Casterbridge Tours Limited - Accounts to registrar (filleted) - small 18.2
Casterbridge Tours Limited - Accounts to registrar (filleted) - small 18.2
CASTERBRIDGE TOURS LIMITED |
Audited Financial Statements |
for the Year Ended 30 June 2021 |
CASTERBRIDGE TOURS LIMITED (REGISTERED NUMBER: 02613749) |
Contents of the Financial Statements |
for the year ended 30 June 2021 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
CASTERBRIDGE TOURS LIMITED |
Company Information |
for the year ended 30 June 2021 |
Directors: |
Registered office: |
Registered number: |
Auditors: |
Statutory Auditor |
New Derwent House |
69-73 Theobalds Road |
London |
WC1X 8TA |
CASTERBRIDGE TOURS LIMITED (REGISTERED NUMBER: 02613749) |
Balance Sheet |
30 June 2021 |
2021 | 2020 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
Current assets |
Debtors | 5 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 6 |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities | ( |
) | ( |
) |
Creditors |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
Provisions for liabilities | ( |
) |
Net liabilities | ( |
) | ( |
) |
Capital and reserves |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
CASTERBRIDGE TOURS LIMITED (REGISTERED NUMBER: 02613749) |
Notes to the Financial Statements |
for the year ended 30 June 2021 |
1. | Statutory information |
Casterbridge Tours 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 Company Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Accounting policies |
Basis of preparing the financial statements |
Amounts in these financial statements are rounded to the nearest £. |
Preparation of consolidated financial statements |
The financial statements contain information about Casterbridge Tours Limited as an individual Company and do not contain consolidated financial information as the parent of a group. The Company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
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. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes subject to any applicable transfer pricing arrangements. |
Turnover is recognised once receivable, on the accruals basis. |
Tangible fixed assets |
Short leasehold | - |
Fixtures and fittings | - |
Financial instruments |
Financial assets and liabilities are recognised when the Company becomes party to the contractual provisions of the financial instrument. The Company holds basic financial instruments which comprise cash and cash equivalents, trade and other receivables, and trade and other payables. The Company has chosen to apply the provisions of Section 11 Basic Financial Instruments in full. |
Financial assets - classified as basic financial instruments |
(i) Cash and cash equivalents |
Cash and cash equivalents include cash in hand, deposits held with banks, and other short-term highly liquid investments with original maturities of three months or less. |
ii) Trade and other receivables |
Trade and other receivables are initially recognised at the transaction price, including any transaction costs, and subsequently measured at amortised cost including the effective interest method, less any provision for impairment. Amounts that are receivable within one year are measured at the undiscounted amount of the cash expected to be received, net of any impairment. |
CASTERBRIDGE TOURS LIMITED (REGISTERED NUMBER: 02613749) |
Notes to the Financial Statements - continued |
for the year ended 30 June 2021 |
2. | Accounting policies - continued |
At the end of each reporting period, the Company assesses whether there is objective evidence that a receivable amount may be impaired. A provision for impairment is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables. The amount of the provision is the difference between the asset's carrying amount and the present value of the estimated future cash flows, discounted at the effective interest rate. The amount of the provision is recognised immediately in profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The Company operates a defined contribution pension scheme. Contributions payable to the Company's pension scheme are charged to the profit or loss in the period to which they relate. |
Provisions |
Provisions are recognised when there is a present obligation (legal or constructive) as a result of a past event, it is probable that the obligation will be required to be settled, and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting, taking into account the risks and uncertainties surrounding the obligation. Provisions are discounted when the time value of money is material. |
Going concern |
These financial statements have been prepared on a going concern basis. |
The current economic conditions, together with the COVID-19 pandemic, present increased risks for all businesses. In response to such conditions, the directors have carefully considered these risks including an assessment on the uncertainty of future intercompany revenues for a period of at least 12 months from the date of signing the financial statements, and the extent to which they might affect the preparation of the financial statements on a going concern basis. |
On the 21st July 2020 Lakeland Tours LLC and its subsidiaries trading as "Worldstrides", an intermediate parent of the Company, announced that it had entered into a restructuring support agreement ("RSA") with its lenders and owners for a comprehensive recapitalisation plan. The recapitalisation reduced that Company's debt obligations and provided access to significant new, committed financing to support its business plan going forward, including navigating the COVID-19 pandemic, which has put the student travel and experiential learning industry at a standstill. To implement the recapitalisation, Worldstrides has voluntarily filed a prepackaged Chapter 11 Plan of Reorganisation under the United States Bankruptcy Code (the "Plan"). |
CASTERBRIDGE TOURS LIMITED (REGISTERED NUMBER: 02613749) |
Notes to the Financial Statements - continued |
for the year ended 30 June 2021 |
2. | Accounting policies - continued |
On September 15th 2020 the restructuring plan was confirmed by the courts in the USA by means of a confirmation order, the effective date being September 25th 2020. |
Based on this assessment, the directors consider that the Company maintains an appropriate level of liquidity, sufficient to meet the demands of the business including any capital and servicing obligations and external debt liabilities. The fellow group companies have confirmed that they will continue to support the Company for the foreseeable future and at least a period of 12 months from the date of the approval of these financial statements. |
The Company's assets are assessed for recoverability on a regular basis, and the directors' consider that the Company is not exposed to losses on these assets which would affect their decision to adopt the going concern basis. |
The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, thus the directors' have continued to adopt the going concern basis of accounting in preparing these financial statements. |
However, the unpredictability of the effects and duration of the continuing COVID-19 pandemic and its direct negative impact on the entities' business, along with other matters as set forth in this note, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. |
3. | Employees and directors |
The average number of employees during the year was |
4. | Tangible fixed assets |
Fixtures |
Short | and |
leasehold | fittings | Totals |
£ | £ | £ |
Cost |
At 1 July 2020 |
Disposals | ( |
) | ( |
) |
At 30 June 2021 |
Depreciation |
At 1 July 2020 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 June 2021 |
Net book value |
At 30 June 2021 |
At 30 June 2020 |
CASTERBRIDGE TOURS LIMITED (REGISTERED NUMBER: 02613749) |
Notes to the Financial Statements - continued |
for the year ended 30 June 2021 |
5. | Debtors |
2021 | 2020 |
£ | £ |
Amounts falling due within one year: |
Amounts owed by group undertakings |
Other debtors |
Tax |
VAT |
Prepayments and accrued income |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
6. | Creditors: amounts falling due within one year |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
7. | Creditors: amounts falling due after more than one year |
2021 | 2020 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Bank loans more 5 yrs non-inst | - | 9,167 |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst |
8. | Leasing agreements |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2021 | 2020 |
£ | £ |
Within one year |
Between one and five years |
CASTERBRIDGE TOURS LIMITED (REGISTERED NUMBER: 02613749) |
Notes to the Financial Statements - continued |
for the year ended 30 June 2021 |
9. | Disclosure under Section 444(5B) of the Companies Act 2006 |
The Auditors' Report was unqualified. |
for and on behalf of |
10. | Contingent liabilities |
HSBC Bank PLC have a fixed and floating charge dated 22 February 2018 over all assets of the Company. |
HSBC Bank PLC have a fixed charge dated 11 June 2018 over cash deposits of the Company. |
11. | Ultimate controlling party |
The immediate parent company is WorldStrides International, LLC a Company registered in the USA. |
The ultimate parent company is WS Holdings Acquisition Inc., a Company registered in the USA. |
The smallest company to prepare consolidated accounts including Casterbridge Tours Limited is Lakeland Holdings LLC and the largest company is WS Holdings Inc. These consolidated accounts can be obtained from 218 West Water Street, Suite 400, Charlottesville, Virginia, 22902, USA. |
There is no single identifiable controlling party. |
12. | Pension commitments |
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 £29,505 (2020: £29,718). Contributions totalling £5,378 (2020: £7,375) were payable to the fund at the reporting date and are included in other creditors. |