ACCOUNTS - Final Accounts

Operating profit

The operating profit is stated after charging:

Registered number: 03385363

EXSUS TRAVEL LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

EXSUS TRAVEL LIMITED

COMPANY INFORMATION

Directors	G Rooney
	H Rehman


Registered number	03385363


Registered office	Studio 5
	3rd Floor Mirror Works
	12 Marshgate Lane
	London
	E15 2NH


Independent auditors	Xeinadin Audit Limited
	Chartered Accountants & Statutory Auditor
	8th Floor
	Becket House
	36 Old Jewry
	London
	EC2R 8DD

EXSUS TRAVEL LIMITED

CONTENTS

	Page
Strategic Report	1 - 3
Directors' Report	4 - 5
Independent Auditors' Report	6 - 9
Statement of Comprehensive Income	10
Statement of Financial Position	11 - 12
Statement of Changes in Equity	13 - 14
Statement of Cash Flows	15
Notes to the Financial Statements	16 - 30

EXSUS TRAVEL LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction

The directors at Exsus Travel saw a steady performance in the year and presented the financial statements as of December 31st 2024.

Business review

The company generated £14.1M in Revenue during the year (2023: £13.9M).
Despite the global environment showing signs of instability, Exsus Travel has demonstrated remarkable resilience.
In 2024 we invested heavily in putting a strong team together in Sales, Operations and After Sales/Concierge. We also invested in supporting the trade with lots of events, fam trips, webinars and with their own marketing efforts.
There has been several new contracts with suppliers that have given us a competitive edge and also the ability to quote a lot faster to our clients and agents. This has resulted in many more agents wanting to sign with and work with Exsus as our reputation for quick turnaround and competitive pricing grows in the industry.
This has led to impressive growth in 2025, in the first 5 months of this year we have seen over 20% growth in every month so far.
Despite the fact we invested heavily in 2024 we still managed to make a small profit despite the fact sales were only marginally higher.
There has been strict control over expenses in 2025, no new hires unless someone leaves, and no new brochures planned which are the biggest expense after salaries. As a result, costs have remained flatly the same as last year but with significant growth in both sales and margin which gives us a lot of confidence in 2025.
Likewise, cashflow in 2025 has significantly improved and continues to improve and furthermore, the owner of the business will be providing a further £250,000 in mid-July or earlier which will further improve liquidity.
Exsus has been a finalist for several awards in the past year, Travel Bulletin, Travel Gossip, Aspire to name a few.

Page 1

EXSUS TRAVEL LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Principal risks and uncertainties

The conflict in the Middle East and the hardline stance against immigration in the US has had some minor impact in seeing less enquiries for places like Egypt or USA but neither form a major part of our business.
We have also seen increased enquiries in other regions, mainly Europe (Greece and Spain) and Asia (Thailand, Vietnam and Japan). Our European sales volume continues to be strong, so even though the war in Ukraine is a global risk factor, the effect on our activity is still minimal.
Regulatory Risk
We successfully renewed our ATOL and ABTA licenses, which allowed us to continue trading with the backing of the leading travel regulators in the UK. We hold ATOL Number 5126 and ABTA Membership numbers (Y6561). We are also an IATA accredited travel agent, and our IATA number is 91260341.
External Risks Include
Geographical situations like those mentioned in the Middle East and Ukraine, terrorism, military uprisings, diseases, acts of nature, and extreme weather. The destinations we offer our clients are constantly vetted for possible risks, and we consider the advice of the UK’s Foreign & Commonwealth Office (FCDO) for all destinations in our portfolio. Because we offer nearly all destinations worldwide, our portfolio has sufficient options for our clients.
Operational Risk
Exsus Travel currently has robust systems and processes in place. We prioritize staff training, especially familiarisation trips and the strength of our client and supplier relationships helps us limit the business's operational risks. Our customer satisfaction levels, conversation rates, and service quality continue to be a valued asset.
Foreign Exchange Risk
We manage our foreign currency requirements very closely and follow a prudent hedging strategy, principally through forward foreign exchange contracts, designed to protect our clients from surcharging and ourselves from adverse currency movements. In 2024, we managed the very high volatility in the currency markets.

Financial key performance indicators

We closely manage our gross profit, operational expenses, and cash flow during the period. There has been a significant investment in Trade Marketing in 2024 compared to 2023, which has proven beneficial in revenue generation in 2025. Our staff costs have also risen because we are positioning ourselves for growth and therefore had to recruit the relevant talents to support the trajectory strategically. The rest of the KPIs used during the year are as follows:
Revenue: £14,136,547 (2023: £13,911,868)
Gross Profit: £1,796,340 (2023: £1,781,858)
Gross Margin Percentage: 12.7% (2023: 12.8%)

Page 2

EXSUS TRAVEL LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

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

H Rehman

Director

Date: 30 June 2025

Page 3

EXSUS TRAVEL LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

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

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the 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 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 of the profit or loss of the Company for that period.

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

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

∙make judgements 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 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 to 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.

Results and dividends

The profit for the year, after taxation, amounted to £25,547 (2023 - £176,314).

There were no dividends paid during the year (2023: £nil).

Directors

The directors who served during the year were:

G Rooney

H Rehman

Future developments

The future developments of the Company have been discussed in the Strategic Report.

Page 4

EXSUS TRAVEL LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR 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'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's auditors are aware of that information.

Post balance sheet events

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

Auditors

The auditors, Xeinadin Audit Limited, will 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 Rehman

Director

Date: 30 June 2025

Page 5

EXSUS TRAVEL LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EXSUS TRAVEL LIMITED

Opinion

We have audited the financial statements of Exsus Travel Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity 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 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 Company's affairs as at 31 December 2024 and of its profit for the year 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 Company 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 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 6

EXSUS TRAVEL LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EXSUS TRAVEL 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 Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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 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 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, or returns adequate for our audit have not been received from branches not visited by us; or

∙the 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 set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Page 7

EXSUS TRAVEL LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EXSUS TRAVEL 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 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;

∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;

∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

The potential effect of these laws and regulations on the financial statements varies considerably.
Firstly, the Company 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 Company is subject to many other laws and regulations where the consequence of noncompliance 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 Company’s license to operate. We identified the following areas as those most likely to have such an effect: ABTA, ATOL and IATA compliance recognising the nature of the Company’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

EXSUS TRAVEL LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EXSUS TRAVEL 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 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 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.

Yasin Khandwalla FCCA (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

30 June 2025

Page 9

EXSUS TRAVEL LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024

	2024	2023
	£	£


Turnover	4	14,136,547	13,911,868
Cost of sales		(12,340,207)	(12,130,011)
Gross profit		1,796,340	1,781,857
Administrative expenses		(1,920,415)	(1,688,412)
Other operating income	5	135,100	45,277
Operating profit	6	11,025	138,722
Interest receivable and similar income	9	616	77
Interest payable and similar expenses	10	(2,030)	(11,970)
Profit before tax		9,611	126,829
Tax on profit		15,936	49,485
Profit for the financial year		25,547	176,314

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

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

The notes on pages 16 to 30 form part of these financial statements.

Page 10

EXSUS TRAVEL LIMITED

REGISTERED NUMBER: 03385363

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Tangible assets	12		14,235		17,008
Current assets
Debtors: amounts falling due after more than one year	13	36,113		5,386
Debtors: amounts falling due within one year	13	5,235,687		4,849,686
Cash at bank and in hand	14	232,307		598,429
		5,504,107		5,453,501
Creditors: amounts falling due within one year	15	(3,522,816)		(3,825,444)
Net current assets			1,981,291		1,628,057
Total assets less current liabilities			1,995,526		1,645,065
Creditors: amounts falling due after more than one year	16		(1,574,670)		(1,233,703)
Provisions for liabilities
Deferred tax		94,532		78,479
Net assets			515,388		489,841

Page 11

EXSUS TRAVEL LIMITED

REGISTERED NUMBER: 03385363

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Capital and reserves
Called up share capital	19	3,989,203	3,989,203
Share premium account		892,120	892,120
Profit and loss account		(4,365,935)	(4,391,482)
		515,388	489,841

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

H Rehman

Director

Date: 30 June 2025

The notes on pages 16 to 30 form part of these financial statements.

Page 12

EXSUS TRAVEL LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Share premium account	Profit and loss account	Total equity
	£	£	£	£
At 1 January 2024	3,989,203	892,120	(4,391,482)	489,841
Comprehensive income for the year
Profit for the year	-	-	25,547	25,547
Total comprehensive income for the year	-	-	25,547	25,547
At 31 December 2024	3,989,203	892,120	(4,365,935)	515,388

The notes on pages 16 to 30 form part of these financial statements.

Page 13

EXSUS TRAVEL LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2023

	Called up share capital	Share premium account	Profit and loss account	Total equity
	£	£	£	£
At 1 January 2023	3,989,203	892,120	(4,567,796)	313,527
Comprehensive income for the year
Profit for the year	-	-	176,314	176,314
Total comprehensive income for the year	-	-	176,314	176,314
At 31 December 2023	3,989,203	892,120	(4,391,482)	489,841

The notes on pages 16 to 30 form part of these financial statements.

Page 14

EXSUS TRAVEL LIMITED

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2024

			2024	2023
			£	£

Cash flows from operating activities
Profit for the financial year	25,547	176,314
Adjustments for:
Depreciation of tangible assets	7,553	6,474
Interest paid	2,030	11,970
Interest received	(616)	(77)
Taxation charge	(15,936)	(49,485)
(Increase)/decrease in debtors	(302,728)	84,629
(Increase)/decrease in amounts owed by connected companies	(114,000)	83,739
(Decrease)/increase in creditors	(251,778)	381,478
Net cash generated from operating activities	(649,928)	695,042

Cash flows from investing activities
Purchase of tangible fixed assets	(4,780)	(5,745)
Interest received	616	77
Net cash from investing activities	(4,164)	(5,668)
Cash flows from financing activities
Repayment of bank loans	(10,000)	(136,687)
Other loans	300,000	-
Interest paid	(2,030)	(11,970)
Net cash used in financing activities	287,970	(148,657)
Net (decrease)/increase in cash and cash equivalents	(366,122)	540,717
Cash and cash equivalents at beginning of year	598,429	57,712
Cash and cash equivalents at the end of year	232,307	598,429

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	232,307	598,429
	232,307	598,429

The notes on pages 16 to 30 form part of these financial statements.

Page 15

EXSUS TRAVEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

Exsus Travel Limited is a private limited company incorporated in England and Wales under the Companies Act 2006 and limited by shares. The address of the registered office and principal place of business is detailed on the Company information page of these financial statements.
The principal activity of the Company continued to be that of a tour operator.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

2.2

Going concern

The Company’s forecasts and projections show that the company is expected to have adequate funding to meet its operational working capital requirements for the foreseeable future. The ultimate controlling party has provided the necessary financial support to the company to ensure that it meets its liabilities and obligations as and when they fall due and has confirmed his agreement to continue doing so for a period of at least 12 months from the date of these financial statements.

2.3

Revenue

Revenue represents amounts receivable from the sale of tours and other services supplied to customers net of VAT and arising primarily in the UK. Revenue relating to tours are taken to the profit and loss account on a departure date basis. The related costs of distribution and of providing the holidays and flights are charged to the profit and loss account on the same basis.

2.4

Operating leases: the Company 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.

2.5

Interest income

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

2.6

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.

Page 16

EXSUS TRAVEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Company in independently administered funds.

2.8

Current and deferred taxation

The tax expense for the year 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 operates and generates 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; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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.

2.9

Advanced payments and receipts

All revenue received relating to bookings that depart after the balance sheet date is treated as advance receipts and is seperately disclosed under accruals and deferred income.
Payments made to suppliers relating to bookings that depart after the balance sheet date are treated as advance payments and are seperately disclosed under prepayments and accrued income.

Page 17

EXSUS TRAVEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.10

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:

				Fixtures and fittings	-	25%	Straight-line method
				Office equipment	-	25%	Straight-line method

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.

2.11

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.

2.12

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 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 Company's cash management.

2.13

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.

Page 18

EXSUS TRAVEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.14

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.

Page 19

EXSUS TRAVEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.15

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts, debtors and creditors.

3.	Judgements in applying accounting policies 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 recognised to be relevant. Actual results may differ from these estimates. Such estimations include:
Depreciation
The annual depreciation charge for tangible assets is sensitive due to the material nature of the value of fixed assets. The depreciation rates are reviewed annually to ensure they are appropriate for the type of asset. Assets are reviewed for impairment on an annual basis.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the statement of comprehensive income in the period in which the estimate is revised where the revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

Turnover

The whole of the turnover is attributable to the principal activity which continued to be that of a tour operator.

All turnover arose within the United Kingdom.

5.	Other operating income
		2024	2023
		£	£

Other operating income	135,100	45,277
	135,100	45,277

Page 20

EXSUS TRAVEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Depreciation	7,553	6,474
Exchange differences	408,852	445,368
Other operating lease rentals	16,156	15,105

Fees payable to the Company's auditors for the audit of the Company's financial statements	15,000	14,500
Fees payable to the Company's auditors in respect of:
Non-audit services	6,000	5,500

8.	Employees
		2024	2023
		£	£

Wages and salaries	1,054,213	980,169
Social security costs	111,760	104,086
Cost of defined contribution scheme	61,587	56,450
	1,227,560	1,140,705

The average monthly number of employees, including directors, during the year was 27 (2023 - 26).

9.	Interest receivable
		2024	2023
		£	£

	Other interest receivable	616	77
		616	77

Page 21

EXSUS TRAVEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

10.	Interest payable and similar expenses
		2024	2023
		£	£

	Bank interest payable	2,030	11,970
		2,030	11,970

Corporation tax
Current tax on profits for the year	117	15

Total current tax	117	15

Deferred tax
Origination and reversal of timing differences	(15,690)	(49,500)
Adjustments in respect of prior periods	(363)	-
Total deferred tax	(16,053)	(49,500)


		(15,936)	(49,485)

Page 22

EXSUS TRAVEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

11.Taxation (continued)

Profit on ordinary activities before tax

9,611

126,829

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2023 - 19%)	1,826	24,098
Effects of:
Expenses not deductible for tax purposes	16,947	2,346
Fixed asset differences	-	(6)
Adjustments to tax charge in respect of prior periods	(363)	-
Movement in deferred tax not recognised	(34,346)	(75,923)
Total tax charge for the year	(15,936)	(49,485)

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 23

EXSUS TRAVEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

12.	Tangible fixed assets

	Fixtures and fittings	Office equipment	Total
	£	£	£
Cost
At 1 January 2024	7,678	55,192	62,870
Additions	-	4,780	4,780
At 31 December 2024	7,678	59,972	67,650
Depreciation
At 1 January 2024	7,678	38,184	45,862
Charge for the year on owned assets	-	7,553	7,553
At 31 December 2024	7,678	45,737	53,415
Net book value
At 31 December 2024	-	14,235	14,235
At 31 December 2023	-	17,008	17,008

Page 24

EXSUS TRAVEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

13.	Debtors
		2024	2023
		£	£

Due after more than one year
Prepayments and accrued income	36,113	5,386

Prepayments and accrued income comprise advanced payments to suppliers for departures after the balance sheet date.

					2024	2023
					£	£

Due within one year
Trade debtors	11,898	56,086
Amounts owed by connected companies	3,282,988	3,168,988
Other debtors	372,732	497,934
Prepayments and accrued income	1,568,069	1,126,678
	5,235,687	4,849,686

Prepayments and accrued income includes advanced payments to suppliers for departures after the balance sheet date amounting to £1,440,104 (2023: £1,093,863).

14.	Cash and cash equivalents
		2024	2023
		£	£

	Cash at bank and in hand	232,307	598,429

Page 25

EXSUS TRAVEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

15.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Bank loans	10,001	10,001
Trade creditors	134,794	463,049
Corporation tax	134	15
Other taxation and social security	74,736	99,052
Other creditors	60,747	33,653
Accruals and deferred income	3,242,404	3,219,674
	3,522,816	3,825,444

Accruals and deferred income includes advanced receipts from customers for departures after the balance sheet date amounting to £3,238,594 (2023: £3,218,377).
The company secured a loan of £50,000 through a Bounce Back Loan Scheme in 2020. The loan is guaranteed by the UK government.
At the year end the company had no outstanding BSP liability.

16.	Creditors: Amounts falling due after more than one year
		2024	2023
		£	£

Bank loans	5,000	15,000
Other loans	1,505,000	1,205,000
Accruals and deferred income	64,670	13,703
	1,574,670	1,233,703

The £1,505,000 (2023: £1,205,000) has been subordinated in accordance with the terms set out by the Civil Aviation Authority (CAA). This means the £1,205,000 cannot be repaid whilst the Company holds an Air Travel Organisers' License unless written consent has been received from the CAA and all other liabilities incurred by the Company in the period which it held an Air Travel Organiser's License have been satisfied.
The subordinated loan is unsecured, interest free and repayable with 367 days notice.
Accruals and deferred income comprise advanced receipts from customers for departures after the balance sheet date.
Barclays Plc hold a fixed and floating charge over the property of the company. The charge contains a negative pledge.

Page 26

EXSUS TRAVEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Amounts falling due within one year
Bank loans	10,001	10,001
Amounts falling due 1-2 years
Bank loans	5,000	10,000
Amounts falling due 2-5 years
Bank loans	-	5,000
Amounts falling due after more than 5 years
Other loans	1,505,000	1,205,000
	1,520,001	1,230,001

Page 27

EXSUS TRAVEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

18.	Deferred taxation

	2024	2023
	£	£

At beginning of year	78,479	28,979
Charged to profit or loss	16,053	49,500
At end of year	94,532	78,479

The deferred tax balance is made up as follows:
	2024	2023
	£	£

	Accelerated capital allowances and other timing difference	(1,556)	(2,165)
	Losses and other deductions	96,088	80,644

Comprising:
Asset - due within one year	94,532	78,479
	94,532	78,479

Page 28

EXSUS TRAVEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

19.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

7,475,556 (2023 - 7,475,556) Ordinary shares of £0.034 each	257,881	257,881
3,480,000 (2023 - 3,480,000) A Ordinary shares of £1.000 each	3,480,000	3,480,000
251,323,320 (2023 - 251,323,320) B Ordinary shares of £0.001 each	251,322	251,322

	3,989,203	3,989,203

20.	Contingent liabilities and regulatory requirements

The Company currently holds an Air Travel Organisers' License (ATOL) issued by the Civil Aviation Authority (CAA) and is an accredited agent of the International Air Transport Association (IATA).
In order to offer air inclusive package holidays, the company requires the annual renewal by the CAA of its ATOL license. The CAA grants this license on the basis of the company meeting agreed financial criteria and renews this license in September (effective 1st October) each year. The company has complied with these requirements in the previous year and does not envisage any issues in the granting of a new license from October 2025. See note 16.
As at 31 December 2024, there were contingent liabilities given by the Company in the normal course of business to Tokio Marine HCC in respect of ABTA and IATA bonds, amounting to £18,000 (2023: £33,581) and £25,000 respectively (2023: £25,000).
There were no other material contingent liabilities.

21.	Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £61,587 (2023: £56,450). Contributions totalling £5,594 (2023: £5,166) were payable to the fund at the reporting date and are included in creditors.

Page 29

EXSUS TRAVEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Not later than 1 year	15,123	13,148
Later than 1 year and not later than 5 years	15,879	-
	31,002	13,148

23.

Related party transactions

At the year end the Company owed £1,505,000 (2023: £1,205,000) to a company under the control of a close family member of a director. During the year, no additional funding was provided. The subordinated loan is unsecured, interest free and repayable with 367 days notice, included within creditors falling due in more than one year.
At the year end the Company was owed £2,065,639 (2023: £1,951,639) from Coronation Ltd, a company under common control. During the year, the Company made transfers of £114,000 (2023: £361,636). During the year, the Company received £- (2023: £620,660) from Coronation Ltd. This balance has been included within Amounts Owed by Connected Companies.
At the year end the Company was owed £626,993 (2023: £626,993) from Alumina Ltd, a company under common control. During the year, the Company made transfers of £- (2023: £359,263). During the year, the Company received £- (2023: £116,000) from Alumina Ltd. This balance has been included within Amounts Owed by Connected Companies.
At the year end the Company was owed £543,498 (2023: £543,683) from Exsus NY, a company under common control. During the year, the Company made transfers of £- (2023: £77,554). During the year, the Company received £- (2023: £15,739) from Exsus NY. This balance has been included within Amounts Owed by Connected Companies.
At the year end the Company was owed £46,858 (2023: £46,858) from Excellere Solutions Ltd, a company in which H Rehman is also a director. During the year, the Company made transfers of £- (2023: £115,508). During the year, the Company received £- (2023: £110,470) from Excellere Solutions Ltd. This balance has been included within Amounts Owed by Connected Companies.

24.	Post balance sheet events

The directors have concluded that no material events have occurred since the date of approval of these financial statements hat would affect the financial statements of the company.

25.	Controlling party

G Rooney is the ultimate controlling party, by virtue of his majority shareholding in the Company

Page 30