Expat Explore Travel Ltd Group accounts (Group and Company)

COMPANY REGISTRATION NUMBER: 07728519

Expat Explore Travel Ltd

Financial Statements

31 December 2024

Expat Explore Travel Ltd

Financial Statements

Year ended 31 December 2024

Contents	Page

Strategic report	1

Directors' report	3

Independent auditor's report to the members	5

Consolidated statement of comprehensive income	9

Consolidated statement of financial position	10

Company statement of financial position	11

Consolidated statement of changes in equity	12

Company statement of changes in equity	13

Consolidated statement of cash flows	14

Notes to the financial statements	15

Expat Explore Travel Ltd

Strategic Report

Year ended 31 December 2024

The directors present their strategic report for the period ended 31 December 2024 below. Business Review The 2024 financial year was a transitional year for the company. Following the strategic spin-off of our B2B business into a separate company, there was a corresponding reduction in both revenue and cost of sales in the current year compared to 2023. Turnover decreased to £26.5 million (2023: £31.3 million), while cost of sales fell to £20.5 million (2023: £23.6 million). As a result, gross profit reduced to £6.1 million (2023: £7.7 million). Administrative expenses increased to £5.5 million (2023: £5.1 million), reflecting our continued investment in new projects and initiatives designed to support long-term growth. Notably, 2024 saw significant preparatory work for our new Rail Tour product, RailRocker, which is scheduled to launch in 2025. Operating profit fell to £0.65 million (2023: £2.65 million), and profit before taxation was £0.65 million (2023: £2.66 million). After taxation, profit for the year was £0.46 million (2023: £2.03 million). Despite lower profitability, the company remains in a robust financial position with net assets of £2.45 million (2023: £2.68 million) and strong liquidity.

Key Performance Indicators KPI 2024 2023 Gross profit margin 22.8% 24.6% Current ratio 1.42 1.53 - The gross profit margin declined to 22.8%, primarily due to supplier cost increases that outpaced expectations following the post-COVID recovery of the travel industry. - Current ratio remained healthy at 1.42, indicating that the company continues to be well placed to meet its short-term obligations.

Principal Risks and Uncertainties The company operates in a dynamic and often challenging environment. Principal risks and uncertainties facing the business include: - Geopolitical Risks: Political instability and tensions in certain regions continue to impact sales to and from affected markets. The company actively monitors developments and adjusts its market strategies accordingly. - Foreign Exchange Risk: Volatility in exchange rates can affect both cost of sales and demand from international customers. The company mitigates this risk in part through pricing strategies and financial hedging instruments. - Macroeconomic Environment: Broader economic conditions, including changes in interest rates and consumer confidence, can impact demand for travel products. The directors have considered these risks and continue to monitor them closely. Where possible, mitigation strategies are employed to reduce their potential impact. Taking these risks into account, the directors remain satisfied that the financial statements should continue to be prepared on a going concern basis.

Future Plans The company's strategy for 2025 focuses on stabilising the core business post spin-off and delivering growth through innovation. The primary strategic initiative for 2025 will be the launch of RailRocker, a new rail-based tour product designed to expand our offering and capture new market segments. Management remains committed to investing in technology, customer experience, and operational efficiency to support sustainable growth. Cost control will continue to be a priority, balanced with the need to fund strategic initiatives that secure the company's long-term success.

This report was approved by the board of directors on 30 July 2025 and signed on behalf of the board by:

J H Maritz

Director

Registered office:

10 Merryweather Place

London

United Kingdom

SE10 8BN

Expat Explore Travel Ltd

Directors' Report

Year ended 31 December 2024

The directors present their report and the financial statements of the group for the year ended 31 December 2024 .

Directors

The directors who served the company during the year were as follows:

J H Maritz
C J F Cronje

Dividends

Particulars of recommended dividends are detailed in note 12 to the financial statements.

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 the company and the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.

This report was approved by the board of directors on 30 July 2025 and signed on behalf of the board by:

J H Maritz

Director

Registered office:

10 Merryweather Place

London

United Kingdom

SE10 8BN

Expat Explore Travel Ltd

Independent Auditor's Report to the Members of Expat Explore Travel Ltd

Year ended 31 December 2024

Opinion

We have audited the financial statements of Expat Explore Travel Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 auditor's 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 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.

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. 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. In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.

Responsibilities of directors

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

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have considered; the nature of the industry, control environment and business performance with particular reference to the Company's policies for deferring income. We also consider the results of our enquiries of management, relating to their own identification and assessment of the risks of irregularities and possible related fraud. This includes reviewing available documentation on their policies and procedures and performing tests of controls to evidence their effectiveness. Throughout the audit testing we are considering the incentives that may exist within the organisation for fraud. Key areas include timing of recognising income around the year end, posting of unusual journals and manipulating the Company's performance measures to meet remuneration targets and bank covenants. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We ensure we have an understanding of the relevant laws and regulations and remain alert to possible non-compliance throughout the audit. Despite proper planning and audit work in accordance with auditing standards there are inherent limitations and unavoidable risk that we may not detect some irregularities and material misstatements in the financial statements. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. 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. 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.

Colin Reid

(Senior Statutory Auditor)

For and on behalf of

Burgess Hodgson Audit Limited

Chartered accountants & statutory auditor

Camburgh House

27 New Dover Road

Canterbury

Kent

CT1 3DN

31 July 2025

Expat Explore Travel Ltd

Consolidated Statement of Comprehensive Income

Year ended 31 December 2024

		2024	2023
Note		£	£
Turnover	4	26,541,212	31,285,445

Cost of sales	20,484,284	23,584,132
	-------------	-------------
Gross profit	6,056,928	7,701,313

Distribution costs		2,180	5,215
Administrative expenses		5,489,337	5,059,057
Other operating income	5	86,322	13,531
		------------	------------
Operating profit	6	651,733	2,650,572

Other interest receivable and similar income	9	7,921	11,509
Interest payable and similar expenses	10	11,294	4,866
		------------	------------
Profit before taxation		648,360	2,657,215

Tax on profit	11	186,122	624,218
		---------	------------
Profit for the financial year		462,238	2,032,997
		---------	------------

Foreign currency retranslation	( 580)	13
	---------	------------
Total comprehensive income for the year	461,658	2,033,010
	---------	------------

All the activities of the group are from continuing operations.

Expat Explore Travel Ltd

Consolidated Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Intangible assets	13	187,917	199,572
Tangible assets	14	40,606	47,139
		---------	---------
		228,523	246,711

Current assets

Debtors	16	4,886,355	4,015,919
Cash at bank and in hand		2,742,142	3,060,863
		------------	------------
		7,628,497	7,076,782

Creditors: amounts falling due within one year	17	5,354,681		4,639,695
		------------		------------
Net current assets			2,273,816	2,437,087
			------------	------------
Total assets less current liabilities			2,502,339	2,683,798

Provisions	18	56,883	–
		------------	------------
Net assets		2,445,456	2,683,798
		------------	------------

Capital and reserves

Called up share capital	21	30,000	30,000
Profit and loss account		2,415,456	2,653,798
		------------	------------
Shareholders funds		2,445,456	2,683,798
		------------	------------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.

These financial statements were approved by the board of directors and authorised for issue on 30 July 2025 , and are signed on behalf of the board by:

J H Maritz

Director

Company registration number: 07728519

Expat Explore Travel Ltd

Company Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Intangible assets	13	187,917	199,572
Tangible assets	14	40,606	47,139
		---------	---------
		228,523	246,711

Current assets

Debtors	16	4,856,185	4,016,326
Cash at bank and in hand		2,741,228	3,060,863
		------------	------------
		7,597,413	7,077,189

Creditors: amounts falling due within one year	17	5,326,813		4,639,695
		------------		------------
Net current assets			2,270,600	2,437,494
			------------	------------
Total assets less current liabilities			2,499,123	2,684,205

Provisions	18	56,883	–
		------------	------------
Net assets		2,442,240	2,684,205
		------------	------------

Capital and reserves

Called up share capital	21	30,000	30,000
Profit and loss account		2,412,240	2,654,205
		------------	------------
Shareholders funds		2,442,240	2,684,205
		------------	------------

The profit for the financial year of the parent company was £ 458,035 (2023: £ 2,033,417 ).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.

These financial statements were approved by the board of directors and authorised for issue on 30 July 2025 , and are signed on behalf of the board by:

J H Maritz

Director

Company registration number: 07728519

Expat Explore Travel Ltd

Consolidated Statement of Changes in Equity

Year ended 31 December 2024

			Called up share capital	Profit and loss account	Total
			£	£	£
At 1 January 2023			30,000	1,220,788	1,250,788

Profit for the year				2,032,997	2,032,997
Other comprehensive income for the year:
	Foreign currency retranslation		–	13	13
			--------	------------	------------
Total comprehensive income for the year			–	2,033,010	2,033,010

Dividends paid and payable		12	–	( 600,000)	( 600,000)
			--------	------------	------------
Total investments by and distributions to owners			–	( 600,000)	( 600,000)

At 31 December 2023			30,000	2,653,798	2,683,798

Profit for the year				462,238	462,238
Other comprehensive income for the year:
	Foreign currency retranslation		–	( 580)	( 580)
			--------	------------	------------
Total comprehensive income for the year			–	461,658	461,658

Dividends paid and payable		12	–	( 700,000)	( 700,000)
			----	---------	---------
Total investments by and distributions to owners			–	( 700,000)	( 700,000)

			--------	------------	------------
At 31 December 2024			30,000	2,415,456	2,445,456
			--------	------------	------------

Expat Explore Travel Ltd

Company Statement of Changes in Equity

Year ended 31 December 2024

		Called up share capital	Profit and loss account	Total
		£	£	£
At 1 January 2023		30,000	1,220,788	1,250,788

Profit for the year			2,033,417	2,033,417
		--------	------------	------------
Total comprehensive income for the year		–	2,033,417	2,033,417

Dividends paid and payable	12	–	( 600,000)	( 600,000)
		--------	------------	------------
Total investments by and distributions to owners		–	( 600,000)	( 600,000)

At 31 December 2023		30,000	2,654,205	2,684,205

Profit for the year			458,035	458,035
		--------	------------	------------
Total comprehensive income for the year		–	458,035	458,035

Dividends paid and payable	12	–	( 700,000)	( 700,000)
		----	---------	---------
Total investments by and distributions to owners		–	( 700,000)	( 700,000)

		--------	------------	------------
At 31 December 2024		30,000	2,412,240	2,442,240
		--------	------------	------------

Expat Explore Travel Ltd

Consolidated Statement of Cash Flows

Year ended 31 December 2024

	2024	2023
	£	£

Cash flows from operating activities

Profit for the financial year	462,238	2,032,997

Adjustments for:
Depreciation of tangible assets	14,096	13,214
Amortisation of intangible assets	49,769	44,802
Other interest receivable and similar income	( 7,921)	( 11,509)
Interest payable and similar expenses	11,294	4,866
Tax on profit	186,122	624,218
Accrued expenses/(income)	240,357	( 518,639)

Changes in:
Trade and other debtors	( 973,420)	( 671,577)
Trade and other creditors	1,262,529	( 6,624)
	------------	------------
Cash generated from operations	1,245,064	1,511,748

Interest paid	( 11,294)	( 4,866)
Interest received	7,921	11,509
Tax paid	( 492,675)	( 501,514)
	------------	------------
Net cash from operating activities	749,016	1,016,877
	------------	------------

Cash flows from investing activities

Purchase of tangible assets	( 7,563)	–
Purchase of intangible assets	( 38,114)	( 244,374)
	------------	------------
Net cash used in investing activities	( 45,677)	( 244,374)
	------------	------------

Cash flows from financing activities

Proceeds from borrowings	( 321,480)	( 301,547)
Dividends paid	( 700,000)	( 600,000)
	------------	------------
Net cash used in financing activities	( 1,021,480)	( 901,547)
	------------	------------

Net decrease in cash and cash equivalents	( 318,141)	( 129,044)
Cash and cash equivalents at beginning of year	3,060,863	3,189,894
Exchange (losses)/gains on cash and cash equivalents	( 580)	13
	------------	------------
Cash and cash equivalents at end of year	2,742,142	3,060,863
	------------	------------

Expat Explore Travel Ltd

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is 10 Merryweather Place, London, United Kingdom, SE10 8BN.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Disclosure exemptions

The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102: (a) No cash flow statement has been presented for the company.

Consolidation

The financial statements consolidate the financial statements of Expat Explore Travel Ltd and all of its subsidiary undertakings.

The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.

The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Revenue recognition A key judgment is to decide at what point revenue becomes recognisable. The directors have considered the industry standard and requirements of regulators in coming to a conclusion on the point of recognition.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for tours and other travel services rendered, stated net of discounts and of Value Added Tax. Revenue from the rendering of services above is recognised at the point of tour departure. Monies received by the end of the financial period relating to tours departing after the period end are included within current liabilities as revenue received in advance. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Goodwill	-	20% straight line
Software development	-	20% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures and fittings	-	20% straight line
Motor vehicles	-	25% straight line
Equipment	-	25% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Turnover

Turnover arises from:

	2024	2023
	£	£
Rendering of services	26,541,212	31,285,445
	-------------	-------------

5. Other operating income

	2024	2023
	£	£
Commission receivable	85,239	13,592
Other operating income	1,083	( 61)
	--------	--------
	86,322	13,531
	--------	--------

6. Operating profit

Operating profit or loss is stated after charging:

	2024	2023
	£	£
Amortisation of intangible assets	49,769	44,802
Depreciation of tangible assets	14,096	13,214
Impairment of trade debtors	21,369	–
Foreign exchange differences	96,364	135,683
	--------	---------

7. Auditor's remuneration

	2024	2023
	£	£
Fees payable for the audit of the financial statements	16,000	10,190
	--------	--------

Fees payable to the company's auditor and its associates for other services:

Other non-audit services	9,705	9,395
	--------	--------

During the year, the company's auditor changed from Burgess Hodgson LLP to Burgess Hodgson Audit Limited following a change in legal structure of the audit firm. The responsible individual remains the same.

8. Staff costs

The average number of persons employed by the group during the year, including the directors, amounted to:

	2024	2023
	No.	No.
Production staff	22	15
Administrative staff	4	3
Management staff	2	2
	----	----
	28	20
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2024	2023
	£	£
Wages and salaries	1,970,144	1,850,385
Other pension costs	18,762	14,061
	------------	------------
	1,988,906	1,864,446
	------------	------------

9. Other interest receivable and similar income

	2024	2023
	£	£
Interest on cash and cash equivalents	7,921	11,509
	-------	--------

10. Interest payable and similar expenses

	2024	2023
	£	£
Interest on banks loans and overdrafts	390	4,866
Other interest payable and similar charges	10,904	–
	--------	-------
	11,294	4,866
	--------	-------

11. Tax on profit

Major components of tax expense

	2024	2023
	£	£

Current tax:

UK current tax expense	155,197	627,979
Adjustments in respect of prior periods	( 46,416)	( 3,761)
	---------	---------
Total UK current tax	108,781	624,218

Foreign current tax expense	20,458	–
	---------	---------
Total current tax	129,239	624,218
	---------	---------

Deferred tax:

Origination and reversal of timing differences	56,883	–
	---------	---------
Tax on profit	186,122	624,218
	---------	---------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is higher than (2023: lower than) the standard rate of corporation tax in the UK of 25 % (2023: 23.52 %).

	2024	2023
	£	£
Profit on ordinary activities before taxation	648,360	2,657,215
	---------	------------
Profit on ordinary activities by rate of tax	162,089	625,090
Adjustment to tax charge in respect of prior periods	( 46,416)	( 3,761)
Effect of expenses not deductible for tax purposes	2,933	368
Effect of capital allowances and depreciation	60,626	2,521
Effect of foreign tax rates on foreign income and distributions from profits	6,890	–
	---------	------------
Tax on profit	186,122	624,218
	---------	------------

12. Dividends

	2024	2023
	£	£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )	700,000	600,000
	---------	---------

13. Intangible assets

Group and company	Software development
	£
Cost
At 1 January 2024	244,374
Additions	38,114
	---------
At 31 December 2024	282,488
	---------
Amortisation
At 1 January 2024	44,802
Charge for the year	49,769
	---------
At 31 December 2024	94,571
	---------
Carrying amount
At 31 December 2024	187,917
	---------
At 31 December 2023	199,572
	---------

14. Tangible assets

Group and company	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 January 2024	65,654	2,987	63,156	131,797
Additions	7,563	–	–	7,563
	--------	-------	--------	---------
At 31 December 2024	73,217	2,987	63,156	139,360
	--------	-------	--------	---------
Depreciation
At 1 January 2024	18,723	2,987	62,948	84,658
Charge for the year	14,013	–	83	14,096
	--------	-------	--------	---------
At 31 December 2024	32,736	2,987	63,031	98,754
	--------	-------	--------	---------
Carrying amount
At 31 December 2024	40,481	–	125	40,606
	--------	-------	--------	---------
At 31 December 2023	46,931	–	208	47,139
	--------	-------	--------	---------

15. Investments

Subsidiaries

Expat Explore Travel Ltd owns 100% of the share capital of ExploTrav Services (Proprietary) Ltd, a company incorporated in South Africa.

16. Debtors

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Trade debtors	366,212	1,102,883	336,323	1,102,883
Prepayments and accrued income	638,321	264,486	638,321	264,486
Corporation tax repayable	184,803	–	184,803	–
Directors loan account	262,228	–	262,228	–
Other debtors	3,434,791	2,648,550	3,434,510	2,648,957
	------------	------------	------------	------------
	4,886,355	4,015,919	4,856,185	4,016,326
	------------	------------	------------	------------

17. Creditors: amounts falling due within one year

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Trade creditors	426,945	729,338	426,945	729,338
Accruals and deferred income	3,312,559	3,175,186	3,312,559	3,175,186
Corporation tax	14,543	377,979	–	377,979
Social security and other taxes	115,741	34,111	102,416	34,111
Director loan accounts	–	321,480	–	321,480
Other creditors	1,484,893	1,601	1,484,893	1,601
	------------	------------	------------	------------
	5,354,681	4,639,695	5,326,813	4,639,695
	------------	------------	------------	------------

18. Provisions

Group and company	Deferred tax (note 19)
	£
At 1 January 2024	–
Additions	56,883
	--------
At 31 December 2024	56,883
	--------

19. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Included in provisions (note 18)	56,883	–	56,883	–
	--------	----	--------	----

The deferred tax account consists of the tax effect of timing differences in respect of:

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Accelerated capital allowances	56,883	–	56,883	–
	--------	----	--------	----

20. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 18,762 (2023: £ 14,061 ).

21. Called up share capital

Issued, called up and fully paid

	2024		2023
	No.	£	No.	£
Ordinary shares of £ 1 each	30,000	30,000	30,000	30,000
	--------	--------	--------	--------

22. Analysis of changes in net debt

	At 1 Jan 2024	Cash flows	At 31 Dec 2024
	£	£	£
Cash at bank and in hand	3,060,863	(318,721)	2,742,142
Debt due within one year	(321,480)	321,480	–
	------------	---------	------------
	2,739,383	2,759	2,742,142
	------------	---------	------------

23. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Not later than 1 year	65,160	65,160	65,160	65,160
Later than 1 year and not later than 5 years	124,890	190,050	124,890	190,050
	---------	---------	---------	---------
	190,050	255,210	190,050	255,210
	---------	---------	---------	---------

Expat Explore Travel Ltd

Notes to the Financial Statements (continued)

Year ended 31 December 2024

24. Directors' advances, credits and guarantees

At the period end the directors owed the company £262,228. (2023: At the period end the company owed the directors £321,480.) During the period the company made advances to the directors of £962,228 (2023: £278,520) and the directors made repayments of £700,000 (2023: £278,520). There was no interest charged on these loans.

25. Related party transactions

Group

During the period the group paid £353,408 (2023: £nil) in respect of paid employee services provided by companies associated by common control. During the period the group paid £1,258,726 (2023: £258,752) in respect of administrative services provided by companies associated by common control. During the period the group paid £3,701,829 (2023: £4,826,848) in respect of other services provided by companies associated by common control. During the period the group received £360,510 (2023: £355,000) in respect of administrative services rendered to companies associated by common control. During the period the group received £947,958 (2023: £nil) in respect of other services rendered to companies associated by common control. At the period end the group owed £1,463,602 (2023: £10,592) to companies associated by common control. At the period end the group was due £1,853,942 (2023: £nil) from companies associated by common control.

Company

During the period dividends of £700,000 were paid to the directors of the company (2023: £600,000). During the period the company paid £353,408 (2023: £nil) in respect of paid employee services provided by companies associated by common control. During the period the company paid £1,258,726 (2023: £258,752) in respect of administrative services provided by companies associated by common control. During the period the company paid £3,701,829 (2023: £4,826,441) in respect of other services provided by companies associated by common control. During the period the company received £305,000 (2023: £355,000) in respect of administrative services rendered to companies associated by common control. During the period the company received £947,958 (2023: £nil) in respect of other services rendered to companies associated by common control. At the period end the company owed £1,463,602 (2023: £10,185) to companies associated by common control. At the period end the company was due £1,795,419 (2023: £nil) from companies associated by common control.