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Registered number: 05107061









WENDY WU TOURS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
WENDY WU TOURS LIMITED
 
 
COMPANY INFORMATION


Directors
Y Wu 
G Mintrim 
K Rowe 
P G Crane 




Company secretary
 Y Wu



Registered number
05107061



Registered office
151F Tower Bridge Road

London

SE1 3JE




Independent auditors
White Hart Associates (London) Limited
Chartered Accountants and Statutory Auditors

2nd Floor, Nucleus House

2 Lower Mortlake Road

Richmond

TW9 2JA





 
WENDY WU TOURS LIMITED
 

CONTENTS



Page
Strategic Report
1 - 3
Directors' Report
4 - 5
Independent Auditors' Report
6 - 9
Income Statement
10
Statement of Comprehensive Income
11 - 12
Statement of Financial Position
12
Statement of Changes in Equity
13 - 14
Statement of Cash Flows
15 - 16
Analysis of Net Debt
17
Notes to the Financial Statements
18 - 34


 
WENDY WU TOURS LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
The directors present their strategic report for the year ended 31 December 2024.

Section 172 (1) Statement
The information provided below is intended to explain how the directors considered the interests of the Company’s key stakeholders and the broader matters set out in section 172 (1) (a) to (f) of the Companies Act 2006 when performing their duty to promote the success of the Company under section 172 of the Companies Act 2006.
Trading Performance and Strategic Improvements
The Company’s trading performance saw a record-breaking year in 2024, building on the significant improvements experienced in 2023 after three challenging years impacted by the Covid-19 pandemic. Client travel resumed strongly, and the CEO’s strategic focus remained on consolidating pre-Covid sales levels through enhanced customer retention strategies, robust product development initiatives, and the introduction of new and exciting destinations into the product lineup.
Japan continues to be the most popular destination, with China now returning to previous levels as the second most popular destination. The product team continues to develop new and exciting destinations to meet growing customer demand.
Management has maintained strict control over discretionary expenditure and overhead costs, reflecting the Company’s commitment to efficient operations and maximising profitability while upholding high service standards. This disciplined financial management positions the Company well for sustainable growth.

Key performance indicators and operational monitoring
The Company continues to monitor key performance indicators (KPIs) related to sales and gross profit. Weekly trading meetings are held to analyse booking intake, conversions, and trading profit margins, ensuring the business remains agile and responsive to market conditions.

Travel regulatory bodies
The Company holds an ATOL granted by the CAA which falls due for renewal in September 2025.
Principal risks and uncertainties
The risk factors described below are those which the directors believe are potentially significant but should not be regarded as a complete and comprehensive statement of all potential risks and uncertainties facing the Company.
Health and Safely:
The Company continues to prioritise the health and safety of its employees, customers, and partners as a fundamental part of its operations. In addition to following local and international government health guidelines, the Company has developed comprehensive internal protocols to manage potential risks associated with travel, including regular staff training and emergency response plans.
Throughout 2024, these measures have been regularly reviewed and updated in line with evolving global health developments. The Company also collaborates closely with suppliers, local authorities, and industry bodies to
Page 1

 
WENDY WU TOURS LIMITED
 

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

ensure that all health and safety standards are met or exceeded across all destinations.
This proactive and vigilant approach is designed to maintain customer confidence and safeguard the wellbeing of everyone involved, while enabling the business to operate smoothly in a complex and dynamic environment.

Geo-political events and natural disasters:
The Company operates in a global and dynamic environment that is inherently exposed to a range of geo-political risks and natural disasters. These can include political instability, civil unrest, terrorism, trade disputes, changes in international relations, as well as natural events such as earthquakes, floods, typhoons, and pandemics. Such occurrences can disrupt travel routes, affect destination accessibility, and impact customer confidence.
To mitigate these risks, the Company maintains a flexible operational model that allows rapid redeployment of resources and re-routing of itineraries to safer locations when necessary. Risk assessments are regularly conducted, and contingency plans are updated to ensure business continuity and customer safety. The Company also monitors global developments closely through reliable information sources and maintains active communication with local partners and authorities.
While these risks cannot be fully eliminated, the Company’s proactive approach aims to minimise disruption and protect the interests of customers, employees, and other stakeholders.

Regulatory risk:
The Company is exposed to various regulators, including the Civil Aviation Authority ("CAA"), which issues an Air Travel Organisers Licence ("ATOL"), which is required in order for the Company to operate. This licence is renewed in September each year and is subject to assessments of fitness and financial criteria, the framework of which is available on the CAA website (www.caa.co.uk).
Management closely monitors changes in regulation and industry standards to ensure ongoing compliance.
Commercial relationships and risk management: 
The Company maintains strong, long-standing relationships with both customers and suppliers, which helps reduce the risk associated with dependence on any single provider. While the loss of a key supplier could impact the business, the management team regularly engages with suppliers to nurture these partnerships and keep abreast of their financial health.
Additionally, the Company keeps a close watch on market trends and supplier performance to ensure quality and reliability are upheld. This ongoing, hands-on approach supports the stability and resilience of our supply chain.

Information technology:
The Company remains heavily reliant on information technology, particularly its booking systems, which are critical to daily operations. While measures are in place to ensure system efficiency and resilience, there remains a risk of major failure affecting these key systems. To mitigate this, procedures have been established to minimise any downtime and ensure the continuity and reliability of booking operations.
With cyber threats evolving rapidly, the Company continues to be committed to strengthening and evolving its cyber security measures. Ongoing efforts include enhanced monitoring, regular risk assessments, and staff training aimed at protecting sensitive information and supporting business continuity. The Company also continues to invest in its IT systems to remain in line with changing technological advancements, with the aim of delivering a better service to customers and improving operational efficiency for staff.

 
Page 2

 
WENDY WU TOURS LIMITED
 

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


Commercial risks:
The Company's trading performance can be affected by environmental factors, which include: 
- acts of terrorism, particularly in key tourist destinations.
- natural disasters in key tourist destinations.
- weather conditions, both in the UK and in key tourist destinations.
- health epidemics in key tourist destinations and global pandemics.
- increase in government taxes in both UK and overseas.
- wars or other international incidents which affect air or sea travel.
 

Financial key performance indicators
 
The key performance indicators used by the directors to monitor the progress of the Company are set ot below:

2024
2023
        £
        £
Turnover

40,873,816

28,042,526

Gross Profit

13,993,245

9,904,992

Gross Profit as a percentage of turnover

34.24%

35.32%

Profit/(Loss) on ordinary activities before taxation

7,655,161

4,786,821


The directors credit the Company's strong performance to the continued commitment and hard work of its employees, alongside focused strategic leadership. With solid foundations now in place, they remain confident in the Company’s ability to sustain its growth trajectory in the years ahead. The directors would like to thank all stakeholders, staff, customers, and partners for their ongoing support and contribution to the Company’s success.


This report was approved by the board on 3 June 2025 and signed on its behalf.



G Mintrim
Director

Page 3

 
WENDY WU TOURS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

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

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the 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 of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are 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;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website.

Principal activity

The principal activity of the Company in the year under review was that of a tour operator, specialising in Asia.

Results and dividends

The profit for the year, after taxation, amounted to £5,819,588 (2023 - £3,530,592).

No dividends were paid or proposed for the year ended 31 December 2024.

Directors

The directors who served during the year were:

Y Wu 
G Mintrim 
K Rowe 
P G Crane 

Page 4

 
WENDY WU TOURS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Future developments

Following a strong recovery post-pandemic, the Company has continued to evolve its structure and team, focusing on strengthening capabilities to support long-term growth. Recruitment efforts have brought in fresh talent alongside experienced team members, building a revitalised organisation ready to meet future challenges.
The Company is actively pursuing new distribution channels, both by deepening existing partnerships and exploring opportunities in new markets. These efforts are aimed at increasing reach and ensuring a more resilient global presence.
As part of its ongoing growth strategy, the Company remains focused on reducing geographical risk and enhancing customer choice through greater product diversification. Plans are underway to introduce an expanded portfolio of tour destinations, tailored to emerging customer demand and shifting travel trends.

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'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's auditors are aware of that information.

Auditors

Under section 487(2) of the Companies Act 2006White Hart Associates (London) Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board on 3 June 2025 and signed on its behalf.
 





G Mintrim
Director

Page 5

 
WENDY WU TOURS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WENDY WU TOURS LIMITED
 

Opinion


We have audited the financial statements of Wendy Wu Tours Limited (the 'Company') for the year ended 31 December 2024, which comprise the Income Statement, the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, 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 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 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 6

 
WENDY WU TOURS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WENDY WU TOURS 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 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 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, 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 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 4, 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 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 Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
WENDY WU TOURS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WENDY WU TOURS 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:

- We exercise professional judgement and maintain professional scepticism throughout the audit;
- We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the deliberate override of internal control;
- We obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of internal control;
- We evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made;
- We assess the risk of management override of controls, including testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business;
- We review the scope of the Company's compliance with its regulator, the Civil Aviation Authority ("CAA"), its membership of The Association of British Travel Agents ("ABTA") and its accreditation with the International Air Transport Association ("IATA") and sample test relevant documentation to assess this and the effectiveness of its control environment;
- We review the Company's relationships with related parties and other group companies, identifying and disclosing transactions during the year and balances at year-end with such parties;
- We conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the entity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the entity to cease to continue as a going concern.


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 8

 
WENDY WU TOURS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WENDY WU TOURS 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.





N A Spoor FCA FCCA (Senior Statutory Auditor)
  
for and on behalf of
White Hart Associates (London) Limited
 
Chartered Accountants and Statutory Auditors
  
2nd Floor, Nucleus House
2 Lower Mortlake Road
Richmond
TW9 2JA

3 June 2025
Page 9

 
WENDY WU TOURS LIMITED
 
 
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
40,873,816
28,042,526

Cost of sales
  
(26,880,571)
(18,137,534)

Gross profit
  
13,993,245
9,904,992

Distribution costs
  
(1,777,611)
(1,089,996)

Administrative expenses
  
(5,204,277)
(4,145,212)

Operating profit
 5 
7,011,357
4,669,784

Interest receivable and similar income
 9 
315,609
248,134

Interest payable and similar expenses
 10 
(29,611)
(185,205)

Gains/(losses) on fair value revaluation of invesments
 15 
357,806
54,108

Profit before tax
  
7,655,161
4,786,821

Tax on profit
 11 
(1,835,573)
(1,256,229)

Profit for the financial year
  
5,819,588
3,530,592

The notes on pages 18 to 34 form part of these financial statements.

Page 10

 
WENDY WU TOURS LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£


Profit for the financial year

  

5,819,588
3,530,592

Other comprehensive income
  


Foreign exchange reserve movement
  
5,664
(327,583)

Other comprehensive income for the year
  
5,664
(327,583)

Total comprehensive income for the year
  
5,825,252
3,203,009

The notes on pages 18 to 34 form part of these financial statements.

Page 11

 
WENDY WU TOURS LIMITED
 

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 12 
22,097
-

Tangible assets
 13 
573,436
716,641

  
595,533
716,641

Current assets
  

Debtors
 14 
6,159,749
6,060,776

Current asset investments
 15 
7,711,082
7,353,276

Cash at bank and in hand
 16 
18,295,558
9,571,480

  
32,166,389
22,985,532

Creditors: amounts falling due within one year
 17 
(14,953,245)
(11,688,471)

Net current assets
  
 
 
17,213,144
 
 
11,297,061

Total assets less current liabilities
  
17,808,677
12,013,702

Provisions for liabilities
  

Deferred tax
 18 
(148,883)
(179,160)

  
 
 
(148,883)
 
 
(179,160)

Net assets
  
17,659,794
11,834,542


Capital and reserves
  

Called up share capital 
 19 
100,000
100,000

Foreign exchange reserve
 20 
(352,893)
(358,557)

Profit and loss account
 20 
17,912,687
12,093,099

  
17,659,794
11,834,542


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 3 June 2025.




G Mintrim
Director

The notes on pages 18 to 34 form part of these financial statements.

Page 12

 
WENDY WU TOURS LIMITED
 

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


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

£
£
£
£

At 1 January 2024
100,000
(358,557)
12,093,099
11,834,542


Comprehensive income for the year

Profit for the year

-
-
5,819,588
5,819,588

Foreign exchange reserve movement
-
5,664
-
5,664


Other comprehensive income for the year
-
5,664
-
5,664


Total comprehensive income for the year
-
5,664
5,819,588
5,825,252


At 31 December 2024
100,000
(352,893)
17,912,687
17,659,794


The notes on pages 18 to 34 form part of these financial statements.

Page 13

 
WENDY WU TOURS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


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

£
£
£
£

At 1 January 2023
100,000
(30,974)
8,562,507
8,631,533


Comprehensive income for the year

Profit for the year

-
-
3,530,592
3,530,592

Foreign exchange reserve movement
-
(327,583)
-
(327,583)


Other comprehensive income for the year
-
(327,583)
-
(327,583)


Total comprehensive income for the year
-
(327,583)
3,530,592
3,203,009


At 31 December 2023
100,000
(358,557)
12,093,099
11,834,542


The notes on pages 18 to 34 form part of these financial statements.

Page 14

 
WENDY WU TOURS LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
5,819,588
3,530,592

Adjustments for:

Amortisation of intangible assets
1,082
-

Depreciation of tangible assets
164,830
73,116

Interest paid
29,611
185,205

Interest received
(315,609)
(248,134)

Taxation charge
1,835,573
1,256,229

Decrease/(increase) in debtors
201,544
(3,660,874)

(Increase)/decrease in amounts owed by groups
(300,517)
138,483

Increase in creditors
3,275,829
2,642,732

(Decrease) in amounts owed to groups
(319,697)
(165,104)

Net fair value (gains) recognised in P&L
(357,806)
(54,107)

Corporation tax (paid)/received
(1,543,544)
50

Net cash generated from operating activities

8,490,884
3,698,188


Cash flows from investing activities

Purchase of intangible fixed assets
(23,179)
-

Purchase of tangible fixed assets
(21,625)
(680,206)

Interest received
315,609
248,134

Interest paid
(29,611)
(185,205)

Net cash from investing activities

241,194
(617,277)
Page 15

 
WENDY WU TOURS LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


2024
2023

£
£



Cash flows from financing activities

Repayment of/new finance leases
(8,000)
(9,035)

Net cash used in financing activities
(8,000)
(9,035)

Net increase in cash and cash equivalents
8,724,078
3,071,876

Cash and cash equivalents at beginning of year
9,571,480
6,499,604

Cash and cash equivalents at the end of year
18,295,558
9,571,480


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
18,295,558
9,571,480

18,295,558
9,571,480


The notes on pages 18 to 34 form part of these financial statements.

Page 16

 
WENDY WU TOURS LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024




At 1 January 2024
Cash flows
At 31 December 2024
£

£

£

Cash at bank and in hand

9,571,480

8,724,078

18,295,558

Debt due within 1 year

(1,255,620)

206,766

(1,048,854)

Finance leases

(8,000)

8,000

-


8,307,860
8,938,844
17,246,704

The notes on pages 18 to 34 form part of these financial statements.

Page 17

 
WENDY WU TOURS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Wendy Wu Tours Limited is a private company limited by shares and incorporated in England under registered number 05107061. Its registered office is at 151F Tower Bridge Road, London SE1 3JE.

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).

The following principal accounting policies have been applied:

  
2.2

Going concern

Due to the consumer unease in relation to the current economic environment, increasing energy costs, and the impact of inflation, Company management and the directors have continued to review the Company’s financial position. This is to ensure a swift response to any changes in planned trading performance.
The directors have prepared projections for the period to December 2027. These reflect a very strong bookings growth and profitability.This is supported by the strong performance seen so far in the first half of 2025, which has seen a significant upside in demand. The Company has been well placed to meet and service the additional volume.
Given the Company's substantial cash reserves the directors are confident that the Company will have sufficient funds and cash reserves to continue to meet liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.

 
2.3

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 

Turnover is recognised on the date of departure basis.

 
2.4

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.

Page 18

 
WENDY WU TOURS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.5

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, which range from 3 to 6 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.

 
2.6

Interest income

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

 
2.7

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.

 
2.8

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.

Page 19

 
WENDY WU TOURS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.9

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.

 
2.10

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:

Short-term leasehold property
-
over the lease term
Motor vehicles
-
20%
Fixtures and fittings
-
25%
Office equipment
-
25%
Computer equipment & software
-
25%

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 20

 
WENDY WU TOURS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.11

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.

 
2.12

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.

 
2.13

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.

 
2.14

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.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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

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

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs 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 receivables 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
Page 21

 
WENDY WU TOURS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.14
Financial instruments (continued)

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

Financial assets are assessed for indicators of impairment at each reporting date. 

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

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

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments 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 payables, bank loans and other loans are initially measured at their transaction price after transaction costs. 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 payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables 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.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as
Page 22

 
WENDY WU TOURS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.14
Financial instruments (continued)

with a documented risk management or investment strategy.

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.

 
2.15

Hedge accounting

The Company uses foreign currency forward contracts to manage its exposure to cash flow risk on its recognised and highly probable liabilities. These derivatives are measured at fair value at each reporting date.

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

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


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other including expectations of future events that are believed to be reasonable under the circumstances.
a) Critical judgments in applying the Company's accounting policies
The directors believe that there are no critical judgments involved in applying the Company's accounting policies that warrant disclosure.
b) Key accounting estimates and assumptions
The directors believe that there are no key accounting estimates and assumptions involved in applying the
Company's accounting policies that warrant disclosure.

Page 23

 
WENDY WU TOURS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Turnover

2024
2023
£
£

United Kingdom
40,519,972
27,878,511

Republic of Ireland
353,844
164,015

40,873,816
28,042,526



5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
164,830
73,116

Amortisation
1,082
-

Other operating lease rentals
3,905
52,348

Audit fees
23,400
21,950

Lease payments on property
123,453
120,122


6.


Auditors' remuneration

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


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
23,400
21,950
Page 24

 
WENDY WU TOURS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Employees

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


2024
2023
£
£

Wages and salaries
2,572,806
2,429,626

Social security costs
348,883
257,426

Cost of defined contribution scheme
105,761
74,847

3,027,450
2,761,899


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


        2024
        2023
            No.
            No.







Sales
29
19



Marketing
7
7



Administration
18
17

54
43


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
565,783
347,400

Company contributions to defined contribution pension schemes
62,802
49,267

628,585
396,667


During the year retirement benefits were accruing to 3 directors (2023 - 3 in respect of defined contribution pension schemes.

The highest paid director received remuneration of £385,477 (2023 - £228,098).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £16,400 (2023 - £12,864).

Included in the directors' emoluments figure above are the monetary value of benefits in kind provided amounting to £ Nil (2023 - £ Nil).

Page 25

 
WENDY WU TOURS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Interest receivable

2024
2023
£
£


Other interest receivable
315,609
248,134

315,609
248,134


10.


Interest payable and similar expenses

2024
2023
£
£


Other interest paid
29,611
185,205

29,611
185,205


11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
1,865,850
544,744


1,865,850
544,744


Total current tax
1,865,850
544,744

Deferred tax


Charged to profit or loss
(30,277)
711,485

Total deferred tax
(30,277)
711,485


Taxation on profit on ordinary activities
1,835,573
1,256,229
Page 26

 
WENDY WU TOURS 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 higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
7,655,161
4,786,821


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
1,913,790
1,196,705

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
(78,217)
67,810

Capital allowances for year in excess of depreciation
30,277
(151,773)

Utilisation of tax losses
-
(525,860)

Deferred tax
(30,277)
711,485

Other differences leading to an increase (decrease) in the tax charge
-
(42,138)

Total tax charge for the year
1,835,573
1,256,229


Factors that may affect future tax charges

There were no factors that may affect future tax charges.



Page 27

 
WENDY WU TOURS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


Intangible assets




Development expenditure

£



Cost


Additions
23,179



At 31 December 2024

23,179



Amortisation


Charge for the year on owned assets
1,082



At 31 December 2024

1,082



Net book value



At 31 December 2024
22,097



At 31 December 2023
-



Page 28

 


 
WENDY WU TOURS LIMITED


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


13.


Tangible fixed assets






Short-term leasehold property
Motor vehicles
Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 January 2024
253,264
39,222
737,070
249,487
451,650
1,730,693


Additions
-
-
1,256
20,369
-
21,625



At 31 December 2024

253,264
39,222
738,326
269,856
451,650
1,752,318



Depreciation


At 1 January 2024
253,264
14,961
108,686
190,066
447,075
1,014,052


Charge for the year on owned assets
-
8,666
130,166
21,423
4,575
164,830



At 31 December 2024

253,264
23,627
238,852
211,489
451,650
1,178,882



Net book value



At 31 December 2024
-
15,595
499,474
58,367
-
573,436



At 31 December 2023
-
24,261
628,384
59,421
4,575
716,641

Page 29

 
WENDY WU TOURS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

14.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
2,275,033
2,621,785

2,275,033
2,621,785

Due within one year

Amounts owed by group undertakings
312,071
11,554

Other debtors
2,455,382
2,016,447

Prepayments and accrued income
1,117,263
1,410,990

6,159,749
6,060,776


Included in prepayments and accrued income is the sum of £910,210 (2023 - £1,247,476) of supplier payments made in advance for departures from 1 January 2025 onwards.
Other debtors include a loan of £1,566,362 (2023 - £1,948,662) to Tower Bridge London Limited, a company where the director and shareholder Mrs Y Wu is also a director and shareholder. 
Other debtors also include a loan of £2,490,202 (2023 - £2,416,565) to Victoria Cruise One Member Company Limited for a Joint Venture Company where the director and shareholder Mrs Y Wu is also a shareholder. Interest is payable on £1,691,202 of the loan at 2% per annum.


15.


Current asset investments

2024
2023
£
£

Listed/unlisted investments
7,353,276
7,299,168

Listed/unlisted investments - Fair value revaluations
357,806
54,108

7,711,082
7,353,276


The investment comprises:
- a portfolio of shares and securities stated at market value.
- offshore investment bonds stated at their surrender value at the balance sheet date.
The market value of investments at the balance sheet date was in excess of its original cost.
Gains and losses on investments' valuations movements are reflected through the profit and loss account.

Page 30

 
WENDY WU TOURS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

16.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
18,295,558
9,571,480

18,295,558
9,571,480



17.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
3,298,165
3,423,515

Amounts owed to group undertakings
-
319,697

Corporation tax
867,100
544,794

Other taxation and social security
395,979
292,506

Obligations under finance lease and hire purchase contracts
-
8,000

Other creditors
1,115,532
1,317,467

Accruals and deferred income
8,923,576
5,423,935

Financial instruments
352,893
358,557

14,953,245
11,688,471


Included in accruals and deferred income is the sum of £7,732,043 (2023 - £4,836,849) which relates to advance money received for departures from 1 January 2025 onwards.
Included in other creditors is a loan in the sum of £1,048,854 (2023 -  £1,255,620) from Mrs Y Wu  who is a director and 100% shareholder in the Company. The loan amount includes accrued interest of £322,734. The loan is unsecured. Interest is payable at 2% per annum thereon.

Page 31

 
WENDY WU TOURS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

18.


Deferred taxation




2024
2023


£

£






At beginning of year
(179,160)
532,325


Charged to profit or loss
30,277
(711,485)



At end of year
(148,883)
(179,160)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(148,883)
(179,160)

(148,883)
(179,160)


19.


Share capital

2024
2023
£
£
Authorised, allotted, called up and fully paid



100,000 (2023 - 100,000) Ordinary shares of £1.00 each
100,000
100,000



20.


Reserves

Foreign exchange reserve

Foreign exchange reserve relates to the amount of gain or loss recognised on forward contracts and derivatives that are cash flow hedges for committed foreign exchange transactions occurring in the 24 months post year end. 

Profit and loss account

The profit and loss account represents the net distributable reserves of the Company at the date of the statement of financial position.


21.


Contingent liabilities

At 31 December 2024, there were contingent liabilities outstanding in respect of counter indemnities given by the Company, in the normal course of business, to the Company's bond insurance obligors in respect of ABTA travel bonds amounting to £368,000 (2023 - £275,954),  

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WENDY WU TOURS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

22.


Restricted cash

Included in the cash at bank as at 31 December 2024 was £899,339 of restricted cash (2023 - £1,072,805) provided as security for the Company's credit card, ABTA bond and other facilities.
Unrestricted Cash - £17,396,219
Restricted Cash - £899,339
Total Cash - £18,295,558


23.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension charge represents contributions payable by the Company to the fund and amounted to £105,761(2023 - £74,847). Outstanding contributions amounted to £62,564 (2023 - £56,017) at the year end.


24.


Commitments under operating leases

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

2024
2023
£
£


Not later than 1 year
90,000
90,000

Later than 1 year and not later than 5 years
180,000
270,000

270,000
360,000


25.


Transactions with directors

There was an amount owed to Mrs Y Wu at the balance sheet date of £1,048,854 (2023 - £1,255,620) shown as creditors due within one year (See note 17). 

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WENDY WU TOURS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

26.


Related party transactions

Inbound China Limited - Amount due to the related party £2,018,031 (2022 - £1,993,750) shown as creditors due within one year.
Mrs Y Wu, a director and 100% shareholder of Wendy Wu Tours Limited, is the controlling party of Inbound China Limited, a company registered in China.
Amount owed for payments made by Inbound China Limited on behalf of Wendy Wu Tours Limited.
Wendy Wu Tours PTY Limited - Amount due from the related party £282,929 (2023 - 319,697) shown as debtors due within one year.
Mrs Y Wu, a director and 100% shareholder of Wendy Wu Tours Limited, is the controlling party of Wendy Wu PTY Limited a company registered in Australia.
Wendy Wu Tours Limited - Amount due from the related party £29,142 (2023 - £11,554) shown as debtors within one year
Mrs Y Wu, a director and 100% shareholder of Wendy Wu Tours Limited is the controlling party of Wendy Wu Tours Limited, a company registered in New Zealand.
Tower Bridge Kingdom Limited - Amount due from the related party £1,566,362 (2023 - £1,948,862) shown within other debtors (See note 14).
Mrs Y Wu a director and 100% shareholder of Wendy Wu Tours Limited is the controlling party of Tower Bridge Kingdom Limited.
Loan given by Wendy Wu Tours Ltd.
Victoria Cruises One Member Company Limited - Amount due from the related party £2,505,806 (2023 - £2,416,555) shown within other debtors.
Mrs Y Wu a director and 100% shareholder of Wendy Wu Tours is a shareholder of a Joint Venture Company of Victoria Cruises One Member Company Limited.
 


27.


BSP outstanding

As at 31st December 2024 the Company had £ £224,568 (2023 - £360,992) due to International Air Transport Association (IATA) for tickets issued in the month of December 2024.


28.


Charges

There is a debenture in favour of HSBC Bank Plc created on 3 June 2005. There is a further fixed charge over a cash deposit of £368,000 in respect of ABTA travel bonds and other facilities ( See Note 22).


29.


Controlling party

The ultimate controlling party is Mrs Y Wu , a director of the Company, by virtue of her 100% ownership of the issued share capital of the Company.

 
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