Registered number:
FOR THE YEAR ENDED 31 OCTOBER 2021
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BALKAN HOLIDAYS LIMITED
COMPANY INFORMATION
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BALKAN HOLIDAYS LIMITED
CONTENTS
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BALKAN HOLIDAYS LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2021
The Directors present their strategic report of the Group for the year ended 31 October 2021.
The Group is required by the Companies Act 2006 to set out in this report, a fair review of the business of the Group and the Company during the financial year ended 31 October 2021, the position of the Group and the Company at the end of the period and 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 ongoing COVID-19 pandemic continues to have an unprecedented impact on our ability to trade and operate normally, forcing us to cancel not only Winter 20/21, but also the Summer 21 programme. In spite of our expectations for a recovery, the restrictions on travel imposed by governments in response to COVID-19 had a negative impact on our business plans, causing further reduction in revenue and resulting in a loss for the year. From the start of the pandemic, the Board of Directors acted promptly and decisively to reduce operating costs, rebook as many passengers as possible from one season to the next and obtain secure additional funding. The directors are of the opinion that the Company is well positioned for recovery, due to the strong business model, healthy balance sheet and increased clients' demand.
Government grants have continued to be used, which included the Furlough Scheme, and consequently the majority of staff were placed on Flexi-Furlough throughout the financial year until the scheme came to an end. The key performance indicators used by the directors to monitor the progress of the Group are set out below:-
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BALKAN HOLIDAYS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
The following risk factors may affect the Group and 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 Group.
- Regulatory risk: 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 Company to operate. 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 website (www.caa.co.uk).
- Geo-political events and natural disasters: The nature of the business operation exposes the Group and Company to a wide range of Geo-political natural disasters. To counter this the Group and Company operate a flexible business model with the ability to shift capacity amongst a variety of destinations where necessary.
- Commercial relationships: The Group and Company have well established and close relationships with customers and suppliers and the 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 suppliers financial position. - Information technology: The Group and Company are heavily reliant upon information technology. Investment is being made to ensure the Group and Company have advanced and efficient systems in place, but there is a risk if there were a major failure - particularly if it were to affect selling systems. Procedures are in place to minimise the time a selling system is unavailable in the event of such failure. - Financial risk: The Group and Company operates in a sector that is exposed to the financial risk caused by the volatility of foreign currency exchange rates. The Group and Company is directly exposed to movements in exchange rates as a large proportion of the travel components it sells are denominated in foreign currency. This risk is managed through the use of hedging. - Economic conditions: The demand for holidays is affected by local economic conditions. The uncertainty created by the COVID-19 pandemic, and the ensuing volatility in exchange rates and consumer confidence creates a fragile trading environment. Despite the negative impact upon the travel industry, the directors believe that the Group is able to quickly adapt to changes in the local market demand, however a further prolonged period of booking slowdown could adversely affect future financial results and liquidity.
This report was approved by the board on 4 February 2022
and signed on its behalf.
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BALKAN HOLIDAYS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2021
The directors present their report and the financial statements for the year ended 31 October 2021.
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 directors are also responsible for the maintenance and integrity of the corporate and financial information included on the Group's websites.
The principal activity of the Company's wholly owned subsidiary, Balkan Holidays Aviation Limited, continued to be that of a transport provider to Balkan Holidays Limited under the TOMS VAT Transport Company Scheme. Balkan Holidays Aviation Limited holds ATOL No. TRA979298 granted by the Civil Aviation Authority.
The loss for the year, after taxation, amounted to £
541,122
(2020 -
profit
£
1,314,255
)
.
No dividends will be distributed for the year ended 31 October 2021.
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BALKAN HOLIDAYS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
The directors who served during the year were:
Whilst COVID-19 has led to extreme challenges for the travel indusry, the Group is well positioned for a full recovery to pre-pandemic levels. The cautious reopening and demand for our Winter 21/22 programme has provided increased optimism and hope for the business. The Group aims to increase on-line sales and diversify the product and sales according to the market trends. The Group will continue to seek the support of all its travel agents and aims to increase its retail sales.
Consequently, the directors are of the opinion that the Group will be able to recover with increased capacity and turnover for the following Summer and Winter programmes.
The directors have disclosed additional performance data for the Group in the Group 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 Group since the year end, except for the continuing uncertainty surrounding the COVID-19 pandemic, which has had a significant impact upon the industry in which the Group operates, as described in note 2.3. However, the Group was able to operate its Winter programme to Bulgaria, after having a long period of clients not being able to travel.
During 2022, the Group will continue to operate as outlined in the principal activity note above.
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BALKAN HOLIDAYS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
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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BALKAN HOLIDAYS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BALKAN HOLIDAYS LIMITED
We have audited the financial statements of Balkan Holidays Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 October 2021, 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.
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 Group'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. We applied a standardised firm-wide approach in response to these uncertainties when assessing the Group's and 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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BALKAN HOLIDAYS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BALKAN HOLIDAYS 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 2.3 to the financial statements concerning the Group's ability to continue as a going concern.
As explained in note 2.3, 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 Group's trade as well as its immediate and projected cash flows.
In the event that the COVID-19 pandemic continues, or indeed worsens, for a prolonged period of time, this would put pressure on the Group's finances and its ability to continue as a going concern. We draw attention to note 2.3 of the financial statements as to the review and actions undertaken by the Board of Directors to ensure that the Group 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 directors 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 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.
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BALKAN HOLIDAYS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BALKAN HOLIDAYS LIMITED (CONTINUED)
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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BALKAN HOLIDAYS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BALKAN HOLIDAYS 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 Company's compliance with its regulator, the Civil Aviation Authority ("CAA"), and its membership of The Association of British Travel Agents ("ABTA") 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. 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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BALKAN HOLIDAYS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BALKAN HOLIDAYS LIMITED (CONTINUED)
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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BALKAN HOLIDAYS LIMITED
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2021
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BALKAN HOLIDAYS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2021
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BALKAN HOLIDAYS LIMITED
REGISTERED NUMBER:
00886808
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT
31 OCTOBER 2021
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 39 form part of these financial statements.
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BALKAN HOLIDAYS LIMITED
REGISTERED NUMBER:
00886808
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT
31 OCTOBER 2021
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 39 form part of these financial statements.
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BALKAN HOLIDAYS LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 OCTOBER 2021
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BALKAN HOLIDAYS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 OCTOBER 2021
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BALKAN HOLIDAYS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2021
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BALKAN HOLIDAYS LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 OCTOBER 2021
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BALKAN HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
As disclosed in the Directors' Report, the principal activity of the Group in the year under review continued to be that of a tour operator, primarily operating package and independent holidays to Bulgaria.
The Company is a private company limited by shares and is incorporated in England, with registration number 00886808. The address of the Company's principal place of business, being the same as the registered office stated on the Company Information page, is: 19 Conduit Street London W1S 2BH
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, being 01 November 2014.
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BALKAN HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
2.
Accounting policies (continued)
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. At the start of the pandemic, the directors took immediate steps to review the Group's financial position, downgrade its forecasts and initiate mitigation actions in order to minimise as far as possible the financial impact from the significant downturn in trading. These actions included, but were not limited to: - Taking advantage of the government backed Coronavirus Job Retention Scheme (CJRS) by furloughing all appropriate employees for all available periods; - Reducing the levels of marketing spend; - Reviewing all other overhead costs and streamlining these wherever possible. Further measures were also taken during this financial year, including obtaining an Overdraft Facility Loan to assist with cash flow, further reducing staff levels and overhead costs where possible and postponing all capital expenditure projects. Additionally, the directors have continued to perform sensitivity analysis on its budgets and forecasts to assess both the projected uplift in travel following the success of the vaccine programme and the recent lifting of restrictions, but also the potential financial impact of any further slow down in trading from the reforecast and its impact on the liquidity of the business. The full impact of the COVID-19 pandemic on the business remains uncertain and as a result it is extremely difficult to predict the overall outcome at the date of this report. Under the downside scenarios listed above, there is a potential liquidity risk for the Group should the restrictions continue for longer than expected, and further financing, or government, investor or shareholder support is not then obtained. However, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the forseeable 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 Group's ability to continue as a going concern. For this reason, the directors believe that it is still appropriate to apply the going concern basis in the financial statements.
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BALKAN HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
2.
Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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. Grants of a revenue nature are recognised in the Consolidated Income Statement in the same period as the related expenditure.
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BALKAN HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
2.
Accounting policies (continued)
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BALKAN HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
2.
Accounting policies (continued)
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
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.
The estimated useful lives range as follows:
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.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
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BALKAN HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
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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BALKAN HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
2.
Accounting policies (continued)
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BALKAN HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
2.
Accounting policies (continued)
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BALKAN HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
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BALKAN HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
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BALKAN HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
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BALKAN HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
12.
Taxation (continued)
There were no factors that may affect future tax charges.
A change to the main UK corporation tax rate, announced in the Budget on 3 March 2021, was substantively enacted on 24 May 2021, whereby the tax rate applicable for years starting from 1 April 2023 increased to 25% from current tax rate of 19%.
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BALKAN HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
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BALKAN HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
13.
Tangible fixed assets (continued)
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BALKAN HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
13.
Tangible fixed assets (continued)
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BALKAN HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
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BALKAN HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
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BALKAN HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
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BALKAN HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
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BALKAN HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
Revaluation reserve
Hedging cash flow reserve The hedging cash flow reserve represents the effectiveness of the Group's hedging activities at the date of the statement of financial position.
Profit and loss account
At 31 October 2021, there were contingent liabilities outstanding in respect of counter indemnities and guarantees given by the Group, in the normal course of business, to the Group's bond obligors in respect of ABTA travel bonds amounting to £25,000 (2020 - £25,000).
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 £16,401 (2020 - £52,835). Contributions totalling £3,708 (2020 - £3,594) were payable to the fund at the reporting date and are included in creditors.
26.
Finance lease commitments
The Group and the Company had no hire purchase and finance lease commitments as at the reporting date.
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BALKAN HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
The immediate and ultimate parent undertaking is Dotbern Investments Limited, a company registered in Jersey. Its registered office is located c/o Capita Trustees Limited, 12 Castle Street, St Helier, Jersey, JE2 3RT.
In the opinion of the directors, there is no single individual who is the ultimate controlling party of Dotbern Investments Limited.
A charge, created by the company on 26 May 2021 in favour of First Investment Bank Ad, secured over the company's leasehold property, was registered at Companies House on 2 June 2021.
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