Company registration number 08774859 (England and Wales)
SNAPTRIP GROUP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
PAGES FOR FILING WITH REGISTRAR
SNAPTRIP GROUP LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 11
SNAPTRIP GROUP LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 NOVEMBER 2024
30 November 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
221,743
388,124
Tangible assets
4
16,085
18,902
Investments
5
4,036,734
1,860,997
4,274,562
2,268,023
Current assets
Debtors
7
385,771
318,159
Cash at bank and in hand
815,262
1,290,930
1,201,033
1,609,089
Creditors: amounts falling due within one year
8
(846,909)
(512,311)
Net current assets
354,124
1,096,778
Total assets less current liabilities
4,628,686
3,364,801
Creditors: amounts falling due after more than one year
9
(307,400)
(17,500)
Net assets
4,321,286
3,347,301
Capital and reserves
Called up share capital
30
30
Share premium account
4,314,976
4,314,976
Profit and loss reserves
6,280
(967,705)
Total equity
4,321,286
3,347,301
SNAPTRIP GROUP LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
30 NOVEMBER 2024
30 November 2024
- 2 -
For the financial year ended 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 19 August 2025 and are signed on its behalf by:
Mr M R Fox
Director
Company registration number 08774859 (England and Wales)
SNAPTRIP GROUP LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 3 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 December 2022
30
4,314,976
(594,121)
3,720,885
Year ended 30 November 2023:
Profit and total comprehensive income
-
-
86,611
86,611
Credit to equity for equity settled share-based payments
-
-
16,701
16,701
Prior year adjustments
-
-
(476,896)
(476,896)
Balance at 30 November 2023
30
4,314,976
(967,705)
3,347,301
Year ended 30 November 2024:
Profit and total comprehensive income
-
-
962,817
962,817
Credit to equity for equity settled share-based payments
-
-
11,168
11,168
Balance at 30 November 2024
30
4,314,976
6,280
4,321,286
SNAPTRIP GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 4 -
1
Accounting policies
Company information
Snaptrip Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is Lg.03 Cargo Works, 1-2 Hatfields, London, SE1 9PG.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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. The principal accounting policies adopted are set out below.
Preparation of consolidated financial statements
The financial statements contain information about Snaptrip Group Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.
Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
1.2
Turnover
Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
5 years
Brand assets
5 years
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
SNAPTRIP GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 5 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
33% on cost
Computers
33% on cost
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
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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 and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
SNAPTRIP GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 6 -
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include 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.
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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.
SNAPTRIP GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 7 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
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.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
As lessee
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
26
28
SNAPTRIP GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 8 -
3
Intangible fixed assets
Other
£
Cost
At 1 December 2023
867,811
Additions
11,000
At 30 November 2024
878,811
Amortisation and impairment
At 1 December 2023
479,687
Amortisation charged for the year
177,381
At 30 November 2024
657,068
Carrying amount
At 30 November 2024
221,743
At 30 November 2023
388,124
4
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 December 2023
4,486
63,064
67,550
Additions
6,525
6,525
At 30 November 2024
4,486
69,589
74,075
Depreciation and impairment
At 1 December 2023
3,958
44,690
48,648
Depreciation charged in the year
304
9,038
9,342
At 30 November 2024
4,262
53,728
57,990
Carrying amount
At 30 November 2024
224
15,861
16,085
At 30 November 2023
528
18,374
18,902
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
4,036,734
1,860,997
SNAPTRIP GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
5
Fixed asset investments
(Continued)
- 9 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 December 2023
1,860,997
Additions
2,175,737
At 30 November 2024
4,036,734
Carrying amount
At 30 November 2024
4,036,734
At 30 November 2023
1,860,997
6
Subsidiaries
Details of the company's subsidiaries at 30 November 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Altameric Limited
Lg.03, Cargo
Works, 1-2 Hatfields, London, SE1 9PG
Ordinary
100.00
Last Minute Cottages Limited
Lg.03, Cargo
Works, 1-2 Hatfields, London, SE1 9PG
Ordinary
100.00
The Hotel Guru Hotels Limited
Lg.03, Cargo
Works, 1-2 Hatfields, London, SE1 9PG
Ordinary
100.00
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
70,028
26,993
Other debtors
315,743
291,166
385,771
318,159
SNAPTRIP GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 10 -
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,000
10,000
Trade creditors
236,718
49,916
Amounts owed to group undertakings
50,459
Taxation and social security
149,692
159,127
Other creditors
400,040
293,268
846,909
512,311
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
7,500
17,500
Other creditors
299,900
307,400
17,500
10
Financial commitments, guarantees and contingent liabilities
The company has made Research and Development ("R&D") claims for the accounting periods ending 30 November 2021 and 30 November 2022.
At the date of this report, a review of the respective claims is being undertaken by HMRC.
The company believes that the claims meet the relevant criteria for R&D purposes.
If HMRC's conclusion is to deny both claims in full, the tax losses that were previously available would no longer exist and the company would have a liability to tax of £141,126, made up as follows:
2022 - £66,156
2023 - £74,970
11
Parent company
The company is owned by a number of private shareholders and companies. The ultimate controlling party is considered to be Mainspring Nominees Limited through its position of significant influence. No one company or individual owns more than 50% of the shareholding.
12
Deferred tax
At the year end the parent company (Snaptrip Group Limited) had tax losses carried forwards of £0.04m (2023 £0.08m).
The company has not provided for the £94k (2023: £194k) deferred tax asset that results from these losses.
SNAPTRIP GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 11 -
13
Share-based payment transactions
2024 2023
Brought forward 570,637 570,637
Granted - -
Exercised - -
Lapsed - -
Transfer out - -
Transfer in - -
Total 570,637 570,637
Exercisable at year end - -
The company employs an equity-settled share-based payment scheme, including share options and long-term equity incentive plans where the overall outcome is that the employee has the option to receive shares, contingent on a pre-determined event as defined in the option agreement. The company has established an Enterprise Management Incentive (EMI) share option scheme with an exercise price of £0.154 - £0.55 per share.
Whilst the precise vesting conditions differ between iterations of the EMI scheme operated by the company, these vesting conditions include:
- Sale of the company
- A merger or buyout of the company
- A listing of the company on a recognised exchange
In addition, some EMI options include a time-based vesting condition and vest on the earlier of the completion of the service period or the occurrence of an event as listed above. Vested EMI options can be exercised up to 10 years from the date of the grant. A charge of £11,168 has been booked in the current year in relation to EMI share options. The fair value of the options used for accounting purposes in this calculation has been estimated using a Black Scholes options pricing model.
Details of the number of EMI share options and weighted average exercise price (WAEP) outstanding
during the period are as follows:
| | | |
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