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Registered number: 01004502
TRAILFINDERS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022
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TRAILFINDERS LIMITED
COMPANY INFORMATION
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Sir M D W Gooley, C.B.E. (Chairman)
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L D Comber (appointed 1 October 2021)
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J C O'Dowd (appointed 13 April 2022)
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J Sheffer (appointed 1 July 2021)
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Xeinadin Audit Limited t/a Elman Wall
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Chartered Accountants & Statutory Auditor
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TRAILFINDERS LIMITED
CONTENTS
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Independent auditors' report
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Statement of comprehensive income
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Statement of changes in equity
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Notes to the financial statements
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TRAILFINDERS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2022
During the year the company operated 38 travel centres in the United Kingdom, 5 in London, and one each in the following cities and towns: Aberdeen, Bath, Belfast, Birmingham, Bournemouth, Brighton, Bristol, Cambridge, Canterbury, Cardiff, Chelmsford, Cheltenham, Chester, Edinburgh, Exeter, Glasgow, Guildford, Leeds, Liverpool, Manchester, Milton Keynes, Newcastle-upon-Tyne, Norwich, Nottingham, Oxford, Reading, Richmond, Sheffield, Solihull, St Albans, Winchester, Worcester and York.
2021/22 was a second poor year for the travel industry due to the restrictions on international travel brought about by the Corona Virus pandemic. With the progressive lifting of travel restrictions since January 2022, business has now surpassed pre-pandemic levels.
Turnover doubled from £98m to £186m although it was still just 24.4% of the 2019/20 year.
Administrative expenses increased by 1.4% from £68.3 million to £69.3million.
During the year we made charitable donations of £5.7 million.
Trailfinders safeguards all payments from clients in a CAA approved Trust Account until the client has completed their travels. This rare and voluntary undertaking has enabled Trailfinders over the pandemic to refund clients well inside the 14 days required by law. Trailfinders refunded £71 million to clients over the financial year and did so without using the infamous Refund Credit Notes.
The overall increase in the movement in fair value of listed investments is in line with the requirements of FRS 102.
In line with the company’s policy of acquiring freehold rather than leasehold for its travel centres, 4 freehold properties were purchased during the year – in Brighton, Cheltenham, Exeter and Tunbridge Wells. Cheltenham and Tunbridge Wells are new locations for Trailfinders whilst the Brighton and Exeter freeholds replace leasehold locations.
Principal risks and uncertainties
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The company’s operations are subject to numerous risks such as currency movements, terrorism, disease, adverse weather conditions and other natural phenomena. The effect of Coivd-19 and the related government policy continues to produce uncertainty. In addition to managing these risks the legislative burden on the travel industry and in particular the EU Directive on Package Travel places a high cost in meeting the demands and obligations on this regulatory framework.
We hold an Air Travel Organisers License, granted by the Civil Aviation Authority which ensures that in the very unlikely event of our insolvency our clients would be able to continue with their holiday as planned (if already abroad) or refunded in full if travel has not already commenced. As a double indemnity all client funds are held by a separate legal entity called Travel Trust Association to safeguard client monies.
The Directors consider cautious management of our cash reserves to be of paramount importance and this continues to be reflected in the balance sheet. This allows the company to manage all of the aforementioned risks and weather any prolonged downturn in business. It also allows the company to acquire other business opportunities at speed.
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TRAILFINDERS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2022
International travel restrictions continue to present a number of disadvantages to the business, although these are increasingly being lifted.
The Company has very strong cash reserves and is able to withstand a prolonged downturn in business, as has already been demonstrated these last two years.
Overheads have been reduced where possible and the policy of investing in freehold property has meant that the Company has not had to pay significant rent during the period. The pandemic has not impacted on our policy of paying all suppliers and landlords on time.
Throughout the pandemic, Trailfinders deployed dedicated teams to manage cancellations, repatriations, rebookings and refunds. Because of the way that Trailfinders safeguards client money we have been able to refund swiftly over the course of the pandemic. Since June 2020 all refunds have been made immediately.
There have been few supplier failures and our very strong reserves are more than adequate to cover this risk.
Key Performance Indicators
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The key financial and performance indicators are as follows:
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TRAILFINDERS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2022
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(Loss) before tax and fair value adjustments
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Net assets/Shareholders funds
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Average number of employees
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TRAILFINDERS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2022
Emissions and energy consumption
Trailfinders is committed to minimising the negative impact that our actions have on the environment.
The company is aware of the effect of climate change on its financial performance. The Directors accept that other risks and opportunities under the TCFD guidance need to be considered. The Directors remain focused on reducing the Company’s carbon footprint through careful management of its property portfolio and will further support this by tracking its CO2 emissions over the coming financial years with improved reporting.
We regularly undertake Company-wide assessments of our energy efficiency and make improvements wherever and whenever we can. Initiatives taken to achieve this include:
• LED lighting and use of sensor lights.
• Modern efficient HVAC systems.
• Installation of air-to-water systems where possible.
• Removing gas supplies.
We have also begun feasibility studies and appointed works for the installation of photovoltaic (PV) solar panels on our Travel Centres in 2022. This will mean a reduction in consumption in power from the National Grid. Since a 2015 Energy Saving Report commissioned by Trailfinders from TUV UK Limited (TUV Nord), we have engaged in making sure that all un-necessary equipment is switched off. This is monitored by General Managers in each Travel Centre.
Staff are encouraged to take up cycle-to-work and electric vehicle schemes. 20 staff have taken up our electric vehicle scheme for 2022. 59 staff have taken up our cycle to work scheme for 2022.
We also offer staff interest-free loans for public transport season tickets. 52 staff have taken up season ticket loans encouraging the use of public transport within our workforce for 2022.
Since the beginning of 2019, in conjunction with The Woodland Trust, Trailfinders have planted 328,191 trees with the potential to store an impressive 82,048 tonnes of carbon, based on four trees per tonne. This is in line with the Woodland Trust’s evaluative estimates.
Our support of the Woodland Trust has acted as an important catalyst for urban woodland creation projects – such as the development of a new woodland on the outskirts of Kidderminster, across several sites in Belfast and securing the long term commitment of Solihull council to get planting.
Our own staff, as recently as January 2022 have planted 1,329 trees to further support the scheme. Using the same metric as before, this would have the potential to store 332 tonnes of carbon.
We have also engaged with sustainability specialists Eunomia to identify further opportunities to improve our energy efficiency.
Whilst there is currently no process in place to monitor the Company’s greenhouse gas emissions, the business is intending to put in measures over the next 24 months to track its emissions in line with the guidelines set up under the 2018 Streamlined Energy and Carbon Reporting regulations.
The Directors are committed to the Company’s strategy on climate change and have put several measures in place as outlined above to reduce its carbon footprint over the coming financial years and to track this performance to evidence such plans.
We are in the process of putting in place measures to monitor the Group’s greenhouse gas emissions over the next 12 months to track emissions in line with the guidelines set up under the Streamlined Energy and Carbon Reporting regulations (SECR).
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TRAILFINDERS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2022
The directors have a duty to act in a way that they consider will promote the success of the company for the benefit of its shareholder, taking into account the factors listed in S172 of the Companies Act 2006. The directors take into account the needs of clients, suppliers and employees as well as shareholders.
Clients
Trailfinders protects the interests of clients by safeguarding all client money in a CAA approved trust account with independent trustees until their travel is complete. This ensures Clients money can only be spent on their holidays and where a refund is required it can be rendered immediately.
Suppliers
Trailfinders has a policy of being fair to all of our suppliers with timely payment of invoices. Trailfinders protect all Client payments in a CAA approved trust account with independent trustees until their travel is complete, which along with a very strong balance sheet enables swift payment.
Employees
Trailfinders award winning service is a consequence of the excellent team we have. In turn Trailfinders offer generous pay, benefits and leave as well as investing in employee development. On average staff have been with Trailfinders for 9 years.
Principal decisions
The Chairman, the CEO and other relevant directors assess the achievement of strategic objectives and plan the future direction of the business. Items discussed always include financial performance, opportunities for new travel centres, marketing strategies and key performance indicators.
Impact on the community and environment
Our emissions and energy consumption statement on the previous page of this report describes the way that the Company is trying to minimise its impact upon the environment.
During the year, the company donated £5.7 million (2021: £6.65 million) to charity, supporting medical research, community projects which encourage young people in outdoor activities and Armed Forces veteran organisations.
Standards of business conduct
The company maintains to highest standards of conduct towards its clients, suppliers and employees. We seek to employ people with a passion for and a depth of experience in travel. New staff undergo an extensive product training programme and are encouraged to travel and experience the company’s product and to share reviews of their experiences with their colleagues.
This report was approved by the board on 28 June 2022 and signed on its behalf.
Sir Michael Gooley, C.B.E. (Chairman)
Director
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TRAILFINDERS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2022
The directors present their report and the financial statements for the year ended 28 February 2022.
Directors' responsibilities statement
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The directors are responsible for preparing the Strategic report, the Directors' report 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 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 of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company'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 Company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The principal activities of the company continue to be those of travel organisers and suppliers of related services.
The loss for the year, after taxation, amounted to £28.163 million (2021 - loss £24.025 million).
During the year a dividend of £nil million was paid (2021: £3m).
The directors who served during the year were:
Sir M D W Gooley, C.B.E. (Chairman)
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L D Comber (appointed 1 October 2021)
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G Dyer (resigned 27 August 2021)
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TRAILFINDERS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2022
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J Sheffer (appointed 1 July 2021)
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S P Woodward (appointed 1 July 2021)
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No directors had any interest in the shares of the company.
Sir Michael Gooley CBE and E R Lee are directors of the parent company, Trailfinders Group Limited. Sir Michael Gooley CBE owns 100% of the share capital of the parent company.
During the year the company made charitable donations of £5,700,000 (2021: £6,650,000).
The company is a member of the Travel Trust Association. Trailfinders Trust Account holds all clients’ money received for travel arrangements until the client is home.
As the Covid-19 pandemic has vividly highlighted, this method of safeguarding clients’ funds is all too rare in the travel industry but, in the opinion of the directors, is by far the soundest and our action puts down a benchmark for others to follow.
The 43 freehold properties have been included in the balance sheet at cost without revaluation since purchase and at the year-end have a net book value of £56,453,000 (2021: £48,717,000).
The directors have reviewed the value of the investment properties as at 28 February 2022 and consider there to be no material difference to the external valuation carried out in the year to 29 February 2016, which were valued at £9,280,000. Since 2016, a number of investment properties that were classified as investment property have been transferred to freehold property as they were used for the trade of the Company. One investment property was acquired in the year, located in Exeter. The value of the investment property is now £5,330,000 (2021:£4,980,000).
The future developments for the company have been discussed in the Strategic Report.
Engagement with employees
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The company informs employees of the development of the business through a confidential internal newsletter being published monthly and comprehensive company information available on the private internal Knowledgebase intranet which totals some 90,000 page of information.
The company seeks to work with each individual employee, enabling them to reach and maximise their potential in the context of their own personal circumstances.
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TRAILFINDERS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2022
The directors endeavour to ensure that as far as possible the training, career development and promotion of disabled persons is the same as other employees. Should employees become disabled, every effort is made to ensure that their employment continues and appropriate training is received. There was no registered disabled person employed by the company during the year.
Disclosure of information to auditors
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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'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's auditors are aware of that information.
Post balance sheet events
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There have been no significant events affecting the Company since the year end.
On 18 March 2022, Elman Wall Limited transferred its audit business to Xeinadin Audit Limited, which was appointed auditors in succession and will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on 28 June 2022 and signed on its behalf.
Sir M D W Gooley, C.B.E. (Chairman)
Director
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TRAILFINDERS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRAILFINDERS LIMITED
We have audited the financial statements of Trailfinders Limited (the 'Company') for the year ended 28 February 2022, which comprise the Statement of comprehensive income, the Balance sheet, the 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).
In our opinion the financial statements:
∙give a true and fair view of the state of the Company's affairs as at 28 February 2022 and of its loss 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.
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 Company 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.
Conclusions relating to going concern
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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 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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TRAILFINDERS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRAILFINDERS 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.
Opinion on other matters prescribed by the Companies Act 2006
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In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the 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 Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
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In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
∙the 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
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As explained more fully in the Directors' responsibilities statement set out on page 6, 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 is 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 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 Company or to cease operations, or have no realistic alternative but to do so.
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TRAILFINDERS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRAILFINDERS LIMITED (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
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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 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 to identify any instances of non-compliance with laws and regulations;
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations
∙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.
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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TRAILFINDERS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRAILFINDERS 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.
Yasin Khandwalla FCCA (Senior statutory auditor)
for and on behalf of
Xeinadin Audit Limited t/a Elman Wall
Chartered Accountants
Statutory Auditor
8th Floor
Becket House
36 Old Jewry
London
EC2R 8DD
28 June 2022
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TRAILFINDERS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 28 FEBRUARY 2022
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Income from shares in group undertakings and unlisted investments
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Income from fixed assets investments
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Profit/(loss) on listed investments
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Interest receivable and similar income
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Loss before tax and fair value adjustments
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Movement in fair value of listed investments
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(Loss)/profit before tax after fair value adjustments
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Loss for the financial year
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There was no other comprehensive income for 2022 (2021:£000NIL).
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The notes on pages 18 to 41 form part of these financial statements.
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TRAILFINDERS LIMITED
REGISTERED NUMBER: 01004502
BALANCE SHEET
AS AT 28 FEBRUARY 2022
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Debtors: amounts falling due within one year
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Current asset investments
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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TRAILFINDERS LIMITED
REGISTERED NUMBER: 01004502
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2022
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Capital redemption reserve
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The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 June 2022.
Sir M D W Gooley, C.B.E. (Chairman)
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The notes on pages 18 to 41 form part of these financial statements.
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TRAILFINDERS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2022
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Capital redemption reserve
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Comprehensive income for the year
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The notes on pages 18 to 41 form part of these financial statements.
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TRAILFINDERS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2021
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Capital redemption reserve
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Comprehensive income for the year
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Dividends: Equity capital
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The notes on pages 18 to 41 form part of these financial statements.
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TRAILFINDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022
Trailfinders Limited is a private company limited by shares incorporated in England and Wales. The address of the registered office is given in the company information page of these financial statements. The nature of the company's operations and principal activities recorded in the Strategic Report and the Directors Report.
2.ACCOUNTING POLICIES
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Basis of preparation of financial statements
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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 (see note 3).
The company is itself a subsidiary company and is exempt from the requirement to prepare group accounts by virtue of section 400 of the Companies Act 2006. These financial statements therefore present information about the company as an individual undertaking and not about its group.
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Financial Reporting Standard 102 - reduced disclosure exemptions
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The company has taken advantage of the following exemptions on the basis that the equivalent disclosures are included in the consolidated financial statements of the group in which the company is consolidated:
a) Cash flow statement
Under FRS 102 paragraph 1.12(b), from preparing a statement of cash flows, on the basis that it is a
qualifying entity and its ultimate parent company, Trailfinders Group Limited, includes the company’s
cash flows in its own consolidated financial statements.
The company may take advantage of the disclosure exemptions on the basis that:
(i) it otherwise applies the recognition, measurement and disclosure requirements of FRS 102;
(ii) it is disclosed in the notes to its financial statements a brief summary of the disclosure exemptions adopted and the name of the parent of the group in whose consolidated accounts its
financial statements are adopted and from where those financial statements may be obtained.
b) Related Party Transactions
Under FRS 102 paragraphs 33.1(a) the company can be exempt from disclosure of transactions entered into between two or more members of a group provided that any subsidiary which is part to the transaction is wholly owned by such member.
(c) Key Management Personnel
Under FRS 102 paragraph 33.7(a) the company can be exempt from disclosure of key management
personnel if the key management personnel are the same, which is the case of Trailfinders Limited.
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TRAILFINDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022
2.ACCOUNTING POLICIES (continued)
Due to the Covid-19 pandemic business was interrupted from March 2020. As at the date of approval of these financial statements, the impact of Covid-19 on the company's trading continues to be assessed and is subject to rapidly changing external factors, including Government responses to controlling the spread of the virus towards future business and leisure travel.
The Company has a net current assets position of approximately £135 million net assets of £287 million as at 28 February 2022 despite generating a loss of approximately £28 million. The directors have taken steps to reduce outgoings by controlling overhead expenses, utilising the Government Job Retention Scheme to furlough staff and obtaining additional grants where appropriate.
Based on the strength of the balance sheet and the Trust accounts model (see page 5) the directors are confident that the company, will have sufficient funds and cash reserves to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial
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Foreign currency translation
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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 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 'other operating income'.
Turnover represents gross sales value to customers of air tickets, travel insurance, hotel bookings and other related services.
Turnover comprises of revenue recognised by the company in respect of package holidays and other services supplied to customers in the ordinary course of business. Revenue is taken to the profit and loss account based on the date of departure. Cancellation income is recognised at the date of cancellation.
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.
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TRAILFINDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022
2.ACCOUNTING POLICIES (continued)
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term.
The Company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 01 March 2014 to continue to be charged over the period to the first market rent review rather than the term of the lease.
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Leased assets: the Company as lessee
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Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
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.
Interest income is recognised in profit or loss using the effective interest method.
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.
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TRAILFINDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022
2.ACCOUNTING POLICIES (continued)
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Current and deferred taxation
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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 except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Assets held in the course of construction are stated at cost less any provision for impairment and transferred to completed assets when substantially all of the activities necessary for the asset to be ready for use have occurred. Cost includes the original purchase price of the asset and costs attributable to bringing the asset to its working condition for its intended use. They are not depreciated until the accounting period in which they are brought into use.
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TRAILFINDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022
2.ACCOUNTING POLICIES (continued)
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Tangible fixed assets (continued)
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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:
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6.67% - 20% straight line
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6.67% - 20% straight line
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Fixtures, fittings & equipment
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10% - 33.33% straight line
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not depreciated until the accounting period in which they are brought into use
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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.
For a revalued item of property, plant or equipment that meets the recognition criteria and the criteria for revaluation, the company has elected to use as its deemed cost, its revalued amount either at, or before the date of transition as disclosed in note 15.
Investment property is carried at fair value. This was determined in May 2016 by external valuers and since then has been reviewed by directors on an annual basis. The value is derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted Company shares, whose fair value value can be reliably determined, are remeasured to fair value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and loss account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Investments in listed company shares are remeasured to fair value at each Balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.
Stock is valued at the lower of cost and net realisable value.
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TRAILFINDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022
2.ACCOUNTING POLICIES (continued)
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Advanced receipts and payments
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All revenue relating to tours with departure dates after the year end are treated as advance receipts at the balance sheet date and are separately disclosed under accruals. Payments made to suppliers in respect of these tours are included in prepayments.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.
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Provisions for liabilities
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Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet 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 Balance sheet.
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares
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TRAILFINDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022
2.ACCOUNTING POLICIES (continued)
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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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 historical experience and other factors that are recognised 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 revision and future periods where the revision affects both current and future periods.
(i) Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to due the material nature of the value of fixed assets. The depreciation rates are reviewed annually to ensure they are appropriate for the type of asset. Assets are reviewed for impairment on an annual basis.
(ii) Valuation of investment properties
The company holds a large residential and commercial investment property portfolio. Investment property is carried at fair value. This was determined in May 2016 by external valuers and since then has been reviewed by directors on an annual basis. In order to provide an accurate valuation the directors review movements in the markets of the property values in the areas where property is held with use of publications issued by established Chartered Surveryors.
(iii) Revenue recognition
The company recognises revenue based on the date of departure of the booking which, in the directors’ judgement, is the most appropriate revenue base as this matches the point at which the service is performed. The directors use their judgement to determine a fair direct cost associated to the revenue recognised.
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Key sources of estimation uncertainty
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The directors are of the view that there are no estimates or assumptions that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities
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TRAILFINDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022
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All turnover arose within the United Kingdom.
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Government grants receivable
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Foreign exchange difference - gain
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The operating loss is stated after charging:
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Other operating lease rentals
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Fees payable to the Company's auditor and its associates for the audit of the Company's annual accounts
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The Company has taken advantage of the exemption not to disclose amounts paid for non audit services as these are disclosed in the group accounts of the parent Company.
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TRAILFINDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022
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Staff costs, including directors' remuneration, were as follows:
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Cost of defined contribution scheme
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The average monthly number of employees, including the directors, during the year was as follows:
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Management and administration
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Company contributions to defined contribution pension schemes
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During the year retirement benefits were accruing to 11 directors (2021 - 10) in respect of defined contribution pension schemes.
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The highest paid director received remuneration of £511,438 (2021 - £450,490).
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The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2021 - £NIL).
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TRAILFINDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022
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Dividends recieved from listed investments
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Other interest receivable
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Current tax on profits for the year
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Movement in valuation of assets
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Losses and other deductions
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Non permanent differences
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Taxation on loss on ordinary activities
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TRAILFINDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022
12.Taxation (continued)
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Factors affecting tax charge for the year
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The tax assessed for the year is the same as (2021 - the same as) the standard rate of corporation tax in the UK of 19.00% (2021 - 19.00%) as set out below:
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Loss on ordinary activities before tax
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Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 19.00% (2021 - 19.00%)
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Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
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Capital allowances for year in excess of depreciation
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Income not taxable for tax purposes
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Dividends from UK companies
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Chargeable gains/(losses)
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Other differences leading to an increase (decrease) in the tax charge
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Adjustments to tax charge in relation to deferred tax
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Total tax charge for the year
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Factors that may affect future tax charges
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There were no factors that may affect future tax charges.
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TRAILFINDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022
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Long-term leasehold property
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Short-term leasehold property
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Charge for the year on owned assets
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TRAILFINDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022
14.Tangible fixed assets (continued)
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The net book value of land and buildings may be further analysed as follows:
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Cost or valuation at 28 February 2022 includes £548,000 derived from professional valuations made in 1987 on the basis of open market value for continuing use in accordance with the Statement of Assets Valuation Practice No.4 and the Guidance Notes of The Royal Institution of Chartered Surveyors and £836,000 derived from professional valuations made on 26 February 1999. Valuations were made on the basis of open market value for continuing use by two firms of chartered surveyors, Lewis Craig and Harpers. These valuations have been frozen, as the company took advantage of the transitional provisions on the adoption of FRS 15 and the subsequent FRS 102 transitional provisions to permit previous valuations to be ‘deemed cost’ on transition date.
At the year end the cost and depreciation carried forward for long leasehold properties was £423,195 (2021: £423,195) and £118,803 (2021: £113,975) respectively.
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If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:
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TRAILFINDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022
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Investments in subsidiary companies
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The fair value of listed investments at 28 February 2022 was £73m (2021: £98m).
The historical cost of listed investments at 28 February 2022 was £54m (2021: £69m).
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TRAILFINDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022
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The following were subsidiary undertakings of the Company:
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Trailfinders Ireland Limited
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Trailfinders Pty. Limited
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Bloomfield Wilderness Lodge Pty. Limited *
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Mount Louis Grazing Pty. Limited*
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Trailfinders (Australia) Pty. Limited *
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Hinterland Aero Engineering Pty.Limited*
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* subsidiary of Trailfinders Pty Limited
Listed investments are long term investments and have therefore been classified under fixed asset investments.
Unlisted investments include £195,000 ordinary £1 shares in Britannic Group (Holdings) Limited, which represents 48.75% of the share capital of that company. As the company does not exercise significant influence over the financial and operating policy of Britannic Group (Holdings) Limited, the results of that company are not incorporated into these financial statements. Britannic Technologies Limited is a wholly owned subsidiary of Britannic Group (Holdings) Limited.
Britannic Group (Holdings) Limited is incorporated in Great Britain and registered in England and Wales. The consolidated capital and reserves of Britannic Group (Holdings) Limited at 31 March 2021, being the latest available audited accounts, amounted to £7,992,110 (2020: £7,927,691) and the profit after taxation for the year ended 31 March 2021 amounted to £164,419 (2020: £654,341).
The company owns 100% of the equity share capital of Trailfinders Ireland Limited (2021: 100%). During the year the company received dividends of £nil from Trailfinders Ireland Limited (2021: £nil).
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Impairment of investment in subsidiary undertaking
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Impairment as at 28 February
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TRAILFINDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022
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Freehold investment property
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The 2016 valuations were made by Fifield Glyn Chartered Surveyors, on an open market value for existing use basis. The directors have reviewed the value of the properties as at 28 February 2022 and consider there to be no material difference to the external valuation carried out in the year to 29 February 2016.
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If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
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TRAILFINDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022
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Immunisation and travel accessories
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Amounts owed by group undertakings
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Prepayments and accrued income
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Included within "prepayments and accrued income" above are amounts relating to payments in advance to suppliers for holidays departing after the year end, the total of which amounts to £73,884,284 (2021: £17,327,793).
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Current asset investments
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Unlisted investments relate to monies held on deposit that mature in more than 3 months from the balance sheet date.
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TRAILFINDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022
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Cash and cash equivalents
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The Company continues to use a Trust model to hold and safeguard monies received from customers. The amounts held on trust are represented by bank balances. Amounts held on trust are only available to settle liabilities arising from the customers' travel arrangements and related services. Interest arising from the funds held on trust belongs to the Group. The balance held in the trust account at the balance sheet date is £204,594,927 (2021: £100,682,365) of which, £93,944,487 (2021: £8,245,201) is within cash at bank and £110,650,440 (2021: £92,437,164) is within current asset investments in bank deposit accounts.
The trust account also holds Irish funds which remain as amounts payable to Trailfinders Ireland Limited.
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Other creditors includes £710,562 (2021: £3,374,058) due to Sir Michael Gooley CBE and £73,829 (2021: £71,051) due to Lady Fiona Gooley, who are both directors of the company. The amounts are interest free.
Included within "Accruals and deferred income" above and "Deferred income" below are amounts relating to customer monies held on` account for holidays departing after the year end, the total of which amount to £217,331,848 (2021: £54,753,742).
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TRAILFINDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022
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Creditors: Amounts falling due after more than one year
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Financial assets measured at fair value through profit or loss
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Financial assets that are debt instruments measured at amortised cost
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Financial liabilities measured at amortised cost
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Financial assets measured at fair value through profit or loss comprise of unlisted investments in Britannic Group (Holdings) Limited and cash at bank.
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Financial assets that are debt instruments measured at amortised cost comprise of short term investments in bonds, trade debtors and other debtors.
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Financial liabilities measured at amortised cost comprise of trade creditors, amounts due to parent undertakings, other creditors and accruals.
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Charged to profit or loss
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TRAILFINDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022
24.Deferred taxation (continued)
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The deferred tax asset is made up as follows:
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Revaluation of listed investments
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Losses and other deductions
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Non permanent differences
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On the basis that deferred tax is made up of the movement on revaluation of listed investments and investment properties and both areas have ongoing growth we expect the deferred tax liability to increase in the next reporting period as these investments continue to grow. The value of the growth cannot accurately be predicted and therefore impact on deferred tax is uncertain.
It is anticipated that the deferred taxation on losses and other deductions will be realised over the next 2 or 3 years.
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Allotted, called up and fully paid
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940,800 (2021 - 940,800) Ordinary shares of £0.10 each
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TRAILFINDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022
Share premium account
Share premium includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.
Revaluation reserve
Revaluation reserve records the surplus arising on the vauation of property held for own use of the company in prior years.
Capital redemption reserve
Capital redemption reserve records the nominal value of shares repurchased by the company
Other reserves
Capital reserves are funds that are for capital expenditure projects only.
Profit and loss account
Profit and loss includes all current and prior periods retained profit.
Included within the reserve is £7,724,915 (2021: £15,315,101) of unrealised gains which are non distributable.
The company has given guarantees and indemnities at 28 February 2022 amounting to £1,151,402 (2021: £616,318) to travel suppliers and in respect of travel agency bonds. Barclays Bank plc holds a charge over £1.981 million (2021: £1.481 million) of cash deposits in relation to these indemnities and bonds. Barclays Bank plc also hold a charge over £1.566 million (2021: £4.012 million) in relation to indemnities and guarantees provided on behalf of Trailfinders Ireland Limited in respect of travel suppliers and agency bonds within Ireland.
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 £870,705 (2021: £1,297,402). Contributions totalling £250,551 (2021: £204,999) were payable to the fund at the balance sheet date were included in creditors.
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TRAILFINDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022
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Commitments under operating leases
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At 28 February 2022 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Related party transactions
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The company has taken advantage of the FRS 102 exemption not to disclose related party transactions in the year with companies that are wholly owned within the group.
A director of the company, is a partner with William Heath & Co. solicitors, whose firm is one of those instructed by the company in the ordinary course of business on legal matters. During the year the company has been charged £64,188 (2021: £173,942) by William Heath & Co for legal services.
During the year the company purchased goods and services to the value of £1,109,819 (2021: £1,187,878) from a company with common directors. The balance owed to the company at the year end was £nil (2021: £nil).
During the year the company was charged £77,500 (2021: £60,000) by a company with common directors, for sponsorship and various other services. At the year end there were no outstanding amounts (2020: £nil).
During the year the company provided sponsorship to a company with common directors, which amounted to £2,938,825 (2021: £2,515,000). At the balance sheet date there was £nil (2021: £nil) balance due to the related company.
During the year the company made donations of £5,700,000 (2021: £6,500,000) to the Mike Gooley Trailfinders Charity, a registered charity. The directors Sir Michael Gooley CBE , Lady Fiona Gooley and T P Gooley of the company, are also trustees of the charity.
Trailfinders PTY Limited, a fellow group company, owed the Company £871,426 (2021: £58,193) as at the year end.
Trailfinders Ireland Limited, a fellow group company, were owed £20,906,085 (2021:£12,060,023) by the Company as at the year end.
Trailfinders (Services) Limited, a fellow group company, were owed £537,675 (2021:£537,675) by the Company as at the year end.
Trailrovers Limited, a fellow group company, were owed £23,210 (2021:£23,210) by the Company as at the year end.
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TRAILFINDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022
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Post balance sheet events
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The directors confirm there have been no significant events affecting the Company since the year end.
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ULTIMATE PARENT COMPANY AND CONTROLLING PARTY
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The ultimate parent is Trailfinders Group Limited, a company registered in England and Wales.
The ultimate controlling party is Sir Michael Gooley CBE by virtue of his 100% shareholding of the parent company Trailfinders Group Limited.
The company is a wholly owned subsidiary of Trailfinders Group Limited. It is included in the consolidated financial statements of Trailfinders Group Limited. Therefore the company is exempt by virtue of section 400 of the Companies Act 2006 from the requirement to prepare consolidated financial statements.
The consolidated financial statements of Trailfinders Group Limited as at 28 February 2021 may be obtained from 48 Earls Court Road, London, W8 6FT.
These financial statements are the company’s separate financial statements.
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