Registered number: 07691077
ACORN TRAVEL GROUP LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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ACORN TRAVEL GROUP LIMITED
CONTENTS
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Notes to the financial statements
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ACORN TRAVEL GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
The directors present their strategic report for the year ended 30 September 2024.
The directors are delighted that 2024 saw continued growth across the business and that this trend is continuing into 2025.
Acorn Travel Group strategy remains that of building a one stop shop for schools, and providing a route to sales for adventure centres and education suppliers. In support of this this year saw the launch of its Acorn Adventure Gateway. This online portal offers a new route to market for independent adventure centres across the UK and abroad and will be a key factor in the company’s future.
This report was approved by the board on 19 March 2025 and signed on its behalf.
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ACORN TRAVEL GROUP LIMITED
REGISTERED NUMBER: 07691077
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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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 profit and loss account 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 19 March 2025.
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ACORN TRAVEL GROUP LIMITED
REGISTERED NUMBER: 07691077
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024
The notes on pages 4 to 13 form part of these financial statements.
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ACORN TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Acorn Travel Group Ltd is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of 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).
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Exemption from preparing consolidated financial statements
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The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rate 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 is 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 Profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
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ACORN TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
Turnover represents amounts receivable for sales of travel and related services net of VAT and trade
discounts.
Principal
Where the company operates as the principal tour operator, turnover represents the gross value of the holiday sold including air tickets, hotel bookings and other related services. The full cost related to the holiday is included within cost of sales.
Agent
Where the company acts as an agent, turnover represents commission earned.
Turnover is recognised on departure date basis.
Commissions earned from the sale of adventure trips is recognised 3 weeks prior to the point of departure.
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Hire purchase and leasing commitments
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the period of the lease term.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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 Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
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ACORN TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
The tax expense for the year comprises current and deferred tax. Tax is recognised in the 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.
Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of five years.
Other intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. Website cost is amortised evenly over its estimated useful life of four years.
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.
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 useful life basis:
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.
Investments in subsidiaries are measured at cost less accumulated impairment.
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ACORN TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
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.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based historical experience and other factors that are recognised to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.
The directors believe that there are no significant accounting estimates or critical judgements.
Other accounting estimates include the useful life of tangible and intangible fixed assets.
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The average monthly number of employees, including directors, during the year was 24 (2023 - 22).
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ACORN TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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ACORN TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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Charge for the year on owned assets
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Investments in subsidiary companies
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ACORN TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
8.Debtors (continued)
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Amounts owed by group undertakings
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Taxation and social security
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Other taxation and social security
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Creditors: Amounts falling due after more than one year
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Amounts owed to connected companies
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Dated 16 February 2024, HSBC Bank plc holds a fixed and floating charge over cash deposits.
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ACORN TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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The bank loan was repaid on 9 October 2023.
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ACORN TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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Allotted, called up and partly paid
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30,000 (2023 - 30,000) 'A' Ordinary shares of £1.00 each
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Capital redemption reserve
Capital redemption reserve records the nominal value of shares repurchased by the Company.
Profit and loss account
Includes all current and prior period retained profit and losses.
As at 30 September 2024, there were contingent liabilities given by the Company in the normal course of business in respect of an insurance backed ABTA bond, amounting to £1,000,000 (2023: £500,000).
The Company operates a defined contributions pension scheme. The assets of the scheme are held seperately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund during the year amounted to £35,501 (2023: £61,106). Contributions totalling £nil (2023: £nil) were payable to the fund at the balance sheet date.
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ACORN TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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Related party transactions
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During the year the company received £200,000 from Acorn Venture Limited, a company under common control. Interest was charged at 5% on the outstanding balance of £500,000. The interest charged is payable within one year and is recorded in accruals. The amount owed to Acorn Venture Limited at the balance sheet date was £500,000 (2023: £300,000).
During the year the company purchased transport services from its subsidiary company, School Trips Limited, to the value of £1,744,583 (2023: £1,684,248) and charged management fees of £285,365 (2023: £203,581). The amount owed by (2023: owed to) School Trips Limited at the balance sheet date was £38,653 (2023: £11,670).
During the year, the company purchased services totalling £903,958 from its subsidiary company La Savane SAS. Payments of £966,211 were made to La Savane SAS during the year. At the balance sheet date, the company was owed £nil (2023: £62,253).
During the year, the company received £186,345 from a director of the company. In the prior year the company made advance payments totalling £184,500 to this director. Interest of £nil (2023: £1,845) was charged on the loan. At the balance sheet date, the company was owed £nil (2023: £186,345)
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Post balance sheet events
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The directors have concluded that no material events have occurred since the date of approval of these financial statements that would affect the financial statements of the company.
The controlling party is N H Dunnett by virtue of his shareholding.
The auditors' report on the financial statements for the year ended 30 September 2024 was unqualified.
The audit report was signed on 19 March 2025 by Karanjit Gill FCCA (Senior statutory auditor) on behalf of Xeinadin Audit Limited.
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