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Registered number: 10863911









THE KNAVESMIRE TRAVEL GROUP LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2024

 
THE KNAVESMIRE TRAVEL GROUP LIMITED
REGISTERED NUMBER: 10863911

BALANCE SHEET
AS AT 30 NOVEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,490
422

Investments
 5 
2
2

  
1,492
424

Current assets
  

Stocks
 6 
18,807
23,789

Debtors: amounts falling due within one year
 7 
607,224
490,489

Cash at bank and in hand
 8 
1,187,575
1,236,931

  
1,813,606
1,751,209

Creditors: amounts falling due within one year
 9 
(1,686,741)
(1,651,474)

Net current assets
  
 
 
126,865
 
 
99,735

Total assets less current liabilities
  
128,357
100,159

Creditors: amounts falling due after more than one year
 10 
-
(112,500)

  

Net assets/(liabilities)
  
128,357
(12,341)


Capital and reserves
  

Called up share capital 
 13 
30,000
30,000

Profit and loss account
 14 
98,357
(42,341)

  
128,357
(12,341)


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 6 March 2025.




P N Bland
Page 1

 
THE KNAVESMIRE TRAVEL GROUP LIMITED
REGISTERED NUMBER: 10863911
    
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2024

Director

The notes on pages 6 to 15 form part of these financial statements.

Page 2

 
THE KNAVESMIRE TRAVEL GROUP LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 December 2023
30,000
(42,341)
(12,341)


Comprehensive income for the year

Profit for the year
-
184,243
184,243
Total comprehensive income for the year
-
184,243
184,243


Contributions by and distributions to owners

Dividends: Equity capital
-
(43,545)
(43,545)


Total transactions with owners
-
(43,545)
(43,545)


At 30 November 2024
30,000
98,357
128,357


The notes on pages 6 to 15 form part of these financial statements.

Page 3

 
THE KNAVESMIRE TRAVEL GROUP LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 December 2022
30,000
(148,164)
(118,164)


Comprehensive income for the year

Profit for the year
-
115,888
115,888
Total comprehensive income for the year
-
115,888
115,888


Contributions by and distributions to owners

Dividends: Equity capital
-
(10,065)
(10,065)


Total transactions with owners
-
(10,065)
(10,065)


At 30 November 2023
30,000
(42,341)
(12,341)


The notes on pages 6 to 15 form part of these financial statements.

Page 4

 
THE KNAVESMIRE TRAVEL GROUP LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
184,243
115,888

Adjustments for:

Depreciation of tangible assets
804
559

Interest paid
10,749
12,869

Interest received
(10,102)
(3,024)

Taxation charge
105,959
-

Decrease in stocks
4,982
14,455

(Increase)/decrease in debtors
(141,625)
264,899

Increase in creditors
24,053
175,575

Corporation tax (paid)/received
(21,177)
-

Fair value movements in foreign currency contracts
1,322
-

Net cash generated from operating activities

159,208
581,221


Cash flows from investing activities

Purchase of tangible fixed assets
(1,872)
(581)

Interest received
10,102
3,024

Net cash from investing activities

8,230
2,443

Cash flows from financing activities

Repayment of loans
(162,500)
(50,000)

Dividends paid
(43,545)
(10,500)

Interest paid
(10,749)
(12,869)

Net cash used in financing activities
(216,794)
(73,369)

Net (decrease)/increase in cash and cash equivalents
(49,356)
510,295

Cash and cash equivalents at beginning of year
1,236,931
726,636

Cash and cash equivalents at the end of year
1,187,575
1,236,931


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,187,575
1,236,931

1,187,575
1,236,931


The notes on pages 6 to 15 form part of these financial statements.

Page 5

 
THE KNAVESMIRE TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

1.


General information

The Knavesmire Travel Group is a private company limited by shares and incorporated in England. Its registered office is Trafford House, Chester Road, Old Trafford, Manchester, M32 0RS

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.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company’s management and directors review the financial position and the forecasts for the Company on a regular basis, to ensure they are in a position to react to and mitigate the financial impact from any downturn in trading. The directors have made an assessment of the Company’s ability to continue as a going concern, and have considered a number of future scenarios, synthesizing key drivers of the Company’s trading performance, including consumer demand, post balance sheet trading, booking trajectory, and impact from both financial and geopolitical instability. However, economic uncertainty from interest rates and a new UK government means the Company remains in a volatile environment.
The directors have prepared budgets and cashflow forecasts for the Group to September 2029 which reflect good operational liquidity and profitability throughout. Additionally, they have also performed a sensitivity analysis on the Group's budgets and forecasts to assess the financial impact of any potential further slowdown in trading from the reforecast and its impact which still shows a healthy financial position ongoing.
Company management and the directors have a reasonable expectation that the Company 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.
As a result, and with the Company continuing to receive the full support of its shareholders, the directors believe that it is still appropriate to apply the going concern basis for the foreseeable future.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 
Turnover is the amount derived from ordinary activities and represents the aggregate revenue receivable from tours departed during the year.

Page 6

 
THE KNAVESMIRE TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

 
2.4

Operating leases: the Company as lessee

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

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

 
2.5

Interest income

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

 
2.6

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.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 7

 
THE KNAVESMIRE TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet 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 balance sheet 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 balance sheet date.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
25%

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

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

Page 8

 
THE KNAVESMIRE TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and Loss Account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

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.

 
2.12

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 balance sheet 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.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

Cash and cash equivalents

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

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.

 
2.15

Creditors

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

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 9

 
THE KNAVESMIRE TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

3.


Employees

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


        2024
        2023
            No.
            No.







Average Number of Employees
14
11


4.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 December 2023
30,423


Additions
1,872



At 30 November 2024

32,295



Depreciation


At 1 December 2023
30,001


Charge for the year on owned assets
804



At 30 November 2024

30,805



Net book value



At 30 November 2024
1,490



At 30 November 2023
422

Page 10

 
THE KNAVESMIRE TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 December 2023
2



At 30 November 2024
2





6.


Stocks

2024
2023
£
£

Brochure and marketing merchandise stock
18,807
23,789

18,807
23,789



7.


Debtors

2024
2023
£
£


Trade debtors
79,310
27,210

Other debtors
88,817
8,722

Prepayments and accrued income
439,097
429,667

Deferred taxation
-
24,890

607,224
490,489


Included in prepayments and accrued income is the sum of £375,543 (2023 - £347,503) of supplier payments made in advance for departures from 1 December 2024 onwards.

Page 11

 
THE KNAVESMIRE TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,187,575
1,236,931

1,187,575
1,236,931



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
-
50,000

Trade creditors
19,846
21,818

Corporation tax
81,069
21,177

Other taxation and social security
36,125
65,228

Other creditors
15,801
3,773

Accruals and deferred income
1,532,578
1,489,478

Financial instruments
1,322
-

1,686,741
1,651,474


Included in accruals and deferred income is the sum of £1,381,872 (2023 - £1,355,094) of customer monies in advance for departures from 1 December 2024 onwards.


10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
-
112,500

-
112,500


Page 12

 
THE KNAVESMIRE TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

11.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
-
50,000


-
50,000

Amounts falling due 1-2 years

Bank loans
-
50,000


-
50,000

Amounts falling due 2-5 years

Bank loans
-
62,500


-
62,500


-
162,500



12.


Deferred taxation




2024


£






At beginning of year
24,890


Charged to profit or loss
(24,890)



At end of year
-

The deferred tax asset is made up as follows:

2024
2023
£
£


Accelerated capital allowances
-
24,890

-
24,890

Page 13

 
THE KNAVESMIRE TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

13.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



30,000 (2023 - 30,000) Ordinary shares shares of £1.00 each
30,000
30,000



14.


Reserves

Profit and loss account

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


15.


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 £20,428 (2023 - £9,623). Contributions totalling £15,687 (2023 - £3,773) were payable to the fund at the reporting date and are included in creditors.


16.


BSP

The Company holds an accreditation with International Air Transport Association ("IATA"). There was no BSP liability as at 30  November 2024 (2023: £Nil).


17.


Events during the year

During the year on 30 October 2024 1st Class Holidays (Holdings) Limited whose registered address is Trafford House, Chester Road, Old Trafford, Manchester M32 0RS acquired the entire share capital of the Company.


18.


Immediate and Ultimate holding company

The Company's immediate and ultimate holding company is 1st Class Holidays (Holdings) Limited whose registered address is Trafford House, Chester Road, Old Trafford, Manchester M32 0RS. 


19.


Controlling party

In the view of the directors , as at 30 November 2024 there is no one controlling party.

Page 14

 
THE KNAVESMIRE TRAVEL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

20.


Auditors' information

The auditors' report on the financial statements for the year ended 30 November 2024 was unqualified.

The audit report was signed on 6 March 2025 by Ms N A Spoor FCA FCCA (Senior Statutory Auditor) on behalf of White Hart Associates (London) Limited.

 
Page 15