ACCOUNTS - Final Accounts
ACCOUNTS - Final Accounts
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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2022
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COMPANY INFORMATION
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CONTENTS
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STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
The directors present the strategic report for the year ended 31 December 2022.
The principal activity of the company is the provision of an inclusive holiday offering in the UK and Ireland; by coach and self drive accommodation only tours.
Alfa Travel Limited is part of the Alfa Leisureplex Group, which became majority employee owned in July 2015 and also includes the companies; Alfa Leisureplex Group Limited, Alfa Coaches Limited, Leisureplex Hotels Limited and David Urquhart Holidays Limited. The Groups’ mission is to exceed customers’ expectations in providing a memorable, high quality holiday experience, characterised by professional standards of service and a warm and friendly welcome. The Company has a subsidiary, Alfa Coaches Limited, which generated 99% of its revenue from trading with Alfa Travel Limited. Another group company, Leisureplex Hotels Limited provided 83% of Alfa Travel’s accommodation used in its holiday packages.
For the first time since the start of the Coronavirus pandemic in 2020, the business was operational for the full financial year, albeit some minor operating restrictions remained in place until April. The number of passengers increased significantly, with a 7.3% increase in passengers and a 26.4% increase in revenue compared to 2019, the last previous full year of trading pre-Covid. The business continues to benefit from significant growth in passenger numbers for its parent company Alfa Travel Limited, with changes in the market as a result of the pandemic contributing.
With significant increases in passengers travelling, the average number of customers on each coach also increased by 3.6%, resulting in gross profit up 104%. The company recorded a profit before tax of £0.2m a 104% increase on 2019, albeit a reduction from £0.6m in 2021, which benefitted from Coronavirus Job Retention scheme receipts at the start of the period and higher net receipts from the company’s subsidiary, Alfa Coaches Limited.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
The business has emerged from the Coronavirus pandemic in a strong position and continues to grow its market share in the coach travel industry, with significant growth in passenger numbers expected again in 2023. Cost pressures arising from the inflationary environment, affect supplies and will remain challenging, however the business is well placed with its pricing strategy to manage this.
The business agreed new banking facilities with National Westminster Bank Plc in July 2022 and is in compliance with agreed banking covenants. The directors have a reasonable expectation that the company has adequate resources to continue and therefore the going concern basis has been adopted in preparing the annual report and accounts.
This report was approved by the board on 22 September 2023 and signed on its behalf.
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
The directors present their report and the financial statements for the year ended 31 December 2022.
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;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £515,517 (2021 - £330,304).
No ordinary dividends were paid during the year (2021 - £500,000). The directors do not recommend payment of a dividend for the year.
In July 2022, the Group agreed new finance facilities with the National Westminster Bank Plc, consisting of a 5 year loan facility and an annual overdraft facility. The Group remains in compliance with its banking covenants.
The Group entered the pandemic with a strong balance sheet, which has been substantially repaired as a result of the strong trading performance over the last two years. The Group’s fixed asset base continues to provide sufficient security to continue to secure finance facilities. The directors continue to adopt the going concern basis of accounting in preparing the financial statements.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
The directors who served during the year and up to the date the financial statements were signed were:
Liquidity risk
The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business. Interest rate risk The company is exposed to cash flow interest rate risk on floating rate deposits and bank overdrafts. The board reviews the exposure to interest rate risk on a regular basis to manage the mix of fixed and variable rate debt so as to reduce its exposure to changes in interest rates. Credit risk Investments of cash surpluses and borrowings are made through banks that are approved by the Board. Customer terms are generally payment before the service is provided or managed via credit limits. Trade debtors are monitored on and ongoing basis and provision is made for doubtful debt as necessary.
The Company is part of an employee owned group and the Trust operated on behalf of the employees is the majority shareholder. The Group operates a framework for employee information and consultation which complies with the requirement of the Information and Consultation of Employees Regulations 2004. During the year, the policy of providing employees with information about the Group has continued through employee emails, the employee newsletter and an employee app, in which the employee have been encouraged to present their suggestions. The Group undertakes an annual employee engagement survey and has an Employee Council Member structure in place to involve employees across the Group’s diverse locations. Employees participate directly in the success of the Group as shareholders, via payment of an annual dividend.
The company has chosen in accordance with the Companies Act 2006, s. 414C(11) to set out in the company’s strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the director’s report. It has done so in respect of future developments.
The Company maintained throughout the year and at the date of approval of the financial statements, liability insurance for its directors and officers. This is a qualifying provision for the purposes of the Companies Act 2006.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
Where existing employees become disabled, it is the group’s policy to provide continuing employment wherever practicable in the same or an alternative position to provide appropriate training to achieve this aim. -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.
The auditors, Xeinadin Audit 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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALFA TRAVEL LIMITED
We have audited the financial statements of Alfa Travel Limited (the 'Company') for the year ended 31 December 2022, which comprise 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).
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.
In forming our opinion, we have considered the adequacy of the disclosures made in the financial statements concerning the Company's ability to continue as a going concern. We draw your attention to Note 2.3.
The financial statements do not include any adjustments that would result from a failure to continue as a going concern.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALFA TRAVEL LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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.
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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALFA TRAVEL LIMITED (CONTINUED)
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 management and those charged with governance to identify any instances of non-compliance with laws and regulations; - Reviewing minutes of meetings of those charged with governance; - 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.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALFA TRAVEL LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants & Statutory Auditor
8th Floor
Becket House
36 Old Jewry
London
EC2R 8DD
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STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022
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STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 14 to 33 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Alfa Travel Limited is a private company limited by shares incorporated in England and Wales. The registered office is Alfa Building, Euxton Lane, Euxton, Chorley, PR7 6AF.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).
This information is included in the consolidated financial statements of Alfa Leisureplex Group Limited as at 31 December 2022 and these financial statements may be obtained from Alfa Building, Euxton Lane, Euxton, Chorley, PR7 6AF.
In July 2022, the Group agreed new finance facilities with the National Westminster Bank Plc, consisting of a 5 year loan facility and an annual overdraft facility. The Group remains in compliance with its banking covenants.
The Group entered the pandemic with a strong balance sheet, which has been substantially repaired as a result of the strong trading performance over the last two years. The Group’s fixed asset base continues to provide sufficient security to continue to secure finance facilities. The directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales relates taxes. Turnover for all holidays departing during the financial year is recognised in full during the year.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
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.
Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the profit and loss account in the same period as the related expenditure.
During the prior year the Company benefited from taking advantage of government support in the form of the Coronavirus Job Retention Scheme (CJRS) and local government support (see note 5).
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
Intangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives of 4 years.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
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:
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.
No depreciation is provided in respect of freehold property as, in the opinion of the directors, the policy of fully maintaining the property, the cost of which is charged to expenditure in the year of incidence, means that the estimated useful life of the property is so long, or the estimated residual balance is so high as to render any depreciation charge and accumulated depreciation to be immaterial. This is a departure from the Companies Act 2006, which the Directors believe is necessary to give a true and fair view. Annual impairment reviews are performed in respect of the freehold property.
The current valuation has been reviewed at 31 December 2022, by comparing the current value to those of similar properties currently being marketed and no adjustment to the current valuation is necessary. Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
At each reporting date, the carrying amounts of tangible and intangible assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount and an impairment loss recognised in the Statement of Comprehensive Income account.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
The estimates and underlying assumption are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Critical judgements The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below. Depreciation in determining the appropriate depreciation rates for the Company's assets, management reviews the operating policies of the business and makes judgements as to the applicable useful economic lives of the assets, considering residual values and based on historical experience. Valuation of freehold property As described in note regarding tangible assets, freehold property is stated at fair value based on the valuation performed by the directors, by comparing the current value to that of similar properties in the area that are currently being marketed.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
13.Taxation (continued)
The rate of corporation tax has been increased from 19% to 25% with effect from 1 April 2023. Deferred tax assets and liabilities are therefore been remeasured at 25%.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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 £16,532 (2021: £12,977) .
Contributions totalling £3,005 (2021: £3,882) were payable to the fund at the balance sheet date and are included in creditors
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
26.Financial commitments, guarantees and contingent liabilities
The company has entered into a guarantee and set off arrangement in the favour of National Westminster Bank PLC, with Alfa Coaches Limited, Leisureplex Hotels Limited, David Urquhart Holidays Limited and Alfa Leisureplex Group Limited. The company has also entered into an unlimited debenture in favour of National Westminster Bank PLC secured by way of a fixed and floating charge over the assets of the company. The total group exposure under these guarantees at the year end was £9,066,312 (2021: £7,629,705).
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
The Company is wholly owned by Alfa Leisureplex Group Limited and its results are consolidated into the Group financial statements, copies of which are available from its registered office: Alfa Building, Euxton Lane, Euxton, Chorley, Lancashire, PR7 6AF.
The ultimate controlling party is the Alfa Leisureplex Employee Ownership Trust.
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