Registered number:
FOR THE YEAR ENDED 30 SEPTEMBER 2022
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WINTERFOLD LUXURY TRAVEL LIMITED
COMPANY INFORMATION
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WINTERFOLD LUXURY TRAVEL LIMITED
CONTENTS
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WINTERFOLD LUXURY TRAVEL LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2022
The Directors present their strategic report for the Company and Group for the year ended 30 September 2022.
The Group is required by the Companies Act to set out in this report, a fair review of the business of the Group during the financial period ended 30 September 2022, and its position at the end of the year along with a description of the principal risks and uncertainties facing the Group. This review is prepared solely to provide additional information to shareholders to assess the Group'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 Group’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 increased focus on our European and Indian Ocean programmes was further supplemented by the acquisition in March 2022 of Just Grenada, a direct-sell specialist operator. The Group continued its policy of hybrid home/office working for all employees and this continues to deliver a reduction in fixed costs through reduced property overheads. The excellent Customer Service we afforded our Clients during the pandemic generated considerable goodwill which, combined with significant pent-up demand for travel coming out of the pandemic, has allowed the Group to recognise the strongest result in its 43 year history. The directors consider the results to be satisfactory given the continuing challenges presented by the economic uncertainty driven by the political landscape, the cost of living crisis and the conflict in Ukraine. Following the year-end, on 10 October 2022, a Convertible Loan Note of £255,602 was converted into share capital, resulting in a change in the ultimate controlling party of the Group. This also helped to further improve the Statement of Financial Position for the Group as the Convertible Loan was settled. The key performance indicators used by the directors to monitor the progress of the Group are set out below:-
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WINTERFOLD LUXURY TRAVEL LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
The following risk factors may affect the Group'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 Group.
The demand for holidays is affected by local and global economic conditions. The 2022 war in Ukraine and the subsequent cost of living crisis had an impact on forward bookings. However this appeared to be compensated for by buoyant post-pandemic demand as holiday makers were determined to travel with restrictions being fully lifted for the first time since 2020. The Group 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 Group to operate and was renewed in March 2021. 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 Group finances its operations through retained profits. The Group's exposure to interest rate fluctuations on its cash deposits are managed by using short term, fixed and floating deposits. The Group operates in a highly competitive market featuring innovation in the travel products and the methods by which they are marketed, as well as price pressures. The Group seeks to constantly invest in its brand to increase travel agent and 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 Group also monitors competitor activity closely. The Group faces transactional currency exposure primarily relating to the cost of acquiring accommodation which can be affected by the strength or otherwise of sterling. To mitigate this risk the Group operates a hedging policy which involves forward buying foreign currencies as future requirements accumulate. The Group constantly revises its pricing to reflect the hedging instruments in place at any given time. The Group has adopted an accounting policy of hedge accounting for these financial statements. The Group has well established and close relationships with customers and suppliers and, where possible, risk is spread by not placing over-reliance on any one supplier in any particular area. The management team meets regularly with suppliers to maintain good working relationships. The Group 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 Group to carry on its business effectively. The Group 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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WINTERFOLD LUXURY TRAVEL LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
Principal risks and uncertainties (continued)
The nature of the business exposes the Group to various commercial risks which may affect the trading performance of the Group. 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 Group by causing potential customers to cancel or postpone travel plans, reducing the earnings potential of the Group. The Group seeks to minimise such risks by operating a flexible and limited-commitment business model with the ability to shift capacity among a variety of destinations where necessary, whilst ensuring fixed overheads are kept at an optimum level.
This report was approved by the board on 22 February 2023 and signed on its behalf.
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WINTERFOLD LUXURY TRAVEL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2022
The directors present their report and the financial statements for the year ended 30 September 2022.
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.
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 the Group and of the profit or loss of the Group for that period.
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 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 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 principal activity of the Group in the period under review was that of tour operators selling holidays to the Caribbean, Indian Ocean, Far East, Middle East and Europe.
The profit for the year, after taxation, amounted to £831,137 (2021 - loss £727,613).
There have been no interim dividends paid during the year and the director does not recommend a final dividend.
The total distribution of dividends for the period ended 30 September 2022 will be £Nil (2021 - £Nil).
The director who served during the year was:
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WINTERFOLD LUXURY TRAVEL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
The Group 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 director has disclosed, in line with the Companies Act 2006, additional performance data for the Group 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.
Following the year-end, on 10 October 2022, a Convertible Loan Note of £255,602 was converted into share capital, resulting in a change in the ultimate controlling party to ID Travel Group PTE Ltd due to it now owning a majority holding in the issued share capital of the Company.
There have been no other significant events affecting the Group since the year end, except for the ongoing cost of living crisis, which has had a significant impact upon the national economy and consequently upon the industry in which the Group operates, as described in note 2.3. During 2023, the Group 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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WINTERFOLD LUXURY TRAVEL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WINTERFOLD LUXURY TRAVEL LIMITED
We have audited the financial statements of Winterfold Luxury Travel Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 September 2022, which comprise the Group Income Statement, the Group Statement of Comprehensive Income, the Group and Company Statements of Financial Position, the Group Statement of Cash Flows, the Group and 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 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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WINTERFOLD LUXURY TRAVEL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WINTERFOLD LUXURY TRAVEL 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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WINTERFOLD LUXURY TRAVEL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WINTERFOLD LUXURY TRAVEL 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:
- 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 Group'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;
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WINTERFOLD LUXURY TRAVEL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WINTERFOLD LUXURY TRAVEL LIMITED (CONTINUED)
Auditors' responsibilities for the audit of the financial statements (continued)
- 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 Group'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.
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
2nd Floor, Nucleus House
2 Lower Mortlake Road
TW9 2JA
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WINTERFOLD LUXURY TRAVEL LIMITED
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2022
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WINTERFOLD LUXURY TRAVEL LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2022
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WINTERFOLD LUXURY TRAVEL LIMITED
REGISTERED NUMBER: 12315560
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2022
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 19 to 40 form part of these financial statements.
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WINTERFOLD LUXURY TRAVEL LIMITED
REGISTERED NUMBER: 12315560
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2022
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 19 to 40 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2022
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2021
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WINTERFOLD LUXURY TRAVEL LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2022
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WINTERFOLD LUXURY TRAVEL LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
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WINTERFOLD LUXURY TRAVEL LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 SEPTEMBER 2022
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WINTERFOLD LUXURY TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
As disclosed in the Directors' Report, the principal activity of the Company in the period under review was that of a holding company of a trading group.
The principal activity of the Group in the period under review was that of tour operators 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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Income Statement in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Income Statement from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102.
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WINTERFOLD LUXURY TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
2.Accounting policies (continued)
The COVID-19 pandemic had an unprecedented impact upon the global economy and in particular upon the travel industry, causing many consumers to cancel, amend their travel arrangements or not travel at all. The travel industry is experiencing the benefit of a post COVID-19 bounce back in travel, however it is still experiencing the knock-on effect of the pandemic in relation to supplier resource and ability to service demand. This combined with consumer unease in relation to the current economic environment, with increasing energy costs and inflation and the impact of a further potential surge in infection rates in the coming winter months, has meant that Group management and the directors have continued to review the Group’s financial position, as well as forecasts and plan mitigation actions in order to neutralise the financial impact from the significant downturn in trading seen during the COVID-19 pandemic period.
Additionally, they have also performed a sensitivity analysis on the Group's budgets and forecasts to assess the financial impact of any potential further slowdown in trading from the reforecast and its impact on the liquidity of the business. This sensitivity analysis shows that the Group has enough liquidity and cash to trade through a further slowdown. Group management and the directors have a reasonable expectation that the Group 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. This is supported by the strong performance seen so far in the first half of 2022, which has seen a significant upside in demand. The Group has been well placed to meet and service the additional volume. Group management and the director therefore have a reasonable expectation that the Group 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 cost of living crisis or any further effects from the COVID-19 pandemic on the Group's ability to continue as a going concern. As a result, the director believes that it is still appropriate to apply the going concern basis for the foreseeable future.
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WINTERFOLD LUXURY TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
Turnover derived from ordinary activities is recognised in the income stateemnt 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.
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WINTERFOLD LUXURY TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
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 Consolidated Income Statement in the same period as the related expenditure.
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WINTERFOLD LUXURY TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
2.Accounting policies (continued)
Goodwill
Other intangible assets
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.
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WINTERFOLD LUXURY TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
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.
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WINTERFOLD LUXURY TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
2.Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the reporting 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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WINTERFOLD LUXURY TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
2.Accounting policies (continued)
The Group 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).
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WINTERFOLD LUXURY TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
2.Accounting policies (continued)
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. a) Critical judgments in applying the Group’s accounting policies The director believes that there are no critical judgments involved in applying the Group's accounting policies that warrant disclosure. b) Key accounting estimates and assumptions The director believes that there are no key accounting estimates and assumptions involved in applying the Group's accounting policies that warrant disclosure.
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WINTERFOLD LUXURY TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
Analysis of turnover by source market:
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WINTERFOLD LUXURY TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
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WINTERFOLD LUXURY TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
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WINTERFOLD LUXURY TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
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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WINTERFOLD LUXURY TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
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WINTERFOLD LUXURY TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
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WINTERFOLD LUXURY TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
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WINTERFOLD LUXURY TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
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WINTERFOLD LUXURY TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
The above bank loan, in response to the COVID-19 pandemic, is a government-backed Coronavirus Business Interruption Loan Scheme ('CBILS') loan from Barclays Bank PLC of £670,000. The loan benefits from a capital repayment holiday of 12 months, after which the loan is due to be repaid through 20 quarterly monthly instalments ending in November 2026. The applicable interest rate will be fixed at 3.60%. In addition to the 12 month capital repayment holiday, the loan benefits from a Business Interruption Payment ('BIP') made by the UK Government on behalf of the Group to cover interest arising on the CBILS loan for the first 12 months.
The above other loan relates to convertible loan notes, the details of which are outlined in note 19, that have been moved to be due within one year following their being exercised on 10 October 2022. To support the above bank loan, a fixed and floating charge over the Group's assets was registered at Companies House on 3 September 2020 in favour of Barclays Bank PLC.
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WINTERFOLD LUXURY TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
Page 37
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WINTERFOLD LUXURY TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
Foreign exchange reserve
Other reserves
Profit and loss account
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WINTERFOLD LUXURY TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
At 30 September 2022, there were contingent liabilities outstanding in respect of counter indemnities given by the Group, in the normal course of business, to the Group's bond insurance obligors in respect of ABTA and IATA travel bonds amounting to £324,335 (2021 - £425,258).
The Group operates a defined contribution 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 £44,093 (2021 - £25,003). Contributions totalling £Nil (2021 - £Nil) were payable to the fund at the reporting date and are included in creditors.
The following advances and credits to a director subsisted during the years ended 30 September 2022 and 30 September 2021:
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WINTERFOLD LUXURY TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
The ultimate controlling party is Mr P Cleary, a director, by virtue of his majority holding in the issued share capital of the Company.
Following the year-end, on 10 October 2022, a Convertible Loan Note was converted into share capital, resulting in a change in the ultimate controlling party to ID Travel Group PTE Ltd due to it now owning a majority holding in the issued share capital of the Company.
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WINTERFOLD LUXURY TRAVEL LIMITED
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