Caseware UK (AP4) 2023.0.135 2023.0.135 2024-09-302024-09-302024-09-30false2023-10-01No description of principal activity22falsefalse 09317305 2023-10-01 2024-09-30 09317305 2022-10-01 2023-09-30 09317305 2024-09-30 09317305 2023-09-30 09317305 2022-10-01 09317305 c:CompanySecretary1 2023-10-01 2024-09-30 09317305 c:Director1 2023-10-01 2024-09-30 09317305 c:Director1 2024-09-30 09317305 c:Director2 2023-10-01 2024-09-30 09317305 c:Director2 2024-09-30 09317305 c:RegisteredOffice 2023-10-01 2024-09-30 09317305 d:MotorVehicles 2023-10-01 2024-09-30 09317305 d:FurnitureFittings 2023-10-01 2024-09-30 09317305 d:ComputerEquipment 2023-10-01 2024-09-30 09317305 d:CurrentFinancialInstruments 2024-09-30 09317305 d:CurrentFinancialInstruments 2023-09-30 09317305 d:CurrentFinancialInstruments 6 2024-09-30 09317305 d:CurrentFinancialInstruments 6 2023-09-30 09317305 d:CurrentFinancialInstruments d:WithinOneYear 2024-09-30 09317305 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 09317305 d:ShareCapital 2024-09-30 09317305 d:ShareCapital 2023-09-30 09317305 d:ShareCapital 2022-10-01 09317305 d:CapitalRedemptionReserve 2023-10-01 2024-09-30 09317305 d:RevaluationReserve 2023-10-01 2024-09-30 09317305 d:MergerReserve 2023-10-01 2024-09-30 09317305 d:RetainedEarningsAccumulatedLosses 2023-10-01 2024-09-30 09317305 d:RetainedEarningsAccumulatedLosses 2024-09-30 09317305 d:RetainedEarningsAccumulatedLosses 2022-10-01 2023-09-30 09317305 d:RetainedEarningsAccumulatedLosses 2023-09-30 09317305 d:RetainedEarningsAccumulatedLosses 2022-10-01 09317305 c:OrdinaryShareClass1 2023-10-01 2024-09-30 09317305 c:OrdinaryShareClass1 2024-09-30 09317305 c:OrdinaryShareClass1 2023-09-30 09317305 c:FRS102 2023-10-01 2024-09-30 09317305 c:Audited 2023-10-01 2024-09-30 09317305 c:FullAccounts 2023-10-01 2024-09-30 09317305 c:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 09317305 d:Subsidiary1 2023-10-01 2024-09-30 09317305 d:Subsidiary1 1 2023-10-01 2024-09-30 09317305 d:Subsidiary2 2023-10-01 2024-09-30 09317305 d:Subsidiary2 1 2023-10-01 2024-09-30 09317305 d:Subsidiary3 2023-10-01 2024-09-30 09317305 d:Subsidiary3 1 2023-10-01 2024-09-30 09317305 d:Subsidiary4 2023-10-01 2024-09-30 09317305 d:Subsidiary4 1 2023-10-01 2024-09-30 09317305 c:Consolidated 2024-09-30 09317305 c:ConsolidatedGroupCompanyAccounts 2023-10-01 2024-09-30 09317305 2 2023-10-01 2024-09-30 09317305 5 2023-10-01 2024-09-30 09317305 6 2023-10-01 2024-09-30 09317305 7 2023-10-01 2024-09-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 09317305










DTW (HOLDINGS) LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
DTW (HOLDINGS) LIMITED
 
 
COMPANY INFORMATION


Directors
M N Leaney 
C L Stacey 




Company secretary
M N Leaney



Registered number
09317305



Registered office
One Dorking Office Park
Station Road

Dorking

England

RH4 1 HJ




Independent auditors
Xeinadin Audit Limited
Chartered Accountants & Statutory Auditor

8th Floor

Becket House

36 Old Jewry

London

EC2R 8DD





 
DTW (HOLDINGS) LIMITED
 

CONTENTS



Page
Group Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 8
Consolidated Statement of Comprehensive Income
9
Consolidated Statement of Financial Position
10 - 11
Company Statement of Financial Position
12
Consolidated Statement of Changes in Equity
13 - 14
Company Statement of Changes in Equity
15
Consolidated Statement of Cash Flows
16
Consolidated Analysis of Net Debt
17
Notes to the Financial Statements
18 - 36


 
DTW (HOLDINGS) LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Introduction
 
The Directors are pleased to report a record breaking year in terms of revenues with both our Education and Holidays divisions demonstrating strong growth.

Business review
 
The business has however continued to make further substantial investment in people and technology to facilitate the continued growth of the business which has resulted in the business making an operating loss in the Financial Year.  The Directors felt this investment was necessary to ensure future revenue growth could be achieved in a more efficient and profitable manner with the benefits anticipated to be felt in FY25 and beyond.
Forward sales are at record levels and the business is confident turnover in 2025 will be another record breaking year with a return to profitability.

Principal risks and uncertainties
 
Principle risks previously highlighted included exceptional environmental events such as volcanic activity in Iceland. These occurrences present a major risk to both consumer confidence and operational delivery.  This was clearly illustrated in FY24 when volcanic eruptions significantly and adversely effected consumer demand for Iceland Holidays resulting in a material downturn in bookings. This event highlighted the importance and success of our strategy to diversify our destination and product mix.
Other risks and uncertainty to the business continues to be the cost of living crisis and any possible downturn in bookings as a result of consumer buying patterns.  We however remain confident the strength of our brand, client profile and diversification of business activities will enable the business to avoid any material downturn . 
Consumer concerns about the environment and sustainable travel, particularly important to the Education sector where there is increasing governance, is a matter impacting the wider Travel Sector. Discover the World is confident that actions and partners we have engaged with to address our carbon footprint will ensure we remain at the forefront of sustainable travel. 
The significant increase in cost per acquisition on traditional digital marketing platforms is an increasing concern across the wider travel industry. The uncontrollable nature of these increases is influencing our decisions to invest in a new website, brand investment and wider trade distribution channels to reduce our dependence on traditional digital marketing.  

Page 1

 
DTW (HOLDINGS) LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Financial key performance indicators
 
Total revenues increased to £24.6m, a very encouraging 21% increase.
The Education Division experienced revenue growth of 38% resulting in new record highs in both revenues and trips.  Holiday revenues increased by a more conservative 11% having been significantly impacted by the downturn in Iceland bookings. Average selling prices overall increased by 2% impacted by the weighting more towards lower value Education trips rather than Specialist consumer holidays.
Reported margins had an adverse movement of 1.2% basis points to 24.2%. Underlying margins adjusting for the release of historic provisions in FY24 actually demonstrated an increase of 0.9% pts.
Administrative expenses have again increased significantly as we continued to invest in growth and efficiencies. Total costs rose by 37% to £6.4m.  As a % of revenues increasing from 23% to 26%  though this is forecast to return to under 23% in FY25.
Non- Financial key performance indicators
The key non-financial indicators are Feefo and Trustpilot ratings.


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



M N Leaney
Director

Date: 31 January 2025

Page 2

 
DTW (HOLDINGS) LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

The directors present their report and the financial statements for the year ended 30 September 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgements 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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The loss for the year, after taxation, amounted to £171,078 (2023 - profit £627,996).

The directors have recommended a dividend of £275,750 (2023: £370,000) for the financial year.

Directors

The directors who served during the year were:

M N Leaney 
C L Stacey 

Page 3

 
DTW (HOLDINGS) LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Future developments

The past year has seen us continue with our strategy of investing in technology and People that will enable us to better serve our customers in a more efficient and cost-effective manner.  Next year we will be launching a new website, Education Customer Portal, implementing AI robotics along with a new data warehouse and MI solution. Investments demonstrating that we intend to grow the business utilising and enhancing technology to maximise efficiencies.
Furthermore, following extensive research and consultancy we will be launching an exciting new brand design which will enhance our marketing impact across all distribution channels.
The Nordic and Worldwide Holiday brands continue to refine and develop both existing and new   programmes and destinations.  A new WW destination is planned to be launched this year along with extensive new Nordic Summer product.  
The Education Division following extensive research and product development will be launching   new subject tours early 2024 taking advantage of our strong brand awareness and market strength. 
In view of the above opportunities and developments and the extremely encouraging current booking trends the Directors remain  confident in the future of the Business and its growth potential. 

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 and the Group'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 and the Group'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.

This report was approved by the board on 31 January 2025 and signed on its behalf.
 





M N Leaney
Director

Page 4

 
DTW (HOLDINGS) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DTW (HOLDINGS) LIMITED
 

Opinion


We have audited the financial statements of DTW (Holdings) Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 September 2024, which comprise the Group Statement of Comprehensive Income, the Group and Company Statements of Financial Position, the Group Statement of Cash Flows, the Group and Company 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 Group's and of the parent Company's affairs as at 30 September 2024 and of the Group's 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 Group 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 forming our opinion, we have considered the adequacy of the disclosures made in the financial statements concerning the Group's or the parent Company's ability to continue as a going concern.
The financial statements do not include any adjustments that would result from a failure to continue as a 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 Group's or the parent 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 5

 
DTW (HOLDINGS) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DTW (HOLDINGS) 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 Report.  Our 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 Group 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 Group 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company 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 3, 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
DTW (HOLDINGS) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DTW (HOLDINGS) 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 Group 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;
Enquiry of management and those charged with governance to identify any instances of non-compliance with laws and regulations;
Reviewing minutes of meetings of those charged with governance;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
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.
 
The potential effect of these laws and regulations on the financial statements varies considerably.
Firstly, the Group 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 Group 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 Group'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, employment law, ATOL, ABTA, ABTOT, AITO and IATA compliance for 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

 
DTW (HOLDINGS) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DTW (HOLDINGS) 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.





Ian Palmer FCA (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

31 January 2025
Page 8

 
DTW (HOLDINGS) LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
24,594,086
20,384,100

Cost of sales
  
(18,556,349)
(15,182,156)

Gross profit
  
6,037,737
5,201,944

Administrative expenses
  
(6,365,359)
(4,633,083)

Other operating income
 5 
67,400
57,199

Fair value movements
  
(168,417)
(14,454)

Operating (loss)/profit
 6 
(428,639)
611,606

Interest receivable and similar income
 10 
254,800
63,901

Interest payable and similar expenses
 11 
(22)
(322)

(Loss)/profit before taxation
  
(173,861)
675,185

Tax on (loss)/profit
 12 
2,783
(47,189)

(Loss)/profit for the financial year
  
(171,078)
627,996

(Loss)/profit for the year attributable to:
  

Owners of the parent Company
  
(171,078)
627,996

Total comprehensive income for the year attributable to:
  

Owners of the parent Company
  
(171,078)
627,996

There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 18 to 36 form part of these financial statements.

Page 9

 
DTW (HOLDINGS) LIMITED
REGISTERED NUMBER: 09317305

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 14 
193,644
162,711

Investment property
 16 
1,214,850
1,339,850

  
1,408,494
1,502,561

Current assets
  

Debtors: amounts falling due within one year
 17 
4,415,899
3,434,150

Cash at bank and in hand
 18 
9,315,843
7,489,079

  
13,731,742
10,923,229

Creditors: amounts falling due within one year
 19 
(12,509,303)
(9,451,957)

Net current assets
  
 
 
1,222,439
 
 
1,471,272

Total assets less current liabilities
  
2,630,933
2,973,833

Creditors: amounts falling due after more than one year
 20 
(125,347)
(21,419)

Provisions for liabilities
  

Net assets
  
2,505,586
2,952,414


Capital and reserves
  

Called up share capital 
 22 
100,100
100,100

Revaluation reserve
 23 
552,300
552,300

Capital redemption reserve
 23 
10
10

Merger reserve
 23 
(100)
(100)

Profit and loss account
 23 
1,853,276
2,300,104

  
2,505,586
2,952,414


Page 10

 
DTW (HOLDINGS) LIMITED
REGISTERED NUMBER: 09317305
    
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 SEPTEMBER 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




M N Leaney
Director

Date: 31 January 2025

The notes on pages 18 to 36 form part of these financial statements.

Page 11

 
DTW (HOLDINGS) LIMITED
REGISTERED NUMBER: 09317305

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Non current assets
  

Investments
 15 
110,100
110,100

Current assets
  

Debtors: amounts falling due within one year
 17 
595,000
220,000

Cash at bank and in hand
 18 
102
102

  
595,102
220,102

Creditors: amounts falling due within one year
 19 
(320,242)
(44,492)

Net current assets
  
 
 
274,860
 
 
175,610

Total assets less current liabilities
  
384,960
285,710

  

  

Net assets
  
384,960
285,710


Capital and reserves
  

Called up share capital 
 22 
100,100
100,100

Other changes in the profit and loss account

  

(275,750)
(370,000)

Profit and loss account
  
284,860
185,610

  
384,960
285,710


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


M N Leaney
Director

Date: 31 January 2025

The notes on pages 18 to 36 form part of these financial statements.

Page 12
 

 
DTW (HOLDINGS) LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024



Called up share capital
Capital redemption reserve
Revaluation reserve
Merger reserve
Profit and loss account
Total equity


£
£
£
£
£
£


At 1 October 2023
100,100
10
552,300
(100)
2,300,104
2,952,414



Comprehensive income for the year


Loss for the year

-
-
-
-
(171,078)
(171,078)



Other comprehensive income for the year
-
-
-
-
-
-



Total comprehensive income for the year
-
-
-
-
(171,078)
(171,078)



Contributions by and distributions to owners


Dividends: Equity capital
-
-
-
-
(275,750)
(275,750)



Total transactions with owners
-
-
-
-
(275,750)
(275,750)



At 30 September 2024
100,100
10
552,300
(100)
1,853,276
2,505,586



The notes on pages 18 to 36 form part of these financial statements.

Page 13

 

 
DTW (HOLDINGS) LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023



Called up share capital
Capital redemption reserve
Revaluation reserve
Merger reserve
Profit and loss account
Total equity


£
£
£
£
£
£


At 1 October 2022
100,100
10
552,300
(100)
2,042,108
2,694,418



Comprehensive income for the year


Profit for the year
-
-
-
-
627,996
627,996

Total comprehensive income for the year
-
-
-
-
627,996
627,996



Contributions by and distributions to owners


Dividends: Equity capital
-
-
-
-
(370,000)
(370,000)



Total transactions with owners
-
-
-
-
(370,000)
(370,000)



At 30 September 2023
100,100
10
552,300
(100)
2,300,104
2,952,414



The notes on pages 18 to 36 form part of these financial statements.

Page 14

 

 
DTW (HOLDINGS) LIMITED


 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024



Called up share capital
Profit and loss account
Total equity


£
£
£



At 1 October 2022
100,100
(24,020)
76,080



Comprehensive income for the year


Profit for the year
-
579,630
579,630



Contributions by and distributions to owners


Dividends: Equity capital
-
(370,000)
(370,000)





At 1 October 2023
100,100
185,610
285,710



Comprehensive income for the year


Profit for the year
-
375,000
375,000



Contributions by and distributions to owners


Dividends: Equity capital
-
(275,750)
(275,750)



At 30 September 2024
100,100
284,860
384,960



The notes on pages 18 to 36 form part of these financial statements.

Page 15
 
DTW (HOLDINGS) LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
£
£

Cash flows from operating activities

(Loss)/profit for the financial year
(171,078)
627,996

Adjustments for:

Depreciation of tangible assets
62,018
50,695

Loss on disposal of tangible assets
(5,225)
-

Interest paid
22
322

Interest received
(254,800)
(63,901)

Taxation charge
(2,783)
47,189

(Increase)/decrease in debtors
(981,519)
1,343,123

Increase in creditors
3,108,421
2,070,219

Net fair value losses recognised in P&L
168,417
14,454

Corporation tax received
11,990
-

Net cash generated from operating activities

1,935,463
4,090,097


Cash flows from investing activities

Purchase of tangible fixed assets
(93,903)
(93,138)

Sale of tangible fixed assets
6,176
-

Interest received
254,800
63,901

Net cash from investing activities

167,073
(29,237)

Cash flows from financing activities

Repayment of loans
-
(350,027)

Dividends paid
(275,750)
(370,000)

Interest paid
(22)
(322)

Net cash used in financing activities
(275,772)
(720,349)

Net increase in cash and cash equivalents
1,826,764
3,340,511

Cash and cash equivalents at beginning of year
7,489,079
4,148,568

Cash and cash equivalents at the end of year
9,315,843
7,489,079


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
9,315,843
7,489,079

9,315,843
7,489,079


Page 16

 
DTW (HOLDINGS) LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 SEPTEMBER 2024




At 1 October 2023
Cash flows
At 30 September 2024
£

£

£

Cash at bank and in hand

7,489,079

1,826,764

9,315,843

Debt due within 1 year

-

(34,011)

(34,011)

Related derivatives

(14,454)

-

(14,454)


7,474,625
1,792,753
9,267,378

The notes on pages 18 to 36 form part of these financial statements.

Page 17

 
DTW (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

DTW (Holdings) Limited is a private company limited by shares incorporated in England and Wales, United Kingdom.
The address of the registered company is One Dorking Office Park, Station Road, Dorking, England, RH4 1HJ.
The principal activity of the Group 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 Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 October 2014.

Therefore, the Group continues to recognise a merger reserve which arose on a past business combination that was accounted for as a merger in accordance with UK GAAP as applied at that time.

 
2.3

Going concern

The directors have prepared forecasts taking into account their assessment of the performance of the business and are confident that the Group will be able to continue to meet their liabilities as they fall due for a period of not less than 12 months from the date these accounts are signed.

Page 18

 
DTW (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 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.

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.

 
2.5

Revenue

Revenue represents income received or receivable, including TOMS VAT, for tours departing during the financial year, recognised on a departure date basis.
Revenue also comprises of amounts recognised in respect of rents receivable during the year.

 
2.6

Operating leases: the Group as lessee

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

 
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.

Page 19

 
DTW (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.9

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

 
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 and the Group operate and generate 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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.

 
2.11

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.
Computer software is considered to have a useful life of four years, so is amortised on a straight line basis over the period.

Page 20

 
DTW (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the following methods.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
Reducing balance method
Fixtures and fittings
-
25%
Straight line method
Computer equipment
-
33%
Reducing balance method

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

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.14

Investment property

Investment property is carried at fair value and determined every three years by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided.
Changes in fair value are recognised in the Statement of Comprehensive Income.

 
2.15

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 21

 
DTW (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.16

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.

 
2.17

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.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.18

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.

 
2.19

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.

 
2.20

Provisions for liabilities

Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

 
2.21

Financial instruments

The Group 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.

 
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.

Page 22

 
DTW (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the Group'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 statement of comprehensive income 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
The directors are of the view that there are no future critical judgements (apart from those involving estimates) in applying their accounting policies that have had significant effect on amounts recognised in the financial statements.
Key sources of estimation uncertainty
The directors are of the view that there are no estimates or assumptions that have significant risk of
causing a material adjustment to the carrying amount of assets and liabilities.


4.


Turnover

The whole of the turnover is attributable to the Group's tour operator and rental activities.

All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Net rents receivable
67,400
57,199

67,400
57,199



6.


Operating (loss)/profit

The operating (loss)/profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
62,019
50,695

Exchange differences
(271,743)
(279,305)

Defined contribution pension costs
174,894
134,794

Page 23

 
DTW (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

7.


Auditors' remuneration

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


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
21,000
20,000


8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
3,529,976
2,430,815
-
-

Social security costs
344,829
243,269
-
-

Cost of defined contribution scheme
174,894
134,794
-
-

4,049,699
2,808,878
-
-


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Average number of employees
91
68
2
2

Page 24

 
DTW (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
361,108
268,988

Directors pension costs
111,313
89,487

472,421
358,475


During the year retirement benefits were accruing to 5 directors (2023 - 4) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £94,364 (2023 - £90,300).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £4,508 (2023 - £4,364).

The total accrued pension provision of the highest paid director at 30 September 2024 amounted to £NIL (2023 - £NIL).


10.


Interest receivable

2024
2023
£
£


Other interest receivable
254,800
63,901


11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
22
322

Page 25

 
DTW (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
-
12,327

Adjustments in respect of previous periods
(14,543)
(3,166)

Foreign tax


Foreign tax on income for the year
11,990
2,216

Total current tax
(2,553)
11,377

Deferred tax


Origination and reversal of timing differences
(9,577)
35,812

Adjustments in respect of prior periods
9,347
-

Total deferred tax
(230)
35,812


Taxation on (loss)/profit on ordinary activities
(2,783)
47,189
Page 26

 
DTW (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 22%). The differences are explained below:

2024
2023
£
£


(Loss)/profit on ordinary activities before tax
(173,861)
675,185


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 22%)
(43,459)
148,673

Effects of:


Fixed asset differences
-
(980)

Expenses not deductible for tax purposes
33,411
1,657

Adjustment to brought forward values
(75)
-

Other permanent differences
(2,997)
627

Chargeable gains/(losses)
-
(105,925)

Other tax adjustments, reliefs and transfers
(69)
-

Adjustments to tax charge in respect of prior periods
(5,197)
(3,166)

Foreign tax credit
11,990
2,216

Marginal relief
-
(198)

Remeasurement of deferred tax for changes in tax rates
-
4,285

Movement in deferred tax not recognised
3,613
-

Total tax charge for the year
(2,783)
47,189


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 27

 
DTW (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

13.


Intangible assets

Group





Computer software

£



Cost


At 1 October 2023
599,597



At 30 September 2024

599,597



Amortisation


At 1 October 2023
599,597



At 30 September 2024

599,597



Net book value



At 30 September 2024
-



At 30 September 2023
-



Page 28

 
DTW (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

14.


Tangible fixed assets

Group






Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost


At 1 October 2023
138,322
210,313
198,804
547,439


Additions
33,995
34,996
24,912
93,903


Disposals
(9,000)
-
(4,847)
(13,847)



At 30 September 2024

163,317
245,309
218,869
627,495



Depreciation


At 1 October 2023
47,164
203,629
133,935
384,728


Charge for the year on owned assets
25,453
8,790
27,776
62,019


Disposals
(8,324)
-
(4,572)
(12,896)



At 30 September 2024

64,293
212,419
157,139
433,851



Net book value



At 30 September 2024
99,024
32,890
61,730
193,644



At 30 September 2023
91,158
6,684
64,869
162,711

Page 29

 
DTW (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

15.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost


At 1 October 2023
110,100



At 30 September 2024
110,100





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Discover The World Limited
Ordinary
100%
Arctic Experience Limited
Ordinary
100%
DTW (Properties) Limited
Ordinary
100%
Discover The World Education Ltd
Ordinary
100%

The aggregate of the share capital and reserves as at 30 September 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

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

Discover The World Limited
148,743
(110,415)

Arctic Experience Limited
58,986
-

DTW (Properties) Limited
2,075,995
(57,640)

Discover The World Education Ltd
100
-

Page 30

 
DTW (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

16.


Investment property

Group


Freehold investment property

£



Valuation


At 1 October 2023
1,339,850


Deficit on revaluation
(125,000)



At 30 September 2024
1,214,850

The valuation of investment properties as at the year end is based on an independent valuation conducted by Clark Trewick Chartered Surveyors on 21st December 2024. This valuation reflects the open market value for existing use of four out of the six investment properties. The directors confirm that there have been no changes to these properties between the valuation date and the year-end date that would have a material impact on their value. 
For the investment property that was not independently valued, the directors confirm that no changes have occurred to its condition that would materially affect its reported value in the accounts.










17.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Debtors: amounts falling due within one year

Trade debtors
54,733
17,707
-
-

Amounts owed by group undertakings
-
-
595,000
220,000

Other debtors
566,428
516,194
-
-

Prepayments and accrued income
3,710,371
2,816,112
-
-

Deferred taxation
84,367
84,137
-
-

4,415,899
3,434,150
595,000
220,000


Prepayments and accrued income includes advanced payments to suppliers for departures after the balance sheet date amounting to £3,421,182 (2023: £2,879,191)

Page 31

 
DTW (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

18.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
9,315,843
7,489,079
102
102


Cash and cash equivalents comprise amounts held in Escrow totalling £6,609,487 (2023: £4,965,093). Amounts held in Escrow are segregated monies received and held in a separate Escrow account. These amounts are held as a financial guarantee for the Company’s travel licenses and for the protection of monies collected from passengers.


19.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Trade creditors
1,546,077
1,149,751
-
-

Amounts owed to group undertakings
-
-
299,492
44,492

Corporation tax
-
14,543
-
-

Other taxation and social security
105,172
68,250
-
-

Other creditors
84,027
45,203
20,750
-

Accruals and deferred income
10,730,610
8,159,756
-
-

Financial instruments
43,417
14,454
-
-

12,509,303
9,451,957
320,242
44,492


Accruals and deferred income includes advance receipts from customers for departures after the Statement of Financial Position date amounting to £10,264,516 (2023: £7,837,148).


20.


Creditors: Amounts falling due after more than one year

Group
Group
2024
2023
£
£

Accruals and deferred income
125,347
21,419

125,347
21,419


The full balance of accruals and deferred income includes advance receipts from customers for departures on or after 01 October 2025.

Page 32

 
DTW (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

21.


Deferred taxation


Group



2024
2023


£

£






At beginning of year
84,137
119,949


Charged to profit or loss
230
(35,812)



At end of year
84,367
84,137

Group
Group
2024
2023
£
£

Fixed asset timing differences
(40,689)
(38,476)

Short term timing differences
2,391
1,773

Losses and other deductions
122,665
120,840

84,367
84,137


22.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100,100 (2023 - 100,100) Ordinary shares of £1.00 each
100,100
100,100


Page 33

 
DTW (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

23.


Reserves

Revaluation reserve

Includes all current and prior year revaluations.

Capital redemption reserve

Records the nominal value of shares repurchased by the Company.

Merger Reserve

Includes adjustments made on a past business combination accounted for as a merger.

Profit and loss account

Includes all current and prior period retained profit and losses.
Included within the reserve is £nil (2023: £nil) of unrealised gains which are non-distributable.


24.


Contingent liabilities

The Group currently holds an Air Travel Organisers' License (ATOL) issued by the Civil Association Authority (CAA), is a member of the Association of British Travel Agents Limited (ABTA), the Association of Independent Tour Operators (AITO) and the Association of Bonded Travel Organisers Trust (ABTOT), as well as an accredited agent of the International Air Transport Association (IATA).
As at 30 September 2024, there were contingent liabilities given by the Group in the normal course of business to insurance obligors in respect of ABTOT bonds amounting to £164,320 (2023: £174,080) and IATA bonds amounting to £137,000 (2023: £137,000).


25.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £174,894 (2023: £134,794).
Contributions totalling £9,564 (2023: £7,391) were payable to the fund at the financial position date and are included within other creditors

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DTW (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

26.


Commitments under operating leases

At 30 September 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£

Not later than 1 year
125,000
125,000

Later than 1 year and not later than 5 years
375,000
125,000

500,000
250,000

27.Cash flow hedging

The Company enters into various foreign currency contracts to mitigate the exchange rate risk for certain foreign currency payables. At 30 September 2024, the outstanding contracts all mature within 12 months of the year end.
The Company is committed to buying the below and pay a fixed sterling amount:
SEK - 3,500,000
NZD - 550,000
NOK - 5,750,000
AUD - 400,000
CAD - 400,000
EUR - 400,000
USD - 200,000
As at 30 September 2024, the unrecognised net losses on currency cash flow hedging instruments amounted to £43,417 (2023: £14,454) which reflected within profit and loss accounts.


28.


Related party transactions

During the year, the Company made net advances to M N Leaney amounting to £64,956 (2023: £142,795).  M N Leaney repaid £83,750 (2023: £146,509). At the year end, M N Leaney was owed £22,507 by the Company (2023: £3,714).
During the year, the Company made net advances to C L Stacey amounting to £225,152 (2023: £348,303). C L Stacey repaid £225,394 (2023: £350,000). At the year end C L Stacey was owed £1,940 by the Company (2023: £1,697).
During the year, P F Furlepa made net advances to the Company amounting to £nil (2023: £30,601). At the year end, the Company owed P F Furlepa £nil (2023: £nil).
The Company has taken the exemption available to not disclose transactions within the year, between wholly owned subsidiaries.

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DTW (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

29.


Controlling party

The Group was under the control of the directors throughout the year.

 
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