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Registered number:
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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ADVANTAGE TRAVEL CENTRES LIMITED
COMPANY INFORMATION
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ADVANTAGE TRAVEL CENTRES LIMITED
CONTENTS
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ADVANTAGE TRAVEL CENTRES LIMITED
CHAIRMAN'S REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
The chairman presents his report for the period.
2024 marked a watershed year for the UK Outbound Travel industry as we experienced our first true return to normality since the pandemic. Despite challenges including political uncertainty, air traffic control strikes, extreme weather events and ongoing cost-of-living pressures, our industry demonstrated remarkable resilience and adaptability.
The sector's performance amid economic headwinds was particularly noteworthy, with UK Outbound Travel emerging as a leader in consumer spending, outperforming many other service sectors. This trend underscores a fundamental shift in consumer priorities - even under severe budget constraints, both leisure and corporate travel remain essential expenditures, with family holidays proving non-negotiable and corporate managed travel programmes seeing solid growth. Throughout 2024, management maintained an unwavering focus on strengthening and growing the business through a clear strategy centred on driving commercial value for all stakeholders across the travel community. Against this backdrop, Advantage delivered strong financial results aligned with its strategic pillars of Footprint Expansion, Product and Portfolio Capitalisation, Digital Transformation and Operational Excellence and People and Culture. Our membership grew significantly, with the Advantage Global Network now spanning 84 countries across all key source markets. Our collective UK membership turnover exceeded £8.8bn - a 16% increase year-over-year – whilst our overall global membership turnover including the UK, exceeded £17bn. The group made substantial progress against its KPIs, delivering on strategic goals while building strong financial performance and continuing to strengthen its balance sheet. A significant milestone was the acquisition of Cork Bays and Fisher, a longstanding and respected brand in the financial insurance sector. This strategic move has strengthened our financial services division and provided opportunities to grow our underwriting capacity. During the year our members continued to thrive, with many expanding into new locations and sectors, driving growth in a positive trading environment. The resilience of our membership base was also exemplified by numerous milestone anniversaries celebrated during the year, including members marking 30, 40, and even 150 years of trading - achievements that underscore the enduring value and adaptability of travel agencies. Across the year we maintained our prominent media presence, successfully amplifying the voice of the travel agent and through our work with the UK Outbound Travel Lobbying Group, which we established in 2022, we continued to gain industry support and effectively communicate the sector’s challenges and opportunities to government, MPs, and policymakers.
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ADVANTAGE TRAVEL CENTRES LIMITED
CHAIRMAN'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Looking ahead, we face continuing geopolitical uncertainties and economic headwinds. While inflation has moderated, consumer spending remains under pressure. In the UK, our members face mounting operational challenges from increased staffing costs and higher National Insurance Contributions, creating complex decisions around cost management and profitability.
Advantage enters the future from a position of continued strength, committed to enhancing member benefits through our integrated one-stop-business hub approach. I extend my gratitude to Julia for her outstanding leadership and to the entire Advantage team for their loyalty to the business and commitment to members. As we progress, we will remain focused on building upon our strengths while adapting to meet the evolving needs of our stakeholders.
NameS Esom
Chairman
Date7 March 2025
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ADVANTAGE TRAVEL CENTRES LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
The directors present their strategic report for the Company and the group for the year ended 30 September 2024.
The group’s core activity as The Advantage Travel Partnership is dedicated to empowering its members through a dynamic business partnership model. By joining Advantage Travel partnership, members gain access to an unparalleled range of commercial products and services through an annual subscription model. Operating across both the leisure and business travel sectors, the group serves as a transformative one-stop business hub, offering innovative solutions and a diverse portfolio of products designed to inspire growth, streamline operations and drive success in an ever-evolving marketplace.
During the year the board progressed with its 3-year aggressive and ambitious plan which continued to focus on the group’s core strategic framework which is based on four key pillars: Footprint Expansion – growth and retention of members and strategic alliances across the UK and global markets. Evolving membership options to suit all business models. Expand reach via communication strategy and champion the voice of the independent agent. Product & Portfolio Capitalisation – leveraging the group’s sizeable buying power. Expand and enhancing member product and services. Increasing market leading commercial partnerships and expanding financial services. Digital Transformation and Operational Excellence – enhancing data capture to maximise commercial intelligence. Review of all internal and external digital platforms. Digitise member, partner touchpoints and increase digital marketing and engagement. Our People & Culture – a fully embedded people-centric culture- develop staff engagement programmes. Enhance technical offering and process review and devise a wellbeing schedule for the group’s staff and members. During 2024, management remained laser-focused on continuing to further strengthen and grow the business with a clear strategy, centred on driving commercial value for all its stakeholders across the travel community. Whilst the industry continued to face challenges during the year with political uncertainty, air traffic control strikes, unprecedented weather patterns and the continued cost-of-living crisis, the group demonstrated extraordinary resilience and compared to recent years, there were significantly fewer disruptions, showcasing the industry's growing adaptability and strength, together with the growing relevance of travel agents as more travellers looked for expert, professional services for their travel arrangements. The group’s performance against its KPI’s saw it make significant progress, delivering against its strategic goals, as well as building a strong financial performance, continuing to strengthen its balance sheet. It was also another year in which the group saw its members continue to thrive, with many expanding, venturing into new locations and sectors, and driving growth in what was a positive trading environment. As the 3rd largest network in Europe, turnover across the partnership’s global travel community including UK members surpassed the £17bn mark. In the UK turnover across all members grew +16% year on year. The Advantage Financial Services division also delivered another strong year bolstered through its acquisition during the year of Cork Bays and Fisher, a longstanding, well established and respected brand in the financial insurance sector , providing even further opportunity for IAICL to grow its underwriting capacity.
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ADVANTAGE TRAVEL CENTRES LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Focusing on its core strengths, and with no strategic desire to compete with its members, the Board took the decision to divest of Solent World Travel.
As a people-first business, the group continued to strengthen its talent base by expanding and diversifying its talent pool. Owing to its successful remote operating structure, the year saw further investment in the growth and development of its people and attracted a number of high profile and highly skilled appointments, ensuring that exceptional individuals are in place to support the group’s diverse membership and functional needs across a range of disciplines.
As a result of the increase in trading throughout the year, the group’s transactional turnover, reflecting trading with its managed service members, saw a significant increase to £154,959,791 (2023: £115,978,204). The group statutory turnover also increased to £40,573,548 (2023: £33,204,417).
Total global membership turnover from across the group grew to £17bn, of which £8.8bn represented UK members (2023: global membership turnover £15.6bn; £7.6bn UK members). The group reported a net profit on ordinary activities before tax for the year of £1,323,251 (2023: £1,181,020) and net assets at year-end of £8,590,365 (2023: £7,253,057). The directors’ priority in the year remained to rebuild the group’s balance sheet, through investment into core membership services and its people, with a laser focus on improving its operational efficiencies and commercialising its products and services. In order to leverage the group’s market leading commercial position, the business-to-business commercial activities of the group now operate as a cross functional remit. This ensures a single lens on how the business leverages its buying, across the multiple sectors in which it operates.
In 2023, the group launched its Sustainable Events Charter, pledging to embed a greater sense of purpose into its conferences and events. Empowering its attendees to positively impact both local communities and the environments of the destinations they visit.
The group’s member-led ESG working group has provided the group with deeper insights into the ESG journeys of its members. With this knowledge, the group aims to deliver tailored ESG programmes through education and third-party experts. During the year all staff were offered a volunteering day in order for them to undertake giving back community initiatives of their choice, an initiative that will be undertaken annually.
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ADVANTAGE TRAVEL CENTRES LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
The group has successfully transitioned to a remote business with a clear vision on being an employer of choice and attracting the best people. Through removing limiting geographical barriers and reviewing its compensation and benefits, the group can attract and retain top talent for every role.
The investment property in Provost Street has been retained and occupied with a long-term tenant in situ, maximising income through a rental of the property. The group ensures staff remain connected through regular business update utilising its central Hub portal, weekly Townhalls led by the CEO, monthly coffee mornings with the CEO, as well as regular team meetings across the operation. A ‘day-in-the-life’ initiative was launched during the year. The initiative rotated across the business each week, with departments delivering presentations to educate and share knowledge among team members. The group’s people team remain instrumental in delivering the prerequisite talent, culture and wellbeing requirements. Headcount increased by 18% in order to deliver on the required activity.
During the year the group continued to remain high profile across the national media as well as intensified its activity in engaging with government with more political activity. As a leading voice of authority, it remained committed in championing the industry’s core values and raising the profile of the sector. The board remains committed in its bold approach to strengthen cross-industry collaboration, amplify media presence and engage with other economic sectors to ensure the industry remains vibrant and impactful.
To support the direction of The UK Outbound Travel Group – a lobbying group made up of The Advantage Travel Partnership, ABTOT and AITO (The Specialist Travel Association), a new brand identity was introduced, together with a new charter for the group and an enhanced MP engagement programme rolled out, aiming to build on the success the group has had with members meeting their local MPs. The lobbying efforts of the UK Outbound Travel Group continued to gain momentum during the year and, in order to attract new members to the group, an industry wide invitation was sent to all businesses, consortia and travel agency groups operating across the sector to attract increased funding to help in further amplifying the voice of the UK Outbound Travel sector.
Throughout the year, the board reviewed its vision and mission through workshops across its people, members and suppliers as part of its 2027 and beyond strategic framework. Consumer research was also undertaken with the aim of ensuring it aligns with the evolving industry landscape, the needs of its members and the group’s strategic growth objectives. The project remained live to year-end and will be taken into the new financial year.
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ADVANTAGE TRAVEL CENTRES LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
As a result of continued investment in its membership division, Advantage Travel Partnership has seen a continued interest from new member prospects with a healthy pipeline of new members keen to join the group’s various membership operating models.
Advantage Managed Service (AMS) is unique in terms of its overall offering and the directors believe there is even further opportunity to grow and improve this operation for its users. The group remains agile to diversify where required. Liquidity remains positive and the group continues to strengthen its Balance Sheet. The directors regularly review the risks facing the business and seek to exploit, avoid or mitigate these risks as appropriate. The group is committed to further developing its Global Business Travel operation and throughout the year invested significantly in growing its overall portfolio of airline content and product, creating an enhanced business travel commercial portfolio, through a bespoke air programme. The programme is part of a full commercial offering, including accommodation, car hire and technological business solutions. The Advantage Global Network continues to demonstrate positive sentiment across the network enabling more TMCs to connect and develop business opportunities that service corporate accounts. In the year three new partners were welcomed, with two from the USA and one from India.
While the industry has experienced a notable surge in demand, there is still apprehension regarding the potential effects of the cost-of-living crisis on this demand over the next few years.
Geopolitical uncertainty has continued to be fuelled by conflicts in the Middle East and the Russian invasion of Ukraine, which looks likely to remain. Much like in the UK adapting to policy decisions from a new government, worldwide a staggering four billion people participated in elections, demonstrating the power of democracy for some nations, and the collective desire for political change. However, this too can bring turmoil to global markets and its people.
The group’s overall financial risk management programme focuses on process including trust accounts, technology and liquidity.
The Group has minimal borrowing and cashflows are forecasted out over at least twelve months to ensure sufficient funding are available.
The Group’s credit risk is primarily attributable to its trade debtors. Trade debtors are reviewed on a regular basis and where required.
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ADVANTAGE TRAVEL CENTRES LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
With inflation under control and two interest rate cuts throughout the year, the UK Outbound Travel sector saw a continuous increase in demand out stripping all expectations. The cost-of-living crisis also did not dampen demand for travel. In 2024, over two million Brits embarked on a cruise holiday, reflecting the continued growth of this dynamic sector. With more travellers discovering cruise holidays than ever before, the industry continues to innovate, and increased capacity across expedition, ocean, and river cruises is helping to support this ongoing expansion.
The pressure within the corporate market to embrace technological tools and platforms will see more corporates spending more of their capex budgets on developing solutions. And, with more business trips combining leisure, travellers will come to expect digital touchpoints throughout their journey with AI standing to leave traditional solutions behind for modern retailing. Sustainability programmes as part of an overall ESG framework will remain a key priority as the industry ensures it is taking a responsible view on implementing policies to support their people, consumers and corporates in purposeful travel, supporting their people and addressing sustainability.
The group operates in a competitive marketplace and its income is generated through a combination of membership subscriptions, fees and commercial deals. The vast majority of the group’s profit is generated from income generated through its financial services division, underwriting and brokering of travel industry insurance products and bonds. The group is focused on mitigating against these risks by prioritising commercial activity across the business and revenue generation across every function. With the ongoing economic uncertainty, the directors and management remain focused on its key business priorities and on its goals of supporting its stakeholders and people. The group continues to regularly review primary risks and taking the required action as necessary. A new risk register process has been implemented and reviewed by strategic leads and management regularly.
Risk management measures across all areas of the business have been maintained particularly around the underwriting business IAICL, Advantage Managed Services (AMS) and commercial income. Cash collection remains a key focus with monthly debtor meetings.
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ADVANTAGE TRAVEL CENTRES LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
The group operates in a number of areas where it must comply with regulatory requirements. Advantage Managed Services (AMS) operates an independently managed trust facility managing client monies on behalf of both ABTA and ATOL. Risks are managed by working closely with the regulators and adapting operating processes and terms where necessary.
IAICL did not suffer any significant losses in the year as a consequence of low bond calls and prudent underwriting expertise. Directors continue to meet regularly to review the company performance given the potential high risk for the Partnership. Communication remains a critical strategic priority for the group both internally and externally. In addition, the group has proactively participated in a number of industry coalitions across both leisure and business travel and global partner networks. Membership recruitment, high profile public relations activity, targeted marketing activity and continued prudent cash and cost control places the group in a strong position. The CEO continued to remain high profile and was regularly invited by broadcasters and national media to comment extensively on travel-related issues, resulting in prime-time media coverage. The aim, to increase the voice of the independent travel agent operating in the UK Outbound Travel sector, across government departments, creating greater visibility and recognition for travel agents, operating across the market. The Group is currently awaiting the announcement of ATOL reforms and remains well placed regardless of the outcome.
This report was approved by the board and signed on its behalf.
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ADVANTAGE TRAVEL CENTRES 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.
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation and minority interests, amounted to £1,310,520 (2023 - £1,391,002).
The directors did not recommend a final dividend in the year (2023: £nil)
The directors who served during the year were:
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ADVANTAGE TRAVEL CENTRES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
The directors have concluded that no material events have occurred since the date of approval of these financial statements that would affect the financial statements of the Group.
The auditors, Xeinadin Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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ADVANTAGE TRAVEL CENTRES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ADVANTAGE TRAVEL CENTRES LIMITED
We have audited the financial statements of Advantage Travel Centres Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 September 2024, which comprise the Consolidated profit and loss account, the Consolidated statement of financial position, the Company statement of financial position, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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ADVANTAGE TRAVEL CENTRES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ADVANTAGE TRAVEL CENTRES LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
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ADVANTAGE TRAVEL CENTRES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ADVANTAGE TRAVEL CENTRES LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙Enquiry of management and those charged with governance around actual and potential litigation and claims;
∙Reviewing minutes of meetings of those charged with governance;
∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;
∙Enquiry of management and those charged with governance to identify any instances of non-compliance with laws and regulations.
The potential effect of these laws and regulations on the financial statements varies considerably.
Firstly, the Group is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
Secondly, the Group is subject to many other laws and regulations where the consequence of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance the imposition of fines or litigation or the loss of the Group’s license to operate. We identified the following areas as those most likely to have such an effect: health and safety, data protection laws, employment law and FCA, ABTA and ATOL compliance recognising the nature of the Group’s activities. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.
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ADVANTAGE TRAVEL CENTRES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ADVANTAGE TRAVEL CENTRES LIMITED (CONTINUED)
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
8th Floor
Becket House
36 Old Jewry
EC2R 8DD
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ADVANTAGE TRAVEL CENTRES LIMITED
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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ADVANTAGE TRAVEL CENTRES LIMITED
REGISTERED NUMBER: 04698963
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024
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ADVANTAGE TRAVEL CENTRES LIMITED
REGISTERED NUMBER: 04698963
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 by:
The notes on pages 27 to 48 form part of these financial statements.
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ADVANTAGE TRAVEL CENTRES LIMITED
REGISTERED NUMBER: 04698963
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024
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ADVANTAGE TRAVEL CENTRES LIMITED
REGISTERED NUMBER: 04698963
COMPANY 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 by:
The notes on pages 27 to 48 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023
Page 23
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