Registered number:
FOR THE YEAR ENDED 30 SEPTEMBER 2021
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CARIBTOURS LIMITED
COMPANY INFORMATION
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CARIBTOURS LIMITED
CONTENTS
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CARIBTOURS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2021
The Directors present their strategic report for the year ended 30 September 2021.
The Company is required by the Companies Act to set out in this report, a fair review of the business of the Company during the financial year ended 30 September 2021, and its position at the end of the year along with a description of the principal risks and uncertainties facing the Company. This review is prepared solely to provide additional information to shareholders to assess the Company's strategies and the potential for those strategies to succeed, and the business review should not be relied upon by any other party or for any other purpose.
The Company’s policy has been to continue to diversify its product by offering luxury tailor made holidays to an increasingly new range of destinations whilst maintaining its core product of luxury Caribbean holidays. The Company continued its strategy of introducing flexible working to all employees, allowing staff to work either from home or from the office, and to reduce the amount of office space required. During lockdowns, the Company was able to move seamlessly to a full-time home working environment with no loss of service or downtime of systems. This strategy increased spending on IT but reduced property costs and resulted in an overall reduction to fixed overheads. The reductions made to overheads during the pandemic place the Company in a strong position to realise profits when travel resumes. The strategy of the Company during the pandemic has been to ensure that full communication has been maintained with all clients who were due to travel and every effort made to either rebook or refund the client in accordance with their wishes. Timely supplier payments have continued to be made throughout. The Company reacted quickly to the COVID-19 pandemic, with the reduction of fixed overheads and maintaining close communication with customers and suppliers. The Company is now seeing an unprecedented level of forward bookings alongside strong conversion of Refund Credit Notes and is forecasting a return to significant levels of profit in the coming year. The directors consider the results to be satisfactory given the challenges presented by the economic uncertainty and global travel restrictions caused by the COVID-19 pandemic. The key performance indicators used by the directors to monitor the progress of the Company are set out below:-
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CARIBTOURS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
The following risk factors may affect the Company's operating results and its financial position. The risk factors described below are those which the directors believe are potentially significant but should not be regarded as a complete and comprehensive statement of all potential risk and uncertainties facing the Company.
The demand for holidays is affected by local economic conditions. The risk of new variants of COVID-19 and the ensuing volatility in exchange rates and consumer confidence creates a fragile trading environment. The impact of Brexit is still creating trading difficulties in the Irish market. Despite the negative impact upon the travel industry, the directors believe that the Company can quickly adapt to changes in the local market demand. The prolonged periods of restrictions to overseas travel up until May 2021 have obviously had a significant impact on tour operators. There is however pent-up demand, and this is being seen in the volume of forward bookings. The Company is exposed to various regulators, including the Civil Aviation Authority ("CAA"), which issues an Air Travel Organisers Licence ("ATOL"), which is required in order for the Company to operate and was renewed in March 2022. This licence is renewed in March each year and is subject to assessments of fitness and financial criteria, the framework of which is available on the CAA's website (www.caa.co.uk). The Company finances its operations through retained profits. The Company's exposure to interest rate fluctuations on its cash deposits are managed by using short term, fixed and floating deposits. The Company operates in a highly competitive market featuring innovation in the travel products and the methods by which it is marketed, as well as price pressures. The Company seeks to constantly invest in its brand to increase public awareness as well as offer a wide selection of products from a wide range of suppliers at competitive prices to maintain its market position. The Company also monitors competitor activity closely. The Company faces transactional exposure primarily relating to the cost of acquiring accommodation, especially as a result of the weaker Pound Sterling. To manage this risk a hedging policy was introduced at the beginning of 2016, which involves forward buying foreign currencies at a percentage of future forecast requirements. The Company has adopted an accounting policy of hedge accounting for these financial statements. The Company has well established and close relationships with customers and suppliers and risk is spread by not placing over-reliance on any one supplier in any particular area. However, if a relationship were lost or damaged with a major supplier this could have a detrimental effect on the business. The management team meets regularly with suppliers to maintain good working relationships and to understand the supplier's financial position. The Company is heavily reliant on the uninterrupted operation of its IT systems. These systems are vulnerable to power loss, fire, computer viruses and other events. Loss of these systems would impair the ability of the Company to carry on its business effectively. The Company has made arrangements to mitigate this risk including having multiple leased lines into its main office, moving to hosted solutions for its key systems and having employees working across multiple locations.
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CARIBTOURS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
Principal risks and uncertainties (continued)
The nature of the business exposes the Company to various commercial risks which may affect the trading performance of the Company. These include: - acts of terrorism, particularly in key tourist destinations - epidemics in key tourist destinations which threaten the health of tourists - wars or other international uncertainty which affects air travel - natural disasters in key tourist destinations - weather conditions, both in the UK and key tourist destinations - changes in customer behaviour and preferences - increases in government taxes These factors may affect the Company by causing potential customers to cancel or postpone travel plans, reducing the earnings potential of the Company. The Company seeks to minimise such risks by operating a flexible limited commitment business model with the ability to shift capacity amongst a variety of destinations where necessary. In the case of a global shut down of the travel industry, as we have experienced due to the COVID-19 pandemic, the Company seeks to mitigate risk by aggressive cost cutting, while protecting its ability to effectively compete in the future.
This report was approved by the board on 1 March 2022
and signed on its behalf.
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CARIBTOURS LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2021
The director presents his report and the financial statements for the year ended 30 September 2021.
The director is responsible for preparing the Strategic Report, the Director's Report and the
financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year
. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is 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 director is 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;
∙
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 Company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director is responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Director's Reports may differ from legislation in other jurisdictions.
The loss for the year, after taxation, amounted to £
643,806
(2020 -
loss
£
431,274
)
.
There have been no interim dividends paid during the year and the directors do not recommend a final dividend.
The total distribution of dividends for the year ended 30 September 2021 will be £Nil (2020 - £650,000).
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CARIBTOURS LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
The director who served during the year was:
The Company is embarking on a three-pronged growth strategy through investment in technologies, expanding distribution to new markets and increasing the range of destinations offered.
The directors has 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.
There have been no significant events affecting the Company since the year end, except for the ongoing Coronavirus pandemic, which has had a significant impact upon the industry in which the Company operates, as described in note 2.2.
During 2021, the Company will continue to operate as outlined in the principal activity note above.
The auditors, White Hart Associates (London) 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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CARIBTOURS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CARIBTOURS LIMITED
We have audited the financial statements of Caribtours Limited (the 'Company') for the year ended 30 September 2021, 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 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.
The impact of uncertainties due to the COVID-19 pandemic on our audit
Uncertainties related to the effects of the COVID-19 pandemic are relevant to understanding our audit of the financial statements. All audits assess and challenge the reasonableness of estimates made by the directors, such as recoverability of investments, intangible assets and related disclosures and the appropriateness of the going concern basis of preparation of the financial statements. All of these depend on assessments of the future economic environment and the Company's future prospects and performance. The COVID-19 pandemic has had an unprecedented impact upon the worldwide economy and in particular upon the travel industry, with many consumers cancelling or delaying travel plans as a result. At the date of this report, the full range of possible effects upon travel companies cannot be estimated or assessed due to the current levels of uncertainty around government and consumer responses to what might happen. The accelerated vaccine rollout has led to an improvement in the assessment of the uncertainty in that it should accelerate the ability for consumers to travel again safely and also enable travel routes to re-open. Whilst a positive aspect, it still does not remove the ongoing uncertainty of the measures that will be taken by various Governments to contain the virus and the final economic effects. We applied a standardised firm-wide approach in response to these uncertainties when assessing the Company's future prospects and performance. However, no audit should be expected to predict the unknowable factors or all possible future implications for a group or company and this is particularly the case in relation to the COVID- 19 pandemic.
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CARIBTOURS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CARIBTOURS LIMITED (CONTINUED)
In forming our opinion on the financial statements, which is not modified, we have considered the adequacy of the disclosure made in note 2.2 to the financial statements concerning the Company's ability to continue as a going concern.
As explained in note 2.2, the current COVID-19 pandemic has had an unprecedented impact upon the global economy and especially upon the travel industry. This has led many consumers to hold off on booking new holidays or cancel existing holidays until the global situation stabilises, resulting in greatly reduced cash flows for travel companies. These problematic trading conditions have negatively impacted the Company's trade as well as its immediate and projected cash flows. In the event that the COVID-19 pandemic worsens for a prolonged period of time, this would put pressure on the Company's finances and its ability to continue as a going concern. We draw attention to note 2.2 of the financial statements as to the review and actions undertaken by the Board of Directors to ensure that the Company has adequate resources to continue trading for at least 12 months. The financial statements have therefore been prepared on a going concern basis.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The director is responsible for the other information contained within the Annual 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 Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙
the Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.
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CARIBTOURS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CARIBTOURS LIMITED (CONTINUED)
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 Director's Report.
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CARIBTOURS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CARIBTOURS 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:
- 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 The Package and Linked Travel Arrangements Regulations 2018 (“PTRs”) 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; - We review the Company's relationships with related parties, identifying and disclosing transactions during the year and balances at year-end with such parties; - We conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the evidence obtained, whether a material uncertainty exists related to events or conditions that may cast signifcant doubt on the entity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the entity to cease to continue as a going concern.
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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CARIBTOURS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CARIBTOURS LIMITED (CONTINUED)
This report is made solely to the Company's member
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 member 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 member for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants and Statutory Auditors
2nd Floor, Nucleus House
2 Lower Mortlake Road
TW9 2JA
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CARIBTOURS LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2021
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CARIBTOURS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2021
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CARIBTOURS LIMITED
REGISTERED NUMBER:
01402297
STATEMENT OF FINANCIAL POSITION
AS AT
30 SEPTEMBER 2021
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 36 form part of these financial statements.
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CARIBTOURS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
30 SEPTEMBER 2021
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CARIBTOURS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
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CARIBTOURS LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 SEPTEMBER 2021
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CARIBTOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
As disclosed in the Directors' Report, the principal activity of the Company in the year under review was that of a tour operator selling holidays to the Caribbean, Indian Ocean, Far East, Middle East and Europe.
The Company is a private company limited by shares and is incorporated in England. The address of the Company's principal place of business and registered office is 126-128 New Kings Road, London, SW6 4LZ.
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).
The following principal accounting policies have been applied:
The current COVID-19 pandemic has had an unprecedented impact upon the global economy and in particular upon the travel industry, causing many consumers to cancel or amend their holiday arrangements.
Additionally, with the majority of consumers no longer seeking to book holidays until the global situation stabilises, many travel companies are struggling to cope with greatly reduced cash flows. Company management and the Directors review the financial position of the Company on a regular basis and continue to make appropriate adjustments to forecasts and planned mitigation actions in order to neutralise the financial impact of the significant downturn in trading. These sensitivity analyses show that the Company has enough liquidity to trade through a further slowdown in trade in all scenarios envisaged by the Directors. The full impact of the COVID-19 pandemic remains uncertain and it is therefore extremely difficult to accurately predict the overall outcome at the date of this report. Under the scenarios referred to above, there is a potential liquidity risk for the Company should travel restrictions remain in place for substantially longer than predicted. However, the global vaccination programme rollout gives hope that the road to recovery of the travel industry is well underway. Whilst UK government support for the travel industry has been limited to date, the Company also continues to benefit from strong ongoing shareholder support. Company management and the directors therefore have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, being at least the following 12 months from the signing of these financial statements, and will take all reasonably commercial steps, including seeking further financing or support if required, to mitigate against the impact of the COVID-19 pandemic and on the Company's ability to continue as a going concern. As a result, the directors believe that it is still appropriate to apply the going concern basis for the foreseeable future.
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CARIBTOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
2.
Accounting policies (continued)
Turnover derived from ordinary activities is recognised in the income statement on holiday departure date and is stated after trade discounts, net of VAT and after any other sales taxes. Included within other operating income is commission received from resold tour packages.
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.
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CARIBTOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
2.
Accounting policies (continued)
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CARIBTOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
2.
Accounting policies (continued)
The Company designates certain derivaties as either:
- Hedges of the fair value of recognised assets or liabilities or a firm commitment (fair value hedge) - Hedges of a particular risk associated with a recognised asset or liability or a highly probable forecast transaction (cash flow hedge); or - Hedges of a net investment ina foreign operation (net investment hedge). The Company documents at the inception of the transaction the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various hedging transactions. The Company also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. The full fair value of a hedging derivative is classified as a non-current asset or liability when the remaining hedged item is recognised after more than 12 months, and as a current asset or liability when the remaining maturity of the hedged item is less than 12 months. Trading derivatives are classified as a current asset or liability.
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CARIBTOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
2.
Accounting policies (continued)
Amounts accumulated in equity are reclassified to the income statement in the periods when the hedged item affects profit or loss (for example, when the forecast supplier payment that is hedged takes place). When a hedged forecast transaction results in the recognition of a non-financial asset (for example, inventory or fixed assets), the gains and losses previously deferred in equity are transferred from equity and included in the initial measurement of the cost of the asset. These deferred amounts are ultimately recognised in cost of goods sold in the case of inventory or in depreciation in the case of fixed assets. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is recognised when the forecast transaction is ultimately recognised in the income statement. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately transferred to the income statement within "Foreign exchange gain/(loss)". 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.
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CARIBTOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
2.
Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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CARIBTOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
2.
Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.
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CARIBTOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
2.
Accounting policies (continued)
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. Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.
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CARIBTOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
2.
Accounting policies (continued)
a) Critical judgments in applying the Company’s accounting policies The directors believe that there are no critical judgments involved in applying the Company's accounting policies that warrant disclosure. b) Key accounting estimates and assumptions The directors believe that there are no key accounting estimates and assumptions involved in applying the Company's accounting policies that warrant disclosure.
Analysis of turnover by source market:
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CARIBTOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
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CARIBTOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
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CARIBTOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
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CARIBTOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
12.
Taxation (continued)
Changes to the UK corporation tax rates were substantively enacted as part of Finance Bill 2021 (on 11 March 2021). These include increases to the main rate of tax from 19% to 25% from 1 April 2023 for profits exceeding £50,000. Deferred taxes at the Statement of Financial Position date have been measured using the rates that will be applicable in the periods to which they relate.
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CARIBTOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
Page 30
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CARIBTOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
Page 31
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CARIBTOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
Page 32
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CARIBTOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
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CARIBTOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
Foreign exchange reserve
Other reserves
Profit and loss account
At 30 September 2021, there were contingent liabilities outstanding in respect of counter indemnities given by the Company, in the normal course of business, to the Company's bond insurance obligors in respect of ABTA and IATA travel bonds amounting to £425,258 (2020 - £591,939).
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 £25,003 (2020 - £32,269). Contributions totalling £Nil (2020 - £Nil) were payable to the fund at the reporting date and are included in creditors.
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CARIBTOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
The following advances and credits to a director subsisted during the years ended 30 September 2021 and 30 September 2020:
On 23 December 2019, the Company was acquired by Winterfold Luxury Travel Limited, the immediate and ultimate holding company, which is registered in England and Wales. Copies of the financial statements of Winterfold Luxury Travel Limited can be obtained from 126-128 New Kings Road, London, SW6 4LZ.
The ultimate holding company is controlled by Mr P Cleary, a director, by virtue of his majority holding in the issued share capital of the company.
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CARIBTOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
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