Leons Travel Group Limited - Limited company accounts 18.2

REGISTERED NUMBER: 07306535 (England and Wales)

Group Strategic Report,

Report of the Directors and

Audited

Consolidated Financial Statements

for the Year Ended 30 April 2019

for

Leons Travel Group Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Consolidated Profit and Loss Account

7

Consolidated Other Comprehensive Income

8

Consolidated Balance Sheet

9

Company Balance Sheet

10

Consolidated Statement of Changes in Equity

11

Company Statement of Changes in Equity

12

Consolidated Cash Flow Statement

13

Notes to the Consolidated Cash Flow Statement

14

Notes to the Consolidated Financial Statements

15

DIRECTORS:

Mrs S Douglas

R L Douglas

A O Douglas

Mrs L Douglas

Mrs K Douglas

REGISTERED OFFICE:

Paton Drive

Tollgate Park

Beaconside

Stafford

Staffordshire

ST16 3EF

REGISTERED NUMBER:

07306535 (England and Wales)

AUDITORS:

Thompson Wright Limited

Chartered Accountants

and Statutory Auditors

Ebenezer House

Ryecroft

Newcastle under Lyme

Staffordshire

ST5 2BE

The directors present their strategic report of the company and the group for the year ended 30 April 2019.

REVIEW OF BUSINESS

The principal activity of the group throughout the year was that of provision of coach hire and holidays.

The directors monitor the performance of the group through monthly management accounts and sales reports, along

with the monitoring of bank balances and ability to meet its future liabilities.

Key performance indicators are gross margin and and operating profit.

The business performed broadly as expected. The directors are pleased with continuing progress whilst the broader

economic back-drop would suggest the group is doing well under current market conditions.

Fleet profile continues to be adjusted to meet operational requirements. There is an on-going programme of fleet

changes and updates planned that will see vehicle fleet ready to maximise current and new opportunities as they arise.

The directors are satisfied with the performance of the business and margins achieved. Careful management of the mix

of activity is allowing us to take advantage of opportunities as they arise, without losing our focus on longer term

objectives.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors have identified the key risks faced by the group to be market risk, financial risk, credit risk and exchange

rate risk.

The group is subject to competitive pressure from other suppliers of comparable holiday, accommodation and

transport services. The group manages this risk by providing consistent good quality, value for money services to

encourage customer loyalty. In addition the group maintains flexibility in its operations by avoiding, where possible,

significant uncancellable forward contracts for external accommodation and transport services.

The group recognises its obligations relating to health and safety and the risk to its reputation of any incident affecting

the health and safety of its customers or employees. Management are clearly aware of their responsibilities to

maintain a safe environment, and regular reviews take place of incidents and procedures to ensure that a safe

environment is maintained in the group's operations.

The group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to

invest cash assets safely and profitably.

The group's policy throughout the year has been to maintain liquid funds at the bank whilst also funding the

repayment of hire purchase obligations.

The principle credit risk arises from the group's trade debtors. Credit risk exposure was spread over a large number of

customers.

ON BEHALF OF THE BOARD:

R L Douglas - Director

21 January 2020

The directors present their report with the financial statements of the company and the group for the year ended

30 April 2019.

DIVIDENDS

The total distribution of dividends for the year ended 30 April 2019 will be £ 261,718 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1 May 2018 to the date of this report.

Mrs S Douglas

R L Douglas

A O Douglas

Mrs L Douglas

Mrs K Douglas

DISCLOSURE IN THE STRATEGIC REPORT

Future developments and principal risks and uncertainties are disclosed in the strategic report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the 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 United Kingdom Generally Accepted

Accounting Practice (United Kingdom Accounting Standards and applicable law), 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 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 company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the

company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the

company and the group and 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies

Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to

have taken as a director in order to make himself or herself aware of any relevant audit information and to establish

that the group's auditors are aware of that information.

AUDITORS

The auditors, Thompson Wright Limited, will be proposed for re-appointment at the forthcoming Annual General

Meeting.

ON BEHALF OF THE BOARD:

R L Douglas - Director

21 January 2020

Opinion

We have audited the financial statements of Leons Travel Group Limited (the 'parent company') and its subsidiaries

(the 'group') for the year ended 30 April 2019 which comprise the Consolidated Profit and Loss Account, Consolidated

Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of

Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the

Consolidated Cash Flow Statement, Notes to the Financial Statements, 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).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 30 April 2019 and of the group's profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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 UK, including the FRC'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.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to

you where:

-	the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

-

the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the group's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group

Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the

Auditors thereon.

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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material

inconsistencies or apparent material misstatements, we are required to determine whether there is a material

misstatement in the financial statements or a material misstatement of the other information. 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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 Report of

the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to

you if, in our opinion:

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are

responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view,

and for such internal control as the directors determine necessary to enable the preparation of financial statements

that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's

ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going

concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease

operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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 a Report of the Auditors that includes our opinion.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with

ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and

are considered material if, individually or in the aggregate, they could reasonably be expected to influence the

economic decisions of users taken on the basis of these financial statements.

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 Report of the

Auditors.

Use of our 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 a Report of the Auditors 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.

Jeremy Bostock BA FCA (Senior Statutory Auditor)

for and on behalf of Thompson Wright Limited

Chartered Accountants

and Statutory Auditors

Ebenezer House

Ryecroft

Newcastle under Lyme

Staffordshire

ST5 2BE

21 January 2020

TURNOVER

6,823,524

5,998,918

Cost of sales

4,366,193

3,796,307

GROSS PROFIT

2,457,331

2,202,611

Administrative expenses

1,346,608

1,223,793

1,110,723

978,818

Other operating income

677,801

272,259

OPERATING PROFIT

4

1,788,524

1,251,077

Interest receivable and similar income

35,428

32,215

PROFIT BEFORE TAXATION

1,823,952

1,283,292

Tax on profit

5

367,521

229,077

PROFIT FOR THE FINANCIAL YEAR

1,456,431

1,054,215

Profit attributable to:

Owners of the parent

1,456,431

1,054,215

PROFIT FOR THE YEAR

1,456,431

1,054,215

OTHER COMPREHENSIVE INCOME

Deferred tax on revaluation

-

2,574

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

-

2,574

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,456,431

1,056,789

Total comprehensive income attributable to:

Owners of the parent

1,456,431

1,056,789

FIXED ASSETS

Intangible assets

8

193,677

260,578

Tangible assets

9

6,283,188

5,639,475

Investments

10

-

-

Investment property

11

1,393,240

1,393,240

7,870,105

7,293,293

CURRENT ASSETS

Debtors

12

964,673

591,352

Cash at bank and in hand

5,540,161

5,128,735

6,504,834

5,720,087

CREDITORS

Amounts falling due within one year

13

2,155,917

2,018,730

NET CURRENT ASSETS

4,348,917

3,701,357

TOTAL ASSETS LESS CURRENT LIABILITIES

12,219,022

10,994,650

PROVISIONS FOR LIABILITIES

15

512,485

482,826

NET ASSETS

11,706,537

10,511,824

CAPITAL AND RESERVES

Called up share capital

16

9,688

9,688

Share premium

17

627,971

627,971

Non distributable reserves

17

157,471

157,471

Retained earnings

17

10,911,407

9,716,694

SHAREHOLDERS' FUNDS

11,706,537

10,511,824

The financial statements were approved by the Board of Directors on 21 January 2020 and were signed on its behalf

by:

R L Douglas - Director

FIXED ASSETS

Intangible assets

8

-

-

Tangible assets

9

5,809,802

4,949,069

Investments

10

997,191

997,191

Investment property

11

1,393,240

1,393,240

8,200,233

7,339,500

CURRENT ASSETS

Debtors

12

752,946

826,282

Cash at bank

126,252

67,804

879,198

894,086

CREDITORS

Amounts falling due within one year

13

884,992

1,055,205

NET CURRENT LIABILITIES

(5,794

)

(161,119

)

TOTAL ASSETS LESS CURRENT LIABILITIES

8,194,439

7,178,381

PROVISIONS FOR LIABILITIES

15

424,483

370,040

NET ASSETS

7,769,956

6,808,341

CAPITAL AND RESERVES

Called up share capital

16

9,688

9,688

Share premium

17

627,971

627,971

Non distributable reserves

17

157,471

157,471

Retained earnings

17

6,974,826

6,013,211

SHAREHOLDERS' FUNDS

7,769,956

6,808,341

Company's profit for the financial year

1,223,333

872,311

The financial statements were approved by the Board of Directors on 21 January 2020 and were signed on its behalf by:

R L Douglas - Director

Called up

Non

share

Retained

Share

distributable

Total

capital

earnings

premium

reserves

equity

£

£

£

£

£

Balance at 1 May 2017

9,688

9,003,741

627,971

154,897

9,796,297

Changes in equity

Dividends

-

(341,262

)

-

-

(341,262

)

Total comprehensive income

-

1,054,215

-

2,574

1,056,789

Balance at 30 April 2018

9,688

9,716,694

627,971

157,471

10,511,824

Changes in equity

Dividends

-

(261,718

)

-

-

(261,718

)

Total comprehensive income

-

1,456,431

-

-

1,456,431

Balance at 30 April 2019

9,688

10,911,407

627,971

157,471

11,706,537

Called up

Non

share

Retained

Share

distributable

Total

capital

earnings

premium

reserves

equity

£

£

£

£

£

Balance at 1 May 2017

9,688

5,482,162

627,971

154,897

6,274,718

Changes in equity

Dividends

-

(341,262

)

-

-

(341,262

)

Total comprehensive income

-

872,311

-

2,574

874,885

Balance at 30 April 2018

9,688

6,013,211

627,971

157,471

6,808,341

Changes in equity

Dividends

-

(261,718

)

-

-

(261,718

)

Total comprehensive income

-

1,223,333

-

-

1,223,333

Balance at 30 April 2019

9,688

6,974,826

627,971

157,471

7,769,956

Cash flows from operating activities

Cash generated from operations

1

1,782,409

1,544,339

Tax paid

(294,579

)

(341,142

)

Net cash from operating activities

1,487,830

1,203,197

Cash flows from investing activities

Purchase of tangible fixed assets

(2,348,033

)

(1,139,817

)

Sale of tangible fixed assets

1,473,800

708,585

Interest received

35,428

32,215

Net cash from investing activities

(838,805

)

(399,017

)

Cash flows from financing activities

Amount introduced by directors

107,627

-

Amount withdrawn by directors

(83,508

)

(199,816

)

Equity dividends paid

(261,718

)

(341,262

)

Net cash from financing activities

(237,599

)

(541,078

)

Increase in cash and cash equivalents

411,426

263,102

Cash and cash equivalents at beginning of year

2

5,128,735

4,865,633

Cash and cash equivalents at end of year

2

5,540,161

5,128,735

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2019

2018

£

£

Profit before taxation

1,823,952

1,283,292

Depreciation charges

767,647

684,438

Profit on disposal of fixed assets

(470,226

)

(90,772

)

Finance income

(35,428

)

(32,215

)

2,085,945

1,844,743

Increase in trade and other debtors

(373,321

)

(233,623

)

Increase/(decrease) in trade and other creditors

69,785

(66,781

)

Cash generated from operations

1,782,409

1,544,339

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of

these Balance Sheet amounts:

Year ended 30 April 2019

30.4.19

1.5.18

£

£

Cash and cash equivalents

5,540,161

5,128,735

Year ended 30 April 2018

30.4.18

1.5.17

£

£

Cash and cash equivalents

5,128,735

4,865,633

1.	STATUTORY INFORMATION

Leons Travel Group Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The principal accounting policies adopted in the preparation of the financial statements are set out below and

have remained unchanged from the previous year, and have been consistently applied within these accounts.

Basis of consolidation

The group accounts consolidate the accounts of the group and all its subsidiaries at 30 April 2018. All

intra-group transactions, balances, income and expenses are eliminated on consolidation.

The consolidated financial statements are presented in Sterling. This is the functional currency of the group.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the

financial statements.

Significant judgements and estimates

In the application of the company's accounting policies, the directors are required to make judgements,

estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent

from other sources. The estimates and associated assumptions are based on historical experience and other

factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates

are recognised in the period in which the estimate is revised where the revision affects only that period, or in

the period of the revision and future periods where the revision affects both current and future periods.

Turnover

Turnover represents net invoiced sales of services, excluding value added tax.

Revenue is recognised as the company becomes entitled to consideration for the services supplied.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.