ACCOUNTS - Final Accounts

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

13 months ended

31 December

Year ended

30 November

Registered number: 04449971

CAMPS INTERNATIONAL GROUP LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

CAMPS INTERNATIONAL GROUP LIMITED

COMPANY INFORMATION

Directors	S Rees Jones
	M S Lacey
	C D Palmer
	J M Gallagher (resigned 31 July 2024)


Company secretary	C D Palmer


Registered number	04449971


Registered office	Unit 10, Kingfisher Park
	Headlands Business Park
	Salisbury Road
	Ringwood
	Hampshire
	BH24 3NX


Independent auditors	White Hart Associates (London) Limited
	Chartered Accountants and Statutory Auditors
	2nd Floor, Nucleus House
	2 Lower Mortlake Road
	Richmond
	TW9 2JA

CAMPS INTERNATIONAL GROUP LIMITED

CONTENTS

	Page
Group Strategic Report	1 - 3
Directors' Report	4 - 5
Independent Auditors' Report	6 - 10
Consolidated Income Statement	11
Consolidated Statement of Comprehensive Income	12
Consolidated Statement of Financial Position	13
Company Statement of Financial Position	14 - 15
Consolidated Statement of Changes in Equity	16
Company Statement of Changes in Equity	17
Consolidated Statement of Cash Flows	18
Consolidated Analysis of Net Debt	19
Notes to the Financial Statements	20 - 47

CAMPS INTERNATIONAL GROUP LIMITED

GROUP STRATEGIC REPORT

FOR THE PERIOD ENDED 31 DECEMBER 2024

Introduction

The Group is required by the Companies Act, to set out in this report a fair review of the business of the Group during the financial period ended 31 December 2024, and of the position of the Group at the period end, and a description of the principal risks and uncertainties facing the Group. The review is prepared solely to provide additional information to shareholders to assess the Group's strategies and the potential for the strategies to succeed, and the business review should not be relied upon by any other party or for any other purpose.

Review of the business

The financial period marked a significant and positive evolution for Camps International Group Limited, following a successful merger with Impact Travel Group (ITG). Camps International now operates as a distinct business within the ITG group structure, retaining its identity, leadership, and operational integrity while benefiting from the support and alignment of a broader global organisation.
The merger was completed smoothly, with strong cultural alignment between the two organisations. Both Camps International and ITG share a deep-rooted commitment to ethical educational travel, sustainable development, and measurable impact in host communities. This cultural and ethical synergy has ensured that the integration process has strengthened the business without compromising its core values, purpose, or brand.
As a result of the merger, the accounting reference date has been changed to 31 December to be in line with the rest of the Group. As a result the reported figures are for an extended 13 month period from 1 December 2023 to 31 December 2024.
Performance and position
Camps International continued to deliver transformative international travel experiences for school groups across the UK, with operations running in East Africa, South East Asia, and Latin America. The period saw further growth in bookings, with demand rebounding strongly post-pandemic and school engagement increasing across both returning and new partner institutions.
Financial performance was good, supported by strong operational execution, cost controls, and early-stage benefits of group-wide initiatives. Camps International remains the operational core of the majority of programme delivery across the ITG Group and continues to lead in both innovation and ethical standards within the educational travel sector.
Key developments
- Completion of a merger with Impact Travel Group, with Camps International retained as a standalone brand and entity within the wider group.
- Strengthened internal systems and reporting, as part of Group-wide efforts to implement integrated ERP and financial management platforms.
- Relaunch of full-scale expedition delivery following post-COVID recovery, with thousands of students successfully completing life-changing journeys in destination countries.
- Continued commitment to long-term community, wildlife and environmental development projects in partner regions, ensuring that all programmes deliver tangible, lasting benefits on the ground.

- The Group’s EBITDA for the period ended 31 December 2024 was £931,617 (2023 - £2,253,150). The directors are confident that over the next 12 and 24 months, Camps International will continue to achieve results that far exceed pre-pandemic levels.

Page 1

CAMPS INTERNATIONAL GROUP LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE PERIOD ENDED 31 DECEMBER 2024

Key performance indicators
The following key performance indicators (KPI's) illustrate the results achieved in 2024:

		31 December	30 November
		2024	2023
		No/£	No/£

Turnover	17,087,815	11,760,883
Gross profit	5,918,991	6,377,530
Gross profit margin	34.64%	54.23%
Profit on ordinary activities before tax	718,811	1,936,042
EBITDA	931,617	2,253,150
Net cash inflow from operating activities	1,030,770	3,226,160
Net current assets	1,622,156	1,997,391

Principal risks and uncertainties

Camps International operates in complex international environments and is exposed to risks inherent in global travel, including political instability, environmental events, and logistical disruption. The business continues to mitigate these risks through proactive safety management, diversified destination offerings, and robust contingency planning. The key business risks and uncertainties affecting the Group are considered below:
Inflation and cost of living: As a provider of non-essential educational travel, the business is also sensitive to broader economic conditions, including inflation and shifting travel attitudes. However, the long-standing reputation and ethical foundation of Camps International has continued to resonate with schools, students and parents alike.
Regulatory risk: The Group is exposed to various regulators, including the Civil Aviation Authority (“CAA”) which issues an Air Travel Organisers Licence (“ATOL”) which is required in order for the Group to operate. This licence is renewed in September each year and is subject to assessments of fitness and financial criteria, the framework of which is available on the CAA website (www.caa.co.uk).
Geo-political events and natural disasters: Our clients’ travel is for social and domestic reasons, predominantly of a volunteer nature to East Africa, South East Asia and Latin America. The Group continues to operate a key management infrastructure, including Directors who reside in each of these regions. This enables us to have a thorough awareness of the local political environment and security matters as well as enabling us to review potential natural disasters, together with teams highly trained in emergency response of any nature. In addition, we operate ‘alternative expedition location’ policies which are clear to our clients at point of booking.
Financial risk: The Group operates in a sector that is exposed to the financial risk caused by the volatility of foreign currency exchange rates. The Group is directly exposed to movements in exchange rates as a large proportion of the travel components it sells are denominated in foreign currency. The Group is well versed in this area and this risk is successfully managed through the utilisation of hedging instruments and the generation of income in foreign currencies from the Middle East, Australia and South East Asia which help mitigate this risk.

Page 2

CAMPS INTERNATIONAL GROUP LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE PERIOD ENDED 31 DECEMBER 2024

Principal risks and uncertainties (continued)
Commercial relationships: The Group has well established and close relationships with consumers and suppliers and risk is spread by not placing an over-reliance on any one supplier in any particular area. However, if a relationship were lost or damaged with a major supplier this could have a detrimental effect on the business. The management team meets regularly with suppliers to maintain good working relationships and to understand the supplier's financial position.
Transitional risks: Operational integration with ITG, while positive, introduces transitional risks relating to systems migration and governance harmonisation. These are being managed in a phased and collaborative manner.

This report was approved by the board on 7 July 2025 and signed on its behalf.

M S Lacey

Director

Page 3

CAMPS INTERNATIONAL GROUP LIMITED

DIRECTORS' REPORT

FOR THE PERIOD ENDED 31 DECEMBER 2024

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

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.

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

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

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

∙make judgments and accounting estimates that are reasonable and prudent;

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

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

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Group's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' Reports may differ from legislation in other jurisdictions.

Principal activity

The principal activity of the group in the period under review continued to be that of a tour operator.

Results and dividends

The profit for the period, after taxation, amounted to £513,745 (2023 - £2,009,186).

The directors do not recommend the payment of a final dividend for the period ended 31 December 2024.

Directors

The directors who served during the period were:

S Rees Jones

M S Lacey

C D Palmer

J M Gallagher (resigned 31 July 2024)

Page 4

CAMPS INTERNATIONAL GROUP LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE PERIOD ENDED 31 DECEMBER 2024

Future developments

It is the opinion of the Board of Directors that the Group can maintain a sustainable level of growth in the next financial period resulting in consistent profitability and increased strengthening of liquidity and reserves.
The directors remain highly confident in the long-term prospects of Camps International within the ITG Group. The merger has created a stronger foundation for growth, while preserving the autonomy and identity of the Camps International brand. Future plans include further development of international markets, enhanced digital infrastructure, and deepened impact measurement frameworks for partner communities.
The Group’s unwavering focus on meaningful, ethical educational travel—combined with the operational scale and strategic support of the wider group—positions Camps International for growth, continued innovation, and long-lasting social value.
The Group’s profit on ordinary activities before taxation for the period ended 31 December 2024 was £718,811 (2023 - £1,936,042). The directors are confident that the Group can maintain a sustainable level of growth in the next financial period resulting in consistent profitability and increased strengthening of liquidity and reserves.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

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

Post balance sheet events

There have been no post balance sheet events that have had a material impact on the results of the Group.

Auditors

The auditors, White Hart Associates (London) Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 7 July 2025 and signed on its behalf.

M S Lacey

Director

Page 5

CAMPS INTERNATIONAL GROUP LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CAMPS INTERNATIONAL GROUP LIMITED

Opinion

We have audited the financial statements of Camps International Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the period ended 31 December 2024, which comprise the Consolidated Income Statement, the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting 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 Group's and of the parent Company's affairs as at 31 December 2024 and of the Group's profit for the period then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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

Page 6

CAMPS INTERNATIONAL GROUP LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CAMPS INTERNATIONAL GROUP LIMITED (CONTINUED)

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 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 Group Strategic Report and the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and

∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Page 7

CAMPS INTERNATIONAL GROUP LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CAMPS INTERNATIONAL GROUP LIMITED (CONTINUED)

Matters on which we are required to report by exception

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

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

∙adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or

∙the parent Company financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of directors' remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit.

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

Page 8

CAMPS INTERNATIONAL GROUP LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CAMPS INTERNATIONAL GROUP LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

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

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

- We exercise professional judgment and maintain professional skepticism throughout the audit;
- We 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 comissions, misrepresentations, or the deliberate override of internal control;
- We 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 internal control;
- We evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made;
- We assess the risk of management override of controls, including testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business;
- We review the scope of the Company's compliance with its regulator, the Civil Aviation Authority ("CAA") and sample test relevant documentation to assess this and the effectiveness of its control environment;
- We request and review the minutes of management meetings, and assess any matters identified not already provided for or disclosed that may materially impact the financial statements.

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

Page 9

CAMPS INTERNATIONAL GROUP LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CAMPS INTERNATIONAL GROUP 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.

M S Caldicott ACA FCCA CTA (Senior Statutory Auditor)

for and on behalf of

White Hart Associates (London) Limited

Chartered Accountants and Statutory Auditors

2nd Floor, Nucleus House

2 Lower Mortlake Road

Richmond

TW9 2JA

7 July 2025

Page 10

CAMPS INTERNATIONAL GROUP LIMITED

CONSOLIDATED INCOME STATEMENT

FOR THE PERIOD ENDED 31 DECEMBER 2024

	13 months ended 31 December	Year ended 30 November
	2024	2023
Note	£	£


Turnover	4	16,684,320	11,760,883
Cost of sales		(10,765,329)	(5,383,353)
Gross profit		5,918,991	6,377,530
Administrative expenses		(5,189,590)	(4,256,890)
Other operating income	5	43,383	14,173
Fair value movements		46,125	(19,544)
Operating profit	6	818,909	2,115,269
Interest receivable and similar income	10	76,352	41,015
Interest payable and similar expenses	11	(176,450)	(220,242)
Profit before tax		718,811	1,936,042
Tax on profit	12	(205,066)	73,144
Profit for the financial period		513,745	2,009,186

Profit for the period attributable to:
Owners of the parent		513,745	2,009,186

The notes on pages 20 to 47 form part of these financial statements.

Page 11

CAMPS INTERNATIONAL GROUP LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE PERIOD ENDED 31 DECEMBER 2024

	13 months ended 31 December	Year ended 30 November
	2024	2023
Note	£	£

Profit for the financial period	513,745	2,009,186
Other comprehensive income
Foreign exchange reserve movement	93,527	(178,895)
Total comprehensive income for the period	607,272	1,830,291

Profit for the period attributable to:
Owners of the parent Company		513,745	2,009,186

Total comprehensive income attributable to:
Owners of the parent Company		607,272	1,830,291

The notes on pages 20 to 47 form part of these financial statements.

Page 12

CAMPS INTERNATIONAL GROUP LIMITED

REGISTERED NUMBER: 04449971

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

	31 December	30 November
	2024	2023
Note	£	£

Fixed assets
Intangible assets	14		17,749		21,744
Tangible assets	15		739,267		568,721
			757,016		590,465
Current assets
Debtors: amounts falling due within one year	17	3,776,326		4,960,021
Cash at bank and in hand	18	4,671,874		4,836,223
		8,448,200		9,796,244
Creditors: amounts falling due within one year	19	(6,826,044)		(7,798,853)
Net current assets			1,622,156		1,997,391
Total assets less current liabilities			2,379,172		2,587,856
Creditors: amounts falling due after more than one year	20		(627,659)		(1,443,615)
Net assets			1,751,513		1,144,241

Capital and reserves
Called up share capital	23	170	170
Share premium account	24	776,385	776,385
Capital redemption reserve	24	112,540	112,540
Foreign exchange reserve	24	(43,919)	(144,030)
Profit and loss account	24	906,337	399,176
		1,751,513	1,144,241

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 July 2025.

M S Lacey

Director

The notes on pages 20 to 47 form part of these financial statements.

Page 13

CAMPS INTERNATIONAL GROUP LIMITED

REGISTERED NUMBER: 04449971

COMPANY STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

	31 December	30 November
	2024	2023
Note	£	£

Fixed assets
Intangible assets	14		17,749		21,744
Tangible assets	15		54,607		49,577
Investments	16		859,264		859,264
			931,620		930,585
Current assets
Debtors: amounts falling due within one year	17	5,006,526		4,444,251
Cash at bank and in hand	18	3,641,920		3,584,681
		8,648,446		8,028,932
Creditors: amounts falling due within one year	19	(5,918,013)		(4,606,861)
Net current assets			2,730,433		3,422,071
Total assets less current liabilities			3,662,053		4,352,656

Creditors: amounts falling due after more than one year	20		(627,659)		(1,443,616)

Net assets			3,034,394		2,909,040

Page 14

CAMPS INTERNATIONAL GROUP LIMITED

REGISTERED NUMBER: 04449971

COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 DECEMBER 2024

	31 December	30 November
	2024	2023
Note	£	£

Capital and reserves
Called up share capital	23	170	170
Share premium account	24	776,385	776,385
Capital redemption reserve	24	112,540	112,540
Profit and loss account	24	2,145,299	2,019,945
		3,034,394	2,909,040

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 July 2025.

M S Lacey

Director

The notes on pages 20 to 47 form part of these financial statements.

Page 15


		CAMPS INTERNATIONAL GROUP LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 31 DECEMBER 2024

	Called up share capital	Share premium account	Capital redemption reserve	Foreign exchange reserve	Profit and loss account	Total equity
	£	£	£	£	£	£
At 1 December 2022	170	776,385	112,540	(2,893)	(1,572,252)	(686,050)
Comprehensive income for the year
Profit for the year	-	-	-	-	2,009,186	2,009,186
Foreign exchange reserve movement	-	-	-	(141,137)	(37,758)	(178,895)

At 1 December 2023	170	776,385	112,540	(144,030)	399,176	1,144,241
Comprehensive income for the period
Profit for the period	-	-	-	-	513,745	513,745
Foreign exchange reserve movement	-	-	-	100,111	(6,584)	93,527
At 31 December 2024	170	776,385	112,540	(43,919)	906,337	1,751,513

The notes on pages 20 to 47 form part of these financial statements.

Page 16

CAMPS INTERNATIONAL GROUP LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 31 DECEMBER 2024

	Called up share capital	Share premium account	Capital redemption reserve	Profit and loss account	Total equity
	£	£	£	£	£
At 1 December 2022	170	776,385	112,540	(2,537,636)	(1,648,541)
Comprehensive income for the year
Profit for the year	-	-	-	4,557,581	4,557,581

At 1 December 2023	170	776,385	112,540	2,019,945	2,909,040
Comprehensive income for the year
Profit for the period	-	-	-	125,354	125,354
At 31 December 2024	170	776,385	112,540	2,145,299	3,034,394

The notes on pages 20 to 47 form part of these financial statements.

Page 17

CAMPS INTERNATIONAL GROUP LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE PERIOD ENDED 31 DECEMBER 2024

			13 months ended 31 December	Year ended 30 November
			2024	2023
			£	£

Cash flows from operating activities
Profit for the financial period	513,745	2,009,186
Adjustments for:
Amortisation of intangible assets	3,995	3,689
Depreciation of tangible assets	108,713	104,904
(Profit)/loss on disposal of tangible assets	(3,551)	29,289
Interest paid	176,450	220,242
Taxation charge	205,066	(73,144)
Decrease in debtors	1,067,014	34,473
(Decrease)/increase in creditors	(973,878)	968,411
Net fair value gains recognised in P&L	(46,125)	19,544
Corporation tax paid	(20,586)	(90,434)
Net cash generated from operating activities	1,030,843	3,226,160

Cash flows from investing activities
Purchase of tangible fixed assets	(230,186)	(84,524)
Sale of tangible fixed assets	27,400	14,520
Net cash from investing activities	(202,786)	(70,004)
Cash flows from financing activities
Repayment of loans	(815,956)	(838,860)
Interest paid	(176,450)	(220,242)
Net cash used in financing activities	(992,406)	(1,059,102)
Net (decrease)/increase in cash and cash equivalents	(164,349)	2,097,054
Cash and cash equivalents at beginning of period	4,836,223	2,739,169
Cash and cash equivalents at the end of period	4,671,874	4,836,223

Cash and cash equivalents at the end of period comprise:
Cash at bank and in hand	4,671,874	4,836,223

Page 18

CAMPS INTERNATIONAL GROUP LIMITED

CONSOLIDATED ANALYSIS OF NET DEBT

FOR THE PERIOD ENDED 31 DECEMBER 2024


At 1 December 2023	Cash flows	At 31 December 2024
£	£	£

Cash at bank and in hand	4,836,223	(164,349)	4,671,874
Debt due after 1 year	(1,443,615)	815,956	(627,659)
Debt due within 1 year	(753,192)	-	(753,192)
	2,639,416	651,607	3,291,023

The notes on pages 20 to 47 form part of these financial statements.

Page 19

CAMPS INTERNATIONAL GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

1.	General information

Camps International Group Limited is a private company limited by shares, domiciled in England and Wales, registration number 04449971. The registered office is Unit 10, Kingfisher Park, Headlands Business Park Salisbury Road, Ringwood, Hampshire, BH24 3NX.

2.Accounting policies

2.1

Basis of preparation of financial statements

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

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

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

The following principal accounting policies have been applied:

2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Income Statement from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 20

CAMPS INTERNATIONAL GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.3

Going concern

The Board and management meet regularly during the year and continue to review the Group’s financial position, budgets and forecasts in order to neutralise the potential financial impact from any significant downturn in trading.
As a result of these reviews and forecasts, and with the continuing support of the Group's shareholders and bankers, the Group's directors and management have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future, being at least the following 12 months from the signing of these financial statements. This is also supported by the continued strong performance seen so far in early 2025, with the Group remaining well placed to meet and service the additional volume.
As a result, the directors believe that it is still appropriate to apply the going concern basis for the foreseeable future.

2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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

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

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Income Statement within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

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

Page 21

CAMPS INTERNATIONAL GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.5

Revenue

Turnover represents expedition sales, net sales commissions and other amounts receivable in the period, excluding value added tax.
Turnover is recognised by matching the revenue streams to the costs incurred. Any income received in advance is deferred until the period where the matching costs are incurred. This treatment reflects the long term nature of these contracts.

2.6

Operating leases: the Group as lessee

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

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

2.7

Government grants

Grants are accounted for under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated Income Statement in the same period as the related expenditure.

2.8

Interest income

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

2.9

Finance costs

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

2.10

Borrowing costs

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

Page 22

CAMPS INTERNATIONAL GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.11

Pensions

Defined contribution pension plan

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

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

2.12

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;

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

∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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

Page 23

CAMPS INTERNATIONAL GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.13

Intangible assets

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

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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

Amortisation is provided on the following basis:

Trademarks

20%

straight line

2.14

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:

Freehold property	-	10%
Improvements to property	-	10%
Motor vehicles	-	15% - 25%
Fixtures and fittings	-	15%
Office equipment	-	33 1/3%
Computer equipment	-	20%

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.

2.15

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 24

CAMPS INTERNATIONAL GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.16

Associates and joint ventures

An entity is treated as a joint venture where the Group is a party to a contractual agreement with one or more parties from outside the Group to undertake an economic activity that is subject to joint control.
An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.
In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated Income Statement includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated Statement of Financial Position, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition.
Any premium on acquisition is dealt with in accordance with the goodwill policy.

2.17

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.

2.18

Cash and cash equivalents

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

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

2.19

Creditors

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

2.20

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 25

CAMPS INTERNATIONAL GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.21

Financial instruments

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

Financial instruments are recognised in the Group's Statement of Financial Position when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

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

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 26

CAMPS INTERNATIONAL GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.21

Financial instruments (continued)

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

3.	Judgments 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 judgments, 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 estimates are recognised in the period in which the estimates are 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.

Page 27

CAMPS INTERNATIONAL GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

Tour operator activities	16,280,030	11,367,411
Travel management services	404,290	393,472
	16,684,320	11,760,883

Analysis of turnover by country of destination:

					13 months ended 31 December	Year ended 30 November
					2024	2023
					£	£

United Kingdom	12,543,094	7,635,181
Middle East	3,515,203	3,866,494
Australia	60,757	248,532
Rest of the world	565,266	10,676
	16,684,320	11,760,883

	Other operating income	43,383	14,173

Page 28

CAMPS INTERNATIONAL GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

Depreciaton of tangible fixed assets	108,713	104,904
Amortisation of intangible fixed assets	3,995	3,689
Fees payable to Group and component auditors for the audit of the Group's annual financial statements	59,347	46,951
Other operating lease rentals	251,353	129,816
Defined contribution pension cost	184,124	104,955

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements

59,347

46,951

Page 29

CAMPS INTERNATIONAL GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

8.	Employees
	Staff costs, including directors' remuneration and benefits, were as follows:

Group 31 December	Group 30 November	Company 31 December	Company 30 November
2024	2023	2024	2023
£	£	£	£


Wages and salaries	3,086,220	2,680,367	2,187,754	1,904,373
Social security costs	280,712	199,386	245,825	187,493
Cost of defined contribution scheme	184,124	104,955	159,386	76,110
	3,551,056	2,984,708	2,592,965	2,167,976

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

	Group	Group	Company	Company
	13 months ended 31 December	Year ended 30 November	13 months ended 31 December	Year ended 30 November
	2024	2023	2024	2023
	No.	No.	No.	No.

Directors	7	8	6	4
Operations	69	71	13	14
Sales	29	26	21	19
Finance	9	9	3	3
Marketing	3	2	3	2
IT	2	2	2	2
HR	2	2	1	1

	121	120	49	45

Page 30

CAMPS INTERNATIONAL GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

Directors' emoluments	746,891	608,897
Group contributions to defined contribution pension schemes	89,484	30,722
	836,375	639,619

	During the period retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.
	The highest paid director received remuneration of £355,587 (2023 - £256,628).
	The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2023 - £NIL).

Bank interest receivable

76,352

41,015

Bank interest payable

176,450

220,242

Page 31

CAMPS INTERNATIONAL GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

Corporation tax
Current tax on profits for the period	-	11,570
Foreign tax
Foreign tax on income for the period	71,297	5,742
Total current tax	71,297	17,312

	Deferred tax
	Origination and reversal of timing differences	133,769	(90,456)


	Taxation on profit on ordinary activities	205,066	(73,144)

Page 32

CAMPS INTERNATIONAL GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

12.Taxation (continued)

Profit on ordinary activities before tax

718,811

1,936,042

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)	179,703	484,011
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	54,068	2,013
Capital allowances for period/year in excess of depreciation	(1,416)	(2,716)
Foreign gains not subject to UK tax / foreign tax	(44,675)	(184,484)
Deferred tax movements and foreign taxes	133,769	(73,144)
Utilised tax losses brought forward	(116,383)	(298,824)
Total tax charge for the period/year	205,066	(73,144)

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

13.	Parent company profit for the period

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Income Statement in these financial statements. The profit after tax of the parent Company for the period was £125,354 (2023 - £4,557,581).

Page 33

CAMPS INTERNATIONAL GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

		Patents
		£
	Cost
	At 1 December 2023	38,086
	At 31 December 2024	38,086
	Amortisation
	At 1 December 2023	16,342
	Charge for the period on owned assets	3,995
	At 31 December 2024	20,337
	Net book value
	At 31 December 2024	17,749
	At 30 November 2023	21,744

Page 34

CAMPS INTERNATIONAL GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

14.Intangible assets (continued)

	Company

		Patents
		£
	Cost
	At 1 December 2023	38,086
	At 31 December 2024	38,086
	Amortisation
	At 1 December 2023	16,342
	Charge for the period	3,995
	At 31 December 2024	20,337
	Net book value
	At 31 December 2024	17,749
	At 30 November 2023	21,744

Page 35


		CAMPS INTERNATIONAL GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024

	15.	Tangible fixed assets

		Group

	Freehold property	Short Leasehold property	Motor vehicles	Fixtures and fittings	Camp equipment	Computer equipment	Total
	£	£	£	£	£	£	£
Cost or valuation
At 1 December 2023	477,993	302,290	110,248	54,983	401,345	349,731	1,696,590
Additions	16,916	55,253	14,880	9,136	108,470	25,531	230,186
Disposals	(6,677)	(89,381)	(43,101)	(1,505)	(10,379)	(15,644)	(166,687)
Exchange adjustments	62,829	11,778	7,757	1,871	12,228	197	96,660
At 31 December 2024	551,061	279,940	89,784	64,485	511,664	359,815	1,856,749
Depreciation
At 1 December 2023	147,064	268,801	79,917	50,038	284,822	297,227	1,127,869
Charge for the period on owned assets	20,139	10,835	11,720	6,272	38,615	21,501	109,082
Disposals	(1,114)	(89,381)	(30,788)	(833)	(5,196)	(15,526)	(142,838)
Exchange adjustments	7,265	8,113	5,682	1,207	1,078	24	23,369
At 31 December 2024	173,354	198,368	66,531	56,684	319,319	303,226	1,117,482

Page 36


		CAMPS INTERNATIONAL GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024

15.Tangible fixed assets (continued)

Net book value
At 31 December 2024	377,707	81,572	23,253	7,801	192,345	56,589	739,267
At 30 November 2023	330,929	33,489	30,331	4,945	116,523	52,504	568,721

Freehold	377,707	330,929
Short leasehold	81,572	33,489
	459,279	364,418

Page 37

CAMPS INTERNATIONAL GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

15.Tangible fixed assets (continued)

	Company

	Fixtures and fittings	Office equipment	Computer equipment	Total
	£	£	£	£
Cost or valuation
At 1 December 2023	52,956	13,070	331,997	398,023
Additions	6,071	-	22,166	28,237
Disposals	(1,020)	(228)	(15,644)	(16,892)
At 31 December 2024	58,007	12,842	338,519	409,368
Depreciation
At 1 December 2023	43,400	13,070	291,976	348,446
Charge for the period on owned assets	4,449	-	18,571	23,020
Disposals	(833)	(228)	(15,644)	(16,705)
At 31 December 2024	47,016	12,842	294,903	354,761
Net book value
At 31 December 2024	10,991	-	43,616	54,607
At 30 November 2023	9,556	-	40,021	49,577

Page 38

CAMPS INTERNATIONAL GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

16.	Fixed asset investments

	Company

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 December 2023	859,264
	At 31 December 2024	859,264

Direct subsidiary undertakings
The following were direct subsidiary undertakings of the Company:
Name	Registered office	Class of shares	Holding

Camps International (Asia) Sdn Bhd - Tour operator	Malaysia	Ordinary	100%
Camp International (UK) Limited - Dormant	England	Ordinary	100%
Camps International Limited - Dormant	England	Ordinary	100%
Venturacamp Ecuador S.A. - Tour operator	Ecuador	Ordinary	100%
Camps International (Australia) Pty Limited - Tour operator	Australia	Ordinary	100%
Camps International Middle East Tours LLC - Tour operator	United Arab Emirates	Ordinary (and nominee holding)	100%
Camps Peru S.A.C. - Tour operator	Peru	Ordinary	100%
Camps International de Costa Rica Srl - Tour operator	Costa Rica	Ordinary	100%
Camp Kenya (Holdings) Limited - Tour operator	Kenya	Ordinary	100%
North Bay Estates Limited - Ground handler	Kenya	Ordinary (and nominee holding)	100%

Indirect subsidiary undertakings
The following were indirect subsidiary undertakings of the Company:
Name	Registered office	Class of shares	Holding

	Camp Borneo Travel and Tours Sdn Bhd - Tour operator	Malaysia	Ordinary (and nominee holding)	100%
	Camps International (Cambodia) Co., Limited - Tour operator	Cambodia	Ordinary	100%

Page 39

CAMPS INTERNATIONAL GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

17.

Debtors

Group 31 December	Group 30 November	Company 31 December	Company 30 November
2024	2023	2024	2023
£	£	£	£


Trade debtors	817,984	2,098,015	250,056	152,359
Amounts owed by group undertakings	-	-	2,758,536	2,220,682
Other debtors	512,849	450,917	395,763	374,977
Prepayments and accrued income	1,540,988	1,416,861	1,008,261	993,517
Deferred taxation	772,086	915,348	561,193	690,759
VAT recoverable	105,838	78,880	6,136	11,957
Financial instruments	26,581	-	26,581	-
	3,776,326	4,960,021	5,006,526	4,444,251

Included in prepayments and accrued income above is the sum of £1,220,565 (2023 - £819,151) which relates to advance supplier payments for bookings departing from 1 January 2025 onwards.

18.	Cash and cash equivalents
		Group 31 December	Group 30 November	Company 31 December	Company 30 November
		2024	2023	2024	2023
		£	£	£	£

	Cash at bank and in hand	4,671,874	4,836,223	3,641,920	3,584,681

Page 40

CAMPS INTERNATIONAL GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

19.	Creditors: Amounts falling due within one year
		Group 31 December	Group 30 November	Company 31 December	Company 30 November
		2024	2023	2024	2023
		£	£	£	£

Bank loans	753,192	753,192	753,192	753,192
Trade creditors	704,788	420,157	408,803	127,857
Amounts owed to group undertakings	-	-	1,489,787	670,249
Corporation tax	46,067	-	5,230	-
Other taxation and social security	100,215	74,381	65,441	56,310
Other creditors	59,637	47,633	10,763	25,557
Accruals and deferred income	5,162,145	6,483,946	3,184,797	2,954,152
Financial instruments	-	19,544	-	19,544
	6,826,044	7,798,853	5,918,013	4,606,861

Included in accruals and deferred income above is the sum of £4,185,457 (2023 - £4,072,759) which relates to deferred income and advance customer receipts received for bookings departing from 1 January 2025 onwards.

20.	Creditors: Amounts falling due after more than one year
		Group 31 December	Group 30 November	Company 31 December	Company 30 November
		2024	2023	2024	2023
		£	£	£	£

	Bank loans	627,659	1,443,615	627,659	1,443,616

On 9 September 2020, the company took out a loan amounting to £3,000,000 from HSBC UK Bank Plc under the Coronavirus Business Interruption Loan Scheme (CBILS). The loan is for a term of 6 years, with no capital repayments and interest for the first 12 months. Additionally, a further holiday period of 12 months was provided with only interest payments due and, from December 2022, a monthly repayment of £62,765 plus interest is to be paid for the remaining 46 months.

Page 41

CAMPS INTERNATIONAL GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

21.	Loans

		Group 31 December	Group 30 November	Company 31 December	Company 30 November
		2024	2023	2024	2023
		£	£	£	£

Bank loans due within one year	753,192	753,192	753,192	753,192
Bank loans due within 1-2 years	627,659	753,190	627,659	753,191
Bank loans due within 2-5 years	-	690,425	-	690,425

	1,380,851	2,196,807	1,380,851	2,196,808

Page 42

CAMPS INTERNATIONAL GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

22.	Deferred taxation
	Group

	2024	2023
	£	£

At beginning of period	915,348	849,309
Charged to profit or loss	(133,769)	90,456
Charged to other comprehensive income	(9,493)	(24,417)
At end of period	772,086	915,348

Company

	2024	2023
	£	£

At beginning of period	690,759	563,481
Charged to profit or loss	(129,566)	127,278
At end of period	561,193	690,759

Group 31 December	Group 30 November	Company 31 December	Company 30 November
2024	2023	2024	2023
£	£	£	£

Accelerated capital allowances	(16,371)	(13,065)	(13,186)	-
Tax losses carried forward	788,457	928,413	574,379	690,759
	772,086	915,348	561,193	690,759

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CAMPS INTERNATIONAL GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

Allotted, called up and fully paid

12,300 (2023 - 12,300) Ordinary shares of £0.01 each	123	123
3,300 (2023 - 3,300) A Ordinary shares of £0.01 each	33	33
400 (2023 - 400) B Ordinary shares of £0.01 each	4	4
1,000 (2023 - 1,000) D Ordinary shares of £0.01 each	10	10

	170	170

The Ordinary, A Ordinary, B Ordinary and D Ordinary shares of £0.01 each rank pari passu in all respects, having full rights as to voting, dividends and participation in a winding up of the Company.

24.

Reserves

Share premium account

The share premium account represents the additional amount shareholders have paid for their issued shares that was in excess of the par value of those shares.

Capital redemption reserve

The capital redemption reserve represents a non distributable reserve created upon redemption of preference shares or a share buyback and represents the nominal value or face value of the shares redeemed or bought back.

Foreign exchange reserve

The foreign exchange reserve represents differences arising upon the revaluation of foreign subsidiary companies stated in their local currencies. The financial statements of these companies are revalued to match the presentation currency of the Group for consolidation purposes, to show the entirety of the Group's results in Pounds Sterling (GBP). See accounting policy 2.4 for details of how the individual balances within the foreign subsidiaries are translated.

Profit and loss account

The profit and loss account represents the net distributable reserves of the company at the date of the statement of financial position.

Page 44

CAMPS INTERNATIONAL GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

25.	Contingent liabilities

At 31 December 2024, there were contingent liabilities outstanding in respect of counter indemnities and guarantees given by the Group in the normal course of business to its travel bond obligors in respect of an Association of Bonded Travel Organisers Trust (ABTOT) bond amounting to £20,000 (2023 - £20,000).

26.	Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £184,124 (2023 - £104,955). Contributions totalling £13,529 (2023 - £25,557) were payable to the fund at the reporting date and are included in creditors.

27.	Commitments under operating leases
	At 31 December 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		Group 31 December	Group 30 November	Company 31 December	Company 30 November
		2024	2023	2024	2023
		£	£	£	£

Not later than 1 year	143,926	90,988	113,321	90,988
Later than 1 year and not later than 5 years	177,918	142,453	151,337	142,453
	321,844	233,441	264,658	233,441

28.Directors' personal guarantees

At 30 November 2023, there was a joint personal guarantee of £300,000 provided by the directors S Rees Jones and J M Gallagher, as security for the Group's CBILS bank loan. The directors were subsequently released by HSBC from this guarantee on 13 June 2024 and 15 July 2024 respectively.

Page 45

CAMPS INTERNATIONAL GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

29.	Directors' advances, credits and guarantees
		31 December	30 November
		2024	2023
		£	£

S Rees Jones
Balance outstanding at start of period	126,059	126,059
Amounts advanced	641	-
Amounts repaid	-	-
Balance outstanding at end of period	126,700	126,059
M S Lacey
Balance outstanding at start of period	43,600	43,600
Amounts advanced	-	-
Amounts repaid	-	-
Balance outstanding at end of period	43,600	43,600
S Englefield
Balance outstanding at start of period	38,446	47,224
Amounts advanced	36,422	-
Amounts repaid	(21,568)	(8,778)
Balance outstanding at end of period	53,300	38,446
R Hall
Balance outstanding at start of period	55,075	61,375
Amounts advanced	2,625	-
Amounts repaid	(2,625)	(6,300)
Balance outstanding at end of period	55,075	55,075

30.	Related party transactions

The Company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’, not to disclose related party transactions with other wholly owned subsidiaries within the Group.
During the period the Company paid £344,069 [AED 1,613,640] (2023 - £246,090 [AED 1,117,248]) as consultancy fees to Rees Jones Holding LLC, a company controlled by S Rees Jones, a director and shareholder of the parent company. At 31 December 2024, the related party owed £1,301 (2023 - £Nil) to the Company.

31.	Post balance sheet events

There have been no post balance sheet events that have had a material impact on the results of the Group.

Page 46

CAMPS INTERNATIONAL GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

32.	Parent company and ultimate controlling party

On 10 May 2024, the Company was acquired by Impact Travel Group, a company incorporated in the Cayman Islands, which became the immediate and ultimate holding company of the Group. Copies of the financial statements of Impact Travel Group can be obtained from Windward 1, Regatta Office Park, PO Box 897, Grand Cayman, KY1-1103, Cayman Islands.
In the opinion of the directors, there is no ultimate controlling party.

Page 47