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Registered number:
FOR THE 18 MONTH PERIOD ENDED 30 SEPTEMBER 2024
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OLIVER'S TRAVELS LIMITED
COMPANY INFORMATION
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OLIVER'S TRAVELS LIMITED
CONTENTS
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OLIVER'S TRAVELS LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
The directors present their strategic report for the period ended 30 September 2024.
Oliver’s Travels Limited operates as a technology-enabled accommodation provider, specialising in luxury villa holiday across Europe and the rest of the world.
The period ended 30th September 2024 has seen the company deliver significant growth in TTV, Turnover and Gross Profit, continuing the trend seen since the disruption of the COVID pandemic.
Competition risk
The travel industry is highly competitive and comprises a number of companies providing short-term rentals. Increased competition may put downward pressure on profit margins. The Company operates in the luxury end of the market and is growing its selling presence in new customer markets to ensure growing demand. Foreign exchange risk The Company is exposed to the risk that exchange rates move in an adverse way. This risk is mitigated through a system of automated exposure management, with forward contracts entered into should volatility levels increase above expected levels. Fraud risk The Company faces the risk of fraudulent bookings and chargebacks due to fraud. To mitigate this risk we have proprietary fraud prevention software to prevent fraudulent bookings being accepted and to verify customers.
We consider total transaction value (TTV), turnover, operating profit and net assets to be the financial key indicators.
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OLIVER'S TRAVELS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
The other key performance indicator for the company is the number of properties contracted and listed with us. This has grown markedly in the period from 7,500 at the end of March 2023 to 9,500 at the end of September 2024.
This report was approved by the board on 27 August 2025 and signed on its behalf.
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OLIVER'S TRAVELS LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
The directors present their report and the financial statements for the Period ended 30 September 2024.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
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 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the Period, after taxation, amounted to £3,797,933 (2023 - £1,880,183).
The directors who served during the Period were:
The Company has ambitious plans to continue to develop its portfolio of holiday properties through organic and acquisitive growth. The acquisitive growth strategy will be financed through a revolving credit facility with Santander UK plc, entered into in June 2025.
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OLIVER'S TRAVELS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
On 18th October 2024 the Company acquired 100% of the share capital of Menorca Private Owners Ltd.
On 25th June 2025 the Company entered into a revolving credit facility with Santander UK plc. This facility givesthe company flexible access to capital that it plans to use to deliver on its acquisitive growth strategy.
The auditors, Xeinadin Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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OLIVER'S TRAVELS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OLIVER'S TRAVELS LIMITED
We have audited the financial statements of Oliver's Travels Limited (the 'Company') for the 18 month period ended 30 September 2024, which comprise 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 policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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.
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.
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OLIVER'S TRAVELS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OLIVER'S TRAVELS LIMITED (CONTINUED)
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 Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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 18 month period 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.
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.
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OLIVER'S TRAVELS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OLIVER'S TRAVELS LIMITED (CONTINUED)
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:
- Enquiry of management and those charged with governance around actual and potential litigation and claims; - Reviewing minutes of meetings of meetings of those charged with governance; - 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 Company 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 Company is 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.
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OLIVER'S TRAVELS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OLIVER'S TRAVELS LIMITED (CONTINUED)
The financial statements of the company for the 6-month period ended 31 March 2023, which are included as comparative information in these financial statements, were not audited. Accordingly, our audit opinion does not extend to the comparative figures.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an 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.
for and on behalf of
Chartered Accountants and Statutory Auditors
8th Floor
Becket House
36 Old Jewry
EC2R 8DD
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OLIVER'S TRAVELS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE 18 MONTH PERIOD ENDED 30 SEPTEMBER 2024
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OLIVER'S TRAVELS LIMITED
REGISTERED NUMBER: 06631130
STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 15 to 30 form part of these financial statements.
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OLIVER'S TRAVELS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE 18 MONTH PERIOD ENDED 30 SEPTEMBER 2024
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OLIVER'S TRAVELS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE 18 MONTH PERIOD ENDED 31 MARCH 2023
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OLIVER'S TRAVELS LIMITED
STATEMENT OF CASH FLOWS
FOR THE 18 MONTH PERIOD ENDED 30 SEPTEMBER 2024
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OLIVER'S TRAVELS LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
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OLIVER'S TRAVELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
Oliver's Travels Limited is a private company limited by shares incorporated in England and Wales, United Kingdom.
The address of the registered office is given in the company information section of these financial statements. The nature of the company's operations and principal activities in the period under review continued to be those of acting as rental agent for owners of properties for holiday rental and providing a web-based booking service.
2.Accounting policies
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).
Comparative information
The financial year-end has been changed from 31 March to 30 September to align with the company's revised reporting structure. As a result, these financial statements cover an 18-month period from 1 April 2023 to 30 September 2024. The comparative figures are for the 6-month period from 1 October 2022 to 31 March 2023. Therefore, the amounts presented are not entirely comparable. The comparative information has not been audited.
The following principal accounting policies have been applied:
Functional and presentation currency
Transactions and balances
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OLIVER'S TRAVELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
Revenue represents fees and commissions earned in respect of holidays booked during the period and is shown net of VAT where applicable. The Company acts solely as a booking agent and accordingly its commission and fees are presented on a net basis and are recognised once a booking is placed by the client. Cancellation income is recognised at the date of cancellation.
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.
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OLIVER'S TRAVELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
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.
Amortisation is provided on the following bases:
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OLIVER'S TRAVELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
2.Accounting policies (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:
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.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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OLIVER'S TRAVELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include 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.
Basic 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.
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OLIVER'S TRAVELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the Statement of Comprehensive Income 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. The directors apply the following key judgments: Cancellation Provision In calculating a provision for the estimated value of revenue that will subsequently be cancelled, management makes judgments that are based on historic turnover variations and cancellation data. Holiday Credit Provision and Covid Credit Provision In calculating the provision relating to credits awarded to clients as loyalty reward for historic bookings (“Holiday Credit”), management makes judgments based on historic Holiday Credit redemption rates within expiry periods applicable to the rewards. In the uncommon event that no expiry period applies to the awarded Holiday Credit, management provides for 75% of the outstanding Holiday Credit.
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OLIVER'S TRAVELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
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OLIVER'S TRAVELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
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OLIVER'S TRAVELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
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OLIVER'S TRAVELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
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OLIVER'S TRAVELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
12.Taxation (continued)
There were no factors that may affect future tax charges.
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OLIVER'S TRAVELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
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OLIVER'S TRAVELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
The Company enters into various foreign currency contracts to mitigate the exchange rate risk for certain foreign currency payables.
At 30 September 2024, there are outstanding contracts for EUR 8,408,946 that mature within 12 months of the period end, there are also outstanding contracts for EUR 50,406 that mature no later than 5 years. The Company is committed to buying EUR 8,408,946 for a fixed sterling amount. As at 30 September 2024, the recognised net losses on currency cash flow hedging instruments amounted to £46,173 (2023: gains £10,577) which is reflected within other comprehensive income.
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OLIVER'S TRAVELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
Profit and loss account
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OLIVER'S TRAVELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
A prior year adjustment was made to ensure revenue recognition was applied correctly and consistently on a booking date basis. This was a presentational journal with £nil impact to the profit and loss, net current assets or net assets.
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 charge represents contributions payable by the Company to the fund and amounted to £99,311 (2023: £23,411). Contributions totalling £16,853 (2023: £11,428) were payable to the fund at the balance sheet date and are included in creditors.
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OLIVER'S TRAVELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
On 25th June 2025 the Company entered into a revolving credit facility with Santander UK plc. This facility gives the company flexible access to capital that it plans to use to deliver on its acquisitive growth strategy. On 25th June 2025, the company entered into a security arrangement with Santander UK PLC, acting as Security Trustee for itself and each secured party. This arrangement includes: A fixed and floating charge over all present and future freehold, leasehold, or commonhold property, and a charge over intellectual property, including the trademark "Oliver’s Travels" (UK00004073534), covering classes 35, 43, and 45. The floating charge extends over all property and undertaking of the company, and the agreement also includes a negative pledge restricting the creation of further security without the lender’s consent.
The company is controlled by its directors by virtue of their shareholding.
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