REGISTERED NUMBER: 00986305 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

ICKENHAM TRAVEL GROUP LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

P W Reglar

Mrs J J Reglar

REGISTERED OFFICE:

7 Bell Yard

London

WC2A 2JR

REGISTERED NUMBER:

00986305 (England and Wales)

AUDITORS:

Lewis Brownlee (Chichester) Limited

Statutory Auditors

Appledram Barns

Birdham Road

Chichester

West Sussex

PO20 7EQ

FIXED ASSETS

Intangible assets

4

271,659

280,206

Tangible assets

5

6,433

5,208

Investments

6

-

100

278,092

285,514

CURRENT ASSETS

Debtors: amounts falling due within one year

7

4,837,258

5,418,676

Debtors: amounts falling due after more than one year

7

356,795

375,307

Cash at bank

932,799

1,113,710

6,126,852

6,907,693

CREDITORS

Amounts falling due within one year

8

6,586,435

7,466,194

NET CURRENT LIABILITIES

(459,583

)

(558,501

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(181,491

)

(272,987

)

CREDITORS

Amounts falling due after more than one year

9

1,170,026

1,141,030

NET LIABILITIES

(1,351,517

)

(1,414,017

)

CAPITAL AND RESERVES

Called up share capital

105,264

105,264

Share premium

294,736

294,736

Retained earnings

(1,751,517

)

(1,814,017

)

SHAREHOLDERS' FUNDS

(1,351,517

)

(1,414,017

)

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 September 2025 and were signed on its behalf by:

P W Reglar - Director

1.	STATUTORY INFORMATION

Ickenham Travel Group Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in Sterling (£), which is also the functional currency of the Company. Monetary amounts in these Financial Statements are rounded to the nearest £1.

Going concern

In assessing whether the financial statements should be prepared on a going concern basis, the directors have considered the future outlook of the company and in doing so have considered the operating results, cashflows and facilities available together with careful consideration to the current global unrest particularly in the company's key market destinations in the Middle East.

The directors are reviewing the future operating structure of the business and are anticipating a change to operational and security arrangements. The directors have prepared future forecasts with the budget demonstrating a modest but positive EBITDA together with positive cashflows during the 2025/26 year end. The directors have looked further out into the 2026/27 and 2027/28 year ends where activities are forecast to fall during the 2026/27 year end and then return to growth in the latter part of the 2027 calendar year, following a restructured model, with the medium term budget reporting positive EBITDA and cashflows.

All bookings continue to be held in a secure trust to provide further confidence to clients. The director loan will not be repaid until cashflow allows, and further cash amounts were added to support the cashflow during the current year demonstrating the director and shareholder continued commitment to the company.

Forecasted future cashflow allows for the ongoing budget to be achieved. In light of this the directors believe the company to have adequate resources to meet its liabilities and to operate as a going concern for a period of at least twelve months from the date of the approval of these financial statements. The directors therefore consider it appropriate to continue to adopt the going concern basis in the preparation of these financial statements. These financial statements do not reflect the adjustments to the carrying values of assets and liabilities and the reported expenses and balance sheet classifications that would be necessary if the company were unable to realise its assets and settle its liabilities as a going concern in the normal course of business. Such adjustments could be material.

Preparation of consolidated financial statements

The financial statements contain information about Ickenham Travel Group Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 402/405 of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover

Turnover, which comprises of the value of holidays, related services and marketing contributions, is recognised at the fair value of the consideration received or receivable in the normal course of business, in the financial year the customer commences their holiday and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover and the related cost of sales are recognised at the time of booking and deferred to the period in which the customer’s holiday commences.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development expenditure is recognised as an intangible asset when the company can demonstrate that the technical feasibility, and availability of adequate technical, financial and other resources, of completing the intangible asset is met, with the intention, and ability, to complete and use or sell it, and where the asset will generate probable future economic benefits. Capitalised development costs are amortised on a straight-line basis over their estimated useful economic life of 10 years but is only charged when the asset has been brought into use.

Tangible fixed assets

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life as follows:

Computer equipment

-

33% reducing balance

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

Impairment of fixed assets

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

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

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less accumulated impairment losses.

Financial instruments

Financial instruments are classified by the director as basic or advanced following the conditions in FRS 102 section 11. Basic financial instruments are recognised at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. The company has no advanced financial instruments.

Cash and cash equivalents

Cash at bank comprises of cash at bank and in hand and amounts held in a secure trust account.

The amounts included in the secure trust account were £650,874 (2024: £906,863). These funds relate to customer deposits held and are subject to specific restrictions on withdrawal. Funds are released when the customer departs on their holiday in order to ensure that customer funds are protected.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The critical judgements made by management that have a significant effect on the amounts recognised in the financial statements are described below.

Deferred tax asset

Management exercises significant judgement in assessing whether it is appropriate to recognise a deferred tax asset in respect of carried forward tax losses and other deductible temporary differences. Recognition is only made to the extent that it is considered probable that taxable profits will be available in the foreseeable future against which the deferred tax asset can be utilised.

In forming this judgement, the directors have considered the future profitability of the business. Budgets and forecasts prepared by management project a return to positive EBITDA, and the directors consider these forecasts to be reliable based on current market conditions, forward bookings, and the company’s operational strategy.

The recognition of the deferred tax asset is therefore based on the directors’ assessment that sufficient taxable profits will be generated in future periods to allow for the recovery of the asset. However, the actual outcome may differ due to unforeseen changes in trading performance.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2024 - 11 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 April 2024

1,662,439

Additions

55,386

At 31 March 2025

1,717,825

AMORTISATION

At 1 April 2024

1,382,233

Charge for year

63,933

At 31 March 2025

1,446,166

NET BOOK VALUE

At 31 March 2025

271,659

At 31 March 2024

280,206

5.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 April 2024

28,608

Additions

4,440

At 31 March 2025

33,048

DEPRECIATION

At 1 April 2024

23,400

Charge for year

3,215

At 31 March 2025

26,615

NET BOOK VALUE

At 31 March 2025

6,433

At 31 March 2024

5,208

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2024

100

Impairments

(100

)

At 31 March 2025

-

NET BOOK VALUE

At 31 March 2025

-

At 31 March 2024

100

7.

DEBTORS

2025

2024

£

£

Amounts falling due within one year:

Trade debtors

1,567,026

2,018,937

Other debtors

3,270,232

3,399,739

4,837,258

5,418,676

Amounts falling due after more than one year:

Other debtors

356,795

375,307

Aggregate amounts

5,194,053

5,793,983

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

15,841

62,500

Trade creditors

3,031,984

3,632,990

Taxation and social security

17,540

20,243

Other creditors

3,521,070

3,750,461

6,586,435

7,466,194

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans

-

17,427

Other creditors

1,170,026

1,123,603

1,170,026

1,141,030

The bank loan was received under the Coronavirus Business Interruption Loan Scheme (CBILS). Interest is charged at 3.31% per annum. The loan is repayable in 48 monthly repayments, ending July 2025. A partial guarantee of £200,000 has been provided by the UK Government.

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Sam Ede BFP FCA FCCA (Senior Statutory Auditor)

for and on behalf of Lewis Brownlee (Chichester) Limited

11.	RELATED PARTY DISCLOSURES

Transactions with a shareholder and former director

Included within other debtors is an amount of £12,650 (2024 - £20,150) due from a shareholder and former director of the company which is interest free and repayable on demand.

Transactions with a director and shareholder

Included within creditors, due after more than one year, is an amount of £1,170,026 (2024 - 1,123,603) due to a director and shareholder. Interest on the loan at 5% was waived during the current year (2024 - interest at 5% was charged during the year). During the current year, £133,390 of the loan was released in relation to the interest charged in the prior two years and a further £147,000 of the loan capital was also released.