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Registered number: 04698963


ADVANTAGE TRAVEL CENTRES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
ADVANTAGE TRAVEL CENTRES LIMITED
 
 
COMPANY INFORMATION


Directors
S Esom (Chairman) 
J Beagrie 
K Cookes 
P Hardwick 
J Lo Bue-Said 
S Horner 
P Nunn 
S May 




Company secretary
R Collihole



Registered number
04698963



Registered office
C/O Regus
Eagle House

167 City Road

London

England

EC1V 1NR




Independent auditors
Xeinadin Audit Limited
Chartered Accountants & Statutory Auditor

8th Floor

Becket House

36 Old Jewry

London

EC2R 8DD





 
ADVANTAGE TRAVEL CENTRES LIMITED
 

CONTENTS



Page
Chairman's report
1 - 2
Group strategic report
3 - 8
Directors' report
9 - 10
Independent auditors' report
11 - 14
Consolidated profit and loss account
15
Consolidated statement of financial position
16 - 17
Company statement of financial position
18 - 19
Consolidated statement of changes in equity
20 - 21
Company statement of changes in equity
22 - 23
Consolidated statement of cash flows
24 - 25
Consolidated analysis of net debt
26
Notes to the financial statements
27 - 48


 
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.
Page 1

 
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

Page 2

 
ADVANTAGE TRAVEL CENTRES LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Introduction
 
The directors present their strategic report for the Company and the group for the year ended 30 September 2024.

Review of business and principal activity
 
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.
 
Page 3

 
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.

Financial results and performances
 
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.  

ESG

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.

Page 4

 
ADVANTAGE TRAVEL CENTRES LIMITED
 

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

People & Culture

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.  

PR & Corporate Affairs

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. 

Future developments
 
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. 

Page 5

 
ADVANTAGE TRAVEL CENTRES LIMITED
 

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

Membership strategy

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.

Principal risks and uncertainties
 
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. 

Financial risk management

The group’s overall financial risk management programme focuses on process including trust accounts, technology and liquidity. 

Liquidity risk

The Group has minimal borrowing and cashflows are forecasted out over at least twelve months to ensure sufficient funding are available.  

Credit risk

The Group’s credit risk is primarily attributable to its trade debtors. Trade debtors are reviewed on a regular basis and where required. 

Page 6

 
ADVANTAGE TRAVEL CENTRES LIMITED
 

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

Market risk

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.

Commercial risk

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.  

Page 7

 
ADVANTAGE TRAVEL CENTRES LIMITED
 

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

Regulatory risk

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.

Key performance indicators

The key financial performance indicators are as follows:

2024
2023
Total global membership turnover

£17.3bn

£15.6bn
 
Total UK membership turnover

£8.8bn

£7.6bn
 
AMS membership turnover

£155.0m

£116.0m
 


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



................................................
J Lo Bue-Said
Director

Date: 7 March 2025

Page 8

 
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.

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;

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 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.

Results and dividends

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)

Directors

The directors who served during the year were:

S Esom (Chairman) 
J Beagrie 
K Cookes 
P Hardwick 
J Lo Bue-Said 
S Horner 
P Nunn 
S May 
G Snelgar (resigned 22 April 2024)

Page 9

 
ADVANTAGE TRAVEL CENTRES 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.

Post balance sheet events

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.

Auditors

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

This report was approved by the board on 7 March 2025 and signed on its behalf.
 





................................................
J Lo Bue-Said
Director

Page 10

 
ADVANTAGE TRAVEL CENTRES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ADVANTAGE TRAVEL CENTRES LIMITED
 

Opinion


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 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 11

 
ADVANTAGE TRAVEL CENTRES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ADVANTAGE TRAVEL CENTRES 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 12

 
ADVANTAGE TRAVEL CENTRES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ADVANTAGE TRAVEL CENTRES LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 9, 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.


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:

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.
 
Page 13

 
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.


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.





Yasin Khandwalla FCCA (Senior statutory auditor)
  
for and on behalf of
Xeinadin Audit Limited
 
Chartered Accountants
Statutory Auditor
  
8th Floor
Becket House
36 Old Jewry
London
EC2R 8DD

7 March 2025
Page 14

 
ADVANTAGE TRAVEL CENTRES LIMITED
 
 
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2024


2024
2023
Note
£
£

Group turnover
  
40,573,548
33,207,417

Cost of sales
  
(33,557,775)
(26,678,707)

Gross profit
  
7,015,773
6,528,710

Administrative expenses
  
(6,949,910)
(6,077,482)

Other operating income
 5 
299,917
149,917

Operating profit
 6 
365,780
601,145

(Loss)/Income from participating interests
  
(3,336)
5,133

Interest receivable and similar income
 10 
960,807
603,943

Interest payable and similar expenses
 11 
-
(29,201)

Profit before taxation
  
1,323,251
1,181,020

Gain on fair value movements on investment property
  
-
220,000

Profit before taxation
  
1,323,251
1,401,020

Profit for the financial year
  
1,323,251
1,401,020

Profit for the year attributable to:
  

Non-controlling interests
  
12,731
10,018

Owners of the parent Company
  
1,310,520
1,391,002

  
1,323,251
1,401,020

There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated profit and loss account.

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

The notes on pages 27 to 48 form part of these financial statements.

Page 15

 
ADVANTAGE TRAVEL CENTRES LIMITED
REGISTERED NUMBER: 04698963

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 15 
157,322
67,787

Tangible assets
 16 
128,617
89,326

Investments
 17 
4,172
7,508

Investment property
 18 
3,050,000
3,050,000

  
3,340,111
3,214,621

Current assets
  

Debtors: amounts falling due within one year
 19 
4,695,664
3,935,091

Cash at bank and in hand
 20 
26,904,997
22,690,058

  
31,600,661
26,625,149

Creditors: amounts falling due within one year
 21 
(26,353,743)
(22,586,723)

Net current assets
  
 
 
5,246,918
 
 
4,038,426

Total assets less current liabilities
  
8,587,029
7,253,047

Net assets
  
8,587,029
7,253,047

Page 16

 
ADVANTAGE TRAVEL CENTRES LIMITED
REGISTERED NUMBER: 04698963
    
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Capital and reserves
  

Called up share capital 
 23 
22,390
22,345

Share premium account
 25 
1,091,484
1,079,598

Revaluation reserve
 25 
1,283,677
1,283,677

Capital redemption reserve
 25 
7,670
7,670

Profit and loss account
 25 
6,000,370
4,689,850

Equity attributable to owners of the parent Company
  
8,405,591
7,083,140

Non-controlling interests
  
181,438
169,907

  
8,587,029
7,253,047


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



................................................
J Lo Bue-Said
Director

Date: 7 March 2025

The notes on pages 27 to 48 form part of these financial statements.

Page 17

 
ADVANTAGE TRAVEL CENTRES LIMITED
REGISTERED NUMBER: 04698963

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 15 
157,322
67,787

Tangible assets
 16 
128,617
89,326

Investments
 17 
2,341,009
2,341,009

Investment Property
 18 
3,050,000
3,050,000

  
5,676,948
5,548,122

Current assets
  

Debtors: amounts falling due within one year
 19 
5,439,884
4,463,704

Cash at bank and in hand
 20 
17,465,462
12,336,319

  
22,905,346
16,800,023

Creditors: amounts falling due within one year
 21 
(23,118,984)
(17,484,770)

Net current liabilities
  
 
 
(213,638)
 
 
(684,747)

Total assets less current liabilities
  
5,463,310
4,863,375

  

  

Net assets
  
5,463,310
4,863,375

Page 18

 
ADVANTAGE TRAVEL CENTRES LIMITED
REGISTERED NUMBER: 04698963
    
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£


Capital and reserves
  

Called up share capital 
 23 
22,390
22,345

Share premium account
 25 
1,091,484
1,079,598

Revaluation reserve
 25 
1,283,677
1,283,677

Capital redemption reserve
 25 
7,670
7,670

Profit and loss account
 25 
3,058,089
2,470,085

  
5,463,310
4,863,375


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



................................................
J Lo Bue-Said
Director

Date: 7 March 2025

The notes on pages 27 to 48 form part of these financial statements.

Page 19
 

 
ADVANTAGE TRAVEL CENTRES LIMITED


 

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



Called up share capital
Share premium account
Capital redemption reserve
Revaluation reserve
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity


£
£
£
£
£
£
£
£


At 1 October 2023
22,345
1,079,598
7,670
1,283,677
4,689,850
7,083,140
169,907
7,253,047



Comprehensive income for the year


Profit for the year
-
-
-
-
1,310,520
1,310,520
12,731
1,323,251

Total comprehensive income for the year
-
-
-
-
1,310,520
1,310,520
12,731
1,323,251



Contributions by and distributions to owners


Dividends: Equity capital
-
-
-
-
-
-
(1,200)
(1,200)


Shares issued during the year
45
11,886
-
-
-
11,931
-
11,931



Total transactions with owners
45
11,886
-
-
-
11,931
(1,200)
10,731



At 30 September 2024
22,390
1,091,484
7,670
1,283,677
6,000,370
8,405,591
181,438
8,587,029



The notes on pages 27 to 48 form part of these financial statements.

Page 20

 

 
ADVANTAGE TRAVEL CENTRES LIMITED


 

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



Called up share capital
Share premium account
Capital redemption reserve
Revaluation reserve
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity


£
£
£
£
£
£
£
£


At 1 October 2022
22,300
1,068,699
7,670
1,283,677
3,298,848
5,681,194
161,089
5,842,283



Comprehensive income for the year


Profit for the year
-
-
-
-
1,391,002
1,391,002
10,018
1,401,020

Total comprehensive income for the year
-
-
-
-
1,391,002
1,391,002
10,018
1,401,020



Contributions by and distributions to owners


Dividends: Equity capital
-
-
-
-
-
-
(1,200)
(1,200)


Shares issued during the year
45
10,899
-
-
-
10,944
-
10,944



Total transactions with owners
45
10,899
-
-
-
10,944
(1,200)
9,744



At 30 September 2023
22,345
1,079,598
7,670
1,283,677
4,689,850
7,083,140
169,907
7,253,047



The notes on pages 27 to 48 form part of these financial statements.

Page 21

 

 
ADVANTAGE TRAVEL CENTRES LIMITED


 

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



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


£
£
£
£
£
£


At 1 October 2023
22,345
1,079,598
7,670
1,283,677
2,470,085
4,863,375



Comprehensive income for the year


Profit for the year
-
-
-
-
588,004
588,004



Contributions by and distributions to owners


Shares issued during the year
45
11,886
-
-
-
11,931



Total transactions with owners
45
11,886
-
-
-
11,931



At 30 September 2024
22,390
1,091,484
7,670
1,283,677
3,058,089
5,463,310



The notes on pages 27 to 48 form part of these financial statements.

Page 22

 

 
ADVANTAGE TRAVEL CENTRES LIMITED


 

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



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


£
£
£
£
£
£


At 1 October 2022
22,300
1,068,699
7,670
1,283,677
1,980,548
4,362,894



Comprehensive income for the year


Profit for the year
-
-
-
-
489,537
489,537



Contributions by and distributions to owners


Shares issued during the year
45
10,899
-
-
-
10,944



Total transactions with owners
45
10,899
-
-
-
10,944



At 30 September 2023
22,345
1,079,598
7,670
1,283,677
2,470,085
4,863,375



The notes on pages 27 to 48 form part of these financial statements.

Page 23
 
ADVANTAGE TRAVEL CENTRES 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
1,323,251
1,401,020

Adjustments for:

Amortisation of intangible assets
55,333
54,058

Depreciation of tangible assets
51,857
31,938

Interest paid
-
29,201

Interest received
(960,807)
(603,943)

(Increase) in debtors
(753,901)
(1,861,223)

Increase in creditors
1,256,402
830,867

Corporation tax received
-
77,742

Income from investments in related companies
-
(5,133)

Net fair value (gains) recognised in P&L
-
(220,000)

Net cash generated from operating activities

972,135
(265,473)


Cash flows from investing activities

Purchase of intangible fixed assets
(144,868)
(41,185)

Purchase of tangible fixed assets
(91,148)
(71,325)

Interest received
960,807
603,943

Income from investments in related companies and client monies
(3,336)
124,946

Net cash from investing activities

721,455
616,379

Cash flows from financing activities

Issue of ordinary shares
11,931
10,944

Repayment of loans
-
(500,000)

Interest paid
-
(29,201)

Dividends paid to non-controlling interests
(1,200)
(1,200)

Movements on client monies held
2,510,618
4,148,633

Net cash used in financing activities
2,521,349
3,629,176

Net increase in cash and cash equivalents
4,214,939
3,980,082

Cash and cash equivalents at beginning of year
22,690,058
18,709,976

Cash and cash equivalents at the end of year
26,904,997
22,690,058

Page 24

 
ADVANTAGE TRAVEL CENTRES LIMITED
 

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


2024
2023

£
£


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
26,904,997
22,690,058

26,904,997
22,690,058


The notes on pages 27 to 48 form part of these financial statements.

Page 25

 
ADVANTAGE TRAVEL CENTRES 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

22,690,058

4,214,939

26,904,997


22,690,058
4,214,939
26,904,997

The notes on pages 27 to 48 form part of these financial statements.

Page 26

 
ADVANTAGE TRAVEL CENTRES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

Advantage Travel Centres Limited is a private company limited by shares incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the registered office and principal place of business is given on the company information page. The nature of the Group's operations and its principal activities are set out in the strategic report of these financial statements.
The functional currency of the Group is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates. The consolidated financial statements are also presented in pounds sterling.

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 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 Statement of comprehensive income in these financial statements.

  
2.2

Basis of consolidation

The Group financial statements consolidate the financial statements of the Company and its subsidiary undertakings drawn up to 30 September each year. The results of subsidiaries acquired or sold are consolidated for the periods from or to the date on which control passed. 
Business combinations are accounted for under the purchase method. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by the Group. All intra-group transactions, balances, income and expenses are eliminated on consolidation.

  
2.3

Exemptions for qualifying entities under FRS 102

Advantage Travel Centres Limited, as an individual entity, meets the definition of a qualifying entity per FRS 102 and has taken advantage of the exemption available in paragraph 1.12 of FRS 102 from presenting a company only statement of cash flows. These consolidated financial statements include a consolidated statement of cash flows which include the cash flows of Advantage Travel Centres Limited.

Page 27

 
ADVANTAGE TRAVEL CENTRES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

  
2.4

Turnover

Turnover consists of subscriptions and fees from members, sales incentive and marketing support fees from travel operators, sales commissions and gross pass through income on bookings earned from managed services (AMS) members and distributed to them; sales made by the Group acting as principal, insurance premiums and commissions and income from conferences, events and regional meetings.
Turnover represents net invoiced sales of services, excluding value added tax and adjusted for accrued revenue calculated by reference to the fair value of services performed up to the balance sheet date but not invoiced. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income as part of creditors falling due within one year.

Revenue recognition

Revenue is recognised when the significant risks and rewards of ownership have been transferred to the buyer. Revenue in respect of principal sales is recognised on the date of departure.

Insurance premiums, claims and commissions

Gross premiums and commissions are accounted for in the year in which the risk commences. Any proportion of the premiums and commissions which relate to periods of risk extending beyond the year end are carried forward as deferred income.
Insurance claims are fully provided when notification from the bondholder is received.
Written premiums are premiums, which an insurer is contractually entitled to receive from the insured in relation to contracts of insurance or bonds of guarantee. These are premiums on contracts entered into during the reporting period and adjustments arising in the reporting period to premiums receivable in respect of contracts entered into in previous reporting periods.

  

Claims paid

The bonds of guarantee issued by the Group are payable upon demand, and a call upon any bond, would follow either the bonded travel company failing financially, or defaulting on a direct debit payment for electronic sales made to a travel trade association. In the case of the financial failure of a company the travel trade association will collate and consider claims made against the travel company and may revert to the Group as and when necessary, to request funds from the bond. In the case of a default on a direct debit, the amount of debt arising from electronic sales is known at the point of default. Claims are paid direct to the trade association that the bond has been provided to in an agreed timescale. Gross claims are netted off by refunds received from ABTA other travel associations and travel companies.

Page 28

 
ADVANTAGE TRAVEL CENTRES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.5

Foreign currency translation

Functional and presentation currency

The Group's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.6

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.

 
2.7

Interest income

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

 
2.8

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.

Page 29

 
ADVANTAGE TRAVEL CENTRES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
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.

 
2.10

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 30

 
ADVANTAGE TRAVEL CENTRES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

  
2.11

Intangible assets

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2013 and the purchase of a controlling interest in WIN in 2017, is being amortised evenly over its estimated useful life of five years. 
Software
Computer software is stated at cost less accumulated amortisation. Software is amortised over its estimated useful life of between 3 and 5 years on a straight line basis.
Software development expenditure is written off, except where the directors are satisfied as to the technical, commercial and financial viability of individual projects. In such cases, the identifiable expenditure is deferred and amortised over the period during which the Group is expected to benefit. The period is between 3 and 5 years. Provision is made for any impairment.

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model, other than investment properties, 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, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
between 5 and 7 years
Office equipment
-
3 years

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.

 
2.13

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Page 31

 
ADVANTAGE TRAVEL CENTRES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.14

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 balance sheet. Gains and losses on remeasurement are recognised in the Consolidated statement of comprehensive income 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 balance sheet. Gains and losses on remeasurement are recognised in profit or loss for the period.

  
2.15

Interest in joint ventures

An entity is treated as a joint venture where the Group is a party to a contractual agreement with one or more parties from outside the Group to undertake an economic activity that is subject to joint control.
In the consolidated accounts, interests in joint ventures are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the joint venture. The Consolidated statement of comprehensive income includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated balance sheet, the interests in joint ventures are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition.
Any premium on acquisition is dealt with in accordance with the goodwill policy.

 
2.16

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.17

Cash and cash equivalents

Cash is represented by cash in hand, held in Trust 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.

  
2.18

Client monies held

Client monies held comprises of monies held in trust under cash collateral agreements on behalf of travel agents.
The Group also operates a Trust account for its Advantage Managed Scheme members. Money is held in a Trust account which is governed by a deed between Advantage Travel Centre and the Civil Aviation Authority.

Page 32

 
ADVANTAGE TRAVEL CENTRES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
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.

 
2.20

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.

  
2.21

Financial instruments

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


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements requires management to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on a continuing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The key judgments and sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:

(i) Impairment of investment property and investments

The Group considers whether investment property and investments are impaired. Where an indication of impairment is identified the estimation of recoverable value requires estimation of the future cash flows from cash generating units. Also, selection of appropriate discount rates in order to calculate the net present value of those cash flows.
Management have considered each element that makes up the total provision on key accruals as at the year end, and are satisfied with the basis of their estimates.
(ii) Reinsurance recoveries from MS Amlin Group - Syndicate 2001

The directors have considered the reinsurance recoveries outstanding from MS Amlin Group - Syndicate 2001 as at 30 September 2024, and have concluded that as no amounts are due to the Group, no concerns exist.



Page 33

 
ADVANTAGE TRAVEL CENTRES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

4.


Turnover

2024
2023
£
£

Membership services
33,495,662
27,964,773

Travel sales
5,347,046
3,871,097

Insurance income
984,718
886,046

Other income
746,122
485,501


All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Net rents receivable
149,917
149,917

Other income
150,000
-

299,917
149,917



6.


Operating profit

The operating profit is stated after charging/(crediting):

2024
2023
£
£

Exchange differences
2,163
441

Depreciation of tangible fixed assets
51,857
31,938

Amortisation of software intangibles
55,333
54,058


7.


Auditors' remuneration

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


2024
2023
£
£

Fees payable to the Group's auditors for the audit of the consolidated and Parent Company's financial statements and subsidiary undertakings
56,000
53,900

Page 34

 
ADVANTAGE TRAVEL CENTRES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Fees payable to the Group's auditor and its associates in respect of:


2024
2023
£
£



Other non-audit and taxation services
24,000
23,100

24,000
23,100


8.


Employees

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


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


Wages and salaries
4,590,949
3,847,919
4,026,658
3,316,110

Social security costs
457,528
433,006
401,130
375,242

Cost of defined contribution scheme
214,941
169,440
189,456
147,057

5,263,418
4,450,365
4,617,244
3,838,409


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


        2024
        2023
            No.
            No.







Senior management
3
4



Administration and operations
94
78

97
82

Page 35

 
ADVANTAGE TRAVEL CENTRES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
523,250
520,993

Group contributions to defined contribution pension schemes
33,618
98,806

556,868
619,799


The highest paid director received remuneration of £198,043 (2023 - £165,333).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £19,861 (2023 - £57,200).


10.


Interest receivable

2024
2023
£
£


Bank interest receivable
960,807
603,943


11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
-
29,153

Loans from group undertakings
-
48

-
29,201


12.


Taxation


2024
2023
£
£



Total current tax
-
-

Deferred tax

Total deferred tax
-
-


Tax on profit
-
-
Page 36

 
ADVANTAGE TRAVEL CENTRES 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 the same as (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 22.01%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,323,251
1,401,020


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 22.01%)
330,813
308,365

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
5,854
1,895

Capital allowances for year in excess of depreciation
-
(1,122)

Other permanent differences
150
110

Income not taxable for tax purposes
-
(48,418)

Exempt ABGH distributions
-
(1,130)

Deferred tax not recognised
(211,546)
(152,788)

Dividends from UK companies
-
18,286

Chargeable gains (losses)
-
48,418

Other tax charge (relief)
(125,271)
(173,616)

Total tax charge for the year
-
-


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


13.


Dividends

2024
2023
£
£
Cumulative preference shares held by non group shareholders

1,200

1,200
 
1,200

1,200
 

The Group did not pay any dividend to its members during the year.

Page 37

 
ADVANTAGE TRAVEL CENTRES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

14.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The profit after tax of the parent Company for the year was £588,004 (2023 - £489,537).


15.


Intangible assets

Group





Computer software
Goodwill
Total

£
£
£



Cost


At 1 October 2023
573,852
56,685
630,537


Additions
144,868
-
144,868


Disposals
-
(26,671)
(26,671)



At 30 September 2024

718,720
30,014
748,734



Amortisation


At 1 October 2023
506,065
56,685
562,750


Charge for the year
55,333
-
55,333


On disposals
-
(26,671)
(26,671)



At 30 September 2024

561,398
30,014
591,412



Net book value



At 30 September 2024
157,322
-
157,322



At 30 September 2023
67,787
-
67,787



Page 38

 
ADVANTAGE TRAVEL CENTRES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
 
           15.Intangible assets (continued)

Company




Computer software
Goodwill
Total

£
£
£



Cost


At 1 October 2023
573,852
26,671
600,523


Additions
144,868
-
144,868


Disposals
-
(26,671)
(26,671)



At 30 September 2024

718,720
-
718,720



Amortisation


At 1 October 2023
506,065
26,671
532,736


Charge for the year
55,333
-
55,333


On disposals
-
(26,671)
(26,671)



At 30 September 2024

561,398
-
561,398



Net book value



At 30 September 2024
157,322
-
157,322



At 30 September 2023
67,787
-
67,787

Page 39

 
ADVANTAGE TRAVEL CENTRES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

16.


Tangible fixed assets

Group and Company






Fixtures and fittings
Office equipment
Total

£
£
£



Cost or valuation


At 1 October 2023
201,461
276,334
477,795


Additions
56,764
34,384
91,148



At 30 September 2024

258,225
310,718
568,943



Depreciation


At 1 October 2023
172,228
216,241
388,469


Charge for the year
17,000
34,857
51,857



At 30 September 2024

189,228
251,098
440,326



Net book value



At 30 September 2024
68,997
59,620
128,617



At 30 September 2023
29,233
60,093
89,326


17.


Fixed asset investments

Group





Investment in joint ventures

£



Cost or valuation


At 1 October 2023
7,508


Share of profit/(loss)
(3,336)



At 30 September 2024
4,172




Page 40

 
ADVANTAGE TRAVEL CENTRES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Company





Investments in subsidiary companies

£



Cost or valuation


At 1 October 2023
2,341,009



At 30 September 2024
2,341,009





Direct subsidiary undertakings


The following were direct subsidiary undertakings of the Company:

Name

Principal activity

Class of shares

Holding

Advantage 4 Travel Limited
Tour operators
Ordinary
100%
The Independents' Advantage Insurance Company Limited
Bond provider to the travel industry
Ordinary
100%
Advantage Financial Services Limited
Insurance brokers
Ordinary
100%
Worldwide Independent Travel Network (WIN) Limited
Travel related services
Ordinary
94.74%
Advantage Meetings and Events Limited
Dormant
Ordinary
100%
Advantage Network Limited
Dormant
Ordinary
100%
Advantage Flights Limited
Dormant
Ordinary
100%

Advantage Flights Limited and Advantage Network Limited are exempt from the requirements to prepare individual financial statements by virtue of S394A.
Advantage Travel Centres Limited, Advantage 4 Travel Limited, Worldwide Independent Travel Network (WIN) Limited and Advantage Financial Services Limited, registered address is C/O Regus, Eagle House, 167 City Road, London, England, EC1V 1NR.
The registered address for the remaining entities with the group is C/O Burnetts, Victoria House Wavell Drive, Rosehill, Carlisle, England, CA1 2ST.


Indirect subsidiary undertaking


The following was an indirect subsidiary undertaking of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Advantage Travel Transport Limited*
C/O Burnetts, Victoria House Wavell Drive, Rosehill, Carlisle, England, CA1 2ST.
Dormant
Ordinary
100%

*Wholly owned by Advantage 4 Travel Limited

Page 41

 
ADVANTAGE TRAVEL CENTRES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

18.


Investment property

Group and Company

Investment property
        £
Valuation

At 1 October 2023

3,050,000

Fair value movement

-

At 30 September 2024

3,050,000


All of the Group's investment property is held in the Parent company.

Cost or valuation at 30 September 2024 is represented by:

        £

Cost

1,327,868

Fair value movement in 2011

107,132

Fair value movement in 2014

515,000

Fair value movement in 2015

1,225,000

Fair value movement in 2020

(345,000)

Fair value movement in 2023

220,000

At 30 September 2024

3,050,000


The investment property was last valued on an open market value for existing use basis on 30 June 2023 by Strettons Limited, an external professionally qualified valuer.

The directors believe that no further fair value movement of the property is required as at 30 September 2024.


19.


Debtors

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


Trade debtors
1,488,808
1,796,577
1,263,101
1,467,598

Amounts owed by group undertakings
-
-
1,787,302
1,428,531

Other debtors
160,133
263,450
147,785
137,907

Prepayments and accrued income
2,982,798
1,811,139
2,177,963
1,365,935

Deferred taxation
63,925
63,925
63,733
63,733
Page 42

 
ADVANTAGE TRAVEL CENTRES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

19.Debtors (continued)


4,695,664
3,935,091
5,439,884
4,463,704



20.


Cash and cash equivalents

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

Cash at bank and in hand
5,880,855
4,176,534
386,678
182,901

Client monies held
21,024,142
18,513,524
17,078,784
12,153,418

26,904,997
22,690,058
17,465,462
12,336,319


Included in cash at bank and in hand is an amount of £747,516 (2023: £262,609) in relation to client assets held in accordance with CASS 5 and CASS 7 of the FCA handbook.
The Independents Advantage Insurance Company Limited (IAICL), a subsidiary of Advantage Travel Centres Limited, provides a facility enabling travel businesses to secure bonding in exchange for cash collateral, which is held under a trust arrangement by IAICL in a dedicated bank account. The collateral is held for the sole purpose of funding any claims made against IAICL in respect of bonds issued in favour of the travel business providing the cash collateral, or, upon cessation of any liability to IAICL, returned to the travel business. Included in client monies held, the amount held under this facility as at 30 September 2024 is £3,945,358 (2023: 6,360,106).
Client monies held also includes £17,078,784 (2023: £12,153,418) relating to the Trust accounts (see 2.18).

Page 43

 
ADVANTAGE TRAVEL CENTRES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

21.


Creditors: Amounts falling due within one year

Group

Group
Company

Company
2024
2023
2024
2023
£
£
£
£

Trade creditors
487,330
429,546
425,628
279,046

Amounts owed to group undertakings
-
-
3,625,004
3,232,502

Other taxation and social security
266,840
310,746
358,851
310,746

Client monies held
21,024,142
18,513,524
17,078,784
12,153,418

Other creditors
1,598,666
1,020,267
715,634
559,956

Accruals and deferred income
2,976,765
2,312,640
915,083
949,102

26,353,743
22,586,723
23,118,984
17,484,770


Included in other creditors above is an amount of £747,516 (2023: £262,609) in relation to client assets held in accordance with CASS 5 and CASS 7 of the FCA handbook.

Page 44

 
ADVANTAGE TRAVEL CENTRES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

22.


Deferred taxation


Group



2024
2023


£

£






At beginning of year
63,925
67,311


Charged to profit or loss
-
(3,386)



At end of year
63,925
63,925

Company


2024
2023


£

£






At beginning of year
63,733
67,119


Charged to profit or loss
-
(3,386)



At end of year
63,733
63,733

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

Losses and other deductions
299,384
299,384
299,384
299,384

Short term timing differences
2,682
2,682
2,490
2,490

Capital gains/losses
(229,913)
(229,913)
(229,913)
(229,913)

Fixed asset timing differences
(8,228)
(8,228)
(8,228)
(8,228)

63,925
63,925
63,733
63,733


23.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



15,545 (2023 - 15,745) Ordinary shares shares of £1.00 each
15,545
15,745
6,845 (2023 - 6,600) Leaver shares shares of £1.00 each
6,845
6,600

22,390

22,345


Page 45

 
ADVANTAGE TRAVEL CENTRES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

23.Share capital (continued)

The Group has the following share capital - Ordinary and Leaver. Ordinary share capital is issued to all members and has voting, dividend and asset rights upon a winding up. When a member ceases, their shares are reclassified as Leaver. Leaver shares confer no rights in respect of voting, dividends or asset rights upon a winding up.
It is at the Board of Directors absolute discretion, by way of a special resolution, to authorise full payment on leaver shares in accordance with the Company's Articles.



Opening balance
Issued
Transfers and adjustments
Closing balance
        £
        £
        £
        £

Ordinary

15,745

45

(245)
 
15,545

Leaver

6,600

-

245
 
6,845


22,345

45

-
 
22,390



24.


Non-controlling interest

6% cumulative redeemable preference shares of £227,500 (2023: £227,500) are issued in The Independents' Advantage Insurance Company Limited. Of the total nominal value, £20,000 relates to non-Group shareholders. The 6% cumulative redeemable preference shares are redeemable, at the option of the Company only and are therefore considered equity in nature.
Ordinary shares are issued in WIN and represent 5.26% of that entity's share capital.

Balance brought forward
Dividend paid
Share of current year profit/(loss)
Amounts due to non-controlling interests
        £
        £
        £
        £
Non-controlling interest movement

6% Preference shares

20,000

-

-
 
20,000
 
Dividend paid on 6% Preference shares

(3,600)

(1,200)

-
 
(4,800)
 
Ordinary shares

153,507

-

12,731
 
166,238
 

169,907

(1,200)

12,731
 
181,438
 

Page 46

 
ADVANTAGE TRAVEL CENTRES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

25.


Reserves

Share premium account

The share premium reserve contains the premium arising on issue of equity shares.

Revaluation reserve

The revaluation reserve represents an accumulated effect of revaluations of long leasehold land and buildings which were regularly revalued to fair value, net of deferred taxation.

Capital redemption reserve

The capital redemption reserve is an account that is credited with the par value of shares that were redeemed where the redemption was not paid for out of share capital.

Profit and loss account

The profit and loss account represents cumulative profits or losses, net of dividends paid and other adjustments. Included in the profit and loss account are non-distributable reserves which represents the  revaluation of investment property.


26.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £214,941 (2023: £169,440). Contributions totalling £38,834 (2023: £28,879) were payable to the fund at the balance sheet date and are included in creditors.


27.


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
Company
Company
2024
2023
2024
2023
£
£
£
£

Not later than 1 year
23,656
20,815
23,656
20,815

Later than 1 year and not later than 5 years
33,897
59,629
33,897
59,629

57,553
80,444
57,553
80,444




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ADVANTAGE TRAVEL CENTRES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

28.


Related party transactions

FRS 102 Section 33, does not require disclosure of transactions entered into between two or more members of the Group, provided that any subsidiary which is a party to the transaction is a wholly owned member. Hence these transactions were not disclosed in these financial statements.
There were no material related party transactions entered into during the year that have not been concluded under normal market conditions.
During the year Advantage Travel Centres Limited earned management fees of £114,697 (2023: 113,777) and incentives of £409,759 (2023: £289,280) respectively from Worldwide Independent Travel Network (WIN) Limited. No dividends were received from WIN during the year (2023: £Nil).
During the year the Group earned commission revenues from MGA Cover Services Limited ("MGA"), a company jointly controlled by Advantage Financial Services Limited and Rock Insurance Services Limited, of £Nil (2023: £Nil), received a share of the loss of £3,336 (2023: £5,133 profit) from MGA and, as a broker, passed through insurance premiums received to MGA. 
Details of Group transactions during the year with members in respect of director services provided are as follows:
During the year, the non-executive directors received fees amounting to £14,159 (2023: £12,919) for services provided. £1,956 was outstanding at the year end (2023: £5,775).


29.


Ultimate controlling party

There is no ultimate controlling party in either the current or comparative period.

 
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