Company registration number 07624349 (England and Wales)
GAP 360 LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
GAP 360 LTD
COMPANY INFORMATION
Directors
D Wong
M Schneider
(Appointed 25 October 2024)
(Appointed 25 October 2024)
Company number
07624349
Registered office
2 Leman Street
London
United Kingdom
E1W 9US
Auditor
Gravita II LLP
Aldgate Tower
2 Leman Street
London
E1 8FA
GAP 360 LTD
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Statement of financial position
8
Statement of changes in equity
9
Statement of cash flows
10
Notes to the financial statements
11 - 23
GAP 360 LTD
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the period ended 31 December 2024.

Fair review of the business

On October 25, 2024, the business was acquired by Intrax UK Group Ltd, a subsidiary of a US based company.

As a result of the acquisition there has been a change in income recognition from a booked to departed basis, and a change in the accounting reference date to 31 December. Due to the change of income recognition, programme costs from suppliers will also be aligned on a departed basis.

The company maintained its position as a leader in the youth adventure travel sector. Intrax will provide the necessary support and investment to seek further growth from sales in both the UK and other countries.

The level of business and the year-end financial statements were satisfactory. The directors will continue to review both existing and new activities with a view to increasing turnover and profitability.

Principal risks and uncertainties

Foreign currency risk is limited to some overseas programme operators where we pay in local currency. Our potential exposure in this area is being managed very carefully and we buy forward contracts on AUD to limit this risk. Any trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

Competitive pressures could result in loss of sales and customers; a new emerging risk is that AI generated algorithms from online marketing platforms have shown capabilities to disrupt strategies and reach – although this is also an opportunity. Gap 360 Ltd manages these risks by providing high quality customer service and support throughout the sales & booking process, along with a consistent level of trip experience, resulting in a high percentage of 5* reviews to further build on our excellent reputation; and employs experienced digital marketeers to identify and respond quickly to deliver success of online spend.

Global economic uncertainty is a general risk. Gap 360 Ltd provides trips to a worldwide range of destinations, which also gives a level of protection against issues in any one particular area.

Continued rising costs both from within the UK and externally are something to watch. Travel is still an important priority to consumers, and hopefully will not become a luxury item that less can enjoy.

Key performance indicators

Key performance indicators are outlined below:

£m

9 months to December 2024

12 months to March 2024 (as restated)

Turnover

£7,749.267

£11,632,480

Gross Profit

£1,989,492

£3,180,876

EBITDA (adj)

£136,572

£1,286,879

On behalf of the board

D Wong
Director
27 May 2025
GAP 360 LTD
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 2 -

The directors present their annual report and financial statements for the period ended 31 December 2024.

Principal activities

The principal activity of the company is that of providing gap year, volunteer and career break opportunities.

Results and dividends

The results for the period are set out on page 7.

Ordinary dividends were paid amounting to £2,122,899. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

D Stitt
J McLellan-Green
J Jeremy
A Stitt
D Wong
M Schneider
(Resigned 25 October 2024)
(Resigned 25 October 2024)
(Resigned 25 October 2024)
(Resigned 25 October 2024)
(Appointed 25 October 2024)
(Appointed 25 October 2024)
Statement of directors' responsibilities

The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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:

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

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

GAP 360 LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 3 -
On behalf of the board
D Wong
Director
27 May 2025
GAP 360 LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GAP 360 LTD
- 4 -
Opinion

We have audited the financial statements of Gap 360 Ltd (the 'company') for the period ended 31 December 2024 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 Auditor's 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 UK, including the FRC’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. However, because not all future events or conditions can be predicted this statement is not a guarantee as to the company's ability to continue as a going concern.

 

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

GAP 360 LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GAP 360 LTD (CONTINUED)
- 5 -
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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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.

Auditor's 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 auditor's 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. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

 

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

GAP 360 LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GAP 360 LTD (CONTINUED)
- 6 -

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matters

Comparative information in the financial statements is derived from the company's prior period financial statements which were not audited. An opinion on the financial statements of the company as at 31 March 2024 was not expressed as the company was exempt from an audit.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's 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.

Mark Brown FCA (Senior Statutory Auditor)
For and on behalf of Gravita II LLP, Statutory Auditor
Chartered Accountants
Aldgate Tower
2 Leman Street
London
E1 8FA
28 May 2025
GAP 360 LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 7 -
Period
Year
ended
ended
31 December
31 March
2024
2024
as restated
Notes
£
£
Turnover
3
7,749,267
11,632,480
Cost of sales
(5,759,775)
(8,451,604)
Gross profit
1,989,492
3,180,876
Administrative expenses
(1,963,282)
(2,037,822)
Operating profit
4
26,210
1,143,054
Interest receivable and similar income
7
90,087
24,552
Interest payable and similar expenses
8
-
0
(33)
Profit before taxation
116,297
1,167,573
Tax on profit
9
229,831
(392,356)
Profit for the financial period
346,128
775,217
GAP 360 LTD
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
- 8 -
31 December 2024
31 March 2024
as restated
Notes
£
£
£
£
Fixed assets
Goodwill
11
62,475
93,712
Other intangible assets
11
298,143
211,766
Total intangible assets
360,618
305,478
Tangible assets
12
5,722
5,911
366,340
311,389
Current assets
Debtors
13
2,827,684
2,381,076
Cash at bank and in hand
2,769,700
4,446,112
5,597,384
6,827,188
Creditors: amounts falling due within one year
14
(6,609,597)
(6,007,679)
Net current (liabilities)/assets
(1,012,213)
819,509
Net (liabilities)/assets
(645,873)
1,130,898
Capital and reserves
Called up share capital
16
30,000
30,000
Profit and loss reserves
(675,873)
1,100,898
Total equity
(645,873)
1,130,898

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 27 May 2025 and are signed on its behalf by:
D Wong
Director
Company registration number 07624349 (England and Wales)
GAP 360 LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 9 -
Share capital
Profit and loss reserves
Total
£
£
£
As restated for the period ended 31 March 2024:
Balance at 1 April 2023
30,000
1,309,972
1,339,972
Effect of change in accounting policy
21
-
(784,291)
(784,291)
As restated
30,000
525,681
555,681
Year ended 31 March 2024:
Profit (as restated) and total comprehensive income
-
775,217
775,217
Dividends
10
-
(200,000)
(200,000)
Balance at 31 March 2024
30,000
1,100,898
1,130,898
Period ended 31 December 2024:
Profit and total comprehensive income
-
346,128
346,128
Dividends
10
-
(2,122,899)
(2,122,899)
Balance at 31 December 2024
30,000
(675,873)
(645,873)
GAP 360 LTD
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 10 -
31 December 2024
31 March 2024
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
19
1,016,609
1,809,430
Interest paid
-
0
(33)
Income taxes paid
(494,896)
(224,175)
Net cash inflow from operating activities
521,713
1,585,222
Investing activities
Purchase of intangible assets
(164,080)
(144,982)
Purchase of tangible fixed assets
(1,233)
(6,805)
Interest received
90,087
24,552
Net cash used in investing activities
(75,226)
(127,235)
Financing activities
Dividends paid
(2,122,899)
(200,000)
Net cash used in financing activities
(2,122,899)
(200,000)
Net (decrease)/increase in cash and cash equivalents
(1,676,412)
1,257,987
Cash and cash equivalents at beginning of period
4,446,112
3,188,125
Cash and cash equivalents at end of period
2,769,700
4,446,112
GAP 360 LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 11 -
1
Accounting policies
Company information

Gap 360 Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 2 Leman Street, London, United Kingdom, E1W 9US.

 

The Company's principal place of business is 2nd Floor, 121-123 Mount Pleasant, Tunbridge Wells, Kent, TN1 1QR.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Reporting period

The period to 31 December 2024 represents 9 months trading results of the company. For commercial reasons, the prior period of account reflects the 12 month period to 31 March 2024. The comparative period is therefore not a comparable period of account.

1.4
Turnover

Turnover represents amounts receivable for services net of VAT. The company recognises revenue is respect of customer bookings on the date of departure. Details in the change in revenue recognition policy can be seen in note 2.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of business acquisition over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

GAP 360 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -
1.6
Intangible fixed assets other than goodwill

Intangible assets are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Development Costs
5 years straight line
1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.8
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

GAP 360 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
1.9
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.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

GAP 360 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

GAP 360 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.15
Foreign exchange

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date or the settled rate if known. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

2
Change in accounting policy

The revenue recognition policy was changed in the period to 31 December 2024 from the previous policy of recognising revenue at the date of booking to now recognise revenue and associated programme costs only at the date of departure.

 

The new policy is in line with other entities within this industry, and also aligns with the revenue recognition policy of other group entities following the acquisition of Gap 360 Limited by Intrax UK Group Limited in October 2024.

 

Comparative figures for 31 March 2024 have also been restated under the new revenue recognition policy.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

December
March
2024
2024
£
£
Turnover analysed by class of business
Provision of gap year, volunteer and career break opportunities
7,749,267
11,632,480
December
March
2024
2024
£
£
Turnover analysed by geographical market
United Kingdom
7,749,267
11,632,480
GAP 360 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
3
Turnover and other revenue
(Continued)
- 16 -
December
March
2024
2024
£
£
Other revenue
Interest income
90,087
24,552
4
Operating profit
December
March
2024
2024
Operating profit for the period is stated after charging:
£
£
Exchange losses
44,859
20,933
Research and development costs
28,400
-
Fees payable to the company's auditor for the audit of the company's financial statements
-
0
-
0
Depreciation of owned tangible fixed assets
1,422
1,741
Amortisation of intangible assets
108,940
142,084
Operating lease charges
26,250
35,000
5
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

December
March
2024
2024
Number
Number
32
28

Their aggregate remuneration comprised:

December
March
2024
2024
£
£
Wages and salaries
844,073
742,615
Social security costs
100,031
83,651
Pension costs
17,716
18,722
961,820
844,988
GAP 360 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 17 -
6
Directors' remuneration
December
March
2024
2024
£
£
Remuneration for qualifying services
84,622
135,184

In addition to the above, directors' remuneration of £32,572 (March 2024: £9,995) was capitalised as development costs in the period.

7
Interest receivable and similar income
December
March
2024
2024
£
£
Interest income
Interest on bank deposits
90,087
24,552
December
March
2024
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
90,087
24,552
8
Interest payable and similar expenses
December
March
2024
2024
£
£
Other finance costs:
Other interest
-
0
33
9
Taxation
December
March
2024
2024
£
£
Current tax
UK corporation tax on profits for the current period
-
0
394,896
Adjustments in respect of prior periods
(229,831)
(2,540)
Total current tax
(229,831)
392,356
GAP 360 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
9
Taxation
December
March
2024
2024
(Continued)
- 18 -

The actual (credit)/charge for the period can be reconciled to the expected charge for the period based on the profit or loss and the standard rate of tax as follows:

December
March
2024
2024
£
£
Profit before taxation
116,297
1,167,573
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
29,074
291,893
Tax effect of expenses that are not deductible in determining taxable profit
10,356
23,322
Permanent capital allowances in excess of depreciation
(1,152)
(1,745)
Under/(over) provided in prior years
-
0
(2,541)
Income adjustment in respect of change in accounting policy
(268,109)
81,427
Taxation (credit)/charge for the period
(229,831)
392,356
10
Dividends
December
March
2024
2024
£
£
Final paid
2,122,899
200,000

In October 2024, the company paid a dividend and, based on its management accounts, at the time of declaring the dividend, had sufficient distributable reserves. As at the year end, there was a deficit in distributable reserves of £645,873 due to the impact of changing the revenue recognition policy. The Directors have confirmed that no further dividends will be paid until the company has the necessary distributable reserves to do so.

GAP 360 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 19 -
11
Intangible fixed assets
Goodwill
Development Costs
Total
£
£
£
Cost
At 1 April 2024
416,500
1,265,981
1,682,481
Additions
-
0
164,080
164,080
Disposals
-
0
(447,307)
(447,307)
At 31 December 2024
416,500
982,754
1,399,254
Amortisation and impairment
At 1 April 2024
322,788
1,054,215
1,377,003
Amortisation charged for the period
31,237
77,703
108,940
Disposals
-
0
(447,307)
(447,307)
At 31 December 2024
354,025
684,611
1,038,636
Carrying amount
At 31 December 2024
62,475
298,143
360,618
At 31 March 2024
93,712
211,766
305,478
12
Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 April 2024
20,280
Additions
1,233
Disposals
(5,231)
At 31 December 2024
16,282
Depreciation and impairment
At 1 April 2024
14,369
Depreciation charged in the period
1,422
Eliminated in respect of disposals
(5,231)
At 31 December 2024
10,560
Carrying amount
At 31 December 2024
5,722
At 31 March 2024
5,911
GAP 360 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 20 -
13
Debtors
December
March
2024
2024
Amounts falling due within one year:
£
£
Trade debtors
2,169,611
2,117,571
Corporation tax recoverable
336,911
7,080
Other debtors
33,403
41,279
Prepayments and accrued income
287,759
215,146
2,827,684
2,381,076
14
Creditors: amounts falling due within one year
December
March
2024
2024
£
£
Trade creditors
271,871
106,308
Corporation tax
-
0
394,896
Other taxation and social security
37,898
25,595
Other creditors
24,551
9,717
Accruals and deferred income
6,275,277
5,471,163
6,609,597
6,007,679
15
Retirement benefit schemes
December
March
2024
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
17,716
18,722

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

16
Share capital
December 2024
March 2024
December 2024
March 2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
13,800
13,800
13,800
13,800
Ordinary B of £1 each
1,500
1,500
1,500
1,500
Ordinary C of £1 each
7,350
7,350
7,350
7,350
Ordinary D of £1 each
7,350
7,350
7,350
7,350
30,000
30,000
30,000
30,000
GAP 360 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
16
Share capital
(Continued)
- 21 -

All shares are ordinary shares and rank pari passu.

 

On 25 October 2024, all classes of shares listed above were acquired by Intrax UK Group Limited.

17
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

December
March
2024
2024
£
£
Within one year
35,000
35,000
Between two and five years
140,000
140,000
In over five years
68,658
96,250
243,658
271,250
18
Ultimate controlling party

The parent company of the company is Intrax UK Group Limited, a company registered in the United Kingdom.

 

Intrax UK Group Limited is controlled by the ultimate controlling company, One Intrax, Inc, a company registered in the United States of America.

 

The company's financial statements are included in the Consolidated financial statements of One Intrax, Inc, a company registered in the United States of America.

19
Cash generated from operations
December
March
2024
2024
£
£
Profit after taxation
346,128
775,217
Adjustments for:
Taxation (credited)/charged
(229,831)
392,356
Finance costs
-
0
33
Investment income
(90,087)
(24,552)
Amortisation and impairment of intangible assets
108,940
142,084
Depreciation and impairment of tangible fixed assets
1,422
1,741
Movements in working capital:
Increase in debtors
(116,777)
(372,648)
Increase in creditors
996,814
895,199
Cash generated from operations
1,016,609
1,809,430
GAP 360 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 22 -
20
Analysis of changes in net funds
1 April 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
4,446,112
(1,676,412)
2,769,700
21
Prior period adjustment
Reconciliation of changes in equity
1 April
31 March
2023
2024
Notes
£
£
Adjustments to prior period
Revenue adjustment for change in revenue recognition policy
i
(4,746,327)
(4,937,788)
Deferral of associated programme costs
i
3,765,682
4,014,279
Accrual of programme costs recognised in the incorrect period
ii
-
(313,540)
Prepayment of programme costs for subsequent departures
iii
196,354
127,050
Total adjustments
(784,291)
(1,109,999)
Equity as previously reported
1,339,972
2,240,897
Equity as adjusted
555,681
1,130,898
Analysis of the effect upon equity
Profit and loss reserves
(784,291)
(1,109,999)
Reconciliation of changes in profit for the previous financial period
March
2024
Notes
£
Adjustments to prior period
Revenue adjustment for change in revenue recognition policy
i
(191,462)
Deferral of associated programme costs
i
248,598
Accrual of programme costs recognised in the incorrect period
ii
(313,540)
Prepayment of programme costs for subsequent departures
iii
(69,304)
Total adjustments
(325,708)
Profit as previously reported
1,100,925
Profit as adjusted
775,217
GAP 360 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
21
Prior period adjustment
(Continued)
- 23 -
Notes to reconciliation
(i) Change in revenue recognition policy

As per note 2, Gap 360 changed policy to recognise revenue on the departure date basis rather than the previous booking date basis in the period to 31 December 2024. As a result, figures to 31 March 2024 were restated as above.

 

In order to appropriately match programme costs to revenue, programme costs relating to departures after the period end were also eliminated.

(ii) Correction of March 2024 programme cost accruals

In the process of reviewing the adjustments required for the change in accounting policy detailed above, supplier invoices received post year end relating to programme costs associated with trips which departed within the March 2024 year end were identified. These had been initially recorded in the period to December 2024 at the date they were received so have been adjusted to be accrued as at the March 2024 year end.

(iii) Prepaid programme costs for post period departures

For several suppliers, payments are made in respect of programme costs in advance of the departure date. As such, at period end there were amounts that required to be prepaid in respect of costs that had been paid before the period for programme departing after the period end.

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