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Registered number: 12988885










THE THINKING TRAVELLER HOLDINGS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
THE THINKING TRAVELLER HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
H M Beaugie 
A Crawford 
R D'Anna 
D Giannakopoulos 
E A Gibson 
I Simkins 
P Kemp-Welch 
Z Fennell 




Registered number
12988885



Registered office
The Old Truman Brewery
91-95 Brick Lane

London

E1 6QL




Independent auditors
Xeinadin Audit Limited
Chartered Accountants & Statutory Auditor

8th Floor, Becket House

36 Old Jewry

London

EC2R 8DD





 
THE THINKING TRAVELLER HOLDINGS LIMITED
 

CONTENTS



Page
Group Strategic Report
1
Directors' Report
2 - 3
Independent Auditors' Report
4 - 7
Consolidated Statement of Comprehensive Income
8
Consolidated Statement of Financial Position
9
Company Statement of Financial Position
10
Consolidated Statement of Changes in Equity
11 - 12
Company Statement of Changes in Equity
13 - 14
Consolidated Statement of Cash Flows
15 - 16
Notes to the Financial Statements
17 - 36


 
THE THINKING TRAVELLER HOLDINGS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction

The Directors present their strategic report for the year ended 31 December 2024. The company’s principal activity is the management of its subsidiary, The Thinking Traveller Ltd, which delivers consistently high-quality travel experiences to its clients by offering only wholly exclusive villas, outstanding local knowledge and exceptional personal service.

Business review

Trade remained largely flat year on year with sales of £37,866,745 (2023: £38,174,495). This was in the context of an increasingly competitive market at the higher end of the villa rental market. To support this and the company’s strategic growth plans, continued investment was made across the business.
As a result of these investments, the business made a reported loss of £3,077,833 (2023: Loss £1,978,190).
With a continued focus on its future plans, the year finished with solid forward bookings for 2025, ending +4% vs prior year in departures sold for 2025.

Principal risks and uncertainties
 
The principal risks of the business are client economic resilience and confidence given the current macroeconomic landscape and the resulting fluctuations in foreign currencies. The risks around travel uncertainty are mitigated by continuing to source clients from all over the world and not focusing heavily on single markets. The currency risk is offset by the company’s forward buying policy. All risks to the business are constantly monitored and action is taken to minimise effects on the business when necessary. 

Financial key performance indicators
 
Management drives business performance through the setting of clearly defined and measured key performance indicators (KPIs) taking action where required to improve the financial peformance of the business.
The main KPIs that are used to manage the business are as follows:

2024
2023
Variation
      £'000
      £'000
        %

Turnover

37,867

38,175
 
(1)

Gross Profit

10,088

10,684
 
(6)

Net Assets

1,753

4,719
 
(63)



This report was approved by the board on 8 May 2025 and signed on its behalf.



A Crawford
Director

Page 1

 
THE THINKING TRAVELLER HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The Directors present their report and the financial statements for the year ended 31 December 2024.

Directors' responsibilities statement

The Directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the Directors are required to:


select suitable accounting policies for the Group'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 Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the Company, and Group, is to act as tour operator and provide travel agency services specialising in villa holidays.

Results and dividends

The loss for the year, after taxation, amounted to £3,077,833 (2023 - loss £1,978,190).

Directors

The Directors who served during the year were:

H M Beaugie 
A Crawford 
R D'Anna 
D Giannakopoulos 
E A Gibson 
I Simkins 
P Kemp-Welch 
A Levy (resigned 3 May 2024)
Z Fennell 

Page 2

 
THE THINKING TRAVELLER HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Political contributions

There were no political contributions in the year.

Future developments

The principal risks of the business are client economic resilience and confidence given the current macroeconomic landscape and the resulting fluctuations in foreign currencies. The risks around travel uncertainty are mitigated by continuing to source clients from all over the world and not focusing heavily on single markets. The currency risk is offset by the company’s forward buying policy. All risks to the business are constantly monitored and action is taken to minimise effects on the business when necessary.

Qualifying third party indemnity provisions

There are no qualifying third-party indemnity provisions in place.

Branches outside the United Kingdom

The group has an overseas branch in Italy.

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 and the Group'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 and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsXeinadin Audit Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 8 May 2025 and signed on its behalf.
 





A Crawford
Director

Page 3

 
THE THINKING TRAVELLER HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE THINKING TRAVELLER HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of The Thinking Traveller Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 Group's and of the parent Company's affairs as at 31 December 2024 and of the Group's 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 Group 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


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 Group's or the parent 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

 
THE THINKING TRAVELLER HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE THINKING TRAVELLER HOLDINGS LIMITED (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 ReportOur 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 Group 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 Group 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company 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.

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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.

Page 5

 
THE THINKING TRAVELLER HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE THINKING TRAVELLER HOLDINGS LIMITED (CONTINUED)


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 Group 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;
•    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;
•    Enquiry of management and those charged with governance to identify any instances of non-compliance
     with laws and regulations.
The potential effect of these laws and regulations on the financial statements varies considerably.
Firstly, the Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.  
Secondly, the Company is subject to many other laws and regulations where the consequence of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance the imposition of fines or litigation or the loss of the Company’s license to operate. We identified the following areas as those most likely to have such an effect: health and safety including data protection laws, anti-bribery, money laundering and employment law compliance recognising the nature of the Company’s activities. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.
 
Page 6

 
THE THINKING TRAVELLER HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE THINKING TRAVELLER HOLDINGS LIMITED (CONTINUED)



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.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

 
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 2006Our 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.





Paul Laxton FCCA (Senior Statutory Auditor)
  
for and on behalf of
Xeinadin Audit Limited
 
Chartered Accountants & Statutory Auditor
  
8th Floor, Becket House
36 Old Jewry
London
EC2R 8DD

8 May 2025
Page 7

 
THE THINKING TRAVELLER HOLDINGS LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
37,866,745
38,174,495

Cost of sales
  
(27,778,842)
(27,490,871)

Gross profit
  
10,087,903
10,683,624

Administrative expenses
  
(12,591,920)
(12,389,638)

Other operating income
 5 
-
137,916

Fair value movements
  
(138,851)
35,721

Operating loss
 6 
(2,642,868)
(1,532,377)

Impairment – Intangibles
  
(125,649)
(379,977)

Interest receivable and similar income
 10 
234,388
71,131

Interest payable and similar expenses
 11 
(341,248)
(421,834)

Loss before taxation
  
(2,875,377)
(2,263,057)

Tax on loss
 12 
(202,456)
284,867

Loss for the financial year
  
(3,077,833)
(1,978,190)

  

Foreign exchange movement on consolidation
  
42,642
26,201

Other comprehensive income for the year
  
42,642
26,201

Total comprehensive income for the year
  
(3,035,191)
(1,951,989)

(Loss) for the year attributable to:
  

Owners of the parent Company
  
(3,077,833)
(1,978,190)

  
(3,077,833)
(1,978,190)

Total comprehensive income for the year attributable to:
  

Owners of the parent Company
  
(3,035,191)
(1,951,989)

  
(3,035,191)
(1,951,989)

The notes on pages 17 to 36 form part of these financial statements.

Page 8

 
THE THINKING TRAVELLER HOLDINGS LIMITED
REGISTERED NUMBER: 12988885

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 13 
8,403,601
9,945,886

Tangible assets
 14 
150,122
217,585

Investments
 15 
784
784

  
8,554,507
10,164,255

Current assets
  

Stocks
 16 
10,703
6,217

Debtors: amounts falling due within one year
 17 
1,700,495
1,907,692

Cash at bank and in hand
 18 
4,092,020
5,011,074

  
5,803,218
6,924,983

Creditors: amounts falling due within one year
 19 
(6,569,713)
(6,709,781)

Net current (liabilities)/assets
  
 
 
(766,495)
 
 
215,202

Total assets less current liabilities
  
7,788,012
10,379,457

Creditors: amounts falling due after more than one year
 20 
(6,034,407)
(5,660,123)

  

Net assets
  
1,753,605
4,719,334


Capital and reserves
  

Called up share capital 
 22 
10,366
10,325

Share premium account
 23 
8,438,186
8,368,765

Foreign exchange reserve
 23 
92,383
49,741

Profit and loss account
 23 
(6,787,330)
(3,709,497)

  
1,753,605
4,719,334


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 8 May 2025.


A Crawford
Director

The notes on pages 17 to 36 form part of these financial statements.

Page 9

 
THE THINKING TRAVELLER HOLDINGS LIMITED
REGISTERED NUMBER: 12988885

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Investments
 15 
10,652,757
10,652,757

  
10,652,757
10,652,757

Current assets
  

Debtors: amounts falling due within one year
 17 
2,100,369
2,129,963

Cash at bank and in hand
 18 
189,578
204,341

  
2,289,947
2,334,304

Creditors: amounts falling due within one year
 19 
(1,591,501)
(1,134,913)

Net current assets
  
 
 
698,446
 
 
1,199,391

Total assets less current liabilities
  
11,351,203
11,852,148

  

Creditors: amounts falling due after more than one year
 20 
(5,970,018)
(5,632,092)

  

Net assets excluding pension asset
  
5,381,185
6,220,056

Net assets
  
5,381,185
6,220,056


Capital and reserves
  

Called up share capital 
 22 
10,366
10,325

Share premium account
 23 
8,438,186
8,368,765

Profit and loss account
 23 
(3,067,367)
(2,159,034)

  
5,381,185
6,220,056


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 8 May 2025.


A Crawford
Director

The notes on pages 17 to 36 form part of these financial statements.

Page 10

 
THE THINKING TRAVELLER HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Share premium account
Foreign exchange reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 January 2024
10,325
8,368,765
49,741
(3,709,497)
4,719,334


Comprehensive income for the year

Loss for the year
-
-
-
(3,077,833)
(3,077,833)

Foreign exchange movement on consolidation
-
-
42,642
-
42,642
Total comprehensive income for the year
-
-
42,642
(3,077,833)
(3,035,191)


Contributions by and distributions to owners

Shares issued during the year
41
69,421
-
-
69,462


Total transactions with owners
41
69,421
-
-
69,462


At 31 December 2024
10,366
8,438,186
92,383
(6,787,330)
1,753,605


The notes on pages 17 to 36 form part of these financial statements.

Page 11

 
THE THINKING TRAVELLER HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Foreign exchange reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 January 2023
10,266
8,268,177
23,540
(1,731,307)
6,570,676


Comprehensive income for the year

Loss for the year

-
-
-
(1,978,190)
(1,978,190)

Foreign exchange movement on consolidation
-
-
26,201
-
26,201


Other comprehensive income for the year
-
-
26,201
-
26,201


Total comprehensive income for the year
-
-
26,201
(1,978,190)
(1,951,989)


Contributions by and distributions to owners

Shares issued during the year
59
100,588
-
-
100,647


Total transactions with owners
59
100,588
-
-
100,647


At 31 December 2023
10,325
8,368,765
49,741
(3,709,497)
4,719,334


The notes on pages 17 to 36 form part of these financial statements.

Page 12

 
THE THINKING TRAVELLER HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 January 2024
10,325
8,368,765
(2,159,034)
6,220,056


Comprehensive income for the year

Loss for the year
-
-
(908,333)
(908,333)
Total comprehensive income for the year
-
-
(908,333)
(908,333)


Contributions by and distributions to owners

Shares issued during the year
41
69,421
-
69,462


Total transactions with owners
41
69,421
-
69,462


At 31 December 2024
10,366
8,438,186
(3,067,367)
5,381,185


The notes on pages 17 to 36 form part of these financial statements.

Page 13

 
THE THINKING TRAVELLER HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 January 2023
10,266
8,268,177
(1,870,296)
6,408,147


Comprehensive income for the year

Loss for the year
-
-
(288,738)
(288,738)
Total comprehensive income for the year
-
-
(288,738)
(288,738)


Contributions by and distributions to owners

Shares issued during the year
59
100,588
-
100,647


Total transactions with owners
59
100,588
-
100,647


At 31 December 2023
10,325
8,368,765
(2,159,034)
6,220,056


The notes on pages 17 to 36 form part of these financial statements.

Page 14

 
THE THINKING TRAVELLER HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Loss for the financial year
(3,077,833)
(1,978,190)

Adjustments for:

Amortisation of intangible assets
1,567,316
1,501,265

Depreciation of tangible assets
122,875
175,943

Loss on disposal of tangible assets
-
1,046

Interest paid
341,248
421,834

Interest received
(234,388)
(71,131)

Taxation charge
202,456
(284,867)

(Increase) in stocks
(4,486)
(6,217)

Decrease in debtors
55,321
649,708

Increase/(decrease) in creditors
65,590
(4,179,403)

Net fair value losses/(gains) recognised in P&L
138,851
(35,721)

Corporation tax received/(paid)
21,837
(104,219)

Impairment
125,649
379,977

Net cash generated from operating activities

(675,564)
(3,529,975)


Cash flows from investing activities

Purchase of intangible fixed assets
(150,680)
(669,940)

Purchase of tangible fixed assets
(55,412)
(85,629)

Sale of tangible fixed assets
-
2,165

Interest received
234,388
71,131

Net cash from investing activities

28,296
(682,273)

Cash flows from financing activities

Issue of ordinary shares
69,462
100,588

Interest paid
(341,248)
(421,834)

Net cash used in financing activities
(271,786)
(321,246)

Net (decrease) in cash and cash equivalents
(919,054)
(4,533,494)

Cash and cash equivalents at beginning of year
5,011,074
9,544,568

Cash and cash equivalents at the end of year
4,092,020
5,011,074

Page 15

 
THE THINKING TRAVELLER HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


2024
2023

£
£


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
4,092,020
5,011,074

4,092,020
5,011,074


The notes on pages 17 to 36 form part of these financial statements.

Page 16

 
THE THINKING TRAVELLER HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

The Thinking Traveller Holdings Limited is a private company limited by shares incorporated in England and Wales, United Kingdom.
The address of the registered company and principal place of business is The Old Truman Brewery, 91 - 95 Brick Lane, London, E1 6QL.
The principal activity of the Company is to act as tour operator and provide travel agency services specialising in villa holidays.

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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Goup has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The Thinking Traveller Holdings Limited, as an individual entity, meets the definition of a qualifying entity per FRS 102 and has taken advantage of the exemption available in paragraph 1.12 of FRS 102 from presenting a company only statement of cash flows. These consolidated financial statements include a consolidated statement of cashflows which include the cash flows of The Thinking Traveller Holdings Limited.

The following principal accounting policies have been applied:

  
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. 
The Thinking Traveller Inc. is considered not material to the group and therefore in accordance with Section 405, has not been included in the consolidation.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained.

Page 17

 
THE THINKING TRAVELLER HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.3

Going concern

The Thinking Traveller Holdings Limited is the parent company of a medium-sized group for which consolidated financial statements are prepared. The going concern assessment has been conducted on the group as a whole.
Within the group there are two trading companies, and the results and period end position disclosed below relate to the entire group of which The Thinking Traveller Holdings Limited (TTTH) is the parent.
TTTH made a consolidated loss before tax of £2,875,377 (2023: Loss before tax of £2,263,057) during the year ended 31 December 2024 and at that date had net assets of £1,753,605 (2023: £4,719,334) and net current liabilities of £766,495 (2023: net current assets of £215,202).
The current and future financial positions of the Group have been reviewed by the Directors and stress tested to ensure that cash flows and liquidity are sufficiently robust to allow the Group to continue to trade during this period. The Directors are confident that there is sufficient headroom to meet the forecast cash requirements during the twelve months from the date of approval of the financial statements having considered any additional requirements that would be contingent on a downturn in activity over the same period.

 
2.4

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.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Page 18

 
THE THINKING TRAVELLER HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.5

Revenue

Revenue represents income received or receivable for trips departing during the financial year, recognised on a departure date basis.

 
2.6

Operating leases: the Group 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

Interest income

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

  
2.9

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.

 
2.10

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.11

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

Page 19

 
THE THINKING TRAVELLER HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
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 and the Group operate and generate 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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 20

 
THE THINKING TRAVELLER HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.13

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.

Other 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.

 The estimated useful lives range as follows:

Development expenditure
-
6
years
Goodwill
-
10
years
Trademarks
-
10
years

 
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:

Short-term leasehold property
-
20%
straight-line
IT and office equipment
-
33%
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.

Page 21

 
THE THINKING TRAVELLER HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.15

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.16

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.17

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.18

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.

 
2.19

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.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.20

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.21

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Page 22

 
THE THINKING TRAVELLER HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.21
Financial instruments (continued)

Financial instruments are recognised in the Group's Statement of Financial Position when the Group becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

 
2.22

Forward exchange contracts

The Group uses foreign currency forward contracts to manage its exposure to fair value risk on its foreign currency payments. These derivatives are measured at fair value at each reporting date.

Page 23

 
THE THINKING TRAVELLER HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

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. Such estimations include:
Depreciation and Amortisation
The annual depreciation/amortisation charge for tangible and intangible assets is sensitive due to the material nature of the value of fiixed assets. The depreciation/ amortisation rates are reviewed annually to ensure they are appropriate for the type of asset. Assets are reviewed for impairment on an annual basis.
Investment Valuation
The valuation of investment is sensitive due to its material nature. The valuation of investments involves a degree of subjectivity and relies on various assumptions and estimates that may impact financial reporting. The company recognizes that changes in market conditions and the inherent unpredictability of economic factors can influence the valuation process. As such, the estimation of fair values requires management to exercise judgement and apply relevant valuation methodologies, taking into account the inherent uncertainties associated with the valuation of investments. The company diligently considers all available information and market indicators to make reasonable and supportable estimates, while also disclosing the sensitivity of the valuations to changes in key assumptions, as required by FRS 102.
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.


4.


Turnover

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


2024
2023
£
£

Villa Rentals
37,866,745
38,174,495

37,866,745
38,174,495


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
37,866,745
38,174,495

37,866,745
38,174,495


Page 24

 
THE THINKING TRAVELLER HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Other operating income

2024
2023
£
£

Sundry income-Greece
-
137,916

-
137,916



6.


Operating loss

The operating loss is stated after charging:

2024
2023
£
£

Other operating lease rentals
365,915
333,710

Exchange differences
90,534
106,807


7.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
26,250
21,065

Fees payable in respect of: All other Services

All non-audit services not included above
18,750
34,212

Page 25

 
THE THINKING TRAVELLER HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Employees

Staff costs, including Directors' remuneration, were as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
4,992,623
5,058,021
891,538
905,437

Social security costs
744,832
829,356
114,907
117,318

Cost of defined contribution scheme
62,781
64,625
3,192
7,391

5,800,236
5,952,002
1,009,637
1,030,146


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



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Directors
8
8
8
8



Administrative and Management
110
124
-
-

118
132
8
8


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
891,538
905,437

Group contributions to defined contribution pension schemes
3,192
7,391

894,730
912,828


The highest paid Director received remuneration of £230,000 (2023 - £230,000).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £1,450 (2023 - £1,320).

Page 26

 
THE THINKING TRAVELLER HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Interest receivable

2024
2023
£
£


Other interest receivable
234,388
71,131

234,388
71,131


11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
-
2,766

Other loan interest payable
341,248
419,068

341,248
421,834


12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
49,736
(66,452)


49,736
(66,452)

Foreign tax


Foreign tax on income for the year
844
96,562

844
96,562

Total current tax
50,580
30,110

Deferred tax


Origination and reversal of timing differences
151,876
(314,977)

Total deferred tax
151,876
(314,977)


Taxation on profit/(loss) on ordinary activities
202,456
(284,867)
Page 27

 
THE THINKING TRAVELLER HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 23.5%). The differences are explained below:

2024
2023
£
£


Loss on ordinary activities before tax
(2,875,377)
(2,263,057)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.5%)
(718,844)
(532,091)

Effects of:


Non-tax deductible amortisation of goodwill and impairment
(51,120)
(89,598)

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
41,564
105,562

Different tax rates on overseas subsidiary
(28,567)
13,538

Adjustments to tax charge in respect of prior periods
151,876
(72,172)

Tax on goodwill on consolidation not provided for
324,060
302,854

Other differences leading to an increase (decrease) in the tax charge
(5,283)
1,134

Foreign tax
50,580
-

Remeasurement of deferred tax for changes in tax rates
-
(14,094)

Movement in deferred tax not recognised
438,190
-

Total tax charge for the year
202,456
(284,867)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.



Page 28

 
THE THINKING TRAVELLER HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Intangible assets

Group and Company





Development expenditure
Trademarks
Goodwill
Total

£
£
£
£



Cost


At 1 January 2024 (Restated)
308,781
735,812
12,952,409
13,997,002


Additions
3,300
72,384
74,996
150,680


Impairment charge
(225,131)
-
-
(225,131)



At 31 December 2024

86,950
808,196
13,027,405
13,922,551



Amortisation


At 1 January 2024 (Restated)
57,250
371,935
3,621,931
4,051,116


Charge for the year on owned assets
86,428
184,647
1,296,241
1,567,316


Impairment charge
(99,482)
-
-
(99,482)



At 31 December 2024

44,196
556,582
4,918,172
5,518,950



Net book value



At 31 December 2024
42,754
251,614
8,109,233
8,403,601



At 31 December 2023
251,531
363,877
9,330,478
9,945,886


There has been a restatement in the prior period for an asset which has been reclassified as an intangible fixed asset from a tangible fixed asset. The net effect of the reclassification is that £96,089 has been transferred from tangible fixed assets to intangible fixed assets. The reclassification has had no impact on the profit & loss.
Page 29

 
THE THINKING TRAVELLER HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

14.


Tangible fixed assets

Group






Short-term leasehold property
Plant and machinery
Total

£
£
£



Cost or valuation


At 1 January 2024 (Restated)
315,845
790,691
1,106,536


Additions
-
55,412
55,412



At 31 December 2024

315,845
846,103
1,161,948



Depreciation


At 1 January 2024 (Restated)
278,369
610,582
888,951


Charge for the year on owned assets
23,762
99,113
122,875



At 31 December 2024

302,131
709,695
1,011,826



Net book value



At 31 December 2024
13,714
136,408
150,122



At 31 December 2023
37,476
180,109
217,585

There has been a restatement in the prior period for an asset which has been reclassified as an intangible fixed asset from a tangible fixed asset. The net effect of the reclassification is that £96,089 has been transferred from tangible fixed assets to intangible fixed assets. The reclassification has had no impact on the profit & loss.

Page 30

 
THE THINKING TRAVELLER HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

15.


Fixed asset investments

Group





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2024
784



At 31 December 2024
784




Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2024
10,652,757



At 31 December 2024
10,652,757





Direct subsidiary undertaking


The following was a direct subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

The Thinking Traveller Limited
The Old Truman Brewery, 91-95 Brick Lane, London, E1 6QL
Ordinary
100%

Page 31

 
THE THINKING TRAVELLER HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

Indirect subsidiary undertakings


The following were indirect subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

The Thinking Traveller Inc
251 Little Falls Drive, Wilmington, DE 19808, United States
Ordinary
100%
The Thinking Traveller Greece Societe Anonyme (previously White Key S.A)
73, Ethnikis Antistaseos Street, P.C. 15 231, Municipality of Athens
Ordinary
100%


16.


Stocks

Group
Group
2024
2023
£
£

Stock
10,703
6,217

10,703
6,217



17.


Debtors

Group

Group
As restated
Company

Company
As restated
2024
2023
2024
2023
£
£
£
£


Trade debtors
4,781
2,922
4,781
2,922

Amounts owed by group undertakings
-
-
2,081,425
2,011,964

Other debtors
309,422
529,327
10,458
11,504

Prepayments and accrued income
1,386,292
1,187,846
3,705
5,660

Deferred taxation
-
151,876
-
97,913

Financial instruments
-
35,721
-
-

1,700,495
1,907,692
2,100,369
2,129,963


There has been a restatement in the prior period in which £868,369 has been reclassified from debtors repayable after more than one year to debtors repayable within one year.

Page 32

 
THE THINKING TRAVELLER HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

18.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
4,092,020
5,011,074
189,578
204,341

4,092,020
5,011,074
189,578
204,341



19.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Trade creditors
183,528
307,550
-
-

Amounts owed to group undertakings
7,029
7,317
1,477,723
1,026,869

Corporation tax
125,863
96,088
-
-

Other taxation and social security
117,439
164,793
-
-

Other creditors
176,321
210,430
35,352
42,853

Accruals and deferred income
5,820,682
5,923,603
78,426
65,191

Financial instruments
138,851
-
-
-

6,569,713
6,709,781
1,591,501
1,134,913


Amounts owed to group undertakings are unsecured, interest free and repayable on demand.


20.


Creditors: Amounts falling due after more than one year

Group

Group
Company

Company
2024
2023
2024
2023
£
£
£
£

Other creditors
64,389
28,031
-
-

Other creditors-Loan notes
5,970,018
5,632,092
5,970,018
5,632,092

6,034,407
5,660,123
5,970,018
5,632,092


The Loan notes are secured by way of debenture comprising fixed and floating charges over all the assets and undertaking of the group, including all freehold and leasehold property, plant and machinery, book and other debts, goodwill and uncalled capital

Page 33

 
THE THINKING TRAVELLER HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

21.


Deferred taxation


Group



2024
2023


£

£






At beginning of year
151,876
(163,101)


Charged to profit or loss
(53,963)
314,977


Utilised in year
(97,913)
-



At end of year
-
151,876

Company


2024
2023


£

£






At beginning of year
97,913
-


Charged to profit or loss
-
97,913


Utilised in year
(97,913)
-



At end of year
-
97,913
The deferred tax asset is made up as follows:

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Accelerated capital allowances
-
(123,532)
-
-

Losses and other deductions
-
271,705
-
97,913

Short term timing differences
-
3,703
-
-

-
151,876
-
97,913

Page 34

 
THE THINKING TRAVELLER HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

22.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



368,245 (2023 - 368,250) Class A - Ordinary Shares shares of £0.01 each
3,682.5
3,682.5
422,255 (2023 - 422,260) Class B - Ordinary Shares shares of £0.01 each
4,222.6
4,222.6
33,518 (2023 - 33,520) Class C - Ordinary Shares shares of £0.01 each
335.2
335.2
141,429 (2023 - 141,430) Class D - Ordinary Shares shares of £0.01 each
1,414.3
1,414.3
71,147 (2023 - 67,070) Class E - Ordinary Shares shares of £0.01 each
711.5
670.7

10,366.1

10,325.3


On 17th May 2024, 4,073 Class E Ordinary Shares were issued at a premium of £17.04 per share.


23.


Reserves

Share premium account

Share premium records the premium arising on the issue of share.

Foreign exchange reserve

Includes all current and prior year's foreign exchange movements on consolidation.

Profit and loss account

Includes all current and prior period retained profit and losses and current year's profit.


24.


Restatement of comparatives

There has been a restatement in the prior period for an asset which has been reclassified as an intangible fixed asset from a tangible fixed asset. The net effect of the reclassification is that £96,089 has been transferred from tangible fixed assets to intangible fixed assets. The reclassification has had no impact on the profit & loss.
There has also been a restatement in the prior period in which £868,369 has been reclassified from debtors repayable after more than one year to debtors repayable within one year.


25.


Pension commitments

The Group 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 Group to the fund and amounted to £62,781 (2023: £64,625). Contributions totalling £24,669 (2023: £22,598) were payable to the fund at the reporting date and are included in creditors.

Page 35

 
THE THINKING TRAVELLER HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

26.


Commitments under operating leases

At 31 December 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£

Not later than 1 year
219,744
48,935

Later than 1 year and not later than 5 years
755,927
3,846

975,671
52,781


27.Other financial commitments

At 31 December 2024, the Group was committed to making payments under a number of guarantee contracts with villa owners totalling €5.6m (2023: €5.7m). 
The group has a registered charge from Piper PE LLP, which contains a charge over the group's assets, as well as a fixed charge, floating and a negative pledge.


28.


Forward contracts

The Group enters into various foreign currency contracts to mitigate the exchange rate risk for certain foreign currency payables. At 31 December 2024, the outstanding contracts all mature within 12 months of the year end.

At the year end the Group is committed to buying €2,657,898 (2023: €2,473,856) for a fixed amount of USD. 


29.


Controlling party

The group is controlled by the directors.

Page 36