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Registered number: 02295449


DISCOVER THE WORLD LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
DISCOVER THE WORLD LIMITED
 
 
COMPANY INFORMATION


Directors
M N Leaney 
C L Stacey 
D C J Stacey 
P A Furlepa 
N J Sherlock 




Company secretary
M N Leaney



Registered number
02295449



Registered office
One Dorking Office Park
Station Road

Dorking

England

RH4 1HJ




Independent auditors
Xeinadin Audit Limited
Chartered Accountants & Statutory Auditor

8th Floor

Becket House

36 Old Jewry

London

EC2R 8DD




Bankers
Lloyds Bank Plc

Banstead

Surrey

SM7 2LU





 
DISCOVER THE WORLD LIMITED
 

CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 8
Statement of Comprehensive Income
9
Statement of Financial Position
10
Statement of Changes in Equity
11
Notes to the Financial Statements
12 - 29


 
DISCOVER THE WORLD LIMITED
 
 
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.  

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.

Page 1

 
DISCOVER THE WORLD LIMITED
 

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


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



P A Furlepa
Director

Date: 31 January 2025

Page 2

 
DISCOVER THE WORLD 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 Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

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


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

make 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 Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The loss for the year, after taxation, amounted to £113,413 (2023 - profit £582,919).

The directors have recommended a dividend amounting to £nil (2023 - £nil) for the financial year.

Directors

The directors who served during the year were:

M N Leaney 
C L Stacey 
D C J Stacey 
G Hancock (resigned 13 December 2024)
P A Furlepa 
N J Sherlock 

Page 3

 
DISCOVER THE WORLD LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Future developments

Following the investment undertaken in FY24 in people and technology we are delighted to confirm major new initiatives being launched this year. In December 2024 our new website was released with new Branding, design and improved content structure to enhance SEO . We will shortly be releasing an Education Customer Portal enhancing efficiencies and communication with Schools and our new MI solution is close to release.
A new App for Holidays will be released and this will be rolled out to the Education brand during the year. These will improve communication and efficiencies with the customers pre and post the booking process as well as during the holiday itself.
The Nordic and Worldwide Holiday brands continue to refine and develop both existing and new   programmes and destinations . A new Nordic Summer destination has been launched this year for 2025 along with new Nordic Scandinavian Summer product.
  
The Education Division launched at the end of 2024 a new Modern Language Program to build upon the success of our Geography program taking advantage of our strong brand awareness and market strength .  Initial feedback has been encouraging and we have already commenced bookings for Summer 2025.
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's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

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

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





P A Furlepa
Director

Date: 31 January 2025

Page 4

 
DISCOVER THE WORLD LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DISCOVER THE WORLD LIMITED
 

Opinion


We have audited the financial statements of Discover the World Limited (the 'Company') for the year ended 30 September 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 September 2024 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


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


Conclusions relating to going concern


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


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


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


Page 5

 
DISCOVER THE WORLD LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DISCOVER THE WORLD LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the 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.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


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 Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
DISCOVER THE WORLD LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DISCOVER THE WORLD LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Enquiry of management and those charged with governance around actual and potential litigation and claims;
Reviewing minutes of meetings of those charged with governance;
Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.
Enquiry of management and those charged with governance to identify any instances of non-compliance with laws and regulations;

The potential effect of these laws and regulations on the financial statements varies considerably.
Firstly, the Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
Secondly, the Company is subject to many other laws and regulations where the consequence of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance the imposition of fines or litigation or the loss of the 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, and 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

 
DISCOVER THE WORLD LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DISCOVER THE WORLD 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

 
DISCOVER THE WORLD LIMITED
 
 
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
  
(18,546,234)
(15,182,156)

Gross profit
  
6,047,852
5,201,944

Administrative expenses
  
(6,363,321)
(4,631,829)

Fair value movements
  
(43,417)
(14,454)

Operating (loss)/profit
 5 
(358,886)
555,661

Interest receivable and similar income
 9 
254,800
61,851

Interest payable and similar expenses
 10 
(22)
(11)

(Loss)/profit before tax
  
(104,108)
617,501

Tax on (loss)/profit
 11 
(9,305)
(34,582)

(Loss)/profit for the year
  
(113,413)
582,919

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

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

The notes on pages 12 to 29 form part of these financial statements.

Page 9

 
DISCOVER THE WORLD LIMITED
REGISTERED NUMBER: 02295449

STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
193,644
162,711

Investments
 14 
50,000
50,000

Investment property
 15 
169,850
169,850

  
413,494
382,561

Current assets
  

Debtors: amounts falling due within one year
 16 
4,866,920
3,585,004

Cash at bank and in hand
 17 
8,889,289
7,166,718

  
13,756,209
10,751,722

Creditors: amounts falling due within one year
 18 
(13,898,611)
(10,853,706)

Net current liabilities
  
 
 
(142,402)
 
 
(101,984)

Total assets less current liabilities
  
271,092
280,577

Creditors: amounts falling due after more than one year
 19 
(125,347)
(21,419)

  

Net assets
  
145,745
259,158


Capital and reserves
  

Called up share capital 
 21 
100,000
100,000

Capital redemption reserve
 22 
10
10

Profit and loss account
 22 
45,735
159,148

  
145,745
259,158


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



P A Furlepa
Director

Date: 31 January 2025


The notes on pages 12 to 29 form part of these financial statements.

Page 10

 
DISCOVER THE WORLD LIMITED
 

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


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

£
£
£
£


At 1 October 2022
100,000
10
(423,771)
(323,761)


Comprehensive income for the year

Profit for the year
-
-
582,919
582,919



At 1 October 2023
100,000
10
159,148
259,158


Comprehensive income for the year

Loss for the year
-
-
(113,413)
(113,413)


At 30 September 2024
100,000
10
45,735
145,745


The notes on pages 12 to 29 form part of these financial statements.

Page 11

 
DISCOVER THE WORLD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

Discover The World 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 Company continued to be that of a tour operator.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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

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

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company is a wholly owned subsidiary of DTW (Holdings) Limited. It is included in the consolidated financial statements of DTW (Holdings) Limited which are publicly available. Therefore the Company is exempt, by virtue of section 400 of the Companies Act 2006, from the requirement to prepare consolidated financial statements.
These financial statements are the Company's seperate financial statements.

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

Page 12

 
DISCOVER THE WORLD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

  
2.3

Exemptions for qualifying entities under FRS 102

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

 
2.4

Going concern

The directors have prepared forecasts taking into account their assessment of the performance of the business and are confident that the Company 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.

 
2.5

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.

 
2.6

Revenue

Revenue represents income received or receivable, including TOMS VAT, for tours departing during the financial year, recognised on a departure date basis.

Page 13

 
DISCOVER THE WORLD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.7

Operating leases: the Company as lessee

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

 
2.8

Interest income

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

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Pensions

Defined contribution pension plan

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

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

Page 14

 
DISCOVER THE WORLD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


  
2.12

Advanced receipts and payments

All revenue received relating to bookings that depart after the Statement of Financial Position date is treated as advance receipts and is separately disclosed under accruals and deferred income.
Payments made to suppliers relating to bookings that depart after the Statement of Financial Position date are treated as advance payments and are separately disclosed under prepayments and accrued income.

 
2.13

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 straight line basis over this period.

 
2.14

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.

Page 15

 
DISCOVER THE WORLD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.14
Tangible fixed assets (continued)

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

Depreciation is provided on the following basis:

Motor vehicles
-
25.0%
Reducing balance method
Fixtures and fittings
-
25.0%
Straight line method
Computer equipment
-
33.3%
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.

 
2.15

Investment property

Investment property is carried at fair value and determined every 5 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. 

 
2.16

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.17

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.

 
2.18

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.19

Creditors

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

Page 16

 
DISCOVER THE WORLD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.20

Provisions for liabilities

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

 
2.21

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
 
Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

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 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.



Page 17

 
DISCOVER THE WORLD 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 Company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are recognised to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the 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 Company's tour operator activities.

All turnover arose within the United Kingdom.


5.


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 cost
174,894
134,794

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

-
-

Page 18

 
DISCOVER THE WORLD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

6.


Auditors' remuneration

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


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
11,200
9,800

Fees payable to the Company's auditors for non-audit services
4,800
4,200


7.


Employees

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


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:


        2024
        2023
            No.
            No.







Average number of employees
91
68

Page 19

 
DISCOVER THE WORLD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
361,108
268,988

Company contributions to defined contribution pension schemes
111,313
89,487

472,421
358,475


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

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

The value of the Company'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).


9.


Interest receivable

2024
2023
£
£


Other interest receivable
254,800
61,851


10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
22
11

Page 20

 
DISCOVER THE WORLD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

11.


Taxation


2024
2023
£
£

Corporation tax


Adjustments in respect of previous periods
(2,216)
(3,166)


(2,216)
(3,166)

Foreign tax


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

Total current tax
9,774
(950)

Deferred tax


Origination and reversal of timing differences
(9,816)
35,532

Adjustment in respect of prior period
9,347
-

Total deferred tax
(469)
35,532


Taxation on profit on ordinary activities
9,305
34,582
Page 21

 
DISCOVER THE WORLD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
 
11.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
(104,108)
617,501


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 22%)
(26,027)
135,901

Effects of:


Fixed asset differences
-
(980)

Expenses not deductible for tax purposes
2,160
1,657

Adjustment to brought forward values
(75)
-

Adjustments to tax charge in respect of prior periods
7,131
(3,166)

Other permanent differences
(2,997)
627

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

Other tax adjustments, reliefs and transfers
(69)
-

Group relief surrendered / (claimed)
13,579
-

Foreign tax credits
11,990
2,216

Remeasurement of deferred tax for changes in tax rates
-
4,252

Movement in deferred tax not recognised
3,613
-

Total tax charge for the year
9,305
34,582


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 22

 
DISCOVER THE WORLD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

12.


Intangible assets




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 23

 
DISCOVER THE WORLD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

13.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost


At 1 October 2023
138,322
8,912
198,804
346,038


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


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



At 30 September 2024

163,317
43,908
218,869
426,094



Depreciation


At 1 October 2023
47,164
2,228
133,935
183,327


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
11,018
157,139
232,450



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 24

 
DISCOVER THE WORLD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

14.


Fixed asset investments





Investments in subsidiary companies

£



Cost


At 1 October 2023
50,000



At 30 September 2024
50,000





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Principal activity

Class of shares

Holding

Arctic Experience Limited
Ticketing supplier
Ordinary
100%


15.


Investment property


Freehold investment property

£



Valuation


At 1 October 2023
169,850



At 30 September 2024
169,850

The directors have not valued the property in the current year. The property was last valued in 2019 by Pálmi B. Almarsson, a certified realtor based in Iceland, on an open market value for existing use basis.




Page 25

 
DISCOVER THE WORLD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

16.


Debtors

2024
2023
£
£


Trade debtors
54,733
17,707

Amounts owed by group undertakings
590,564
297,894

Other debtors
429,428
379,195

Prepayments and accrued income
3,709,791
2,808,273

Deferred taxation
82,404
81,935

4,866,920
3,585,004


Prepayments and accrued income includes advanced payments to suppliers for departures after the balance sheet date amounting to £3,421,182 (2023: £2,579,469).


17.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
8,889,289
7,166,718


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.


18.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
1,526,481
1,149,729

Amounts owed to group undertakings
1,434,654
1,419,072

Corporation tax
-
2,216

Other taxation and social security
105,172
68,250

Other creditors
63,277
45,203

Accruals and deferred income
10,725,610
8,154,782

Financial instruments
43,417
14,454

13,898,611
10,853,706


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).

Page 26

 
DISCOVER THE WORLD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

19.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Accruals and deferred income
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 after the Statement of Financial Position date.


20.


Deferred taxation




2024
2023


£

£






At beginning of year
81,935
117,467


Charged to profit or loss
469
(35,532)



At end of year
82,404
81,935

The deferred tax asset is made up as follows:

2024
2023
£
£


Fixed asset timing differences
(42,652)
(40,678)

Short term timing differences
2,391
1,773

Losses and other deductions
122,665
120,840

82,404
81,935


21.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100,000 (2023 - 100,000) Ordinary Shares shares of £1.00 each
100,000
100,000


Page 27

 
DISCOVER THE WORLD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

22.


Reserves

Capital redemption reserve

Records the nominal value of shares repurchased by the Company.

Profit and loss account

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


23.


Contingent liabilities

The Company 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 Company in the normal course of business to insurance obligors in respect of ABTOT bonds amounting to £164,320 (2023: £174,080).


24.


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 losss on currency cash flow hedging instruments amounted to £43,417 (2023: £14,454) which is reflected within profit and loss accounts.


25.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £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.

Page 28

 
DISCOVER THE WORLD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

26.


Commitments under operating leases

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

2024
2023
£
£


Not later than 1 year
125,000
125,000

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

500,000
250,000


27.


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, the Company repaid £nil (2023: £30,601) to P F Furlepa. At the year end, the Company owed P F Furlepa £nil- (2023: £nil-).
The Company has taken the exemption available to not disclose transactions with wholly owned group members.


28.


Controlling party

The Company was under the control of the directors throughout the year.
The parent company is DTW (Holdings) Limited.
The largest group to consolidate these financial statements is DTW (Holdings) Limited. Copies of the consolidated financial statements can be obtained from the Company Secretary at One Dorking Office Park, Station Road, Dorking, England, RH4 1HJ.

 
Page 29