ACCOUNTS - Final Accounts

An analysis of turnover by class of business is as follows:

VINTAGE SPAIN LIMITED - Company Information

Caseware UK (AP4) 2020.0.247 2020.0.247 2020-10-312020-10-31falsefalse2019-11-01false2828 02481154 2019-11-01 2020-10-31 02481154 2018-11-01 2019-10-31 02481154 2020-10-31 02481154 2019-10-31 02481154 2018-11-01 02481154 c:CompanySecretary1 2019-11-01 2020-10-31 02481154 c:Director1 2019-11-01 2020-10-31 02481154 c:Director2 2019-11-01 2020-10-31 02481154 c:Director3 2019-11-01 2020-10-31 02481154 c:Director4 2019-11-01 2020-10-31 02481154 c:RegisteredOffice 2019-11-01 2020-10-31 02481154 c:Agent1 2019-11-01 2020-10-31 02481154 d:Buildings 2019-11-01 2020-10-31 02481154 d:Buildings 2020-10-31 02481154 d:Buildings 2019-10-31 02481154 d:Buildings d:OwnedOrFreeholdAssets 2019-11-01 2020-10-31 02481154 d:LandBuildings 2020-10-31 02481154 d:LandBuildings 2019-10-31 02481154 d:PlantMachinery 2019-11-01 2020-10-31 02481154 d:PlantMachinery 2020-10-31 02481154 d:PlantMachinery 2019-10-31 02481154 d:PlantMachinery d:OwnedOrFreeholdAssets 2019-11-01 2020-10-31 02481154 d:MotorVehicles 2019-11-01 2020-10-31 02481154 d:FurnitureFittings 2019-11-01 2020-10-31 02481154 d:FurnitureFittings 2020-10-31 02481154 d:FurnitureFittings 2019-10-31 02481154 d:FurnitureFittings d:OwnedOrFreeholdAssets 2019-11-01 2020-10-31 02481154 d:OwnedOrFreeholdAssets 2019-11-01 2020-10-31 02481154 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2019-11-01 2020-10-31 02481154 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2020-10-31 02481154 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2019-10-31 02481154 d:CurrentFinancialInstruments 2020-10-31 02481154 d:CurrentFinancialInstruments 2019-10-31 02481154 d:CurrentFinancialInstruments d:WithinOneYear 2020-10-31 02481154 d:CurrentFinancialInstruments d:WithinOneYear 2019-10-31 02481154 d:ReportableOperatingSegment1 2019-11-01 2020-10-31 02481154 d:ReportableOperatingSegment1 2018-11-01 2019-10-31 02481154 d:UKTax 2019-11-01 2020-10-31 02481154 d:UKTax 2018-11-01 2019-10-31 02481154 d:ShareCapital 2020-10-31 02481154 d:ShareCapital 2019-10-31 02481154 d:ShareCapital 2018-11-01 02481154 d:RevaluationReserve 2019-11-01 2020-10-31 02481154 d:RevaluationReserve 2020-10-31 02481154 d:RevaluationReserve 2019-10-31 02481154 d:RevaluationReserve 2018-11-01 02481154 d:RetainedEarningsAccumulatedLosses 2019-11-01 2020-10-31 02481154 d:RetainedEarningsAccumulatedLosses 2020-10-31 02481154 d:RetainedEarningsAccumulatedLosses 2018-11-01 2019-10-31 02481154 d:RetainedEarningsAccumulatedLosses 2019-10-31 02481154 d:RetainedEarningsAccumulatedLosses 2018-11-01 02481154 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2020-10-31 02481154 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2019-10-31 02481154 d:FinancialAssetsAmortisedCost 2020-10-31 02481154 d:FinancialAssetsAmortisedCost 2019-10-31 02481154 d:FinancialLiabilitiesAmortisedCost 2020-10-31 02481154 d:FinancialLiabilitiesAmortisedCost 2019-10-31 02481154 c:OrdinaryShareClass1 2019-11-01 2020-10-31 02481154 c:OrdinaryShareClass1 2020-10-31 02481154 c:OrdinaryShareClass1 2019-10-31 02481154 c:FRS102 2019-11-01 2020-10-31 02481154 c:Audited 2019-11-01 2020-10-31 02481154 c:FullAccounts 2019-11-01 2020-10-31 02481154 c:PrivateLimitedCompanyLtd 2019-11-01 2020-10-31 02481154 1 2019-11-01 2020-10-31 02481154 d:WithinOneYear 2020-10-31 02481154 d:WithinOneYear 2019-10-31 02481154 d:BetweenOneFiveYears 2020-10-31 02481154 d:BetweenOneFiveYears 2019-10-31 02481154 2 2019-11-01 2020-10-31 02481154 9 2019-11-01 2020-10-31 02481154 d:AcceleratedTaxDepreciationDeferredTax 2020-10-31 02481154 d:AcceleratedTaxDepreciationDeferredTax 2019-10-31 02481154 d:TaxLossesCarry-forwardsDeferredTax 2020-10-31 02481154 d:TaxLossesCarry-forwardsDeferredTax 2019-10-31 02481154 d:RetirementBenefitObligationsDeferredTax 2020-10-31 02481154 d:RetirementBenefitObligationsDeferredTax 2019-10-31 02481154 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2019-11-01 2020-10-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 02481154

VINTAGE SPAIN LIMITED T/A VINTAGE TRAVEL

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2020

VINTAGE SPAIN LIMITED T/A VINTAGE TRAVEL

COMPANY INFORMATION

Directors	A K Poole
	M A Poole
	S J Eccles
	J Fallon


Company secretary	S J Eccles


Registered number	02481154


Registered office	Milkmaid House
	8 Rampton End
	Willingham
	Cambridgeshire
	CB24 5JB


Independent auditors	Elman Wall Limited
	Chartered Accountants & Statutory Auditor
	8th Floor
	Becket House
	36 Old Jewry
	London
	EC2R 8DD


Bankers	Barclays Bank Plc
	Mortlock House Vision Park
	Histon
	Cambridge
	Cambridgeshire
	CB4 9DE

VINTAGE SPAIN LIMITED T/A VINTAGE TRAVEL

CONTENTS

	Page
Strategic report	1
Directors' report	2 - 3
Independent auditors' report	4 - 6
Income statement	7
Statement of comprehensive income	8
Statement of financial position	9
Statement of changes in equity	10
Notes to the financial statements	11 - 26

VINTAGE SPAIN LIMITED T/A VINTAGE TRAVEL

STRATEGIC REPORT

FOR THE YEAR ENDED 31 OCTOBER 2020

Introduction

The directors present their strategic report for the year ended 31 October 2020.

Business review

In line with the rest of the travel industry Covid-19 has had a significant impact on trading in the year. In January forward bookings were indicating that 2020 would be a very good year for the business, but this started to change in late February and during the year many bookings were cancelled, and clients refunded. As a direct result of Covid-19 the Total Transactional Value decreased to £3,307,293 (2019: £10,712,100).
The company took steps at a very early stage to minimise the losses for the year. The business does not rely on cash received on forward bookings to trade and the cash reserves within the business remain strong.
Moving forward, uncertainty will have a negative impact on summer 2021 bookings, and we do not expect to see a return to normality, in terms of booking patterns and booking levels, until 2022.

Principal risks and uncertainties

The principal risks of the business are the ongoing uncertainties surrounding Covid-19 and the business has been prepared for another turbulent year. Whilst the downward pressure on the GBP/EUR exchange rate is a risk to the business, the recent Brexit deal has somewhat eased this pressure.
All risks to the business are constantly monitored and when they arise action is taken to minimise the effects on the business.

Future Developments

Looking ahead we plan to continue to develop the business over the coming years. The Company will continue to invest in both its front and back end IT systems as well as seeking to increase the headcount of the business.
The business will continue to expand the number of properties that it offers and will seek to grow the business in its current and new destinations.

This report was approved by the board and signed on its behalf.

S J Eccles

Director

Date: 29 January 2021

Page 1

VINTAGE SPAIN LIMITED T/A VINTAGE TRAVEL

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 OCTOBER 2020

The directors present their report and the financial statements for the year ended 31 October 2020.

Directors' responsibilities statement

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.

Principal activity

The principal activity of the company continued to be that of a letting agent and tour operator.

Results and dividends

The loss for the year, after taxation, amounted to £209,226 (2019 - profit £440,411).

The directors have recommended a dividend amounting £20,000 (2019: £580,000) for the financial year.

Directors

The directors who served during the year were:

A K Poole

M A Poole

S J Eccles

J Fallon

Page 2

VINTAGE SPAIN LIMITED T/A VINTAGE TRAVEL

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 OCTOBER 2020

Disclosure of information to auditors

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

As a result of the coronavirus, future revenues and profit are likely to be affected by the restrictions on travel and consumer confidence to travel though the directors cannot determine at present the extent to which the company is likely to be affected.

Auditors

The auditors, Elman Wall Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.

S J Eccles

Director

Date: 29 January 2021

Page 3

VINTAGE SPAIN LIMITED T/A VINTAGE TRAVEL

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VINTAGE SPAIN LIMITED T/A VINTAGE TRAVEL

Opinion

We have audited the financial statements of Vintage Spain Limited T/A Vintage Travel (the 'Company') for the year ended 31 October 2020, which comprise the Income statement, the Statement of comprehensive income, the Statement of financial position, 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 31 October 2020 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.

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 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

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 Company'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.

In common with many travel companies, the company has experienced a reduction in bookings due to concern over the coronavirus. While the effect of the coronavirus cannot currently be predicted with any certainty, the directors have prepared forecasts taking into account their assessment of the potential reduction in sales and are confident that the company will be able to continue to meet their liabilities as they fall due for a period of not less than 12 months from the date these accounts are signed.

Page 4

VINTAGE SPAIN LIMITED T/A VINTAGE TRAVEL

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VINTAGE SPAIN LIMITED T/A VINTAGE TRAVEL (CONTINUED)

Other information

The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' report 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.

Opinion 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 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

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.

Page 5

VINTAGE SPAIN LIMITED T/A VINTAGE TRAVEL

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VINTAGE SPAIN LIMITED T/A VINTAGE TRAVEL (CONTINUED)

Responsibilities of directors

As explained more fully in the Directors' responsibilities statement set out on page 2, 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.

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 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.

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.

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 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.

Ian Palmer (Senior statutory auditor)

for and on behalf of

Elman Wall Limited

Chartered Accountants

Statutory Auditor

8th Floor

Becket House

36 Old Jewry

London

EC2R 8DD

29 January 2021

Page 6

VINTAGE SPAIN LIMITED T/A VINTAGE TRAVEL

INCOME STATEMENT

FOR THE YEAR ENDED 31 OCTOBER 2020

	2020	2019
Note	£	£


Turnover	4	3,267,358	10,712,100
Cost of sales		(1,669,779)	(7,678,305)
Gross profit		1,597,579	3,033,795
Administrative expenses		(1,986,115)	(2,542,822)
Other operating income	5	62,788	-
Operating (loss)/profit	6	(325,748)	490,973
Interest receivable and similar income	10	18,164	23,931
(Loss)/profit before tax		(307,584)	514,904
Tax on (loss)/profit	11	98,358	(74,493)
(Loss)/profit for the year		(209,226)	440,411

The notes on pages 11 to 26 form part of these financial statements.

Page 7

VINTAGE SPAIN LIMITED T/A VINTAGE TRAVEL

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 OCTOBER 2020

				2020	2019
			Note	£	£

(Loss)/profit for the financial year	(209,226)	440,411
Other comprehensive income
Total comprehensive income for the year	(209,226)	440,411

The notes on pages 11 to 26 form part of these financial statements.

Page 8

VINTAGE SPAIN LIMITED T/A VINTAGE TRAVEL

REGISTERED NUMBER: 02481154

STATEMENT OF FINANCIAL POSITION

AS AT 31 OCTOBER 2020

		2020		2018
Note		£		£

Fixed assets
Intangible assets	13		85,365		113,820
Tangible assets	14		1,174,718		1,208,984
			1,260,083		1,322,804
Current assets
Debtors: amounts falling due within one year	15	241,365		58,290
Current asset investments	16	-		1,333,110
Cash at bank and in hand	17	5,694,468		3,684,982
		5,935,833		5,076,382
Creditors: amounts falling due within one year	18	(2,069,701)		(1,027,057)
Net current assets			3,866,132		4,049,325
Total assets less current liabilities			5,126,215		5,372,129
Provisions for liabilities
Deferred tax	20	(14,505)		(31,193)
			(14,505)		(31,193)
Net assets			5,111,710		5,340,936

Capital and reserves
Called up share capital	21	50,000	50,000
Revaluation reserve	22	453,097	453,097
Profit and loss account	22	4,608,613	4,837,839
		5,111,710	5,340,936

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

S J Eccles

Director

Date: 29 January 2021

The notes on pages 11 to 26 form part of these financial statements.

Page 9

VINTAGE SPAIN LIMITED T/A VINTAGE TRAVEL

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 OCTOBER 2020

	Called up share capital	Revaluation reserve	Profit and loss account	Total equity
	£	£	£	£
At 1 November 2019	50,000	453,097	4,837,839	5,340,936

Loss for the year	-	-	(209,226)	(209,226)
Dividends: Equity capital	-	-	(20,000)	(20,000)
At 31 October 2020	50,000	453,097	4,608,613	5,111,710

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 OCTOBER 2019

	Called up share capital	Revaluation reserve	Profit and loss account	Total equity
	£	£	£	£
At 1 November 2018	50,000	453,097	4,977,428	5,480,525

Profit for the year	-	-	440,411	440,411
Dividends: Equity capital	-	-	(580,000)	(580,000)
At 31 October 2018	50,000	453,097	4,837,839	5,340,936

The notes on pages 11 to 26 form part of these financial statements.

Page 10

VINTAGE SPAIN LIMITED T/A VINTAGE TRAVEL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2020

1.	General information

Vintage Spain Limited is a private company limited by shares incorporated in England and Wales. The address of the registered company is given on the Company Information page of these financial statements.
The principal acitivity of the company continued to be that of a letting agent and tour operator.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Financial reporting standard 102 - reduced disclosure exemptions

The company has taken advantage of the disclosure exemption for the requirement of Section 7 Statement of Cash Flows in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
This information is included in the consolidated financial statements of Vintage Travel Limited as at 31/10/2020 and these financial statements may be obtained from Milkmaid House, 8 Rampton End, Willingham, Cambridgeshire.

2.3

Revenue

Revenue represents income received or receivable, net of TOMS VAT, for tours departing during the financial year, recognised on a departure date basis.

2.4

Going concern

Page 11

VINTAGE SPAIN LIMITED T/A VINTAGE TRAVEL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2020

2.Accounting policies (continued)

2.5

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.

2.7

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

2.8

Advanced receipts and deferred payments

All revenue received relating to bookings that depart after the balance sheet date is treated as advance receipts and is separately disclosed under accruals and deferred income. Payments made to suppliers relating to bookings that depart after the balance sheet date are treated as advance payments and are separately disclosed under prepayments and accrued income.

Page 12

VINTAGE SPAIN LIMITED T/A VINTAGE TRAVEL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2020

2.Accounting policies (continued)

2.9

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Income statement in the same period as the related expenditure.

2.10

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.11

Pensions

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 Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

2.12

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting 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 Statement of financial position 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 reporting date.

Page 13

VINTAGE SPAIN LIMITED T/A VINTAGE TRAVEL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2020

2.Accounting policies (continued)

2.13

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Amortisation is provided on the following bases:

Development expenditure

20%

straight line

2.14

Tangible fixed assets

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.

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:

Freehold property	-	2%	straight line (buildings only)
Plant and machinery	-	25%	straight line
Motor vehicles	-	25%	straight line
Overseas equipment	-	25%	straight line

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.

2.15

Debtors

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.

2.16

Cash and cash equivalents

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.

Page 14

VINTAGE SPAIN LIMITED T/A VINTAGE TRAVEL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2020

2.Accounting policies (continued)

2.17

Creditors

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.

2.18

Provisions for liabilities

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 Statement of financial position 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 Statement of financial position.

2.19

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Income statement.
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments.

Page 15

VINTAGE SPAIN LIMITED T/A VINTAGE TRAVEL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2020

2.Accounting policies (continued)

2.20

Hedge accounting

The Company uses foreign currency forward contracts to manage its exposure to cash flow risk on its foreign currency payments. These derivatives are measured at fair value at each balance sheet date.

To the extent the cash flow hedge is effective, movements in fair value are recognised in other comprehensive income and presented in a separate cash flow hedge reserve. Any ineffective portions of those movements are recognised in profit or loss for the year.

Gains and losses on the hedging instruments and the hedged items are recognised in profit or loss for the year. When a hedged item is an unrecognised firm commitment, the cumulative hedging gain or loss on the hedged item is recognised as an asset or liability with a corresponding gain or loss recognised in profit or loss.

2.21

Dividends

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.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

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 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 statement of comprehensive income 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.
The directors have not calculated depreciation on freehold property buildings due to the properties being maintained to a high standard and there being regular upward revaluations of the buildings.

Villa holidays	3,267,358	10,712,100
	3,267,358	10,712,100

All turnover arose within the United Kingdom.

Page 16

VINTAGE SPAIN LIMITED T/A VINTAGE TRAVEL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2020

5.	Other operating income
		2020	2019
		£	£

Government grants receivable	62,788	-
	62,788	-

Depreciation of tangible fixed assets	51,799	62,687
Amortisation of intangible assets, including goodwill	28,455	28,455
Fees payable to Company's auditor and its associates for the audit of the Company's annual financial statements	11,750	11,750
Exchange differences	1	15
Other operating lease rentals	23,139	23,135
Defined contribution pension cost	78,139	64,395

7.	Auditors' remuneration
		2020	2019
		£	£

Fees payable to the Company's auditor and its associates for the audit of the Company's annual financial statements

11,750

Page 17

VINTAGE SPAIN LIMITED T/A VINTAGE TRAVEL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2020

Wages and salaries	780,643	827,155
Social security costs	79,128	88,875
Cost of defined contribution scheme	78,139	64,395
	937,910	980,425

The average monthly number of employees, including the directors, during the year was as follows:

	2020	2019
	No.	No.

Directors	4	4
Reservations	6	6
Product	8	8
Finance	3	3
Back Office	3	3
Other	4	4

	28	28

9.	Directors' remuneration
		2020	2019
		£	£

Directors' emoluments	183,602	191,571
Company contributions to defined contribution pension schemes	9,316	9,097
	192,918	200,668

	During the year retirement benefits were accruing to 2 directors (2019 - 2) in respect of defined contribution pension schemes.
	The highest paid director received remuneration of £102,822 (2019 - £108,864).
	The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2019 - £NIL).

Key Management includes the directors and senior management. The compensation paid or payable to Key Management personnel of the company for employee services carried out during the year amounted to £314,264 (2019: £304,462).

Page 18

VINTAGE SPAIN LIMITED T/A VINTAGE TRAVEL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2020

10.	Interest receivable
		2020	2019
		£	£

Other interest receivable

18,164

23,931

Corporation tax
Current tax on profits for the year	-	113,250
Adjustments in respect of previous periods	(81,670)	(25,290)
	(81,670)	87,960

Total current tax	(81,670)	87,960

Deferred tax
Origination and reversal of timing differences	(20,358)	(13,467)
Changes to tax rates	3,670	-
Total deferred tax	(16,688)	(13,467)


	Taxation on (loss)/profit on ordinary activities	(98,358)	74,493

Profit on ordinary activities before tax

514,904

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2019 - 19%)	-	113,250
Effects of:
Adjustments in respect of prior periods	(81,670)	(25,290)
Origination and reversal of timing differences	(16,688)	(13,467)
Total tax charge for the year	(98,358)	74,493

Page 19

VINTAGE SPAIN LIMITED T/A VINTAGE TRAVEL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2020

11.Taxation (continued)

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

12.	Dividends
		2020	2019
		£	£

	Dividends paid on equity capital	20,000	580,000
		20,000	580,000

13.	Intangible assets

		Development
		£
	Cost
	At 1 November 2019	142,275
	At 31 October 2020	142,275
	Amortisation
	At 1 November 2019	28,455
	Charge for the year on owned assets	28,455
	At 31 October 2020	56,910
	Net book value
	At 31 October 2020	85,365
	At 31 October 2019	113,820

Page 20

VINTAGE SPAIN LIMITED T/A VINTAGE TRAVEL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2020

14.	Tangible fixed assets

	Freehold property	Plant and machinery	Overseas equipment	Total
	£	£	£	£
Cost or valuation
At 1 November 2019	1,222,832	247,081	37,791	1,507,704
Additions	-	4,439	13,094	17,533
At 31 October 2020	1,222,832	251,520	50,885	1,525,237
Depreciation
At 1 November 2019	48,934	211,995	37,791	298,720
Charge for the year on owned assets	24,467	24,059	3,273	51,799
At 31 October 2020	73,401	236,054	41,064	350,519
Net book value
At 31 October 2020	1,149,431	15,466	9,821	1,174,718
At 31 October 2019	1,173,898	35,086	-	1,208,984

Overseas Properties
The company's overseas properties included in freehold property were revalued in 2017 on an open market basis by TINSA Real Estate Appraisals Ltd, a Spanish firm of independent real estate valuers. The revalued amount of overseas properties amounted to £862,832.
UK Properties
The company's office premises included in freehold property was valued on 8th November 2017 by an external valuer, Mark Critchley BSc (Hons) MRICs of Barker Storey Matthews Chartered Surveyors. The valuation was in accordance with the requirements of the RICS Valuation Standards.
The valuation of the property was on the basis of Fair Value following a comparable approach.
The valuers opinion of Fair Value for the office buildings amounted to £360,000.

The net book value of land and buildings may be further analysed as follows:
	2020	2019
	£	£

Freehold	1,149,431	1,173,898
	1,149,431	1,173,898

Page 21

VINTAGE SPAIN LIMITED T/A VINTAGE TRAVEL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2020

Cost or valuation at 31 October 2020 is as follows:

			Land and buildings
			£

		At cost	750,084
		At valuation:
		Open market basis (Overseas properties) Fair Value (UK Properties)	472,748

			1,222,832

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:
	2020	2019
	£	£


Cost	750,084	750,084
Net book value	750,084	750,084

15.

Debtors

					2020	2019
					£	£


Trade debtors	5,576	-
Other debtors	235,789	58,290
	241,365	58,290

16.	Current asset investments
		2020	2019
		£	£

Bank deposit	-	1,333,110
	-	1,333,110

Page 22

VINTAGE SPAIN LIMITED T/A VINTAGE TRAVEL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2020

17.	Cash and cash equivalents
		2020	2019
		£	£

Cash at bank and in hand	5,694,468	3,684,982
	5,694,468	3,684,982

18.	Creditors: Amounts falling due within one year
		2020	2019
		£	£

Trade creditors	78,714	142,341
Amounts owed to group undertakings	93,235	93,235
Corporation tax	3,734	75,646
Other taxation and social security	-	41,060
Other creditors	296,809	-
Accruals and deferred income	1,597,209	674,775
	2,069,701	1,027,057

Accruals and deferred income includes receipts from customers for departures after the balance sheet date amounting to £1,546,432 (2019: £531,363).

Page 23

VINTAGE SPAIN LIMITED T/A VINTAGE TRAVEL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2020

19.	Financial instruments
		2020	2019
		£	£

Financial assets
Financial assets measured at fair value through profit or loss	5,694,468	3,684,982
Financial assets that are debt instruments measured at amortised cost	237,376	1,391,400
	5,931,844	5,076,382

	Financial liabilities
	Financial liabilities measured at amortised cost	(2,065,967)	(910,351)

	Financial assets measured at fair value through comprehensive income comprise cash at bank and in hand and unrealised gains on derivative financial instruments.
	Financial assets that are debt instruments measured at cost comprise other debtors.
	Other financial liabilities measured at fair value through comprehensive income comprise unrealised losses on derivative financial instruments.
	Financial liabilities measured at cost comprise trade creditors, intercompany creditor, deferred income, other creditors and accruals.

20.	Deferred taxation

	2020	2019
	£	£

At beginning of year	(31,193)	(44,660)
Charged to profit or loss	16,688	13,467
At end of year	(14,505)	(31,193)

The provision for deferred taxation is made up as follows:
	2020	2019
	£	£

Fixed asset timing differences	(1,635)	(11,541)
Capital (gains)/losses	(21,965)	(19,652)
Losses and other deductions	9,095	-
	(14,505)	(31,193)

Page 24

VINTAGE SPAIN LIMITED T/A VINTAGE TRAVEL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2020

21.	Share capital
		2020	2019
		£	£

Allotted, called up and fully paid

50,000 (2019 - 50,000) Ordinary shares of £1.00 each	50,000	50,000

22.

Reserves

Revaluation reserve

Includes all current and prior year revaluations.

Profit and loss account

Includes all current and prior period retained profit and losses.
Included within the reserve is £nil (2019: £nil) of unrealised gains which are non-distributable.

23.	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 £78,139 (2019: £64,395). Contributions totalling £nil (2019: £nil) were payable to the fund at the reporting date and are included in creditors.

24.	Cash flow hedging

The Company enters into forward foreign currency contracts to mitigate the exchange rate risk for certain foreign currency payables. At 31 October 2020, there were no outstanding contracts expiring within 12 months of the year. The Company is committed to buy €nil and is not due to pay a fixed sterling amount (2019: €nil).
At 31 October 2020, the Company had €nil Forward Exchange Contracts.

Not later than 1 year	2,514	25,482
Later than 1 year and not later than 5 years	842	2,514
	3,356	27,996

Page 25

VINTAGE SPAIN LIMITED T/A VINTAGE TRAVEL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2020

26.	Related party transactions
	The company has taken exemption in Financial Reporting Standard Number 8 from the requirement to disclose transactions with 100% group companies on the grounds that consolidated financial statements are prepared by the ultimate parent company.

27.	Post balance sheet events

28.	Controlling party

The ultimate parent company is Vintage Travel Limited, a company incorporated and registered in England and Wales.

Page 26