Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-31false30false2024-01-01false35false 02314294 2024-01-01 2024-12-31 02314294 2023-01-01 2023-12-31 02314294 2024-12-31 02314294 2023-12-31 02314294 2023-01-01 02314294 1 2024-01-01 2024-12-31 02314294 1 2023-01-01 2023-12-31 02314294 5 2024-01-01 2024-12-31 02314294 5 2023-01-01 2023-12-31 02314294 1 2024-01-01 2024-12-31 02314294 e:Director1 2024-01-01 2024-12-31 02314294 e:Director1 2024-12-31 02314294 e:Director2 2024-01-01 2024-12-31 02314294 e:Director2 2024-12-31 02314294 e:Director3 2024-01-01 2024-12-31 02314294 e:Director4 2024-01-01 2024-12-31 02314294 e:Director4 2024-12-31 02314294 e:Director5 2024-01-01 2024-12-31 02314294 e:Director5 2024-12-31 02314294 e:Director6 2024-01-01 2024-12-31 02314294 e:Director6 2024-12-31 02314294 e:RegisteredOffice 2024-01-01 2024-12-31 02314294 d:FurnitureFittings 2024-01-01 2024-12-31 02314294 d:FurnitureFittings 2024-12-31 02314294 d:FurnitureFittings 2023-12-31 02314294 d:FurnitureFittings d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 02314294 d:OfficeEquipment 2024-01-01 2024-12-31 02314294 d:OfficeEquipment 2024-12-31 02314294 d:OfficeEquipment 2023-12-31 02314294 d:OfficeEquipment d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 02314294 d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 02314294 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-12-31 02314294 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 02314294 d:CurrentFinancialInstruments 2024-12-31 02314294 d:CurrentFinancialInstruments 2023-12-31 02314294 d:Non-currentFinancialInstruments 2024-12-31 02314294 d:Non-currentFinancialInstruments 2023-12-31 02314294 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 02314294 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 02314294 d:ReportableOperatingSegment1 2024-01-01 2024-12-31 02314294 d:ReportableOperatingSegment1 2023-01-01 2023-12-31 02314294 d:ReportableOperatingSegment7 2024-01-01 2024-12-31 02314294 d:ReportableOperatingSegment7 2023-01-01 2023-12-31 02314294 f:UnitedKingdom 2024-01-01 2024-12-31 02314294 f:UnitedKingdom 2023-01-01 2023-12-31 02314294 f:RestEuropeOutsideUK 2024-01-01 2024-12-31 02314294 f:RestEuropeOutsideUK 2023-01-01 2023-12-31 02314294 f:RestWorldOutsideUK 2024-01-01 2024-12-31 02314294 f:RestWorldOutsideUK 2023-01-01 2023-12-31 02314294 d:UKTax 2024-01-01 2024-12-31 02314294 d:UKTax 2023-01-01 2023-12-31 02314294 d:ShareCapital 2024-12-31 02314294 d:ShareCapital 2023-12-31 02314294 d:ShareCapital 2023-01-01 02314294 d:SharePremium 2024-01-01 2024-12-31 02314294 d:SharePremium 2024-12-31 02314294 d:SharePremium 2023-12-31 02314294 d:SharePremium 2023-01-01 02314294 d:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 02314294 d:RetainedEarningsAccumulatedLosses 2024-12-31 02314294 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 02314294 d:RetainedEarningsAccumulatedLosses 2023-12-31 02314294 d:RetainedEarningsAccumulatedLosses 2023-01-01 02314294 e:OrdinaryShareClass1 2024-01-01 2024-12-31 02314294 e:OrdinaryShareClass1 2024-12-31 02314294 e:OrdinaryShareClass1 2023-12-31 02314294 e:OrdinaryShareClass2 2024-01-01 2024-12-31 02314294 e:OrdinaryShareClass2 2024-12-31 02314294 e:OrdinaryShareClass2 2023-12-31 02314294 e:FRS102 2024-01-01 2024-12-31 02314294 e:Audited 2024-01-01 2024-12-31 02314294 e:FullAccounts 2024-01-01 2024-12-31 02314294 e:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 02314294 d:Subsidiary1 2024-01-01 2024-12-31 02314294 d:Subsidiary1 1 2024-01-01 2024-12-31 02314294 d:Subsidiary2 2024-01-01 2024-12-31 02314294 d:Subsidiary2 1 2024-01-01 2024-12-31 02314294 d:Subsidiary3 2024-01-01 2024-12-31 02314294 d:Subsidiary3 1 2024-01-01 2024-12-31 02314294 d:Subsidiary4 2024-01-01 2024-12-31 02314294 d:Subsidiary4 1 2024-01-01 2024-12-31 02314294 d:WithinOneYear 2024-12-31 02314294 d:WithinOneYear 2023-12-31 02314294 d:PlantEquipmentOtherAssetsUnderOperatingLeases 2024-12-31 02314294 d:PlantEquipmentOtherAssetsUnderOperatingLeases 2023-12-31 02314294 d:PlantEquipmentOtherAssetsUnderOperatingLeases d:WithinOneYear 2024-12-31 02314294 d:PlantEquipmentOtherAssetsUnderOperatingLeases d:WithinOneYear 2023-12-31 02314294 d:PlantEquipmentOtherAssetsUnderOperatingLeases d:BetweenOneFiveYears 2024-12-31 02314294 d:PlantEquipmentOtherAssetsUnderOperatingLeases d:BetweenOneFiveYears 2023-12-31 02314294 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:InternallyGeneratedIntangibleAssets 2024-01-01 2024-12-31 02314294 2 2024-01-01 2024-12-31 02314294 6 2024-01-01 2024-12-31 02314294 9 2024-01-01 2024-12-31 02314294 d:AcceleratedTaxDepreciationDeferredTax 2024-12-31 02314294 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 02314294 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2024-01-01 2024-12-31 02314294 g:PoundSterling 2024-01-01 2024-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 02314294









MARTIN RANDALL TRAVEL LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
MARTIN RANDALL TRAVEL LIMITED
 
 
COMPANY INFORMATION


Directors
M D V Randall (resigned 25 July 2024)
Sir V J Ellis (resigned 25 July 2024)
F M Charrington 
N M Taylor (resigned 25 July 2024)
H D Williams (appointed 25 July 2024, resigned 21 January 2025)
S J Clarke (appointed 21 January 2025)




Registered number
02314294



Registered office
Unit Bm2s.08 Barley Mow Centre
10 Barley Mow Passage

London

W4 4PH




Independent auditors
White Hart Associates (London) Limited
Chartered Accountants and Statutory Auditors

2nd Floor, Nucleus House

2 Lower Mortlake Road

Richmond

TW9 2JA





 
MARTIN RANDALL TRAVEL LIMITED
 

CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 8
Income Statement
9
Statement of Comprehensive Income
10
Statement of Financial Position
11
Statement of Changes in Equity
12
Statement of Cash Flows
13 - 14
Analysis of Net Debt
15
Notes to the Financial Statements
16 - 36


 
MARTIN RANDALL TRAVEL LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The company is required by the Companies Act 2006, to set out in this report a fair review of the business of the company during the financial year ended 31 December 2024, and of the position of the Company at the year end, and a description of the principal risks and uncertainties facing the Company. The review is prepared solely to provide additional information to shareholders to assess the Company’s strategies and the potential for the strategies to succeed, and the business review should not be relied upon by any other party or for any other purpose.

Business review
 
The financial year 2024 delivered a strong financial and operational performance with robust, above budget trading, a key ownership change and continued development of the growth strategy. Investments were made across IT & Systems, people and marketing. 

2024
2023
£
£
Key performance indicators
Turnover

15,989,271

12,278,644
 
Gross profit

4,438,496

3,430,729
 
Gross profit as a percentage of turnover

27.75%

27.94%
 
Profit on ordinary activities before taxation

1,704,826

1,262,273
 
Net cash (outflow)/inflow from operating activities

(1,725,617)

1,823,416
 
Net assets

4,794,918

3,309,510
 

Page 1

 
MARTIN RANDALL TRAVEL LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Principal risks and uncertainties
 
The Company operates in a dynamic sector influenced by macroeconomic conditions, regulatory oversight, and consumer trends. Key risks include:
Regulatory Compliance: The Company is subject to regulation by bodies including the CAA (Air Travel Organisers Licence – ATOL) and ABTOT. Ongoing compliance with financial and operational criteria is essential, with potential changes to ATOL under consultation. The Company actively monitors developments and engages with advisors to ensure continued compliance.
Brexit & Taxation: Post-Brexit VAT rules affecting EU tour operations remain under review. The Company continues to seek professional advice to stay ahead of potential changes.
Market Competition: Operating in a highly competitive sector, the Company maintains strong digital engagement and product innovation to retain market share.
Foreign Exchange: Exposure to currency fluctuations is managed through partial hedging and prudent financial practices.
Commercial Relationships: Risk is diversified through a broad supplier base and long-standing relationships across multiple regions.
Technology Dependence: The Company’s reliance on IT systems and its website introduces operational risk. Mitigation strategies are in place to address potential system failures or cyber threats.
External Events: Travel demand may be impacted by terrorism, pandemics, political instability, natural disasters, and weather. The Company mitigates this by offering diverse destinations and maintaining agile planning structures.


This report was approved by the board on 24 June 2025 and signed on its behalf.



F M Charrington
Director

Page 2

 
MARTIN RANDALL TRAVEL LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

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

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on Company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors’ Reports may differ from legislation in other jurisdictions.

Principal activity

The principal activity of the Company continued to be the provision of cultural tours.

Results and dividends

The profit for the year, after taxation, amounted to £1,485,408 (2023 - £956,330).

Dividends paid during the year amounted to £Nil (2023: £Nil)

Directors

The directors who served during the year were:

M D V Randall (resigned 25 July 2024)
Sir V J Ellis (resigned 25 July 2024)
F M Charrington 
N M Taylor (resigned 25 July 2024)
H D Williams (appointed 25 July 2024, resigned 21 January 2025)

Additionally, S J Clarke was appointed as director on 21 January 2025.
Page 3

 
MARTIN RANDALL TRAVEL LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


Future developments

The Company will continue to focus on growth through the expansion of core operations, exploring new product offerings and widening our territory offerings. Since the year end, investment has been made to strengthen the management team and further investments for operational teams are planned for the coming year. Management  also plans to invest across digital infrastructure and systems to ensure maximum operational efficiency. The directors are confident that the business is well positioned to respond to future challenges and provide long term value for our all stakeholders.

Matters covered in the Strategic Report

The directors have disclosed additional performance data for the Company in the Strategic Report, which is included within this set of financial statements. This includes a review of the performance of the business and the key performance indicators, as well as the main risks faced by the business.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

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

Auditors

The auditorsWhite Hart Associates (London) Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 24 June 2025 and signed on its behalf.
 





F M Charrington
Director

Page 4

 
MARTIN RANDALL TRAVEL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MARTIN RANDALL TRAVEL LIMITED
 

Opinion


We have audited the financial statements of Martin Randall Travel Limited (the 'Company') for the year ended 31 December 2024, which comprise the Income Statement, the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 5

 
MARTIN RANDALL TRAVEL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MARTIN RANDALL TRAVEL LIMITED (CONTINUED)


Other information


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


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
MARTIN RANDALL TRAVEL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MARTIN RANDALL TRAVEL LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- We exercise professional judgment and maintain professional skepticism throughout the audit;
- We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the deliberate override of internal control; 
- We obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of internal control;
- We evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made;
- We assess the risk of management override of controls, including testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business;
- We review the scope of the Company's compliance with its regulator, the Civil Aviation Authority ("CAA"), and its membership of Association of Bonded Travel Organisers ("ABTOT"), and sample test relevant documentation to assess this and the effectiveness of its control environment;
- We request and review the minutes of management meetings, and assess any matters identified not already provided for or disclosed that may materially impact the financial statements.


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 7

 
MARTIN RANDALL TRAVEL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MARTIN RANDALL TRAVEL 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.





M S Caldicott ACA FCCA CTA (Senior Statutory Auditor)
  
for and on behalf of
White Hart Associates (London) Limited
 
Chartered Accountants and Statutory Auditors
  
2nd Floor, Nucleus House
2 Lower Mortlake Road
Richmond
TW9 2JA

24 June 2025
Page 8

 
MARTIN RANDALL TRAVEL LIMITED
 
 
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
15,989,271
12,278,644

Cost of sales
  
(11,550,775)
(8,847,915)

Gross profit
  
4,438,496
3,430,729

Administrative expenses
  
(2,821,772)
(2,187,070)

Other operating income
 5 
6,069
276

Operating profit
 6 
1,622,793
1,243,935

Interest receivable and similar income
 10 
82,033
20,050

Interest payable and similar expenses
 11 
-
(1,712)

Profit before tax
  
1,704,826
1,262,273

Tax on profit
 12 
(219,418)
(305,943)

Profit for the financial year
  
1,485,408
956,330

The notes on pages 16 to 36 form part of these financial statements.

Page 9

 
MARTIN RANDALL TRAVEL LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£


Profit for the financial year

  

1,485,408
956,330

Other comprehensive income
  

Total comprehensive income for the year
  
1,485,408
956,330

The notes on pages 16 to 36 form part of these financial statements.

Page 10

 
MARTIN RANDALL TRAVEL LIMITED
REGISTERED NUMBER: 02314294

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 13 
86,889
27,600

Tangible assets
 14 
62,082
69,010

Investments
 15 
873,587
873,587

  
1,022,558
970,197

Current assets
  

Debtors: amounts falling due after more than one year
 16 
2,960,381
-

Debtors: amounts falling due within one year
 16 
1,189,728
881,782

Cash at bank and in hand
 17 
2,756,648
4,481,819

  
6,906,757
5,363,601

Creditors: amounts falling due within one year
 18 
(3,098,112)
(3,001,303)

Net current assets
  
 
 
3,808,645
 
 
2,362,298

Total assets less current liabilities
  
4,831,203
3,332,495

Provisions for liabilities
  

Deferred tax
 19 
(36,285)
(22,985)

  
 
 
(36,285)
 
 
(22,985)

Net assets
  
4,794,918
3,309,510


Capital and reserves
  

Called up share capital 
 20 
79,986
79,986

Share premium account
 21 
574,655
574,655

Profit and loss account
 21 
4,140,277
2,654,869

  
4,794,918
3,309,510


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 June 2025.




F M Charrington
Director

The notes on pages 16 to 36 form part of these financial statements.

Page 11

 
MARTIN RANDALL TRAVEL LIMITED
 

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


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 January 2023
79,986
574,655
1,698,539
2,353,180


Comprehensive income for the year

Profit for the year
-
-
956,330
956,330



At 1 January 2024
79,986
574,655
2,654,869
3,309,510


Comprehensive income for the year

Profit for the year
-
-
1,485,408
1,485,408


At 31 December 2024
79,986
574,655
4,140,277
4,794,918


The notes on pages 16 to 36 form part of these financial statements.

Page 12

 
MARTIN RANDALL TRAVEL LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,485,408
956,330

Adjustments for:

Amortisation of intangible assets
5,111
-

Depreciation of tangible assets
24,115
19,841

Interest paid
-
1,712

Interest received
(82,033)
(20,050)

Taxation charge
219,418
305,943

Increase in debtors
(255,850)
(366,347)

Increase in amounts owed by groups
(2,969,756)
(45,411)

Increase in creditors
275,702
996,319

Decrease in amounts owed to groups
-
(24,921)

Corporation tax paid
(427,732)
-

Net cash generated from operating activities

(1,725,617)
1,823,416


Cash flows from investing activities

Purchase of intangible fixed assets
(64,400)
(27,600)

Purchase of tangible fixed assets
(17,187)
(16,389)

Interest received
82,033
20,050

Net cash from investing activities

446
(23,939)
Page 13

 
MARTIN RANDALL TRAVEL LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


2024
2023

£
£



Cash flows from financing activities

Repayment of loans
-
(612,500)

Interest paid
-
(1,712)

Net cash used in financing activities
-
(614,212)

Net (decrease)/increase in cash and cash equivalents
(1,725,171)
1,185,265

Cash and cash equivalents at beginning of year
4,481,819
3,296,554

Cash and cash equivalents at the end of year
2,756,648
4,481,819


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,756,648
4,481,819

2,756,648
4,481,819


The notes on pages 16 to 36 form part of these financial statements.

Page 14

 
MARTIN RANDALL TRAVEL LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024




At 1 January 2024
Cash flows
At 31 December 2024
£

£

£

Cash at bank and in hand

4,481,819

(1,725,171)

2,756,648


4,481,819
(1,725,171)
2,756,648

The notes on pages 16 to 36 form part of these financial statements.

Page 15

 
MARTIN RANDALL TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Martin Randall Travel Limited is a private company limited by shares and incorporated in Engalnd and Wales. The address of the registered office is Unit Bm2s.08 Barley Mow Centre, 10 Barley Mow Passage, London, W4 4PH.
The principal activity of the company is the provision of cultural tours.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements for 2024 present a strong position for the Company, which is expected to continue throughout 2025 and into 2026, with a strong start to bookings for 2025 before the close of FY24.
Directors continue to monitor the Company’s financial position closely noting that cashflow headroom continues to exceed the CAA requirement and that cash is now being placed on escrow until tour despatch. The group continues to meet all obligations as they fall due. 
Various stress tests have been performed on the budgets for 2025 and management are confident the business will remain profitable and will not breach any loan covenants.
In conclusion, the directors have no doubt that it is right to continue to apply the going concern basis in the preparation of the financial statements.

Page 16

 
MARTIN RANDALL TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 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 Income Statement within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

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

Revenue is recognised on the customer's date of departure.

Page 17

 
MARTIN RANDALL TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.5

Operating leases: the Company as lessee

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

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

 
2.6

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.7

Interest income

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

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Pensions

Defined contribution pension plan

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

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

Page 18

 
MARTIN RANDALL TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.10

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the 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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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


 
2.11

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.

 
2.12

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.

Page 19

 
MARTIN RANDALL TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.12
Tangible fixed assets (continued)

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:

Fixtures and fittings
-
20% straight line
Office equipment
-
25% straight line

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

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

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.14

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.

 
2.15

Cash and cash equivalents

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

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

Page 20

 
MARTIN RANDALL TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.16

Creditors

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

 
2.17

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.

Page 21

 
MARTIN RANDALL TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.18

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 Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

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

Page 22

 
MARTIN RANDALL TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.19

Hedge accounting

The Company uses foreign currency forward contracts to manage its exposure to cash flow risk on its recognised and highly probable liabilities. These derivatives are measured at fair value at each reporting date.

To the extent the cash flow hedge is effective, movements in fair value are recognised in other comprehensive income and presented in a separate cash flow hedge reserve. Any ineffective portions of those movements are recognised in profit or loss for the year.

Gains and losses on the hedging instruments and the hedged items are recognised in profit or loss for the year. When a hedged item is an unrecognised firm commitment, the cumulative hedging gain or loss on the hedged item is recognised as an asset or liability with a corresponding gain or loss recognised in profit or loss.


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 judgments, 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 estimates are recognised in the period in which the estimates are 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.

Page 23

 
MARTIN RANDALL TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Turnover

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


2024
2023
£
£

Tour operator
15,804,767
12,048,862

Management fees receivable
184,504
229,782

15,989,271
12,278,644


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
8,946,728
7,279,740

Europe
555,872
416,587

USA & Canada
3,881,927
2,510,164

Australia
1,973,331
1,713,075

Rest of the world
631,413
359,078

15,989,271
12,278,644



5.


Other operating income

2024
2023
£
£

Other operating income
6,069
276

6,069
276



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
24,115
19,841

Amortisation of intangible assets including goodwill
5,111
-

Other operating lease rentals - land and buildings
63,363
19,834

Other operating lease rentals - other
16,982
14,759

Page 24

 
MARTIN RANDALL TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Auditors' remuneration

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


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
18,000
17,000


8.


Employees

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


2024
2023
£
£

Wages and salaries
1,616,387
1,312,369

Social security costs
184,183
138,420

Cost of defined contribution scheme
166,845
41,011

1,967,415
1,491,800


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


        2024
        2023
            No.
            No.







Administration
31
26



Management
4
4

35
30

Page 25

 
MARTIN RANDALL TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
210,411
324,942

Company contributions to defined contribution pension schemes
12,274
7,198

222,685
332,140


During the year retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £134,330 (2023 - £170,000).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £10,314 (2023 - £4,400).


10.


Interest receivable

2024
2023
£
£


Other interest receivable
82,033
20,050

82,033
20,050


11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
-
1,712

-
1,712

Page 26

 
MARTIN RANDALL TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
206,118
178,893


206,118
178,893


Total current tax
206,118
178,893

Deferred tax


Origination and reversal of timing differences
13,300
127,050

Total deferred tax
13,300
127,050


Tax on profit
219,418
305,943

Factors affecting tax charge for the year

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

2024
2023
£
£


Profit on ordinary activities before tax
1,704,826
1,262,273


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
426,207
315,568

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
1,673
1,576

Capital allowances for year in excess of depreciation
(13,300)
(6,293)

Utilisation of tax losses
-
(120,705)

Other timing differences leading to a decrease in taxation
-
(11,253)

Deferred tax movement
13,300
127,050

Group relief
(208,462)
-

Total tax charge for the year
219,418
305,943

Page 27

 
MARTIN RANDALL TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
12.Taxation (continued)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


13.


Intangible assets




Development expenditure

£



Cost


At 1 January 2024
27,600


Additions
64,400



At 31 December 2024

92,000



Amortisation


Charge for the year on owned assets
5,111



At 31 December 2024

5,111



Net book value



At 31 December 2024
86,889



At 31 December 2023
27,600

Development expenditure is being amortised over its estimated useful life of 3 years.



Page 28

 
MARTIN RANDALL TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

14.


Tangible fixed assets





Fixtures and fittings
Office equipment
Total

£
£
£



Cost or valuation


At 1 January 2024
207,576
286,765
494,341


Additions
-
17,187
17,187



At 31 December 2024

207,576
303,952
511,528



Depreciation


At 1 January 2024
193,629
231,702
425,331


Charge for the year on owned assets
2,519
21,596
24,115



At 31 December 2024

196,148
253,298
449,446



Net book value



At 31 December 2024
11,428
50,654
62,082



At 31 December 2023
13,947
55,063
69,010

Page 29

 
MARTIN RANDALL TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

15.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2024
873,587



At 31 December 2024
873,587





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Martin Randall Transport Limited
Ordinary
100%
Heritage Group Travel Limited
Ordinary
100%
Group Travel Connection (Transport) Limited
Ordinary
100%
Group Travel Connection Limited
Ordinary
100%

The aggregate of the share capital and reserves as at 31 December 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit
£
£

Martin Randall Transport Limited
34,646
-

Heritage Group Travel Limited
663,862
199,488

Group Travel Connection (Transport) Limited
2,000
-

Group Travel Connection Limited

2
-

Page 30

 
MARTIN RANDALL TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

16.


Debtors

2024
2023
£
£

Due after more than one year

Amounts owed by group undertakings
2,960,381
-

2,960,381
-


2024
2023
£
£

Due within one year

Amounts owed by group undertakings
205,845
196,470

Other debtors
42,721
-

Prepayments and accrued income
941,162
685,312

1,189,728
881,782


Included in prepayments above are advance payments to suppliers relating to tours departing on or after 1 January 2025 amounting to £811,837 (2023: £558,836).


17.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
2,756,648
4,481,819

2,756,648
4,481,819


Page 31

 
MARTIN RANDALL TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

18.


Creditors: Amounts falling due within one year

2024
2023
£
£

Corporation tax
-
178,893

Other taxation and social security
98,668
57,221

Other creditors
236
236

Accruals and deferred income
2,999,208
2,764,953

3,098,112
3,001,303


Included in deferred income above are advance receipts from customers relating to tours departing on or after 1 January 2025 amounting to £2,741,140 (2023: £2,299,870).

Page 32

 
MARTIN RANDALL TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

19.


Deferred taxation




2024


£






At beginning of year
(22,985)


Charged to profit or loss
(13,300)



At end of year
(36,285)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(36,285)
(22,985)

(36,285)
(22,985)

Page 33

 
MARTIN RANDALL TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

20.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



79,970 (2023 - 79,970) Ordinary shares of £1.00 each
79,970
79,970
1,585 (2023 - 1,585) Ordinary G shares of £0.01 each
16
16

79,986

79,986



21.


Reserves

Share premium account

The share premium account represents the additional amount shareholders have paid their issued shares that was in excess of the par value of those shares.

Profit and loss account

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


22.


Contingent liabilities

At 31 December 2024, there were contingent liabilities outstanding in respect of counter indemnities and guarantees given by the Company, in the normal course of business, to the Company's bond obligors in respect of Association of Bonded Travel Organisers Trust ("ABTOT") bonds amounting to £1,234,197 (2023: £949,499).


23.


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 £166,845 (2023: £41,011). Contributions totalling £Nil (2023: £Nil) were payable to the fund at the reporting date.

Page 34

 
MARTIN RANDALL TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

24.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£

Land and buildings


Not later than 1 year
54,000
4,788

54,000
4,788

2024
2023

£
£

Other


Not later than 1 year
31,454
24,506

Later than 1 year and not later than 5 years
29,463
-

60,917
24,506


25.Mortgages and charges

A charge created by the Company and dated 25 July 2024 in favour of Piper PE LLP, containing fixed and floating charges over all assets of the Company, was registered at Companies House on 1 August 2024.
Additionally, a further charge created by the Company and dated 25 July 2024 in favour of TC Loans Limited, containing fixed and floating charges over all assets of the Company, was registered at Companies House on 26 July 2024.


26.


Related party transactions

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.


27.


Post balance sheet events

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

Page 35

 
MARTIN RANDALL TRAVEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

28.


Controlling party

Following an acquisition and group reorganisation in July 2024, the Company's immediate parent undertaking is Carthage Buyer Ltd, by virtue of its holding the entire issued share capital of the Company.
The Company's ultimate parent undertaking is Carthage Topco Ltd, a company registered in England and Wales. Copies of the consolidated financial statements of Carthage Topco Ltd can be obtained from its registered office of Unit Bm2s.08 Barley Mow Centre, Barley Mow Passage, London, W4 4PH.
In the opinion of the directors, there is no ultimate controlling party.

 
Page 36