Casterbridge Tours Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 02613749 (England and Wales)

Casterbridge Tours Limited

Audited Financial Statements

for the period

1 July 2022 to 30 September 2023

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Directors:

M C Boisvert

P D Jenkins

D P Kirchhoff

Registered office:

Fifth Floor

5 New Street Square

London

EC4A 3BF

Registered number:

02613749 (England and Wales)

Auditors:

Cooper Parry Group Limited

Statutory Auditor

New Derwent House

69-73 Theobalds Road

London

WC1X 8TA

Fixed assets

Tangible assets

4

8,281

-

Current assets

Debtors

5

656,543

151,584

Cash at bank and in hand

168,166

579,009

824,709

730,593

Creditors

Amounts falling due within one year

6

1,080,412

1,066,616

Net current liabilities

(255,703

)

(336,023

)

Total assets less current liabilities

(247,422

)

(336,023

)

Creditors

Amounts falling due after more than one year

7

17,365

29,109

Net liabilities

(264,787

)

(365,132

)

Capital and reserves

Called up share capital

340,000

340,000

Retained earnings

(604,787

)

(705,132

)

(264,787

)

(365,132

)

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 January 2024 and were signed on its behalf by:

M C Boisvert - Director

1.	Statutory information

Casterbridge Tours Limited is a private company, limited by shares, registered in England and Wales. The Company's registered number and registered office address can be found on the Company Information page.

2.	Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The presentational and functional currency of the financial statements is the Pound Sterling (£). Amounts in these financial statements are rounded to the nearest £.

Related party exemption

The Company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the Group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes subject to any applicable transfer pricing arrangements.

Turnover is calculated as a markup of overheads incurred during the year. The markup percentage is agreed by management and is recognised once receivable, on the accruals basis.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

- 33% and 25% straight line

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 the income statement at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants in included in creditors as deferred income, Grants of a revenue nature are recognised in other income within the income statement in the same period as the related expenditure.

Financial instruments

Financial assets and liabilities are recognised when the Company becomes party to the contractual provisions of the financial instrument. The Company holds basic financial instruments which comprise cash and cash equivalents, trade and other receivables, and trade and other payables. The Company has chosen to apply the provisions of Section 11 Basic Financial Instruments in full.

Financial assets - classified as basic financial instruments

(i) Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held with banks, and other short-term highly liquid investments with original maturities of three months or less.

ii) Trade and other receivables

Trade and other receivables are initially recognised at the transaction price, including any transaction costs, and subsequently measured at amortised cost including the effective interest method, less any provision for impairment. Amounts that are receivable within one year are measured at the undiscounted amount of the cash expected to be received, net of any impairment.

At the end of each reporting period, the Company assesses whether there is objective evidence that a receivable amount may be impaired. A provision for impairment is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables. The amount of the provision is the difference between the asset's carrying amount and the present value of the estimated future cash flows, discounted at the effective interest rate. The amount of the provision is recognised immediately in the Income Statement.

Financial liabilities - classified as basic financial instruments

iii) Trade and other payables and loans and borrowings

Trade and other payables and loans and borrowings are initially measured at the transaction price, including any transaction price, including any transaction costs and subsequently measured at amortised cost using the effective interest method.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the Income Statement on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The Company operates a defined contribution pension scheme, held in separately administered funds. Contributions payable to the Company's pension scheme are charged to the Income Statement in the period to which they relate.

Provisions

Provisions are recognised when there is a present obligation (legal or constructive) as a result of a past event, it is probable that the obligation will be required to be settled, and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting, taking into account the risks and uncertainties surrounding the obligation. Provisions are discounted when the time value of money is material.

Going concern

The directors' believe the business to be a going concern and the financial statements have been prepared on that basis. The Company retains the support and financial backing of Worldstrides International LLC (the "Parent Company") to continue as a going concern for the foreseeable future.

The current economic conditions present increased risks for all businesses. The directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment.

In response to such conditions, the directors have carefully considered these risks including an assessment on uncertainty on future trading projection for a period of at least 12 months from the date of signing the financial statements, and the extent to which they might affect the preparation of the financial statements on a going concern basis.

Based on assessment, the directors consider that the Company maintains an appropriate level of liquidity, sufficient to meet the demands of the business including any capital and servicing obligations and external debt liabilities. Worldstrides International LLC, has provided a letter of support, that they as the Parent Company will continue to support the Company for a period of at least 12 months from the signing of the financial statements.

In addition, the Company's assets are assessed for recoverability on a regular basis, and the directors consider that the Company is not exposed to losses on these assets which would affect their decision to adopt the going concern basis.

The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and that there are no material uncertainties that lead to significant doubts upon the Group's ability to continue as a going concern. Thus the directors have continued to adopt the going concern basis of accounting in preparing these financial statements.

3.	Employees and directors

The average number of employees during the period was 37 (2022 - 26 ) .

4.	Tangible fixed assets

Computer

equipment

£

Cost

Additions

9,034

At 30 September 2023

9,034

Depreciation

Charge for period

753

At 30 September 2023

753

Net book value

At 30 September 2023

8,281

5.

Debtors: amounts falling due within one year

2023

2022

£

£

Amounts owed by group undertakings

460,748

82,248

Other debtors

67,369

17,941

Tax

4,584

4,584

VAT

26,374

14,838

Prepayments and accrued income

97,468

31,973

656,543

151,584

6.

Creditors: amounts falling due within one year

2023

2022

£

£

Bank loans and overdrafts

10,077

10,581

Trade creditors

57,908

29,916

Amounts owed to group undertakings

730,171

789,913

Taxation and social security

77,872

42,164

Other creditors

204,384

194,042

1,080,412

1,066,616

7.

Creditors: amounts falling due after more than one year

2023

2022

£

£

Bank loans

17,365

29,109

8.	Disclosure under Section 444(5B) of the Companies Act 2006

The Auditors' Report was unqualified.

Andrew Jepson FCCA (Senior Statutory Auditor)

for and on behalf of Cooper Parry Group Limited

9.	Contingent liabilities

HSBC Bank PLC have a fixed and floating charge dated 22 February 2018 over all assets of the Company.

HSBC Bank PLC have a fixed charge dated 11 June 2018 over cash deposits of the Company.

10.	Ultimate controlling party

The immediate parent company is WorldStrides International, LLC a Company registered in the USA.

The ultimate parent company is WS Holdings Acquisition Inc., a Company registered in the USA.

The smallest company to prepare consolidated accounts including Casterbridge Tours Limited is Lakeland Holdings LLC and the largest company is WS Holdings Acquisition Inc. These consolidated accounts can be obtained from 218 West Water Street, Suite 400, Charlottesville, Virginia, 22902, USA.

There is no single identifiable controlling party.

11.	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 £39,699 (2022: £24,898). Contributions totalling £6,614 (2022: £5,503) were payable to the fund at the reporting date and are included in other creditors.