commercial relationships
The Company has well established and close relationships with both customers and suppliers and risk is spread by not placing over-reliance on any one supplier in any specific destination. The management team liaises regularly with suppliers to maintain good working relationships and to understand the supplier's financial position.
System risk
The Company is heavily reliant on the uninterrupted operation of its IT systems and website. These systems are vulnerable to power loss, fire, computer viruses and other events. Loss of these systems would impair the ability of the Company to carry on its business effectively. The Company has made arrangements to mitigate this risk.
 
Page 2

 
WST TRAVEL LIMITED
 

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

Principal risks and uncertainties (continued)
Commercial risk
The nature of the business exposes the Company to various commercial risks which may affect the trading performance of the Company, but all foreseeable potential risks are considered on an ongoing basis by the Board.
These factors may affect the Company by causing potential customers to cancel or postpone travel plans, reducing the earnings potential of the Company. The Company seeks to minimise such risks by operating a flexible limited commitment business model with the ability to shift capacity amongst a variety of destinations where necessary.


This report was approved by the board on 13 February 2025 and signed on its behalf.



Mrs M Whiteman
Director

Page 3

 
WST 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.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' Reports may differ from legislation in other jurisdictions.

Principal activity

The principal activity of the Company continued to be that of travel tour operators.

Results and dividends

The profit for the year, after taxation, amounted to £1,721,496 (2023 - £783,535).

The directors do not recommend a final dividend for the year ended 31 July 2024.
The total distribution of dividends for the year ended 31 July 2024 was £Nil (2023 - £Nil).

Page 4

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


Directors

The directors who served during the year were:

Mrs D C Beckett (resigned 9 August 2023)
Mr D J Craven (resigned 9 August 2023)
Mrs M Whiteman 
Mr A J Morris (appointed 9 August 2023)
Mrs S L Belfield (appointed 9 August 2023)

Qualifying third party indemnity provisions

The Company has made qualifying third party indemnity provisions for the benefit of its directors during the year.
These provisions remain in force at the reporting date.

Matters covered in the Strategic Report

The directors have disclosed additional performance data for the Company in the strategic report, which is included within this set of financial statements. This includes a review of the performance of the business and the key performance indicators, as well as the main risks faced by the business.

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.

Future developments and post balance sheet events

During 2024 and into 2025, the Company will continue to operate as outlined in the principal activity note above.  
There have been no significant events affecting the Company since the year end.

Auditors

The auditorsWhite Hart Associates (London) Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 13 February 2025 and signed on its behalf.
 





Mrs M Whiteman
Director

Page 5

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

Opinion


We have audited the financial statements of WST 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 profit 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

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

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

- We exercise professional judgment and maintain professional skepticism throughout the audit;
- We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the deliberate override of internal control;
- We obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of internal control;
- We evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made;
- We assess the risk of management override of controls, including testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business;
- We review the scope of the Company's compliance with The Package and Linked Travel Arrangements Regulations 2018 (“PTRs”) and sample test relevant documentation to assess this and the effectiveness of its control environment;
- We request and review the minutes of management meetings, and assess any matters identified not already provided for or disclosed that may materially impact the financial statements;
 
Page 8

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


Auditors' responsibilities for the audit of the financial statements (continued)
- We review the Company's relationships with related parties, identifying and disclosing transactions during the year and balances at year-end with such parties;


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


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





M S Caldicott ACA FCCA CTA (Senior Statutory Auditor)
  
for and on behalf of
White Hart Associates (London) Limited
 
Chartered Accountants and Statutory Auditors
  
2nd Floor, Nucleus House
2 Lower Mortlake Road
Richmond
TW9 2JA

13 February 2025
Page 9

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

2024
2023
Note
£
£

  

Turnover
 4 
19,344,835
15,140,103

Cost of sales
  
(15,209,624)
(12,631,070)

Gross profit
  
4,135,211
2,509,033

Administrative expenses
  
(2,456,856)
(1,764,155)

Other operating income
 5 
16,341
51,751

Operating profit
 6 
1,694,696
796,629

Interest receivable and similar income
 9 
29,994
-

Interest payable and similar expenses
 10 
(3,047)
(13,903)

Profit before tax
  
1,721,643
782,726

Tax on profit
 11 
(147)
809

Profit for the financial year
  
1,721,496
783,535

Other comprehensive income for the year
  

Fair value loss on cash flow hedges
  
(73,996)
(123,312)

Total comprehensive income for the year
  
1,647,500
660,223

The notes on pages 14 to 32 form part of these financial statements.

Page 10

 
WST TRAVEL LIMITED
REGISTERED NUMBER: 02599533

STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 12 
117,825
162,214

Tangible assets
 13 
22,150
21,564

Investments
 14 
1
1

  
139,976
183,779

Current assets
  

Debtors: amounts falling due within one year
 15 
8,468,262
8,341,165

Cash at bank and in hand
 16 
2,274,877
477,796

  
10,743,139
8,818,961

Creditors: amounts falling due within one year
 17 
(7,116,341)
(6,883,613)

Net current assets
  
 
 
3,626,798
 
 
1,935,348

Total assets less current liabilities
  
3,766,774
2,119,127

Provisions for liabilities
  

Deferred tax
 18 
(5,538)
(5,391)

  
 
 
(5,538)
 
 
(5,391)

Net assets
  
3,761,236
2,113,736


Capital and reserves
  

Called up share capital 
 19 
520,000
520,000

Cash flow hedging reserve
  
(197,308)
(123,312)

Profit and loss account
  
3,438,544
1,717,048

  
3,761,236
2,113,736


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 February 2025.


Mrs M Whiteman
Director

The notes on pages 14 to 32 form part of these financial statements.

Page 11

 
WST TRAVEL LIMITED
 

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


Called up share capital
Cash flow hedging reserve
Profit and loss account
Total equity

£
£
£
£


At 1 August 2022
520,000
-
933,513
1,453,513


Comprehensive income for the year

Profit for the year
-
-
783,535
783,535

Other movement type 1
-
(123,312)
-
(123,312)



At 1 August 2023
520,000
(123,312)
1,717,048
2,113,736


Comprehensive income for the year

Profit for the year
-
-
1,721,496
1,721,496

Fair value loss on cash flowhedges
-
(73,996)
-
(73,996)


At 31 July 2024
520,000
(197,308)
3,438,544
3,761,236


The notes on pages 14 to 32 form part of these financial statements.

Page 12

 
WST TRAVEL LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JULY 2024




At 1 August 2023
Cash flows
At 31 July 2024
£

£

£

Cash at bank and in hand

477,796

1,797,081

2,274,877

Debt due within 1 year

(20,833)

20,833

-


456,963
1,817,914
2,274,877

The notes on pages 14 to 32 form part of these financial statements.

Page 13

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

1.


General information

As disclosed in the Directors' Report, the principal activity of the Company in the year under review continued to be that of travel tour operators. 
The Company is a private company limited by shares and is incorporated in England. The address of the Company's principal place of business, being the same as the registered office stated on the Company Information page, is:
181 Bristol Avenue
Blackpool
Lancashire
FY2 0FP

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).

The following principal accounting policies have been applied:

Page 14

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

2.Accounting policies (continued)

 
2.2

Going concern

The Company has seen a recovery in trade during 2023 and 2024, which had been delayed because of long lead times between booking and travel dates in educational travel. The rising costs of living, combined with regional wars around the globe, resulted in a reduction in demand and disposable income for some consumers. Despite this, the Group has seen a significant rise in revenue, exceeding pre-pandemic levels, and a return to profit for the year. This, combined with an increase in forward bookings at year-end, gives the Group confidence that business will continue to grow in coming years.
Group management and the directors continue to constantly review the Company’s financial position as well as forecasts, and plan mitigation actions in order to protect against any potential future downturns in trading. This work has also enabled them to assess and plan for the potential impact of any capital requirements that might be required by the Company's travel regulators. The Directors also continue to monitor requirements in respect of debt service and covenants and have obtained confirmation of the support of their bankers for a period of at least 12 months from the approval of the financial statements.
The directors have continued to review forecasts which extend until 28 February 2026. These forecasts include assumptions in respect of passenger numbers and have been stress tested across a number of scenarios. The outcome of the testing of these forecasts shows that sufficient resources are expected to be in place to allow the Company to meet obligations as they fall due. 
Notwithstanding this, and despite all of the cost mitigation actions undertaken along with an increase in bookings seen since the relaxation of overseas travel restrictions, some uncertainty does remain regarding the quantum and timing of future revenue and cash flows which could have an impact on future covenant compliance and regulatory capital requirements. The directors have therefore obtained a letter of support from the Group's main shareholder which confirms that support will be extended to the business, if required, to allow it to continue as a going concern. The director’s have satisfied themselves that the main shareholder has the resources available to provide the level of support that would be expected in a reasonable worst case scenario.
Based on the above and the sensitised forecasts and budgets, Group management and the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, being at least the following 12 months from the signing of these financial statements. 
In light of the above, the directors have concluded that it is appropriate to prepare the financial statements on a going concern basis.

Page 15

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

2.Accounting policies (continued)

 
2.3

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'.

 
2.4

Turnover

Turnover represents amounts receivable for services net of VAT and trade discounts.
Turnover from the provision of services is recognised when the risks and rewards of ownership have been transferred to the customer. The risks and rewards of ownership of services are deemed to have been transferred when the services have been provided to the customer which is generally on day of departure.
Unearned revenue received in advance of departure is held as a liability on the statement of financial position. Trade debtors still represent gross amounts receivable and trade creditors still represent gross amounts payable in respect of travel arrangements.

 
2.5

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.

Page 16

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

2.Accounting policies (continued)

 
2.6

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
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

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.

Page 17

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

2.Accounting policies (continued)

 
2.11

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 considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired.If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

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.

 Amortisation is provided on the following bases:

Development costs
-
20%
straight line
Goodwill
-
10%
straight line
Customer contracts
-
100%
straight line

 
2.12

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.

Page 18

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

2.Accounting policies (continued)


2.12
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
Over the life of the lease
Fixtures and fittings
-
20% straight line
Office equipment
-
20% straight line

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.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.14

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.

 
2.15

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.

 
2.16

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 19

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

2.Accounting policies (continued)

 
2.17

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.
 
Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.18

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
 
Page 20

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

2.Accounting policies (continued)


2.18
Financial instruments (continued)


Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
 
Page 21

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

2.Accounting policies (continued)


2.18
Financial instruments (continued)


Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss. The Company applies hedge accounting for foreign exchange derivatives.

The Company designates certain derivaties as either:
- Hedges of the fair value of recognised assets or liabilities or a firm commitment (fair value hedge); 
- Hedges of a particular risk associated with a recognised asset or liability or a highly probable forecast transaction (cash flow hedge); or 
- Hedges of a net investment in a foreign operation (net investment hedge).
The Company documents at the inception of the transaction the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various hedging transactions. The Company also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items.
The full fair value of a hedging derivative is classified as a non-current asset or liability when the remaining hedged item is recognised after more than 12 months, and as a current asset or liability when the remaining maturity of the hedged item is less than 12 months. Trading derivatives are classified as a current asset or liability.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
At year-end, the Company had contracted to buy £8,492,345 (2023 - £4,099,970) of foreign currencies in future months. 

 
2.19

Hedge accounting

The Company uses foreign currency forward contracts to manage its exposure to cash flow risk on its future creditors payable in foreign currencies. These derivatives are measured at fair value at each reporting date.

To the extent the cash flow hedge is effective, movements in fair value are recognised in other comprehensive income and presented in a separate cash flow hedge reserve. Any ineffective portions of those movements are recognised in profit or loss for the year.

Gains and losses on the hedging instruments and the hedged items are recognised in profit or loss for the year. When a hedged item is an unrecognised firm commitment, the cumulative hedging gain or loss on the hedged item is recognised as an asset or liability with a corresponding gain or loss recognised in profit or loss.

Page 22

 
WST 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 considered 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 the revision and future periods where the revision affects both current and future periods.
a) Critical judgments in applying the Company's accounting policies
The directors believe that there are no critical judgments involved in applying the Company's accounting policies that warrant disclosure.
b) Key accounting estimates and assumptions
The directors believe that there are no key accounting estimates and assumptions involved in applying the Company's accounting policies that warrant disclosure.


4.


Turnover

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


2024
2023
£
£

Tour operator sales
19,344,835
15,140,103


All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Commissions receivable
16,341
51,751


Page 23

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

6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
(18,380)
623

Other operating lease rentals
82,512
77,122


7.


Auditors' remuneration

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


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
14,040
10,920


8.


Employees




The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL).

All employees and directors have been remunerated through the parent company, Next Generation Travel Limited during both the 2024 and 2023 financial years. 


9.


Interest receivable

2024
2023
£
£


Other interest receivable
29,994
-


10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
3,047
13,903

Page 24

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

11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
438,267
171,237


Group taxation relief
(438,267)
(171,237)


Total current tax
-
-

Deferred tax


Origination and reversal of timing differences
147
(809)


Taxation on profit/(loss) on ordinary activities
147
(809)

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the average effective rate of corporation tax in the UK of 25% (2023 - 21%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,721,643
782,726


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 21%)
430,411
164,372

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
8,003
6,459

Capital allowances for year in excess of depreciation
(147)
406

Movements in deferred taxation
147
(809)

Group relief
(438,267)
(171,237)

Total tax charge for the year
147
(809)


Factors that may affect future tax charges

There were no factors that may affect future tax charges at 31 July 2024.

Page 25

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

12.


Intangible assets




Development expenditure
Goodwill
Total

£
£
£



Cost


At 1 August 2023
410,658
305,433
716,091


Additions
675
-
675



At 31 July 2024

411,333
305,433
716,766



Amortisation


At 1 August 2023
382,088
171,789
553,877


Charge for the year on owned assets
14,520
30,544
45,064



At 31 July 2024

396,608
202,333
598,941



Net book value



At 31 July 2024
14,725
103,100
117,825



At 31 July 2023
28,570
133,644
162,214

Goodwill relates to non-contractual and separable contracts acquired (which do not meet the criteria for separate recognition as an intangible asset under the triennial review of FRS102), relationships and synergies expected to be made.



Page 26

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

13.


Tangible fixed assets





Short-term leasehold property
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 August 2023
44,683
4,958
131,066
180,707


Additions
-
5,772
8,586
14,358



At 31 July 2024

44,683
10,730
139,652
195,065



Depreciation


At 1 August 2023
39,474
4,958
114,711
159,143


Charge for the year on owned assets
3,493
647
9,632
13,772



At 31 July 2024

42,967
5,605
124,343
172,915



Net book value



At 31 July 2024
1,716
5,125
15,309
22,150



At 31 July 2023
5,209
-
16,355
21,564




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Short leasehold
1,716
5,209

1,716
5,209


Page 27

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

14.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 August 2023
1



At 31 July 2024
1





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

WST Transport Services Limited
Chiltern House, 181 Bristol Avenue, Blackpool, Lancashire, FY2 0FP
Transport services
Ordinary
100%

The aggregate of the share capital and reserves as at 31 July 2024 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)

WST Transport Services Limited
8,814
-

Page 28

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

15.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
6,711,707
7,486,787

Other debtors
128,348
187,652

Prepayments and accrued income
1,628,207
666,726

8,468,262
8,341,165


Included within Prepayments and accrued income above are payments made to suppliers relating to bookings departing after the year end, where the Company is acting as principal. The total of these prepaid costs at 31 July 2024 was £1,372,310 (2023 - £431,911).
Amounts owed by group undertakings are interest free and repayable on demand.


16.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
2,274,877
477,796


Included within cash at bank and in hand is a UK Trust Account which is independently and professionally managed by PT Trustees Limited ("PTT"). As at 31 July 2024, the sum of £1,008,021 (2023 - £412,814) was held in the Trust Account as restricted cash, to be released upon a set of rules agreed with the Civil Aviation Authority ("CAA") and PTT which provide full consumer protection for ATOL bookings.

Page 29

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

17.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other loans
-
20,833

Trade creditors
340,651
910,684

Amounts owed to group undertakings
1,569,497
1,429,777

Other taxation and social security
-
99,485

Other creditors
54,809
61,053

Accruals and deferred income
4,954,076
4,238,469

Financial instruments
197,308
123,312

7,116,341
6,883,613


Included within Accruals and deferred income above are receipts from customers relating to bookings departing after the year end, where the Company is acting as principal. The total of these receipts taken in advance at 31 July 2024 was £3,663,001 (2023 - £3,686,404).

Page 30

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

18.


Deferred taxation




2024


£






At beginning of year
(5,391)


Charged to profit or loss
(147)



At end of year
(5,538)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(5,538)
(5,391)

(5,538)
(5,391)

Deferred tax assets relating to accelerated capital allowances will be reversed as the Company claims capital allowances on the tax value of its tangible fixed assets, being on a reducing balance basis at 18%. Deferred tax assets relating to tax losses carried forward will be reversed in their entirety in following periods against taxable profits.


19.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



520,000 (2023 - 520,000) Ordinary Shares shares of £1.00 each
520,000
520,000


The Ordinary shares of £1 each carry full voting rights, full dividend rights and full rights to participation in any capital distribution on winding up.


20.


Reserves

Other reserves

Other reserves relate to a cash flow hedging reserve to which, in accordance with the Company's accounting policies, the effective portion of changes in the fair value of foreign exchange forward contract derivatives are recognised.

Profit and loss account

The profit and loss account represents all current and prior period retained profits and losses, less any dividends paid to the Company's shareholders.

Page 31

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

21.


Financial commitments, guarantees and contingent liabilities

There is a cross company guarantee in place between all group companies in favour of Svenska Handelsbanken AS, the amount guaranteed at the year end was £Nil (2023 - £208,150).
At 31 July 2024, there were contingent liabilities outstanding in respect of counter indemnities given by the Company, in the normal course of business, to the Group's bond insurance obligors in respect of Civil Aviation Authority ('CAA') travel bonds amounting to £1,000,000 and Association of Bonded Travel Organisers Trust Limited ('ABTOT') travel bonds amounting to £2,574,906. 


22.


Commitments under operating leases

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

2024
2023
£
£


Not later than 1 year
70,333
78,500

Later than 1 year and not later than 5 years
48,125
118,458

118,458
196,958


23.


Related party transactions

During the year the company paid rent of £26,000 (2023 - £26,000) for the use of offices that are partially owned by one of the directors,  Mr D J Craven. 


24.


Controlling party

The directors consider the ultimate parent company to be Next Generation Travel Limited, a company incorporated in the United Kingdom. Next Generation Travel Limited is the only undertaking preparing group accounts including the results of this Company. The registered office of Next Generation Travel Limited is Chiltern House, 181 Bristol Avenue, Blackpool, Lancashire, FY2 0FP.
The ultimate controlling party of the Group is considered to be Mr D J Craven, due to his shareholding in Next Generation Travel Limited.

 
Page 32