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Registered number: 03585640









TANGNEY TOURS LTD









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2024

 
TANGNEY TOURS LTD
REGISTERED NUMBER: 03585640

STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
155,492
88,452

Investments
 6 
4
4

  
155,496
88,456

Current assets
  

Debtors: amounts falling due within one year
 7 
163,129
151,345

Cash at bank and in hand
 8 
1,130,650
1,557,305

  
1,293,779
1,708,650

Creditors: amounts falling due within one year
 9 
(473,266)
(646,693)

Net current assets
  
 
 
820,513
 
 
1,061,957

Total assets less current liabilities
  
976,009
1,150,413

Provisions for liabilities
  

Deferred tax
 10 
(28,473)
(7,295)

  
 
 
(28,473)
 
 
(7,295)

Net assets
  
947,536
1,143,118


Capital and reserves
  

Called up share capital 
 11 
100,000
100,000

Profit and loss account
  
847,536
1,043,118

  
947,536
1,143,118


Page 1

 
TANGNEY TOURS LTD
REGISTERED NUMBER: 03585640
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 NOVEMBER 2024

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 30 January 2025.




Mr N P Tangney
Director

The notes on pages 3 to 13 form part of these financial statements.

Page 2

 
TANGNEY TOURS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

1.


General information

As disclosed in the Directors' Report, the principal activity of the Company in the year under review was that of a tour operator specialising in pilgrimages. 
The Company is a private company limited by shares and is incorporated in England. The address of the Company's principal place of business and registered office is Pilgrim House, 3 Station Court, Station Approach, Borough Green, Kent, TN15 8AF. 

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 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 following principal accounting policies have been applied:

 
2.2

Going concern

Company 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. This is supported by the historical trading performance, the current bookings and the forecasts and budgets prepared by the company.
As a result, and with the Company continuing to receive the full support of its shareholders, the directors believe that it is still appropriate to apply the going concern basis for the foreseeable future.

 
2.3

Revenue

Turnover represents the aggregate amount of gross revenue receivable from inclusive tours, travel agency commissions receivable, cancellation income and other services supplied to customers in the ordinary course of business.
Turnover derived from ordinary activities is recognised in the income statement on holiday departure date and is stated after trade discounts, net of VAT and after any other sales taxes.

 
2.4

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.

 
2.5

Interest income

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

Page 3

 
TANGNEY TOURS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

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

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

 
2.7

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 4

 
TANGNEY TOURS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

 
2.8

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and
the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the
date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the
Statement of Comprehensive Income over its useful economic life. 
Other intangible assets

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

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

 Amortisation is provided on the following bases:

Goodwill
-
10%
Straight line

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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

Depreciation is provided on the following basis:

Motor vehicles
-
25%
straight line
Fixtures and fittings
-
10%
straight line
Office equipment
-
33%
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.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 5

 
TANGNEY TOURS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

 
2.11

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.

 
2.12

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.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

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.

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.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual
Page 6

 
TANGNEY TOURS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)


2.15
Financial instruments (continued)

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.

 
2.16

Dividends

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


3.


Employees

The average monthly number of employees, including directors, during the year was 8 (2023 - 6).

Page 7

 
TANGNEY TOURS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

4.


Intangible assets




Goodwill

£





At 1 December 2023
963,806


Disposals
(963,806)



At 30 November 2024

-





At 1 December 2023
963,806


On disposals
(963,806)



At 30 November 2024

-



Net book value



At 30 November 2024
-



At 30 November 2023
-

Goodwill relates to the acquisition of a business in 2008, along with the trade of another business at the start of 2013, and is being amortised over its estimated useful life of ten years. 



Page 8

 
TANGNEY TOURS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

5.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 December 2023
122,496
47,508
42,332
212,336


Additions
105,489
-
2,849
108,338


Disposals
(59,950)
-
-
(59,950)



At 30 November 2024

168,035
47,508
45,181
260,724



Depreciation


At 1 December 2023
71,411
14,986
37,487
123,884


Charge for the year on owned assets
26,093
4,760
2,951
33,804


Disposals
(52,456)
-
-
(52,456)



At 30 November 2024

45,048
19,746
40,438
105,232



Net book value



At 30 November 2024
122,987
27,762
4,743
155,492



At 30 November 2023
51,085
32,522
4,845
88,452

Page 9

 
TANGNEY TOURS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

6.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 December 2023
4



At 30 November 2024
4





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Class of shares

Holding

Tangney Transport Limited
Ordinary
100%

The aggregate of the share capital and reserves as at 30 November 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)

Tangney Transport Limited
4
-


7.


Debtors

2024
2023
£
£


Trade debtors
-
30,398

Other debtors
21,538
20,943

Prepayments and accrued income
141,591
100,004

163,129
151,345


Included in prepayments and accrued income is the sum of £132,734 (2023: £91,967) which relates to advance suppliers payments for bookings departing from 1 December 2024 onwards.

Page 10

 
TANGNEY TOURS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,130,650
1,557,305

1,130,650
1,557,305


Included in cash at bank are restricted funds of £5,279 (2023: £5,776) held as a rolling reserve by the Company's merchant acquirer. Also included in cash at bank are restricted funds of £77,836 (2023: £104,135) to secure bonds provided to ABTOT. The bond is a differential bond with maximum exposure of £102,563 (2023: £102,563) during the term of the bond from 1 April 2024 to 30 September 2025.


9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
11,953
65,675

Corporation tax
-
124,521

Other taxation and social security
4,434
3,228

Other creditors
135,987
53,158

Accruals and deferred income
320,892
400,111

473,266
646,693


Included in accruals and deferred income is the sum of £282,241 (2023: £319,765) which relates to advance customer receipts received for bookings departing from 1 December 2024 onwards.

Page 11

 
TANGNEY TOURS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

10.


Deferred taxation




2024


£






At beginning of year
(7,295)


Charged to profit or loss
(21,178)



At end of year
(28,473)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(28,473)
(7,295)

(28,473)
(7,295)


11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,000 (2023 - 1,000) Ordinary shares of £1.00 each
1,000
1,000
68,000 (2023 - 68,000) Ordinary A shares of £1.00 each
68,000
68,000
18,000 (2023 - 18,000) Ordinary B shares of £1.00 each
18,000
18,000
1,000 (2023 - 1,000) Ordinary C shares of £1.00 each
1,000
1,000
12,000 (2023 - 12,000) Ordinary D shares of £1.00 each
12,000
12,000

100,000

100,000



12.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £95,785 (2023: £62,116). Contributions totalling £Nil (2023: £30,000) were payable to the fund at the balance sheet date and are included in creditors.

Page 12

 
TANGNEY TOURS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

13.


Related party transactions

During the period, the Company entered into the following related party transactions:


2024
2023
£
£

N P Tangney
Director of the company
 
Rent paid to the related party for use of office facilities
30,000
30,000
Director's benefits paid
104,100
-
Amount due to the related party at the year-end
58,243
-
 
L Haugen
Shareholder of the company
 
Amount due to the related party at the year-end
78,500
-


14.


Controlling party

The ultimate controlling party is Mr N P Tangney, by virtue of his ownership of 74% of the issued share capital of the company. 


15.


Auditors' information

The auditors' report on the financial statements for the year ended 30 November 2024 was unqualified.

The audit report was signed on 30 January 2025 by M S Caldicott ACA FCCA CTA (Senior Statutory Auditor) on behalf of White Hart Associates (London) Limited.

 
Page 13