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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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THE THINKING TRAVELLER HOLDINGS LIMITED
COMPANY INFORMATION
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THE THINKING TRAVELLER HOLDINGS LIMITED
CONTENTS
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THE THINKING TRAVELLER HOLDINGS LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The Directors present their strategic report for the year ended 31 December 2024. The company’s principal activity is the management of its subsidiary, The Thinking Traveller Ltd, which delivers consistently high-quality travel experiences to its clients by offering only wholly exclusive villas, outstanding local knowledge and exceptional personal service.
Trade remained largely flat year on year with sales of £37,866,745 (2023: £38,174,495). This was in the context of an increasingly competitive market at the higher end of the villa rental market. To support this and the company’s strategic growth plans, continued investment was made across the business.
As a result of these investments, the business made a reported loss of £3,077,833 (2023: Loss £1,978,190). With a continued focus on its future plans, the year finished with solid forward bookings for 2025, ending +4% vs prior year in departures sold for 2025.
The principal risks of the business are client economic resilience and confidence given the current macroeconomic landscape and the resulting fluctuations in foreign currencies. The risks around travel uncertainty are mitigated by continuing to source clients from all over the world and not focusing heavily on single markets. The currency risk is offset by the company’s forward buying policy. All risks to the business are constantly monitored and action is taken to minimise effects on the business when necessary.
Management drives business performance through the setting of clearly defined and measured key performance indicators (KPIs) taking action where required to improve the financial peformance of the business.
The main KPIs that are used to manage the business are as follows:
This report was approved by the board on 8 May 2025 and signed on its behalf.
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THE THINKING TRAVELLER HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The Directors present their report and the financial statements for the year ended 31 December 2024.
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.
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 judgments 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 2006. They 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.
The loss for the year, after taxation, amounted to £3,077,833 (2023 - loss £1,978,190).
The Directors who served during the year were:
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THE THINKING TRAVELLER HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The principal risks of the business are client economic resilience and confidence given the current macroeconomic landscape and the resulting fluctuations in foreign currencies. The risks around travel uncertainty are mitigated by continuing to source clients from all over the world and not focusing heavily on single markets. The currency risk is offset by the company’s forward buying policy. All risks to the business are constantly monitored and action is taken to minimise effects on the business when necessary.
The group has an overseas branch in Italy.
There have been no significant events affecting the Group since the year end.
The auditors, Xeinadin Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on 8 May 2025 and signed on its behalf.
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THE THINKING TRAVELLER HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE THINKING TRAVELLER HOLDINGS LIMITED
We have audited the financial statements of The Thinking Traveller Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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 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.
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.
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THE THINKING TRAVELLER HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE THINKING TRAVELLER HOLDINGS 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 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.
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.
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THE THINKING TRAVELLER HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE THINKING TRAVELLER HOLDINGS 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 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; • 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 Company’s license to operate. We identified the following areas as those most likely to have such an effect: health and safety including data protection laws, anti-bribery, money laundering and employment law compliance recognising the nature of the Company’s activities. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.
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THE THINKING TRAVELLER HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE THINKING TRAVELLER HOLDINGS LIMITED (CONTINUED)
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. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
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.
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 & Statutory Auditor
8th Floor, Becket House
36 Old Jewry
EC2R 8DD
8 May 2025
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THE THINKING TRAVELLER HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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THE THINKING TRAVELLER HOLDINGS LIMITED
REGISTERED NUMBER: 12988885
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 8 May 2025.
The notes on pages 17 to 36 form part of these financial statements.
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THE THINKING TRAVELLER HOLDINGS LIMITED
REGISTERED NUMBER: 12988885
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 8 May 2025.
The notes on pages 17 to 36 form part of these financial statements.
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THE THINKING TRAVELLER HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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THE THINKING TRAVELLER HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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THE THINKING TRAVELLER HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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THE THINKING TRAVELLER HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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THE THINKING TRAVELLER HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
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THE THINKING TRAVELLER HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
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THE THINKING TRAVELLER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The Thinking Traveller Holdings Limited is a private company limited by shares incorporated in England and Wales, United Kingdom.
The address of the registered company and principal place of business is The Old Truman Brewery, 91 - 95 Brick Lane, London, E1 6QL. The principal activity of the Company is to act as tour operator and provide travel agency services specialising in villa holidays.
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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Goup 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.
The Thinking Traveller Holdings Limited, as an individual entity, meets the definition of a qualifying entity per FRS 102 and has taken advantage of the exemption available in paragraph 1.12 of FRS 102 from presenting a company only statement of cash flows. These consolidated financial statements include a consolidated statement of cashflows which include the cash flows of The Thinking Traveller Holdings Limited.
The following principal accounting policies have been applied:
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 Thinking Traveller Inc. is considered not material to the group and therefore in accordance with Section 405, has not been included in the consolidation. 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.
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THE THINKING TRAVELLER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Thinking Traveller Holdings Limited is the parent company of a medium-sized group for which consolidated financial statements are prepared. The going concern assessment has been conducted on the group as a whole.
Within the group there are two trading companies, and the results and period end position disclosed below relate to the entire group of which The Thinking Traveller Holdings Limited (TTTH) is the parent. TTTH made a consolidated loss before tax of £2,875,377 (2023: Loss before tax of £2,263,057) during the year ended 31 December 2024 and at that date had net assets of £1,753,605 (2023: £4,719,334) and net current liabilities of £766,495 (2023: net current assets of £215,202). The current and future financial positions of the Group have been reviewed by the Directors and stress tested to ensure that cash flows and liquidity are sufficiently robust to allow the Group to continue to trade during this period. The Directors are confident that there is sufficient headroom to meet the forecast cash requirements during the twelve months from the date of approval of the financial statements having considered any additional requirements that would be contingent on a downturn in activity over the same period.
Functional and presentation currency
Transactions and balances
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THE THINKING TRAVELLER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 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.
All revenue received relating to bookings that depart after the balance sheet 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 balance sheet date are treated as advance payments and are separately disclosed under prepayments and accrued income.
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THE THINKING TRAVELLER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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THE THINKING TRAVELLER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Goodwill
Other intangible assets
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:
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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THE THINKING TRAVELLER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
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THE THINKING TRAVELLER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Financial instruments are recognised in the Group's Statement of Financial Position when the Group becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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 Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
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.
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THE THINKING TRAVELLER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Depreciation and Amortisation The annual depreciation/amortisation charge for tangible and intangible assets is sensitive due to the material nature of the value of fiixed assets. The depreciation/ amortisation rates are reviewed annually to ensure they are appropriate for the type of asset. Assets are reviewed for impairment on an annual basis. Investment Valuation The valuation of investment is sensitive due to its material nature. The valuation of investments involves a degree of subjectivity and relies on various assumptions and estimates that may impact financial reporting. The company recognizes that changes in market conditions and the inherent unpredictability of economic factors can influence the valuation process. As such, the estimation of fair values requires management to exercise judgement and apply relevant valuation methodologies, taking into account the inherent uncertainties associated with the valuation of investments. The company diligently considers all available information and market indicators to make reasonable and supportable estimates, while also disclosing the sensitivity of the valuations to changes in key assumptions, as required by FRS 102. 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.
Analysis of turnover by country of destination:
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THE THINKING TRAVELLER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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THE THINKING TRAVELLER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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THE THINKING TRAVELLER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 27
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THE THINKING TRAVELLER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
12.Taxation (continued)
There were no factors that may affect future tax charges.
Page 28
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THE THINKING TRAVELLER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
There has been a restatement in the prior period for an asset which has been reclassified as an intangible fixed asset from a tangible fixed asset. The net effect of the reclassification is that £96,089 has been transferred from tangible fixed assets to intangible fixed assets. The reclassification has had no impact on the profit & loss.
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THE THINKING TRAVELLER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 30
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THE THINKING TRAVELLER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 31
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THE THINKING TRAVELLER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 32
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THE THINKING TRAVELLER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 33
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THE THINKING TRAVELLER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 34
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THE THINKING TRAVELLER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
On 17th May 2024, 4,073 Class E Ordinary Shares were issued at a premium of £17.04 per share.
Share premium account
Foreign exchange reserve
Profit and loss account
There has been a restatement in the prior period for an asset which has been reclassified as an intangible fixed asset from a tangible fixed asset. The net effect of the reclassification is that £96,089 has been transferred from tangible fixed assets to intangible fixed assets. The reclassification has had no impact on the profit & loss.
There has also been a restatement in the prior period in which £868,369 has been reclassified from debtors repayable after more than one year to debtors repayable within one year.
The Group 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 Group to the fund and amounted to £62,781 (2023: £64,625). Contributions totalling £24,669 (2023: £22,598) were payable to the fund at the reporting date and are included in creditors.
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THE THINKING TRAVELLER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
27.Other financial commitments
At 31 December 2024, the Group was committed to making payments under a number of guarantee contracts with villa owners totalling €5.6m (2023: €5.7m).
The group has a registered charge from Piper PE LLP, which contains a charge over the group's assets, as well as a fixed charge, floating and a negative pledge.
The Group enters into various foreign currency contracts to mitigate the exchange rate risk for certain foreign currency payables. At 31 December 2024, the outstanding contracts all mature within 12 months of the year end.
At the year end the Group is committed to buying €2,657,898 (2023: €2,473,856) for a fixed amount of USD.
The group is controlled by the directors.
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