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Registered number: 09738411










UNFORGETTABLE TRAVEL COMPANY LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

 
UNFORGETTABLE TRAVEL COMPANY LIMITED
 
 
COMPANY INFORMATION


Director
 J Shikina 




Registered number
09738411



Registered office
86-90 Paul Street

London

England

EC2A 4NE




Independent auditors
Xeinadin Audit Limited
Chartered Accountants & Statutory Auditors

8th Floor

Becket House

36 Old Jewry

London

EC2R 8DD





 
UNFORGETTABLE TRAVEL COMPANY LIMITED
 

CONTENTS



Page
Group Strategic Report
1 - 3
Director's Report
4 - 5
Independent Auditors' Report
6 - 10
Consolidated Statement of Comprehensive Income
11
Consolidated Statement of Financial Position
12
Company Statement of Financial Position
13
Consolidated Statement of Changes in Equity
14 - 15
Company Statement of Changes in Equity
16 - 17
Consolidated Statement of Cash Flows
18
Notes to the Financial Statements
19 - 32


 
UNFORGETTABLE TRAVEL COMPANY LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2024

Introduction
 
The year to August 2024 was another milestone in Unforgettable Travel Company’s journey to becoming one of the world’s leading luxury travel companies. Despite an evolving global travel landscape, the company delivered record turnover, expanded its global reach, and strengthened its position as a trusted curator of extraordinary journeys.

Business review
 
Revenue reached £22.0 million, representing a 39% increase on the prior year and continuing the trajectory of remarkable post-pandemic growth. Gross profit grew to £6.4 million, maintaining a healthy 29% gross margin, well above UK industry averages.
Profit before tax rose to £1.56 million (2023: £1.09m), reflecting disciplined cost management alongside continued investment in marketing, technology, and staff expansion. After tax, profit for the year stood at £1.22 million, with a recommended dividend of £500,000 to shareholders.
The business now operates four established brands:
 
Unforgettable Croatia
 
Cruise Croatia
 
Unforgettable Greece
 
Unforgettable Travel (the worldwide brand launched during the pandemic, which continues to scale rapidly).

Key Performance Indicators

2024
2023
        £
        £
Turnover

£22.0m

£15.8m
 
Gross Profit

£6.4m

£4.6m
 
Gross Profit %

29&

29%
 
Profit before tax

£1.56m

£1.09m
 
Shareholder Funds

£1.94m

£1.23m
 

Operational Developments
 
This year saw significant growth in global operations. Staff numbers increased by 35% across offices in the UK, US, Croatia, and Greece. This past year saw the company open physical offices in Australia and South Africa. 
The cruise division continued to thrive, with more than 5,500 clients cruising with us in the past year. The company also advanced its Cruise 365 strategy, which aims to expand small-ship cruising into new destinations year-round.
Brand awareness and market share in the United States and Australia have been strengthened through local hires and the appointment of leading PR firms, underscoring the company’s ambition to grow its footprint in two of the world’s leading luxury travel markets. 

Page 1

 
UNFORGETTABLE TRAVEL COMPANY LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024

Awards and Recognition
 
A major highlight was being named the 5th best tour operator in the world by Travel + Leisure readers in the 2025 World’s Best Awards — a testament to the company’s unwavering commitment to service, quality, and memorable client experiences.
Our Unforgettable Croatia brand also won Best Specialist Cruise Line for the second year running at the prestigious Wave Awards.

Principal Risks and Uncertainties

The business continues to manage a number of risks with proactive strategies:

Foreign exchange risk is mitigated through a robust hedging programme, protecting both clients and margins from volatility.
 
Regulatory risk is well-managed, with ATOL (7583) and ABTOT (5381) licences successfully renewed, ensuring client confidence and financial protection.
 
External risks such as geopolitical events, terrorism, health crises, and extreme weather are closely monitored with guidance from the UK FCDO and the US State Department. The global breadth of the Unforgettable Travel brand provides resilience by reducing dependency on specific destinations.
 
Loss of Key personnel is managed to ensure that key personnel are appropriately remunerated to ensure that good performance is recognised.
 
Commercial Relationships are well established and close relationships with suppliers and risk is spread by not placing over-reliance on any one supplier in any particular area and through close ongoing relationship management.

Financial Position

The company retains a strong balance sheet with £10.1 million cash at bank (2023: £6.8m), £1.95 million in net assets, and no external debt. Customer payments are settled pre-departure, meaning credit risk is minimal and liquidity remains favourable.

Future Outlook

The board remains confident in sustained growth. Strategic priorities for 2025 include:
 
The company’s rebrand, which will be unveiled in Q4 2025, will strengthen the company’s image as a world leader in the luxury travel space.
 
Driving brand growth in the United States, supported by PR investment and local expertise.
 
Establishing an Australia office to build stronger presence in the Asia-Pacific market.
 
Strong investment in digital innovation and client experience, ensuring Unforgettable remains synonymous with quality, service, and unique travel design.
 
Launching an industry leading employee benefits scheme, to underpin our commitment to our staff welfare and wellbeing.

Page 2

 
UNFORGETTABLE TRAVEL COMPANY LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024


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



J Shikina
Director

Date: 27 August 2025

Page 3

 
UNFORGETTABLE TRAVEL COMPANY LIMITED
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 AUGUST 2024

The director presents her report and the financial statements for the year ended 31 August 2024.

Director's responsibilities statement

The director is responsible for preparing the Group Strategic Report, the Director's Report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless she is satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the director is required to:


select suitable accounting policies for the Group'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 Group will continue in business.

The director is 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 the Group and to enable her to ensure that the financial statements comply with the Companies Act 2006She is also responsible for safeguarding the assets of the Company and the Group 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 £1,217,242 (2023 - £909,973).

Directors have recommended a dividend amounting to £500,000 (2023: £250,000) for the financial year.

Director

The director who served during the year was:

J Shikina 

Future developments

The future developments of the Group have been discussed in the Strategic Report.

Disclosure of information to auditors

The director at the time when this Director's Report is approved has confirmed that:
 
so far as she is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

she 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 and the Group's auditors are aware of that information.

Page 4

 
UNFORGETTABLE TRAVEL COMPANY LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsXeinadin Audit Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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





J Shikina
Director

Date: 27 August 2025

Page 5

 
UNFORGETTABLE TRAVEL COMPANY LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNFORGETTABLE TRAVEL COMPANY LIMITED
 

Opinion


We have audited the financial statements of Unforgettable Travel Company Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 August 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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 Group's and of the parent Company's affairs as at 31 August 2024 and of the Group's 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 Group 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 director's 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 Group's or the parent 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 director with respect to going concern are described in the relevant sections of this report.


Page 6

 
UNFORGETTABLE TRAVEL COMPANY LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNFORGETTABLE TRAVEL COMPANY 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 director is 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 Group Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Director's 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Director's 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 7

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


Responsibilities of directors
 

As explained more fully in the Director's Responsibilities Statement set out on page 4, the director is 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 director determines 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 director is responsible for assessing the Group's and the parent 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 director either intends to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 8

 
UNFORGETTABLE TRAVEL COMPANY LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNFORGETTABLE TRAVEL COMPANY 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 Group 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:

Enquiry of management and those charged with governance around actual and potential litigation and claims
Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;
Enquiry of management and those charged with governance to identify any instances of non-compliance with laws and regulations.

The potential effect of these laws and regulations on the financial statements varies considerably
.
Firstly, the Group is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. 
Secondly, the Group is subject to many other laws and regulations where the consequence of non compliance could have a material effect on amounts or disclosures in the financial statements, for instance the imposition of fines or litigation. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.
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. 
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 9

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


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.





Alexander Wall ACA (Senior Statutory Auditor)
  
for and on behalf of
Xeinadin Audit Limited
 
Chartered Accountants
Statutory Auditors
  
8th Floor
Becket House
36 Old Jewry
London
EC2R 8DD

27 August 2025
Page 10

 
UNFORGETTABLE TRAVEL COMPANY LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2024

2024
2023
Note
£
£

  

Turnover
 4 
21,966,103
15,809,436

Cost of sales
  
(15,519,248)
(11,211,036)

Gross profit
  
6,446,855
4,598,400

Administrative expenses
  
(4,943,143)
(3,513,002)

Other operating income
 5 
30,994
4,804

Operating profit
 6 
1,534,706
1,090,202

Interest receivable and similar income
 10 
28,509
-

Profit before tax
  
1,563,215
1,090,202

Tax on profit
 11 
(345,973)
(180,229)

Profit for the financial year
  
1,217,242
909,973

Profit for the year attributable to:
  

Owners of the parent company
  
(1,217,242)
(909,973)

  
(1,217,242)
(909,973)

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

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

The notes on pages 19 to 32 form part of these financial statements.

Page 11

 
UNFORGETTABLE TRAVEL COMPANY LIMITED
REGISTERED NUMBER: 09738411

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 14 
30,579
20,734

  
30,579
20,734

Current assets
  

Debtors: amounts falling due within one year
 16 
2,842,533
3,094,068

Cash at bank and in hand
 17 
10,084,706
6,780,240

  
12,927,239
9,874,308

Creditors: amounts falling due within one year
 18 
(11,004,691)
(8,661,292)

Net current assets
  
 
 
1,922,548
 
 
1,213,016

Total assets less current liabilities
  
1,953,127
1,233,750

Provisions for liabilities
  

Deferred tax
 19 
(6,885)
(4,750)

  
 
 
(6,885)
 
 
(4,750)

Net assets
  
1,946,242
1,229,000


Capital and reserves
  

Called up share capital 
 20 
30,000
30,000

Profit and loss account
 21 
1,916,242
1,199,000

  
1,946,242
1,229,000


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




J Shikina
Director

Date: 27 August 2025

The notes on pages 19 to 32 form part of these financial statements.

Page 12

 
UNFORGETTABLE TRAVEL COMPANY LIMITED
REGISTERED NUMBER: 09738411

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 14 
30,579
20,734

Investments
 15 
2,000
2,000

  
32,579
22,734

Current assets
  

Debtors: amounts falling due within one year
 16 
2,849,787
3,140,922

Cash at bank and in hand
 17 
10,075,724
6,730,058

  
12,925,511
9,870,980

Creditors: amounts falling due within one year
 18 
(11,004,691)
(8,657,892)

Net current assets
  
 
 
1,920,820
 
 
1,213,088

Total assets less current liabilities
  
1,953,399
1,235,822

  

Provisions for liabilities
  

Deferred taxation
 19 
(6,885)
(4,750)

  
 
 
(6,885)
 
 
(4,750)

Net assets
  
1,946,514
1,231,072


Capital and reserves
  

Called up share capital 
 20 
30,000
30,000

Profit and loss account
 21 
1,916,514
1,201,072

  
1,946,514
1,231,072


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


J Shikina
Director

Date: 27 August 2025

The notes on pages 19 to 32 form part of these financial statements.

Page 13

 
UNFORGETTABLE TRAVEL COMPANY LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 September 2023
30,000
1,199,000
1,229,000


Comprehensive income for the year

Profit for the year
-
1,217,242
1,217,242
Total comprehensive income for the year
-
1,217,242
1,217,242


Contributions by and distributions to owners

Dividends: Equity capital
-
(500,000)
(500,000)


At 31 August 2024
30,000
1,916,242
1,946,242


The notes on pages 19 to 32 form part of these financial statements.

Page 14

 
UNFORGETTABLE TRAVEL COMPANY LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 September 2022
30,000
539,027
569,027


Comprehensive income for the year

Profit for the year
-
909,973
909,973
Total comprehensive income for the year
-
909,973
909,973


Contributions by and distributions to owners

Dividends: Equity capital
-
(250,000)
(250,000)


At 31 August 2023
30,000
1,199,000
1,229,000


The notes on pages 19 to 32 form part of these financial statements.

Page 15

 
UNFORGETTABLE TRAVEL COMPANY LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 September 2023
30,000
1,201,072
1,231,072


Comprehensive income for the year

Profit for the year
-
1,215,442
1,215,442
Total comprehensive income for the year
-
1,215,442
1,215,442


Contributions by and distributions to owners

Dividends: Equity capital
-
(500,000)
(500,000)


At 31 August 2024
30,000
1,916,514
1,946,514


The notes on pages 19 to 32 form part of these financial statements.

Page 16

 
UNFORGETTABLE TRAVEL COMPANY LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 September 2022
30,000
538,092
568,092


Comprehensive income for the year

Profit for the year
-
912,980
912,980
Total comprehensive income for the year
-
912,980
912,980


Contributions by and distributions to owners

Dividends: Equity capital
-
(250,000)
(250,000)


At 31 August 2023
30,000
1,201,072
1,231,072


The notes on pages 19 to 32 form part of these financial statements.

Page 17

 
UNFORGETTABLE TRAVEL COMPANY LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,217,242
909,973

Adjustments for:

Amortisation of intangible assets
-
5,137

Depreciation of tangible assets
14,939
7,373

Interest received
(28,509)
-

Taxation charge
345,973
180,229

Decrease/(increase) in debtors
251,535
(1,594,856)

Increase in creditors
1,849,354
2,803,097

Increase in amounts owed to groups
125,000
85,000

Net fair value losses recognised in P&L
-
74,815

Corporation tax received/(paid)
-
(283,991)

Foreign exchnage
25,207
-

Net cash generated from operating activities

3,800,741
2,186,777


Cash flows from investing activities

Purchase of tangible fixed assets
(24,784)
(17,418)

Interest received
28,509
-

Net cash from investing activities

3,725
(17,418)

Cash flows from financing activities

Dividends paid
(500,000)
(250,000)

Net cash used in financing activities
(500,000)
(250,000)

Net increase in cash and cash equivalents
3,304,466
1,919,359

Cash and cash equivalents at beginning of year
6,780,240
4,860,881

Cash and cash equivalents at the end of year
10,084,706
6,780,240


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
10,084,706
6,780,240

10,084,706
6,780,240


The notes on pages 19 to 32 form part of these financial statements.

Page 18

 
UNFORGETTABLE TRAVEL COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1.


General information

Unforgettable Travel Company Limited is a private company limited by shares incorporated in England and Wales, United Kingdom. The nature of the company's operations and principal activities are that of a specialist tour operator.
The address of the registered office is given in the company information page of these financial statements. 

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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 19

 
UNFORGETTABLE TRAVEL COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 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 Consolidated 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'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

  
2.4

Turnover

Turnover represents amounts receivable and received for holidays travelled in the year excluding value added tax. Income is recognised on a departure date basis. Cancellation income is recognised at the date of cancellation.

 
2.5

Operating leases: the Group 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

Interest income

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

Page 20

 
UNFORGETTABLE TRAVEL COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.

 
2.8

Current and deferred taxation

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 21

 
UNFORGETTABLE TRAVEL COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.10

Tangible fixed assets

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

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

Depreciation is provided on the following basis:

Office equipment
-
33%
straight line

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

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

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

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

 
2.12

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.

 
2.13

Cash and cash equivalents

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

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

 
2.14

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.

Page 22

 
UNFORGETTABLE TRAVEL COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

  
2.15

Advance receipts and payment

All revenue relating to tours with departure dates after the year end are treated as advance receipts at the balance sheet date and are separately disclosed in other creditors. Payments made to suppliers in respect of these tours are included in prepayments and accrued income.

 
2.16

Provisions for liabilities

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

 
2.17

Financial instruments

The Group 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.


3.


Judgments in applying accounting policies 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 historical experience and other factors that are recognised 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 revision and future periods where the revision affects both current and future periods.
Critical judgements
The directors are of the view that there are no further critical judgements (apart from those involving estimates) in applying their accounting policies that have had a significant effect on amounts recognised in the financial statements.
Key sources of estimation uncertainty
The directors are of the view that there are no estimates or assumptions that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities.

Page 23

 
UNFORGETTABLE TRAVEL COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

4.


Turnover

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


2024
2023
£
£

Holiday Travel Sales
21,966,103
15,809,436

21,966,103
15,809,436


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
2,311,292
2,740,272

Rest of Europe
2,122,506
1,418,854

Rest of the world
17,532,305
11,650,310

21,966,103
15,809,436



5.


Other operating income

2024
2023
£
£

Other operating income
30,994
4,804

30,994
4,804



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
14,939
7,373

Exchange differences
519,077
488,806

Other operating lease rentals
62,272
52,947

Amortisation of intangible assets
-
5,137

Page 24

 
UNFORGETTABLE TRAVEL COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

7.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
22,500
18,750

Fees payable to the Company's auditors for non audit services

All non-audit services not included above
7,500
6,250


8.


Employees

Staff costs, including director's remuneration, were as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
1,433,156
796,407
1,433,156
796,407

Social security costs
159,002
83,903
159,002
83,903

Cost of defined contribution scheme
28,680
17,635
28,680
17,635

1,620,838
897,945
1,620,838
897,945


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



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Employees
27
20
27
20


9.


Director's remuneration

2024
2023
£
£

Director's emoluments
32,718
40,000

32,718
40,000


Page 25

 
UNFORGETTABLE TRAVEL COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

10.


Interest receivable

2024
2023
£
£


Other interest receivable
28,509
-

28,509
-


11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
295,852
237,216

Adjustments in respect of previous periods
47,986
(61,737)


Total current tax
343,838
175,479

Deferred tax


Origination and reversal of timing differences
2,135
4,750

Total deferred tax
2,135
4,750


Tax on profit
345,973
180,229
Page 26

 
UNFORGETTABLE TRAVEL COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - the same as) the standard rate of corporation tax in the UK of 25% (2023 - 21.52%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,563,215
1,090,202


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 21.52%)
390,804
234,611

Effects of:


Fixed asset differences
-
(728)

Expenses not deductible for tax purposes
5,307
3,681

Income not taxable for tax purposes
(98,124)
-

Remeasurement of deferred tax for changes in tax rates
-
152

Movement in deferred tax not recognised
-
3,655

Adjustments to tax charge in respect of prior periods
47,986
(61,142)

Total tax charge for the year
345,973
180,229


Factors that may affect future tax charges

There were no factors that may affect future tax charges.




12.


Dividends

2024
2023
£
£


Dividends paid
500,000
250,000

500,000
250,000

Page 27

 
UNFORGETTABLE TRAVEL COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

13.


Intangible assets

Group and Company





Development expenditure

£



Cost


At 1 September 2023
91,560



At 31 August 2024

91,560



Amortisation


At 1 September 2023
91,560



At 31 August 2024

91,560



Net book value



At 31 August 2024
-



At 31 August 2023
-



Page 28

 
UNFORGETTABLE TRAVEL COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

14.


Tangible fixed assets

Group and Company






Office equipment

£



Cost or valuation


At 1 September 2023
79,269


Additions
24,784



At 31 August 2024

104,053



Depreciation


At 1 September 2023
58,535


Charge for the year on owned assets
14,939



At 31 August 2024

73,474



Net book value



At 31 August 2024
30,579



At 31 August 2023
20,734


15.


Fixed asset investments

Company





Investment in subsidiaries

£



Cost or valuation


At 1 September 2023
2,000



At 31 August 2024
2,000




Page 29

 
UNFORGETTABLE TRAVEL COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

16.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Amounts owed by group undertakings
-
-
7,254
47,254

Other debtors
823,876
206,297
823,876
205,897

Prepayments and accrued income
2,018,657
2,887,771
2,018,657
2,887,771

2,842,533
3,094,068
2,849,787
3,140,922


Prepayments and accrued income includes £2,018,657 (2023: £2,841,481) of amounts paid to suppliers in respect of future departures.


17.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
10,084,706
6,780,240
10,075,724
6,730,058

10,084,706
6,780,240
10,075,724
6,730,058



18.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Trade creditors
913,406
695,918
913,406
695,918

Amounts owed to group undertakings
250,000
125,000
250,000
125,000

Corporation tax
532,034
175,479
532,034
175,479

Other taxation and social security
58,429
31,341
58,429
31,341

Other creditors
273,491
106,075
273,491
106,075

Accruals and deferred income
8,977,331
7,527,479
8,977,331
7,524,079

11,004,691
8,661,292
11,004,691
8,657,892


Accruals and deferred income includes £8,947,331 (2023: £7,343,479) of amounts received from customers in respect of future departures.

Page 30

 
UNFORGETTABLE TRAVEL COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

19.


Deferred taxation


Group



2024


£






At beginning of year
(4,750)


Charged to profit or loss
(2,135)



At end of year
(6,885)

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Fixed asset timing differences
(7,645)
(5,184)
(7,645)
(5,184)

Short term timing differences
760
434
760
434

(6,885)
(4,750)
(6,885)
(4,750)


20.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



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



21.


Reserves

Profit and loss account

The profit and loss account includes all current and prior periods retained profit.


22.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £28,680 (2023: £17,635). Contributions totalling £7,414 (2023: £3,874) were payable to the fund at the balance sheet date.

Page 31

 
UNFORGETTABLE TRAVEL COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

23.


Commitments under operating leases

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


24.


Related party transactions

At the year end, the Company was owed £428,798 from Julia Shikina (2023: the Company owed £71,899). Advancements in the year totalled £966,678 (2023: £81,330) and repayments and dividends totalled £466,149 (2023: £125,000). Interest has been charged of £167.
At the year end, the Company owed Mario Fortini £4,252 (2023: £4,252). There were no advancements or repayments in the year.
At the year end, the Company was owed £Nil (2023: £82,250) by Cruise Croatia Ltd, a company with common directorship.
At the year end, the Company owed £250,000 (2023: £125,000) to Romebury Limited, which is one of the  shareholders of the Company.
At the year end, the Company was owed £7,254 (2023: £47,254) from Unforgettable Transport Limited, a subsidiary of the Company.
The Company has taken the exemption available to not disclose transactions within the year, between wholly owned subsidiaries and fellow group companies.


25.


Post balance sheet events

The directors have concluded that no material events have occurred since the date of approval of these financial statements that would affect the financial statements of the Group.


26.


Controlling party

The ultimate controlling party is J Shikina, a director and shareholder of the Company.

 
Page 32