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Registered number: 01744872


SERENITY HOLIDAYS LIMITED
ANNUAL REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024

 
SERENITY HOLIDAYS LIMITED
 
 
COMPANY INFORMATION


Directors
C Ayling 
S M Wilde 
S F Wilde 




Company secretary
C Ayling



Registered number
01744872



Registered office
Atlantic House
3600 Parkway

Solent Business Park

Whiteley, Fareham

Hampshire

PO15 7AN






Independent auditors
Xeinadin Audit Limited
Chartered Accountants & Statutory Auditor

8th Floor

Becket House

36 Old Jewry

London

EC2R 8DD




Bankers
NatWest Bank Plc
27 Market Place

Romsey

Hampshire

SO51 8ZH




Solicitors
Shoosmiths
1550 Parkway

Solent Business Park

Whiteley

Fareham

Hants

PO15 7AG





 
SERENITY HOLIDAYS 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 - 13
Company Statement of Changes in Equity
14 - 15
Consolidated Statement of Cash Flows
16
Notes to the Financial Statements
17 - 38


 
SERENITY HOLIDAYS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024

Introduction
 
The Directors, in preparing this Strategic report have complied with s414C of the Companies Act 2006.
This Strategic report has been prepared for Serenity Holidays Limited Group as a whole, and therefore gives greater emphasis to those matters which are significant to Serenity Holidays Limited and its subsidiary undertakings when viewed as a whole.

Business review
 
Serenity increased its operating profit significantly year on year.
Turnover and Gross Profit increased for all our featured destinations.
Overheads were in line with budget. 
Customer satisfaction scores were excellent, and this was reflected in the continuing levels of repeat business. 
Staff turnover was low, the retention of our expert and committed staff remains key to our ongoing success. 
Risk continued to be well managed with no bad debt. 

Principal risks and uncertainties
 
Political volatility & ongoing global conflict.
Currency and fuel price fluctuations, the group is taking a conservative hedging strategy to minimise this risk.
Overcapacity in key destinations resulting in price and margin pressure.

Financial key performance indicators
 
Turnover increased from £18.2m to £18.7m.
Gross Profit decreased from  £4.1m to £3.8m.
GP Margin decreased from 22.3% to 20.7%.
Group Operating Profit £434k to £834k
Group Profit after after Tax increased from  £(3,152)k  to £825k

Other key performance indicators
 
The key non-financial indicators are Facebook and AITO ratings.

Page 1

 
SERENITY HOLIDAYS LIMITED
 

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


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




C Ayling
Director

Date: 25 March 2025

Page 2

 
SERENITY HOLIDAYS 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 £824,982 (2023 - loss £3,151,851).

Based on the results for the year a dividend was not recommended.

Directors

The directors who served during the year were:

C Ayling 
S M Wilde 
S F Wilde 

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.

Page 3

 
SERENITY HOLIDAYS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024

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 on 25 March 2025 and signed on its behalf.
 





C Ayling
Director

Page 4

 
SERENITY HOLIDAYS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SERENITY HOLIDAYS LIMITED
 

Opinion


We have audited the financial statements of Serenity Holidays Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 October 2024, which comprise the Group Statement of Comprehensive Income, the Group and Company Statements of Financial Position, the Group Statement of Cash Flows, the Group and 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

 
SERENITY HOLIDAYS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SERENITY HOLIDAYS 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 Report.  Our 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.


Page 6

 
SERENITY HOLIDAYS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SERENITY HOLIDAYS LIMITED (CONTINUED)


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.


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;
• Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations;
• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations
• Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.
The potential effect of these laws and regulations on the financial statements varies considerably.
Firstly, the Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
Secondly, the Company is subject to many other laws and regulations where the consequence of noncompliance could have a material effect on amounts or disclosures in the financial statements, for instance the imposition of fines or litigation or the loss of the Company's licence to operate. We identified the following areas as those most likely to have such an effect: health and safety including data protection laws, employment law and ATOL, ABTA and ABTOT compliance recognising the nature of the Company's activities. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including
Page 7

 
SERENITY HOLIDAYS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SERENITY HOLIDAYS LIMITED (CONTINUED)


those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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.


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.





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

25 March 2025
Page 8

 
SERENITY HOLIDAYS LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
18,686,819
18,248,009

Cost of sales
  
(14,812,156)
(14,177,351)

Gross profit
  
3,874,663
4,070,658

Administrative expenses
  
(3,092,026)
(3,690,766)

Other operating income
 5 
51,270
54,907

Operating profit
 6 
833,907
434,799

Loss on disposal of subsidiary
  
-
(3,538,150)

Interest receivable and similar income
 10 
280,660
147,200

Interest payable and similar expenses
 11 
(46)
(48,908)

Profit/(loss) before taxation
  
1,114,521
(3,005,059)

Tax on profit/(loss)
 12 
(289,539)
(146,792)

Profit/(loss) for the year
  
824,982
(3,151,851)

  

Total comprehensive income for the year
  
824,982
(3,151,851)

Profit/(loss) for the year attributable to:
  

Owners of the parent Company
  
824,982
(3,151,851)

  
824,982
(3,151,851)

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

The notes on pages 17 to 38 form part of these financial statements.

Page 9

 
SERENITY HOLIDAYS LIMITED
REGISTERED NUMBER: 01744872

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 14 
37,256
46,194

Tangible fixed assets
 15 
83,679
84,001

Investment property
 17 
315,000
315,000

  
435,935
445,195

Current assets
  

Stocks
 18 
49,238
55,238

Debtors
 19 
2,229,323
2,520,740

Cash at bank and in hand
 20 
8,659,024
7,913,839

  
10,937,585
10,489,817

Creditors: amounts falling due within one year
 21 
(6,664,978)
(7,051,452)

Net current assets
  
 
 
4,272,607
 
 
3,438,365

Total assets less current liabilities
  
4,708,542
3,883,560

Provisions for liabilities
  

Net assets excluding pension asset
  
4,708,542
3,883,560

Net assets
  
4,708,542
3,883,560


Capital and reserves
  

Called up share capital 
 23 
100,470
100,470

Share premium account
 24 
2,450,000
2,450,000

Capital redemption reserve
 24 
1,664
1,664

Profit and loss account
 24 
2,156,408
1,331,426

Equity attributable to owners of the parent Company
  
4,708,542
3,883,560

  
4,708,542
3,883,560


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




S F Wilde
Director

Date: 25 March 2025

The notes on pages 17 to 38 form part of these financial statements.

Page 10

 
SERENITY HOLIDAYS LIMITED
REGISTERED NUMBER: 01744872

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2024

2024
2023
£
£

Fixed assets
  

Intangible assets
 14 
37,256
46,194

Tangible assets
 15 
83,679
84,001

Investments
 16 
1,609,197
1,609,197

Investment property
 17 
315,000
315,000

  
2,045,132
2,054,392

Current assets
  

Stocks
 18 
49,238
55,238

Debtors
 19 
2,229,323
2,520,740

Cash at bank and in hand
 20 
8,659,024
7,913,839

  
10,937,585
10,489,817

Creditors: amounts falling due within one year
 21 
(8,782,840)
(9,169,314)

Net current assets
  
 
 
2,154,745
 
 
1,320,503

Total assets less current liabilities
  
4,199,877
3,374,895

  

  

Net assets excluding pension asset
  
4,199,877
3,374,895

Net assets
  
4,199,877
3,374,895


Capital and reserves
  

Called up share capital 
 23 
100,470
100,470

Share premium account
 24 
2,450,000
2,450,000

Capital redemption reserve
 24 
1,664
1,664

Profit and loss account
 24 
1,647,743
822,761

  
4,199,877
3,374,895


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




S F Wilde
Director

Date: 25 March 2025

The notes on pages 17 to 38 form part of these financial statements.

Page 11

 
SERENITY HOLIDAYS LIMITED
 

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


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

£
£
£
£
£

At 1 November 2023
100,470
2,450,000
1,664
1,331,426
3,883,560


Comprehensive income for the year

Profit for the year

-
-
-
824,982
824,982


Other comprehensive income for the year
-
-
-
-
-


Total comprehensive income for the year
-
-
-
824,982
824,982


Total transactions with owners
-
-
-
-
-


At 31 October 2024
100,470
2,450,000
1,664
2,156,408
4,708,542


The notes on pages 17 to 38 form part of these financial statements.

Page 12

 
SERENITY HOLIDAYS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023


Called up share capital
Share premium account
Capital redemption reserve
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£
£

At 1 November 2022
100,470
2,450,000
1,664
164,471
3,530,132
6,246,737


Comprehensive income for the year

Loss for the year

-
-
-
-
(3,151,851)
(3,151,851)

Taxation in respect of items of other comprehensive income
-
-
-
-
953,145
953,145


Other comprehensive income for the year
-
-
-
-
953,145
953,145


Total comprehensive income for the year
-
-
-
-
(2,198,706)
(2,198,706)

On disposal of subsidiary
-
-
-
(164,471)
-
(164,471)


Total transactions with owners
-
-
-
(164,471)
-
(164,471)


At 31 October 2023
100,470
2,450,000
1,664
-
1,331,426
3,883,560


The notes on pages 17 to 38 form part of these financial statements.

Page 13

 
SERENITY HOLIDAYS LIMITED
 

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


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

£
£
£
£
£

At 1 November 2023
100,470
2,450,000
1,664
822,761
3,374,895


Comprehensive income for the year

Profit for the year
-
-
-
824,982
824,982
Total comprehensive income for the year
-
-
-
824,982
824,982


Total transactions with owners
-
-
-
-
-


At 31 October 2024
100,470
2,450,000
1,664
1,647,743
4,199,877


The notes on pages 17 to 38 form part of these financial statements.

Page 14

 
SERENITY HOLIDAYS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023


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

£
£
£
£
£

At 1 November 2022
100,470
2,450,000
1,664
3,947,207
6,499,341


Comprehensive income for the year

Loss for the year
-
-
-
(3,124,446)
(3,124,446)
Total comprehensive income for the year
-
-
-
(3,124,446)
(3,124,446)


Total transactions with owners
-
-
-
-
-


At 31 October 2023
100,470
2,450,000
1,664
822,761
3,374,895


The notes on pages 17 to 38 form part of these financial statements.

Page 15

 
SERENITY HOLIDAYS LIMITED
 

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

2024
2023
£
£

Cash flows from operating activities

Profit/(loss) for the financial year
824,982
(3,151,851)

Adjustments for:

Amortisation of intangible assets
35,994
60,175

Depreciation of tangible assets
18,188
140,638

Interest paid
46
48,908

Interest received
(280,660)
(147,200)

Taxation charge
289,539
146,792

Decrease in stocks
6,000
224,081

Decrease/(increase) in debtors
1,383
(526,119)

(Decrease)/increase in creditors
(386,474)
358,582

Corporation tax received
-
24,438

Foreign exchange
-
(107,887)

Corporation tax paid
(31)
-

Loss in disposal of subsidiary
-
3,538,150

Net cash generated from operating activities

508,967
608,707


Cash flows from investing activities

Purchase of intangible fixed assets
(9,250)
(20,000)

Purchase of tangible fixed assets
(35,146)
(47,774)

Sale of fixed asset investments
-
1,929,947

Interest received
280,660
147,200

Net cash from investing activities

236,264
2,009,373

Cash flows from financing activities

Interest paid
(46)
(48,908)

Net cash used in financing activities
(46)
(48,908)

Net increase in cash and cash equivalents
745,185
2,569,172

Cash and cash equivalents at beginning of year
7,913,839
5,344,667

Cash and cash equivalents at the end of year
8,659,024
7,913,839


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
8,659,024
7,913,839

8,659,024
7,913,839


The notes on pages 17 to 38 form part of these financial statements.

Page 16

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

1.


General information

Serenity Holidays Limited is a private company limited by shares incorporated in England and Wales, United Kingdom. 
The address of the registered office is given in the company information on page 2 of these financial statements. 
The nature of the company's operations and principal activities are that of a specialist tour operator.
The accounts have been prepared in accordance with the provisions of FRS 102. There were no material departures from that standard. 

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 01 November 2014.

 
2.3

Going concern

The directors have prepared forecasts taking into account their assessment of the performance of the business and are confident that the Group will be able to continue to meet their liabilities as they fall due for a period of not less than 12 months from the date these accounts are signed.
The directors consider it appropriate to prepare the financial statements on a going concern basis as a result.

Page 17

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

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.5

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group 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. The following criteria must also be met before turnover is recognised:
Turnover derived from  tours and other services supplied to customers in the ordinary course of business is recognised on the date of departure.

 
2.6

Operating leases: the Group as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

The Group has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 01 November 2022 to continue to be charged over the period to the first market rent review rather than the term of the lease.

 
2.7

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.

The Group has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 01 November 2022 to continue to be charged over the period to the first market rent review rather than the term of the lease.

Page 18

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

2.Accounting policies (continued)

 
2.8

Interest income

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

 
2.9

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.

 
2.10

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.

 
2.11

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; 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.

Page 19

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

2.Accounting policies (continued)

 
2.12

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 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 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.

 
2.13

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 provided on the following basis:

Short-term leasehold property
-
over the term of the lease
Motor vehicles
-
25% straight line
Fixtures and fittings
-
25% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.14

Investment property

Investment property is carried at fair value determined by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Consolidated statement of comprehensive income.

Page 20

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

2.Accounting policies (continued)

 
2.15

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment. Where merger relief is applicable, the cost of the investment in a subsidiary undertaking is measured at the nominal value of the shares issued together with the fair value of any additional consideration paid.
Investments in listed company shares are remeasured to market value at each Balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.16

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.17

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.

 
2.18

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.


 
2.19

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.

 
2.20

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.

Page 21

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

2.Accounting policies (continued)

 
2.21

Provisions for liabilities

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

 
2.22

Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

  
2.23

Advance bookings

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

Page 22

 
SERENITY HOLIDAYS 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 for 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 considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on a ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates is revised where the revisions affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The directors are of the view that there are no critical judgements that have had a significant effect on the amounts recognised in the financial statements.


4.


Turnover

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


2024
2023
£
£

Trade related services
18,686,819
18,248,009

18,686,819
18,248,009


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
71,719
72,666

Rest of the world
18,615,100
18,175,343

18,686,819
18,248,009



5.


Other operating income

2024
2023
£
£

Other operating income
51,270
54,907

51,270
54,907


Page 23

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

6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
29,236
(107,887)


7.


Auditors' remuneration

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


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
17,600
17,600

Non-audit services
4,400
4,400

Page 24

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

8.


Employees

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


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


Wages and salaries
1,571,727
1,891,520
1,571,727
1,505,840

Social security costs
124,292
114,309
124,292
114,309

Cost of defined contribution scheme
195,680
170,556
195,680
170,556

1,891,699
2,176,385
1,891,699
1,790,705


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


        2024
        2023
            No.
            No.







Directors
3
3



Sales
10
11



Marketing
8
8



Commercial
9
9



Administration
18
16



Resort
9
9



Hotels
-
150

57
206


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
267,752
272,236

Group contributions to defined contribution pension schemes
91,493
70,536

359,245
342,772


During the year retirement benefits were accruing to 1 directors (2023 - 1) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £97,197 (2023 - £106,296).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £5,130 (2023 - £5,130).

During the year there were no members of key management personnel other than the directors.

Page 25

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

10.


Interest receivable

2024
2023
£
£


Other interest receivable
280,660
147,200

280,660
147,200


11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
46
48,908

46
48,908


12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
-
1,115

Adjustments in respect of previous periods
31
-


31
1,115

Foreign tax


Foreign tax on income for the year
-
11,297

-
11,297

Total current tax
31
12,412

Deferred tax


Origination and reversal of timing differences
278,686
134,380

Adjustments in respect of prior periods
10,822
-

Total deferred tax
289,508
134,380


Taxation on profit on ordinary activities
289,539
146,792
Page 26

 
SERENITY HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
 
12.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 - 22.52%). The differences are explained below:

2024
2023
£
£


Profit/(loss) on ordinary activities before tax
1,114,521
(3,005,059)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 22.52%)
278,630
(676,739)

Effects of:


Expenses not deductible for tax purposes
41
794,621

Capital allowances for year in excess of depreciation
-
(766)

Adjustments to tax charge in respect of previous periods - deferred tax
10,822
-

Adjustments to tax charge in respect of prior periods
31
1,115

Remeasurement of deferred tax for changes in tax rates
-
13,343

Other differences leading to increase (decrease) in taxation
15
3,921

Adjustment to tax charge in respect of variance in foreign tax rates
-
11,297

Total tax charge for the year
289,539
146,792


Factors that may affect future tax charges

There were no factors that may affect future tax charges.



13.


Parent company profit for the year

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. The profit after tax of the parent Company for the year was £824,982 (2023 - loss £3,124,446).

Page 27

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

14.


Intangible assets

Group





Computer software
Goodwill
Total

£
£
£



Cost


At 1 November 2023
30,000
1,451,729
1,481,729


Additions
9,250
-
9,250



At 31 October 2024

39,250
1,451,729
1,490,979



Amortisation


At 1 November 2023
3,834
1,431,701
1,435,535


Charge for the year on owned assets
3,925
14,263
18,188



At 31 October 2024

7,759
1,445,964
1,453,723



Net book value



At 31 October 2024
31,491
5,765
37,256



At 31 October 2023
26,166
20,028
46,194



Page 28

 
SERENITY HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
 
           14.Intangible assets (continued)

Company




Computer software
Goodwill
Total

£
£
£



Cost


At 1 November 2023
30,000
175,506
205,506


Additions
9,250
-
9,250



At 31 October 2024

39,250
175,506
214,756



Amortisation


At 1 November 2023
3,834
155,478
159,312


Charge for the year
3,925
14,263
18,188



At 31 October 2024

7,759
169,741
177,500



Net book value



At 31 October 2024
31,491
5,765
37,256



At 31 October 2023
26,166
20,028
46,194

Page 29

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

15.


Tangible fixed assets

Group






Short-term leasehold property
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 November 2023
66,227
37,369
387,108
490,704


Additions
-
-
35,146
35,146



At 31 October 2024

66,227
37,369
422,254
525,850



Depreciation


At 1 November 2023
66,227
37,369
303,107
406,703


Charge for the year on owned assets
-
-
35,468
35,468



At 31 October 2024

66,227
37,369
338,575
442,171



Net book value



At 31 October 2024
-
-
83,679
83,679



At 31 October 2023
-
-
84,001
84,001

Page 30

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

           15.Tangible fixed assets (continued)


Company






Short-term leasehold property
Motor vehicles
Fixtures and fittings
Total

£
£
£
£

Cost or valuation


At 1 November 2023
66,227
37,369
387,108
490,704


Additions
-
-
35,146
35,146



At 31 October 2024

66,227
37,369
422,254
525,850



Depreciation


At 1 November 2023
66,227
37,369
303,107
406,703


Charge for the year on owned assets
-
-
35,468
35,468



At 31 October 2024

66,227
37,369
338,575
442,171



Net book value



At 31 October 2024
-
-
83,679
83,679



At 31 October 2023
-
-
84,001
84,001






Page 31

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

16.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 November 2023
1,609,197



At 31 October 2024
1,609,197





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Principal activity

Class of shares

Holding

Corsican Travel Limited
Provider of transportation services
Ordinary
100%
Corsican Places Limited
Non trading
Ordinary
100%
The Gambia Experience (UK) Limited
Non trading
Ordinary
100%
Allez France Group Limited
Non trading
Ordinary
100%
Holiday Places Limited
Non trading
Ordinary
100%
Allez France Holiday Homes Limited
Non trading
Ordinary
100%
Freedom of Europe Holidays Limited
Non trading
Ordinary
100%
The Gambia Experience Limited
Non trading
Ordinary
100%



The aggregate of the share capital and reserves as at 31 October 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Corsican Travel Limited
643,350
-

Corsican Places Limited
839,850
-

The Gambia Experience (UK) Limited
1
-

Allez France Group Limited
20,000
-

Holiday Places Limited
611,892
-

Allez France Holiday Homes Limited
100
-

Freedom of Europe Holidays Limited
2,668
-

The Gambia Experience Limited
1
-

Page 32

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

17.


Investment property

Group and Company


Freehold investment property

£



Valuation


At 1 November 2023
315,000



At 31 October 2024
315,000

The 2024 valuations were made by the directors, on an open market value for existing use basis.

The building land owned by the parent company, Serenity Holidays Limited, were valued on 21 December 2015 by A D Crocker Bsc (Hons) MRICS of Hellier Langston Chartered Surveyors on an open market existing use basis.





18.


Stocks

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

Stocks
49,238
55,238
49,238
55,238

49,238
55,238
49,238
55,238


Page 33

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

19.


Debtors

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

Due after more than one year

Other debtors
44,063
59,510
44,063
59,510

44,063
59,510
44,063
59,510

Due within one year

Trade debtors
2,213
47,913
2,213
47,913

Other debtors
93,088
142,321
93,088
142,321

Prepayments and accrued income
1,850,797
1,742,648
1,850,797
1,742,648

Tax recoverable
-
(322)
-
(322)

Deferred taxation
239,162
528,670
239,162
528,670

2,229,323
2,520,740
2,229,323
2,520,740


Included in prepayments and accrued income is £1,393,480 (2023: £1,367,762) in relation to advance payments made in respect of bookings departing after the year end.


20.


Cash and cash equivalents

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

Cash at bank and in hand
8,659,024
7,913,839
8,659,024
7,913,839

8,659,024
7,913,839
8,659,024
7,913,839


Page 34

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

21.


Creditors: Amounts falling due within one year

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

Trade creditors
531,761
510,867
526,519
505,625

Amounts owed to group undertakings
-
-
2,123,104
2,123,104

Other taxation and social security
38,039
37,568
38,039
37,568

Other creditors
53,331
11,962
53,331
11,962

Accruals and deferred income
6,041,847
6,491,055
6,041,847
6,491,055

6,664,978
7,051,452
8,782,840
9,169,314


The Bank facility is secured by fixed charge over the assets of the group.
Included in accruals and deferred income is £5,309,483 (2023: £5,529,337) of advanced receipts received for bookings departing after the year end.


22.


Deferred taxation


Group



2024
2023


£

£






At beginning of year
528,670
1,184,979


Charged to profit or loss
(289,508)
(134,380)


On disposal of subsidiary
-
(521,929)



At end of year
239,162
528,670

Page 35

 
SERENITY HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
 
22.Deferred taxation (continued)

Company


2024
2023


£

£






At beginning of year
528,670
663,050


Charged to profit or loss
(289,508)
(134,380)



At end of year
239,162
528,670

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

Accelerated capital allowances
(20,149)
(14,314)
(20,149)
(14,314)

Short term timing diferences
142,251
129,681
142,251
129,681

Losses and other deductions
117,060
413,303
117,060
413,303

239,162
528,670
239,162
528,670


23.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100,000 (2023 - 100,000) Class A shares of £1.00 each
100,000
100,000
17,646 (2023 - 17,646) Class B shares of £0.01 each
176
176
29,409 (2023 - 29,409) Preference Ordinary shares of £0.01 each
294
294

100,470

100,470


Page 36

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

24.


Reserves

Share premium account

Includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

Capital redemption reserve

Is the value of share capital bought back by the company.

Profit and loss account

Includes all current and prior period retained profits and losses.


25.


Contingent liabilities

The Group currently holds an Air Travel Organisers’ License (‘ATOL’) issued by the Civil Aviation Authority (‘CAA’), is a member of the Association of British Travel Agents Limited (’ABTA’), the Association of Bonded Travel Organisers Trust ('ABTOT'), and the Association of Independent Tour Operators ('AITO').
As at 31st October 2024, there were contingent liabilities given by the Company in the normal course of business to their insurance obligors T&G in respect of ABTOT insurance bonds amounting to £27,840 and in respect of ABTA insurance bonds amounting to £25,000 (2023: £25,000).


26.


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 £125,144 (2023: £100,020). Contributions totalling £11,326 (2023: £nil) were payable to the fund at the balance sheet date


27.


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
110,400
110,400
110,400
110,400

Later than 1 year and not later than 5 years
441,600
441,600
441,600
441,600

Later than 5 years
77,431
188,134
77,431
188,134

629,431
740,134
629,431
740,134

Page 37

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

28.


Forward Contracts

At the year end the group had forward contracts to buy 150,000 euros amounting to £126,044 at a rate of 1.19. 


29.


Related party transactions

At 31 October 2024, the company was owed £954 from Mr and Mrs S F Wilde (2023: owed £954) on their joint directors current account. Repayments in the year totalled £nil (2023: £nil) and advances totalled £nil (2023: £nil).
Mr and Mrs S F Wilde have pension contributions held in Accruals and Deferred Income amounting to £633,705 (2023: £563,169).
The group has taken advantage of the exemption available under FRS102 'Related Party Transactions' from disclosing related party transactions with other Group entities that are wholly owned.


30.


Controlling party

The Group is controlled by Mr and Mrs S F Wilde by virtue of their majority shareholding in the parent company.

 
Page 38