Registered number:
FOR THE YEAR ENDED 31 AUGUST 2024
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STEPPES TRAVEL LIMITED
COMPANY INFORMATION
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STEPPES TRAVEL LIMITED
CONTENTS
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STEPPES TRAVEL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
The directors present their strategic report for the year ended 31 August 2024.
Section 172 (1) Statement The information provided below is intended to explain how the directors considered the interests of the Company’s key stakeholders and the broader matters set out in section 172 (1) (a) to (f) of the Companies Act 2006 when performing their duty to promote the success of the Company under section 172 of the Companies Act 2006.
The Company is required by the Companies Act 2006 to set out in this report, a fair review of the business of the Company during the financial year ended 31 August 2024, the position of the Company at the end of the period and a description of the principal risks and uncertainties facing the Company. This review is prepared solely to provide additional information to assess the Company's strategies and the potential for those strategies to succeed, and the business review should not be relied upon by any other party or for any other purpose.
The Company continued to make a good recovery during FY 2024, building on the results achieved for FY 2023, with a good gross margin. Future developments Post pandemic turnover has yet to fully recover but we have reorganised operations around our core team to deliver a more profitable underlying business. The tailor-made side has recovered more quickly than groups. This was to be expected. The Company will rebuild the group tour business over FY 2025 and FY 2026 introducing a broader range of specialist tours drawing on our extensive range of contacts and relationships. Travel regulatory bodies The Company holds an ATOL granted by the CAA which falls due for renewal in March 2025. The risk factors described below are those which the directors believe are potentially significant but should not be regarded as a complete and comprehensive statement of all potential risks and uncertainties facing the Company. Principal risks and uncertainties Talent management/staff retention Company’s success is heavily dependent on retaining key management and sales personnel. Attraction and retention of talent is vital for its continued success and we are proud to have such an experienced and long serving team. The company offers competitive levels of remuneration, and a host of benefits including health care, cycle scheme and above statutory levels of holiday allowance and pension contributions. An EMI scheme is also in place. The company is committed to investing in the training and development of its staff with several members completing a variety of courses during the year.
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STEPPES TRAVEL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
Political volatility, natural catastrophes and outbreaks
The provision of the Company’s holidays and travel services is exposed to the inherent risk of domestic and/or international incidents affecting some of the countries/destinations within its operations. Such incidents include: - acts of terrorism, particularly in key tourist destinations: - natural disasters in key tourist destinations: - weather conditions, both in the UK and in key tourist destinations: - health epidemics in key tourist destinations and the UK: - increases in government taxes in both UK and overseas: - wars or other international incidents which affect air or sea travel The inability to respond efficiently and effectively to large scales events could lead to significant operational disruption leading to reduced profits/larger losses caused by holiday cancellations and/or repatriation of customers, and a general decline in consumer demand. The company deals with this by having a robust crisis management procedure in place with regular crisis management training. As it offers a broad range of destinations the company is able to pivot easily to offer would-be travellers to an affected country a range of alternatives, and it is not heavily reliant on any one geographical region. Regulatory environment The Company operates with in a highly regulated environment, and as such is exposed to various regulators such as the Civil Aviation Authority (“CAA”), which issues the Company’s Air Travel Organisation Licence (“ATOL”) which is required for the Company to operate its flight inclusive packages. This licence is renewed in March each year and is subject to assessments of fitness and financial criteria, the framework of which is available on the CAA’s website (www.caa.co.uk). The Company continues to operate under an escrow arrangement established with the Air Travel Trust, where client funds are released once the client has returned from their holiday. The Company is also a member of the Association of Bonded Travel Organisers Trust (“ABTOT”) and as such is under the high degree of financial and operational scrutiny required to be granted and maintain insurance bonding in order to protect its sales of non-flight packages. Commercial relationships: The Company has well established and close relationships with customers and suppliers and the risk is spread by not placing over-reliance on any one supplier in any particular area. The management team meets regularly with suppliers to maintain good working relationships and to understand the suppliers’ financial position. Information technology: The Company is heavily reliant upon information technology. Investment has been made to ensure the Company has advanced and efficient systems in place, but there is a risk if there were a major failure - particularly if it were to affect reservations systems. Cyber Security In recognition of the increased risks of a cyber attack or breach the company ensures that all staff receive regular online training via the Knowbe4 programme, and has put Cyber insurance cover in place.
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STEPPES TRAVEL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
Positive Impact Travel We continue to focus on philanthropy to enhance the positive impact of our business and that travel is a force for good. We have undertaken an extensive audit of our key partners, using an Impact Questionnaire to verify their credentials in relation to community, conservation, carbon and philanthropy, and we continue to prioritise the selling of properties we believe to have impeccable sustainability standards. We are proud to be B Corp Certified and a member of the Travel by B Corp group. Summary of Steppes Travel philanthropic giving for FY2023-24 As part of our impact strategy, we have committed to give a minimum of 1% of our turnover to support community, conservation and carbon sequestration initiatives. The figure of £169,505 is approximately 1.4% of our turnover for FY23/24. Carbon offset of clients' flights based on economy class seats £62,321 paid to World Land Trust. Carbon offset for our UK operations (office energy use, waste, commute, business travel) £952 paid to World Land Trust. Steppes Fund For Change (SFFC) £106,232 as follows: Galapagos Conservation Trust £32,802 Long Table £26,717 Sea Wilding £26,717 Steppes fund for female guides £6,442 Galapagos Whale Shark Project £4,141 Ukraine War PTSD Initiative £2,513 I Am Not Afraid of The Wolf £1,500 The Ocean Foundation £1,500 Solar Aid £1,500 Friends of Sudan £1,500 Oscar Foundation £900
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STEPPES TRAVEL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
The key performance indicators used by the directors to monitor the progress of the Company are set out below:
This report was approved by the board on 12 December 2024 and signed on its behalf.
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STEPPES TRAVEL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
The directors present their report and the financial statements for the year ended 31 August 2024.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
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 2006. They 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.
Financial protection of client monies
The Company protects funds relating to ATOL bookings by use of an independently administered Trust account. Refer to note 17 for further details.
The Company's principal activity during the year continued to be the provision of tailored travel holidays and fixed
departure groups.
The profit for the year, after taxation, amounted to £651,658 (2023 - £596,958).
No dividends were paid or proposed for the year to 31 August 2024.
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STEPPES TRAVEL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
The directors who served during the year were:
Under section 487(2) of the Companies Act 2006, White Hart Associates (London) Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board on
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STEPPES TRAVEL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STEPPES TRAVEL LIMITED
We have audited the financial statements of Steppes Travel Limited (the 'Company') for the year ended 31 August 2024, which comprise the Income Statement, the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The 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).
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.
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.
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STEPPES TRAVEL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STEPPES TRAVEL LIMITED (CONTINUED)
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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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STEPPES TRAVEL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STEPPES TRAVEL LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
- We exercise professional judgement and maintain professional scepticism throughout the audit; - We identify and assess the risks of material misstatement of the financial statements, whether due to fraud orerror, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the deliberate override of internal control; - We obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of internal control; - We evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made; - We assess the risk of management override of controls, including testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business; - We review the scope of the Company's compliance with its regulator, the Civil Aviation Authority ("CAA") and its membership of The Association of Bonded Travel Organisers Trust Limited ("ABTOT") and sample test relevant documentation to assess this and the effectiveness of its control environment; - We review the Company's relationships with related parties and other group companies, identifying and disclosing transactions during the year and balances at year-end with such parties; - We conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the entity's ability to continue as a going concern. if we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the entity to cease to continue as a going concern.
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.
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STEPPES TRAVEL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STEPPES TRAVEL LIMITED (CONTINUED)
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 2006. Our 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.
for and on behalf of
Chartered Accountants and Statutory Auditors
2nd Floor, Nucleus House
2 Lower Mortlake Road
TW9 2JA
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STEPPES TRAVEL LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2024
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STEPPES TRAVEL LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2024
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STEPPES TRAVEL LIMITED
REGISTERED NUMBER: 03307429
STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2024
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STEPPES TRAVEL LIMITED
REGISTERED NUMBER: 03307429
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 AUGUST 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 19 to 38 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2023
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STEPPES TRAVEL LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2024
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STEPPES TRAVEL LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 AUGUST 2024
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STEPPES TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
Steppes Travel Limited is a private company limited by shares and incorporated in England. Its registered office is 51 Castle Street, Cirencester, Gloucestershire, GL7 1QD
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company’s management and directors review the financial position and the forecasts for the Company on a regular basis, to ensure they are in a position to react to and mitigate the financial impact from any downturn in trading. The directors have made an assessment of the Company’s ability to continue as a going concern, and have considered a number of future scenarios, synthesizing key drivers of the Company’s trading performance, including consumer demand, post balance sheet trading, booking trajectory, and impact from both financial and geopolitical instability. However, economic uncertainty from interest rates and a new UK government means the Company remains in a volatile environment.
The directors have prepared profit and loss account projections and cash flow forecasts for the period to August 2026 which reflect operational liquidity throughout. The cashflow forecasts reflect ongoing complaince with the liquidity covenant agreed with the Civil Aviation Authority in connection with the ongoing maintenance of the Company's ATOL. This covenant requires the Company to maintain an unrestricted minimum cash balance of £583,000 at the end of each month throughout the Company's licence year to March each year. The directors have also performed a sensitivity analysis on the Company's budgets and forecasts to assess the financial impact of any potential further slowdown in trading. This sensitivity analysis shows that the Company has enough liquidity and cash to trade through a further slowdown. Consequently, the directors are confident that the Company will have sufficient funds and cash reserves to continue to meet liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.
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STEPPES TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
2.Accounting policies (continued)
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.
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STEPPES TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
2.Accounting policies (continued)
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.
The estimated useful lives range as follows:
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STEPPES TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
2.Accounting policies (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:
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.
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STEPPES TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The
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STEPPES TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
2.Accounting policies (continued)
impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
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STEPPES TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
2.Accounting policies (continued)
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
a) Critical judgments in applying the Company's accounting policies The directors believe that there are no critical judgments involved in applying the Company's accounting policies that warrant disclosure. b) Key accounting estimates and assumptions The directors believe that there are no key accounting estimates and assumptions involved in applying the Company's accounting policies that warrant disclosure.
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STEPPES TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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STEPPES TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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STEPPES TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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STEPPES TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
There were no factors that may affect future tax charges.
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STEPPES TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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STEPPES TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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STEPPES TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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STEPPES TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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STEPPES TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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STEPPES TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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STEPPES TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
During the year 38,251 full dividends and voting rights "A" Ordinary shares of £0.01 each were issued by the Company. These shares were issued at a premium of £0.02 per share. All shares were fully paid.
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STEPPES TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
During the prior year to 31 August 2023 the company granted further options to employees to purchase £0.01 “A” Ordinary shares, under their existing EMI scheme. HMRC agreed an Actual Market Value per option share of £0.03, also the exercise price per share, and an Unrestricted Market Value of £0.04 per option share. The total number of option shares granted during the 2023 year was 150,000 £0.01 “A” Ordinary shares with a nominal value of £1,500. As at the year ended 31st August 2023 none of the options were exercised.
During the year to 31st August 2024, with the conditions for exercise being met, options were exercised by employees on 38,251 £0.01 “A” Ordinary shares. Options over 3,062 £0.01 “A” Ordinary shares lapsed. As at the year ended 31st August 2024 there were unexercised options over 107,574 £0.01 Ordinary shares. There were also a further 30,000 A Ordinary shares of £1 nominal value remain under option. These options were granted under an EMI scheme in 2020.
Share premium account
Capital redemption reserve
Foreign exchange reserve
Profit and loss account
At 31 August 2024, there were contingent liabilities outstanding in respect of counter indemnities and guarantees given by the Company, in the normal course of business, to the Company's bond insurance obligors in respect of the ABTOT travel bonds amounting to £290,882 (2023 - £169,308).
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STEPPES TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension charge represents contributions payable by the Company to the fund and amounted to £72,364 (2023: £57,261).
Mr R D Dikstra - a director and shareholder was paid consultancy fees amounting to £4,667 (2023: £8.000) for consultancy services provided during the year. There was £2,000 due to the related party at the year end ( 2023: £2,000) included in creditors due within one year.
Mr S C Beeching - a director and shareholder was paid consultancy fees amounting to £4,667 (2023: £8,000) for consultancy services provided during the year. During the year Mr S C Beeching also took a loan of £15,602 from the Company. There was £15,602 due from the related party at the year end (2023: £2,000 due to the related party) included in debtors due within one year. Mr R D Kleinwort - a director and shareholder was paid consultancy fees amounting to £4,667 (2023: £8,000) for consultancy services provided during the year. There was £667 due to the related party at the year end (2023: £2,000) included in creditors due within one year. Lady H Rhys Williams - a director and shareholder was paid consultancy fees amounting to £8,000 (2023: £8,000 ) for consultancy services provided during the year. There was £10,000 due to the related party at the year end (2023:£2,000) included in creditors due within one year.
In the opinion of the directors there is no one controlling party.
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