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REGISTERED NUMBER: 01472055 (England and Wales)


















AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

SPECIALISED TRAVEL LIMITED

SPECIALISED TRAVEL LIMITED (REGISTERED NUMBER: 01472055)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 9


SPECIALISED TRAVEL LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: R N Savage
K Aljinovic
N C Barrand
C M J Hall
H E David
P K A Savage



SECRETARY: R N Savage



REGISTERED OFFICE: Spaces Ealing Aurora
71-75 Uxbridge Road
Ealing
London
W5 2SL



REGISTERED NUMBER: 01472055 (England and Wales)



SENIOR STATUTORY AUDITOR: Lee Daley FCA FCCA



AUDITORS: THP Limited
Chartered Accountants
and Statutory Auditors
Unit 4 Mulgrave Chambers
26-28 Mulgrave Road
Sutton
Surrey
SM2 6LE

SPECIALISED TRAVEL LIMITED (REGISTERED NUMBER: 01472055)

BALANCE SHEET
31 DECEMBER 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 5 604 1,750
Tangible assets 6 35,038 164,058
Investments 7 35,101 35,101
70,743 200,909

CURRENT ASSETS
Debtors 8 884,882 592,217
Investments 9 660 339
Cash at bank and in hand 2,047,385 1,472,148
2,932,927 2,064,704
CREDITORS
Amounts falling due within one year 10 2,965,178 2,273,642
NET CURRENT LIABILITIES (32,251 ) (208,938 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

38,492

(8,029

)

CREDITORS
Amounts falling due after more than one
year

11

318,305

543,250
NET LIABILITIES (279,813 ) (551,279 )

CAPITAL AND RESERVES
Called up share capital 15 145,000 145,000
Retained earnings (424,813 ) (696,279 )
SHAREHOLDERS' FUNDS (279,813 ) (551,279 )

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 June 2025 and were signed on its behalf by:





R N Savage - Director


SPECIALISED TRAVEL LIMITED (REGISTERED NUMBER: 01472055)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024


1. STATUTORY INFORMATION

Specialised Travel Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared on a going concern basis and under the historical cost convention.

Going concern
The Directors have considered the application of the going concern basis of accounting and have assessed the expected future financial performance of the entity from the date of this report to 31 December 2026. The Directors believe that the financial support provided by its bankers and stakeholders will enable the Company to continue its operations and settle its obligations in the normal course of business.

The Company continues to meet its day to day working capital requirements through operating cash flows and finances via the various support being currently provided to it as indicated above.

The Directors have produced detailed cash flow and profit forecasts that show that it will allow the company to achieve a further year of profit within the year to 31 December 2025. The forecasts are being regularly updated as new information is acquired.

The business is additionally subject to regulation though ABTA and the IATA and any alterations in bonding requirements or regulation, as a result of future industry wide changes, could result in further changes to the forecasts.

Having considered all the relevant facts the directors consider it is appropriate to prepare the financial statements on a going concern basis.

Preparation of consolidated financial statements
The financial statements contain information about Specialised Travel Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

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.

SPECIALISED TRAVEL LIMITED (REGISTERED NUMBER: 01472055)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


3. ACCOUNTING POLICIES - continued

Revenue recognition
Revenue represents the invoiced value of services provided, stated net of value added tax, and is recognised by reference to date of departure.

Where an invoice is raised within the year but relates to a date of departure after the year end, the relevant turnover is deferred on the balance sheet and included within creditors.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2018, was amortised evenly over its estimated useful life of 5 years, subject to an annual impairment review.

The directors believe that there remains a on-going value in the branding associated with that acquired business and accordingly retain the goodwill in the accounts.

Computer Software
Computer software is stated at cost less accumulated amortisation, provided at the following annual rates in order to write off each asset over its estimated useful life.


Computer software-straight line over 5 years


Amortisation charges are calculated from the month of acquisition.

Tangible fixed assets
Tangible assets are stated at cost less accumulated depreciation, provided at the following annual rates in order to write off each asset over its estimated useful life.


Office Equipment-10% and 20% on cost

Fixtures and fittings-10% and 20% on cost

Motor Vehicles-25% reducing balance

Computer hardware-20% on cost


Depreciation charges are calculated from the month of acquisition.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.

SPECIALISED TRAVEL LIMITED (REGISTERED NUMBER: 01472055)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


3. ACCOUNTING POLICIES - continued

Foreign currencies
Foreign exchange transactions are translated using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items (such as trade debtors and trade creditors) are translated using the closing rate.

All other exchange differences are recognised in other comprehensive income.

Leasing commitments
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Employee benefits
The company provides a range of benefits to employees, including paid holiday arrangements and a defined contribution pension plan.

(i) Short Term Benefits

Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.

(ii) Employee Pension Arrangements

The company operates a fully compliant workplace pension scheme for its employees. This is a scheme under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown as a creditor on the balance sheet. The assets of the scheme are held separately from the company in independently administered funds.

Financial instruments
The company has chosen to adopt Sections 11 and 12 of FRS102 in respect of financial instruments.

Basic financial instruments are initially recognised at transaction value and subsequently carried at this value less any provision for impairment.

Derivatives, including forward foreign exchange contracts, are not basic financial instruments.

Derivatives are initially recognised at fair value on the date the derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit and loss in finance costs or finance income as appropriate.

The company does not apply hedge accounting for foreign exchange derivatives.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Listed investments
Investments held as listed investments are fair valued on the closing traded rate of that entity at the balance sheet date.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2023 - 21 ) .

SPECIALISED TRAVEL LIMITED (REGISTERED NUMBER: 01472055)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


5. INTANGIBLE FIXED ASSETS
Computer
Goodwill software Totals
£    £    £   
COST
At 1 January 2024 457,142 56,606 513,748
Disposal (357,142 ) - (357,142 )
At 31 December 2024 100,000 56,606 156,606
AMORTISATION
At 1 January 2024 457,142 54,856 511,998
Amortisation for year - 1,146 1,146
Eliminated on disposal (357,142 ) - (357,142 )
At 31 December 2024 100,000 56,002 156,002
NET BOOK VALUE
At 31 December 2024 - 604 604
At 31 December 2023 - 1,750 1,750

6. TANGIBLE FIXED ASSETS
Fixtures
Office and Motor Computer
equipment fittings vehicles hardware Totals
£    £    £    £    £   
COST
At 1 January 2024 179,704 84,308 54,931 56,561 375,504
Additions - - - 18,905 18,905
Disposals (179,704 ) (84,308 ) - (31,200 ) (295,212 )
At 31 December 2024 - - 54,931 44,266 99,197
DEPRECIATION
At 1 January 2024 86,939 40,047 50,549 33,911 211,446
Charge for year 11,683 5,621 1,096 8,525 26,925
Eliminated on disposal (98,622 ) (45,668 ) - (29,922 ) (174,212 )
At 31 December 2024 - - 51,645 12,514 64,159
NET BOOK VALUE
At 31 December 2024 - - 3,286 31,752 35,038
At 31 December 2023 92,765 44,261 4,382 22,650 164,058

7. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2024
and 31 December 2024 457,919
PROVISIONS
At 1 January 2024
and 31 December 2024 422,818
NET BOOK VALUE
At 31 December 2024 35,101
At 31 December 2023 35,101

SPECIALISED TRAVEL LIMITED (REGISTERED NUMBER: 01472055)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


7. FIXED ASSET INVESTMENTS - continued

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Specialised Travel Concert Touring Limited
Registered office: Spaces Ealing Aurora, 71-75 Uxbridge Road Ealing, London, W5 5SL
Nature of business: Tour Operator
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 35,000 35,000

The company carries out dedicated tours which have specific additional regulation, with resultant profits and losses being remitted to its parent company by way of management charges, and as such made no profit nor loss in the current or preceding year.

Production Touring Limited
Registered office: Spaces Ealing Aurora, C/o Specialised Travel Ltd, 71-75 Uxbridge Road Ealing, London, W5 5SL
Nature of business: Dormant
%
Class of shares: holding
Ordinary 50.00
2024 2023
£    £   
Aggregate capital and reserves 2 2

Travel For The Arts Limited
Registered office: Spaces Ealing Aurora, C/o Specialised Travel Ltd, 71-75 Uxbridge Road Ealing, London, W5 5SL
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 100 100

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 414,743 230,987
Amounts owed by group undertakings 105,296 63,042
Social security and other taxes 2,233 2,282
Other debtors and prepayments 362,610 295,906
884,882 592,217

9. CURRENT ASSET INVESTMENTS
2024 2023
£    £   
Listed investments 660 339

SPECIALISED TRAVEL LIMITED (REGISTERED NUMBER: 01472055)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans (see note 12) 218,424 160,136
Trade creditors 1,504,505 1,135,731
Social security and other taxes 20,112 -
Other creditors - 5,076
Directors' current accounts 1,976 39,132
Accruals and deferred income 1,220,161 933,567
2,965,178 2,273,642

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans (see note 12) 30,561 248,955
Trade creditors 5,546 2,819
Amounts owed to group undertakings 101 101
Directors loan facility 282,097 291,375
318,305 543,250

12. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans - less than 1 year 218,424 160,136

Amounts falling due between one and two years:
Bank loans- 1-2 years 30,561 148,354

Amounts falling due between two and five years:
Bank loans - 2-5 years - 100,601

The company has two bank loans in place at the year end.

The first loan is repayable in 120 monthly instalments which commenced in January 2017. Interest is charged at 2.7% above the Bank of England base rate.

The second loan is a Coronavirus Business Interruption Loan and is repayable in in 60 instalments which commenced in August 2021. Interest is charged at 2.23% above the Bank of England base rate. The loan was repaid earlier than scheduled in February 2025.

The directors loan facility, provided on 25 March 2022, attracts interest at 1% above the Bank of England's base rate, and any repayment of capital or interest is subject to a deed of postponement which gives priority to the Coronavirus Business Interruption Loan provided by the Company's bankers as above.

13. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 16,038 180,461
Between one and five years - 586,608
16,038 767,069

The above commitments relate to property (2023: Property and equipment)

SPECIALISED TRAVEL LIMITED (REGISTERED NUMBER: 01472055)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


14. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 248,985 409,091
Directors loan facility 282,097 291,375
531,082 700,466

The bank loans are secured by way of a fixed and floating charge over the assets of the company which was put in place on 9 July 2020.

The directors loan facility is secured by way of a fixed and floating charge over the assets of the company which was put in place on 25 March 2022. The loan lies behind the bank loan above in terms of repayment priority.

15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
142,000 'A' Ordinary £1 142,000 142,000
3,000 'B' Ordinary £1 3,000 3,000
145,000 145,000

All shares rank pari passu.

16. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Lee Daley FCA FCCA (Senior Statutory Auditor)
for and on behalf of THP Limited

17. PENSION COMMITMENTS

The company makes contributions to a defined contribution pension scheme, the assets of which are held separately from those of the company. The cost of contributions to the scheme amounted to £48,316 (2023 - £40,031). Contributions outstanding at the balance sheet date amounted to £3,500 (2023 - £5,076).

18. CONTINGENT LIABILITIES

Guarantees have been given to the bank in respect of the bonding requirements of industry regulatory bodies amounting to £301,000 (2023 - £320,929). These guarantees are secured by a charge over the personal assets of R N Savage.

19. RELATED PARTY DISCLOSURES

Total amounts due to the directors of the company at the year end were £284,073 (2023 - £330,507).

In March 2022, the Company entered into a directors loan facility of £270,000 and associated debenture. The Company drew down on the facility in full on the 25th of March 2022. The loan attracts interest at 1% above the Bank of England's base rate, and any repayment of capital or interest is subject to a deed of postponement which gives priority to the Coronavirus Business Interruption Loan provided by the Company's bankers. Interest of £16,264 (2023 - £15,469) was due on the loan in the year. At the balance sheet date the loan balance was £282,097 (2023 - £291,375).

All other amounts are interest free and have no fixed terms of repayment.

20. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is R N Savage.