Company registration number 01889481 (England and Wales)
TRAVEL PLACES (WS) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
TRAVEL PLACES (WS) LIMITED
COMPANY INFORMATION
Directors
P F Jackson
M Warren
N Warren
Company number
01889481
Registered office
Podium House
61 Chapel Road
Worthing
West Sussex
BN11 1HR
Auditor
Crean & Co Accountants Limited
Lanesboro Street
Roscommon
Republic of Ireland
F42 DA32
TRAVEL PLACES (WS) LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 23
TRAVEL PLACES (WS) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

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

Review of the business

It is the view of the Directors that 2024 saw a further strengthening of the business.         

 

Non-ATOL sales, (the core of the business), were up 33% on 2023, [£8,772,248 (2024) vs. £6,559,603 (2023)], due to increased business with existing clients, plus the addition of new business won.

 

ATOL sales (based on gross ticket sales) significantly reduced in 2024, due to 2023 including a large event occurring once every 4 years. Nevertheless, overall gross profit rose to over £9m, up 23% on 2023, and operating profit rose by 46% to £3.5m, reflecting enhanced margin achievement and a control of overheads.

 

Staff numbers increased just 5.9% over the prior year (90 versus 85), demonstrating efficiencies in the core operations teams, with productivity improvement from a range of new technologies and processes being deployed. Staff satisfaction and retention remains high in a highly competitive talent market.        

 

Client satisfaction and retention remains at a high level, with new clients won during the year that will contribute to growth in 2025.

Principal risks and uncertainties

Sport (and associated media) remains a strong sector, with continuing investment in new and expanding tournaments, new geographies, and new media content, regardless of the dynamic geo-political situation. We expect this growth and resilience to continue.

 

Touring continues to be an important part of the business model for bands and artists, and is a growing share of Travel Places business, offering a resilient growth path even in times of economic pressure.

 

As in 2023, climate change and the role sports teams and organisers have in reducing their carbon impact remains a major theme within the sector. Travel Places remains well placed to play a key role in educating and facilitating clients’ carbon reduction strategies.

 

The majority of Travel Places client business is transacted through our principal commercial partner (Amex GBT). This relationship has worked successfully since 1993, and a renewed evergreen contract was put in place in early 2023.

Financial key performance indicators

The key performance indicators of the business are as follows:

 

 

2024

2023

2024
v. 2023

2022

2024
v. 2022

ATOL Sales

659,289

11,317,266

-94.2%

199,881

230%

Non-ATOL Sales

8,772,248

6,559,603

33.7%

7,517,969

17%

Other Income

127,278

100,294

26.9%

173,172

-27%

Gross Profit

9,013,404

7,276,116

23.9%

7,726,843

17%

Employee costs

4,029,413

3,534,005

14.0%

2,787,502

45%

Employee costs as a share of Gross Profit

44.7%

48.6%

-8.0%

36.1%

24%

Headcount

90

85

5.9%

68

32%

Operating Profit £

3,544,869

2,422,315

46.3%

3,977,780

-11%

Profit for the financial year

2,955,536

2,118,464

39.5%

3,105,460

-5%

 

TRAVEL PLACES (WS) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Environmental, social and governance

2024 saw a continuing focus on environmental, social and governance issues, enabled through our Certification as a B-Corp, as well as our re-accreditation of the international standard ISO 20121: Sustainable Event Management.

 

We supported 638 events for our clients in 2024 – an increase from 580 in 2023. Despite our business growing, our overall emissions reduced from 443.5 tCO2e in 2023 to 306 tCO2e in 2024 – a reduction of 31%.

 

Much of this reduction can be attributed to a decrease in our emissions from business travel, which went from 391 tCO2e in 2023 to 231 tCO2e in 2024 - a reduction of 40%.

Our staff satisfaction survey showed that 88% of employees strongly agree or agree that their wellbeing is looked after at work. This was an increase of 1% from 2023.

Our staff donated their time, with 14 volunteer days. Charities we supported with time and donations included: Chestnut Tree House, Breast Cancer Now, Save the Children, Cancer United, Extra Cover and Turning Tides.

We made corporate donations of £24,003 and donations made by staff, clients, friends and family were £3,868.

On behalf of the board

M Warren
Director
14 August 2025
TRAVEL PLACES (WS) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

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

Principal activities
The company's principal activity is the provision of personnel, management and office facilities for clients in the travel industry.
Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £548,634. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

P F Jackson
M Warren
N Warren
Political donations

There were no political donations made during the year.

Auditor

Crean & Co Accountants Limited were appointed as auditors to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
M Warren
Director
14 August 2025
TRAVEL PLACES (WS) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -

The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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:

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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.

TRAVEL PLACES (WS) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TRAVEL PLACES (WS) LIMITED
- 5 -
Opinion

We have audited the financial statements of Travel Places (WS) Limited (the 'company') for the year ended 31 December 2024 which comprise the profit and loss account, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The 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:

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 Auditor's 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 UK, including the FRC’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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

TRAVEL PLACES (WS) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TRAVEL PLACES (WS) LIMITED
- 6 -
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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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.

Auditor's 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 auditor's 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.

Capability of the audit in detecting irregularities, including fraud

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.

 

Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

 

The following laws and regulations were identified as being of significance to the entity:

 

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.

TRAVEL PLACES (WS) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TRAVEL PLACES (WS) LIMITED
- 7 -

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 2006. Our 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 auditor's 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.

David Crean
For and on behalf of Crean & Co Accountants Limited
19 August 2025
Statutory Audit Firm
Lanesboro Street
Roscommon
Republic of Ireland
F42 DA32
TRAVEL PLACES (WS) LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
9,558,815
17,977,163
Cost of sales
(545,411)
(10,701,047)
Gross profit
9,013,404
7,276,116
Administrative expenses
(5,472,280)
(4,868,781)
Other operating income
3,745
14,980
Operating profit
4
3,544,869
2,422,315
Interest receivable and similar income
7
160,943
120,774
Interest payable and similar expenses
8
(32,466)
(22,830)
Amounts written off investments
9
84,621
93,206
Profit before taxation
3,757,967
2,613,465
Tax on profit
10
(802,431)
(495,001)
Profit for the financial year
2,955,536
2,118,464

The profit and loss account has been prepared on the basis that all operations are continuing operations.

TRAVEL PLACES (WS) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
510,969
628,842
Investment properties
13
30,000
30,000
540,969
658,842
Current assets
Debtors
15
7,416,257
5,891,256
Investments
16
2,228,216
2,080,294
Cash at bank and in hand
2,728,487
1,764,763
12,372,960
9,736,313
Creditors: amounts falling due within one year
17
(1,731,057)
(1,340,049)
Net current assets
10,641,903
8,396,264
Total assets less current liabilities
11,182,872
9,055,106
Creditors: amounts falling due after more than one year
19
-
0
(279,136)
Net assets
11,182,872
8,775,970
Capital and reserves
Called up share capital
22
30,000
30,000
Other reserves
449,597
268,980
Profit and loss reserves
10,703,275
8,476,990
Total equity
11,182,872
8,775,970
The financial statements were approved by the board of directors and authorised for issue on 14 August 2025 and are signed on its behalf by:
M Warren
Director
Company Registration No. 01889481
TRAVEL PLACES (WS) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
Share capital
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2023
30,000
99,539
6,893,360
7,022,899
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
2,118,464
2,118,464
Dividends
11
-
-
(365,393)
(365,393)
Transfers
-
169,441
(169,441)
-
Balance at 31 December 2023
30,000
268,980
8,476,990
8,775,970
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
-
2,955,536
2,955,536
Dividends
11
-
-
(548,634)
(548,634)
Transfers
-
180,617
(180,617)
-
Balance at 31 December 2024
30,000
449,597
10,703,275
11,182,872
TRAVEL PLACES (WS) LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
2,489,866
52,673
Interest paid
(32,466)
(22,830)
Income taxes paid
(699,539)
(652,287)
Net cash inflow/(outflow) from operating activities
1,757,861
(622,444)
Investing activities
Purchase of tangible fixed assets
(26,226)
(99,607)
Proceeds from disposal of tangible fixed assets
-
0
490
Additions and disposals of investments
(63,301)
(215,786)
(Advance)/repayment of loans
-
0
179,322
Interest received
101,996
67,595
Dividends received
60,315
56,434
Net cash generated from/(used in) investing activities
72,784
(11,552)
Financing activities
Repayment of bank loans
(318,287)
(39,152)
Dividends paid
(548,634)
(365,393)
Net cash used in financing activities
(866,921)
(404,545)
Net increase/(decrease) in cash and cash equivalents
963,724
(1,038,541)
Cash and cash equivalents at beginning of year
1,764,763
2,803,304
Cash and cash equivalents at end of year
2,728,487
1,764,763
TRAVEL PLACES (WS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
1
Accounting policies
Company information

Travel Places (WS) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Podium House, 61 Chapel Road, Worthing, West Sussex, BN11 1HR.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

Revenue from contracts for the provision of goods and services is recognised over the period to which the contract relates.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows:
Freehold land
not depreciated
Freehold buildings
4% straight line
Fixtures, fittings and equipment
25% straight line
Motor vehicles
25% straight line
Solar panels
4% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

TRAVEL PLACES (WS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

1.8
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 balance sheet 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

TRAVEL PLACES (WS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

TRAVEL PLACES (WS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes.  The deferred tax balance has not been discounted.
1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits
The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.
1.13
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Monte Carlo model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

 

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

TRAVEL PLACES (WS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Significant estimates include the useful lives of assets and their residual values and share based payment provisions for the company's EMI share option scheme. No share based payment provisions have been recognised in these accounts as the amount is deemed trivial.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
ATOL sales
659,289
11,317,266
Non-ATOL sales
8,772,248
6,559,603
Consultancy, rental and commissions receivable as turnover
127,278
100,294
9,558,815
17,977,163
2024
2023
£
£
Turnover analysed by geographical market
UK
9,558,815
17,977,163
2024
2023
£
£
Other revenue
Interest income
101,996
67,595
Dividends received
60,315
56,434
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
12,000
12,000
Depreciation of owned tangible fixed assets
144,099
146,789
TRAVEL PLACES (WS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Administrative and sales
90
85

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
3,405,934
3,024,811
Social security costs
336,117
280,205
Pension costs
287,362
228,989
4,029,413
3,534,005
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
55,883
53,666
Company pension contributions to defined contribution schemes
125,000
116,000
180,883
169,666

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).

7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
78,709
14,357
Other interest income
23,287
53,238
Total interest revenue
101,996
67,595
Other income from investments
Dividends received
60,315
56,434
Exchange differences
(1,368)
(3,255)
Total income
160,943
120,774
TRAVEL PLACES (WS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
8,765
22,830
Other finance costs:
Other interest
23,701
-
0
32,466
22,830
9
Amounts written off investments
2024
2023
£
£
Fair value gains/(losses) on financial instruments
Change in value of financial assets held at fair value through profit or loss
134,407
86,408
Other gains/(losses)
(Loss)/gain on disposal of current asset investments
(49,786)
6,798
84,621
93,206
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
942,269
596,548
Adjustments in respect of prior periods
(139,838)
(101,547)
Total current tax
802,431
495,001
TRAVEL PLACES (WS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
10
Taxation
(Continued)
- 19 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
3,757,967
2,613,465
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
939,492
614,701
Tax effect of expenses that are not deductible in determining taxable profit
10,839
7,660
Adjustments in respect of prior years
(139,838)
(101,547)
Depreciation on assets not qualifying for tax allowances
36,025
34,526
Adjustments in respect of financial assets
12,447
(1,599)
Effect of revaluations of investments
(33,602)
(20,324)
Dividend income
(14,836)
(13,172)
Capital allowances
(8,096)
(25,244)
Taxation charge for the year
802,431
495,001
11
Dividends
2024
2023
£
£
Final paid
548,634
365,393
12
Tangible fixed assets
Freehold land and buildings
Fixtures, fittings and equipment
IT equipment
Motor vehicles
Solar panels
Total
£
£
£
£
£
£
Cost
At 1 January 2024
1,428,486
170,234
141,887
243,552
55,619
2,039,778
Additions
-
0
2,203
24,023
-
0
-
0
26,226
Disposals
-
0
-
0
(16,948)
-
0
-
0
(16,948)
At 31 December 2024
1,428,486
172,437
148,962
243,552
55,619
2,049,056
Depreciation and impairment
At 1 January 2024
1,012,403
168,469
101,451
124,163
4,450
1,410,936
Depreciation charged in the year
53,890
1,773
25,323
60,888
2,225
144,099
Eliminated in respect of disposals
-
0
-
0
(16,948)
-
0
-
0
(16,948)
At 31 December 2024
1,066,293
170,242
109,826
185,051
6,675
1,538,087
TRAVEL PLACES (WS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
12
Tangible fixed assets
Freehold land and buildings
Fixtures, fittings and equipment
IT equipment
Motor vehicles
Solar panels
Total
£
£
£
£
£
£
(Continued)
- 20 -
Carrying amount
At 31 December 2024
362,193
2,195
39,136
58,501
48,944
510,969
At 31 December 2023
416,083
1,765
40,436
119,389
51,169
628,842
13
Investment property
2024
£
Fair value
At 1 January 2024 and 31 December 2024
30,000

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 December 2024 by M Warren, a director of the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

14
Financial instruments
2024
2023
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
7,363,620
5,860,693
Equity instruments measured at cost less impairment
153,500
153,500
Instruments measured at fair value through profit or loss
2,074,716
1,926,794
Carrying amount of financial liabilities
Measured at amortised cost
813,468
838,806
15
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
66,936
1,149,193
Other debtors
2,167,411
1,174,199
Prepayments and accrued income
5,181,910
3,567,864
7,416,257
5,891,256
TRAVEL PLACES (WS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
16
Current asset investments
2024
2023
£
£
Listed investments
2,074,716
1,926,794
Other investments
153,500
153,500
2,228,216
2,080,294
17
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
18
-
0
39,151
Payments received on account
325,000
250,000
Trade creditors
205,666
139,672
Corporation tax
699,354
596,462
Other taxation and social security
218,235
183,917
Other creditors
21,094
32,740
Accruals and deferred income
261,708
98,107
1,731,057
1,340,049
18
Loans and overdrafts
2024
2023
£
£
Bank loans
-
0
318,287
Payable within one year
-
0
39,151
Payable after one year
-
0
279,136

Fixed and floating charges over all assets of the company are held in favour of Lloyds Bank Plc in respect of the above bank loan.

The bank loan is repayable in equal monthly instalments until the date of maturity in April 2030. Interest is charged at 2.16% above base rate. It was fully repaid early in May 2024.

19
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
18
-
0
279,136
Amounts included above which fall due after five years are as follows:
Payable by instalments
-
122,529
TRAVEL PLACES (WS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
287,362
228,989

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

21
Share-based payment transactions

The company has granted options under an Enterprise Management Incentive Scheme. Share options granted from time to time are placed in the employee's hands until exercise or expiry. Options vest immediately and are exercisable in the event of the sale of the company. Options remaining unexercised after a period of 10 years from the date of grant expire.

During the year ended 31 December 2022 the company granted 19,149 share options. All these options were outstanding at 31 December 2024 and had a weighted average exercise price of £1.82 and a remaining contractual life of 7.7 years.

22
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary 'A' shares of 10p each
155,936
155,936
15,594
15,594
Ordinary 'B' shares of 10p each
72,000
72,000
7,200
7,200
Ordinary 'C' shares of 10p each
72,000
72,000
7,200
7,200
Ordinary 'D' shares of 10p each
30
30
3
3
Ordinary 'E' shares of 10p each
30
30
3
3
Ordinary 'G' shares of 10p each
2
2
-
-
Ordinary 'H' shares of 10p each
2
2
-
-
300,000
300,000
30,000
30,000

The ordinary 'A', 'B', 'C', 'D', 'E', 'G' and 'H' shares rank pari passu in all respects save that the directors may recommend and pay dividends on one class of share and not the others, and vice versa.

 

The ordinary 'F' shares are reserved for the company's EMI scheme.

TRAVEL PLACES (WS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
23
Related party transactions

At the year end unsecured loans of £1,500,843 (2023: £1,029,908) were owed to the company by other business interests of the directors and shareholders.

 

Accountancy fees of £78,502 (2023: £70,846) were charged on an arm's length basis by a partnership in which a director of the company has an interest. Consultancy fees of £167,958 (2023: £244,000) were charged on an arm's length basis by partnerships in which directors and shareholders of the company have an interest.

 

During the year dividends totalling £548,634 (2023: £365,393) were paid to directors and family members.

 

M Warren and N Warren are each a director and 49.99% shareholder of the company.

24
Events after the reporting date

There were no significant post balance sheet events.

25
Ultimate controlling party

There was no ultimate controlling party during either year.

26
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
2,955,536
2,118,464
Adjustments for:
Taxation charged
802,431
495,001
Finance costs
32,466
22,830
Investment income
(162,311)
(124,029)
Depreciation and impairment of tangible fixed assets
144,099
146,789
Loss/(gain) on sale of investments
49,786
(6,798)
Other gains and losses
(134,407)
(86,408)
Movements in working capital:
Increase in debtors
(1,525,001)
(1,037,240)
Increase/(decrease) in creditors
327,267
(1,475,936)
Cash generated from operations
2,489,866
52,673
27
Analysis of changes in net funds
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
1,764,763
963,724
2,728,487
Borrowings excluding overdrafts
(318,287)
318,287
-
1,446,476
1,282,011
2,728,487
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