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Registered number: 00527266









RWH TRAVEL LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2024

 
RWH TRAVEL LIMITED
 
 
COMPANY INFORMATION


Directors
Ms Jane L Atkins (appointed 17 October 2024)
Miss Alexa Berger 
Mr Michael J Duxbury (resigned 5 January 2024)
Mr Andrew J Gold 
Mr Gary M Jacobs (appointed 5 January 2024)
Mr Kevin J O'Regan (resigned 30 August 2024)
Mr Wayne Perks (appointed 9 September 2024)
Mr Martin Shepley (resigned 21 March 2024)
Mr Jeffrey Sissons 
Mrs Hilary Watchman 




Company secretary
Miss Alexa Berger



Registered number
00527266



Registered office
Lemsford Mill
Lemsford Village

Welwyn Garden City

Hertfordshire

AL8 7TR




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

2nd Floor, Nucleus House

2 Lower Mortlake Road

Richmond

TW9 2JA





 
RWH TRAVEL LIMITED
 

CONTENTS



Page
Strategic Report
1 - 4
Directors' Report
5 - 7
Independent Auditors' Report
8 - 12
Statement of Comprehensive Income
13
Statement of Financial Position
14 - 15
Statement of Changes in Equity
16
Statement of Cash Flows
17
Analysis of Net Debt
18
Notes to the Financial Statements
19 - 40


 
RWH TRAVEL LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024

Introduction
 
The Directors present their strategic report for the year ended 31 October 2024.
The Company is required by the Companies Act to set out in this report, a fair review of the business of the Company during the financial year ended 31 October 2024, and its position at the end of the year along with a description of the principal risks and uncertainties facing the Company. This review is prepared solely to provide additional information to shareholders to assess the Company's strategies and the potential for those strategies to succeed, and the business review should not be relied upon by any other party or for any other purpose.

Business review
 
The results for the year and financial position of the company are as shown in the annexed financial statements.  We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and nature of our business and is written in the context of the risks and uncertainties we face.
During the year, we continued to provide guided walking holidays for small groups to the UK, Europe and to worldwide destinations, capitalising on our proven record of success in this area and developing a range of new destinations for our clients. We also operate a country house hotel called Hassness House at Buttermere in the Lake District and have an investment portfolio consisting of properties and listed stocks.
This financial year saw the effects of the Ramble Worldwide rebrand, both positive and negative.  This single brand allowed better communication of our worldwide range of holidays and has allowed us to appeal to a new slightly younger market.  However, some traction was lost on organic search to our website following this change and it took the best part of the year to regain but now we have surpassed where we were with our old website with the previous brand. 
Tour Operation
The financial year ended 31 October 2024 turnover was comparable with the prior year at £14.8m. This is the blended result of changing the product mix and pricing for a similar number of traveling clients. With this being a year of transition, the marketing team focussed on improving our message to new and existing clients while the operational team continued to focus on creating excellent client care and a positive client experience overall.
 
The Gross Profit margin of 26.61% is a small reduction compared to the prior year of 28.22% partly due to tour activity and product mix but also due to a write back of some historic creditor balances that improved the costs of sales in 2023 accounts and which did not repeat in 2024.
This financial year saw an increase in overhead expenditure across all cost lines as there was planned investment back into all areas of the business. Employment costs higher in line with recruitment levels, an increase in Marketing spend due to a rebrand project, planned development in IT infrastructure as well as improvements to the properties owned. 
Overall, the Company has made an Operating loss in this financial year but has used the year to invest in its people, marketing, IT and premises in order to allow future growth and scalability. The Executive team has undergone some changes in the year and the Company’s future projections are looking more positive. The Product & Commercial team continue to monitor individual and regional tour performance alongside the Senior Management team who continue to monitor budgets set in all other areas of the business to ensure activity is aligned with tour performance. 
Cashflow is monitored weekly and remains healthy. Supplier payments continue to be made promptly for both direct cost of sale suppliers and overhead contract suppliers.
 
Page 1

 
RWH TRAVEL LIMITED
 

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

Business review (continued)
Investment properties
All three of the Mill Race units continue to be fully occupied for the whole financial year. 
Looking ahead
The travel market has performed well during the year and forward bookings are stronger for FY24-25 than at the same time last year for FY23-24. The Group continues to react to the changing client demands in terms of destination, grading and duration of the product mix.
The Executive closely monitor and ensure compliance over our key regulations, for example; the changing European TOMS VAT landscape, ATOL and ABTA requirements. The regulatory bodies review the financial statements and business activity with scrutiny and the Board is confident that the Group is meeting all necessary requirements.
The Group has remained competitively priced and with an increase in holidays and diversification of products on sale, we are confident that we can build the business back up and increase our market presence.
The key performance indicators used by the Directors to monitor the progress of the Company are set out below, being those that communicate the financial performance and strength of the Company, these being turnover, gross margin, overall profitability and cashflows:

2024
2023
£
£
Turnover

14,798,726

14,799,293

Gross Profit

3,937,802

4,176,392

Gross Profit as a percentage of Turnover

26.61%

28.22%

Operating (loss)/profit

(482,847)

186,787

Operating (loss)/profit as a percentage of Turnover

(3.26%)

1.26%

Net cash generated from operating activities

(295,897)

464,010

Net (decrease)/increase in cash and cash equivalents

(363,766)

68,177


Page 2

 
RWH TRAVEL LIMITED
 

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

Principal risks and uncertainties
 
The following risk factors may affect the Group's operating results and its financial position. 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 risk and uncertainties facing the Group.
Economic conditions
The demand for holidays is affected by local economic conditions. The current levels of inflation and the cost of living crisis will undoubtedly impact the holiday market as a whole both as an absolute decision as to where to travel and also the lead time for booking. We believe we continue to offer good value exciting holidays which satisfy our clients desire to travel, which we believe will provide us with more stability in potentially volatile market conditions. There are external factors over which we have little control such as the recent pandemic, the invasion of Ukraine and the conflict in the Middle East which result in global impacts on prices and the affordability and ability to travel, but we believe our recent experience of reacting to these issues leaves us in a strong position.
Market Risk
the Group is exposed to movement in valuation of tradeable investments held in the company’s investment portfolio.
Regulatory risk
The Group 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 Group to operate. This licence is renewed in March each year and is subject to assessments of fitness and financial criteria, the framework of which is available on the CAA's website (www.caa.co.uk).
I
nterest rate risk
The Group finances its operations through retained profits. The Group's exposure to interest rate fluctuations on its cash deposits are managed by using short term, fixed and floating deposits.
Competition risk
The Group operates in a highly competitive market featuring innovation in the travel products and the methods by which it is marketed, as well as price pressures. In autumn 2023 the Group rebranded as Ramble Worldwide to increase public awareness, as well as offer an increased selection of products which we believe will deliver an increased market share. The Group monitors competitor activity closely.
Foreign exchange rate exposure
The Group faces transactional exposure primarily relating to the cost of contracting accommodation for tours both in Europe and worldwide, which is required many months in advance of the tour occurring. To manage this risk, a policy of forward buying foreign currencies at a percentage of future forecast requirements has been used.
Supplier failure risk
The Group has well established and close relationships with customers and suppliers and risk is spread by not placing over-reliance on any one supplier in any particular area. However, if a relationship were lost or damaged with a major supplier this could have a detrimental effect on the business. The management team meets regularly with suppliers to maintain good working relationships and to understand the supplier's financial position.
Technology risk
The Group is heavily reliant on the uninterrupted operation of its IT systems. These systems are vulnerable to power loss, fire, computer viruses and other events. Loss of these systems would impair the ability of the Group to carry on its business effectively. The Group has made arrangements to mitigate this risk including having multiple leased lines into its main office, moving to hosted solutions for its key systems and having employees working across multiple locations. Additionally, the Group has in place cyber security measures such as firewalls subject to periodic penetration testing, data security policies and cyber security training for all employees.
 
Page 3

 
RWH TRAVEL LIMITED
 

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

Principal risks and uncertainties (continued)
Commercial risk
The nature of the business exposes the Group to various commercial risks which may affect the trading performance of the Group. These include:
- acts of terrorism, particularly in key tourist destinations
- epidemics in key tourist destinations which threaten the health of tourists
- wars or other international uncertainty which affects air travel
- natural disasters in key tourist destinations
- weather conditions, both in the UK and key tourist destinations
- changes in customer behaviour and preferences
- increases in government taxes
Marketing Risk
In autumn 2023 the Group rebranded as Ramble Worldwide to increase public awareness. Establishing Ramble Worldwide on digital channels (e.g. Google) requires time and investment and results are dependent on several external factors including competitor and market forces.
These factors may affect the Group by causing potential customers to cancel or postpone travel plans, reducing the earnings potential of the Group. The Group seeks to minimise such risks by operating a flexible limited commitment business model with the ability to shift capacity amongst a variety of destinations where necessary. In the case of a global shut down of the travel industry, as was experienced due to the Covid-19 pandemic, the Group seeks to mitigate risk by substantial cost cutting, while protecting its ability to effectively compete in the future.


This report was approved by the board on 20 March 2025 and signed on its behalf.



Miss Alexa Berger
Director

Page 4

 
RWH TRAVEL 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 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;

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

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

The 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. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' Reports may differ from legislation in other jurisdictions.

Principal activity

The principal activity of the Company continued to be that of a tour operator specialising in guided walking tour holidays. 

Results and dividends

The profit for the year, after taxation, amounted to £745,467 (2023 - £117,707).



Page 5

 
RWH TRAVEL LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024


Directors

The directors who served during the year were:

Ms Jane L Atkins (appointed 17 October 2024)
Miss Alexa Berger 
Mr Michael J Duxbury (resigned 5 January 2024)
Mr Andrew J Gold 
Mr Gary M Jacobs (appointed 5 January 2024)
Mr Kevin J O'Regan (resigned 30 August 2024)
Mr Wayne Perks (appointed 9 September 2024)
Mr Martin Shepley (resigned 21 March 2024)
Mr Jeffrey Sissons 
Mrs Hilary Watchman 

Future developments

During the next accounting period, there is anticipated growth in passenger numbers with a key objective to reach new and a boarder range of clients. There is a new Senior Leadership team with new initiatives to drive growth, for example, new channels to market, including trade relationships and international source markets.  There is a broader product mix with new destinations and a revision to existing itineraries.

Matters covered in the Strategic Report

The directors have disclosed, in line with the Companies Act 2006, additional performance data for the Company in the strategic report which is included within this set of financial statements. This includes a review of the performance of the business and the key performance indicators, as well as the main risks faced by the business.

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.

Post balance sheet events

There have been no other significant events affecting the Company since the year end.
During 2025, the Company will continue to operate as outlined in the principal activity note above.

Page 6

 
RWH TRAVEL LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024


Auditors

The auditorsWhite Hart Associates (London) Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 20 March 2025 and signed on its behalf.
 





Miss Alexa Berger
Director

Page 7

 
RWH TRAVEL LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RWH TRAVEL LIMITED
 

Opinion


We have audited the financial statements of RWH Travel Limited (the 'Company') for the year ended 31 October 2024, which comprise 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 October 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 8

 
RWH TRAVEL LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RWH TRAVEL 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.


Page 9

 
RWH TRAVEL LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RWH TRAVEL LIMITED (CONTINUED)

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 5, 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 10

 
RWH TRAVEL LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RWH TRAVEL 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 judgment and maintain professional skepticism 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 The Package and Linked Travel Arrangements Regulations 2018 (“PTRs”) and sample test relevant documentation to assess this and the effectiveness of its control environment;
- We request and review the minutes of management meetings, and assess any matters identified not already provided for or disclosed that may materially impact the financial statements;
- We review the Company's relationships with related parties, identifying and disclosing transactions during the year and balances at year-end with such parties.


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 11

 
RWH TRAVEL LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RWH TRAVEL LIMITED (CONTINUED)

Use of our report
 

This report is made solely to the Company's shareholders, 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 shareholders 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 shareholders, as a body, for our audit work, for this report, or for the opinions we have formed.





M S Caldicott ACA FCCA CTA (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

20 March 2025
Page 12

 
RWH TRAVEL LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
14,798,726
14,799,293

Cost of sales
  
(10,860,924)
(10,622,901)

Gross profit
  
3,937,802
4,176,392

Administrative expenses
  
(4,420,661)
(3,983,765)

Other operating income
 5 
15,012
9,160

Interest payable
 11 
(15,000)
(15,000)

Operating (loss)/profit
  
(482,847)
186,787

Income from current asset investments
 9 
133,822
125,528

Interest receivable and similar income
 10 
72,456
55,389

Net rent receivable from investment properties
  
84,231
96,208

(Loss)/profit before fair value movements and taxation
  
(192,338)
463,912

Unrealised gain/(loss) on fair value movements on investments
  
813,333
(246,290)

Profit on disposal of investments
  
145,044
-

Loss on forward contract movements at fair value
  
(180)
(9,443)

Profit on ordinary activities before interest
  
765,859
208,179

Tax on profit
 12 
(20,392)
(90,472)

Profit for the financial year
  
745,467
117,707

Other comprehensive income for the year
  

Unrealised deficit on revaluation of tangible fixed assets
  
(24,418)
(25,791)

Other comprehensive income for the year
  
(24,418)
(25,791)

Total comprehensive income for the year
  
721,049
91,916

The notes on pages 19 to 40 form part of these financial statements.

Page 13

 
RWH TRAVEL LIMITED
REGISTERED NUMBER:00527266

STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 13 
275,381
328,295

Tangible assets
 14 
3,331,574
3,470,701

Investments
 15 
5,001
5,001

Investment property
 16 
570,000
570,000

  
4,181,956
4,373,997

Current assets
  

Debtors: amounts falling due within one year
 17 
747,206
819,738

Current asset investments
 18 
5,836,877
4,679,548

Cash at bank and in hand
 19 
3,007,388
3,371,154

  
9,591,471
8,870,440

Creditors: amounts falling due within one year
 20 
(4,359,040)
(4,571,479)

Net current assets
  
 
 
5,232,431
 
 
4,298,961

Total assets less current liabilities
  
9,414,387
8,672,958

Creditors: amounts falling due after more than one year
 21 
(365,733)
(365,745)

Provisions for liabilities
  

Deferred tax
 22 
(50,659)
(30,267)

  
 
 
(50,659)
 
 
(30,267)

Net assets
  
8,997,995
8,276,946


Capital and reserves
  

Called up share capital 
 23 
150,000
150,000

Revaluation reserve
 24 
1,304,869
1,329,287

Profit and loss account
 24 
7,543,126
6,797,659

  
8,997,995
8,276,946


Page 14

 
RWH TRAVEL LIMITED
REGISTERED NUMBER:00527266
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 OCTOBER 2024

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


Miss Alexa Berger
Director
Date: 20 March 2025

The notes on pages 19 to 40 form part of these financial statements.

Page 15

 
RWH TRAVEL LIMITED
 

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


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

£
£
£
£


At 1 November 2022
150,000
1,355,078
6,679,952
8,185,030


Comprehensive income for the year

Profit for the year
-
-
117,707
117,707

Revaluation movement for the year
-
(25,791)
-
(25,791)



At 1 November 2023
150,000
1,329,287
6,797,659
8,276,946


Comprehensive income for the year

Profit for the year
-
-
745,467
745,467

Revaluation movement for the year
-
(24,418)
-
(24,418)


At 31 October 2024
150,000
1,304,869
7,543,126
8,997,995


The notes on pages 19 to 40 form part of these financial statements.

Page 16

 
RWH TRAVEL LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
745,467
117,707

Adjustments for:

Amortisation of intangible assets
113,692
93,677

Depreciation of tangible assets
124,680
123,591

Interest and dividends received
(206,278)
(180,917)

Taxation charge
20,392
90,472

Decrease/(increase) in debtors
72,352
(318,974)

(Decrease)/increase in creditors
(207,813)
282,721

(Decrease)/increase in amounts owed to groups
(12)
35

Net fair value (gains)/losses recognised in P&L
(813,333)
255,733

Profit on sale of investments
(145,044)
-

Net cash generated from operating activities

(295,897)
464,045


Cash flows from investing activities

Purchase of intangible fixed assets
(60,778)
(168,291)

Purchase of tangible fixed assets
(9,971)
(57,200)

Purchase of listed investments
(752,592)
(351,259)

Sale of listed investments
549,194
-

Interest received
72,456
55,389

Dividends received
133,822
125,528

Net cash from investing activities

(67,869)
(395,833)


Net (decrease)/increase in cash and cash equivalents
(363,766)
68,212

Cash and cash equivalents at beginning of year
3,371,154
3,302,942

Cash and cash equivalents at the end of year
3,007,388
3,371,154


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
3,007,388
3,371,154

3,007,388
3,371,154


The notes on pages 19 to 40 form part of these financial statements.

Page 17

 
RWH TRAVEL LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 OCTOBER 2024




At 1 November 2023
Cash flows
At 31 October 2024
£

£

£

Cash at bank and in hand

3,371,154

(363,766)

3,007,388

Liquid investments

4,679,728

1,157,149

5,836,877


8,050,882
793,383
8,844,265

The notes on pages 19 to 40 form part of these financial statements.

Page 18

 
RWH TRAVEL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

1.


General information

As disclosed in the Directors' Report, the principal activity of the Company in the year under review was that of a tour operator specialising in guided walking tour holidays. 
The Company is a private company limited by shares and is incorporated in England. The address of the Company's principal place of business and registered office is Lemsford Mill, Lemsford Village, Welwyn Garden City, Hertfordshire, AL8 7TR.

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

The Board and management meet regularly during the year and continue to review the Group’s financial position, budgets and forecasts in order to neutralise the potential financial impact from any significant downturn in trading.
As a result of these reviews and projections, the Board and management have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future, being at least the following 12 months from the signing of these financial statements. This is supported by the strong balance sheet with a healthy mix of fixed assets and net current assets, the recent trading performance and the current bookings already taken for 2025. The Company is well placed to meet and service the additional volume.
Consequently, the directors believe that it is still appropriate to apply the going concern basis for the foreseeable future.

Page 19

 
RWH TRAVEL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.3

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.

 
2.4

Turnover

Turnover is derived from ordinary activities and represents the invoiced value, net of value added tax, of sales of holidays and other sundry related items. Turnover and expenses relating to tours are taken to the Statement of Comprehensive Income at the date of departure.
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.
All turnover relating to tours with departure dates after the financial year end are treated as advanced receipts as at the Statement of Financial Position date and are separately disclosed under other creditors. Payments made to suppliers in respect of future departures are treated as advanced payments and are separately disclosed under other debtors.

  
2.5

Loyalty scheme

The cost of loyalty points are treated as deferred income, with deferred turnover equal to the estimated fair value of the points issued, recognised when the original transaction occurs. On redemption, the cost of the redemption is offset against the deferred income balance. 

 
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.

Page 20

 
RWH TRAVEL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
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.

 
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

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.

Page 21

 
RWH TRAVEL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.11

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:

Freehold property
-
20/50 years straight line
Plant and machinery
-
10/20 years straight line
Computer equipment
-
3/5 years straight line
Computer software
-
5 years 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.

 
2.12

Revaluation of tangible fixed assets

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

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

 
2.13

Investment property

Investment property is carried at fair value determined annually 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 profit or loss.

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Page 22

 
RWH TRAVEL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.15

Cash and cash equivalents

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

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.16

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.

 
2.17

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.18

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.

 
2.19

Provisions for liabilities

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

Page 23

 
RWH TRAVEL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.20

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.

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 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.

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.
Page 24

 
RWH TRAVEL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)


2.20
Financial instruments (continued)


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 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.

Page 25

 
RWH TRAVEL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
a) Critical judgments in applying the Company’s accounting policies
Customer loyalty scheme
The Company operates a loyalty programme based on a points scheme, which results in deferred income being recognised. In accordance with FRS 102, the standalone selling price attributed to the awarded loyalty points is deferred as a liability and recognised as settled on redemption of the points and provision of service to the participants to whom the points were issued. The standalone selling price of the loyalty points is based on the value of the awards for which the points could be redeemed. The Company also recognises revenue associated with the proportion of award credits which are not expected to be redeemed, based on the results of statistical modelling. 
The balance of deferred revenue arising from the customer loyalty scheme at 31 October 2024 is £392,738 (2023: £340,478).
The directors believe that there are no other critical judgments involved in applying the Company's accounting policies that warrant disclosure.
b) Key accounting estimates and assumptions
The Company has historically run a Leaders Conference every 4 years, which allows the leaders and management to share ideas, business knowledge and best practices, whilst also allowing for updating and improving training and safety procedures, customer experiences, leader processes and more. To ensure the costs of this conference are spread evenly across the intervening accounting periods, a provision is made at the end of each financial year, and reversed in the year of the conference taking place. The next conference is due to be held in 2025 and a total cost provision of £77,085 is included in accruals and deferred income within creditors (note 20) at 31 October 2024.
The directors believe that there are no other key accounting estimates and assumptions involved in applying the Company's accounting policies that warrant disclosure.


4.


Turnover

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


2024
2023
£
£

Tour operating activities
14,798,726
14,799,293


All turnover arose within the United Kingdom.

Page 26

 
RWH TRAVEL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

5.


Other operating income

2024
2023
£
£

Management fees receivable
15,012
9,160

15,012
9,160



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
29,400
29,300


7.


Employees

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


2024
2023
£
£

Wages and salaries
1,724,507
1,557,088

Social security costs
178,582
163,043

Cost of defined contribution scheme
129,671
95,760

2,032,760
1,815,891


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


        2024
        2023
            No.
            No.







Management
2
2



Sales and distribution
18
16



Administration
27
26

47
44

Page 27

 
RWH TRAVEL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
188,406
229,322

Company contributions to defined contribution pension schemes
57,599
31,992

246,005
261,314


During the year retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.

Key management consists of the directors. The compensation paid to the key management for employee services is the same as for the directors.


9.


Income from investments

2024
2023
£
£

Profit on sale of investments
145,044
-

145,044
-


Dividends received from listed investments
133,822
125,528

133,822
125,528





10.


Interest receivable

2024
2023
£
£


Bank interest receivable
72,456
55,389

72,456
55,389

Page 28

 
RWH TRAVEL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

11.


Interest payable and similar expenses

2024
2023
£
£


Loan interest to parent company
15,000
15,000

15,000
15,000


12.


Taxation


2024
2023
£
£



Total current tax
-
-

Deferred tax


Origination and reversal of timing differences
20,392
90,472


Taxation on profit on ordinary activities
20,392
90,472

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard averaged rate of corporation tax in the UK of 25% (2023 - 22.5%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
765,859
208,179


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 22.5%)
191,465
46,841

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
(215,929)
65,251

Capital allowances for year in excess of depreciation
24,805
10,694

Utilisation of tax losses and losses arising carried forward
33,114
(94,542)

Movement in deferred tax
20,392
90,472

Dividends from UK companies
(33,455)
(28,244)

Total tax charge for the year
20,392
90,472

Page 29

 
RWH TRAVEL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
 
12.Taxation (continued)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

At the year end, the Company has unrelieved tax losses of £5,256,022 and capital losses of £98,517 to use against future profits and capital gains. 


13.


Intangible assets




Computer software

£



Cost


At 1 November 2023
601,839


Additions
60,778


Disposals
(19,436)



At 31 October 2024

643,181



Amortisation


At 1 November 2023
273,544


Charge for the year on owned assets
113,692


On disposals
(19,436)



At 31 October 2024

367,800



Net book value



At 31 October 2024
275,381



At 31 October 2023
328,295



Page 30

 
RWH TRAVEL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

14.


Tangible fixed assets





Freehold property
Plant and machinery
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 November 2023
3,600,000
251,972
68,536
3,920,508


Additions
-
3,629
6,342
9,971


Disposals
-
(8,438)
-
(8,438)



At 31 October 2024

3,600,000
247,163
74,878
3,922,041



Depreciation


At 1 November 2023
237,778
163,493
48,536
449,807


Charge for the year on owned assets
94,471
19,567
10,642
124,680


Disposals
-
(8,438)
-
(8,438)


On revalued assets
24,418
-
-
24,418



At 31 October 2024

356,667
174,622
59,178
590,467



Net book value



At 31 October 2024
3,243,333
72,541
15,700
3,331,574



At 31 October 2023
3,362,222
88,479
20,000
3,470,701

The freehold properties were revalued on 31 October 2021 by Brown & Lee Chartered Surveyors and Peill & Company Limited respectively, both being external Chartered Surveyors, at an open market with a combined estimated realisation price of £3,600,000.

Page 31

 
RWH TRAVEL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

           14.Tangible fixed assets (continued)




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Freehold
3,243,333
3,362,222

3,243,333
3,362,222


Cost or valuation at 31 October 2024 is as follows:

Land and buildings
£


At cost
3,462,916
At valuation:

Historical revaluations
137,084



3,600,000

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

2024
2023
£
£



Cost
3,462,916
3,462,916

Accumulated depreciation
(1,366,748)
(1,270,638)

Net book value
2,096,168
2,192,278

Page 32

 
RWH TRAVEL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

15.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 November 2023
5,001



At 31 October 2024
5,001





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Ramblers Travel Agency Limited
Lemsford Mill, Lemsford Village, Welwyn Garden City, Hertfordshire, AL8 7TR
Ordinary
100%
Load Off Your Back Limited
As above
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 was as follows:

Name
Aggregate of share capital and reserves
£

Ramblers Travel Agency Limited
456,059

Load Off Your Back Limited
1

Both companies were dormant during the year.

Page 33

 
RWH TRAVEL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

16.


Investment property


Freehold investment property

£



Valuation


At 1 November 2023
570,000



At 31 October 2024
570,000


Comprising


Cost
838,302

Annual revaluation surplus/(deficit):


2017 and prior
(363,302)

2018
255,000

2021
(160,000)

At 31 October 2024
570,000

The 2024 valuations were made by Brown & Lee Chartered Surveyors on 31 October 2021, on an open market value for existing use basis.





Page 34

 
RWH TRAVEL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

17.


Debtors

2024
2023
£
£


Other debtors
15,754
44,303

Prepayments and accrued income
731,452
775,255

Financial instruments
-
180

747,206
819,738


Included within prepayments and accrued income above are prepaid costs for future departures amounting to £691,899 (2023: £729,492).


18.


Current asset investments

2024
2023
£
£

Listed investments
5,836,877
4,679,548

5,836,877
4,679,548


Listed investments are shown at their market value. The cost of listed investments at the year-end was £5,231,094 (2023: £4,882,649).


19.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
3,007,388
3,371,154

3,007,388
3,371,154


Included within cash at bank and in hand above is restricted cash in transit of £391,627 (2023: £266,235) held by the Group's merchant card acquirers.
Also included within cash at bank and in hand above is restricted cash of £387,388 (2023: £404,200) held by Barclays Bank Plc to provide a cash-backed bond in favour of the Association of British Travel Agents Limited ('ABTA'), which is secured against the cash held by means of a credit guarantee.

Page 35

 
RWH TRAVEL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

20.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
102,677
356,608

Amounts owed to group undertakings
457,061
457,061

Other taxation and social security
44,990
42,932

Other creditors
14,931
18,863

Accruals and deferred income
3,739,381
3,696,015

4,359,040
4,571,479


Included in accruals and deferred income above are advanced receipts from customers for future departures amounting to  £2,917,093 (2023: £2,812,671).
At 31 October 2024, the Company had £57,726 (2023: £28,578) of BSP outstanding cash sales to be paid to the International Air Transport Association ('IATA') included within trade creditors for tickets issued during the month of October 2024, all of which was paid within November 2024. 


21.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Amounts owed to group undertakings
365,733
365,745

365,733
365,745


Page 36

 
RWH TRAVEL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

22.


Deferred taxation




2024


£






At beginning of year
(30,267)


Charged to profit or loss
(20,392)



At end of year
(50,659)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(3,799)
(5,907)

Tax losses carried forward
-
3,750

Other deductions
-
18,750

Unrealised surplus on freehold property
(46,860)
(46,860)

(50,659)
(30,267)

Deferred tax assets relating to accelerated capital allowances will be reversed as the Company claims capital allowances on the tax value of its tangible fixed assets, being on a reducing balance basis at 18%. Deferred tax assets relating to tax losses carried forward, when provided for, will be reversed in their entirety in following periods against taxable profits.


23.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



150,000 (2023 - 150,000) Ordinary shares of £1.00 each
150,000
150,000

The Ordinary shares of £1 each carry full voting rights, full dividend rights and full rights to participation in any capital distribution on winding up.


Page 37

 
RWH TRAVEL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

24.


Reserves

Revaluation reserve

The revaluation reserve is used to record increases in the fair value of land and buildings and decreases to the extent that such decreases relate to a previous increase on the same asset.

Profit and loss account

The profit and loss account represents all current and prior period retained profits and losses, less any dividends paid to the Company's shareholders. Within the profit and loss account are non-distributable amounts relating to foreign currency forward contract gains of £284 (2023: £180).


25.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £129,671 (2023: £95,760). Contributions totalling £14,931 (2023: £18,863) were payable to the fund at the reporting date and are included in creditors.


26.


Commitments under operating leases

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


27.


Regulatory bodies

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

Page 38

 
RWH TRAVEL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

28.


Financial instruments - Foreign currency risk management

The majority of the Company's purchases are sourced from outside the United Kingdom and consequently the Company is exposed to fluctuations in exchange rates. The principal foreign currencies transacted are Euros and US Dollars, but other currencies are also used. To the extent that the Company contracts to purchase services in foreign currencies, forward cover is purchased in line with the Company's guidelines. 
The Company uses forward exchange contracts to manage its foreign currency risk against Sterling. The forward contracts usually have maturity dates of less than one year after the Statement of Financial Position date, but some can be for longer. 
As a matter of policy, the Company does not enter into derivative contracts for speculative purposes.
The details of the forward contracts in place at the year-end were: 

Foreign Currency
Net Value
Sterling Notional
Net Value
Fair Value
       CCY
        £
        £
31 October 2024 Expiry:

Less than 3 months

150,000

116,795

284
 
3 to 6 months

-

-

-
 
6 to 12 months

-

-

-
 
More than 12 months

-

-

-
 

150,000

116,795

284
 

Foreign exchange gain of £284 on the forward contracts in place at the year-end was immaterial and not provided for on the accounts.

Foreign Currency
Net Value
Sterling Notional
Net Value
Fair Value
       CCY
        £
        £
31 October 2023 Expiry:

Less than 3 months

150,000

131,406

180
 
3 to 6 months

-

-

-
 
6 to 12 months

-

-

-
 
More than 12 months

-

-

-
 

150,000

131,406

180
 

Page 39

 
RWH TRAVEL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

29.


Related party transactions

The Company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with other wholly owned subsidiaries within the Ramblers Holidays Group. This is because the immediate parent company prepares consolidated financial statements in which these transactions are eliminated in full.


30.


Controlling party

The Company's immediate and ultimate parent undertaking is Ramblers Holidays Group Limited, a company that is limited by guarantee. 
In the opinion of the directors, there is no single ultimate controlling party. 

 
Page 40