| REGISTERED NUMBER: |
| AUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| SPECIALISED TRAVEL LIMITED |
| REGISTERED NUMBER: |
| 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: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| SENIOR STATUTORY AUDITOR: |
| AUDITORS: |
| 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 |
| Tangible assets | 6 |
| Investments | 7 |
| CURRENT ASSETS |
| Debtors | 8 |
| Investments | 9 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 10 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
| CREDITORS |
| Amounts falling due after more than one year |
11 |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 15 |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| 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 |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | STATEMENT OF COMPLIANCE |
| 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 |
| 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 |
| Disposal | ( |
) | ( |
) |
| At 31 December 2024 |
| AMORTISATION |
| At 1 January 2024 |
| Amortisation for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 6. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Office | and | Motor | Computer |
| equipment | fittings | vehicles | hardware | 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 |
| 7. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 January 2024 |
| and 31 December 2024 |
| PROVISIONS |
| At 1 January 2024 |
| and 31 December 2024 | 422,818 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 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: |
| Registered office: Spaces Ealing Aurora, 71-75 Uxbridge Road Ealing, London, W5 5SL |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2024 | 2023 |
| £ | £ |
| Aggregate capital and reserves |
| 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. |
| Registered office: Spaces Ealing Aurora, C/o Specialised Travel Ltd, 71-75 Uxbridge Road Ealing, London, W5 5SL |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2024 | 2023 |
| £ | £ |
| Aggregate capital and reserves |
| Registered office: Spaces Ealing Aurora, C/o Specialised Travel Ltd, 71-75 Uxbridge Road Ealing, London, W5 5SL |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2024 | 2023 |
| £ | £ |
| Aggregate capital and reserves |
| 8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Social security and other taxes |
| Other debtors and prepayments |
| 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) |
| Trade creditors |
| Social security and other taxes |
| Other creditors | - | 5,076 |
| Directors' current accounts |
| Accruals and deferred income |
| 11. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans (see note 12) |
| Trade creditors |
| Amounts owed to group undertakings |
| Directors loan facility | 282,097 | 291,375 |
| 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 |
| Amounts falling due between one and two years: |
| Bank loans- 1-2 years |
| Amounts falling due between two and five years: |
| Bank loans - 2-5 years |
| 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 |
| Between one and five years |
| 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 |
| 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: | £ | £ |
| 'A' Ordinary | £1 | 142,000 | 142,000 |
| '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. |
| for and on behalf of |
| 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 |