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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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SUNVIL INTERNATIONAL SALES LIMITED
COMPANY INFORMATION
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SUNVIL INTERNATIONAL SALES LIMITED
CONTENTS
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SUNVIL INTERNATIONAL SALES LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The Directors present their Strategic Report for the year ended 31 December 2024.
Consolidated revenues in FY24 showed a slight increase to £24m as the business started to stabilise and return to growth.
Our specialist long haul businesses saw increase in turnover during the year with the strong 2023 post Covid sales performance being realised with an increase 2024 departures. Short haul business revenues dropped compared to prior year, as the business moved away from high volume charter capacity. Margins showed signs of improvement. The Group continues to evolve its business model reducing commitments on flight seats and bed stock, softening the risk profile, protecting the Group from the volatile late sales market. This will see a short term drop in turnover in favour of improved margins as the adoption of new technology, and a continued push into new markets sees the business return to growth. The Group remains adequately funded and continues to protect liquidity where possible.
The Group has exposure to foreign currency movements. These are managed at the time of booking by purchasing currency to match future liabilities. The objective is to reduce the impact of exchange rate volatility on short term profits. This exposure is reviewed monthly by the Directors.
Exposure to liquidity risk is considered to be low. The Group traded profitably generating sufficient levels of liquidity to continue to grow. This risk is closely monitored by the Directors and sufficient measures have been put in place to protect Group liquidity.
Consolidated turnover has increased to £24m in 2024.
Consolidated pre-tax profits of £358k have been recorded, compared to pre-tax profits of £412k in 2023. Consolidated EBITDA of £362k have been reported, compared to EBITDA of £501k in 2023.
Sunvil continues to earn exceptional feedback from guests. In 2024, we were proud to retain our Platinum status with review platform Feefo, after another year of consistent high scores in both Holiday Product and Customer service. We were also delighted to receive a Silver award in the prestigious British Travel Awards, recognised as one of the UK’s best small travel companies to Hellenic Europe. Consumer association Which? stated that Sunvil stands out as an excellent independent tour operator, with a customer score of 81%. We are a Which? Recommended Provider.
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SUNVIL INTERNATIONAL SALES LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
This report was approved by the board and signed on its behalf.
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SUNVIL INTERNATIONAL SALES 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.
The Directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 Group's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the year, after taxation and minority interests, amounted to £161,569 (2023 - profit £239,724).
The Company paid dividends of £nil (2023: nil) during the year. No dividends have been declared post year-end (2023: £nil).
The Directors who served during the year were:
The Group continues to nurture and develop existing products & brands, whilst actively researching new destinations and potential opportunities.
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SUNVIL INTERNATIONAL SALES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
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 and signed on its behalf.
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SUNVIL INTERNATIONAL SALES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SUNVIL INTERNATIONAL SALES LIMITED
We have audited the financial statements of Sunvil International Sales Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 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 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 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.
In forming our opinion, we have considered the adequacy of the disclosures made in the financial statements concerning the Group's or the parent Company's ability to continue as a going concern. The Group and parent Company reported a loss for the year ended 31 December 2024 and, as of that date, the Group and parent Company's current liabilities exceeded its current assets.
The financial statements do not include any adjustments that would result from a failure to continue as a 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 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 Directors with respect to going concern are described in the relevant sections of this report.
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SUNVIL INTERNATIONAL SALES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SUNVIL INTERNATIONAL SALES 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 Group 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 Group 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 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 Directors' Report.
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SUNVIL INTERNATIONAL SALES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SUNVIL INTERNATIONAL SALES 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 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 and 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 noncompliance could have a material effect on amounts or disclosures in the financial statements, for instance the imposition of fines or litigation.. We identified the following areas as those most likely to have such an effect: health and safety including data protection laws, employment law and ATOL and ABTA compliance recognising the nature of the Group's activities. 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.
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SUNVIL INTERNATIONAL SALES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SUNVIL INTERNATIONAL SALES LIMITED (CONTINUED)
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.
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.
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
Statutory Auditor
8th Floor
Becket House
36 Old Jewry
EC2R 8DD
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SUNVIL INTERNATIONAL SALES LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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SUNVIL INTERNATIONAL SALES LIMITED
REGISTERED NUMBER: 00984970
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 17 to 41 form part of these financial statements.
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SUNVIL INTERNATIONAL SALES LIMITED
REGISTERED NUMBER: 00984970
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024
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SUNVIL INTERNATIONAL SALES LIMITED
REGISTERED NUMBER: 00984970
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 17 to 41 form part of these financial statements.
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Both Land and Buildings and Boats classes of fixed assets above are accounted for under the revaluation method. In respect of the most recent revaluations carried out on these classes of assets:
Freehold Land and Buildings The last valuation was conducted on 31 December 2017, when the freehold land and buildings at 7-8 Upper Square and 10-12 Upper Square were revalued by Stiles Harold Williams Partnership LLP (Chartered Surveyors) on an open market basis. This is reflected in the financial statements as above. In accordance with the accounting policies on note 2.6 , Freehold Land is not depreciated and, at the year end, the amount included in the above net book value in respect of Freehold Land was £1,226,600 (2023: £1,226,600). Boats (shown with Plant and machinery) The boat (known as "Genevieve") was last revalued on 16 April 2010 by Peter Freebody & Co - a reputable and professional boat design, sale and building company. The revalued amount is reflected in the financial statements.
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SUNVIL INTERNATIONAL SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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SUNVIL INTERNATIONAL SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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SUNVIL INTERNATIONAL SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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SUNVIL INTERNATIONAL SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Other loans of £12,000 (2022: £12,000) are shareholders’ loans which have no fixed payment date and no interest is payable.
The bank loans are secured by way of debenture comprising fixed and floating charges over all the assets and undertaking of the company including goodwill, uncalled capital, buildings, fixtures, fixed plant and machinery. The other loans are secured by fixed charge and negative pledge. Accruals and deferred income represents advance receipts from customers for departures on or after 1 January 2026
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SUNVIL INTERNATIONAL SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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SUNVIL INTERNATIONAL SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
22.Deferred taxation (continued)
Revaluation reserve
Other reserves
Profit and loss account
Included within the reserve is £nil (2023: £nil) of unrealised gains which are non-distributable.
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SUNVIL INTERNATIONAL SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The Group currently holds an Air Travel Organisers' License ('ATOL') issued by the Civil Aviation Authority ('CAA'). In order to offer air inclusive package holidays, the group requires the annual renewal by the CAA of its ATOL licence. The CAA grants this license on the basis of meeting agreed financial criteria and renews this in September effective 1st October each year. The group has complied with these requirements in previous years. The directors see no reason why the ATOL license will not be renewed in September 2025 on substantially the same terms and conditions as currently agreed with the CAA.
During the year, the Group was a member of the Association of British Travel Agents Limited ('ABTA'). As at 31 December 2024, bonds totalling £1,813,983 were in place in the normal course of business in respect of ABTA transactions .
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £99,893 (2023: £86,406). Contributions totalling £17,157 (2023: £13,623 ) were payable to the fund at the reporting date.
The Group enters into various foreign currency contracts to mitigate the exchange rate risk for certain foreign currency payables. At 31 December 2024, the outstanding contracts all mature within 12 months.
The Group is committed to buying EUR 1.5m / USD 751k / ZAR 5m and paying a fixed sterling amount of £2,072,578 as at the year end. As at 31 December 2024, the unrealised net loss on currency cash flow hedging instruments amounted to £7,616 (2023: £42,735) which is reflected within the Statement of Comprehensive Income.
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SUNVIL INTERNATIONAL SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Sunvil International Sales Limited is the largest and smallest group for which group accounts are prepared. Copies of the Sunvil International Sales Limited consolidated financial statements can be obtained from its registered office: Sunvil House, Upper Square, Isleworth, Middlesex, TW7 7BJ.
The Directors consider that the Company has no individual controlling party.
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