Caseware UK (AP4) 2023.0.135 2023.0.135 2024-10-312024-10-312024-10-3102023-11-01falseTour operator activities0falsetruefalse 02104689 2023-11-01 2024-10-31 02104689 2022-11-01 2023-10-31 02104689 2024-10-31 02104689 2023-10-31 02104689 2022-11-01 02104689 1 2023-11-01 2024-10-31 02104689 1 2023-11-01 2024-10-31 02104689 e:Director1 2023-11-01 2024-10-31 02104689 d:Buildings 2023-11-01 2024-10-31 02104689 d:MotorVehicles 2023-11-01 2024-10-31 02104689 d:FurnitureFittings 2023-11-01 2024-10-31 02104689 d:OfficeEquipment 2023-11-01 2024-10-31 02104689 d:CurrentFinancialInstruments 2024-10-31 02104689 d:CurrentFinancialInstruments 2023-10-31 02104689 d:CurrentFinancialInstruments 6 2024-10-31 02104689 d:CurrentFinancialInstruments 6 2023-10-31 02104689 d:Non-currentFinancialInstruments 2024-10-31 02104689 d:Non-currentFinancialInstruments 2023-10-31 02104689 d:CurrentFinancialInstruments d:WithinOneYear 2024-10-31 02104689 d:CurrentFinancialInstruments d:WithinOneYear 2023-10-31 02104689 d:Non-currentFinancialInstruments d:AfterOneYear 2024-10-31 02104689 d:Non-currentFinancialInstruments d:AfterOneYear 2023-10-31 02104689 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-10-31 02104689 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-10-31 02104689 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-10-31 02104689 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-10-31 02104689 d:ShareCapital 2024-10-31 02104689 d:ShareCapital 2023-10-31 02104689 d:ShareCapital 2022-11-01 02104689 d:RevaluationReserve 2023-11-01 2024-10-31 02104689 d:RevaluationReserve 2024-10-31 02104689 d:RevaluationReserve 1 2023-11-01 2024-10-31 02104689 d:RevaluationReserve 2022-11-01 2023-10-31 02104689 d:RevaluationReserve 2023-10-31 02104689 d:RevaluationReserve 2022-11-01 02104689 d:OtherMiscellaneousReserve 2023-11-01 2024-10-31 02104689 d:OtherMiscellaneousReserve 2024-10-31 02104689 d:OtherMiscellaneousReserve 1 2023-11-01 2024-10-31 02104689 d:OtherMiscellaneousReserve 2022-11-01 2023-10-31 02104689 d:OtherMiscellaneousReserve 2023-10-31 02104689 d:OtherMiscellaneousReserve 2022-11-01 02104689 d:RetainedEarningsAccumulatedLosses 2023-11-01 2024-10-31 02104689 d:RetainedEarningsAccumulatedLosses 2024-10-31 02104689 d:RetainedEarningsAccumulatedLosses 1 2023-11-01 2024-10-31 02104689 d:RetainedEarningsAccumulatedLosses 2022-11-01 2023-10-31 02104689 d:RetainedEarningsAccumulatedLosses 2023-10-31 02104689 d:RetainedEarningsAccumulatedLosses 2022-11-01 02104689 d:AcceleratedTaxDepreciationDeferredTax 2024-10-31 02104689 d:AcceleratedTaxDepreciationDeferredTax 2023-10-31 02104689 d:TaxLossesCarry-forwardsDeferredTax 2024-10-31 02104689 d:TaxLossesCarry-forwardsDeferredTax 2023-10-31 02104689 d:RetirementBenefitObligationsDeferredTax 2024-10-31 02104689 d:RetirementBenefitObligationsDeferredTax 2023-10-31 02104689 e:OrdinaryShareClass1 2023-11-01 2024-10-31 02104689 e:OrdinaryShareClass1 2024-10-31 02104689 e:OrdinaryShareClass1 2023-10-31 02104689 e:FRS102 2023-11-01 2024-10-31 02104689 e:Audited 2023-11-01 2024-10-31 02104689 e:FullAccounts 2023-11-01 2024-10-31 02104689 e:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 02104689 d:Subsidiary1 2023-11-01 2024-10-31 02104689 d:Subsidiary1 1 2023-11-01 2024-10-31 02104689 e:SmallCompaniesRegimeForAccounts 2023-11-01 2024-10-31 02104689 e:Consolidated 2024-10-31 02104689 e:ConsolidatedGroupCompanyAccounts 2023-11-01 2024-10-31 02104689 2 2023-11-01 2024-10-31 02104689 5 2023-11-01 2024-10-31 02104689 9 2023-11-01 2024-10-31 02104689 d:ShareCapital 1 2023-11-01 2024-10-31 02104689 f:PoundSterling 2023-11-01 2024-10-31 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 02104689


SAILING HOLIDAYS LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 OCTOBER 2024

 
SAILING HOLIDAYS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SAILING HOLIDAYS LIMITED
UNDER SECTION 449 OF THE COMPANIES ACT 2006
 

Opinion


We have audited the financial statements of Sailing Holidays Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 October 2024, which comprise , the Consolidated Statement of Financial Position, the Company Statement of Financial Position, 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 31 October 2024 and of the Group's loss 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 1

 
SAILING HOLIDAYS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SAILING HOLIDAYS LIMITED (CONTINUED)
UNDER SECTION 449 OF THE COMPANIES ACT 2006


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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' Report has 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 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; or


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 1, 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
 
Page 2

 
SAILING HOLIDAYS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SAILING HOLIDAYS LIMITED (CONTINUED)
UNDER SECTION 449 OF THE COMPANIES ACT 2006



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 financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

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
 
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 Company’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, ABTA, ABTOT, 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.

 
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
Page 3

 
SAILING HOLIDAYS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SAILING HOLIDAYS LIMITED (CONTINUED)
UNDER SECTION 449 OF THE COMPANIES ACT 2006


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.





Karanjit Gill (Senior Statutory Auditor)
  
for and on behalf of
Xeinadin Audit Limited
 
Chartered Accountants and Statutory Auditor
  
Becket House
36 Old Jewry
London
EC2R 8DD

24 February 2025
Page 4

 
SAILING HOLIDAYS LIMITED
REGISTERED NUMBER: 02104689

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 5 
-
39,025

Tangible assets
 6 
4,744,394
5,566,234

  
4,744,394
5,605,259

Current assets
  

Stocks
 8 
1,449,801
1,523,179

Debtors: amounts falling due within one year
 9 
218,842
829,604

Cash at bank and in hand
 10 
533,238
273,564

  
2,201,881
2,626,347

Creditors: amounts falling due within one year
 11 
(1,375,916)
(1,624,068)

Net current assets
  
 
 
825,965
 
 
1,002,279

Total assets less current liabilities
  
5,570,359
6,607,538

Creditors: amounts falling due after more than one year
 12 
(1,184,826)
(1,697,306)

Provisions for liabilities
  

Deferred taxation
 15 
(93,644)
(11,942)

Net assets
  
 
 
4,291,889
 
 
4,898,290


Capital and reserves
  

Called up share capital 
 16 
30,000
30,000

Revaluation reserve
 17 
2,814,450
3,116,495

Other reserves
 17 
(768)
-

Profit and loss account
 17 
1,448,207
1,751,795

  
4,291,889
4,898,290


Page 5

 
SAILING HOLIDAYS LIMITED
REGISTERED NUMBER: 02104689
    
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 OCTOBER 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the consolidated statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

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




B E Neilson
Director

Date: 24 February 2025

The notes on pages 11 to 28 form part of these financial statements.

Page 6

 
SAILING HOLIDAYS LIMITED
REGISTERED NUMBER: 02104689

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 5 
-
39,025

Tangible assets
 6 
4,744,394
5,566,234

Investments
 7 
2,000
2,000

  
4,746,394
5,607,259

Current assets
  

Stocks
 8 
1,449,801
1,523,179

Debtors: amounts falling due within one year
 9 
218,842
829,604

Cash at bank and in hand
 10 
533,238
273,564

  
2,201,881
2,626,347

Creditors: amounts falling due within one year
 11 
(1,375,916)
(1,624,068)

Net current assets
  
 
 
825,965
 
 
1,002,279

Total assets less current liabilities
  
5,572,359
6,609,538

  

Creditors: amounts falling due after more than one year
 12 
(1,184,826)
(1,697,306)

Provisions for liabilities
  

Deferred taxation
 15 
(93,644)
(11,942)

Net assets
  
 
 
4,293,889
 
 
4,900,290


Capital and reserves
  

Called up share capital 
 16 
30,000
30,000

Revaluation reserve
 17 
2,814,450
3,116,495

Other reserves
 17 
(768)
-

Profit and loss account
 17 
1,450,207
1,753,795

  
4,293,889
4,900,290


Page 7

 
SAILING HOLIDAYS LIMITED
REGISTERED NUMBER: 02104689
    
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 OCTOBER 2024

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The Company has opted not to file the consolidated statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

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


B E Neilson
Director

Date: 24 February 2025

The notes on pages 11 to 28 form part of these financial statements.

Page 8

 
SAILING HOLIDAYS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024


Called up share capital
Revaluation reserve
Other reserves
Profit and loss account
Total equity

£
£
£
£
£


At 1 November 2022
30,000
3,116,495
(1,381)
1,381,965
4,527,079


Comprehensive income for the year

Profit for the year
-
-
-
369,830
369,830


Contributions by and distributions to owners

Transfer to/from profit and loss account
-
-
1,381
-
1,381



At 1 November 2023
30,000
3,116,495
-
1,751,795
4,898,290


Comprehensive income for the year

Loss for the year
-
-
-
(605,633)
(605,633)

Transfer to/from profit and loss account
-
(302,045)
-
302,045
-

Hedging adjustments
-
-
(768)
-
(768)


At 31 October 2024
30,000
2,814,450
(768)
1,448,207
4,291,889


The notes on pages 11 to 28 form part of these financial statements.

Page 9

 
SAILING HOLIDAYS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024


Called up share capital
Revaluation reserve
Other reserves
Profit and loss account
Total equity

£
£
£
£
£


At 1 November 2022
30,000
3,116,495
(1,381)
1,383,965
4,529,079


Comprehensive income for the year

Profit for the year
-
-
-
369,830
369,830


Contributions by and distributions to owners

Transfer to/from profit and loss account
-
-
1,381
-
1,381



At 1 November 2023
30,000
3,116,495
-
1,753,795
4,900,290


Comprehensive income for the year

Loss for the year
-
-
-
(605,633)
(605,633)

Transfer to/from profit and loss account
-
(302,045)
-
302,045
-

Hedging adjustments
-
-
(768)
-
(768)


At 31 October 2024
30,000
2,814,450
(768)
1,450,207
4,293,889


The notes on pages 11 to 28 form part of these financial statements.

Page 10

 
SAILING HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

1.


General information

Sailing Holidays Limited is a private company limited by shares incorporated in England and Wales. The registration number is 02104689.
The address of the registered office is given in the company information page of these financial statements. 
The nature of the company's operations and principal activities are recorded in the Strategic Report and the directors report.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The consolidated financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The amounts in the financial statements have been rounded to the nearest pound.

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

Revenue

Turnover represents amounts receivable from the sale of tours and other services supplied to customers net of VAT and arises primarily in the United Kingdom. Revenue and expenses relating to tours are taken to the profit and loss account on departure and the related costs of distribution and of providing the holidays and flights are charged to the profit and loss account on the same basis.

  
2.3

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 11

 
SAILING HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.4

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'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.5

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.

 
2.6

Leased assets: the Group as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.7

Interest income

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

Page 12

 
SAILING HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
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. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
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 13

 
SAILING HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.11

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model 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:

Yachts
-
7.5% straight line
Motor vehicles
-
25% straight line
Fixtures and fittings
-
25% straight line
Office equipment
-
10% straight line

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

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

Page 14

 
SAILING HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

  
2.14

Stocks

Stock represents yacht spare parts, engines, sails and various consumables. Stock is stated at the lower of cost and net realisable value, being estimated selling price less costs to complete and sell.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.16

Cash and cash equivalents

Cash is represented by cash in hand 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.

 
2.17

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.

  
2.18

Provisions for liabilities

Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

 
2.19

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Statement of Financial Position when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Page 15

 
SAILING HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)


2.19
Financial instruments (continued)

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Page 16

 
SAILING HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)


2.19
Financial instruments (continued)


Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

 
2.20

Hedge accounting

The Group uses foreign currency forward contracts to manage its exposure to cash flow risk on its foreign currency payments. These derivatives are measured at fair value at each reporting date.

To the extent the cash flow hedge is effective, movements in fair value are recognised in other comprehensive income and presented in a separate cash flow hedge reserve. Any ineffective portions of those movements are recognised in profit or loss for the year.

Gains and losses on the hedging instruments and the hedged items are recognised in profit or loss for the year. When a hedged item is an unrecognised firm commitment, the cumulative hedging gain or loss on the hedged item is recognised as an asset or liability with a corresponding gain or loss recognised in profit or loss.

Page 17

 
SAILING HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

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 recognised to be relevant. Actual results may differ from these estimates. These estimates include:
Depreciation
The annual depreciation charge for tangible assets is sensitive due to the material nature of the value of fixed assets. The depreciation rates are reviewed annually to ensure they are appropriate for the type of asset. Assets are reviewed for impairment on an annual basis.
Obsolete Stock Provision
For stock held at the year end, a discount of 3% is included in the financial statements. This is to account for any old or obsolete stock held.
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 revision and future periods where the revision affects both current and future periods.
Critical judgements
The directors are of the view that there are no critical judgements that have had a significant effect on the amounts recognised in the financial statements.


4.


Employees

The average monthly number of employees, including directors, during the year was 48 (2023 - 56).

Page 18

 
SAILING HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

5.


Intangible assets

Group and Company





Computer software

£





At 1 November 2023
39,025


Impairment
(39,025)



At 31 October 2024

-






Net book value



At 31 October 2024
-



At 31 October 2023
39,025






Page 19

 
SAILING HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

6.


Tangible fixed assets

Group and Company






Yachts
Motor vehicles
Fixtures and fittings
Imp'nts to property
Total

£
£
£
£
£



Cost or valuation


At 1 November 2023
8,915,315
336,943
201,527
144,693
9,598,478


Additions
-
-
2,802
-
2,802


Disposals
(346,788)
(114,630)
-
-
(461,418)



At 31 October 2024

8,568,527
222,313
204,329
144,693
9,139,862



Depreciation


At 1 November 2023
3,411,812
336,943
200,516
82,973
4,032,244


Charge for the year on owned assets
429,545
-
622
13,398
443,565


Charge for the year on financed assets
213,094
-
-
-
213,094


Disposals
(178,805)
(114,630)
-
-
(293,435)



At 31 October 2024

3,875,646
222,313
201,138
96,371
4,395,468



Net book value



At 31 October 2024
4,692,881
-
3,191
48,322
4,744,394



At 31 October 2023
5,503,503
-
1,011
61,720
5,566,234

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Yachts
1,692,718
1,905,812

Page 20

 
SAILING HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
Cost or valuation at 31 October 2024 is as follows:

Yachts
£


At cost
8,283,106
At valuation:

July 2021
285,421



8,568,527

If the yachts had not been included at valuation they would have been included under the historical cost convention as follows:

2024
2023
£
£

Group


Cost
9,608,904
10,108,730

Accumulated depreciation
(7,828,665)
(7,907,319)

Net book value
1,780,239
2,201,411

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Yachts
1,692,718
1,905,812


7.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 November 2023
2,000



At 31 October 2024
2,000




Page 21

 
SAILING HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Sailing Holidays (Flights) Limited
105 Mt Pleasant Road, London, NW10 3EH
Ordinary
99.95%


8.


Stocks

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

Finished goods and goods for resale
1,449,801
1,523,179
1,449,801
1,523,179


The difference between purchase price or production cost of stocks and their replacement cost is not material.


9.


Debtors

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


Other debtors
10,235
635,089
10,235
635,089

Prepayments and accrued income
208,607
194,515
208,607
194,515

218,842
829,604
218,842
829,604


Included within prepayments and accrued income is £131,535 (2023: £138,177) of advance payments to suppliers in relation to bookings departing after the balance sheet date.


10.


Cash and cash equivalents

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

Cash at bank and in hand
533,238
273,564
533,238
273,564


Page 22

 
SAILING HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

11.


Creditors: Amounts falling due within one year

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

Bank loans
509,900
590,929
509,900
590,929

Trade creditors
71,946
170,527
71,946
170,527

Other taxation and social security
14,703
15,718
14,703
15,718

Obligations under finance lease and hire purchase contracts
-
36,472
-
36,472

Other creditors
1,687
3,771
1,687
3,771

Accruals and deferred income
775,988
806,651
775,988
806,651

Financial instruments
1,692
-
1,692
-

1,375,916
1,624,068
1,375,916
1,624,068


Included within accruals and deferred income is £719,225 (2023: £717,860) of advance receipts from customers in relation to bookings departing after the balance sheet date.
The bank loan is secured by way of a fixed and floating charge over all the property of the company.


12.


Creditors: Amounts falling due after more than one year

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

Bank loans
245,972
758,452
245,972
758,452

Other creditors
938,854
938,854
938,854
938,854

1,184,826
1,697,306
1,184,826
1,697,306


Other creditors includes £938,000 that has subordinated in accordance with the terms set out by the Civil Aviation Authority (CAA). This means the £938,000 cannot be repaid whilst Sailing Holidays Limited holds an Air Travel Organisers licence unless written consent has been received from the CAA.

Page 23

 
SAILING HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

13.


Loans


Analysis of the maturity of loans is given below:


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

Amounts falling due within one year

Bank loans
509,900
590,929
509,900
590,929

Amounts falling due 1-2 years

Bank loans
245,972
498,566
245,972
498,566

Amounts falling due 2-5 years

Bank loans
-
259,886
-
259,886


755,872
1,349,381
755,872
1,349,381



14.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2024
2023
£
£

Within one year
-
36,472

Page 24

 
SAILING HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

15.


Deferred taxation


Group



2024
2023


£

£






At beginning of year
(11,942)
111,334


Charged to profit or loss
(81,702)
(123,276)



At end of year
(93,644)
(11,942)

Company


2024
2023


£

£






At beginning of year
(11,942)
111,334


Charged to profit or loss
(81,702)
(123,276)



At end of year
(93,644)
(11,942)

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

Accelerated capital allowances
(306,074)
(230,923)
(306,074)
(230,923)

Tax losses carried forward
212,172
218,787
212,172
218,787

Short term timing differences
258
194
258
194

(93,644)
(11,942)
(93,644)
(11,942)


16.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



30,000 (2023 - 30,000) Ordinary shares of £1.00 each
30,000
30,000


Page 25

 
SAILING HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

17.


Reserves

Revaluation reserve

Revaluation reserve records the surplus arising on the valuation of yachts held by the company in current and prior years.

Cash flow hedge reserve

Included within the cash flow hedge reserve is £768 (2023: £nil) of unrealised losses which are non-distributable.

Profit and loss account

Profit and loss includes all current and prior periods retained profit. Included within the profit and loss account, there are no non-distributable reserves.


18.


Contingent liabilities

The Company currently holds an Air Travel Organisers' License ('ATOL') issued by the Civil Aviation Authority ('CAA'), is a member of the Association of British Travel Agents Limited ('ABTA').

In order to offer air inclusive package holidays, the group requires the annual renewal by the CAA of its ATOL license. The CAA awards this on the basis of meeting agreed financial citeria and renews this in March (effective April) each year. The group has complied with the requirements agreed with the CAA during the years presented in these financial statements and subsequent to 31 October 2024. The directors see no reason why the ATOL license wil not be renewed in March 2025.


19.


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 £37,849 (2023: £36,110). There was a balance of £1,687 (2023: £3,771) due at the balance sheet date.


20.


Cash flow hedging

The group enters into forward foreign currency contracts to mitigate the exchange rate risk for certain foreign currency payables. At 31 October 2024, the outstanding contracts all mature within 4 months of the year end. The group is committed to buy €1,500,002 and pay a fixed sterling amount (2023: €nil).
At 31 October 2024, the group had €1,500,002 Forward Exchange Contracts that it designated as cash flow hedges of highly probably foreign currency payments to suppliers for firm commitments in future periods. These contracts are entered into to minimise the group's exposure to foreign exchange risk, between the prices agreed when a customer booking is made and when the supplier is paid.
The following table summarises the foreign currency cash flow hedging instruments in place as at 31 October 2024:

Page 26

 
SAILING HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

Foreign currency cash flow hedging instruments

2024 Amount (EUR €)
2024 Gain/(Loss) (GBP £)
2023 Amount (EUR €)
2023 Gain/(Loss) (GBP £)
£
£
£
£
Total euros

1,500,002

(1,692)

-
 
-
 

The following table summarises the expected timing and amounts of the forecast future cash flows, which will be recognised in the income statement in the same period in which the cash flows occur.

2024
2023
£
£
Determination period
November - January

(2,237)

-
 
February - April

545

-
 
(1,692)

-
 

The following table, summarises the recognised net gains/(losses) on forward currency cash flow hedging instruments:

2024
2023
£
£
Reflected in other comprehensive income
Effective - (other comprehensive income)

(768)

-
 

2024
2023
£
£
Reflected in income statement for the year
Ineffective - current year

(924)

-
 


21.


Commitments under operating leases

The Group and the Company had no commitments under non-cancellable operating leases at the reporting date.


22.


Related party transactions

The Group occupies premises owned by its pension scheme. During the year the Group paid £72,500 (2023: £72,500) as rent to the scheme. At the balance sheet date, further rent of £nil (2023: £nil) had been accrued and is included within creditors.
During the year the directors introduced funds of £nil (2023: £nil) earning interest of £28,165 (2023: £28,356), and were repaid £28,365 (2023: £nil). At the year end the balance on the directors' loan account was £938,854 (2023: £938,854) due from the Group.

Page 27

 
SAILING HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

23.


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 Company.


24.


Controlling party

B E Neilson and H S Neilson, are directors of the Group and are the ultimate controlling party by way of their shareholding in the Group.


25.


Auditors' information

The auditors' report on the financial statements for the year ended 31 October 2024 was unqualified.

The audit report was signed on 24 February 2025 by Karanjit Gill (Senior Statutory Auditor) on behalf of Xeinadin Audit Limited.

 
Page 28