Caseware UK (AP4) 2024.0.164 2024.0.164 2024-09-302024-09-302024-09-30004falsefalse4false2023-10-01false 09805613 2023-10-01 2024-09-30 09805613 2022-10-01 2023-09-30 09805613 2024-09-30 09805613 2023-09-30 09805613 2022-10-01 09805613 1 2023-10-01 2024-09-30 09805613 d:Director1 2023-10-01 2024-09-30 09805613 d:Director2 2023-10-01 2024-09-30 09805613 d:Director3 2023-10-01 2024-09-30 09805613 d:Director4 2023-10-01 2024-09-30 09805613 d:Director5 2023-10-01 2024-09-30 09805613 d:Director6 2023-10-01 2024-09-30 09805613 d:Director7 2023-10-01 2024-09-30 09805613 d:RegisteredOffice 2023-10-01 2024-09-30 09805613 c:FurnitureFittings 2023-10-01 2024-09-30 09805613 c:ComputerEquipment 2023-10-01 2024-09-30 09805613 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-10-01 2024-09-30 09805613 c:Goodwill 2023-10-01 2024-09-30 09805613 c:CurrentFinancialInstruments 2024-09-30 09805613 c:CurrentFinancialInstruments 2023-09-30 09805613 c:CurrentFinancialInstruments 1 2024-09-30 09805613 c:CurrentFinancialInstruments 1 2023-09-30 09805613 c:CurrentFinancialInstruments 6 2024-09-30 09805613 c:CurrentFinancialInstruments 6 2023-09-30 09805613 c:CurrentFinancialInstruments c:WithinOneYear 2024-09-30 09805613 c:CurrentFinancialInstruments c:WithinOneYear 2023-09-30 09805613 c:ShareCapital 2023-10-01 2024-09-30 09805613 c:ShareCapital 2024-09-30 09805613 c:ShareCapital 2022-10-01 2023-09-30 09805613 c:ShareCapital 2023-09-30 09805613 c:ShareCapital 2022-10-01 09805613 c:SharePremium 2023-10-01 2024-09-30 09805613 c:SharePremium 2024-09-30 09805613 c:SharePremium 2022-10-01 2023-09-30 09805613 c:SharePremium 2023-09-30 09805613 c:SharePremium 2022-10-01 09805613 c:CapitalRedemptionReserve 2023-10-01 2024-09-30 09805613 c:CapitalRedemptionReserve 2024-09-30 09805613 c:CapitalRedemptionReserve 2023-09-30 09805613 c:OtherMiscellaneousReserve 2023-10-01 2024-09-30 09805613 c:RetainedEarningsAccumulatedLosses 2023-10-01 2024-09-30 09805613 c:RetainedEarningsAccumulatedLosses 2024-09-30 09805613 c:RetainedEarningsAccumulatedLosses 2022-10-01 2023-09-30 09805613 c:RetainedEarningsAccumulatedLosses 2023-09-30 09805613 c:RetainedEarningsAccumulatedLosses 2022-10-01 09805613 d:OrdinaryShareClass1 2023-10-01 2024-09-30 09805613 d:OrdinaryShareClass1 2024-09-30 09805613 d:OrdinaryShareClass1 2023-09-30 09805613 d:OrdinaryShareClass2 2023-10-01 2024-09-30 09805613 d:OrdinaryShareClass2 2024-09-30 09805613 d:OrdinaryShareClass2 2023-09-30 09805613 d:OrdinaryShareClass3 2023-10-01 2024-09-30 09805613 d:OrdinaryShareClass3 2024-09-30 09805613 d:OrdinaryShareClass3 2023-09-30 09805613 d:FRS102 2023-10-01 2024-09-30 09805613 d:Audited 2023-10-01 2024-09-30 09805613 d:FullAccounts 2023-10-01 2024-09-30 09805613 d:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 09805613 c:Subsidiary1 2023-10-01 2024-09-30 09805613 c:Subsidiary1 1 2023-10-01 2024-09-30 09805613 d:Consolidated 2024-09-30 09805613 d:ConsolidatedGroupCompanyAccounts 2023-10-01 2024-09-30 09805613 2 2023-10-01 2024-09-30 09805613 4 2023-10-01 2024-09-30 09805613 6 2023-10-01 2024-09-30 09805613 9 2023-10-01 2024-09-30 09805613 f:PoundSterling 2023-10-01 2024-09-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 09805613









1ST CLASS HOLIDAYS (HOLDINGS) LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
1ST CLASS HOLIDAYS (HOLDINGS) LIMITED
 
 
COMPANY INFORMATION


Directors
P Ainsworth 
Mrs S R Mason 
A G Dodd 
P N Bland 
D E Gathercole 
C S Richardson 
H Treffers 




Registered number
09805613



Registered office
Trafford House
Chester Road

Old Trafford

Manchester

M32 0RS




Independent auditors
White Hart Associates (London) Limited
Chartered Accountants and Statutory Auditors

2nd Floor, Nucleus House

2 Lower Mortlake Road

Richmond

TW9 2JA





 
1ST CLASS HOLIDAYS (HOLDINGS) LIMITED
 

CONTENTS



Page
Group Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 9
Consolidated Income Statement
10
Consolidated Statement of Comprehensive Income
11
Consolidated Statement of Financial Position
12 - 13
Company Statement of Financial Position
14
Consolidated Statement of Changes in Equity
15 - 16
Company Statement of Changes in Equity
17 - 18
Consolidated Statement of Cash Flows
19 - 20
Consolidated Analysis of Net Debt
21
Notes to the Financial Statements
22 - 43


 
1ST CLASS HOLIDAYS (HOLDINGS) LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Introduction
 
The directors present their strategic report for the year ended 30 September 2023.

Business review
 
The Group is required by the Companies Act 2006 to set out in this report, a fair review of the business of the  Group during the financial year ended 30 September 2024, the position of the Group at the end of the year and a description of the principal risks and uncertainties facing the Group. This review is prepared solely to provide additional information to shareholders to assess the Group'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 Group is a tour operator dealing with tailor-made long-haul holidays to America, Canada, New Zealand, Australia, South Africa, Japan, South East Asia and some Caribbean and Indian ocean. 
It continues to focus most of its activities and generates the majority of its sales through independent travel agents within the UK.
The business continues to implement its Project Polar strategy, following a three-year strategic and financial plan enabling it to increase its range, improve speed to market and service, whilst delivering strong numbers for the years ahead.  
The business has expanded its destination offering during the year adding Japan and South East Asia to its product offering.
The business is in a very positive position and looks forward to future growth.

Principal risks and uncertainties
 
Whilst the Group operates holidays to politically stable destinations, the key uncertainties that affect the travel industry are world events, health scares, terrorism and air safety etc. and the company is aware that future development of the business may be subject to unforeseen future events outside of Group's control.
Post balance sheet events
On 30 October 2024 the Company acquired the entire share capital in The Knavesmire Travel Group Limited including its two dormant subsidiaries. The Company will present its first consolidated group accounts including The Knavesmire Travel Group Limited for the period ended 30 September 2025.
The funding for the acquisition was provided by means of the issue of 540,000 A preference shares of £1.00 each and 360,000 B preference shares of £1.00 each in the capital of the Company on 30 October 2024 (exclusive of the shares already in issue on that date) having the rights and subject to the restrictions set out in the Company’s articles of association.
The Company also reclassed 4,125 C1 Ordinary shares of £0.10 each, which were cancelled during the year, to C2 Ordinary shares of £0.10 each and reissued them on 2 October 2024. The Company valued the 4,125 C2 Ordinary shares at £100,000 and were issued at a premium of £24.14 per share but remain unpaid

Page 1

 
1ST CLASS HOLIDAYS (HOLDINGS) LIMITED
 

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


This report was approved by the board on 28 January 2025 and signed on its behalf.



................................................
P N Bland
Director

Page 2

 
1ST CLASS HOLIDAYS (HOLDINGS) LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

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

Directors' responsibilities statement

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

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


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

make 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 Group will continue in business.

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

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Group's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' Reports may differ from legislation in other jurisdictions.

Principal activity

The Group's principal activity during the year under review was that of a tour operator, specialising in North America, Canada, New Zealand and Australia.

Results and dividends

The profit for the year, after taxation, amounted to £340,884 (2023 -  £435,192).

Iinterim dividends of £125,000 were paid during  the year ended 30 September 2024.

Directors

The directors who served during the year were:

P Ainsworth 
Mrs S R Mason 
A G Dodd 
P N Bland 
D E Gathercole 
C S Richardson 
H Treffers 
Page 3

 
1ST CLASS HOLIDAYS (HOLDINGS) LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024


Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

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

Auditors

The auditorsWhite Hart Associates (London) Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 28 January 2025 and signed on its behalf.
 





................................................
P N Bland
Director

Page 4

 
1ST CLASS HOLIDAYS (HOLDINGS) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF 1ST CLASS HOLIDAYS (HOLDINGS) LIMITED
 

Opinion


We have audited the financial statements of 1st Class Holidays (Holdings) Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 September 2024, which comprise the Consolidated Income Statement, 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 policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


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


Basis for opinion


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


Conclusions relating to going concern


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


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


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


Page 5

 
1ST CLASS HOLIDAYS (HOLDINGS) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF 1ST CLASS HOLIDAYS (HOLDINGS) LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual 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 Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 6

 
1ST CLASS HOLIDAYS (HOLDINGS) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF 1ST CLASS HOLIDAYS (HOLDINGS) LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
1ST CLASS HOLIDAYS (HOLDINGS) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF 1ST CLASS HOLIDAYS (HOLDINGS) LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

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


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- 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 or error, 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 Group's compliance with its regulators, the Civil Aviation Authority ("CAA"), its membership of The Association of British Travel Agents ("ABTA") and its accreditation with the International Air Transport Association ("IATA") and sample test relevant documentation to assess this and the effectiveness of its control environment;
- We review the Group'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.


Page 8

 
1ST CLASS HOLIDAYS (HOLDINGS) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF 1ST CLASS HOLIDAYS (HOLDINGS) LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Ms N A Spoor FCA FCCA (Senior Statutory Auditor)
  
for and on behalf of
White Hart Associates (London) Limited
 
Chartered Accountants and Statutory Auditors
  
2nd Floor, Nucleus House
2 Lower Mortlake Road
Richmond
TW9 2JA

28 January 2025
Page 9

 
1ST CLASS HOLIDAYS (HOLDINGS) LIMITED
 
 
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
17,751,865
17,114,906

Cost of sales
  
(14,381,940)
(14,108,876)

Gross profit
  
3,369,925
3,006,030

Distribution costs
  
(299,836)
(245,574)

Administrative expenses
  
(2,830,584)
(2,325,044)

Exceptional administrative items
  
(22,833)
(99,000)

Other operating income
 5 
327,901
391,642

Operating profit
 6 
544,573
728,054

Interest receivable and similar income
 10 
42,413
12,513

Interest payable and similar expenses
 11 
(3,798)
(56,395)

Profit before tax
  
583,188
684,172

Tax on profit
 12 
(242,304)
(248,980)

Profit for the financial year
  
340,884
435,192

Profit for the year attributable to:
  

Owners of the parent
  
340,884
435,192

  
340,884
435,192

The notes on pages 22 to 43 form part of these financial statements.

2024
2023
£
£



EBITDA-Earnings before interest, taxation, depreciation and amortisation ("EBITDA") and exceptional items (Note 14)
973,893
1,233,348

973,893
1,233,348

Page 10

 
1ST CLASS HOLIDAYS (HOLDINGS) LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
Note
£
£


Profit for the financial year

  

340,884
435,192

Other comprehensive income
  


Hedge reserve movement
  
(59,871)
(916)

Other comprehensive income for the year
  
(59,871)
(916)

Total comprehensive income for the year
  
281,013
434,276

Profit for the year attributable to:
  


Owners of the parent Company
  
340,884
435,192

  
340,884
435,192

Total comprehensive income attributable to:
  


Owners of the parent Company
  
281,013
434,276

  
281,013
434,276

The notes on pages 22 to 43 form part of these financial statements.

Page 11

 
1ST CLASS HOLIDAYS (HOLDINGS) LIMITED
REGISTERED NUMBER: 09805613

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 15 
786,338
1,170,212

Tangible assets
 16 
45,063
51,126

  
831,401
1,221,338

Current assets
  

Stocks
 18 
72,953
-

Debtors: amounts falling due within one year
 19 
1,831,969
1,402,876

Cash at bank and in hand
 20 
3,387,275
3,152,939

  
5,292,197
4,555,815

Creditors: amounts falling due within one year
 21 
(3,737,019)
(3,545,757)

Net current assets
  
 
 
1,555,178
 
 
1,010,058

Total assets less current liabilities
  
2,386,579
2,231,396

Provisions for liabilities
  

Deferred taxation
 22 
(14,110)
(14,940)

  
 
 
(14,110)
 
 
(14,940)

Net assets
  
2,372,469
2,216,456


Capital and reserves
  

Called up share capital 
 23 
7,088
7,500

Share premium account
 25 
495,843
495,843

Capital redemption reserve
 25 
412
-

Other reserves
 25 
(32,859)
27,012

Profit and loss account
 25 
1,901,985
1,686,101

Equity attributable to owners of the parent Company
  
2,372,469
2,216,456

  
2,372,469
2,216,456


Page 12

 
1ST CLASS HOLIDAYS (HOLDINGS) LIMITED
REGISTERED NUMBER: 09805613
    
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 SEPTEMBER 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 January 2025.




................................................
P N Bland
Director

The notes on pages 22 to 43 form part of these financial statements.

Page 13

 
1ST CLASS HOLIDAYS (HOLDINGS) LIMITED
REGISTERED NUMBER: 09805613

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 17 
4,652,725
4,652,725

  
4,652,725
4,652,725

Current assets
  

Debtors: amounts falling due within one year
 19 
3,939
1,442

Cash at bank and in hand
 20 
86,056
80,284

  
89,995
81,726

Creditors: amounts falling due within one year
 21 
(30,347)
(1,051,230)

Net current assets/(liabilities)
  
 
 
59,648
 
 
(969,504)

Total assets less current liabilities
  
4,712,373
3,683,221

  

  

Net assets excluding pension asset
  
4,712,373
3,683,221

Net assets
  
4,712,373
3,683,221


Capital and reserves
  

Called up share capital 
 23 
7,088
7,500

Share premium account
 25 
495,843
495,843

Capital redemption reserve
 25 
412
-

Profit and loss account brought forward
  
3,179,878
3,379,293

Profit/(loss) for the year
  
1,154,152
(199,415)

Other changes in the profit and loss account

  

(125,000)
-

Profit and loss account carried forward
  
4,209,030
3,179,878

  
4,712,373
3,683,221


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 January 2025.


................................................
P N Bland
Director

The notes on pages 22 to 43 form part of these financial statements.

Page 14

 

 
1ST CLASS HOLIDAYS (HOLDINGS) LIMITED


 

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



Called up share capital
Share premium account
Capital redemption reserve
Other reserves
Profit and loss account
Equity attributable to owners of parent Company
Total equity


£
£
£
£
£
£
£


At 1 October 2023
7,500
495,843
-
27,012
1,686,101
2,216,456
2,216,456



Comprehensive income for the year


Profit for the year

-
-
-
-
340,884
340,884
340,884


Hedge reserve movement
-
-
-
(59,871)
-
(59,871)
(59,871)



Other comprehensive income for the year
-
-
-
(59,871)
-
(59,871)
(59,871)



Total comprehensive income for the year
-
-
-
(59,871)
340,884
281,013
281,013



Contributions by and distributions to owners


Dividends: Equity capital
-
-
-
-
(125,000)
(125,000)
(125,000)


Purchase of own shares
-
-
412
-
-
412
412


Shares cancelled during the year
(412)
-
-
-
-
(412)
(412)



Total transactions with owners
(412)
-
412
-
(125,000)
(125,000)
(125,000)



At 30 September 2024
7,088
495,843
412
(32,859)
1,901,985
2,372,469
2,372,469



The notes on pages 22 to 43 form part of these financial statements.

Page 15

 

 
1ST CLASS HOLIDAYS (HOLDINGS) LIMITED


 

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



Called up share capital
Share premium account
Other reserves
Profit and loss account
Equity attributable to owners of parent Company
Total equity


£
£
£
£
£
£


At 2 October 2022
7,500
495,843
27,928
1,250,909
1,782,180
1,782,180



Comprehensive income for the year


Profit for the year

-
-
-
435,192
435,192
435,192


Hedge reserve movement
-
-
(916)
-
(916)
(916)



Other comprehensive income for the year
-
-
(916)
-
(916)
(916)



Total comprehensive income for the year
-
-
(916)
435,192
434,276
434,276



Total transactions with owners
-
-
-
-
-
-



At 30 September 2023
7,500
495,843
27,012
1,686,101
2,216,456
2,216,456



The notes on pages 22 to 43 form part of these financial statements.

Page 16

 

 
1ST CLASS HOLIDAYS (HOLDINGS) LIMITED


 

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



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


£
£
£
£
£


At 1 October 2023
7,500
495,843
-
3,179,878
3,683,221



Comprehensive income for the year


Profit for the year
-
-
-
1,154,152
1,154,152



Other comprehensive income for the year
-
-
-
-
-



Total comprehensive income for the year
-
-
-
1,154,152
1,154,152



Contributions by and distributions to owners


Dividends: Equity capital
-
-
-
(125,000)
(125,000)


Purchase of own shares
-
-
412
-
412


Shares cancelled during the year
(412)
-
-
-
(412)



Total transactions with owners
(412)
-
412
(125,000)
(125,000)



At 30 September 2024
7,088
495,843
412
4,209,030
4,712,373



The notes on pages 22 to 43 form part of these financial statements.

Page 17

 

 
1ST CLASS HOLIDAYS (HOLDINGS) LIMITED


 

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



Called up share capital
Share premium account
Profit and loss account
Total equity


£
£
£
£


At 1 October 2017
7,500
495,843
3,379,293
3,882,636



Comprehensive income for the year


Loss for the year
-
-
(199,415)
(199,415)



Other comprehensive income for the year
-
-
-
-



Total comprehensive income for the year
-
-
(199,415)
(199,415)



Total transactions with owners
-
-
-
-



At 30 September 2023
7,500
495,843
3,179,878
3,683,221



The notes on pages 22 to 43 form part of these financial statements.

Page 18

 
1ST CLASS HOLIDAYS (HOLDINGS) LIMITED
 

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

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
340,884
435,192

Adjustments for:

Amortisation of intangible assets
391,374
390,966

Depreciation of tangible assets
15,113
15,328

Interest paid
3,798
56,395

Interest received
(42,413)
(12,513)

Taxation charge
242,304
248,980

(Increase)/decrease in stocks
(72,953)
-

(Increase) in debtors
(456,105)
(174,743)

Increase in creditors
429,108
220,436

Corporation tax (paid)/received
(115,691)
-

Net cash generated from operating activities

735,419
1,180,041


Cash flows from investing activities

Purchase of intangible fixed assets
(7,500)
(12,500)

Purchase of tangible fixed assets
(9,050)
(15,586)

Interest received
42,413
12,513

Net cash from investing activities

25,863
(15,573)
Page 19

 
1ST CLASS HOLIDAYS (HOLDINGS) LIMITED
 

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


2024
2023

£
£



Cash flows from financing activities

Repayment of loans
(398,148)
(472,222)

Dividends paid
(125,000)
-

Interest paid
(3,798)
(56,395)

Net cash used in financing activities
(526,946)
(528,617)

Net increase in cash and cash equivalents
234,336
635,851

Cash and cash equivalents at beginning of year
3,152,939
2,517,088

Cash and cash equivalents at the end of year
3,387,275
3,152,939


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
3,387,275
3,152,939

3,387,275
3,152,939


The notes on pages 22 to 43 form part of these financial statements.

Page 20

 
1ST CLASS HOLIDAYS (HOLDINGS) LIMITED
 

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




At 1 October 2023
Cash flows
At 30 September 2024
£

£

£

Cash at bank and in hand

3,152,939

234,336

3,387,275

Debt due within 1 year

(398,148)

398,148

-


2,754,791
632,484
3,387,275

The notes on pages 22 to 43 form part of these financial statements.

Page 21

 
1ST CLASS HOLIDAYS (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

1st Class Holidays (Holdings) Limited is a private company limited by shares amd incorporated in England. Its registered office is Trafford House, Chester Road, Old Trafford, Manchester, M32 0RS.

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

The following principal accounting policies have been applied:

 
2.1

Basis of consolidation

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

Page 22

 
1ST CLASS HOLIDAYS (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.2

Going concern

The Group’s management and directors review the financial position and the forecasts for the Group 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 Group’s ability to continue as a going concern, and have considered a number of future scenarios, synthesizing key drivers of the Group’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 Group remains in a volatile environment.
The directors have prepared budgets and cashflow forecasts to September 2029 which reflect good operational liquidity and profitability throughout. Additionally, they have also performed a sensitivity analysis on the Group's budgets and forecasts to assess the financial impact of any potential further slowdown in trading from the reforecast and its impact which still shows a healthy financial position ongoing.
Group management and the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future, being at least the following 12 months from the signing of these financial statements.
As a result, and with the Group continuing to receive the full support of its shareholders, the directors believe that it is still appropriate to apply the going concern basis for the foreseeable future.

 
2.3

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 

Turnover is the amount derived from ordinary activities and represents the aggregate revenue receivable from tours departed during the year.

 
2.4

Operating leases: the Group as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 23

 
1ST CLASS HOLIDAYS (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.5

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
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.

 
2.6

Interest income

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

 
2.7

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.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.9

Pensions

Defined contribution pension plan

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

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

Page 24

 
1ST CLASS HOLIDAYS (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.10

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Group keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

 
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 and the Group operate and generate income.

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

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

Page 25

 
1ST CLASS HOLIDAYS (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.12

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.

 
2.13

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Income Statement over its useful economic life.

Other 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.

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:

Development expenditure
-
20 % straight line
Goodwill
-
10 years

 
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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, Reducing balance/straightline.

Depreciation is provided on the following basis:

Fixtures and fittings
-
15%
reducing balance
Computer equipment
-
20%
straight line

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.

Page 26

 
1ST CLASS HOLIDAYS (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.15

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Consolidated Income Statement for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.16

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
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.

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

 
2.19

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 27

 
1ST CLASS HOLIDAYS (HOLDINGS) 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 Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Group 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 Group's Statement of Financial Position when the Group 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 Group'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
Page 28

 
1ST CLASS HOLIDAYS (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.21
Financial instruments (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 Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies 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 Group 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 Group will continue to recognise the value of the portion of the risks and rewards retained.

Page 29

 
1ST CLASS HOLIDAYS (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.21
Financial instruments (continued)

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

 
2.22

Hedge accounting

The Group uses foreign currency forward contracts to manage its exposure to cash flow risk on its recognised and highly probable liabilities. These derivatives are measured at fair value at each reporting date.

To the extent the cash flow hedge is effective, movements in fair value are recognised in other comprehensive income and presented in a separate cash flow hedge reserve. Any ineffective portions of those movements are recognised in profit or loss for the year.

Gains and losses on the hedging instruments and the hedged items are recognised in profit or loss for the year. When a hedged item is an unrecognised firm commitment, the cumulative hedging gain or loss on the hedged item is recognised as an asset or liability with a corresponding gain or loss recognised in profit or loss.

 
2.23

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
a) Critical judgments in applying the Group's accounting policies
The directors believe that there are no critical judgments involved in applying the Groups'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
Group's accounting policies that warrant disclosure.

Page 30

 
1ST CLASS HOLIDAYS (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Sole activity- tour operator
17,751,865
17,114,906

17,751,865
17,114,906


All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Marketing overrides
327,901
391,642

327,901
391,642



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Amortisation on intangible assets
391,374
390,966

Depreciation of tangible fixed assets
5,432
15,328

Other operating lease rentals
108,566
100,726

Fees payable to the Company's auditors and its associates for the audit of the Company's annual financial statements
15,650
15,650

Defined contribution pension scheme
127,576
33,244


7.


Auditors' remuneration

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


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
15,650
15,650

Page 31

 
1ST CLASS HOLIDAYS (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

8.


Employees

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


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


Wages and salaries
1,677,847
1,318,112
438,077
437,891

Social security costs
152,880
118,269
48,931
42,298

Cost of defined contribution scheme
81,263
33,244
49,687
9,520

1,911,990
1,469,625
536,695
489,709


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



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









Administration
22
20
4
4



Sales
19
17
-
-



Technical
7
6
-
-

48
43
4
4


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
438,077
437,891

Group contributions to defined contribution pension schemes
49,687
9,520

487,764
447,411


The highest paid director received remuneration of £146,928 (2023 - £127,500).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £5,340 (2023 - £3,825).

Page 32

 
1ST CLASS HOLIDAYS (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

10.


Interest receivable

2024
2023
£
£


Other interest receivable
42,413
12,513

42,413
12,513


11.


Interest payable and similar expenses

2024
2023
£
£


Loan interest payable
3,798
56,395

3,798
56,395


12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
243,134
65,852


243,134
65,852


Total current tax
243,134
65,852

Deferred tax


Origination and reversal of timing differences
(830)
183,128

Total deferred tax
(830)
183,128


Taxation on profit on ordinary activities
242,304
248,980
Page 33

 
1ST CLASS HOLIDAYS (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
 
12.Taxation (continued)


Factors affecting tax charge for the year

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

2024
2023
£
£


Profit on ordinary activities before tax
583,188
684,172


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
145,797
171,043

Effects of:


Non-tax deductible amortisation of goodwill and impairment
96,486
96,486

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
1,461
1,256

Capital allowances for year in excess of depreciation
(528)
(3,395)

Utilisation of tax losses
-
(180,988)

Deferred tax
(830)
183,128

Other differences leading to an increase (decrease) in the tax charge
(82)
(18,550)

Total tax charge for the year
242,304
248,980


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


13.


Dividends

2024
2023
£
£


Dividends paid on Ordinary shares
125,000
-

125,000
-

Page 34

 
1ST CLASS HOLIDAYS (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

14.


Exceptional items

2024
2023
£
£


Payment for backpay apprenticeship levy
11,333
-

Legal fees relating to management incentives
11,500
-

Monitoring fees related to PHD Holdings Limited
-
99,000

22,833
99,000


15.


Intangible assets

Group 





Development expenditure
Goodwill
Total

£
£
£



Cost


At 1 October 2023
26,162
3,859,428
3,885,590


Additions
7,500
-
7,500



At 30 September 2024

33,662
3,859,428
3,893,090



Amortisation


At 1 October 2023
13,784
2,701,594
2,715,378


Charge for the year on owned assets
5,432
385,942
391,374



At 30 September 2024

19,216
3,087,536
3,106,752



Net book value



At 30 September 2024
14,446
771,892
786,338



At 30 September 2023
12,378
1,157,834
1,170,212



Page 35

 
1ST CLASS HOLIDAYS (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

16.


Tangible fixed assets

Group






Fixtures and fittings
Computer equipment
Total

£
£
£



Cost or valuation


At 1 October 2023
148,526
600,913
749,439


Additions
-
9,050
9,050



At 30 September 2024

148,526
609,963
758,489



Depreciation


At 1 October 2023
122,833
575,480
698,313


Charge for the year on owned assets
7,008
8,105
15,113



At 30 September 2024

129,841
583,585
713,426



Net book value



At 30 September 2024
18,685
26,378
45,063



At 30 September 2023
25,693
25,433
51,126

Page 36

 
1ST CLASS HOLIDAYS (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

17.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 October 2023
4,652,725



At 30 September 2024
4,652,725





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

1st Class Holidays Limited
Trafford House, Chester Road, Old Trafford, Manchester M32 0RS
-
Ordinary
-
100%
-

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

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

1st Class Holidays Limited
1,540,929
655,482


18.


Stocks

Group
Group
2024
2023
£
£

Brochure stock
72,953
-

72,953
-


Page 37

 
1ST CLASS HOLIDAYS (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

19.


Debtors

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


Other debtors
422,799
334,494
2,497
-

Called up share capital not paid
1,442
1,442
1,442
1,442

Prepayments and accrued income
1,407,728
1,039,928
-
-

Financial instruments
-
27,012
-
-

1,831,969
1,402,876
3,939
1,442


Included in prepayments and accrued income is the sum of £1,368,533 (2023 - £998,316) of supplier payments made in advance for departures post 30 September 2024.


20.


Cash and cash equivalents

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

Cash at bank and in hand
3,387,275
3,152,939
86,056
80,284

3,387,275
3,152,939
86,056
80,284



21.


Creditors: Amounts falling due within one year

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

Bank loans
-
398,148
-
398,148

Trade creditors
307,243
310,110
-
-

Amounts owed to group undertakings
-
-
-
470,727

Corporation tax
193,295
65,852
23,782
-

Other taxation and social security
31,133
44,793
6,565
26,153

Other creditors
7,689
6,223
-
-

Accruals and deferred income
3,164,800
2,720,631
-
156,202

Financial instruments
32,859
-
-
-

3,737,019
3,545,757
30,347
1,051,230


Included in accruals and deferred income is the sum of £3,150,799 ( 2023 - £2,534,830 monies received in advance for departures post 30 September 2024.

Page 38

 
1ST CLASS HOLIDAYS (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

22.


Deferred taxation


Group



2024


£






At beginning of year
(14,940)


Charged to profit or loss
830



At end of year
(14,110)

Company


2024






At end of year
-
Group
Group
2024
2023
£
£

Accelerated capital allowances
(14,110)
(14,940)

(14,110)
(14,940)

Page 39

 
1ST CLASS HOLIDAYS (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

23.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



31,742 (2023 - 31,740) A Ordinary shares of £0.10 each
3,174
3,174
28,258 (2023 - 28,260) B Ordinary shares of £0.10 each
2,826
2,826
581 (2023 - 580) C1 Ordinary shares of £0.10 each
58
58

6,058

6,058

Allotted, called up and partly paid



10,295 (2023 - 14,420) C1 Ordinary shares of £0.10 each
1,030
1,442

During the year 4,125 C1 Ordinary shares of £0.10 each were cancelled. These were reissued on 2 October 2024 as C2 Ordinary shares of £0.10 each.



24.


Share-based payment

As at 1 October 2021 the Company had two key management unexercised EMI share options. These share options lapsed during the year to 30 September 2022 and the Company has no further unexercised options in place as at 30 September 2024.
The Company issued 2 employees with growth shares during the year to 30 Septmeber 2022, as part of the equity and debt restructure. 1,429 Growth C1 ordinary shares were issued and are included in the share capital. These growth shares are deemed to be equity settled share-based payments. The group receives the services of the management teams throughout their tenure and have no obligation or responsibility to settle the share-based payments, as the transaction is settled by the proceeds from an ultimate sale of a subsidiary. The fair value of these growth shares at the grant date was calculated using the acquisition price for 1st Class Holidays Limited, flexed for the movement in EBITDA and net debt between the original acquisition date and grant date, less the value of the equity hurdle. The fair value of the growth shares at the grant date was deemed to be zero and therefore no share-based expense adjustment has been recognised in these financials. 

Page 40

 
1ST CLASS HOLIDAYS (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

25.


Reserves

Share premium account

Share premium is the amount by which the amount received by the Company for a share issue exceeds its nominal value.

Other reserves

Other reserves consist of cashflow hedge reserve relating to  the amount of gain or loss recognised on forward contracts and derivatives that are cashflow hedges for committed foreign exchange transactions occuring in the  12 months post year end.

Profit and loss account

The profit and loss account represents the net distributable reserves of the Company at the date of the statement of financial position.


26.


Contingent liabilities

As at 30th September 2024, there were contingent liabilities outstanding in respect of counter indemnities given by the Group, in the normal course of business, to the Group's bond obligors in respect of ABTA travel bonds amounting to £39,345 (2023: £78,459). 


27.


Credit card receipts proceeds

The business has an arrangement with its merchant providers that 20% of all receipts will be withheld for 180 days from the date of receipt. These will be released to the business after expiry of 180 days. As at 30 September 2024 total receipts withheld under this arranagement were £104,709 (2023: £152,731).These re are included in debtors due within 1 year.


28.


Pension commitments

The Group operates a defined  contributions pension scheme. The assets of the scheme are held seperately from those of the Group in an independent fund administered by The Royal London Mutual Insurance Society Limited. The pension cost charge represents contributions payable by the Group to the fund and amounted to £81,263 (2023: £33,244).

Page 41

 
1ST CLASS HOLIDAYS (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

29.


Commitments under operating leases

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


Group
Group
2024
2023
£
£

Not later than 1 year
94,676
94,676

Later than 1 year and not later than 5 years
189,352
284,028

284,028
378,704

30.


Related party transactions

During the year PHD Equity Partners LLP, an associate of PHD Industrial Holdings Limited, charged £72,000 (2023: £99,000) as monitoring fees to the Group. At the end of the period there was £Nil due to the related party (2022: £Nil) included in creditors less than one year.
During the year H Treffers , a director in the Company was paid £24,000 as consultancy fees (2023: £18,000).There was no amount due to the related party. 
During the year the Company made sales to directors and shareholders of PHD Industrial Holdings Limited totalling £53,252 (2023: £80,708). There were no amounts outstanding at the year end (2023: £Nil).


31.


Outstanding BSP

At 30th September 2024 the Group had £121,337 of payments due (2023: £325,450) to International Air Transport Association (IATA) for tickets issued the month of September 2024.


32.


Post balance sheet events

On 30 October 2024 the Company acquired the entire share capital in The Knavesmire Travel Group Limited including its two dormant subsidiaries. The Company will present its first consolidated group accounts including The Knavesmire Travel Group Limited for the period ended 30 September 2025.
The funding for the acquisition was provided by means of the issue of 540,000 A preference shares of £1.00 each and 360,000 B preference shares of £1.00 each in the capital of the Company on 30 October 2024 (exclusive of the shares already in issue on that date) having the rights and subject to the restrictions set out in the Company’s articles of association
The Company also reclassed 4,125 C1 Ordinary shares of £0.10 each, which were cancelled during the year, to C2 Ordinary shares of £0.10 each and reissued them on 2 October 2024. The Company valued the 4,125 C2 Ordinary shares at £100,000 and were issued at a premium of £24.14 per share but remain unpaid

Page 42

 
1ST CLASS HOLIDAYS (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

33.


Controlling party

In the view of the directors, as at 30 September 2024 there is no one controlling party. 

 
Page 43