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Registered number: 08567441










ISON MANAGEMENT LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

 
ISON MANAGEMENT LIMITED
 
 
COMPANY INFORMATION


Directors
H K Cannon 
M R Gough 




Registered number
08567441



Registered office
Helford House
Hook Heath Road

Woking

Surrey

GU22 0QE




Independent auditors
Xeinadin Audit Limited
Chartered Accountants & Statutory Auditor

8th Floor

Becket House

36 Old Jewry

London

EC2R 8DD





 
ISON MANAGEMENT LIMITED
 

CONTENTS



Page
Group strategic report
1 - 2
Directors' report
3 - 4
Independent auditors' report
5 - 9
Consolidated statement of comprehensive income
10
Consolidated statement of financial position
11
Company statement of financial position
12
Consolidated statement of changes in equity
13 - 14
Company statement of changes in equity
15 - 16
Consolidated statement of cash flows
17 - 18
Consolidated analysis of net debt
19
Notes to the financial statements
20 - 38


 
ISON MANAGEMENT LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2024

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

Business review
 
The principal activity of ISON Management Limited during the year remained that of a travel management company, providing corporate and leisure travel services globally.
During 2024, the Group successfully expanded its portfolio through the acquisition of both domestic and international travel businesses, strengthening its market position and diversifying its service offerings. 
Additionally, ISON Management Limited has invested in strategic partnerships to enhance its service capabilities and increase operational efficiencies. These acquisitions and investments align with the Group’s long-term growth strategy, enabling it to remain competitive in an evolving market.
The results for the year are set out in the profit and loss account within these financial statements.

Principal risks and uncertainties
 
The Group maintains a robust risk management framework, continuously reviewing operational procedures and financial performance while seeking guidance from professional advisors when necessary.
Given the dynamic nature of the travel industry, forward visibility remains challenging, as most client bookings occur with relatively short notice. The directors have closely evaluated external risks, including:
• Macroeconomic conditions, such as inflation and global economic fluctuations,
• Geopolitical instability, particularly the ongoing conflict in Eastern Europe, and
• Market shifts, including changing travel demand and regulatory changes.
Despite these external factors, the Group’s financial position remains strong, and none of these risks have had a material impact on results. The Group continues to monitor working capital requirements, which can fluctuate due to variations in client and supplier payment terms.
Considering current cash reserves and business volumes, the directors are confident that ISON Management Limited will continue as a going concern for at least the next 12 months from the approval date of these financial statements.

Financial key performance indicators
 
To assess its financial performance, the Group monitors the following key metrics:
• Revenue: £53,277 K (2023: £40,058 K)
• Gross Margin: £8,572 K (2023: £6,658 K)
• Volume of Bookings 27,797 (2023: 26,141)
The lifting of global travel restrictions has resulted in a significant increase in booking volumes, leading to higher revenue and gross margin. Management remains committed to sustaining this growth momentum and capitalising on the increasing demand for travel services.

Page 1

 
ISON MANAGEMENT LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024

Future Developments

Looking forward, ISON Management Limited aims to further strengthen its market position through:
• Strategic acquisitions and investments to enhance service offerings,
• Technology-driven innovations to improve customer experience,
• Operational efficiencies to optimise cost structures, and
• Expanding into new markets to drive revenue growth.
The Group will continue to adapt to industry changes and maximise opportunities for sustainable expansion.


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



H K Cannon
Director

Date: 8 April 2025

Page 2

 
ISON MANAGEMENT LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2024

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

Directors' responsibilities statement

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

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


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

make judgments and accounting estimates that are reasonable and prudent;

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

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

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

Results and dividends

The profit for the period, after taxation, amounted to £654,648 (2023 - £1,519,103).

There were dividends paid during the year of £364,709 (2023: £12,570).

Directors

The directors who served during the period were:

H K Cannon 
M R Gough 

Future developments

An indication of likely future developments in the business and particulars of significant events which have occurred since the end of the financial year have been included in the Strategic Report on page 1. 

Page 3

 
ISON MANAGEMENT LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

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

Post balance sheet events

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

Auditors

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

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





H K Cannon
Director

Date: 8 April 2025

Page 4

 
ISON MANAGEMENT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ISON MANAGEMENT LIMITED
 

Opinion


We have audited the financial statements of ISON Management Limited (the 'parent Company') and its subsidiaries (the 'Group') for the period ended 31 December 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated statement of financial position, the Company statement of financial position, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 December 2024 and of the Group's profit for the period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


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


Conclusions relating to going concern


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


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


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


Page 5

 
ISON MANAGEMENT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ISON MANAGEMENT LIMITED (CONTINUED)


Other information


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


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Group strategic report and the Directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

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


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


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


Page 6

 
ISON MANAGEMENT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ISON MANAGEMENT LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


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


Page 7

 
ISON MANAGEMENT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ISON MANAGEMENT LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Enquiry of management and those charged with governance around actual and potential litigation and claims;

The potential effect of these laws and regulations on the financial statements varies considerably.
Firstly, the Group is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. 
Secondly, the Group is subject to many other laws and regulations where the consequence of non compliance could have a material effect on amounts or disclosures in the financial statements, for instance the imposition of fines or litigation or the loss of the Group’s license to operate. We identified the following areas as those most likely to have such an effect: ABTA, IATA and ATOL compliance recognising the nature of the Group’s activities. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.


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


Page 8

 
ISON MANAGEMENT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ISON MANAGEMENT LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Ian Palmer FCA (Senior statutory auditor)
  
for and on behalf of
Xeinadin Audit Limited
 
Chartered Accountants
Statutory Auditor
  
8th Floor
Becket House
36 Old Jewry
London
EC2R 8DD

8 April 2025
Page 9

 
ISON MANAGEMENT LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
52,673,076
40,058,744

Cost of sales
  
(44,247,587)
(33,401,191)

Gross profit
  
8,425,489
6,657,553

Administrative expenses
  
(7,476,912)
(4,681,863)

Operating profit
 5 
948,577
1,975,690

Interest receivable and similar income
 9 
26,455
170

Interest payable and similar expenses
 10 
(15,749)
(7,977)

Profit before tax
  
959,283
1,967,883

Tax on profit
 11 
(304,635)
(448,780)

Profit for the financial period
  
654,648
1,519,103

Profit for the year attributable to:
  

Owners of the parent company
  
(654,648)
(1,519,103)

  
(654,648)
(1,519,103)

There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of comprehensive income.

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

The notes on pages 20 to 38 form part of these financial statements.

Page 10

 
ISON MANAGEMENT LIMITED
REGISTERED NUMBER: 08567441

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 13 
1,100,819
-

Tangible assets
 14 
68,829
40,994

Investments
 15 
322,105
51,444

  
1,491,753
92,438

Current assets
  

Debtors: amounts falling due within one year
 16 
9,159,461
6,860,323

Cash at bank and in hand
 17 
3,675,301
2,734,447

  
12,834,762
9,594,770

Creditors: amounts falling due within one year
 18 
(10,160,624)
(6,121,799)

Net current assets
  
 
 
2,674,138
 
 
3,472,971

Total assets less current liabilities
  
4,165,891
3,565,409

Creditors: amounts falling due after more than one year
 19 
(79,167)
(133,333)

  

Net assets
  
4,086,724
3,432,076


Capital and reserves
  

Called up share capital 
 23 
30,000
30,000

Profit and loss account
 24 
4,056,724
3,402,076

  
4,086,724
3,432,076


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




H K Cannon
Director

Date: 8 April 2025

The notes on pages 20 to 38 form part of these financial statements.

Page 11

 
ISON MANAGEMENT LIMITED
REGISTERED NUMBER: 08567441

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 14 
45,664
40,994

Investments
 15 
1,221,563
51,444

  
1,267,227
92,438

Current assets
  

Debtors: amounts falling due within one year
 16 
8,432,588
6,860,323

Cash at bank and in hand
 17 
3,054,802
2,734,447

  
11,487,390
9,594,770

Creditors: amounts falling due within one year
 18 
(8,598,186)
(6,121,799)

Net current assets
  
 
 
2,889,204
 
 
3,472,971

Total assets less current liabilities
  
4,156,431
3,565,409

  

Creditors: amounts falling due after more than one year
 19 
(79,167)
(133,333)

  

Net assets
  
4,077,264
3,432,076


Capital and reserves
  

Called up share capital 
 23 
30,000
30,000

Profit and loss account
 24 
4,047,264
3,402,076

  
4,077,264
3,432,076


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


H K Cannon
Director

Date: 8 April 2025

The notes on pages 20 to 38 form part of these financial statements.

Page 12

 
ISON MANAGEMENT LIMITED
 

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


Called up share capital
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£

At 1 January 2024
30,000
3,402,076
3,432,076
3,432,076


Comprehensive income for the period

Profit for the period
-
654,648
654,648
654,648
Total comprehensive income for the period
-
654,648
654,648
654,648


At 31 December 2024
30,000
4,056,724
4,086,724
4,086,724


The notes on pages 20 to 38 form part of these financial statements.

Page 13

 
ISON MANAGEMENT LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 NOVEMBER 2023


Called up share capital
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£

At 1 December 2022
30,000
1,895,543
1,925,543
1,925,543


Comprehensive income for the year

Profit for the year
-
1,519,103
1,519,103
1,519,103
Total comprehensive income for the year
-
1,519,103
1,519,103
1,519,103


Contributions by and distributions to owners

Dividends: Equity capital
-
(12,570)
(12,570)
(12,570)


At 31 December 2023
30,000
3,402,076
3,432,076
3,432,076


The notes on pages 20 to 38 form part of these financial statements.

Page 14

 
ISON MANAGEMENT LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2024
30,000
3,402,076
3,432,076


Comprehensive income for the year

Profit for the period
-
645,188
645,188
Total comprehensive income for the period
-
645,188
645,188


At 31 December 2024
30,000
4,047,264
4,077,264


The notes on pages 20 to 38 form part of these financial statements.

Page 15

 
ISON MANAGEMENT LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 NOVEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 December 2022
30,000
1,895,543
1,925,543


Comprehensive income for the year

Profit for the year
-
1,519,103
1,519,103
Total comprehensive income for the year
-
1,519,103
1,519,103


Contributions by and distributions to owners

Dividends: Equity capital
-
(12,570)
(12,570)


Total transactions with owners
-
(12,570)
(12,570)


At 31 December 2023
30,000
3,402,076
3,432,076


The notes on pages 20 to 38 form part of these financial statements.

Page 16

 
ISON MANAGEMENT LIMITED
 

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

2024
2023
£
£

Cash flows from operating activities

Profit for the financial period
654,648
1,519,103

Adjustments for:

Amortisation of intangible assets
122,313
-

Depreciation of tangible assets
32,378
25,244

Interest paid
15,749
7,977

Interest received
(26,455)
(170)

Taxation charge
304,635
448,780

(Increase) in debtors
(2,304,463)
(2,045,929)

Increase in creditors
4,353,604
2,139,014

Corporation tax (paid)
(979,204)
(337,849)

Net cash generated from operating activities

2,173,205
1,756,170


Cash flows from investing activities

Purchase of tangible fixed assets
(37,048)
(11,122)

Purchase of fixed asset investments
(1,170,119)
-

Interest received
26,455
170

Net cash from investing activities

(1,180,712)
(10,952)
Page 17

 
ISON MANAGEMENT LIMITED
 

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


2024
2023

£
£



Cash flows from financing activities

Repayment of loans
(35,890)
(50,000)

Dividends paid
-
(12,570)

Interest paid
(15,749)
(7,977)

Net cash used in financing activities
(51,639)
(70,547)

Net increase in cash and cash equivalents
940,854
1,674,671

Cash and cash equivalents at beginning of period
2,734,447
1,059,776

Cash and cash equivalents at the end of period
3,675,301
2,734,447


Cash and cash equivalents at the end of period comprise:

Cash at bank and in hand
3,675,301
2,734,447

3,675,301
2,734,447


The notes on pages 20 to 38 form part of these financial statements.

Page 18

 
ISON MANAGEMENT LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 31 DECEMBER 2024





At 1 January 2024
Cash flows
Acquisition and disposal of subsidiaries
At 31 December 2024
£

£

£

£

Cash at bank and in hand

2,734,447

2,110,973

(1,170,119)

3,675,301

Debt due after 1 year

(133,333)

54,166

-

(79,167)

Debt due within 1 year

(54,320)

(24,224)

-

(78,544)


2,546,794
2,140,915
(1,170,119)
3,517,590

The notes on pages 20 to 38 form part of these financial statements.

Page 19

 
ISON MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

1.


General information

ISON Management Limited is a private company limited by shares incorporated in England and Wales.
The registered office is Helford House, Hook Heath Road, Woking, Surrey, England, GU22 0QE.
The principal activity of the Group continues to be that of travel management.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

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

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In the prior year, the financial statements presented information about the company as an individual undertaking and not about its group. In the prior year, the Company was exempt from the requirement to prepare consolidated financial statements as all of its subsidiaries were required to be excluded from consolidation by section 402 of the Companies Act 2006.

Page 20

 
ISON MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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

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

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

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Where the Group acts as agent, revenue represents amounts receivable from the sales of flights, visas and other travel related services supplied to customers net of VAT. Revenue is recognised at the point when an invoice is raised and when there is reasonable certainty that such transactions will be completed.
Where the Group acts as principal, revenue represents amounts receivable from the sale of tours organised by the Group, net of VAT. Revenue is recognised once the performance obligation arises under the contract, this is usually the date of departure for th tour. Deposits received from customers represent revenue expected to be recognised in future periods and are recorded as current liabilities.

 
2.5

Operating leases: the Group as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Interest income

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

Page 21

 
ISON MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.7

Finance costs

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

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

 
2.9

Pensions

Defined contribution pension plan

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

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

 
2.10

Current and deferred taxation

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

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

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

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


Page 22

 
ISON MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.11

Intangible assets

Goodwill

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

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
25%
Motor vehicles
-
25%
Fixtures and fittings
-
25%
Office equipment
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 23

 
ISON MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.13

Impairment of fixed assets and goodwill

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

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

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

 
2.17

Creditors

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

 
2.18

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.19

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Page 24

 
ISON MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.19
Financial instruments (continued)


Basic financial assets

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

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

Impairment of financial assets

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

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

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

Basic 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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the
Page 25

 
ISON MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.19
Financial instruments (continued)

effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

 
2.20

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Page 26

 
ISON MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

4.


Turnover

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


2024
2023
£
£

Sales
52,673,076
40,058,744

52,673,076
40,058,744


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
46,668,984
40,058,744

Rest of the world
6,004,092
-

52,673,076
40,058,744



5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
(125,458)
14,806

Other operating lease rentals
65,337
35,949


6.


Auditors' remuneration

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


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
27,500
10,000

Non-audit services
8,500
-

Page 27

 
ISON MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

7.


Employees

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


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


Wages and salaries
4,319,844
2,714,434
3,923,546
2,714,434

Social security costs
500,326
326,806
465,950
326,806

Cost of defined contribution scheme
46,920
24,323
46,327
24,323

4,867,090
3,065,563
4,435,823
3,065,563


The average monthly number of employees, including the directors, during the period was as follows:



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









Administrative & Management
69
42
65
42


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
68,686
60,520

68,686
60,520



9.


Interest receivable

2024
2023
£
£


Other interest receivable
26,455
170

26,455
170

Page 28

 
ISON MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
15,749
7,977

15,749
7,977


11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
300,254
468,463

Adjustments in respect of previous periods
-
(3,424)


300,254
465,039


Total current tax
300,254
465,039

Deferred tax


Origination and reversal of timing differences
4,381
(16,259)

Total deferred tax
4,381
(16,259)


304,635
448,780
Page 29

 
ISON MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
 
11.Taxation (continued)


Factors affecting tax charge for the period/year

The tax assessed for the period/year is the same as (2023 - the same as) the standard rate of corporation tax in the UK of 25% (2023 - 23.01%) as set out below:

2024
2023
£
£


Profit on ordinary activities before tax
959,283
1,967,883


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.01%)
239,821
452,810

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
-
1,447

Adjustments to tax charge in respect of prior periods
-
(3,424)

Fixed asset differences
16
(183)

Non-taxable income
-
(446)

Other differences leading to an increase (decrease) in the tax charge
64,798
-

Remeasurement of deferred tax for changes in tax rates
-
(1,293)

Adjustments to brought forward values
-
(131)

Total tax charge for the period/year
304,635
448,780


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


12.


Dividends

2024
2023
£
£


Dividends
-
12,570

-
12,570

Page 30

 
ISON MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

13.


Intangible assets

Group and Company





Goodwill

£



Cost


On acquisition of subsidiaries
1,223,132



At 31 December 2024

1,223,132



Amortisation


Charge for the period on owned assets
122,313



At 31 December 2024

122,313



Net book value



At 31 December 2024
1,100,819



At 31 December 2023
-



Page 31

 
ISON MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

14.


Tangible fixed assets

Group






Short-term leasehold property
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2024
-
71,965
8,241
31,020
111,226


Additions
-
-
-
37,048
37,048


Acquisition of subsidiary
9,957
19,557
8,133
80,662
118,309



At 31 December 2024

9,957
91,522
16,374
148,730
266,583



Depreciation


At 1 January 2024
-
43,479
3,248
23,505
70,232


Charge for the period on owned assets
6,294
34,124
1,682
85,422
127,522



At 31 December 2024

6,294
77,603
4,930
108,927
197,754



Net book value



At 31 December 2024
3,663
13,919
11,444
39,803
68,829



At 31 December 2023
-
28,486
4,993
7,515
40,994

Page 32

 
ISON MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

           14.Tangible fixed assets (continued)


Company






Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£

Cost or valuation


At 1 January 2024
71,965
8,241
31,020
111,226


Additions
-
-
37,048
37,048



At 31 December 2024

71,965
8,241
68,068
148,274



Depreciation


At 1 January 2024
43,479
3,248
23,505
70,232


Charge for the period on owned assets
17,992
1,682
12,704
32,378



At 31 December 2024

61,471
4,930
36,209
102,610



Net book value



At 31 December 2024
10,494
3,311
31,859
45,664



At 31 December 2023
28,486
4,993
7,515
40,994






Page 33

 
ISON MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

15.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2024
51,444


Additions
1,170,119



At 31 December 2024
1,221,563






Net book value



At 31 December 2024
1,221,563



At 31 December 2023
51,444


Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

ISON Travel Limited
Helford House, Hook Heath Road, Woking, United Kingdom, GU22 0QE
Ordinary
100%
Ison Travel, Inc.
1209 Orange Street, Wilmington, New Castle, 19801, United States
Ordinary
100%
Screen and Music Travel Limited
Colne House, High Street, Colnbrook, SL3 0LX
Ordinary
100%
Sport Arabia Limited
Down Laine The Broadway, Alfriston, Polegate, East Sussex, BN26 5XH
Ordinary C
25%

Page 34

 
ISON MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

16.


Debtors

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


Trade debtors
7,029,961
5,925,597
7,141,453
5,925,597

Amounts owed by group undertakings
-
-
68,521
-

Other debtors
2,020,560
841,460
1,121,931
841,460

Prepayments and accrued income
32,384
11,385
23,183
11,385

Tax recoverable
63,062
63,062
63,062
63,062

Deferred taxation
13,494
18,819
14,438
18,819

9,159,461
6,860,323
8,432,588
6,860,323



17.


Cash and cash equivalents

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

Cash at bank and in hand
3,675,301
2,734,447
3,054,802
2,734,447

3,675,301
2,734,447
3,054,802
2,734,447



18.


Creditors: Amounts falling due within one year

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

Bank loans
68,276
50,000
50,000
50,000

Trade creditors
6,685,335
4,487,998
5,435,058
4,487,998

Corporation tax
171,448
504,503
109,841
504,503

Other taxation and social security
197,622
79,375
182,655
79,375

Other creditors
2,789,180
955,230
2,789,180
955,230

Accruals and deferred income
248,763
44,693
31,452
44,693

10,160,624
6,121,799
8,598,186
6,121,799


HSBC UK Bank Plc holds a charge over the Company. This includes fixed and floating charges which covers all assets and undertaking of the company present and future. The charge contains a negative pledge.

Page 35

 
ISON MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

19.


Creditors: Amounts falling due after more than one year

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

Bank loans
79,167
133,333
79,167
133,333

79,167
133,333
79,167
133,333





20.


Loans


Analysis of the maturity of loans is given below:


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

Amounts falling due within one year

Bank loans
68,276
50,000
50,000
50,000


68,276
50,000
50,000
50,000


Amounts falling due 2-5 years

Bank loans
79,167
133,333
79,167
133,333


79,167
133,333
79,167
133,333


147,443
183,333
129,167
183,333



21.


Financial instruments

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

Financial assets

Financial assets measured at fair value through profit or loss
3,675,301
3,675,301
3,054,802
2,734,447




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.

Page 36

 
ISON MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

22.


Deferred taxation


Group





2024


£






At beginning of year
18,819


Charged to profit or loss
(5,325)



At end of year
13,494

Company




2024


£






At beginning of year
18,819


Charged to profit or loss
(4,381)



At end of year
14,438

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

Fixed asset timing differences
2,923
5,084
2,923
5,084

Short term timing differences
10,571
13,735
11,515
13,735

13,494
18,819
14,438
18,819


23.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



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


Page 37

 
ISON MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

24.


Reserves

Profit and loss account

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


25.


Pension commitments

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 £46,920 (2023: £24,323). Contributions totalling £10,268 (2023: £4,320) were payable to the fund at the reporting date and are included in creditors.


26.


Commitments under operating leases

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


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

Not later than 1 year
105,706
11,548
51,273
11,548

Later than 1 year and not later than 5 years
18,017
-
-
-

123,723
11,548
51,273
11,548


27.


Related party transactions

At the year end the Company was owed an amount of £871,379 (2023: £621,857) by the directors.
During the year, the Company traded at arms length with Sport Arabia Limited, the balance owed to the Company at the statement of financial position date is £737,909.
The Group has taken advantage of the exemption to not disclose related party transactions with companies that are wholly owned within the Group.


28.


Controlling party

The Group is controlled by the directors.

 
Page 38