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Registered number: 03445248









1ST CLASS HOLIDAYS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
1ST CLASS HOLIDAYS LIMITED
 
 
COMPANY INFORMATION


Directors
P Ainsworth 
Mrs S R Mason (resigned 31 August 2024)
P N Bland 
D E Gathercole 




Registered number
03445248



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 LIMITED
 

CONTENTS



Page
Strategic Report
1
Directors' Report
2 - 3
Independent Auditors' Report
4 - 7
Income Statement
8
Statement of Comprehensive Income
9
Statement of Financial Position
10 - 11
Statement of Changes in Equity
12 - 13
Statement of Cash Flows
14
Analysis of Net Debt
15
Notes to the Financial Statements
16 - 31


 
1ST CLASS HOLIDAYS LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Introduction
 
The directors present their strategic report for the year ended 30 September 2024

Business review
 
The Company is required by the Companies Act 2006 to set out in this report, a fair review of the business of the Company during the financial year ended 30 September 2024, the position of the Company at the end of the year and a description of the principal risks and uncertainties facing the Company. This review is prepared solely to provide additional information to shareholders to assess the Company's strategies and the potential for those strategies to succeed, and the business review should not be relied upon by any other party or for any other purpose.
The Company 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 Company 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 Company's control.


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



P N Bland
Director

Page 1

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

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

Directors' responsibilities statement

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

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


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

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

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

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company'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 Company'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 £655,482 (2023 - £1,020,549).

IInterim dividends of £1,082,808 were paid during the year. No final dividends are proposed to be paid for the year ended 30 September 2024. 

Directors

The directors who served during the year were:

P Ainsworth 
Mrs S R Mason (resigned 31 August 2024)
P N Bland 
D E Gathercole 

Page 2

 
1ST CLASS HOLIDAYS 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's auditors are unaware, and

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

Auditors

The 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 3

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

Opinion


We have audited the financial statements of 1st Class Holidays Limited (the 'Company') for the year ended 30 September 2024, which comprise the Income Statement, the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 September 2024 and of its 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 Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


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


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


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


Page 4

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


Other information


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


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

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


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


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


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


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


Page 5

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


Auditors' responsibilities for the audit of the financial statements
 

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


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

- 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 Company'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 Company's relationships with related parties and other group companies, identifying and disclosing transactions during the year and balances at year-end with such parties;
- We conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the evidence obtained, whether a material uncertainty exists related to events or conditions that may cast    significant doubt on the entity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial      statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the entity to cease to continue as a going concern.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 6

 
1ST CLASS HOLIDAYS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF 1ST CLASS HOLIDAYS 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 7

 
1ST CLASS HOLIDAYS LIMITED
 
 
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
  
(2,555,066)
(1,895,082)

Exceptional administrative items
  
(11,333)
-

Other operating income
 5 
327,901
391,642

Operating profit
 6 
831,591
1,257,016

Interest receivable and similar income
 9 
42,413
12,513

Profit before tax
  
874,004
1,269,529

Tax on profit
 10 
(218,522)
(248,980)

Profit for the financial year
  
655,482
1,020,549

The notes on pages 16 to 31 form part of these financial statements.






2024
2023
£
£



EBITDA-Earnings before interest, taxation, depreciation and amortisation ("EBITDA") and exceptional items (Note 12)
863,469
1,277,368

863,469
1,277,368

Page 8

 
1ST CLASS HOLIDAYS LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
Note
£
£


Profit for the financial year

  

655,482
1,020,549

Other comprehensive income
  


Hedge reserve movement
  
(59,871)
(916)

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

Total comprehensive income for the year
  
595,611
1,019,633

The notes on pages 16 to 31 form part of these financial statements.

Page 9

 
1ST CLASS HOLIDAYS LIMITED
REGISTERED NUMBER: 03445248

STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 13 
14,446
12,378

Tangible assets
 14 
45,063
51,126

  
59,509
63,504

Current assets
  

Stocks
  
72,953
-

Debtors
 16 
1,828,030
1,872,161

Cash at bank and in hand
 17 
3,301,219
3,072,655

  
5,202,202
4,944,816

Creditors: amounts falling due within one year
 18 
(3,706,672)
(2,965,254)

Net current assets
  
 
 
1,495,530
 
 
1,979,562

Total assets less current liabilities
  
1,555,039
2,043,066

Provisions for liabilities
  

Deferred tax
 19 
(14,110)
(14,940)

  
 
 
(14,110)
 
 
(14,940)

Net assets
  
1,540,929
2,028,126


Capital and reserves
  

Called up share capital 
 20 
35,000
35,000

Capital redemption reserve
 21 
15,000
15,000

Other reserves
 21 
(32,859)
27,012

Profit and loss account
 21 
1,523,788
1,951,114

  
1,540,929
2,028,126


Page 10

 
1ST CLASS HOLIDAYS LIMITED
REGISTERED NUMBER: 03445248
    
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 16 to 31 form part of these financial statements.

Page 11

 
1ST CLASS HOLIDAYS LIMITED
 

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


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

£
£
£
£
£

At 1 October 2023
35,000
15,000
27,012
1,951,114
2,028,126


Comprehensive income for the year

Profit for the year

-
-
-
655,482
655,482

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


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


Total comprehensive income for the year
-
-
(59,871)
655,482
595,611


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(1,082,808)
(1,082,808)


Total transactions with owners
-
-
-
(1,082,808)
(1,082,808)


At 30 September 2024
35,000
15,000
(32,859)
1,523,788
1,540,929


The notes on pages 16 to 31 form part of these financial statements.

Page 12

 
1ST CLASS HOLIDAYS LIMITED
 

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


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

£
£
£
£
£

At 1 October 2022
35,000
15,000
27,928
930,565
1,008,493


Comprehensive income for the year

Profit for the year

-
-
-
1,020,549
1,020,549

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


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


Total comprehensive income for the year
-
-
(916)
1,020,549
1,019,633


Total transactions with owners
-
-
-
-
-


At 30 September 2023
35,000
15,000
27,012
1,951,114
2,028,126


The notes on pages 16 to 31 form part of these financial statements.

Page 13

 
1ST CLASS HOLIDAYS LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
655,482
1,020,549

Adjustments for:

Amortisation of intangible assets
5,432
5,024

Depreciation of tangible assets
15,113
15,328

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

Taxation charge
218,522
248,980

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

(Increase) in debtors
(453,608)
(174,743)

Decrease/(increase) in amounts owed by groups
470,727
(470,727)

Increase in creditors
604,898
168,155

Increase/(decrease)) in amounts owed to groups
-
(90,695)

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

Net cash generated from operating activities

1,285,509
709,358


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)

Cash flows from financing activities

Dividends paid
(1,082,808)
-

Net cash used in financing activities
(1,082,808)
-

Net increase in cash and cash equivalents
228,564
693,785

Cash and cash equivalents at beginning of year
3,072,655
2,378,870

Cash and cash equivalents at the end of year
3,301,219
3,072,655


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
3,301,219
3,072,655

3,301,219
3,072,655


The notes on pages 16 to 31 form part of these financial statements.

Page 14

 
1ST CLASS HOLIDAYS LIMITED
 

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

3,072,655

228,564

3,301,219


3,072,655
228,564
3,301,219

The notes on pages 16 to 31 form part of these financial statements.

Page 15

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

1.


General information

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

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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

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

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company’s management and directors review the financial position and the forecasts for the Company on a regular basis, to ensure they are in a position to react to and mitigate the financial impact from any downturn in trading. The directors have made an assessment of the Company’s ability to continue as a going concern, and have considered a number of future scenarios, synthesizing key drivers of the Company’s trading performance, including consumer demand, post balance sheet trading, booking trajectory, and impact from both financial and geopolitical instability. However, economic uncertainty from interest rates and a new UK government means the Company remains in a volatile environment.
The directors have prepared 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 Company'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.
Company management and the directors have a reasonable expectation that the Company 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 Company 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 Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excludng 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.

Page 16

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

2.Accounting policies (continued)

 
2.4

Operating leases: the Company as lessee

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

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.

 
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

Pensions

Defined contribution pension plan

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

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

Page 17

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

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

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

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

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

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

 
2.9

Exceptional items

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

 
2.10

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.

 Amortisation is provided on the following bases:

Development expenditure
-
20%
straight line

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 18

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

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

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.

 
2.12

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.

 
2.13

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.

 
2.14

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 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 Company's cash management.

 
2.15

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 19

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

2.Accounting policies (continued)

 
2.16

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.

 
2.17

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The
Page 20

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

2.Accounting policies (continued)


2.17
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 Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Page 21

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

2.Accounting policies (continued)


2.17
Financial instruments (continued)

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

 
2.18

Hedge accounting

The Company 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.

 
2.19

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 Company's accounting policies     
The directors believe that there are no critical judgments involved in applying the Company's accounting policies that warrant disclosure.
b) Key accounting estimates and assumptions
The directors believe that there are no key accounting estimates and assumptions involved in applying the
Company's accounting policies that warrant disclosure.

Page 22

 
1ST CLASS HOLIDAYS 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 overides
327,901
391,642

327,901
391,642



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Amortisation on intangible assets
5,432
5,024

Depreciation of tangible fixed assets
15,113
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
31,576
23,724


7.


Auditors' remuneration

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


2024
2023
£
£

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

Page 23

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

8.


Employees

Staff costs were as follows:


2024
2023
£
£

Wages and salaries
1,239,770
880,221

Social security costs
103,949
75,971

Cost of defined contribution scheme
31,576
23,724

1,375,295
979,916


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


        2024
        2023
            No.
            No.







Administration
18
16



Sales
19
17



Technical
7
6

44
39


9.


Interest receivable

2024
2023
£
£


Other interest receivable
42,413
12,513

42,413
12,513

Page 24

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

10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
219,352
65,852


219,352
65,852


Total current tax
219,352
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
218,522
248,980

Factors affecting tax charge for the year

The tax assessed for the year is the same as (2023 - lower 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
874,004
1,269,529


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
218,501
317,382

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
1,461
2,201

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)
(8,953)

Group relief
-
(60,395)

Total tax charge for the year
218,522
248,980

Page 25

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

11.


Dividends

2024
2023
£
£


Dividends paid on ordinary shares
1,082,808
-

1,082,808
-


12.


Exceptional items

2024
2023
£
£


Payment for backpay apprenticeship levy
11,333
-

11,333
-


13.


Intangible assets




Development expenditure

£



Cost


At 1 October 2023
26,162


Additions
7,500



At 30 September 2024

33,662



Amortisation


At 1 October 2023
13,784


Charge for the year on owned assets
5,432



At 30 September 2024

19,216



Net book value



At 30 September 2024
14,446



At 30 September 2023
12,378



Page 26

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

14.


Tangible fixed assets





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


15.


Stocks

2024
2023
£
£

Brochure stock
72,953
-

72,953
-


Page 27

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

16.


Debtors


2024
2023
£
£



Amounts owed by group undertakings
-
470,727

Other debtors
420,302
334,494

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

Financial instruments
-
27,012

1,828,030
1,872,161


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.


17.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
3,301,219
3,072,655

3,301,219
3,072,655



18.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
307,243
310,110

Corporation tax
169,513
65,852

Other taxation and social security
24,568
18,640

Other creditors
7,689
6,223

Accruals and deferred income
3,164,800
2,564,429

Financial instruments
32,859
-

3,706,672
2,965,254


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

Page 28

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

19.


Deferred taxation




2024
2023


£

£






At beginning of year
(14,940)
168,188


Charged to profit or loss
830
(183,128)



At end of year
(14,110)
(14,940)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


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

(14,110)
(14,940)




20.


Share capital

2024
2023
£
£
Authorised, allotted, called up and fully paid



35,000 (2023 - 35,000) Ordinary shares of £1.00 each
35,000
35,000



21.


Reserves

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 accuring 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.

Page 29

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

22.


Contingent liabilities

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


23.


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 are included in debtors due within 1 year.


24.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the  scheme are held separately from those of the Company in an independent fund administered by The Royal London Mutual Insurance Society  Limited. The pension cost charge represents contributions payable by the Company to the fund and amounted to £31,576 (2023: £23,724).


25.


Commitments under operating leases

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

2024
2023
£
£


Not later than 1 year
94,676
94,676

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

284,028
378,704

Page 30

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

26.


Related party transactions

The holding company 1st Class Holidays (Holdings) Limited, where Mr P Ainsworth, Mrs S R Mason, Mr P N Bland and Mr D E Gathercole are directors, charged management fees amounting to £647,818 (2023: £459,898). 
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).


27.


Holding company

The immediate and ultimate holding company is 1st Class Holidays (Holdings) Limited, a company registered in England under registered number 09805613. Its registered office is Trafford House, Chester Road, Old Trafford, Manchester M32 0RS.


28.


Outstanding BSP

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


29.


Controlling party

In the view of the directors, as at 30 September 2023 there is no one controlling party. 

 
Page 31