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Registered number: 04392264










FAR & WIDE LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2024

 
FAR & WIDE LIMITED
 
 
COMPANY INFORMATION


Directors
J R Jenkins (appointed 19 March 2024)
E Pyke 
D Butler (appointed 1 October 2024)
M J Simpson 
D A Simpson 
H Grace 




Company secretary
K Naylor-Vane



Registered number
04392264



Registered office
26 Oriel House
The Quadrant

Richmond

England

TW9 1DL




Independent auditors
Xeinadin Audit Limited
Chartered Accountants & Statutory Auditors

Becket House

36 Old Jewry

London

EC2R 8DD





 
FAR & WIDE LIMITED
 

CONTENTS



Page
Group strategic report
1 - 2
Directors' report
3 - 4
Independent auditors' report
5 - 8
Consolidated statement of comprehensive income
9
Consolidated statement of financial position
10
Company statement of financial position
11
Consolidated statement of changes in equity
12
Company statement of changes in equity
13
Consolidated statement of cash flows
14 - 15
Notes to the financial statements
16 - 38


 
FAR & WIDE LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024

Introduction
 
The Directors present their report and financial statements for the year ended 31 October 2024.

Business review
 
The Business enjoyed another strong year in 2024 with Turnover increasing to £38.1m +16.7%. The Directors attribute this improvement to its continued focus on securing the best properties in the most sought after locations and a continued focus on superior service evidenced by the business reviews which can be seen on TrustPilot or Google. Operating Profit increased to £3.4m +91.5%. Due to the sale of the business in 2024 there were non trading related costs incurred making direct comparison difficult in both periods. Adjusted EBITDA has increased by £0.79m +21.4% year on year after normalising for those costs. 

Principal risks and uncertainties
 
The Company operates in a highly competitive market featuring innovation in holiday product and the methods by which it is marketed. To remain relevant to its Customers and reduce the risk the Company carries out market research and monitors competitor activity. The Company has invested in more Marketing resources during 2024 to ensure that it is adapting to these changes.
The nature of the business exposes the Company to geo-political events and natural disasters. The geographical spread of destinations served by the Company mitigates the risk and the Company's organisation has been developed to enable it to deal with the practical effects of such events. 
The Company is heavily reliant on information technology. Such systems are inherently susceptible to failure which could result in an impact on the Company's selling systems. The Company has appropriate processes in place to monitor its systems and has undertaken a significant internal development project during 2024 to upgrade its platform to mitigate risks of being on unsupported technology.
The nature of the business creates a natural exposure to foreign exchange volatility. The Company manages this risk with a robust FX management policy. Credit risk is minimised as holidays are generally paid for before travel so default is impossible. Where credit terms are offered to 3rd party partners these are not material to the overall cash flows of the business but careful management and collections processes reduce this risk even further.

Financial key performance indicators
 
The primary KPIs in use by the business to monitor performance are as follows:

2024
2023
Variance
Variance %
Turnover

£38.13m

£32.68m

£5.45m
 
16.7%
 
Cost of Sales

£27.89m

£24.43m

£3.94m
 
16.1%
 
Gross Profit

£10.25m

£8.25m

£1.51m
 
18.3%
 
Gross Profit %

26.9%

25.2%

1.6%
 
 
Adjusted EBITDA

£4.48m

£3.69m

 
 

Page 1

 
FAR & WIDE LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024


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



E Pyke
Director

Date: 9 April 2025

Page 2

 
FAR & WIDE LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024

The directors present their report and the financial statements for the year ended 31 October 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


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

make judgements and accounting estimates that are reasonable and prudent;

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

The directors are 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £2,689,444 (2023 - £1,235,735).

Dividends of £Nil (2022: £Nil) were declared and paid during the year.

Directors

The directors who served during the year were:

G M Simpson (resigned 19 March 2024)
J R Jenkins (appointed 19 March 2024)
A Bull (resigned 19 March 2024)
E Pyke 
D Butler (appointed 1 October 2024)
M J Simpson 
D A Simpson 
H Grace 

Future developments

The future developments of the Company and the Group have been discussed in the Strategic Report.

Page 3

 
FAR & WIDE LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director 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 and the Group's auditors are aware of that information.

Post balance sheet events

On 17 December 2024, Alternative Escapes Limited was dissolved.

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.
 





E Pyke
Director

Date: 9 April 2025

Page 4

 
FAR & WIDE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FAR & WIDE LIMITED
 

Opinion


We have audited the financial statements of Far & Wide Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 October 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, 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 profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 5

 
FAR & WIDE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FAR & WIDE 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 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 Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the 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.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 3, 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.


Page 6

 
FAR & WIDE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FAR & WIDE 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 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 and to identify any instances of non-compliance with laws and regulations;


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Page 7

 
FAR & WIDE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FAR & WIDE 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
  
Becket House
36 Old Jewry
London
EC2R 8DD

9 April 2025
Page 8

 
FAR & WIDE LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
38,130,916
32,680,551

Cost of sales
  
(27,885,590)
(24,431,801)

Gross profit
  
10,245,326
8,248,750

Administrative expenses
  
(6,476,313)
(6,566,466)

Fair value movements
  
(410,435)
71,540

Operating profit
 5 
3,358,578
1,753,824

Interest receivable and similar income
 9 
305,770
126,228

Interest payable and similar expenses
 10 
-
(57,963)

Profit before tax
  
3,664,348
1,822,089

  

Tax on profit
 11 
(974,904)
(586,354)

Profit for the financial year
  
2,689,444
1,235,735

Profit for the year attributable to:
  

Owners of the parent company
  
(2,689,444)
(1,235,735)

  
2,689,444
1,235,735

There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of comprehensive income.

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

The notes on pages 16 to 38 form part of these financial statements.

Page 9

 
FAR & WIDE LIMITED
REGISTERED NUMBER: 04392264

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 12 
381,555
344,912

Tangible assets
 13 
182,576
186,060

  
564,131
530,972

Current assets
  

Debtors: amounts falling due after more than one year
 15 
700,074
815,520

Debtors: amounts falling due within one year
 15 
3,117,226
2,276,169

Cash at bank and in hand
 16 
9,274,305
7,385,195

  
13,091,605
10,476,884

Creditors: amounts falling due within one year
 17 
(4,699,015)
(4,749,514)

Net current assets
  
 
 
8,392,590
 
 
5,727,370

Total assets less current liabilities
  
8,956,721
6,258,342

Creditors: amounts falling due after more than one year
 18 
(20,435)
(11,500)

Provisions for liabilities
  

Net assets
  
8,936,286
6,246,842


Capital and reserves
  

Called up share capital 
 20 
1,239,647
1,239,647

Share premium account
 21 
1,477,508
1,477,508

Foreign exchange reserve
 21 
185
185

Profit and loss account
 21 
6,218,946
3,529,502

  
8,936,286
6,246,842


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

E Pyke
Director

Date: 9 April 2025

The notes on pages 16 to 38 form part of these financial statements.

Page 10

 
FAR & WIDE LIMITED
REGISTERED NUMBER: 04392264

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 12 
417,530
344,912

Tangible assets
 13 
100,701
104,185

Investments
 14 
102
30,102

  
518,333
479,199

Current assets
  

Debtors: amounts falling due after more than one year
 15 
700,074
815,520

Debtors: amounts falling due within one year
 15 
3,117,126
2,275,954

Cash at bank and in hand
 16 
9,260,433
7,344,262

  
13,077,633
10,435,736

Creditors: amounts falling due within one year
  
(4,722,357)
(4,789,057)

Net current assets
  
 
 
8,355,276
 
 
5,646,679

Total assets less current liabilities
  
8,873,609
6,125,878

  

Creditors: amounts falling due after more
than one year
  
(20,435)
(11,500)

  

Net assets
  
8,853,174
6,114,378


Capital and reserves
  

Called up share capital 
 20 
1,239,647
1,239,647

Share premium account
 21 
1,477,508
1,477,508

Profit and loss account
 21 
6,136,019
3,397,223

  
8,853,174
6,114,378


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


E Pyke
Director

Date: 9 April 2025

The notes on pages 16 to 38 form part of these financial statements.

Page 11
 

 
FAR & WIDE LIMITED


 

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



Called up share capital
Share premium account
Foreign exchange reserve
Profit and loss account
Total equity


£
£
£
£
£



At 1 November 2022
1,239,647
1,477,508
185
2,293,767
5,011,107



Comprehensive income for the year


Profit for the year
-
-
-
1,235,735
1,235,735





At 1 November 2023
1,239,647
1,477,508
185
3,529,502
6,246,842



Comprehensive income for the year


Profit for the year
-
-
-
2,689,444
2,689,444



At 31 October 2024
1,239,647
1,477,508
185
6,218,946
8,936,286



The notes on pages 16 to 38 form part of these financial statements.

Page 12

 

 
FAR & WIDE LIMITED


 

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



Called up share capital
Share premium account
Profit and loss account
Total equity


£
£
£
£



At 1 November 2022
1,239,647
1,477,508
3,151,270
5,868,425



Comprehensive income for the year


Profit for the year
-
-
245,953
245,953





At 1 November 2023
1,239,647
1,477,508
3,397,223
6,114,378



Comprehensive income for the year


Profit for the year
-
-
2,738,796
2,738,796



At 31 October 2024
1,239,647
1,477,508
6,136,019
8,853,174



The notes on pages 16 to 38 form part of these financial statements.

Page 13
 
FAR & WIDE LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2024

As restated
2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
2,689,444
1,235,735

Adjustments for:

Amortisation of intangible assets
253,632
220,591

Depreciation of tangible assets
57,437
57,685

Interest paid
-
57,963

Interest received
(305,770)
(126,228)

Taxation charge
974,904
586,354

(Increase)/decrease in debtors
(725,611)
621,718

Increase/(decrease) in creditors
41,564
(575,832)

Net fair value losses/(gains) recognised in P&L
410,435
(71,540)

Corporation tax (paid)
(1,468,467)
(1,078,214)

Net cash generated from operating activities

1,927,568
928,232


Cash flows from investing activities

Purchase of intangible fixed assets
(290,275)
(310,540)

Purchase of tangible fixed assets
(53,953)
(101,598)

Interest received
305,770
126,228

Net cash from investing activities

(38,458)
(285,910)

Cash flows from financing activities

Repayment of loans
-
(1,031,105)

Repayment of other loans
-
(2,295,571)

Interest paid
-
(57,963)

Net cash used in financing activities
-
(3,384,639)

Net increase/(decrease) in cash and cash equivalents
1,889,110
(2,742,317)

Cash and cash equivalents at beginning of year
7,385,195
10,127,512

Cash and cash equivalents at the end of year
9,274,305
7,385,195


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
9,274,305
7,385,195

9,274,305
7,385,195


Page 14

 
FAR & WIDE LIMITED
 
The notes on pages 16 to 38 form part of these financial statements.

Page 15

 
FAR & WIDE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

1.


General information

Far & Wide Limited acts as a Tour Operator offering package holidays to several destinations in the Mediterranean.
The Company is a private company limited by shares and is incorporated in England and Wales, United Kingdom.
The address of the Group's registered office is given in 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 Group management to exercise judgement in applying the Group's accounting policies (see note 3).

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

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.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being .

 
2.3

Revenue

Turnover comprises of revenue recognised by the company in respect of package holidays and other services supplied to customers in the ordinary course of business. Revenue is taken to the profit and loss account based on the date of departure.
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.

Page 16

 
FAR & WIDE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.4

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life.

Other 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.

 The estimated useful lives range as follows:

Patents
-
3 years
Development expenditure
-
3 years
Goodwill
-
5 years

 
2.5

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.

Land is not depreciated. Depreciation on other assets 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:

Office equipment
-
3 years
Computer equipment
-
3 years
Villa Property Improvements
-
3 years

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.

Page 17

 
FAR & WIDE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.7

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.

 
2.8

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.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.9

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.

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
Page 18

 
FAR & WIDE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)


2.9
Financial instruments (continued)

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 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.

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.

  
2.10

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 balance sheet 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 .
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 19

 
FAR & WIDE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.11

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.

 
2.12

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.

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.

 
2.13

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.

 
2.14

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.

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.

Page 20

 
FAR & WIDE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.15

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.

 
2.16

Interest income

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

 
2.17

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.

Page 21

 
FAR & WIDE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.18

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.


 
2.19

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives of 3 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

  
2.20

Advanced payments and receipts

All revenue received relating to bookings that depart after the balance sheet date is treated as advance receipts and is separately disclosed under accruals and deferred income. Payments made to suppliers relating to bookings that depart after the balance sheet date are treated as advance payments and are separately disclosed under prepayments and accrued income.

Page 22

 
FAR & WIDE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the Group'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.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates and recognised in the period of revision and future periods where the revision affects both current and future periods.
Critical judgements
(i) Useful economical lives of intangible assets
The annual amortisation charge for intangible assets is sensitive due to the material nature of the value of fixed assets. The amortisation rates are reviewed annually to ensure they are appropriate for the type of asset. Assets are reviewed for impairment on an annual basis.
(ii) Revenue recognition
The Group recognises revenue based on the date of departure of the booking which, in the directors' judgement, is the most appropriate revenue base as this matches the point at which the service is performed. The directors use their judgement to determine a fair direct cost associated to the revenue recognised
Key sources of uncertainty
The directors are of the view that there are no estimates or assumptions that have significant risk of causing a material adjustment to the carrying amount of assets and liabilities.


4.


Turnover

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


2024
2023
£
£

Travel related services
38,130,916
32,680,551


Analysis of turnover by country of destination:

2024
2023
£
£

Europe
38,130,916
32,680,551

38,130,916
32,680,551


Page 23

 
FAR & WIDE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
57,437
57,685

Amortisation of intangible assets, including goodwill
253,632
220,591

Defined contribution pension cost
74,544
81,118

Fees payable to the Group's auditor and its associates for the audit of the
Company's annual financial statements
29,250
26,250

Exchange differences
(484,878)
(269,307)

Other operating lease rentals
86,847
91,150


6.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2024
2023
£
£

Audit of consolidated and parent Company accounts
29,250
26,250

Non-audit services
15,750
11,250

Page 24

 
FAR & WIDE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

7.


Employees

Staff costs, including directors' remuneration, were as follows:


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


Wages and salaries
2,597,124
2,930,534
2,597,124
2,930,534

Social security costs
312,533
360,696
312,533
360,696

Cost of defined contribution scheme
82,036
81,118
82,036
81,118

2,991,693
3,372,348
2,991,693
3,372,348


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



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Administration
44
42
44
42



Overseas representatives
32
25
32
25

76
67
76
67


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
182,588
770,648

Group contributions to defined contribution pension schemes
7,492
40,617

190,080
811,265


During the year retirement benefits were accruing to 6 directors (2023 - 6) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £30,250 (2023 - £316,667).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2023 - £NIL).

The total accrued pension provision of the highest paid director at 31 October 2024 amounted to £NIL (2023 - £NIL).

Page 25

 
FAR & WIDE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

9.


Interest receivable

2024
2023
£
£


Bank interest receivable
305,770
119,347

Other interest receivable
-
6,881

305,770
126,228


10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
-
57,963


11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
666,566
581,777

Adjustments in respect of previous periods
312,172
-


978,738
581,777


Total current tax
978,738
581,777

Deferred tax


Origination and reversal of timing differences
(3,834)
6,680

Adjustments in respect of prior periods
-
(2,103)

Total deferred tax
(3,834)
4,577


<-- Enter row heading -->
974,904
586,354
Page 26

 
FAR & WIDE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is the same as (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 22.52%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
3,664,348
1,822,089


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 22.52%)
916,087
410,334

Effects of:


Intercompany elimination adjustment
(353,898)
(222,973)

Fixed asset differences
(10)
(1,179)

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
106,912
458,241

Income not taxable for tax purposes
(6,359)
(16,109)

Other permanent differences
-
(82)

Exempt ABGH distributions
-
(40,662)

Adjustments to tax charge in respect of prior periods
312,172
1,794

Adjustments to tax charge in respect of previous periods - deferred tax
-
(3,649)

Remeasurement of deferred tax for changes in tax rates
-
639

Total tax charge for the year
974,904
586,354


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 27

 
FAR & WIDE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

12.


Intangible assets

Group





Patents
Development expenditure
Goodwill
Total

£
£
£
£



Cost


At 1 November 2023
84,500
1,582,280
805,493
2,472,273


Additions
-
290,275
-
290,275


Disposals
-
(11,429)
-
(11,429)



At 31 October 2024

84,500
1,861,126
805,493
2,751,119



Amortisation


At 1 November 2023
84,500
1,276,007
766,854
2,127,361


Charge for the year on owned assets
-
214,993
38,639
253,632


On disposals
-
(11,429)
-
(11,429)



At 31 October 2024

84,500
1,479,571
805,493
2,369,564



Net book value



At 31 October 2024
-
381,555
-
381,555



At 31 October 2023
-
306,273
38,639
344,912



Page 28

 
FAR & WIDE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
 
           12.Intangible assets (continued)

Company




Patents
Development expenditure
Goodwill
Total

£
£
£
£



Cost


At 1 November 2023
84,500
1,570,851
256,148
1,911,499


Additions
-
290,275
-
290,275



At 31 October 2024

84,500
1,861,126
256,148
2,201,774



Amortisation


At 1 November 2023
84,500
1,264,578
217,509
1,566,587


Charge for the year
-
214,993
2,664
217,657



At 31 October 2024

84,500
1,479,571
220,173
1,784,244



Net book value



At 31 October 2024
-
381,555
35,975
417,530



At 31 October 2023
-
306,273
38,639
344,912

Page 29

 
FAR & WIDE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

13.


Tangible fixed assets

Group






Land
Office equipment
Computer equipment
Property improvements
Total

£
£
£
£
£



Cost


At 1 November 2023
81,875
34,111
26,529
178,970
321,485


Additions
-
38,216
15,737
-
53,953


Disposals
-
(33,420)
-
-
(33,420)



At 31 October 2024

81,875
38,907
42,266
178,970
342,018



Depreciation


At 1 November 2023
-
33,670
6,564
95,191
135,425


Charge for the year on owned assets
-
5,849
11,445
40,143
57,437


Disposals
-
(33,420)
-
-
(33,420)



At 31 October 2024

-
6,099
18,009
135,334
159,442



Net book value



At 31 October 2024
81,875
32,808
24,257
43,636
182,576



At 31 October 2023
81,875
441
19,965
83,779
186,060

Page 30

 
FAR & WIDE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

           13.Tangible fixed assets (continued)


Company






Office equipment
Computer equipment
Property improvements
Total

£
£
£
£

Cost or valuation


At 1 November 2023
691
26,529
178,970
206,190


Additions
38,216
15,737
-
53,953



At 31 October 2024

38,907
42,266
178,970
260,143



Depreciation


At 1 November 2023
250
6,564
95,191
102,005


Charge for the year on owned assets
5,849
11,445
40,143
57,437



At 31 October 2024

6,099
18,009
135,334
159,442



Net book value



At 31 October 2024
32,808
24,257
43,636
100,701



At 31 October 2023
441
19,965
83,779
104,185






Page 31

 
FAR & WIDE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

14.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 November 2023
30,102



At 31 October 2024
30,102



Impairment


Charge for the period
30,000



At 31 October 2024

30,000



Net book value



At 31 October 2024
102



At 31 October 2023
30,102

Page 32

 
FAR & WIDE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Far & Wide Aviation Limited
26 Oriel House The Quadrant, Richmond, England, TW9 1DL
Ordinary
100
Far & Wide Developments Limited
26 Oriel House The Quadrant, Richmond, England, TW9 1DL
Ordinary
100
Alternative Escapes Limited
26 Oriel House The Quadrant, Richmond, England, TW9 1DL
Ordinary
100
Far & Wide LLC
8 The Green, Suite R, Dover, DE 19901, Delaware, United States
Ordinary
100

On 17 December 2024, Alternative Escapes Limited was dissolved.
The following entities are exemt from audit of individual entity financial statements for the financial year ended 31 October 2024 by virtue of Section 479a of the Companies Act 2006 relating to subsidiary entities:
i sho
Far & Wide Developments Limited (11017345)

Page 33

 
FAR & WIDE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

15.


Debtors

Group

Group
As restated
Company

Company
As restated
2024
2023
2024
2023
£
£
£
£

Due after more than one year

Other debtors
639,654
758,934
639,654
758,934

Deferred tax asset
60,420
56,586
60,420
56,586

700,074
815,520
700,074
815,520


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

Due within one year

Amounts owed by group undertakings
586,356
-
586,356
-

Other debtors
980,353
1,007,846
980,353
1,007,846

Called up share capital not paid
100
100
-
-

Prepayments and accrued income
1,550,417
1,122,704
1,550,417
1,122,704

Tax recoverable
-
145,404
-
145,404

Deferred taxation
-
115
-
-

3,117,226
2,276,169
3,117,126
2,275,954


Included in prepayments and accrued income is advance payments to suppliers amounting to £1,019,532 (2023: £724,468) in relation to bookings departing after the Statement of Financial Position date.
Intercompany loans of £474,279 relate to intra group funding provided to Simpson Travel Bidco Limited showing as short term debtor. The loans are unsecured and no interest applies to the loans.


16.


Cash and cash equivalents

Group

Group
As restated
Company

Company
As restated
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
9,274,305
7,385,195
9,260,433
7,344,262

9,274,305
7,385,195
9,260,433
7,344,262


Page 34

 
FAR & WIDE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

17.


Creditors: Amounts falling due within one year

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

Trade creditors
831,812
1,141,078
831,812
1,141,078

Amounts owed to group undertakings
-
-
23,342
39,894

Corporation tax
464,464
351
464,464
-

Other taxation and social security
74,709
49,775
74,709
49,775

Other creditors
97,719
39,654
97,719
39,654

Accruals and deferred income
2,775,056
3,473,836
2,775,056
3,473,836

Financial instruments
455,255
44,820
455,255
44,820

4,699,015
4,749,514
4,722,357
4,789,057


Included in accruals and deferred income is £2,411,960 (2023: £2,419,679) of deposits in relation to bookings departing after the Statement of Financial Position date.
Shawbrook Bank Limited holds a charge over the Company. This includes fixed and floating charges which covers all assets and undertaking of the company present and future. The charge contains a negative pledge.
Intercompany loans of £1,340,369 relate to intra group funding provided by Simpson Travel Topco Limited showing as short term creditor. The loans are unsecured and no interest applies to the loans.


18.


Creditors: Amounts falling due after more than one year

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

Accruals and deferred income
20,435
11,500
20,435
11,500

20,435
11,500
20,435
11,500


Included in accruals and deferred income is £20,435 (2023: £11,500) of deposits in relation to bookings departing over one year after the Statement of Financial Position date.

Page 35

 
FAR & WIDE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

19.


Deferred taxation


Group





2024
2023


£

£






At beginning of year
56,701
61,278


Charged to profit or loss
3,719
(4,577)



At end of year
60,420
56,701

Company




2024
2023


£

£






At beginning of year
56,586
60,915


Charged to profit or loss
3,834
(4,329)



At end of year
60,420
56,586

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

Fixed asset timing differences
60,420
56,586
60,420
56,586

Losses and other deductions
-
115
-
-

60,420
56,701
60,420
56,586


20.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



Nil (2023 - 739,461) A Ordinary Shares of £1.00 each
-
739,461
Nil (2023 - 380,936) E Ordinary Shares of £1.00 each
-
380,936
Nil (2023 - 119,250) Preferred Ordinary Shares of £1.00 each
-
119,250
1,239,647 (2023 - Nil) Ordinary Shares of £1.00 each
1,239,647
-

1,239,647

1,239,647

Page 36

 
FAR & WIDE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

20.Share capital (continued)

On 19 March 2024, A ordinary shares, E ordinary shares and preferred ordinary shares were reclassified as Ordinary shares.



21.


Reserves

Share premium account

Share premium includes any premium recevied on issue of share capital.

Profit and loss account

Profit and loss includes all current and prior periods retained profit.


22.


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 £82,036 (2023: £81,118). An amount of £Nil (2023: £Nil) was due at the Statement of Financial Position date.


23.


Commitments under operating leases

At 31 October 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


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

Not later than 1 year
58,850
58,565
58,850
58,565

Later than 1 year and not later than 5 years
-
52,965
-
52,965

58,850
111,530
58,850
111,530


24.


Cash flow hedging

The Company enters into various foreign currency contracts to mitigate the exchange rate risk for certain foreign currency payables. At 31 October 2024, the outstanding contracts all mature within 12 months (2023: 12 months) of the year end.
As at 31 October 2024, the recognised net losses on currency cash flow hedging instruments amounted to £455,255 (2023: £44,820) which is reflected within the profit and loss. Therefore, the net impact is on the statement of profit and loss, is a loss of £410,435 (2023: gain of £71,540).

Page 37

 
FAR & WIDE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

25.


Commitments under property contracts

At 31 October 2024 the Group and the Company had future minimum payments due under non-cancellable property contracts for each of the following periods

Group
2024
Company
2024
£
£
Not later than 1 year

15,635,433

15,635,433
 
Later than 1 year and not later than 5 years

17,538,177

17,538,177
 
Later than 5 years

136,766

136,766
 
33,310,376

33,310,376
 


26.


Related party transactions

During the year ended 31 October 2018, G M Simpson, a shareholder of the Group, made a loan of EUR 4,000,000 (£3,563,665) to Far & Wide Developments Limited. At the year end £nil- (2023: £2,295,571) remained outstanding.
During the year, G M Simpson and Y Simpson, shareholders of the Group, made net repayments of £nil (2023: £nil) to the Group. At the year end, the Group owed £nil- (2023: £61,264) to the shareholders.
The Group has taken the exemption available to not disclose transactions within the year, between wholly owned subsidiaries.
Alternative Escapes Limited, a subsidiary, was due from the Company £Nil- (2023:£39,893) as at the year end.
Far & Wide Developments Limited, a subsidiary, was due from the Company £23,342 (2023: £Nil-) as at the year end.


27.


Post balance sheet events

On 17 December 2024, Alternative Escapes Limited was dissolved.


28.


Controlling party

In the financial year, the Group was controlled by G M Simpson, by virtue of his shareholding in the Group. During the year, the Group was aquired by Simpson Travel Topco Limited, who now own 100% of the Group's shareholding. The ultimate controlling party at the balance sheet date is L Johnson by virtue of his shareholding in the Group.

 
Page 38