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Registered number: 02314542










ATKINS TRAVEL LIMITED










DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2024

 
ATKINS TRAVEL LIMITED
 
 
COMPANY INFORMATION


Directors
C Bartholomew 
J Sapak 
D Curnock 




Registered number
02314542



Registered office
11 Haviland House
17 Cobham Road

Ferndown Industrial Estate

Wimborne

Dorset

BH21 7PE




Independent auditors
Xeinadin Audit Limited
Chartered Accountants & Statutory Auditor

8th Floor

Becket House

36 Old Jewry

London

EC2R 8DD





 
ATKINS TRAVEL LIMITED
 

CONTENTS



Page
Directors' report
1 - 3
Independent auditors' report
4 - 8
Statement of comprehensive income
9
Statement of financial position
10
Statement of changes in equity
11
Notes to the financial statements
12 - 25


 
ATKINS TRAVEL LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024

The directors present their report and the financial statements for the year ended 31 October 2024.

Directors' responsibilities statement

The directors are responsible for preparing 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;

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.

Page 1

 
ATKINS TRAVEL LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024

Executive Summary

Atkins Travel Ltd has undergone a challenging financial year, with losses attributed primarily to reorganisation costs and significant investment in IT infrastructure. While these expenses have weighed on profitability, they are crucial to strengthening the company’s long-term operational efficiency, customer service capabilities, and competitive positioning in the market.
Business Performance Overview
Despite the continued financial pressures, the company has made significant strides in improving its internal operations and digital transformation. Key highlights include:

Completion of the of IT system development, enhancing booking and customer management systems.
Streamlining of operational processes through reorganisation, leading to long-term cost efficiencies.
Strong customer engagement in core markets leading to record forward sales.

Outlook & Future Strategy
Looking ahead, Atkins Travel Ltd remains committed to leveraging its IT investments and operational restructuring to drive sustainable growth. Key focus areas include:

Monetising Digital Assets: Leveraging improved online platforms for enhanced customer engagement, and sales growth.
Operational Efficiencies: Realising cost savings from reorganisation efforts and enhanced service delivery.
Revenue Growth: Expanding product offerings and increasing marketing activity to drive demand and customer retention.
Sustainability & Innovation: Incorporating eco-friendly travel options and digital innovations to align with evolving consumer expectations.

Conclusion
While the past year has presented financial challenges, the strategic initiatives undertaken are essential to ensuring long-term success. The investments in IT and structural reorganisation are expected to yield significant returns in the coming years, positioning Atkins Travel Ltd as a more agile, customer-focused, and competitive player in the travel industry.

Results and dividends

The loss for the year, after taxation, amounted to £400,112 (2023 - loss £338,700).

As at the period ended 31 October 2024, the directors do not recommend payments of a final dividend.

Directors

The directors who served during the year were:

C Bartholomew 
J Sapak 
D Curnock
L Hamilton (resigned 31/07/2024)
 

Page 2

 
ATKINS TRAVEL LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024

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.

Auditors

The auditorsXeinadin Audit Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board on 25 March 2025 and signed on its behalf.
 





C Bartholomew
Director

Page 3

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

Opinion


We have audited the financial statements of Atkins Travel Limited (the 'Company') for the year ended 31 October 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 October 2024 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 4

 
ATKINS TRAVEL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ATKINS 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' report has 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 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; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' report and from the requirement to prepare a Strategic report.


Page 5

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


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 1, 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 6

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

•Enquiry of management and those charged with governance around actual and potential litigation and claims;
•Reviewing minutes of meetings of meetings of those charged with governance;
•Performing audit work over the risk of management override of controls, including testing of journal entries and
other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the
normal course of business and reviewing accounting estimates for bias;
•Enquiry of management and those charged with governance to identify any instances of non-compliance with
laws and regulations.
The potential effect of these laws and regulations on the financial statements varies considerably.
Firstly, the Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
Secondly, the Company is subject to many other laws and regulations where the consequence of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance the imposition of fines or litigation or the loss of the Company’s license to operate. We identified the following areas as those most likely to have such an effect: health and safety including data protection laws, anti-bribery, money laundering, employment law, ABTA and ATOL compliance recognising the nature of the Company’s activities. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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


Page 7

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


Use of our report
 

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





Karanjit Gill (Senior statutory auditor)
  
for and on behalf of
Xeinadin Audit Limited
 
Chartered Accountants & Statutory Auditor
  
8th Floor
Becket House
36 Old Jewry
London
EC2R 8DD

25 March 2025
Page 8

 
ATKINS TRAVEL LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2024

2024
2023
Note
£
£

  

Turnover
  
11,589,044
10,928,306

Cost of sales
  
(9,804,786)
(8,999,317)

Gross profit
  
1,784,258
1,928,989

Administrative expenses
  
(2,283,051)
(2,204,732)

Exceptional administrative expenses
  
(253,162)
(269,800)

Other operating income
 4 
252,752
239,756

Operating loss
  
(499,203)
(305,787)

Interest receivable and similar income
 7 
34,164
8,495

Interest payable and similar expenses
 8 
(26,180)
(41,408)

Loss before taxation
  
(491,219)
(338,700)

Tax on loss
  
91,107
-

Loss for the financial year
  
(400,112)
(338,700)

  

Total comprehensive income for the year
  
(400,112)
(338,700)

The notes on pages 12 to 25 form part of these financial statements.

Page 9

 
ATKINS TRAVEL LIMITED
REGISTERED NUMBER: 02314542

STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 10 
322,316
106,781

Tangible assets
 11 
1,632
38,414

Investments
 12 
1,311,460
1,310,010

  
1,635,408
1,455,205

Current assets
  

Debtors: amounts falling due within one year
 13 
2,490,677
2,811,743

Cash at bank and in hand
 14 
784,755
1,260,513

  
3,275,432
4,072,256

Creditors: amounts falling due within one year
 15 
(3,093,221)
(3,896,874)

Net current assets
  
 
 
182,211
 
 
175,382

Total assets less current liabilities
  
1,817,619
1,630,587

Creditors: amounts falling due after more than one year
 16 
(2,416,250)
(1,829,106)

  

Net liabilities
  
(598,631)
(198,519)


Capital and reserves
  

Called up share capital 
  
467,300
467,300

Profit and loss account
  
(1,065,931)
(665,819)

  
(598,631)
(198,519)


The Company's financial statements have been prepared in accordance with the 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 25 March 2025.




C Bartholomew
Director

The notes on pages 12 to 25 form part of these financial statements.

Page 10

 
ATKINS TRAVEL LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 November 2022
467,300
(327,119)
140,181



Loss for the year
-
(338,700)
(338,700)



At 1 November 2023
467,300
(665,819)
(198,519)



Loss for the year
-
(400,112)
(400,112)


At 31 October 2024
467,300
(1,065,931)
(598,631)


The notes on pages 12 to 25 form part of these financial statements.

Page 11

 
ATKINS TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

1.


General information

Atkins Travel Limited is a private company limited by shares incorporated in England and Wales, United Kingdom. The address of the registered office is: 11 Haviland House 17 Cobham Road, Ferndown Industrial Estate, Wimborne, Dorset, England, BH21 7PE.
The principal activity of the company continued to be that of a tour operator.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

  
2.2

Exemptions for qualifying entities under FRS 102

The Company has taken advantage of the following exemptions on the basis that the equivalent disclosures are included in the consolidated financial statements of the group in which the Company is consolidated:
Cash flow statement:
Under FRS 102 paragraph 1.12(b), from preparing a Statement of Cash Flows, on the basis that it is a qualifying entity and its parent company, Embrace Travel Group Limited, includes the Company’s cash flows in its own consolidated financial statements.
Key management personnel:
Under FRS 102 paragraph 1.12(e) from disclosing the key management personnel in the Company on the basis that it is a qualifying entity and its parent company includes this disclosure.

  
2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

Page 12

 
ATKINS TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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

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

 
2.5

Turnover

Turnover is recognised at the fair value of the consdieration received or receivable for services provided in the normal course of business, and is shown net of VAT and commissions. Revenue is recognised on the departure date. 

 
2.6

Operating leases: the Company as lessee

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

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

 
2.7

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.

 
2.8

Interest income

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

Page 13

 
ATKINS TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.9

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.

 
2.10

Borrowing costs

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

 
2.11

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.

 
2.12

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 14

 
ATKINS TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

  
2.13

 Advanced receipts and payments

All revenue relating to tours 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.
Payments made to suppliers in respect of these trips are included in prepayments.

 
2.14

Exceptional items

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

 
2.15

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the revaluation model, intangible assets shall be carried at a revalued amount, being its fair value at the date of revaluation less any subsequent accumulated amortisation and subsequent impairment losses - provided that the fair value can be determined by reference to an active market.
Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting date.

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:

Intellectual Property
-
%
33.33% straight line
Website
-
%
20% straight line
Computer software
-
%
10% straight line

The assets' residual values, useful lives and amortisation 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

 
2.16

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 15

 
ATKINS TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)


2.16
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:

Office equipment
-
10%
straight line
Computer 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.

 
2.17

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.18

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.

 
2.19

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.

 
2.20

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 16

 
ATKINS TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.21

Hedge accounting

The Company uses foreign currency forward contracts to manage its exposure to fair value risk on its foreign currency balances. 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.

 
2.22

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.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are recognised to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.
Critical judgements
Intangible Assets
The annual amortisation charge for intangible assets is sensitive to due the material nature of the value of intangible fixed assets. The amortisation rates are reviewed annually to ensure they are appropriate for the type of asset. Assets are reviewed for impairment on an annual basis.


4.


Other operating income

2024
2023
£
£

Other operating income
252,752
239,756

252,752
239,756


Page 17

 
ATKINS TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

5.


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
15,400
14,000


6.


Employees

The average monthly number of employees, including directors, during the year was 14 (2023 - 14).


2024
2023
£
£

Wages and salaries
572,548
418,803

Social security costs
21,018
24,616

Cost of defined contribution scheme
19,788
20,032

613,354
463,451



7.


Interest receivable

2024
2023
£
£


Other interest receivable
34,164
8,495

34,164
8,495


8.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
574
823

Loans from group undertakings
25,000
40,585

Other interest payable
606
-

26,180
41,408

Page 18

 
ATKINS TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

9.


Exceptional items

2024
2023
£
£


Consultancy
-
73,500

Accountancy fees
253,162
110,675

Legal and professional fees
-
80,000

Recruitment fees
-
5,625

253,162
269,800

Exceptional items above have been stated separately which have an effect on profit or loss. These are one off costs in relation to professional services.


10.


Intangible assets




Intellectual Property
Website
Computer software
Goodwill
Total

£
£
£
£
£



Cost


At 1 November 2023
185,495
-
-
7,500
192,995


Additions
-
28,725
289,992
-
318,717



At 31 October 2024

185,495
28,725
289,992
7,500
511,712



Amortisation


At 1 November 2023
78,714
-
-
7,500
86,214


Charge for the year on owned assets
74,584
1,356
27,242
-
103,182



At 31 October 2024

153,298
1,356
27,242
7,500
189,396



Net book value



At 31 October 2024
32,197
27,369
262,750
-
322,316



At 31 October 2023
106,781
-
-
-
106,781



Page 19

 
ATKINS TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

11.


Tangible fixed assets





Office equipment
Computer equipment
Total

£
£
£



Cost or valuation


At 1 November 2023
136,037
570,442
706,479


Additions
201
-
201


Disposals
(105,723)
(434,726)
(540,449)



At 31 October 2024

30,515
135,716
166,231



Depreciation


At 1 November 2023
114,623
553,442
668,065


Charge for the year on owned assets
5,793
16,179
21,972


Disposals
(91,424)
(434,014)
(525,438)



At 31 October 2024

28,992
135,607
164,599



Net book value



At 31 October 2024
1,523
109
1,632



At 31 October 2023
21,414
17,000
38,414

Page 20

 
ATKINS TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

12.


Fixed asset investments


Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Prestige Flights Limited
11 Haviland House 17 Cobham Road, Ferndown Industrial Estate, Wimborne, Dorset, England, BH21 7PE
Dormant
Ordinary
100%
Prestige Holidays Limited
11 Haviland House 17 Cobham Road, Ferndown Industrial Estate, Wimborne, Dorset, England, BH21 7PE
Dormant
Ordinary
100%
Tribes Travel Limited
11 Haviland House 17 Cobham Road, Ferndown Industrial Estate, Wimborne, Dorset, England, BH21 7PE
Tour operator activities
Ordinary
100%


13.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
25,000
25,000

Other debtors
915,288
579,129

Prepayments and accrued income
1,094,024
1,842,356

Deferred taxation
456,365
365,258

2,490,677
2,811,743


Prepayments and accrued income include advance payments to suppliers for future travel amounting to
£828,632 (2023: £1,470,983)

Page 21

 
ATKINS TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

14.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
784,755
1,260,513

784,755
1,260,513


Cash and cash equivalents comprise amount held in Escrow totalling £551,091 (2023: £1,031,439). Amounts held in Escrow are segregated monies received and held in a seperate Escrow accounts. These amounts are held as a financial guarantee for the company's travel licenses and for the protection of monies collected from passengers.


15.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
10,000
10,000

Trade creditors
587,965
1,562,657

Amounts owed to group undertakings
38,275
25,000

Other taxation and social security
9,380
51,022

Other creditors
156,298
450,005

Accruals and deferred income
2,291,303
1,798,190

3,093,221
3,896,874


Included within accruals and deferred income above and below is £2,239,385 (2023: £1,685,200) of advance receipts from customers in relation to bookings departing after the balance sheet date.


16.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
8,293
18,313

Amounts owed to group undertakings
2,020,366
1,810,793

Other creditors
345,000
-

Accruals and deferred income
42,591
-

2,416,250
1,829,106


Included in amounts owed to group undertakings is £250,000 that is subordinated to the Civil Aviation Authority (CAA), which cannot be withdrawn without the CAA's prior written consent.

Page 22

 
ATKINS TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

17.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
10,000
10,000


10,000
10,000

Amounts falling due 1-2 years

Bank loans
8,293
10,000

Amounts falling due 2-5 years

Bank loans
-
8,313


-
8,313


18,293
28,313



18.


Deferred taxation




2024
2023


£

£






At beginning of year
365,258
365,258


Charged to profit or loss
91,107
-



At end of year
456,365
365,258

The deferred tax asset is made up as follows:

2024
2023
£
£


Accelerated capital allowances
56,365
365,258

Tax losses carried forward
400,000
-

456,365
365,258

Page 23

 
ATKINS TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

19.


Contingent liabilities and regulatory requirements

The Company currently holds an Air Travel Organisers' License ('ATOL') issued by the Civil Aviation Authority ('CAA').
In order to offer air inclusive package holidays, the company requires the annual renewal by the CAA of its ATOL license. The CAA grants this license based on meeting agreed financial criteria and renews this in March (effective 1st April) each year. The company has complied with these requirements in previous years. The directors are expecting the ATOL licence to be renewed in March 2025.


20.


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 £19,788 (2023: £20,032). Contributions totalling £6,195 (2023: £nil) were payable to the fund at the reporting date and are included in creditors.


21.


Commitments under operating leases

At 31 October 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
66,139
33,966

Later than 1 year and not later than 5 years
186,176
130,000

Later than 5 years
120,417
121,875

372,732
285,841

Page 24

 
ATKINS TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

22.


Related party transactions

The Company has taken advantage of the exemption avaliable under FRS 102 section 33.1A where disclosures of transactions between group members are not required, provided that the subsidiary is wholly owned.
During the year the Company entered into the following transactions with related parties:
In the prior year, a loan of £250,000 was received from the parent ETG Bidco1 Ltd to provide for necessary working capital as required by the Civil Aviation Authority (CAA). This loan has been sub-ordinated with the CAA. At the end of the financial year, loan balance of £250,000 (2023: £250,000) is payable.
In the prior year, a loan of £345,000 was received from Embrace Steel Group Ltd, a company under common control to provide the funds needed in relation to the purchase of Tribes Travel Limited. At the end of the financial year, loan balance of £345,000 (2023: £345,000) is payable.
Atkins Travel Limited had an intercompany loan account with Tribes Travel Limited during the year. The balance owed to them at 31 October 2024 was £1,770,366 (2023: £1,215,793).


23.


Controlling party

The Company is a wholly owned subsidiary of ETG Bidco1 Limited, a company registered in England and
Wales. ETG Bidco1 Limited's registered address is 11 Haviland House, 17 Cobham Road, Ferndown Industrial Estate, Wimborne, BH21 7PE.
The Company's results are included in the consolidated financial statements of Embrace Travel Group Limited. Copies of the group financial statements for Embrace Travel Group Limited can be obtained at Companies House, Crown Way, Cardiff, CF14 3UZ.
The ultimate controlling party is Jason John Robert Hacker.

 
Page 25