| REGISTERED NUMBER: 12718277 (England and Wales) |
| Group Strategic Report, |
| Report of the Directors and |
| Consolidated Financial Statements |
| for the Year Ended 31 December 2024 |
| for |
| CALEDONIAN LEISURE LTD |
| REGISTERED NUMBER: 12718277 (England and Wales) |
| Group Strategic Report, |
| Report of the Directors and |
| Consolidated Financial Statements |
| for the Year Ended 31 December 2024 |
| for |
| CALEDONIAN LEISURE LTD |
| CALEDONIAN LEISURE LTD (REGISTERED NUMBER: 12718277) |
| Contents of the Consolidated Financial Statements |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Directors | 4 |
| Report of the Independent Auditors | 5 |
| Consolidated Statement of Income and Retained Earnings | 8 |
| Consolidated Balance Sheet | 9 |
| Company Balance Sheet | 10 |
| Consolidated Cash Flow Statement | 11 |
| Notes to the Consolidated Cash Flow Statement | 12 |
| Notes to the Consolidated Financial Statements | 13 |
| CALEDONIAN LEISURE LTD |
| Company Information |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| Directors: |
| Registered office: |
| Registered number: |
| Auditors: |
| 1st Floor Waterside House |
| Waterside Drive |
| Wigan |
| Lancashire |
| WN3 5AZ |
| CALEDONIAN LEISURE LTD (REGISTERED NUMBER: 12718277) |
| Group Strategic Report |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| The directors present their strategic report of the company and the group for the year ended 31 December 2024. |
| Review of business |
| The group was founded by the management team in 2020 and promotes an award-winning range of packaged travel, accommodation and experience breaks for leisure customers. Trading under the brand names Caledonian Travel and UKBreakaways, the group has grown significantly, reaching a sector-leading position as evidenced by regional market-share and strong consumer ratings. |
| The directors consider the results for the year to be very satisfactory, with the group having made significant progress in the delivery of key strategic objectives. In support of these goals the group has continued to make investments into team strength, technology enhancements and further expansion of the unique product range. |
| Turnover in the year grew to £63m, an overall growth of 15%, with EBITDA increasing to £2.5m, a second successive year of £1.0m EBITDA growth. |
| Key performance indicators used by the directors to monitor the progress of the company are set out below: |
| 2024 | 2023 |
| Turnover | 63,398,710 | 55,005,680 |
| Gross Profit | 10,791,953 | 8,918,283 |
| Gross Profit Percentage of Turnover | 17.02% | 16.21% |
| EBITDA | 2,453,494 | 1,459,008 |
| EBITDA Percentage of Turnover | 3.87% | 2.65% |
| Principal risks and uncertainties |
| There are a number of risks and uncertainties which may affect the group and its financial position. The directors take these risks into account and work to mitigate these for the benefit of shareholders. The directors do not feel that these are materially different to those prevalent previously. The risks outlined below should not be regarded as a complete and comprehensive list of all potential risks and uncertainties facing the group. |
| Market - The group recognise the potential risks and uncertainties in regard to demand for its products. The group believes that there is a strong, robust demand from customers, supported by demonstrable market sentiment and strong forward bookings. The group aims to continue to grow its market share by remaining competitive, innovative and agile, whilst continuing to maintain service quality. |
| Commercial Relationships - The group has established a broad base of supplier relationships, with an extensive range of partners contributing to the group's product basket. The directors communicate regularly with all key suppliers in order to ensure commercial viability and quality-assurance. |
| Technology and Cyber Security - The group relies upon its modern technology infrastructure to operate the business', and focuses investment into ensuring continued innovation, relevance and security, whilst maintaining a robust disaster recovery protocol. |
| Financial - The group maintains a low-level of indebtedness and strong cash reserves in order to fund the ongoing development of the business' with sufficient operating headroom. There is a strong pipeline of funds from the independently held client trust account for future company benefit. |
| Geo-Political, Terrorism and Natural Disasters - The nature of the group's activities exposes it to various risks of this nature which may lead to reduced demand or restrictions on certain featured destinations. The group seeks to mitigate this by offering a diverse range of options to customers. |
| CALEDONIAN LEISURE LTD (REGISTERED NUMBER: 12718277) |
| Group Strategic Report |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| This report was prepared and approved by the board on 27th May 2025 and signed on its behalf. |
| On behalf of the board: |
| CALEDONIAN LEISURE LTD (REGISTERED NUMBER: 12718277) |
| Report of the Directors |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| The directors present their report with the financial statements of the company and the group for the year ended 31 December 2024. |
| Principal activity |
| The principal activity of the group in the year under review was that of a tour operator for leisure breaks within the UK. |
| Dividends |
| £250,000 in dividends have been distributed for the year ended 31 December 2024. |
| Directors |
| The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report. |
| Disclosure in the strategic report |
| The disclosures in respect of the business review, future developments and the financial risk management, objectives and policies are included in the Strategic Report. |
| Statement of directors' responsibilities |
| The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
| Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and 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. |
| Statement as to disclosure of information to auditors |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
| Auditors |
| The auditors, Sumer Auditco Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| On behalf of the board: |
| Report of the Independent Auditors to the Members of |
| Caledonian Leisure Ltd |
| Opinion |
| We have audited the financial statements of Caledonian Leisure Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Statement of Income and Retained Earnings, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, 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). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 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 UK, including the FRC'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 and 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. |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
| 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. |
| In connection with our audit of the financial statements, 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 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. |
| Opinions 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
| Report of the Independent Auditors to the Members of |
| Caledonian Leisure Ltd |
| 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 Report of the Directors. |
| We have nothing to report in respect of the following matters where 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. |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 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 a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| - Consideration was given to the entity's susceptibility to material misstatement at all times during the audit including |
| consideration of how fraud could occur. This involved consideration of the nature of the entity's activities and |
| transactions with the potential identification of fraud. |
| - Identification of key laws and regulations considered central to the entity, including a review of any policies and |
| procedures in place to ensure compliance. Key laws and regulations identified include the UK Companies Act, tax |
| legislation, health and safety regulations, package holidays operators regulation and ABTOT. |
| - Ensured that the engagement team had the necessary competence and capabilities to identify any examples of |
| non-compliance at all stages. |
| - Audit work was completed in all relevant areas that were deemed to be appropriate for the client and the associated risks in respect of potential misstatements, including fraud. Our audit work was designed to assess these risks in all areas and included enquiry of management, testing the appropriateness of journal entries, reviewing financial statement disclosures and tracing to relevant documentation as well as the consideration of the risk of potential management override. |
| Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material |
| misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of |
| irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of |
| internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations. |
| 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 Report of the Auditors. |
| Report of the Independent Auditors to the Members of |
| Caledonian Leisure Ltd |
| 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 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 a Report of the Auditors 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 |
| 1st Floor Waterside House |
| Waterside Drive |
| Wigan |
| Lancashire |
| WN3 5AZ |
| CALEDONIAN LEISURE LTD (REGISTERED NUMBER: 12718277) |
| Consolidated |
| Statement of Income and |
| Retained Earnings |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 31.12.24 | 31.12.23 |
| Notes | £ | £ |
| TURNOVER | 4 | 63,398,710 | 55,005,680 |
| Cost of sales | 52,606,756 | 46,087,397 |
| GROSS PROFIT | 10,791,954 | 8,918,283 |
| Administrative expenses | 8,405,839 | 7,500,856 |
| OPERATING PROFIT | 6 | 2,386,115 | 1,417,427 |
| Interest receivable and similar income | 590,782 | 327,166 |
| 2,976,897 | 1,744,593 |
| Interest payable and similar expenses | 7 | 80,219 | 80,000 |
| PROFIT BEFORE TAXATION | 2,896,678 | 1,664,593 |
| Tax on profit | 8 | 727,820 | 262,249 |
| PROFIT FOR THE FINANCIAL YEAR |
| Retained earnings at beginning of year | 1,189,070 | (213,274 | ) |
| Dividends | 10 | (250,000 | ) | - |
| RETAINED EARNINGS FOR THE GROUP AT END OF YEAR |
3,107,928 |
1,189,070 |
| Profit attributable to: |
| Owners of the parent | 2,168,858 | 1,402,344 |
| CALEDONIAN LEISURE LTD (REGISTERED NUMBER: 12718277) |
| Consolidated Balance Sheet |
| 31 DECEMBER 2024 |
| 31.12.24 | 31.12.23 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 11 | 193,676 | 89,383 |
| Tangible assets | 12 | 159,843 | 165,562 |
| Investments | 13 | - | - |
| 353,519 | 254,945 |
| CURRENT ASSETS |
| Debtors | 14 | 4,131,692 | 4,356,550 |
| Cash at bank and in hand | 7,970,974 | 4,002,968 |
| 12,102,666 | 8,359,518 |
| CREDITORS |
| Amounts falling due within one year | 15 | 6,243,399 | 4,319,105 |
| NET CURRENT ASSETS | 5,859,267 | 4,040,413 |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
6,212,786 |
4,295,358 |
| CREDITORS |
| Amounts falling due after more than one year | 16 | (1,000,000 | ) | (1,000,000 | ) |
| PROVISIONS FOR LIABILITIES | 18 | (39,961 | ) | (41,391 | ) |
| NET ASSETS | 5,172,825 | 3,253,967 |
| CAPITAL AND RESERVES |
| Called up share capital | 19 | 692 | 692 |
| Share premium | 20 | 2,064,205 | 2,064,205 |
| Retained earnings | 20 | 3,107,928 | 1,189,070 |
| SHAREHOLDERS' FUNDS | 5,172,825 | 3,253,967 |
| The financial statements were approved by the Board of Directors and authorised for issue on 27 May 2025 and were signed on its behalf by: |
| D L McDonald - Director |
| CALEDONIAN LEISURE LTD (REGISTERED NUMBER: 12718277) |
| Company Balance Sheet |
| 31 DECEMBER 2024 |
| 31.12.24 | 31.12.23 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 11 |
| Tangible assets | 12 |
| Investments | 13 |
| CURRENT ASSETS |
| Debtors | 14 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 15 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 16 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | 18 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 19 |
| Share premium | 20 |
| Retained earnings | 20 |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year | 2,179,058 | 1,403,331 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| CALEDONIAN LEISURE LTD (REGISTERED NUMBER: 12718277) |
| Consolidated Cash Flow Statement |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 31.12.24 | 31.12.23 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 4,381,545 | 1,291,333 |
| Interest paid | (80,219 | ) | (80,000 | ) |
| Tax paid | (508,148 | ) | - |
| Net cash from operating activities | 3,793,178 | 1,211,333 |
| Cash flows from investing activities |
| Purchase of intangible fixed assets | (124,948 | ) | (34,350 | ) |
| Purchase of tangible fixed assets | (41,346 | ) | (117,422 | ) |
| Sale of tangible fixed assets | 340 | - |
| Interest received | 590,782 | 327,166 |
| Net cash from investing activities | 424,828 | 175,394 |
| Cash flows from financing activities |
| Equity dividends paid | (250,000 | ) | - |
| Net cash from financing activities | (250,000 | ) | - |
| Increase in cash and cash equivalents | 3,968,006 | 1,386,727 |
| Cash and cash equivalents at beginning of year |
2 |
4,002,968 |
2,616,241 |
| Cash and cash equivalents at end of year | 2 | 7,970,974 | 4,002,968 |
| CALEDONIAN LEISURE LTD (REGISTERED NUMBER: 12718277) |
| Notes to the Consolidated Cash Flow Statement |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Profit before taxation | 2,896,678 | 1,664,593 |
| Depreciation charges | 67,380 | 41,581 |
| Finance costs | 80,219 | 80,000 |
| Finance income | (590,782 | ) | (327,166 | ) |
| 2,453,495 | 1,459,008 |
| Decrease/(increase) in trade and other debtors | 224,858 | (744,463 | ) |
| Increase in trade and other creditors | 1,703,192 | 576,788 |
| Cash generated from operations | 4,381,545 | 1,291,333 |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
| Year ended 31 December 2024 |
| 31.12.24 | 1.1.24 |
| £ | £ |
| Cash and cash equivalents | 7,970,974 | 4,002,968 |
| Year ended 31 December 2023 |
| 31.12.23 | 1.1.23 |
| £ | £ |
| Cash and cash equivalents | 4,002,968 | 2,616,241 |
| 3. | ANALYSIS OF CHANGES IN NET FUNDS |
| At 1.1.24 | Cash flow | At 31.12.24 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 4,002,968 | 3,968,006 | 7,970,974 |
| 4,002,968 | 3,968,006 | 7,970,974 |
| Total | 4,002,968 | 3,968,006 | 7,970,974 |
| CALEDONIAN LEISURE LTD (REGISTERED NUMBER: 12718277) |
| Notes to the Consolidated Financial Statements |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| Caledonian Leisure Ltd is a |
| 2. | STATEMENT OF COMPLIANCE |
| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. |
| The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. |
| The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. |
| In preparing it's individual financial statements, which are presented alongside the consolidated financial statements, Caledonian Leisure Limited has taken advantage of the disclosure exemption available in respect of presentation of a cash flow statement. |
| Going Concern |
| After reviewing the group companies forecasts and projections, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. The group therefore continue to adopt the going concern basis in preparing its financial statements. |
| Basis of consolidation |
| The results of subsidiaries acquired or sold are consolidated from or to the date on which control passes. On consolidation, all intra-group transactions and balances are eliminated in full. |
| Business combinations are accounted for using the purchase method. The consideration in respect of the business combination is measured at the aggregate of the fair values of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the subsidiary undertaking. |
| The consolidated group financial statements consist of the financial statements of the parent company |
| Caledonian Leisure Limited together with it subsidiary. |
| All financial statements are made up to 31st December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group. |
| All intra-group transactions, balances and unrealised gains on transactions between group companies are |
| eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides |
| evidence of an impairment of the asset transferred. |
| Related party exemption |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
| CALEDONIAN LEISURE LTD (REGISTERED NUMBER: 12718277) |
| Notes to the Consolidated Financial Statements - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Significant judgements and estimates |
| In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
| There are no significant key areas of judgement or key areas of estimation uncertainty included within the financial statements. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable net of VAT, rebates and discounts. |
| Revenue is recognised within the financial statements when the significant risks and the rewards pass onto the buyer (usually the day of departure), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
| Intangible assets |
| Database, Website Design & Domain Name are all being amortised evenly over their estimated useful life of ten years. |
| Tangible fixed assets |
| Fixtures and fittings | - |
| Computer equipment | - |
| Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. |
| Financial instruments |
| Short term financial assets, including trade debtors are measured at transaction price less any impairment. |
| Short term financial liabilities, including trade creditors and bank loans are measured at transaction price. |
| Financial assets and liabilities payable after more than one year are initially measured at fair value and are subsequently measured at amortised cost using the interest rate method. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| CALEDONIAN LEISURE LTD (REGISTERED NUMBER: 12718277) |
| Notes to the Consolidated Financial Statements - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
| 4. | TURNOVER |
| All turnover relates to the principle activity of Tour Operations which is all UK turnover. |
| 5. | EMPLOYEES AND DIRECTORS |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Wages and salaries | 3,171,768 | 2,544,362 |
| Social security costs | 300,289 | 227,899 |
| Other pension costs | 49,871 | 36,225 |
| 3,521,928 | 2,808,486 |
| The average number of employees during the year was as follows: |
| 31.12.24 | 31.12.23 |
| Administration | 13 | 12 |
| Operations & Product | 27 | 23 |
| Sales & Marketing | 59 | 50 |
| The total directors remuneration for the year ended 31 December 2024 was £691,605 (2023 : £605,439). The highest paid director received emoluments of £162,615 (2023 : £141,998). |
| The number of directors to whom retirement benefits were accruing was 6 (2023 : 6). |
| 6. | OPERATING PROFIT |
| The operating profit is stated after charging: |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Other operating leases | 263,363 | 191,593 |
| Depreciation - owned assets | 46,725 | 32,851 |
| Patents and licences amortisation | 7,979 | - |
| Website Design amortisation | 5,148 | 2,323 |
| Domain Name amortisation | 7,528 | 6,406 |
| Auditors' remuneration | 24,112 | 14,303 |
| Foreign exchange differences | 52,231 | 40,654 |
| 7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Shareholders loan interest | 80,219 | 80,000 |
| CALEDONIAN LEISURE LTD (REGISTERED NUMBER: 12718277) |
| Notes to the Consolidated Financial Statements - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 8. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Current tax: |
| UK corporation tax | 729,250 | 220,858 |
| Deferred tax | (1,430 | ) | 41,391 |
| Tax on profit | 727,820 | 262,249 |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Profit before tax | 2,896,678 | 1,664,593 |
| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 25 %) |
724,170 |
416,148 |
| Effects of: |
| Expenses not deductible for tax purposes | 2,392 | 1,400 |
| Capital allowances in excess of depreciation | - | (21,337 | ) |
| Depreciation in excess of capital allowances | 2,688 | - |
| Utilisation of tax losses | - | (161,461 | ) |
| 3 months of tax at 19% between January 2023 and March 2023. | - | (13,892 | ) |
| Deferred Tax charge for the year | (1,430 | ) | 41,391 |
| Total tax charge | 727,820 | 262,249 |
| 9. | INDIVIDUAL INCOME STATEMENT |
| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
| 10. | DIVIDENDS |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Ordinary shares of 0.001 each |
| Interim | 250,000 | - |
| CALEDONIAN LEISURE LTD (REGISTERED NUMBER: 12718277) |
| Notes to the Consolidated Financial Statements - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 11. | INTANGIBLE FIXED ASSETS |
| Group |
| Patents |
| and | Website | Domain |
| licences | Design | Name | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 January 2024 | - | 34,350 | 64,298 | 98,648 |
| Additions | 113,635 | 11,313 | - | 124,948 |
| At 31 December 2024 | 113,635 | 45,663 | 64,298 | 223,596 |
| AMORTISATION |
| At 1 January 2024 | - | 2,323 | 6,942 | 9,265 |
| Amortisation for year | 7,979 | 5,148 | 7,528 | 20,655 |
| At 31 December 2024 | 7,979 | 7,471 | 14,470 | 29,920 |
| NET BOOK VALUE |
| At 31 December 2024 | 105,656 | 38,192 | 49,828 | 193,676 |
| At 31 December 2023 | - | 32,027 | 57,356 | 89,383 |
| Company |
| Patents |
| and | Website | Domain |
| licences | Design | Name | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 January 2024 |
| Additions |
| At 31 December 2024 |
| AMORTISATION |
| At 1 January 2024 |
| Amortisation for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| CALEDONIAN LEISURE LTD (REGISTERED NUMBER: 12718277) |
| Notes to the Consolidated Financial Statements - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 12. | TANGIBLE FIXED ASSETS |
| Group |
| Fixtures |
| and | Computer |
| fittings | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2024 | 102,361 | 122,516 | 224,877 |
| Additions | 13,877 | 27,469 | 41,346 |
| Disposals | - | (349 | ) | (349 | ) |
| At 31 December 2024 | 116,238 | 149,636 | 265,874 |
| DEPRECIATION |
| At 1 January 2024 | 15,148 | 44,167 | 59,315 |
| Charge for year | 22,612 | 24,113 | 46,725 |
| Eliminated on disposal | - | (9 | ) | (9 | ) |
| At 31 December 2024 | 37,760 | 68,271 | 106,031 |
| NET BOOK VALUE |
| At 31 December 2024 | 78,478 | 81,365 | 159,843 |
| At 31 December 2023 | 87,213 | 78,349 | 165,562 |
| Company |
| Fixtures |
| and | Computer |
| fittings | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2024 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 13. | FIXED ASSET INVESTMENTS |
| Shares in group undertaking relate entirely to Caledonian Breaks Ltd, a 100% owned subsidiary of Caledonian Leisure Ltd. |
| CALEDONIAN LEISURE LTD (REGISTERED NUMBER: 12718277) |
| Notes to the Consolidated Financial Statements - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 31.12.24 | 31.12.23 | 31.12.24 | 31.12.23 |
| £ | £ | £ | £ |
| Trade debtors | 27,721 | 3,324 |
| Other debtors | 1,729,884 | 2,570,213 |
| VAT | 152,833 | 126,761 |
| Prepayments | 2,221,254 | 1,656,252 |
| 4,131,692 | 4,356,550 |
| 15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 31.12.24 | 31.12.23 | 31.12.24 | 31.12.23 |
| £ | £ | £ | £ |
| Trade creditors | 1,179,458 | 1,081,218 |
| Amounts owed to group undertakings | - | - |
| Tax | 441,960 | 220,858 |
| Social security and other taxes | 85,834 | 132,983 |
| Other creditors | 2,320,677 | 1,482,796 |
| Accrued expenses | 2,215,470 | 1,401,250 |
| 6,243,399 | 4,319,105 |
| 16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group | Company |
| 31.12.24 | 31.12.23 | 31.12.24 | 31.12.23 |
| £ | £ | £ | £ |
| Other creditors | 1,000,000 | 1,000,000 |
| At the year end there is £1,000,000 worth of Shareholder Loan Stocks outstanding. This loan is payable 5 years from the date of drawdown. The drawdown dates were £500,000 on 24/01/2022 and £500,000 on 22/02/2022. |
| 17. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Group |
| Non-cancellable operating | leases |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Within one year | 227,316 | 201,503 |
| Between one and five years | 530,533 | 401,825 |
| 757,849 | 603,328 |
| All lease commitments relate to the company, Caledonian Leisure Ltd. |
| CALEDONIAN LEISURE LTD (REGISTERED NUMBER: 12718277) |
| Notes to the Consolidated Financial Statements - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 17. | LEASING AGREEMENTS - continued |
| Company |
| Non-cancellable operating | leases |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Within one year |
| Between one and five years |
| 18. | PROVISIONS FOR LIABILITIES |
| Group | Company |
| 31.12.24 | 31.12.23 | 31.12.24 | 31.12.23 |
| £ | £ | £ | £ |
| Deferred tax | 39,961 | 41,391 | 39,961 | 41,391 |
| Group |
| Deferred |
| tax |
| £ |
| Balance at 1 January 2024 | 41,391 |
| Provided during year | (1,430 | ) |
| Balance at 31 December 2024 | 39,961 |
| Company |
| Deferred |
| tax |
| £ |
| Balance at 1 January 2024 |
| Provided during year | ( |
) |
| Balance at 31 December 2024 |
| The deferred tax provision of £42,353 relates entirely to accelerated capital allowances. |
| 19. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.12.24 | 31.12.23 |
| value: | £ | £ |
| Ordinary | 0.001 | 455 | 455 |
| A Ordinary | 0.001 | 237 | 237 |
| 692 | 692 |
| All shares have full voting rights and the right to receive dividends. |
| CALEDONIAN LEISURE LTD (REGISTERED NUMBER: 12718277) |
| Notes to the Consolidated Financial Statements - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 20. | RESERVES |
| Group |
| Retained | Share |
| earnings | premium | Totals |
| £ | £ | £ |
| At 1 January 2024 | 1,189,070 | 2,064,205 | 3,253,275 |
| Profit for the year | 2,168,858 | 2,168,858 |
| Dividends | (250,000 | ) | (250,000 | ) |
| At 31 December 2024 | 3,107,928 | 2,064,205 | 5,172,133 |
| Company |
| Retained | Share |
| earnings | premium | Totals |
| £ | £ | £ |
| At 1 January 2024 | 3,259,177 |
| Profit for the year |
| Dividends | ( |
) | ( |
) |
| At 31 December 2024 | 5,188,235 |
| 21. | RELATED PARTY DISCLOSURES |
| During the year, total dividends of £250,000 were paid to the directors . |
| Interest of £80,219 (2023: £80,000.00) was paid to shareholder loan notes in the year in respect of monies owed to them being £1,000,000 (2023: £1,000,000) at the balance sheet date. |
| 22. | ULTIMATE CONTROLLING PARTY |
| There is no overall ultimate controlling party. |