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Registered number: 01210180









CENTAUR OVERLAND TRAVEL LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2024

 
CENTAUR OVERLAND TRAVEL LIMITED
 
 
COMPANY INFORMATION


Directors
M H Sims Esq 
E J Sims (resigned 15 March 2024)
P D Sims Esq 
R A Sims Esq 




Registered number
01210180



Registered office
Unit 34 & 35, Acorn Industrial Park
Acorn Road

Dartford

Kent

DA1 4AL




Independent auditors
Barnes Roffe Audit Limited
Chartered Accountants & Statutory Auditor

Charles Lake House

Claire Causeway

Crossways Business Park

Dartford

Kent

DA2 6QA





 
CENTAUR OVERLAND TRAVEL LIMITED
 

CONTENTS



Page
Strategic report
 
 
1
Directors' report
 
 
2 - 3
Independent auditors' report
 
 
4 - 7
Statement of comprehensive income
 
 
8
Balance sheet
 
 
9
Statement of changes in equity
 
 
10
Notes to the financial statements
 
 
11 - 24


 
CENTAUR OVERLAND TRAVEL LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024

Introduction
 
The directors present their strategic report accompanying the financial statements for the year ended 31 October 2024.

Business review
 
The principal activity of the company in the year under review was the provision of vehicles for hire with a driver.
During the year, the directors continued to invest heavily in the company’s growth, focusing on vehicle renewals, the development of IT systems—including research into the potential benefits of AI—and an increase in staff numbers. These efforts have contributed significantly to progress toward the company’s objectives.
Key Performance Indicators
The company’s key performance indicators are turnover and profit from ordinary activities before taxation. The directors were satisfied with the company's performance against these objectives in 2024.
During the year, the company successfully met management targets for sales and underlying profit, leading to overall growth.    

Principal risks and uncertainties
 
The directors believe the primary risk to the business is uncertainty in the global and national political landscape, including widespread changes in employment law following the change in the UK Government, as well as disruptions to the supply chain resulting from government changes in the USA. The directors continue to work to reduce and remove any impact of these changes where possible.

Financial key performance indicators
 
The company scales revenue growth, while maintaining gross margins and without increasing headcount proportionally, by levering robust internal platforms and capitalising on digital development. The company therefore focuses on the key metrics of revenue growth, gross margin, and underlying net profit.
Other key performance indicators
The company measures KPI’s delivered by individual staff members and has structured remuneration packages to reward strong performance.


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



R A Sims Esq
Director

Date: 22 July 2025

Page 1

 
CENTAUR OVERLAND 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;

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.

Results and dividends

The profit for the year, after taxation, amounted to £1,707,194 (2023 - £1,154,847).

Dividends amounting to £1,000,000 (2023: £606,000) were voted during the year.

Directors

The directors who served during the year were:

M H Sims Esq 
E J Sims (resigned 15 March 2024)
P D Sims Esq 
R A Sims Esq 

Staff policy
The company’s employment practices are designed to meet statutory, social, and market expectations within the United Kingdom. We are committed to ensuring that our workplace remains inclusive, equitable, and supportive of all employees.
If an employee becomes disabled while in service, we take all reasonable steps to adjust their role, working environment, or provide suitable retraining to support continued employment. Decisions regarding recruitment, development, and promotion are based solely on individual merit and capability.
 
Page 2

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


We ensure that disabled individuals receive full and fair consideration throughout the employment lifecycle, and we continue to invest in training and awareness programmes to equip our managers and teams with the tools to foster a diverse and supportive working culture.

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 significant events affecting the company since the year end.

Auditors

After the year end Barnes Roffe LLP resigned as auditors due to the transfer of its audit business and its successor Barnes Roffe Audit Limited was appointed by the directors under s485 Companies Act 2006.

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


R A Sims Esq
Director

Date: 22 July 2025

Page 3

 
CENTAUR OVERLAND TRAVEL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CENTAUR OVERLAND TRAVEL LIMITED
 

Opinion


We have audited the financial statements of Centaur Overland Travel Limited (the 'company') for the year ended 31 October 2024, which comprise the Statement of comprehensive income, the Balance sheet, 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 4

 
CENTAUR OVERLAND TRAVEL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CENTAUR OVERLAND 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.


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 2, 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 5

 
CENTAUR OVERLAND TRAVEL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CENTAUR OVERLAND 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:
• The engagement partner ensured that the engagement team collectively had the appropriate competence,
capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
We identified the laws and regulations applicable to the company through discussion with directors and other
management, and from our commercial knowledge and experience of the sector that the company operates in;
• We focused on specific laws and regulations which we considered may have a direct material effect on the
financial statements or the operations of the company, including the Companies Act 2006, Health and Safety   regulations, Contractor Health and Safety (CHAS) and both PSV/Private Hire Licencing regulations;
• We assessed the extent of compliance with the laws and regulations identified above through making enquiries
of management, reviewing board minutes, relevant correspondence and certificates held; and
• Laws and regulations were communicated within the audit team at the planning meeting, and during the audit
as any further laws and regulation were identified. The audit team remained alert to instances of non compliance
throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including
obtaining an understanding of how fraud might occur by:
• Making enquires of management and the board as to where they consider there was susceptibility to fraud
along with their knowledge of actual, suspected and alleged fraud;
• Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and
regulations; and
• Our review of financial statements and testing the disclosures against supporting documentation.
To address the risk of fraud through management bias and override of controls we:
• Performed analytical procedures to identify any unusual or unexpected trends or anomalies;
• Inspected and tested journal entries to identify unusual or unexpected transactions;
• Assessed whether judgement and assumptions made in determining significant accounting estimates,
including revaluations of tangible fixed assets and the useful economic life of tangible fixed assets, were
indicative of management bias; and
• Investigated the rationale behind significant transactions, or transactions that are unusual or outside the
company’s usual course of business.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including
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.


Page 6

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


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.





Mario Cientanni (Senior statutory auditor)
for and on behalf of
Barnes Roffe Audit Limited
Chartered Accountants
Statutory Auditor
Charles Lake House
Claire Causeway
Crossways Business Park
Dartford
Kent
DA2 6QA

 
Date: 
24 July 2025
Page 7

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

2024
2023
Note
£
£

  

Turnover
 4 
10,899,295
9,514,355

Cost of sales
  
(7,229,833)
(6,721,064)

Gross profit
  
3,669,462
2,793,291

Administrative expenses
  
(1,611,353)
(1,634,236)

Other operating income
  
90,370
366,408

Operating profit
  
2,148,479
1,525,463

Interest receivable and similar income
 8 
134,036
58,800

Interest payable and similar expenses
 9 
(55,747)
(52,596)

Profit before tax
  
2,226,768
1,531,667

Tax on profit
 10 
(519,574)
(376,820)

Profit for the financial year
  
1,707,194
1,154,847

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

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

The notes on pages 11 to 24 form part of these financial statements.

Page 8

 
CENTAUR OVERLAND TRAVEL LIMITED
REGISTERED NUMBER: 01210180

BALANCE SHEET
AS AT 31 OCTOBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible fixed assets
 12 
4,216,059
4,163,703

Current assets
  

Stocks
 13 
45,956
41,532

Debtors: amounts falling due within one year
 14 
1,990,404
1,973,810

Cash at bank and in hand
 15 
3,014,635
1,748,101

  
5,050,995
3,763,443

Creditors: amounts falling due within one year
 16 
(3,688,643)
(2,774,114)

Net current assets
  
 
 
1,362,352
 
 
989,329

Total assets less current liabilities
  
5,578,411
5,153,032

Creditors: amounts falling due after more than one year
 17 
(656,425)
(937,445)

Provisions for liabilities
  

Deferred tax
 19 
(929,239)
(930,034)

Other provisions
  
(295,900)
(295,900)

Net assets
  
3,696,847
2,989,653


Capital and reserves
  

Called up share capital 
 21 
2,004
2,004

Profit and loss account
  
3,694,843
2,987,649

  
3,696,847
2,989,653


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




P D Sims Esq
R A Sims Esq
Director
Director


Date: 22 July 2025

Page 9

 
CENTAUR OVERLAND TRAVEL LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 November 2023
2,004
2,987,649
2,989,653



Profit for the year
-
1,707,194
1,707,194

Dividends: Equity capital
-
(1,000,000)
(1,000,000)


At 31 October 2024
2,004
3,694,843
3,696,847



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


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 November 2022
2,004
2,438,802
2,440,806



Profit for the year
-
1,154,847
1,154,847

Dividends: Equity capital
-
(606,000)
(606,000)


At 31 October 2023
2,004
2,987,649
2,989,653


The notes on pages 11 to 24 form part of these financial statements.

Page 10

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

1.


General information

Centaur Overland Travel Limited is a private company limited by shares and incorporated in England and Wales. The registered office of the company is Unit 34 & 35 Acorn Industrial Park, Acorn Road, Dartford, Kent, DA1 4AL.The principal activity of the company is that of minibus and coach private hire and transport operators.

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

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Centaur Group Limited as at 31 October 2024 and these financial statements may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.

Page 11

 
CENTAUR OVERLAND 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.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

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. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 12

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

2.Accounting policies (continued)

 
2.5

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.

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

 
2.7

Interest income

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

 
2.8

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.

 
2.9

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 13

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

2.Accounting policies (continued)

 
2.10

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.


 
2.11

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, on the following basis:


Short-term leasehold property
-
Straight line over 15 years
Plant and machinery
-
25% Straight line
Motor vehicles
-
12.5% Straight line
Office equipment
-
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.



Page 14

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

2.Accounting policies (continued)

 
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. Costs includes all direct costs.

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.

 
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

Provisions for liabilities

Provisions are made where an event has taken place that gives the company 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 company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
 
When payments are made, they are charged to the provision carried in the Balance sheet.

 
2.17

Financial instruments

The company 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.

 
2.18

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 15

 
CENTAUR OVERLAND 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

The preparation of the financial statements in accordance with UK GAAP requires management to make estimates & judgments which affect the reported value of assets and liabilities at the balance sheet date.
The company has made key assumptions regarding the useful economic life of tangible fixed assets and this is further described in note 2.11.
Trade debtors are recorded at their estimated recoverable amount and are reported net of bad debt provisions. A full line by line review is carried out based on subsequent receipt of debt post period end, as well as historical experience of the client. Whilst every attempt is made to ensure that the bad debt provision is as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable.


4.


Turnover

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


2024
2023
£
£

Contract
8,726,326
7,534,241

Private hire
1,603,219
1,405,676

Commuter travel
565,322
573,105

Miscellaneous
4,428
1,333

10,899,295
9,514,355


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
10,899,295
9,514,355

10,899,295
9,514,355



5.


Auditors' remuneration

2024
2023
£
£

Fees payable to the company's auditors for the audit of the company's financial statements
11,390
10,645

The company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent company.

Page 16

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

6.


Employees

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


2024
2023
£
£

Wages and salaries
4,698,892
4,310,097

Social security costs
42,750
38,505

Cost of defined contribution scheme
191,503
155,549

4,933,145
4,504,151


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


        2024
        2023
            No.
            No.







Drivers
201
201



Directors
3
3



Office Staff
11
11



Passenger Assistants
159
161



Workshop Staff
6
6

380
382


7.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
17,568
17,568

Company contributions to defined contribution pension schemes
136,000
102,000

153,568
119,568



8.


Interest receivable

2024
2023
£
£


Bank interest receivable
134,036
58,800

134,036
58,800

Page 17

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

9.


Interest payable and similar expenses

2024
2023
£
£


Other loan interest payable
3,614
1,565

Finance leases and hire purchase contracts
52,133
51,031

55,747
52,596


10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
531,327
181,654

Adjustments in respect of previous periods
(10,958)
-


520,369
181,654


Total current tax
520,369
181,654

Deferred tax


Deferred tax adjustments
(795)
195,166

Total deferred tax
(795)
195,166


519,574
376,820
Page 18

 
CENTAUR OVERLAND TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
 
10.Taxation (continued)


Factors affecting tax charge for the year

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

2024
2023
£
£


Profit on ordinary activities before tax
2,226,768
1,531,667


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
556,692
344,899

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
2,483
693

Capital allowances for year in excess of depreciation
(446)
(142,370)

Profit on disposal of fixed assets
(11,510)
(20,723)

Taxes on overseas earnings
-
(845)

Deferred tax adjustment
(795)
195,166

Adjustments to tax charge in respect of prior periods
(10,958)
-

Group relief
(15,892)
-

Total tax charge for the year
519,574
376,820


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


11.


Dividends

2024
2023
£
£


Dividends voted
1,000,000
606,000

1,000,000
606,000

Page 19

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

12.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 November 2023
116,692
105,849
8,158,456
145,508
8,526,505


Additions
85,166
19,987
866,250
37,300
1,008,703


Disposals
-
-
(298,234)
(3,298)
(301,532)



At 31 October 2024

201,858
125,836
8,726,472
179,510
9,233,676



Depreciation


At 1 November 2023
5,949
49,328
4,208,290
99,235
4,362,802


Charge for the year on owned assets
9,381
22,990
624,227
16,285
672,883


Charge for the year on financed assets
-
-
283,464
-
283,464


Disposals
-
-
(298,234)
(3,298)
(301,532)



At 31 October 2024

15,330
72,318
4,817,747
112,222
5,017,617



Net book value



At 31 October 2024
186,528
53,518
3,908,725
67,288
4,216,059



At 31 October 2023
110,743
56,521
3,950,166
46,273
4,163,703

Page 20

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

           12.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, is as follows:


2024
2023
£
£



Motor vehicles
1,560,190
1,864,883

1,560,190
1,864,883


13.


Stocks

2024
2023
£
£

Raw materials and consumables
45,956
41,532

45,956
41,532



14.


Debtors

2024
2023
£
£


Trade debtors
1,515,505
1,386,101

Other debtors
41,450
75,892

Prepayments and accrued income
433,449
511,817

1,990,404
1,973,810



15.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
3,014,635
1,748,101

3,014,635
1,748,101


Page 21

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

16.


Creditors: Amounts falling due within one year

2024
2023
£
£

Payments received on account
24,448
29,742

Trade creditors
574,844
561,800

Amounts owed to group undertakings
1,351,485
825,631

Corporation tax
527,731
192,612

Other taxation and social security
98,478
67,479

Obligations under finance lease and hire purchase contracts
435,094
484,498

Other creditors
464,448
392,705

Accruals and deferred income
212,115
219,647

3,688,643
2,774,114



17.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
656,425
937,445

656,425
937,445


Net obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.


18.


Hire purchase and finance leases


Minimum lease payments under hire purchase contracts fall due as follows:

2024
2023
£
£


Within one year
435,094
484,498

Between 1-2 years
329,141
547,180

Between 2-5 years
327,284
390,265

1,091,519
1,421,943

Page 22

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

19.


Deferred taxation




2024
2023


£

£






At beginning of year
(930,034)
(734,868)


Charged to profit or loss
795
(195,166)



At end of year
(929,239)
(930,034)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
929,239
930,034

929,239
930,034


20.


Provisions




Other provision 1

£





At 1 November 2023
295,900



At 31 October 2024
295,900


21.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1 (2023 - 1) Ordinary "A" share of £1.00
1
1
1 (2023 - 1) Ordinary "B" share of £1.00
1
1
1 (2023 - 1) Ordinary "C" share of £1.00
1
1
1 (2023 - 1) Ordinary "D" share of £1.00
1
1
1,500 (2023 - 1,500) Ordinary "F" shares of £1.00 each
1,500
1,500
500 (2023 - 500) Ordinary "G" shares of £1.00 each
500
500

2,004

2,004


Page 23

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

22.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in independently administered funds.
Included in other creditors is an unpaid pension contribution of £11,177 
(2023: £9,048) at the year end.


23.


Commitments under operating leases

The company had no commitments under non-cancellable operating leases at the balance sheet date.


24.


Related party transactions

Included in other creditors due within one year are amounts due to the directors of £97,753 (2023 - £95,717).
The company has taken advantage of the exemption under FRS102 Section 33 to not disclose any transactions with companies in the group headed by Centaur Group Limited where the subsidiary which is party to the transaction is wholly owned.


25.


Ultimate parent undertaking and Controlling party

The ultimate parent company is Centaur Group Limited, incorporated in England and Wales.
Consolidated financial statements for Centaur Group Limited are available to the public from Companies House, Crown Way, Cardiff CF4 3UZ.
There is no single ultimate controlling party.
 
Page 24