ACCOUNTS - Final Accounts

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

VINTAGE SPAIN LIMITED - Company Information

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Registered number: 02481154

VINTAGE SPAIN LIMITED T/A VINTAGE TRAVEL

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

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	Xeinadin Audit Limited T/A 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 - 7
Income statement	8
Statement of comprehensive income	9
Statement of financial position	10
Statement of changes in equity	11
Notes to the financial statements	12 - 29

VINTAGE SPAIN LIMITED T/A VINTAGE TRAVEL

STRATEGIC REPORT

FOR THE YEAR ENDED 31 OCTOBER 2022

Introduction

The directors present their strategic report for the year ended 31 October 2022.

Business review

The principal activity of the company continues to be the supply of villa holidays throughout Europe, mainly to UK holidaymakers.
The results for the year were slightly ahead of where we expected them to be. All covid restriction in all of our destinations had been lifted and we had uninterrupted travel throughout the year. There have been, and will continue to be, challenges with cost-of-living costs within the supply chain, the company is carefully monitoring the situation.
The Total Transactional Value for the year was £10,128,913 (2021 – £4,728,228). Profit before tax was £1,507,281 (2021 – (£364,384)).
The business continues to have very strong cash reserves which allows the business to trade without any external funding or debt.
Looking ahead, although there are very clear signs the UK economy is slowing and the cost-of-living challenges will be with us for much of 2023, we do believe that we should see an increase in revenue in the period, mainly due to better availability of our product. Our key destinations are mainland Spain, the Balearic Islands, France, the Greek Islands, Croatia, Italy, Portugal, Cyprus & Turkey. We will continue to source high quality properties in these destinations.
Our key business indicators and business modelling are based on number of properties, weeks let per property, margins, average spend, in addition to staff, business partners & customer satisfaction.

Principal risks and uncertainties

The business principal selling currency is GBP and the majority of Cost of Sales are EURO based, meaning that there is an ongoing exchange rate risk. 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 IT systems that will give the business a competitive edge, giving all stakeholders a better overall experience.
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: 6 February 2023

Page 1

VINTAGE SPAIN LIMITED T/A VINTAGE TRAVEL

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 OCTOBER 2022

The directors present their report and the financial statements for the year ended 31 October 2022.

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.

Directors

The directors who served during the year were:

A K Poole

M A Poole

S J Eccles

J Fallon

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.

Page 2

VINTAGE SPAIN LIMITED T/A VINTAGE TRAVEL

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 OCTOBER 2022

Auditors

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.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

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

S J Eccles

Director

Date: 6 February 2023

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 2022, 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 2022 and of its profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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 goign 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 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.

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 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

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; or

∙the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the Directors' report.

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.

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;
• Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations;
• Reviewing minutes of meetings of those charged with governance
• 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.
Owing to the inherent limitations of an audit there is unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. In addition as with any audit there remained a higher risk of nondetection of irregularities as these may involve collusion, forgery, intentional omissions, misrepresentation or the overrode of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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.

Page 6

VINTAGE SPAIN LIMITED T/A VINTAGE TRAVEL

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

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

Xeinadin Audit Limited T/A Elman Wall Limited

Chartered Accountants

Statutory Auditor

8th Floor

Becket House

36 Old Jewry

London

EC2R 8DD

6 February 2023

Page 7

VINTAGE SPAIN LIMITED T/A VINTAGE TRAVEL

INCOME STATEMENT

FOR THE YEAR ENDED 31 OCTOBER 2022

	2022	2021
Note	£	£


Turnover	4	10,128,913	4,728,228
Cost of sales		(6,400,939)	(2,821,503)
Gross profit		3,727,974	1,906,725
Administrative expenses		(2,257,804)	(1,737,820)
Other operating income	5	-	190,657
Operating profit	6	1,470,170	359,562
Interest receivable and similar income	10	37,111	4,822
Profit before tax		1,507,281	364,384
Tax on profit	11	(301,264)	(58,312)
Profit for the year		1,206,017	306,072

The notes on pages 12 to 29 form part of these financial statements.

Page 8

VINTAGE SPAIN LIMITED T/A VINTAGE TRAVEL

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 OCTOBER 2022

				2022	2021
				£	£

Profit for the financial year	1,206,017	306,072
Other comprehensive income
Unrealised surplus on revaluation of tangible fixed assets	-	384,549
Other comprehensive income for the year	-	384,549
Total comprehensive income for the year	1,206,017	690,621

The notes on pages 12 to 29 form part of these financial statements.

Page 9

VINTAGE SPAIN LIMITED T/A VINTAGE TRAVEL

REGISTERED NUMBER: 02481154

STATEMENT OF FINANCIAL POSITION

AS AT 31 OCTOBER 2022

		2022		2021
Note		£		£

Fixed assets
Intangible assets	13		28,455		56,910
Tangible assets	14		1,480,799		1,519,255
			1,509,254		1,576,165
Current assets
Debtors: amounts falling due within one year	15	71,491		86,888
Cash at bank and in hand	16	6,564,905		6,168,427
		6,636,396		6,255,315
Creditors: amounts falling due within one year	17	(1,427,107)		(2,014,474)
Net current assets			5,209,289		4,240,841
Total assets less current liabilities			6,718,543		5,817,006
Provisions for liabilities
Deferred tax	19	(16,863)		(14,675)
			(16,863)		(14,675)
Net assets			6,701,680		5,802,331

Capital and reserves
Called up share capital	20	50,000	50,000
Revaluation reserve	21	837,646	837,646
Profit and loss account	21	5,814,034	4,914,685
		6,701,680	5,802,331

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

S J Eccles

Director

Date: 6 February 2023

The notes on pages 12 to 29 form part of these financial statements.

Page 10

VINTAGE SPAIN LIMITED T/A VINTAGE TRAVEL

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 OCTOBER 2022

	Called up share capital	Revaluation reserve	Profit and loss account	Total equity
	£	£	£	£
At 1 November 2021	50,000	837,646	4,914,685	5,802,331
Comprehensive income for the year
Profit for the year	-	-	1,206,017	1,206,017
Total comprehensive income for the year	-	-	1,206,017	1,206,017
Contributions by and distributions to owners
Dividends: Equity capital	-	-	(306,668)	(306,668)
Total transactions with owners	-	-	(306,668)	(306,668)
At 31 October 2022	50,000	837,646	5,814,034	6,701,680

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 OCTOBER 2021

	Called up share capital	Revaluation reserve	Profit and loss account	Total equity
	£	£	£	£
At 1 November 2020	50,000	453,097	4,608,613	5,111,710
Comprehensive income for the year
Profit for the year	-	-	306,072	306,072
Surplus on revaluation of freehold property	-	384,549	-	384,549
Total comprehensive income for the year	-	384,549	306,072	690,621
Total transactions with owners	-	-	-	-
At 31 October 2021	50,000	837,646	4,914,685	5,802,331

The notes on pages 12 to 29 form part of these financial statements.

Page 11

VINTAGE SPAIN LIMITED T/A VINTAGE TRAVEL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

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

Following The COVID-19 pandemic, the company is recovering well. The directors have continued to take steps to reduce outgoings by controlling overhead expenses. They have seen a significant increase in the level of bookings and departures post year end along with an influx of forward bookings for future years.
The directors have prepared forecasts taking into account their assessment of the performance of the business 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 12

VINTAGE SPAIN LIMITED T/A VINTAGE TRAVEL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

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 13

VINTAGE SPAIN LIMITED T/A VINTAGE TRAVEL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

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 reporting 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 14

VINTAGE SPAIN LIMITED T/A VINTAGE TRAVEL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

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 15

VINTAGE SPAIN LIMITED T/A VINTAGE TRAVEL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

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 reporting 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 16

VINTAGE SPAIN LIMITED T/A VINTAGE TRAVEL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

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 reporting 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	10,128,913	4,728,228
	10,128,913	4,728,228

All turnover arose within the United Kingdom.

Page 17

VINTAGE SPAIN LIMITED T/A VINTAGE TRAVEL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

5.	Other operating income
		2022	2021
		£	£

Government grants receivable	-	190,657
	-	190,657

Exchange differences	(995)	14,676
Other operating lease rentals	25,444	28,967
Defined contribution pension cost	83,993	76,201

7.	Auditors' remuneration
		2022	2021
		£	£

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

8,380

11,975

Page 18

VINTAGE SPAIN LIMITED T/A VINTAGE TRAVEL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

8.	Employees
		2022	2021
		£	£

Wages and salaries	839,691	771,280
Social security costs	101,317	82,109
Cost of defined contribution scheme	83,993	76,201
	1,025,001	929,590

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

	2022	2021
	No.	No.

Directors	4	4
Reservations	6	5
Product	7	7
Finance	3	3
Back Office	3	3
Other	3	3

	26	25

9.	Directors' remuneration
	During the year retirement benefits were accruing to 2 directors (2021 - 2) in respect of defined contribution pension schemes.

	The highest paid director received remuneration of £105,864 (2021 - £102,822).
	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).

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 £306,835 (2021: £314,264).

Page 19

VINTAGE SPAIN LIMITED T/A VINTAGE TRAVEL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

10.	Interest receivable
		2022	2021
		£	£

	Other interest receivable	37,111	4,822
		37,111	4,822

Corporation tax
Current tax on profits for the year	299,076	-
Adjustments in respect of previous periods	-	58,142
	299,076	58,142

Total current tax	299,076	58,142

Deferred tax
Origination and reversal of timing differences	2,188	(4,410)
Changes to tax rates	-	4,580
Total deferred tax	2,188	170


	Taxation on profit on ordinary activities	301,264	58,312

Page 20

VINTAGE SPAIN LIMITED T/A VINTAGE TRAVEL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

11.Taxation (continued)

Profit on ordinary activities before tax

1,507,281

364,384

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2021 - 19%)	286,383	142,297
Effects of:
Fixed asset differences	13,553	-
Expenses not deductible for tax purposes	803	678
Adjustments to tax charge in respect of prior periods	-	(24,216)
Non-taxable income	-	(73,064)
Remeasurement of deferred tax charge in respect of prior periods	525	3,522
Movement in deferred tax not recognised	-	9,095
Total tax charge for the year	301,264	58,312

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

12.	Dividends
		2022	2021
		£	£

	Dividends paid on equity capital	306,668	-
		306,668	-

Page 21

VINTAGE SPAIN LIMITED T/A VINTAGE TRAVEL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

13.	Intangible assets

		Development
		£
	Cost
	At 1 November 2021	142,275
	At 31 October 2022	142,275
	Amortisation
	At 1 November 2021	85,365
	Charge for the year on owned assets	28,455
	At 31 October 2022	113,820
	Net book value
	At 31 October 2022	28,455
	At 31 October 2021	56,910

Page 22

VINTAGE SPAIN LIMITED T/A VINTAGE TRAVEL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

14.	Tangible fixed assets

	Freehold property	Plant and machinery	Overseas equipment	Total
	£	£	£	£
Cost or valuation
At 1 November 2021	1,607,381	254,326	50,885	1,912,592
Additions	-	5,883	-	5,883
At 31 October 2022	1,607,381	260,209	50,885	1,918,475
Depreciation
At 1 November 2021	97,868	251,131	44,338	393,337
Charge for the year on owned assets	32,148	8,918	3,273	44,339
At 31 October 2022	130,016	260,049	47,611	437,676
Net book value
At 31 October 2022	1,477,365	160	3,274	1,480,799
At 31 October 2021	1,509,513	3,195	6,547	1,519,255

Overseas Properties
The company's overseas properties included in freehold property were revalued in 2021 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 £1,167,381.
UK Properties
The company's office premises included in freehold property was valued on 30th November 2021 by an external valuer, Mark Critchley BSc (Hons) MRICs of Eddisons 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 £440,000.

Page 23

VINTAGE SPAIN LIMITED T/A VINTAGE TRAVEL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

14.Tangible fixed assets (continued)

The net book value of land and buildings may be further analysed as follows:
	2022	2021
	£	£

Freehold	1,477,365	1,509,513
	1,477,365	1,509,513

Cost or valuation at 31 October 2022 is as follows:

			Land and buildings
			£

		At cost	750,084
		At valuation:
		Open market basis (Overseas properties) Fair Value (UK Properties)	857,297

			1,607,381

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:
	2022	2021
	£	£


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

15.

Debtors

					2022	2021
					£	£


Trade debtors	10,983	6,742
Other debtors	60,508	80,146
	71,491	86,888

Page 24

VINTAGE SPAIN LIMITED T/A VINTAGE TRAVEL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

16.	Cash and cash equivalents
		2022	2021
		£	£

Cash at bank and in hand	6,564,905	6,168,427
	6,564,905	6,168,427

17.	Creditors: Amounts falling due within one year
		2022	2021
		£	£

Trade creditors	226,499	98,678
Amounts owed to group undertakings	93,235	93,235
Corporation tax	299,309	62,108
Other taxation and social security	23,510	-
Other creditors	104,190	464,068
Accruals and deferred income	680,364	1,296,385
	1,427,107	2,014,474

Accruals and deferred income includes receipts from customers for departures after the balance sheet date amounting to £484,863 (2021: £1,213,199).

Page 25

VINTAGE SPAIN LIMITED T/A VINTAGE TRAVEL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

18.	Financial instruments
		2022	2021
		£	£

Financial assets
Financial assets measured at fair value through profit or loss	6,564,905	6,168,427
Financial assets that are debt instruments measured at amortised cost	60,508	80,146
	6,625,413	6,248,573

	Financial liabilities
	Financial liabilities measured at amortised cost	(1,104,288)	(1,952,366)

	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.

Page 26

VINTAGE SPAIN LIMITED T/A VINTAGE TRAVEL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

19.	Deferred taxation

	2022	2021
	£	£

At beginning of year	(14,675)	(14,505)
Charged to profit or loss	(2,188)	(170)
At end of year	(16,863)	(14,675)

The provision for deferred taxation is made up as follows:
	2022	2021
	£	£

	Accelerated capital allowances	(16,863)	(14,675)
		(16,863)	(14,675)

Page 27

VINTAGE SPAIN LIMITED T/A VINTAGE TRAVEL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

20.	Share capital
		2022	2021
		£	£

Allotted, called up and fully paid

50,000 (2021 - 50,000) Ordinary shares of £1.00 each	50,000	50,000

21.

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 (2021: £nil) of unrealised gains which are non-distributable.

22.	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 £83,993 (2021: £76,201). Contributions totalling £nil (2021: £nil) were payable to the fund at the reporting date and are included in creditors.

23.	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 2022, 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 (2021: €nil).
At 31 October 2022, the Company had €nil Forward Exchange Contracts.

Page 28

VINTAGE SPAIN LIMITED T/A VINTAGE TRAVEL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

Not later than 1 year	27,328	27,328
Later than 1 year and not later than 5 years	9,077	36,405
	36,405	63,733

25.	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.

26.	Post balance sheet events

The directors have concluded that no material events have occurred since the date of approval of these financial statements that would affect the financial statements of the Company.

27.	Controlling party

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

Page 29