Registered number:
FOR THE YEAR ENDED 31 OCTOBER 2023
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CLASS TOURS LIMITED
COMPANY INFORMATION
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CLASS TOURS LIMITED
CONTENTS
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CLASS TOURS LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023
In 2023, marking the first full year of trading post the Covid-19 crisis, Group turnover surged by 70% year-on-year, increasing from £9.4 million to £16 million, while net profit saw a substantial rise from £540 to £439,774, surpassing budget expectations comfortably.
Nevertheless, gross margins came under pressure due to the cost of living crises and supply chain hurdles, notably in the coaching industry. Despite these obstacles, the Group managed to uphold a gross margin of 24%.
In 2024, the Directors anticipate further turnover growth, supported by a robust confirmed sales pipeline, alongside a promising improvement in gross margin. Forecasts reflect net profit will surpass previous levels, with a notable decrease in exceptional costs.
Furthermore, the Directors aim to foster organic growth by increasing bed capacity within existing residential centres and potentially adding new centres in the near future.
Economic environment
The economic outlook is improving as the cost of living crisis begins to ease. However, whilst the Group is reliant on discretionary consumer spending to drive demand for its educational trips, economic downturns have historically resulted in smaller group sizes, rather than fewer trips and demand for our centres has traditionally been extremely resilient, thanks to their core client base being independent schools. Nevertheless, we remain focused on delivering high levels of customer service and exceptional value for money. Competition Competition in the educational travel market is historically intense and we mitigate this threat by focusing on the educational benefits of our trips, providing excellent customer service and competitive pricing. Financial risk The Group’s principal financial instruments are bank balances, trade and other creditors, trade debtors and other debtors. The main purpose of these financial instruments is to maintain funds for the company’s operations. Financing risk The company is partly funded through loan notes. The Group has interest bearing liabilities on these loan notes, which attract interest at a fixed rate and rolled up bi-annually. Exchange rate risk The Group faces transactional exposure primarily relating to the cost of acquiring accommodation and operating our centres. The main exposure to exchange rate fluctuations is in relation to the Euro/Sterling exchange rates. This risk is managed by entering into forward contracts, maintaining appropriate levels of currency reserves to match our forward booking profile and adjusting our pricing accordingly. Cash flow risk The directors have prepared a cash flow forecast for a 12-month period from the date of approval of the financial statements. The forecast assumes revenues growing in 2024. The outcome of the downside scenario indicates that the Group will continue to have adequate financial resources to meet their liabilities as they fall due for that period.
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CLASS TOURS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
The performance indicators are considered to be:
Customer satisfaction and employee retention are important non-financial key performance indicators,
performance against which was considered satisfactory for the year.
This report was approved by the board and signed on its behalf.
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CLASS TOURS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023
The directors present their report and the financial statements for the year ended 31 October 2023.
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 judgements and accounting estimates that are reasonable and prudent;
∙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 profit for the year, after taxation, amounted to £439,774 (2022 - £540).
The directors who served during the year were:
Refer to strategic report on page 1 and 2.
Each of the persons who are directors at the time when this directors' report is approved has confirmed that:
• so far as the director is aware, there is no relevant audit information of which the company and the group’s auditors are unaware, and • the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company and the group’s auditors are aware of that information.
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CLASS TOURS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
There have been no significant events affecting the Group since the year end.
The auditors, Xeinadin Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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CLASS TOURS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CLASS TOURS LIMITED
We have audited the financial statements of Class Tours Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 October 2023, which comprise the Group Statement of Comprehensive Income, the Group and Company Statements of Financial Position, 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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CLASS TOURS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CLASS TOURS 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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CLASS TOURS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CLASS TOURS LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙Enquiry of management and those charged with governance around actual and potential litigation and claims;
∙Reviewing minutes of meetings of those charged with governance;
∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;
∙Enquiry of management and those charged with governance to identify any instances of non-compliance with laws and regulations.
The potential effect of these laws and regulations on the financial statements varies considerably.
Firstly, the Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
Secondly, the Company is subject to many other laws and regulations where the consequence of noncompliance could have a material effect on amounts or disclosures in the financial statements, for instance the imposition of fines or litigation or the loss of the Company’s license to operate. We identified the following areas as those most likely to have such an effect: health and safety including data protection laws, anti-bribery, money laundering, employment law and ATOL, ABTA and ABTOT compliance recognising the nature of the Company’s activities. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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CLASS TOURS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CLASS TOURS 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 & Statutory Auditor
Becket House
36 Old Jewry
EC2R 8DD
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CLASS TOURS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2023
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CLASS TOURS LIMITED
REGISTERED NUMBER: 06537480
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 17 to 42 form part of these financial statements.
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CLASS TOURS LIMITED
REGISTERED NUMBER: 06537480
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
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CLASS TOURS LIMITED
REGISTERED NUMBER: 06537480
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 OCTOBER 2023
The notes on pages 17 to 42 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2022
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CLASS TOURS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023
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CLASS TOURS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2022
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CLASS TOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
Class Tours Limited ("the company") is a private company limited by shares and is registered and incorporated in England and Wales. The registered office is 6-7 Lovers Walk, Brighton, England, BN1 6AH.
The group consists of Class Tours Limited and all of its subsidiaries. The company's and group's principal activities and nature of its operations are disclosed in the directors' report.
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 judgement in applying the Group's accounting policies (see note 3).
Reduced disclosure framework
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company therefore has taken advantage of exemptions from the following disclosure requirements for the parent company information presentation within the consolidated financial statements: - Section 7 'Statement of Cash Flows' - Presentation of a statement of cash flow and related notes and disclosures; - Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues' - Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges; hedging fair value changes recognised in profit or loss and in other comprehensive income; - Section 33 'Related Party Disclosures' - Compensation for key management personnel.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the balance sheet, 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 statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
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.
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CLASS TOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
2.Accounting policies (continued)
The group FY23 results exceeded original forecasts and current projections, based on budgets prepared by the directors for a period of 12 month from the balance sheet date, bode well for an even stronger performance in FY24.
Based on the above, the directors are confident that the group will have adequate resources to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statement and have prepared the financial statements on a going concern basis.
Functional and presentation currency
Transactions and balances
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CLASS TOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
2.Accounting policies (continued)
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CLASS TOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
2.Accounting policies (continued)
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CLASS TOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
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.
Development expenditure is capitalised when there is a clearly defined project, the related expenditure is separately identifiable and the outcome of the project has been assessed with reasonable certainty as its technical, commercial and financial feasibility. In the absence of such criteria, development costs are expensed. Development costs are amortised over their expected useful lives of five years from the project release date.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis.
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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CLASS TOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
2.Accounting policies (continued)
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
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CLASS TOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
2.Accounting policies (continued)
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CLASS TOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
2.Accounting policies (continued)
The estimates and underlying assumptions are reviewed on a ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates is revised where the revisions affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Critical judgements The following judgements have had the most significant effect on amounts recognised in the financial statements Valuation of property The key accounting estimate in preparing these financial statements relates to the carrying value of the property which is stated at fair value. The company uses external valuers, at intervals, and also considers current market conditions as a basis for determining directors’ estimation of the fair value of the property. However, the valuation of the company’s property is inherently subjective, as it is made on the basis of valuation assumptions which may future not prove to be accurate. In additions, the deferred tax liabilities recognised in respect of fair value gains on the property are assessed on the basis of assumptions regarding the future, the likelihood that assets will be realised and liabilities will be settled, and estimates as to the timing of those future events and as to the future tax rates that will be applicable.
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CLASS TOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
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CLASS TOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
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CLASS TOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
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CLASS TOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
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CLASS TOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
12.Taxation (continued)
The group has approximately £1.96 million (2022: £2.2 million) of tax losses available to be carried forward against future profits. Deferred tax assets on these losses have been recognised in the financial statements.
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the parent Company for the year was £
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CLASS TOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
14.Intangible assets (continued)
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15.Tangible fixed assets (continued)
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CLASS TOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
15.Tangible fixed assets (continued)
Cost or valuation at 31 October 2023 is as follows:
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15.Tangible fixed assets (continued)
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15.Tangible fixed assets (continued)
Cost or valuation at 31 October 2023 is as follows:
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CLASS TOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
Page 36
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CLASS TOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
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CLASS TOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
Amounts due under finance leases are secured on the assets financed.
At the balance sheet date £700,000 shown in Amounts due to group undertakings was formally subordinated to the Civil Aviation Authority (CAA) and cannot be withdrawn without the CAA's prior written consent. The bank loan is secured by a fixed and floating charge over all the property of the company and a guarantee and debentures from the company's subsidiaries. The bank loan is repayable over equal monthly instalments commencing in May 2022, and interest is charged at 2.88% above base rate, paid quarterly.
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CLASS TOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
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CLASS TOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
23.Deferred taxation (continued)
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CLASS TOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
Share premium account
Revaluation reserve
Profit and loss account
The Company currently holds an Air Travel Organiser's License (ATOL) issued by the Civil Aviation Authority (CAA) and is a member of the Association of Bonded Travel Oragnisers Trust ('ABTOT') and Association of British Travel Agents ('ABTA').
In order to offer air inclusive package holidays, the company requires the annual renewal by the CAA of its ATOL license. The CAA grants this license based on meeting agreed financial criteria and renews this in March (effective 1st April) each year. The company has complied with these requirements in previous years with the help of a bond. The directors are expecting the ATOL licence to be renewed in March 2024. As at 31 October 2023, there were contingent liabilities given by the Company in the normal course of business in respect of ABTOT bonds amounting to £1,680,702 (2022: ABTA £1,271,462).
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 £48,368 (2022: £32,382).
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CLASS TOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
29.Cash flow hedging
The Company enters into forward foreign currency contracts to mitigate the exchange rate risk for certain foreign currency payables. At 31 October 2023, the outstanding contracts all mature within 5 months of the year end. The Comapny is committed to buy Euro 2,000,000 and pay a fixed sterling amount of £1,748,330.
Voyager Bidco Limited is the immediate parent company by virtue of its ownership of 100% of the share capital of Class Tours Limited.
Voyager Topco Limited, a company incorporated in the United Kingdom, is the parent of the largest group for which consolidated accounts including Class Tours Limited are prepared. Copies of the consolidated accounts of Voyager Topco Limited can be obtained from its registered office, 6-7 Lovers Walk, Brighton, East Sussex, BN1 6AH. The ultimate parent undertaking of Class Tours Limited is RJD Private Equity Fund III LP.
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