Company Registration No. 12957954 (England and Wales)
THE INDEPENDENT ADVENTURE GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
THE INDEPENDENT ADVENTURE GROUP LIMITED
COMPANY INFORMATION
Directors
P Carter
S Galbraith
N J Lapping
Company number
12957954
Registered office
International House
36-38 Cornhill
London
EC3V 3NG
Auditor
Johnston Carmichael LLP
227 West George Street
Glasgow
G2 2ND
THE INDEPENDENT ADVENTURE GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 9
Group profit and loss account
10
Group statement of comprehensive income
11
Group balance sheet
12
Company balance sheet
13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Notes to the financial statements
17 - 33
THE INDEPENDENT ADVENTURE GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 1 -

The directors present the strategic report for the year ended 30 November 2024.

Business review

The Independent Adventure Group is the holding company for Macs Adventure and its subsidiaries in the USA and Germany. Macs Adventure is a market-leading operator of self-guided walking and cycling holidays, enabling tens of thousands of customers annually to explore the world at their own pace. With a portfolio of 500+ immersive itineraries across more than 40 countries, we combine adventure, sustainability, and operational excellence to deliver exceptional customer experiences. In 2024, we proudly achieved B Corp certification, underlining our commitment to responsible travel, positive community impact, our employees and long-term, sustainable growth.

Operating internationally from our offices in the UK, US and Germany the Group delivered revenue of £47.8m (2023: £37.9m) and 26% year on year growth. Across each of these international bases we achieved strong growth, with the US in particular benefitting from increased investment and focus. We see this as a continued key strategic focus for the group with significant growth and margin opportunity.

Gross profit is presented as one of our Key Performance Indicators (KPI) and we are pleased to report this increased by £5.2m to £17.9m (2023: £12.7m) and as a percentage of sales improved to 37.4% (2023: 33.4%). This improvement is due to continued focus by management to improve relationships with our supply chain, deliver value to customers and grow our US market presence.

Whilst the Group reports an operating loss of £0.2m in 2024 (2023: £2.6m loss) it considers EBITDA to be a more effective measure of business performance (KPI) noting it was £1.4m in 2024 (2023: £1.1m loss) and delivering a £2.5m year on year improvement. This is in line with management expectations and the Group is on track to achieve profitability levels at or above 2019 levels within the next 24 months. Given the considerable size of the market opportunity, the Group is focused on investing for long term growth. We continue to invest in growing our international markets, particularly the US, and our technology and digital transformation. Management consider this investment to be key to enable continued growth, improved efficiency and customer experience.

As at 30 November 2024 the group had net assets of £10.5m (2023: £10.7m), providing a strong financial platform for the year ahead.

Customer satisfaction scores remained high at 78 (2023: 79). The group remains focused on delivering the best customer service experience possible which in turn drives improved customer loyalty, rebooking rates and referrals, contributing to overall stronger Customer Lifetime Value. In that regard we are delighted to report that we were awarded Gold for Best Travel Company for Adventure Holidays at the 2024 British Travel Awards2024. We are also proud holders of the Feefo Platinum Service Award for 11 years running.

Future Outlook

Global Market Insights (GMI) reports that the Adventure Tourism market size 2023 in Europe was US 191.6 (USD Billion) and in the US 483.3 (USD Billion). Both these markets are forecast to grow at 15.2% CAGR to 2032 with current trends indicating that adventure travel catering to a broader range of individuals that is accessible and with an emphasis on safety and comfort is growing at a higher rate. It is this segment of adventure travel that the Group specifically services confirming that there is significant opportunity for growth.

The Directors consider that The Independent Adventure Group is particularly well placed to take advantage of these key trends emerging in travel, which include domestic and short haul travel, active outdoor travel, independent rather than group travel, sustainable travel and digital innovation. This continues to be a key driver in our business and management is focused on developing innovative products, technology, destinations, and customer experiences to capitalise on this trend and continue to lead the market in this area.

Demand for future bookings continues to grow across all business units reaffirming that demand for our product offering is growing significantly and confirmation that investments into key areas of focus are paying dividends. The group will also continue to invest in people and processes to improve scalability and return us to future sustainable profit.

Management is very positive about the future outlook for the group and expects 2025 to perform strongly and for overall growth levels to continue.

THE INDEPENDENT ADVENTURE GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 2 -
Principle Risks and Uncertainties

The company faces a range of risks and uncertainties, which the directors and management monitor regularly and have implemented control measures to mitigate where possible.

Geopolitical risks

There is a risk that destinations we offer become unsafe due to geopolitical events and that the FCO or other government agencies advise against travel to these destinations. This risk is minimised by monitoring FCO advice, world events and having a diverse range of destinations, so that we are not particularly exposed to one destination and can send customers to alternative destinations.

Legal, Regulatory and Taxation risks

The markets in which the business operates are regulated by a number of regulatory bodies, including ABTOT in the UK. The directors are mindful of its regulatory relationships and reporting obligations. It maintains a clear and open dialogue with the regulators and obtains insurance protections for both guests of the UK and German businesses.

Foreign exchange

The company sells predominantly in GBP, USD and EUR and purchases in multiple currencies, which puts gross margins at risk in the event of currency fluctuations. By employing conservative hedging strategies, we minimise our exposure to exchange rate fluctuations across key currencies.

Liquidity Risk

The business uses both short term and longer-term cash flow projections to ensure that it can appropriately manage cash balances across the Group.

Commercial Relationships

The business uses a broad spread of suppliers to deliver services to the guests, therefore mitigating the concentration of supplier risks. Processes are in place to ensure we meet with suppliers on a regular basis to maintain strong working relationships.

System infrastructure

Our growth aspirations for the group are dependent on the ability of our systems, processes and suppliers to scale. Ineffective infrastructure which would limit potential growth. To mitigate this, the group constantly reviews this position to ensure they remain fit for purpose with roadmaps and investment in place for all key area.

Data Security

We regularly review our security and data protection policies and systems to ensure we minimise the risks of a data or regulation breach.

Key Performance Indicators

The directors and management monitor performance using four clearly defined key performance indicators (KPIs) and act swiftly to respond when required to improve overall business performance.

The main KPIs that are used to manage and monitor performance are:

Revenue: £47.8m. (2023: £37.9m)

Gross Profit: £17.9m – 37% (2023: £12.6m – 33%)

EBITDA: £1.4m (2023: £1.1m loss)

Magic Number (customer service score): 78 (2023: 79)

THE INDEPENDENT ADVENTURE GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 3 -

On behalf of the board

N J Lapping
Director
29 May 2025
THE INDEPENDENT ADVENTURE GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 4 -

The directors present their annual report and financial statements for the year ended 30 November 2024.

Principal activities

The principal activity of the company and group continued to be that of self‑guided walking, cycling and active holidays.

Results and dividends

The Loss for the year, after taxation, amounted to £212,908 (2023: £2,297,176 loss)

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

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

P Carter
S Galbraith
G Horner
(Resigned 26 April 2024)
N J Lapping
R Tuffee
(Resigned 26 April 2024)
Financial instruments

The company does not use derivatives for either financial risk management or for speculative purposes. The company's financial risk management objectives. policies and exposure to financial risks are not considered material for the assessment of the company's assets, liabilities, financial position or result for the year and as such, no further disclosure is considered necessary.

Auditor

The auditor, Johnston Carmichael LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

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 group and company, and of the profit or loss of the group 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 group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

THE INDEPENDENT ADVENTURE GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 5 -
Strategic report

The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of future developments.

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 auditor of the company 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 auditor of the company is aware of that information.

Going concern

The financial statements have been prepared on a going concern basis.

The current and future financial position of the Group, its cash flows and liquidity position have been reviewed by the Directors. These have been prepared with a prudent view on the likely recovery in each of the Group's operating locations and have been stress tested to ensure that cash flows and liquidity are sufficiently robust to allow the Group to continue to trade during this period.

Having considered potential risks and the current economic environment, the directors have a reasonable expectation that the Group and company will achieve the forecasted performance and has adequate resources to continue in operational existence for the foreseeable future.

Based on the foregoing, the director believes that it remains appropriate to adopt the going concern basis of accounting in preparing the financial statements.

On behalf of the board
N J Lapping
Director
29 May 2025
THE INDEPENDENT ADVENTURE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE INDEPENDENT ADVENTURE GROUP LIMITED
- 6 -
Opinion

We have audited the financial statements of The Independent Adventure Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group 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 responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

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

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.

THE INDEPENDENT ADVENTURE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE INDEPENDENT ADVENTURE GROUP LIMITED
- 7 -

Opinions on other matters prescribed by the Companies Act 2006

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

 

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and 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, set out on page 4, 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 parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor 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.

 

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

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.

We assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations by considering their experience, past performance and support available.

All engagement team members were briefed on relevant identified laws and regulations and potential fraud risks at the planning stage of the audit. Engagement team members were reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

THE INDEPENDENT ADVENTURE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE INDEPENDENT ADVENTURE GROUP LIMITED
- 8 -

Extent to which the audit was considered capable of detecting irregularities, including fraud (continued)

We obtained an understanding of the legal and regulatory frameworks that are applicable to the group and the parent company and the sector in which they operate, focusing on those provisions that had a direct effect on the determination of material amounts and disclosures in the financial statements. The most relevant frameworks we identified include:

 

We gained an understanding of how the company is complying with these laws and regulations by making enquiries of management and those charged with governance. We corroborated these enquiries through our review of submitted returns, external inspections, relevant correspondence with regulatory bodies and board meeting minutes.

We assessed the susceptibility of the group’s financial statements to material misstatement, including how fraud might occur, by meeting with management and those charged with governance to understand where it was considered there was susceptibility to fraud. This evaluation also considered how management and those charged with governance were remunerated and whether this provided an incentive for fraudulent activity. We considered the overall control environment and how management and those charged with governance oversee the implementation and operation of controls. We identified a heightened fraud risk in relation to:

 

In addition to the above, the following procedures were performed to provide reasonable assurance that the financial statements were free of material fraud or error:

Our audit procedures were designed to respond to the risk of material misstatements in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve intentional concealment, forgery, collusion, omission or misrepresentation. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

 

 

THE INDEPENDENT ADVENTURE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE INDEPENDENT ADVENTURE GROUP LIMITED
- 9 -

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.

James Hamilton (Senior Statutory Auditor)
For and on behalf of Johnston Carmichael LLP
30 May 2025
Chartered Accountants
Statutory Auditor
227 West George Street
Glasgow
G2 2ND
THE INDEPENDENT ADVENTURE GROUP LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 10 -
2024
2023
Notes
£
£
Turnover
3
47,828,636
37,925,306
Cost of sales
(29,957,836)
(25,273,723)
Gross profit
17,870,800
12,651,583
Administrative expenses
(18,097,494)
(15,523,081)
Other operating income
6,068
82,235
Exceptional item
4
-
0
196,356
Operating loss
5
(220,626)
(2,592,907)
Interest receivable and similar income
9
162,040
33,613
Interest payable and similar expenses
10
(79,396)
(90,157)
Loss before taxation
(137,982)
(2,649,451)
Tax on loss
11
(129,821)
352,275
Loss for the financial year
24
(267,803)
(2,297,176)
Loss for the financial year is all attributable to the owners of the parent company.
THE INDEPENDENT ADVENTURE GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 11 -
2024
2023
£
£
Loss for the year
(267,803)
(2,297,176)
Other comprehensive income
Currency translation differences
107,639
80,357
Total comprehensive expense for the year
(160,164)
(2,216,819)
Total comprehensive expense for the year is all attributable to the owners of the parent company.
THE INDEPENDENT ADVENTURE GROUP LIMITED
GROUP BALANCE SHEET
AS AT
30 NOVEMBER 2024
30 November 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
12
7,402,497
8,485,790
Other intangible assets
12
1,216,726
1,154,254
Total intangible assets
8,619,223
9,640,044
Tangible assets
13
183,963
198,754
8,803,186
9,838,798
Current assets
Stocks
16
55,388
81,442
Debtors
17
1,455,903
944,873
Cash at bank and in hand
6,044,184
6,048,328
7,555,475
7,074,643
Creditors: amounts falling due within one year
18
(5,809,324)
(5,763,463)
Net current assets
1,746,151
1,311,180
Total assets less current liabilities
10,549,337
11,149,978
Creditors: amounts falling due after more than one year
19
(17,856)
(458,333)
Net assets
10,531,481
10,691,645
Capital and reserves
Called up share capital
23
33,584
33,584
Share premium account
24
2,991,604
2,991,604
Merger reserve
24
8,974,812
8,974,812
Profit and loss reserves
24
(1,468,519)
(1,308,355)
Total equity
10,531,481
10,691,645
The financial statements were approved by the board of directors and authorised for issue on 29 May 2025 and are signed on its behalf by:
29 May 2025
N J Lapping
Director
THE INDEPENDENT ADVENTURE GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 30 NOVEMBER 2024
30 November 2024
- 13 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
14
9,068,480
9,068,480
Current assets
Debtors
17
2,920,038
2,920,038
Creditors: amounts falling due within one year
18
(16,000)
(16,000)
Net current assets
2,904,038
2,904,038
Net assets
11,972,518
11,972,518
Capital and reserves
Called up share capital
23
33,584
33,584
Share premium account
24
2,991,604
2,991,604
Merger reserve
24
8,974,812
8,974,812
Profit and loss reserves
24
(27,482)
(27,482)
Total equity
11,972,518
11,972,518

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £0 (2023 - £16,649 loss).

The financial statements were approved by the board of directors and authorised for issue on 29 May 2025 and are signed on its behalf by:
29 May 2025
N J Lapping
Director
Company Registration No. 12957954
THE INDEPENDENT ADVENTURE GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 14 -
Share capital
Share premium account
Other reserves
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 December 2022
33,584
2,991,604
8,974,812
908,464
12,908,464
Year ended 30 November 2023:
Loss for the year
-
-
-
(2,297,176)
(2,297,176)
Other comprehensive income:
Currency translation differences
-
-
-
80,357
80,357
Total comprehensive expense for the year
-
-
-
(2,216,819)
(2,216,819)
Balance at 30 November 2023
33,584
2,991,604
8,974,812
(1,308,355)
10,691,645
Year ended 30 November 2024:
Loss for the year
-
-
-
(267,803)
(267,803)
Other comprehensive income:
Currency translation differences
-
-
-
107,639
107,639
Total comprehensive expense for the year
-
-
-
(160,164)
(160,164)
Balance at 30 November 2024
33,584
2,991,604
8,974,812
(1,468,519)
10,531,481
THE INDEPENDENT ADVENTURE GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 15 -
Share capital
Share premium account
Other reserves
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 December 2022
33,584
2,991,604
8,974,812
(10,833)
11,989,167
Year ended 30 November 2023:
Loss and total comprehensive expense for the year
-
-
-
(16,649)
(16,649)
Balance at 30 November 2023
33,584
2,991,604
8,974,812
(27,482)
11,972,518
Year ended 30 November 2024:
Profit and total comprehensive income for the year
-
-
-
-
-
0
Balance at 30 November 2024
33,584
2,991,604
8,974,812
(27,482)
11,972,518
THE INDEPENDENT ADVENTURE GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 16 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
28
1,044,214
(510,698)
Interest paid
(79,396)
(90,157)
Income taxes paid
(116,911)
(65,414)
Net cash inflow/(outflow) from operating activities
847,907
(666,269)
Investing activities
Purchase of intangible assets
(452,259)
(762,032)
Purchase of tangible fixed assets
(118,793)
(137,392)
Loans made to directors
(2,562)
-
Interest received
162,040
33,613
Net cash used in investing activities
(411,574)
(865,811)
Financing activities
Repayment of bank loans
(440,477)
(440,476)
Net cash used in financing activities
(440,477)
(440,476)
Net decrease in cash and cash equivalents
(4,144)
(1,972,556)
Cash and cash equivalents at beginning of year
6,048,328
8,020,884
Cash and cash equivalents at end of year
6,044,184
6,048,328
THE INDEPENDENT ADVENTURE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 17 -
1
Accounting policies
Company information

The Independent Adventure Group Limited is a private company limited by shares and is registered and incorporated in England. The address of the registered office is International House, 36-38 Cornhill, London, EC3V 3NG.

 

The group consists of The Independent Adventure Group Limited and all of its subsidiaries.

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.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

THE INDEPENDENT ADVENTURE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company, The Independent Adventure Group Limited, together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 30 November 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.4
Going concern

The financial statements have been prepared on a going concern basis.

The current and future financial position of the Group, its cash flows and liquidity position have been reviewed by the Directors. These have been prepared with a prudent view on the likely recovery in each of the Group's operating locations and have been stress tested to ensure that cash flows and liquidity are sufficiently robust to allow the Group to continue to trade during this period.

Having considered potential risks and the current economic environment, the directors have a reasonable expectation that the Group and company will achieve the forecasted performance and has adequate resources to continue in operational existence for the foreseeable future.

Based on the foregoing, the Directors believe that it remains appropriate to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

The Group operates as the principal tour operator. Turnover represents the gross value of holidays sold including hotel bookings and other related services. Turnover is recognised at point of departure and the full cost of such holidays is included within cost of sales.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business 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 5 - 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.

1.7
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business 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.

THE INDEPENDENT ADVENTURE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 19 -

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:

Software
3 - 5 years
1.8
Tangible fixed assets

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

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

Leasehold property
10%
Fixtures and fittings
33%
Computers
33%

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 recognised in the profit and loss account.

1.9
Fixed asset investments

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.10
Impairment of fixed assets

At each reporting period end date, the group 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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

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.

THE INDEPENDENT ADVENTURE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 20 -

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.

1.11
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost measurement is on a weighted average basis. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.12
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

1.13
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

THE INDEPENDENT ADVENTURE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 21 -
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 group 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 group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans, 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 group's contractual obligations expire or are discharged or cancelled.

1.14
Equity instruments

Equity instruments issued by the group 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 group.

1.15
Taxation

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

THE INDEPENDENT ADVENTURE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 22 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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 group’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 profit and loss account, 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 if, and only if, there is 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.

1.16
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.

1.17
Retirement benefits

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

1.18
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 leased asset are consumed.

1.19
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

THE INDEPENDENT ADVENTURE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 23 -
1.20
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the group’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 considered 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 in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Capitalisation of development costs - additions in the year of £452K (2023: £762k)

Software development costs are capitalised as an intangible asset. The directors are required to exercise judgement to determine if the criteria to recognise these costs as development costs under FRS 102 are met. Judgement must also be applied in calculating the amount of time members of staff spend on software development.

Useful lives of tangible fixed assets

The estimated useful lives of assets are outlined in note 1.8. Useful lives have been assessed based on historical experience and the periods over which management believe future economic benefits to be derived.

 

Details of the carrying value of the group's tangible fixed assets are outlined at note 13.

Recoverability of deferred tax asset

A deferred tax asset, which predominately relates to carried forward tax losses, has been recognised in the accounts on the basis that the group is expected to return to profitability in future years.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Travel related sales
47,828,636
37,925,306
THE INDEPENDENT ADVENTURE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
3
Turnover and other revenue
(Continued)
- 24 -
2024
2023
£
£
Turnover analysed by geographical market
UK
17,279,672
14,818,476
Europe
9,304,250
8,980,239
USA
21,244,714
14,126,591
47,828,636
37,925,306
2024
2023
£
£
Other significant revenue
Interest income
162,040
33,613
Grants received
1,702
637
4
Exceptional item
2024
2023
£
£
Income
Covid cancellation and other income
-
(196,356)
-
(196,356)

Exceptional income related to covid cancellation income.

5
Operating loss
2024
2023
£
£
Operating loss for the year is stated after charging/(crediting):
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
580,919
126,862
Government grants
(1,702)
(637)
Depreciation of owned tangible fixed assets
132,658
86,382
Amortisation of intangible assets
1,467,409
1,391,833
Operating lease charges
220,339
173,920
THE INDEPENDENT ADVENTURE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 25 -
6
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
12,600
12,000
Audit of the financial statements of the company's subsidiaries
50,450
48,000
63,050
60,000
7
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Management
7
5
-
-
Administration
174
184
-
-
Total
181
189
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
7,509,010
6,633,282
-
0
-
0
Social security costs
623,808
474,004
-
-
Pension costs
175,708
149,778
-
0
-
0
8,308,526
7,257,064
-
0
-
0
8
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
380,789
479,442
Company pension contributions to defined contribution schemes
3,000
6,732
383,789
486,174
THE INDEPENDENT ADVENTURE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
8
Directors' remuneration
(Continued)
- 26 -
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
262,460
220,000
9
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
162,040
33,613
10
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
64,540
90,157
Interest payable to group undertakings
14,856
-
0
Total finance costs
79,396
90,157
11
Taxation
2024
2023
£
£
Current tax
Adjustments in respect of prior periods
10
10,220
Foreign current tax on profits for the current period
214,173
122,056
Total current tax
214,183
132,276
Deferred tax
Origination and reversal of timing differences
(76,374)
(484,551)
Adjustment in respect of prior periods
(7,988)
-
0
Total deferred tax
(84,362)
(484,551)
Total tax charge/(credit)
129,821
(352,275)
THE INDEPENDENT ADVENTURE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
11
Taxation
(Continued)
- 27 -

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

2024
2023
£
£
Loss before taxation
(137,982)
(2,649,451)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.01%)
(34,496)
(609,639)
Tax effect of expenses that are not deductible in determining taxable profit
278,300
2,213
Adjustments in respect of prior years
10
10,220
Deferred tax adjustments in respect of prior years
(7,988)
-
0
Fixed asset differences
405
(402)
Non-tax deductible for tax purposes, other than goodwill amortisation
-
0
249,266
Tax on foreign subsidiaries
(106,410)
427,909
Remeasurement of deferred tax for changes in tax rates
-
0
(38,924)
Deferred tax not provided for
-
4,684
Other differences
-
(397,602)
Taxation charge/(credit)
129,821
(352,275)

A change in the UK Corporation tax rate to 25% took effect from 1 April 2023. This change has had a consequential effect on the tax charge with the standard rate of tax in the prior year reflective of a marginal tax rate arising from the period straddling the 19% and 25% tax rates. Deferred tax has been calculated at 25%.

THE INDEPENDENT ADVENTURE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 28 -
12
Intangible fixed assets
Group
Goodwill
Software
Total
£
£
£
Cost
At 1 December 2023
10,910,925
2,258,333
13,169,258
Additions
-
0
452,259
452,259
Exchange adjustments
-
0
(5,044)
(5,044)
At 30 November 2024
10,910,925
2,705,548
13,616,473
Amortisation and impairment
At 1 December 2023
2,425,135
1,104,079
3,529,214
Amortisation charged for the year
1,083,293
384,116
1,467,409
Exchange adjustments
-
0
627
627
At 30 November 2024
3,508,428
1,488,822
4,997,250
Carrying amount
At 30 November 2024
7,402,497
1,216,726
8,619,223
At 30 November 2023
8,485,790
1,154,254
9,640,044
The company had no intangible fixed assets at 30 November 2024 or 30 November 2023.
13
Tangible fixed assets
Group
Leasehold property
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 December 2023
45,400
4,104
520,451
569,955
Additions
29,795
-
0
88,998
118,793
Exchange adjustments
(1)
(67)
(3,275)
(3,343)
At 30 November 2024
75,194
4,037
606,174
685,405
Depreciation and impairment
At 1 December 2023
42,457
2,932
325,812
371,201
Depreciation charged in the year
3,607
38
129,013
132,658
Exchange adjustments
(10)
(66)
(2,341)
(2,417)
At 30 November 2024
46,054
2,904
452,484
501,442
Carrying amount
At 30 November 2024
29,140
1,133
153,690
183,963
At 30 November 2023
2,943
1,172
194,639
198,754
The company had no tangible fixed assets at 30 November 2024 or 30 November 2023.
THE INDEPENDENT ADVENTURE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 29 -
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
9,068,480
9,068,480
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 December 2023 and 30 November 2024
9,068,480
Carrying amount
At 30 November 2024
9,068,480
At 30 November 2023
9,068,480
15
Subsidiaries

Details of the company's subsidiaries at 30 November 2024 are as follows:

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Indirect
Macs Adventure Limited
1
Tour operator services
Ordinary
100.00
-
Macs Adventure LLC
2
Tour operator services
Ordinary
0
100.00
Abenteuer Wege GmbH
3
Tour operator services
Ordinary
0
100.00

Registered office addresses (all UK unless otherwise indicated):

1
4c, 4th Floor Skypark 5, 45 Finnieston Street, Glasgow, G3 8JU
2
1031 33rd St, Denver, CO 80205
3
Heinrich-Barth-Straße 1-1A, 66115 Saarbrücken, Germany
16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Maps and guidebooks
55,388
81,442
-
-
THE INDEPENDENT ADVENTURE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 30 -
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
185,702
35,420
-
0
-
0
Corporation tax recoverable
33,809
33,837
-
0
-
0
Amounts owed by group undertakings
-
-
-
2,920,038
Other debtors
233,144
385,356
-
0
-
0
Prepayments and accrued income
619,217
190,591
-
0
-
0
1,071,872
645,204
-
2,920,038
Amounts falling due after more than one year:
Amounts owed by group undertakings
-
-
2,920,038
-
Deferred tax asset (note 21)
384,031
299,669
-
0
-
0
384,031
299,669
2,920,038
-
Total debtors
1,455,903
944,873
2,920,038
2,920,038

Confirmation has been provided by The Independent Adventure Group Limited that no capital repayment is due within 12 months of the balance sheet date in respect of the amounts owed by group undertakings above.

18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
20
440,476
440,476
-
0
-
0
Trade creditors
112,279
443,248
-
0
-
0
Corporation tax payable
200,438
103,194
-
0
-
0
Other taxation and social security
150,414
123,618
-
-
Accruals and deferred income
4,905,717
4,652,927
16,000
16,000
5,809,324
5,763,463
16,000
16,000

Included within accruals and deferred income is £4,610,506 (2023: £4,058,503) of advance receipts from customers in relation to departures after the balance sheet date. The comparative trade creditors figure has been revised from £2,768,522 to £443,248 and the comparative accruals and deferred income has been updated from £2,327,653 to £4,652,927 to better reflect the substance of these balances.

THE INDEPENDENT ADVENTURE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 31 -
19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
20
17,856
458,333
-
0
-
0
20
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
458,332
898,809
-
0
-
0
Payable within one year
440,476
440,476
-
0
-
0
Payable after one year
17,856
458,333
-
0
-
0

The long-term loans are secured by a floating rate charge which the interest will never be less than the margin of 4.35 percent per annum.

21
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Assets
Assets
2024
2023
Group
£
£
Accelerated capital allowances
(217,345)
(138,734)
Tax losses
598,308
433,992
Short term financing differences
3,068
4,411
384,031
299,669
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Asset at 1 December 2023
(299,669)
-
Credit to profit or loss
(84,362)
-
Asset at 30 November 2024
(384,031)
-
THE INDEPENDENT ADVENTURE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 32 -
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
175,708
149,778

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £175,708 (2023: £149,778). Contributions totalling £29,290 (2023: £25,588) were payable to the fund at the reporting date and are included in creditors.

23
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
33,584
33,584
33,584
33,584
24
Reserves

Share premium account

The share premium account represents consideration received for shares issued above their nominal value, net of transaction costs.

 

Merger reserve

The merger reserve represents the difference in share price on issue of shares in The Independent Adventure Group Limited in consideration for the shares of Macs Adventure Limited.

 

Profit and loss reserves

The profit and loss reserves represent cumulative profit and loss, net of distributions to owners.

25
Operating lease commitments
Lessee

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

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
98,627
20,032
-
-
Between two and five years
300,515
3,827
-
-
399,142
23,859
-
-
26
Related party transactions

The company has taken advantage of disclosure exemptions available under Section 33 of FRS 102 whereby it has not disclosed transactions entered into with any wholly-owned subsidiary of the group.

THE INDEPENDENT ADVENTURE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 33 -
27
Controlling party

The ultimate controlling party of the group is N Lapping by virtue of his controlling interest in the share capital of the parent company.

28
Cash generated from/(absorbed by) group operations
2024
2023
£
£
Loss for the year after tax
(267,803)
(2,297,176)
Adjustments for:
Taxation charged/(credited)
129,821
(352,275)
Finance costs
79,396
90,157
Investment income
(162,040)
(33,613)
Amortisation and impairment of intangible assets
1,467,409
1,392,195
Depreciation and impairment of tangible fixed assets
132,658
81,866
Currency translation movement
114,236
80,357
Movements in working capital:
Decrease in stocks
26,054
3,953
Increase in debtors
(424,134)
(256,519)
(Decrease)/increase in creditors
(51,383)
780,357
Cash generated from/(absorbed by) operations
1,044,214
(510,698)
29
Analysis of changes in net funds - group
1 December 2023
Cash flows
30 November 2024
£
£
£
Cash at bank and in hand
6,048,328
(4,144)
6,044,184
Borrowings excluding overdrafts
(898,809)
440,477
(458,332)
5,149,519
436,333
5,585,852
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