Caseware UK (AP4) 2023.0.135 2023.0.135 2024-12-312024-12-311truetrue2024-01-011falseNo description of principal activitytruefalsefalse 06969930 2024-01-01 2024-12-31 06969930 2023-01-01 2023-12-31 06969930 2024-12-31 06969930 2023-12-31 06969930 2023-01-01 06969930 1 2024-01-01 2024-12-31 06969930 1 2023-01-01 2023-12-31 06969930 d:Director1 2024-01-01 2024-12-31 06969930 d:RegisteredOffice 2024-01-01 2024-12-31 06969930 e:ComputerEquipment 2024-01-01 2024-12-31 06969930 e:ComputerEquipment 2024-12-31 06969930 e:ComputerEquipment 2023-12-31 06969930 e:ComputerEquipment e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 06969930 e:CurrentFinancialInstruments 2024-12-31 06969930 e:CurrentFinancialInstruments 2023-12-31 06969930 e:Non-currentFinancialInstruments 2024-12-31 06969930 e:Non-currentFinancialInstruments 2023-12-31 06969930 e:CurrentFinancialInstruments e:WithinOneYear 2024-12-31 06969930 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 06969930 e:Non-currentFinancialInstruments e:AfterOneYear 2024-12-31 06969930 e:Non-currentFinancialInstruments e:AfterOneYear 2023-12-31 06969930 e:ReportableOperatingSegment1 2024-01-01 2024-12-31 06969930 e:ReportableOperatingSegment1 2023-01-01 2023-12-31 06969930 e:ReportableOperatingSegment2 2024-01-01 2024-12-31 06969930 e:ReportableOperatingSegment2 2023-01-01 2023-12-31 06969930 f:UnitedKingdom 2024-01-01 2024-12-31 06969930 f:UnitedKingdom 2023-01-01 2023-12-31 06969930 f:RestEuropeOutsideUK 2024-01-01 2024-12-31 06969930 f:RestEuropeOutsideUK 2023-01-01 2023-12-31 06969930 f:RestWorldOutsideUK 2024-01-01 2024-12-31 06969930 f:RestWorldOutsideUK 2023-01-01 2023-12-31 06969930 e:ShareCapital 2024-12-31 06969930 e:ShareCapital 2023-12-31 06969930 e:ShareCapital 2023-01-01 06969930 e:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 06969930 e:RetainedEarningsAccumulatedLosses 2024-12-31 06969930 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 06969930 e:RetainedEarningsAccumulatedLosses 2023-12-31 06969930 e:RetainedEarningsAccumulatedLosses 2023-01-01 06969930 e:AcceleratedTaxDepreciationDeferredTax 2024-12-31 06969930 e:AcceleratedTaxDepreciationDeferredTax 2023-12-31 06969930 e:TaxLossesCarry-forwardsDeferredTax 2024-12-31 06969930 e:TaxLossesCarry-forwardsDeferredTax 2023-12-31 06969930 d:OrdinaryShareClass1 2024-01-01 2024-12-31 06969930 d:OrdinaryShareClass1 2024-12-31 06969930 d:OrdinaryShareClass1 2023-12-31 06969930 d:FRS102 2024-01-01 2024-12-31 06969930 d:Audited 2024-01-01 2024-12-31 06969930 d:FullAccounts 2024-01-01 2024-12-31 06969930 d:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 06969930 e:EntityControlledByKeyManagementPersonnel1 2024-01-01 2024-12-31 06969930 e:EntityControlledByKeyManagementPersonnel1 2024-12-31 06969930 e:EntityControlledByKeyManagementPersonnel1 2023-12-31 06969930 2 2024-01-01 2024-12-31 06969930 g:PoundSterling 2024-01-01 2024-12-31 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 06969930


VOYAGE PRIVE UK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

 
VOYAGE PRIVE UK LIMITED
 
 
COMPANY INFORMATION


Director
C Guilhamon 




Registered number
06969930



Registered office
8th Floor
Becket House

36 Old Jewry

London

EC2R 8DD




Independent auditors
Xeinadin Audit Limited
Chartered Accountants & Statutory Auditors

8th Floor

Becket House

36 Old Jewry

London

EC2R 8DD





 
VOYAGE PRIVE UK LIMITED
 

CONTENTS



Page
Strategic report
1 - 2
Director's report
3 - 4
Independent auditors' report
5 - 8
Statement of comprehensive income
9
Statement of financial position
10
Statement of changes in equity
11
Notes to the financial statements
12 - 26

 
VOYAGE PRIVE UK LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The principal activity of the company is online travel agency.
The revenue for 2024 was £43,986,731, with an increase of 10% compared to 2023 (£40,163,296). The gross profit has reached at year-end 2024 an overall amount of £9,712,837 (2023: £7,623,654) with a profit after tax for the financial year amounting to £3,448,021 (2023: £1,379,085).

Business review
 
The Company’s revenue includes turnover of its tour operating activities as well as the revenue related to its agency business.
2024 has been marked by a good performance with £67,769k of total transactional value achieved (based on booking dates). Trading volumes of 2019 have not been exceeded yet as the environment becomes even more complex with economic and geopolitical uncertainties, fluctuating risks on geographical areas, and a dependency with hotels and airlines execution.
Significant levels of growth have however been reached in 2024 with an increase of initial travel revenues of +10% compared to 2023, while cancellations rates have been controlled. Acquisition expenses have been pursued as well up to £ 2,979k to keep developing local visibility.
The operating result of 2024 reaches at year end £3,244,035 (£928,070 in 2023). The Company has reviewed and reduced its operational costs, while continuing revenue growth, which has significantly improved its profitability ratio.
 
The company’s year-end cash at bank and current asset investments remain strong, totalling £11,327,968. This healthy financial position is further supported by ongoing backing from its parent company, VPG SAS.

Principal risks and uncertainties
 
Industry-related Risks
Business is subject to certain risks, including dependency on key travel suppliers - mainly Tour Operators and airlines - as well as exposure to risks associated with online commerce security and credit card fraud.
The tourism sector is regulated and entails a certain degree of responsibility for travel agents. The Company manages its exposure through professional liability insurance policies.
The Company might also be affected by the overall geopolitical instabilities that could lead to unexpected changes in customers’ demand. Natural disasters, pandemics are also part of the risks we can face as shown by the Covid-19 crisis back in March 2020.

Liquidity Risk
The Company invests excess cash generated by its structurally negative working capital requirement into high-quality financial assets. Management focuses on maintaining an operational cash flow, before financing the working capital requirement, that is sufficient to fund the Company's growth.
The Company currently has no external long-term debt. Its exposure to interest rate risk is limited since the vast majority of its cash and cash equivalents have short-term maturities.

 
Page 1

 
VOYAGE PRIVE UK LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Foreign Exchange Risk
The Group’s net revenue are primarily denominated in GBP. Some supplier payments, depending on the travel destination and regardless of the country where the booking was made, are denominated in different currencies.
To reduce the exchange rate risk on transactions denominated in foreign currencies, the Group has implemented optimization solutions. One such solution includes the use of hedging instruments, mainly through forward contracts, to cover payment needs in USD.
 
Financial key performance indicators
 
In our industry, the main key performance indicators include the number of members in our databases & audience engagement. These are measured by website and application traffic and conversion rates (bookings as a proportion of traffic). Internally, the primary metric remains total transactional value based on booking dates, which amounted to £67,769k in 2024.
Given the company’s low capital expenditure, EBITDA is not used as a key performance indicator. Instead, management monitors operating profit on a monthly basis. See business review section above for the operating profit in 2024 and 2023.


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



C Guilhamon
Director

Date: 23 June 2025
Page 2

 
VOYAGE PRIVE UK LIMITED
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The director presents his report and the financial statements for the year ended 31 December 2024.

Director's responsibilities statement

The director is responsible for preparing the Strategic report, the Director's report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the director is required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable him to ensure that the financial statements comply with the Companies Act 2006He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £3,448,021 (2023 - £1,379,085).

There were no dividends paid during the year (2023: £nil).

Director

The director who served during the year was:

C Guilhamon 

Page 3

 
VOYAGE PRIVE UK LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Future developments

The overall trend to increase digitalization in the travel industry will continue to support our growth in the future and we remain reasonability optimistic for the year to come.
Voyage Privé brand has now a good recognition in travel industry amongst online holidays markers with a good performance on customer satisfaction generating recurring business.
Growth has been sustained in 2025, with total transactional value by booking date reaching £31,069k by the end of May (compared to £27,568k in the same period of 2024), representing a 12.7% year-on-year increase. Marketing efforts have been strengthened in 2025, with total spend to date of £1,645k. This includes £584k invested in local TV advertising - an increase of 74% compared to the same period in 2024.
Thus, the Company remains well placed to deliver further profitable growth in the year and gain market share in the UK, supported by a strengthened Voyage Privé brand and operational excellence across the Group.

Disclosure of information to auditors

The director at the time when this Director's report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the Company's auditors are unaware, and

he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

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

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





C Guilhamon
Director

Date: 23 June 2025
Page 4

 
VOYAGE PRIVE UK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VOYAGE PRIVE UK LIMITED
 

Opinion


We have audited the financial statements of Voyage Prive UK Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of comprehensive income, the Statement of financial position, the 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 Company's affairs as at 31 December 2024 and of its 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 Company 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 director's 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 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 director with respect to going concern are described in the relevant sections of this report.


Page 5

 
VOYAGE PRIVE UK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VOYAGE PRIVE UK LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The director is 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 Strategic report and the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Director's report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Director's 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, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's 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 Director's responsibilities statement set out on page 3, the director is 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 director determines 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 director is responsible for assessing the 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 director either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
Page 6

 
VOYAGE PRIVE UK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VOYAGE PRIVE UK LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these 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;
Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;
Enquiry of management and those charged with governance to identify any instances of non-compliance with laws and regulations;

The potential effect of these laws and regulations on the financial statements varies considerably.
Firstly, the Company 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 Company 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, ATOL, ABTA and IATA compliance recognising the nature of the Company'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 o operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detec 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 Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
Page 7

 
VOYAGE PRIVE UK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VOYAGE PRIVE UK LIMITED (CONTINUED)


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

23 June 2025
Page 8

 
VOYAGE PRIVE UK LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
43,986,731
40,163,296

Cost of sales
  
(34,273,894)
(32,539,642)

Gross profit
  
9,712,837
7,623,654

Administrative expenses
  
(7,060,300)
(7,060,076)

Other operating income
  
395,632
364,492

Fair value movements
  
195,866
-

Operating profit
 5 
3,244,035
928,070

Income from fixed assets investments
  
44,662
-

Interest receivable and similar income
 9 
272,215
536,529

Interest payable and similar expenses
 10 
(113,203)
(85,193)

Profit before tax
  
3,447,709
1,379,406

Tax on profit
 11 
312
(321)

Profit for the financial year
  
3,448,021
1,379,085

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

The notes on pages 12 to 26 form part of these financial statements.
Page 9

 
VOYAGE PRIVE UK LIMITED
REGISTERED NUMBER: 06969930

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
35
1,363

  
35
1,363

Current assets
  

Debtors
 13 
5,043,525
3,629,931

Current asset investments
 14 
9,020,771
-

Cash at bank and in hand
 15 
2,503,063
9,066,416

  
16,567,359
12,696,347

Creditors: amounts falling due within one year
 16 
(15,020,517)
(12,974,804)

Net current assets/(liabilities)
  
 
 
1,546,842
 
 
(278,457)

Total assets less current liabilities
  
1,546,877
(277,094)

Creditors: amounts falling due after more than one year
 17 
(244,665)
(1,868,403)

Provisions for liabilities
  

Deferred tax
 18 
(9)
(321)

  
 
 
(9)
 
 
(321)

Net assets/(liabilities)
  
1,302,203
(2,145,818)


Capital and reserves
  

Called up share capital 
 19 
6,220,001
6,220,001

Profit and loss account
 20 
(4,917,798)
(8,365,819)

  
1,302,203
(2,145,818)


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 June 2025.




C Guilhamon
Director

The notes on pages 12 to 26 form part of these financial statements.
Page 10

 
VOYAGE PRIVE UK LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2023
6,220,001
(9,744,904)
(3,524,903)


Comprehensive income for the year

Profit for the year
-
1,379,085
1,379,085



At 1 January 2024
6,220,001
(8,365,819)
(2,145,818)


Comprehensive income for the year

Profit for the year
-
3,448,021
3,448,021


At 31 December 2024
6,220,001
(4,917,798)
1,302,203


The notes on pages 12 to 26 form part of these financial statements.
Page 11

 
VOYAGE PRIVE UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Voyage Prive UK Limited is a membership based, online travel agency which provides travel related services.
The Company is a private company, limited by shares, and is incorporated in England and Wales, United Kingdom.
The address of its registered office is disclosed on the Company Information page of these financial statements.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).

This information is included in the consolidated financial statements of VPG SAS as at 31 December 2024 and these financial statements may be obtained from 330 Rue Pascal Duverger, 13090 Aix-en-Provence, France.

 
2.3

Going concern

The directors have received confirmation of continued financial support from the group and are confident that the company will have adequate resources to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements.
Accordingly, the financial statements have been prepared on a going concern basis.

Page 12

 
VOYAGE PRIVE UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company'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.

 
2.5

Revenue

Turnover includes aggregate amount of net commission and similar earnings receivable in respect of travel agency activities and gross revenue derived from tour operations carried out in principle activity.
Turnover represents amounts receivable for the sale of travel related services to members of the company net of VAT and trade discount.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Booking fees is recognised on a booking date basis and all other revenue is recognised on a departure date basis.

 
2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.7

Interest income

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

Page 13

 
VOYAGE PRIVE UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 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 Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan 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 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 Company 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 operates and generates 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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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.


  
2.11

Advance bookings

All amounts received from customers relating to holidays with departures after the year end are disclosed under accruals and deferred income.
All amounts paid to suppliers relating to holidays with departures after the year end are disclosed under prepayments and accrued income.

Page 14

 
VOYAGE PRIVE UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
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:

Computer equipment
-
33% straight line basis

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

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.

 
2.14

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.

 
2.15

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.
 
2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.17

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Page 15

 
VOYAGE PRIVE UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.17
Financial instruments (continued)


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.

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 Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

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. 



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.

Basic 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 Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans 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
Page 16

 
VOYAGE PRIVE UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.17
Financial instruments (continued)

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.

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 Company 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 Company 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 Company's contractual obligations expire or are discharged or cancelled.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Judgements 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 historical experience and other factors that are recognised 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 revision and future periods where the revision affects both current and future periods. 
The directors are of the view that there are no critical judgements that have had a significant effect on that amounts recognised in the financial statements.

 

Page 17

 
VOYAGE PRIVE UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Tour operator
41,237,062
37,733,064

Agent commission
2,749,669
2,430,232

43,986,731
40,163,296


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
1,104,651
1,426,174

Rest of Europe
20,834,272
20,277,382

Rest of the world
22,047,808
18,459,740

43,986,731
40,163,296



5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation
1,328
1,298

Exchange differences
272,470
94,221


6.


Auditors' remuneration

2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
17,500
14,000

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 18

 
VOYAGE PRIVE UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Employees

Staff costs were as follows:


2024
2023
£
£

Wages and salaries
46,619
37,848

Social security costs
5,178
3,968

Cost of defined contribution scheme
1,197
948

52,994
42,764


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


        2024
        2023
            No.
            No.







Average number of employees
1
1


8.


Income from investments

2024
2023
£
£

Income from fixed asset investments
44,662
-

44,662
-







9.


Interest receivable

2024
2023
£
£


Other interest receivable
272,215
536,529

272,215
536,529

Page 19

 
VOYAGE PRIVE UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Interest payable and similar expenses

2024
2023
£
£


Loans from group undertakings
113,203
85,193

113,203
85,193


11.


Taxation


2024
2023
£
£



Total current tax
-
-

Deferred tax


Origination and reversal of timing differences
(312)
321

Total deferred tax
(312)
321


Tax on profit
(312)
321
Page 20

 
VOYAGE PRIVE UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is the same as (2023 - the same as) the standard rate of corporation tax in the UK of 25% (2023 - 25%)) as set out below:

2024
2023
£
£


Profit on ordinary activities before tax
3,447,709
1,379,406


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
861,927
307,268

Effects of:


Remeasurement of deferred tax for changes in tax rates
-
19,845

Use of tax losses where no deferred tax asset recognised
(875,548)
(335,022)

Capital allowances for year in excess of depreciation
-
8,230

Expenses not deductible for tax purposes
13,309
-

Total tax charge for the year
(312)
321


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 21

 
VOYAGE PRIVE UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 January 2024
14,931



At 31 December 2024

14,931



Depreciation


At 1 January 2024
13,568


Charge for the year on owned assets
1,328



At 31 December 2024

14,896



Net book value



At 31 December 2024
35



At 31 December 2023
1,363

Page 22

 
VOYAGE PRIVE UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Debtors


2024
2023
£
£



Other debtors
822,449
656,124

Prepayments and accrued income
4,221,076
2,973,807

5,043,525
3,629,931


Prepayments and accrued incomes included advance payments to suppliers for departures after the balance sheet date amounting to £3,722,033 (2023: £2,820,258).


14.


Current asset investments

2024
2023
£
£

Unlisted investments - purchases
10,900,000
-

Unlisted investments - disposals
(2,075,095)
-

Unlisted investments - revaluations
195,866
-

9,020,771
-



15.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
2,503,063
9,066,416

2,503,063
9,066,416


Page 23

 
VOYAGE PRIVE UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

16.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
2,953,904
2,667,767

Other taxation and social security
886
303,898

Other creditors
488,148
506,029

Accruals and deferred income
11,577,579
9,497,110

15,020,517
12,974,804


Accruals and deferred income includes advance receipts from customers for departures after the balance sheet date amounting to £8,283,595 (2023: £6,940,923).
At the year end the company had an outstanding BSP liability of £170,047.


17.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Amounts owed to group undertakings
244,665
1,868,403

244,665
1,868,403



18.


Deferred taxation




2024
2023


£

£






At beginning of year
(321)
-


Charged to profit or loss
312
(321)



At end of year
(9)
(321)

Page 24

 
VOYAGE PRIVE UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
18.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Fixed asset timing differences
(9)
(341)

Short term timing differences
-
20

(9)
(321)


19.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



6,220,001 (2023 - 6,220,001) Ordinary shares of £1.00 each
6,220,001
6,220,001



20.


Reserves

Profit and loss account

Profit and loss includes all current and prior period retained profits.


21.


Contingent liabilities

The company currently holds an Air Travel Organisers’ License (‘ATOL’) issued by the Civil Aviation Authority (‘CAA’) and a license from ABTA.
As at 31st December 2024, there were contingent liabilities given by the Company's parent company VPG SAS  in the normal course of business in respect of ATOL and ABTA bonds.


22.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £1,197 (2023: £948). Contributions totalling £500 (2023: £186) were payable to the fund at the reporting date.


23.


Commitments under operating leases

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

Page 25

 
VOYAGE PRIVE UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

24.


Related party transactions

The Company has taken advantage of section 33 paragraph 33.1a of FRS 102, which states disclosures need not be given of transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.
At the year end, the company had a balance of £81,105 owed from (2023: £1,540,009 owed to) VPG SAS, the ultimate parent company.
At the year end, the company had a balance of £325,233 (2023: £325,233) owing to Voyage Privé Espana S.I.U, a connected company.


25.


Post balance sheet events

The directors have concluded that no material events have occured since the date of approval of these financial statements that would affect the financial statements of the company.


26.


Controlling party

The ultimate parent company is VPG SAS, a company registered in France.
 
Page 26