Registered number: 03840986
Pura Aventura Limited
Unaudited
Director's report and financial statements
Information for filing with the registrar
For the year ended 31 December 2022
|
Pura Aventura Limited
Director's report
For the year ended 31 December 2022
The director presents his report and the financial statements for the year ended 31 December 2022.
The principal activity of the company continued to be that of tour operator activities.
The directors who served during the year were:
|
D Martín (resigned 26 October 2022)
|
A letter from our C.E.O.
2022 proved to be a year of build-back. Much of Latin America was still off limits, or had significant restrictions in place, during the first months of the year. It was not until Q4 that restrictions such as testing requirements and vaccination certificates was finally removed across all destinations in our portfolio. Our probability modelling systems created in 2020 to keep close control of costs and cash was kept in place through H1 2022 until covid related cancellations and deferrals were safely a thing of the past.
During the year, we benefitted from the tailwind of deferred bookings finally being able to travel so revenues were inflated in relation to sales. This is an 'air pocket' we expect to impact us during 2023 as pipelines normalise.
2022 was also a year of macro uncertainty. The war in Ukraine and resulting sanctions on Russian oil & gas resulted in a jump in inflation and consequent increase in interest rates leading to a cost of living crisis. Though our core demographic is typically mortgage free and relatively insulated from inflation, uncertainty is never great for business. Political uncertainty in the UK reached a peak with the short-lived but highly impactful premiership of Liz Truss in September. The crash of sterling to near parity with the US dollar left us facing heavy fx losses for Q4 tours. These were largely avoided through careful management of payments and strong partner relations on the ground but again, the uncertainty created was unhelpful for sentiment. The year overall felt like one in which we were finally allowed to run again as a business but not with someone untying our laces periodically.
On the positive side, our core team remained very strong and dedicated. Through another year of hard work our client satisfaction levels have remained exceptional throughout, we maintain our 5* Feefo rating. Leadership in sustainability with the travel sector, notably my continued co-chairing of the Travel by B Corp collective, continued to grow with interviews, speaking slots and recognition from industry peers. Pura Aventura's commitment to the planet remains firmly in place with donations equivalent to well over 1% of revenues being set aside for community development/carbon capture project Communitree in Nicaragua as well as a range of smaller projects closer to home.
As predicted at year end 2021, financial performance in 2022 proved to be impressive relative to what has come before but not exceptional in and of itself. We see 2023 as a year in which we build foundations for growth with a significant expansion of the team and broadening of product range, a period of investment to grow. We believe that our model of exceptional, responsible travel will continue to stand out in our competitive landscape. There will be challenges as we transition away from the 'dead-cat' bounce of deferred revenues in 2022 but the accumulated goodwill, exceptional quality of delivery, our brand integrity and strong governance will see us through.
Page 1
|
Pura Aventura Limited
Director's report (continued)
For the year ended 31 December 2022
In preparing this report, the director has taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
................................................
T Power
Director
|
|
Page 2
|
Pura Aventura Limited
Chartered accountants' report to the director on the preparation of the unaudited statutory financial statements of Pura Aventura Limited for the year ended 31 December 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Pura Aventura Limited for the year ended 31 December 2022 which comprise the Balance sheet, the Statement of changes in equity and the related notes from the Company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.
This report is made solely to the director of Pura Aventura Limited in accordance with the terms of our engagement letter dated 12 April 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Pura Aventura Limited and state those matters that we have agreed to state to the director of Pura Aventura Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Pura Aventura Limited and its director for our work or for this report.
It is your duty to ensure that Pura Aventura Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Pura Aventura Limited. You consider that Pura Aventura Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or review of the financial statements of Pura Aventura Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Kreston Reeves LLP
Chartered Accountants
Plus X Innovation Hub
Lewes Road
Brighton
East Sussex
BN2 4GL
18 August 2023
Page 3
|
Pura Aventura Limited
Registered number: 03840986
Balance sheet
As at 31 December 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debtors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
Total assets less current liabilities
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 4
|
Pura Aventura Limited
Registered number: 03840986
Balance sheet (continued)
As at 31 December 2022
The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................
T Power
|
|
|
The notes on pages 7 to 16 form part of these financial statements.
Page 5
|
Pura Aventura Limited
Statement of changes in equity
For the year ended 31 December 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income for the year
|
|
|
|
|
|
|
|
|
|
Total comprehensive income for the year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The notes on pages 7 to 16 form part of these financial statements.
|
Statement of changes in equity
For the year ended 31 December 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income for the year
|
|
|
|
|
|
|
|
|
|
Total comprehensive income for the year
|
|
|
|
|
Shares issued during the year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The notes on pages 7 to 16 form part of these financial statements.
|
Page 6
|
Pura Aventura Limited
Notes to the financial statements
For the year ended 31 December 2022
Pura Aventura Limited is a private company limited by shares incorporated in England and Wales.
The company's registered office address is:
80 East Street
Brighton
East Sussex
BN1 1NF
The company's registration number is: 03840986
2.Accounting policies
|
|
Basis of preparation of financial statements
|
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.
The following principal accounting policies have been applied:
|
|
Exemption from preparing consolidated financial statements
|
The Company, and the group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and group are considered eligible for the exemption to prepare consolidated accounts.
The going concern basis is considered appropriate as the company is dependant upon the support of
its director and shareholders. They have indicated that their support will continue for the foreseeable future. If this assumption proves to be inappropriate, then adjustments may have to be made to adjust the value of the assets to their recoverable amount, to provide for any further liabilities which might arise and reclassify fixed assets as current assets.
The director has also given due consideration to the impact of the COVID-19 pandemic and the war in Ukraine, so far as reasonably possible, due to its unprecedented impact on the wider economy, it is difficult to evaluate with any certainty the potential outcomes on the company's trade, its customers and suppliers. However, taking into consideration the UK Government's response and the company's planning, the director has a reasonable expectation that the company will continue in operational existence for the foreseeable future.
Page 7
|
Pura Aventura Limited
Notes to the financial statements
For the year ended 31 December 2022
2.Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Grants are accounted under the accruals model as permitted by FRS 102.
Grants of a revenue nature are recognised in the Profit and loss account in the same period as the related expenditure.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Amortisation is provided on the following bases:
Page 8
|
Pura Aventura Limited
Notes to the financial statements
For the year ended 31 December 2022
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation.
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.
Investments in subsidiaries are measured at cost less accumulated impairment.
Short term debtors are measured at transaction price, less any impairment.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Short term creditors are measured at the transaction price.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.
Page 9
|
Pura Aventura Limited
Notes to the financial statements
For the year ended 31 December 2022
2.Accounting policies (continued)
|
|
Foreign currency translation
|
Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income. within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'admin expenses'.
|
|
Operating leases: the Company as lessee
|
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
Interest income is recognised in profit or loss using the effective interest method.
Page 10
|
Pura Aventura Limited
Notes to the financial statements
For the year ended 31 December 2022
2.Accounting policies (continued)
|
|
Current and deferred taxation
|
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
|
The average monthly number of employees, including the director, during the year was as follows:
|
|
|
|
|
|
Company contributions to defined contribution pension schemes
|
|
|
|
|
|
|
|
|
|
|
Page 11
|
Pura Aventura Limited
Notes to the financial statements
For the year ended 31 December 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge for the year on owned assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge for the year on owned assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 12
|
Pura Aventura Limited
Notes to the financial statements
For the year ended 31 December 2022
|
|
Investments in subsidiary companies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed by group undertakings
|
|
|
|
|
|
|
|
Prepayments and accrued income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: Amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other taxation and social security
|
|
|
|
|
|
|
|
Accruals and deferred income
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: Amounts falling due after more than one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accruals and deferred income
|
|
|
|
|
|
|
|
|
|
|
Page 13
|
Pura Aventura Limited
Notes to the financial statements
For the year ended 31 December 2022
|
|
|
Analysis of the maturity of loans is given below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
Amounts falling due 1-2 years
|
|
|
|
|
|
|
|
|
|
|
|
Amounts falling due 2-5 years
|
|
|
|
|
|
|
|
|
|
|
|
Amounts falling due after more than 5 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 14
|
Pura Aventura Limited
Notes to the financial statements
For the year ended 31 December 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
Released to profit or loss
|
|
|
|
|
|
The deferred tax asset is made up as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accelerated capital allowances
|
|
|
|
Tax losses carried forward
|
|
|
|
Short term timing differences
|
|
|
|
|
|
|
|
|
Allotted, called up and fully paid
|
|
|
|
|
|
|
|
|
|
1,875,940 (2021 - 1,875,940) Ordinary shares of £0.10 each
|
|
|
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 £9,132 (2021 - £5,148). Contributions totalling £2,415 (2021 - £1,060) were payable to the fund at the balance sheet date and are included in creditors.
|
Commitments under operating leases
|
|
At 31 December 2022 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Later than 1 year and not later than 5 years
|
|
|
|
|
|
|
Page 15
|
Pura Aventura Limited
Notes to the financial statements
For the year ended 31 December 2022
|
Related party transactions
|
|
Pura Aventura Chile SpA
(Subsidiary Company)
During the year Pura Aventura Limited provided an unsecured interest loan to Pura Aventura Chile SpA for running costs. At the balance sheet date the amount owed to Pura Aventura Limited was £56,066 (2021: £77,851).
T Power
(Director and Shareholder)
During the year Pura Aventura Limited provided the director with an unsecured loan of £32,612. Interest was charged on this loan totalling £654 in the year. At the balance sheet date the amount owed to Pura Aventura was £33,266 (2021: £32,612).
|
Page 16
|