Caseware UK (AP4) 2023.0.135 2023.0.135 2024-12-312025-05-082025-05-082024-12-312025-05-082024-01-01truefalsetruefalse89falsetrue93 04421653 2024-01-01 2024-12-31 04421653 2023-01-01 2023-12-31 04421653 2024-12-31 04421653 2023-12-31 04421653 2023-01-01 04421653 1 2024-01-01 2024-12-31 04421653 1 2023-01-01 2023-12-31 04421653 d:Director1 2024-01-01 2024-12-31 04421653 d:Director2 2024-01-01 2024-12-31 04421653 d:Director3 2024-01-01 2024-12-31 04421653 d:RegisteredOffice 2024-01-01 2024-12-31 04421653 e:Buildings e:LongLeaseholdAssets 2024-01-01 2024-12-31 04421653 e:Buildings e:ShortLeaseholdAssets 2024-01-01 2024-12-31 04421653 e:Buildings e:ShortLeaseholdAssets 2024-12-31 04421653 e:Buildings e:ShortLeaseholdAssets 2023-12-31 04421653 e:PlantMachinery 2024-01-01 2024-12-31 04421653 e:PlantMachinery 2024-12-31 04421653 e:PlantMachinery 2023-12-31 04421653 e:PlantMachinery e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 04421653 e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 04421653 e:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-01-01 2024-12-31 04421653 e:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-12-31 04421653 e:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 04421653 e:Goodwill 2024-01-01 2024-12-31 04421653 e:Goodwill 2024-12-31 04421653 e:Goodwill 2023-12-31 04421653 e:CopyrightsPatentsTrademarksServiceOperatingRights 2024-01-01 2024-12-31 04421653 e:CopyrightsPatentsTrademarksServiceOperatingRights 2024-12-31 04421653 e:CopyrightsPatentsTrademarksServiceOperatingRights 2023-12-31 04421653 e:CurrentFinancialInstruments 2024-12-31 04421653 e:CurrentFinancialInstruments 2023-12-31 04421653 e:CurrentFinancialInstruments 1 2024-12-31 04421653 e:CurrentFinancialInstruments 1 2023-12-31 04421653 e:CurrentFinancialInstruments 6 2024-12-31 04421653 e:CurrentFinancialInstruments 6 2023-12-31 04421653 e:CurrentFinancialInstruments e:WithinOneYear 2024-12-31 04421653 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 04421653 e:ReportableOperatingSegment1 2024-01-01 2024-12-31 04421653 e:ReportableOperatingSegment1 2023-01-01 2023-12-31 04421653 e:UKTax 2024-01-01 2024-12-31 04421653 e:UKTax 2023-01-01 2023-12-31 04421653 e:ShareCapital 2024-12-31 04421653 e:ShareCapital 2023-12-31 04421653 e:ShareCapital 2023-01-01 04421653 e:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 04421653 e:RetainedEarningsAccumulatedLosses 2024-12-31 04421653 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 04421653 e:RetainedEarningsAccumulatedLosses 2023-12-31 04421653 e:RetainedEarningsAccumulatedLosses 2023-01-01 04421653 e:AcceleratedTaxDepreciationDeferredTax 2024-12-31 04421653 e:AcceleratedTaxDepreciationDeferredTax 2023-12-31 04421653 e:TaxLossesCarry-forwardsDeferredTax 2024-12-31 04421653 e:TaxLossesCarry-forwardsDeferredTax 2023-12-31 04421653 e:RetirementBenefitObligationsDeferredTax 2024-12-31 04421653 e:RetirementBenefitObligationsDeferredTax 2023-12-31 04421653 d:OrdinaryShareClass1 2024-01-01 2024-12-31 04421653 d:OrdinaryShareClass1 2024-12-31 04421653 d:OrdinaryShareClass1 2023-12-31 04421653 d:OrdinaryShareClass2 2024-01-01 2024-12-31 04421653 d:OrdinaryShareClass2 2024-12-31 04421653 d:OrdinaryShareClass2 2023-12-31 04421653 d:FRS102 2024-01-01 2024-12-31 04421653 d:Audited 2024-01-01 2024-12-31 04421653 d:FullAccounts 2024-01-01 2024-12-31 04421653 d:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 04421653 e:Subsidiary1 2024-01-01 2024-12-31 04421653 e:Subsidiary1 1 2024-01-01 2024-12-31 04421653 e:Subsidiary2 2024-01-01 2024-12-31 04421653 e:Subsidiary2 1 2024-01-01 2024-12-31 04421653 e:WithinOneYear 2024-12-31 04421653 e:WithinOneYear 2023-12-31 04421653 e:BetweenOneFiveYears 2024-12-31 04421653 e:BetweenOneFiveYears 2023-12-31 04421653 e:DevelopmentCostsCapitalisedDevelopmentExpenditure e:ExternallyAcquiredIntangibleAssets 2024-01-01 2024-12-31 04421653 e:Goodwill e:ExternallyAcquiredIntangibleAssets 2024-01-01 2024-12-31 04421653 e:CopyrightsPatentsTrademarksServiceOperatingRights e:ExternallyAcquiredIntangibleAssets 2024-01-01 2024-12-31 04421653 2 2024-01-01 2024-12-31 04421653 6 2024-01-01 2024-12-31 04421653 9 2024-01-01 2024-12-31 04421653 e:ExternallyAcquiredIntangibleAssets 2024-01-01 2024-12-31 04421653 e:Goodwill e:OwnedIntangibleAssets 2024-01-01 2024-12-31 04421653 e:DevelopmentCostsCapitalisedDevelopmentExpenditure e:OwnedIntangibleAssets 2024-01-01 2024-12-31 04421653 e:CopyrightsPatentsTrademarksServiceOperatingRights e:OwnedIntangibleAssets 2024-01-01 2024-12-31 04421653 f:PoundSterling 2024-01-01 2024-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 04421653










THE THINKING TRAVELLER LTD










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
THE THINKING TRAVELLER LTD
 
 
COMPANY INFORMATION


Directors
H M Beaugie 
A Crawford 
R D'Anna 




Registered number
04421653



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 LTD
 

CONTENTS



Page
Strategic Report
1
Directors' Report
2 - 3
Independent Auditors' Report
4 - 8
Statement of Comprehensive Income
9
Statement of Financial Position
10
Statement of Changes in Equity
11 - 12
Notes to the Financial Statements
13 - 32


 
THE THINKING TRAVELLER LTD
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The Directors present their strategic report for the year ended 31 December 2024. The Thinking Traveller continues to deliver a consistently high-quality travel experience 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 an underlying reported loss of £1,065,516 (2023: Loss £657,447). An impairment has been booked in the 2024 accounts of £3,031,584, leading to an overall loss of £4,097,100. The impairment relates to the investment held in the Thinking Traveller Greece Societe Anonyme, where trade of the Greek subsidiary has been gradually incorporated into TTT’s business since 2022. The impairment is eliminated in our group consolidated accounts which are presented in the Thinking Traveller Holdings (TTTH) financial statements.
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

38,174
 
(1)
 
Gross Profit


11,060

11,740
 
(6)
 
Net (Liabilities)/Assets


(444)

3,653
 
(112)
 


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



A Crawford
Director

Date: 8 May 2025

Page 1

 
THE THINKING TRAVELLER LTD
 
 
 
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 Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

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


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the Company continued to be as tour operator specialising in villa holidays.

Results and dividends

The loss for the year, after taxation, amounted to £4,097,100 (2023 - loss £657,447).

The directors do not recommend the payment of a dividend (2023: - £nil).

Directors

The Directors who served during the year were:

H M Beaugie 
A Crawford 
R D'Anna 

Political contributions

There were no political contributions made in the year.

Page 2

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

Future developments

The equity investment from The Thinking Traveller Holdings Ltd in 2020 was undertaken to fund the company’s strategic growth plans, the business continues to increase the number of villas, focusing only on high quality homes that match the current portfolio and will seek to grow the business in its current and new strategic destinations. For 2025, the business has launched in Tuscany, a new destination.

Qualifying third party indemnity provisions

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

Branches outside the United Kingdom

The company 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's auditors are unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company 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 LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE THINKING TRAVELLER LTD
 

Opinion


We have audited the financial statements of The Thinking Traveller Ltd (the 'Company') for the year ended 31 December 2024, 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 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 Company's affairs as at 31 December 2024 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.


Page 4

 
THE THINKING TRAVELLER LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE THINKING TRAVELLER LTD (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 Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 2, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
THE THINKING TRAVELLER LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE THINKING TRAVELLER LTD (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 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.
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.
Page 6

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




Page 7

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


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 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 8

 
THE THINKING TRAVELLER LTD
 
 
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
  
(26,806,377)
(26,434,967)

Gross profit
  
11,060,368
11,739,528

Administrative expenses
  
(11,992,073)
(12,404,600)

Fair value movements
  
(138,851)
35,721

Operating loss
 5 
(1,070,556)
(629,351)

Impairment of assets
 11,13 
(3,157,233)
(379,977)

Interest receivable and similar income
 8 
234,388
71,131

Interest payable and similar expenses
 9 
-
(2,766)

Loss before tax
  
(3,993,401)
(940,963)

Tax on loss
 10 
(103,699)
283,516

Loss for the financial year
  
(4,097,100)
(657,447)

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 13 to 32 form part of these financial statements.

Page 9

 
THE THINKING TRAVELLER LTD
REGISTERED NUMBER: 04421653

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 11 
233,266
497,771

Tangible assets
 12 
91,453
136,618

Investments
 13 
1,521,579
4,478,167

  
1,846,298
5,112,556

Current assets
  

Debtors: amounts falling due within one year
 14 
1,492,615
1,553,399

Cash at bank and in hand
 15 
3,873,732
4,762,970

  
5,366,347
6,316,369

Creditors: amounts falling due within one year
 16 
(7,656,364)
(7,775,544)

Net current liabilities
  
 
 
(2,290,017)
 
 
(1,459,175)

Total assets less current liabilities
  
(443,719)
3,653,381

  

Net (liabilities)/assets
  
(443,719)
3,653,381


Capital and reserves
  

Called up share capital 
 18 
30,061
30,061

Profit and loss account
 19 
(473,780)
3,623,320

  
(443,719)
3,653,381


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 13 to 32 form part of these financial statements.

Page 10

 
THE THINKING TRAVELLER LTD
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2024
30,061
3,623,320
3,653,381



Loss for the year
-
(4,097,100)
(4,097,100)


At 31 December 2024
30,061
(473,780)
(443,719)


The notes on pages 13 to 32 form part of these financial statements.

Page 11

 
THE THINKING TRAVELLER LTD
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2023
30,061
4,280,767
4,310,828



Loss for the year
-
(657,447)
(657,447)


At 31 December 2023
30,061
3,623,320
3,653,381


The notes on pages 13 to 32 form part of these financial statements.

Page 12

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

1.


General information

The Thinking Traveller 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 continued to be as tour operator 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 management to exercise judgment in applying the Company's accounting policies (see note 3).

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

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);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of The Thinking Traveller Holdings Limited as at 31 December 2024 and these financial statements may be obtained from The Old Truman Brewery, 91-95 Brick Lane, London, United Kingdom, E1 6QL.

 
2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

Page 13

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

2.Accounting policies (continued)

 
2.4

Going concern

The Thinking Traveller Limited is a subsidiary 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 Company have been reviewed by the Directors and stress tested to ensure that cash flows and liquidity are sufficiently robust to allow the Company 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.

 
2.5

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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

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

 
2.6

Revenue

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

 
2.7

Operating leases: the Company as lessee

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

Page 14

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

2.Accounting policies (continued)

 
2.8

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.

  
2.9

Advanced receipts and advanced payments

All revenue received relating to bookings that depart after the balance sheet date is treated as advanced 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 advanced payments and are separately disclosed under prepayments and accrued income.

 
2.10

Interest income

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

 
2.11

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.

 
2.12

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 15

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

2.Accounting policies (continued)

 
2.13

Current and deferred taxation

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.14

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 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 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 or life of assets.

 
2.15

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.

Page 16

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

2.Accounting policies (continued)


2.15
Tangible fixed assets (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:

Leasehold property improvements
-
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.

 
2.16

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.

 
2.17

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
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.

Page 17

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

2.Accounting policies (continued)

 
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.

Page 18

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

2.Accounting policies (continued)

 
2.21

Financial instruments

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

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans with related parties and investments in ordinary shares.
Financial assets are initially measured at cost and are subsequently measured at amortised cost. which is assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
Financial liabilities are initially measured at cost and are subsequently measured at fair value through profit and loss.
 

 
2.22

Forward exchange contracts

The Company 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 19

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

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are recognised to be relevant. Actual results may differ from these estimates. 
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period of revision and future periods where the revision affects both current and future periods.
Certain critical accounting judgements in applying the Company’s accounting policies are described below:
Depreciation
The annual depreciation charge for tangible assets is sensitive due to the material nature of the value of fixed assets. The depreciation rates are reviewed annually to ensure they are appropriate for the type of asset. Assets are reviewed for impairment on an annual basis.
 
Amortisation

The annual amortisation charge for intangible assets is sensitive due to the material nature of the value of fixed assets. The 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 investments are 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.

Page 20

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

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


All turnover arose within the United Kingdom.


5.


Operating loss

The operating loss is stated after charging:

2024
2023
£
£

Exchange differences
91,902
111,557

Other operating lease rentals
365,915
333,710


6.


Auditors' remuneration

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


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
11,400
11,400

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 21

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

7.


Employees

Staff costs were as follows:


2024
2023
£
£

Wages and salaries
3,546,814
3,413,074

Social security costs
508,636
476,378

Cost of defined contribution scheme
59,589
57,234

4,115,039
3,946,686


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


        2024
        2023
            No.
            No.







Administrative and Management
89
93

The directors of the Company are remunerated for their services through the parent company, The Thinking Traveller Holdings Limited. The remuneration policy and details of the remuneration arrangements are determined and approved by the board of directors of the parent company. As a result, no directors of The Thinking Traveller Limited receive remuneration directly from this company.


8.


Interest receivable

2024
2023
£
£


Other interest receivable
234,388
71,131

234,388
71,131


9.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
-
2,766

-
2,766

Page 22

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

10.


Taxation


2024
2023
£
£

Corporation tax


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


49,736
(66,452)


Total current tax
49,736
(66,452)

Deferred tax


Origination and reversal of timing differences
53,963
(217,064)

Total deferred tax
53,963
(217,064)


Tax on loss
103,699
(283,516)
Page 23

 
THE THINKING TRAVELLER LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is the same as the standard rate of corporation tax in the UK of 25%. In the prior accounting period the average UK corporation tax rate was 23.5% as the accounting period covered two UK Financial Years with differing tax rates of 19% and 25%. The differences between the tax charge at the average rate and the tax charge for the year are explained below:

2024
2023
£
£


Loss on ordinary activities before tax
(3,993,401)
(940,963)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.5%)
(998,350)
(221,320)

Effects of:


Non-tax deductible amortisation of goodwill and impairment
(31,412)
(89,598)

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
799,238
105,562

Adjustments to tax charge in respect of prior periods
-
(66,452)

Adjustments to tax charge in respect of prior periods- deferred tax
53,963
-

Other differences leading to an increase (decrease) in the tax charge
(5,283)
1,136

Remeasurement of deferred tax for changes in tax rates
-
(12,844)

Movement in deferred tax not recognised
235,807
-

Foreign tax
49,736
-

Total tax charge for the year
103,699
(283,516)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 24

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

11.


Intangible assets




Development expenditure
Other intangible assets
Goodwill
Total

£
£
£
£



Cost


At 1 January 2024 (Restated)
308,781
584,089
65,000
957,870


Additions
3,300
72,384
-
75,684


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



At 31 December 2024

86,950
656,473
65,000
808,423



Amortisation


At 1 January 2024 (Restated)
57,250
337,849
65,000
460,099


Charge for the year
86,428
128,112
-
214,540


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



At 31 December 2024

44,196
465,961
65,000
575,157



Net book value



At 31 December 2024
42,754
190,512
-
233,266



At 31 December 2023
251,531
246,240
-
497,771

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 25

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

12.


Tangible fixed assets





Leasehold  property  improvements
IT and office  equipment
Total

£
£
£



Cost or valuation


At 1 January 2024 (Restated)
315,845
548,859
864,704


Additions
-
55,412
55,412



At 31 December 2024

315,845
604,271
920,116



Depreciation


At 1 January 2024 (Restated)
278,369
449,717
728,086


Charge for the year
23,762
76,815
100,577



At 31 December 2024

302,131
526,532
828,663



Net book value



At 31 December 2024
13,714
77,739
91,453



At 31 December 2023
37,476
99,142
136,618

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 26

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

13.


Investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2024
4,478,167


Additions
74,996


Impairment
(3,031,584)



At 31 December 2024
1,521,579




The Fixed Asset Investment in the accounts relates to the consideration paid for investment in the TTT subsidiary in Greece - The Thinking Traveller Greece Societe Anonyme.
During the year an assessment was undertaken by the directors to provide a valuation of the investment held in The Thinking Traveller Greece Societe Anonyme. The outcome of this review was that, as the trade of the Greek subsidiary has been gradually incorporated into TTT's business since 2022, that an impairment was necessary to recognise the investment amount at a true and fair value. 


Subsidiary undertakings


The following were 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%

Page 27

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

14.


Debtors

2024
2023
£
£


Other debtors
132,578
359,741

Prepayments and accrued income
1,360,037
1,103,974

Deferred taxation
-
53,963

Financial instruments
-
35,721

1,492,615
1,553,399


Prepayment and accrued income, include advanced payments to suppliers for future travel amounting to £407,440 (2023 : £604,486).


15.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
3,873,732
4,762,970

3,873,732
4,762,970


Page 28

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

16.


Creditors: amounts falling due within one year

As restated
2024
2023
£
£

Trade creditors
185,056
135,749

Amounts owed to group undertakings
1,407,090
1,527,183

Corporation tax
1,434
-

Other taxation and social security
117,439
164,793

Other creditors
64,238
89,407

Accruals and deferred income
5,742,256
5,858,412

Financial instruments
138,851
-

7,656,364
7,775,544


Accruals and deferred income, include advanced receipts from customers for future travel amounting to £4,965,948 (2023 : £4,765,400).
Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
There has been a restatement in the prior period in which £868,369 has been reclassified from creditors falling due after more than one year to creditors falling due within one year.

Page 29

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

17.


Deferred taxation




2024


£






At beginning of year
53,963


Charged to profit or loss
(53,963)



At end of year
-

The deferred tax asset is made up as follows:

2024
2023
£
£


Accelerated capital allowances
-
(123,532)

Short term timing differences
-
3,703

Losses and other deductions
-
173,792

-
53,963


18.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



30,000 (2023 - 30,000) Ordinary shares of £1.00 each
30,000
30,000
100 (2023 - 100) Ordinary shares of £0.61 each
61
61

30,061

30,061



19.


Reserves

Profit and loss account

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

Page 30

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

20.


Prior year adjustment

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 creditors falling due after more than one year to creditors falling due within one year.


21.


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 £59,589 (2023: £57,234). Contributions totalling £10,804 (2023: £21,132) were payable to the fund at the reporting date and are included in creditors.


22.


Commitments under operating leases

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

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


23.Other financial commitments

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


24.


Forward Contracts

The Company 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 Company is committed to buying €2,657,898 (2023: €2,473,856) for a fixed amount of USD.

Page 31

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

25.


Related party transactions

The Company has taken advantage of the FRS 102 exemption not to disclose transactions with wholly-owned members of the group.

Controlling party

The Company's immediate and ultimate parent and ultimate controlling party is The Thinking Traveller Holdings Limited, a company incorporated in England and Wales, which has a registered address of The Thinking Traveller Holdings Limited is The Old Truman Brewery, 91-95 Brick Lane, London, United Kingdon, E1 6QL.
The largest and smallest group producing publicly available consolidated financial statements is headed by The Thinking Traveller Holdings Limited. These financial statements are available upon request from Companies House, Crown Way, Cardiff, CF14 3VZ.


 
Page 32