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Registered number: 03797791 ALTOUR INTERNATIONAL LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
ALTOUR INTERNATIONAL LIMITED COMPANY INFORMATION
Directors | J D O'Hara
| R Klug
| H Daras
| J Oshiokpekhai
| A Taiwo
Registered number | 03797791
Registered office | 101 St. Martin's Lane
| First Floor
| London
| WC2N 4AZ
Auditor | Xeinadin Audit Limited
| Chartered Accountants & Registered Auditor
| 36 Old Jewry
| London
| EC2R 8DD
ALTOUR INTERNATIONAL LIMITED CONTENTS
| Page
Strategic report | 1 - 4
Directors' report | 5 - 6
Directors' responsibilities statement | 7
Independent auditors' report | 8 - 11
Profit and loss account | 12
Statement of comprehensive income | 13
Balance sheet | 14
Statement of changes in equity | 15
Notes to the financial statements | 16 - 32
ALTOUR INTERNATIONAL LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
Introduction
The directors present their annual report for Altour International Limited (the Company) for the year ended 31 December 2024.
Business review
The principal activity of the Company during the year continued to be as direct corporate travel (travel agent) based in The United Kingdom, France & The Netherlands. The Company continued to make strong progress in delivering exceptional travel services for the business community, as demonstrated by the significant revenue growth achieved during the year. Our Mission: To support our network of travel advisors with industry-leading programs, products, and resources, enabling them to deliver remarkable experiences for our clients. Our Vision: To be widely acknowledged as the leading provider of exceptional, human-centred travel expertise to clients and consumers globally. Our Values: • Clients First: We are dedicated to amplifying the capabilities of our travel advisors and agencies worldwide. Their achievements reflect our own, and they remain our foremost priority. • We, Not Me: Our success is grounded in collaboration, strong relationships, and collective effort. The strength of our advisors, clients, partners, and staff drives our momentum. • Human Always: Our business is rooted in human connection. Trust, integrity, experience, empathy, and meaningful relationships define our culture and business operations. • Act As Owners: Every team member is empowered to lead with accountability. We are encouraged to make decisions and consistently strive to do what is right. • Go The Extra Mile: We aim for excellence in all we do. Mediocrity hinders innovation. Just as our advisors exceed expectations for clients, we are committed to doing the same for them and one another. • Everyone Belongs: We champion a culture that values diversity, inclusivity, and mutual respect, welcoming varied perspectives and people from all backgrounds.
Key performance indicators
Financial KPI's during the year were as follows:
| 2024 | 2023
| £ | £
Turnover | 15,860,081 | 13,233,049
Gross profit | 8,430,001 | 6,354,245
EBITDA | 1,194,254 | (377,749)
Net current liabilities | (4,174,822) | (2,628,881)
Cash Funds | 864,453 | 3,941,952
Page 1
ALTOUR INTERNATIONAL LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Key risks and mitigating factors
Consumer demand Potential Impact: Decreased profitability Mitigation: We actively collect customer feedback to align our services with market trends. Regular pricing reviews and adjustments in marketing strategies help ensure competitiveness and responsiveness. Competitive risks Potential impact: Potential loss of market share to competitors Mitigation: The directors remain closely attuned to industry developments and are prepared to take strategic actions as necessary. Business closure due to any health emergency Potential impact: Temporary shutdown with revnue loss. Mitigation: Cost control measures and contingency plans are in place to navigate unexpected challenges, along with support from our parent organisations. Key supplier management Potential impact: Loss of key supplier relationships. Mitigation: We maintain transparent communications and ensure timely payments, adhering to established protocols. Operating costs may not be controlled Potential impact: Reduced profitability. Mitigation: Deviations in costs are swiftly addressed with corrective measures to maintain financial discipline. Business continuity and IT Systems Potential impact: Operational disruption due to system failure. Mitigation: We rely on robust IT systems and continuously invest in software and hardware upgrades. Regular data backups ensure minimal disruption. Liquidity Risk Potential impact: Insufficient working capital. Mitigation: Directors closely monitor cash flow and working capital, ensuring adequate financial resources are in place. Credit risk Potential impact: Losses due to unpaid client invoices Mitigation: Strict credit control policies are enforced. We encourage clients to pay via direct debit or card to limit exposure. Lack of sustainability improvements. Potential impact:Inability to meet environmental and social goals or influence supply chain practices Mitigation: Sustainability is embedded in our strategic framework. We work toward measurable environmental and social progress internally and with partners. Page 2
ALTOUR INTERNATIONAL LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Strategic review and future prospects
While conflicts in Israel/Palestine and Russia/Ukraine continued through the year, overall demand for travel remained resilient. The Company continues to see a strong growth in customer confidence, translating into higher revenues across its operations. The Directors express satisfaction with the Company’s overall performance during the year. Funding, liquidity and going concern As of 31 December 2024, the Company recorded net assets of £4.043 million (2023: £4.170 million) and net current liabilities of £4.174 million (2023: £2.628 million) The directors have evaluated the Company's ability to continue as a going concern, with further details provided in note 2.3 of the accounting policies. They are confident that the Company has adequate resources for ongoing operations and have thus prepared the accounts on a going concern basis. Employee involvement and communication We continue to encourage active participation from employees, seeking their input on business matters through regular surveys. These insights are instrumental in driving improvements across the UK operations. Internova’s dedication to employee development and well-being remains unwavering. We prioritize a positive, supportive workplace environment that enables personal and professional growth. We advocate for transparency, mutual respect, and continuous learning. Opportunities for advancement and skill-building ensure that our team members feel empowered and appreciated. Initiatives include mentorship, flexible work options, training programs, and wellness efforts—all aimed at helping employees realise their full potential. Their engagement and progress are vital to our shared success. We promote two-way communication through forums, team gatherings, and quarterly townhalls, ensuring open and ongoing dialogue with our teams. Disabled employees The Company remains committed to considering all qualified applicants, including those with disabilities. Where feasible, we continue employing individuals who become disabled and provide necessary training and development to support their career progression.
Post balance sheet events
The directors have confirmed no material events have occurred since the date of approval of these financial statements that would affect the financial statements of the Company. Page 3
ALTOUR INTERNATIONAL LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 This report was approved by the board and signed on its behalf.
................................................ A Taiwo Director
Date: 30 June 2025
Page 4
ALTOUR INTERNATIONAL 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.
Principal activity
The principal activity of the company in the year under review was that of travel agents and business travel consultants.
Results and dividends
The profit for the year, after taxation, amounted to £1,223,329 (2023 - loss £46,365). Dividends paid in the year amounted to £1,350,000 (2023: Nil).
Directors
The Directors who served during the year were:
J D O'Hara
R Klug
H Daras
J Oshiokpekhai
A Taiwo
B Noskeau (resigned 29 February 2024)
Political contributions
The company made no political donations or incurred any political expenditure during the year (2023: nil).
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.
Auditors
The auditors, Xeinadin Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. Page 5
ALTOUR INTERNATIONAL LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 This report was approved by the board and signed on its behalf.
................................................ A Taiwo Director
Date: 30 June 2025
101 St. Martin's Lane
First Floor
London
WC2N 4AZ
Page 6
ALTOUR INTERNATIONAL LIMITED DIRECTORS' RESPONSIBILITIES STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024 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 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 and to enable them to ensure that the financial statements comply with the Companies Act 2006. also responsible for safeguarding the assets of the and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 7
ALTOUR INTERNATIONAL LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALTOUR INTERNATIONAL LIMITED
Opinion
We have audited the financial statements of Altour International Limited (the 'Company') for the year ended 31 December 2024, which comprise the Profit and loss account, the Statement of comprehensive income, the Balance sheet, 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 forming our opinion, we have considered the adequacy of the disclosures made in the financial statements concerning the company's ability to continue as a going concern. Based on the work we have performed, and comments made in Note 2.3, 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. 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. Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report. Page 8
ALTOUR INTERNATIONAL LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALTOUR INTERNATIONAL 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 7, 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 9
ALTOUR INTERNATIONAL LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALTOUR INTERNATIONAL 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; - Reviewing minutes of meetings of meetings of those charged with governance; - 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 - Enquiry of management and those charged with governance to identify any instances of non-compliance with 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 reprting 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: health and safety including data protection laws, employment law 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 10
ALTOUR INTERNATIONAL LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALTOUR INTERNATIONAL 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 Registered Auditor 36 Old Jewry London EC2R 8DD 30 June 2025 Page 11
ALTOUR INTERNATIONAL LIMITED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024
| 2024 | 2023
Note | £ | £
Turnover |  | 15,860,081 | 13,233,049
Cost of sales |  | (7,430,080) | (6,878,804)
Gross profit |  | 8,430,001 | 6,354,245
Distribution costs |  | (5,667) | (1,970)
Administrative expenses |  | (7,753,584) | (6,782,471)
Operating profit/(loss) | 4 | 670,750 | (430,196)
Income from other fixed asset investments |  | 450,000 | 500,000
Interest receivable and similar income | 8 | 44,977 | 51,852
Interest payable and similar expenses | 9 | (32,955) | (57,760)
Profit before tax |  | 1,132,772 | 63,896
Tax on profit | 10 | 90,557 | (110,261)
Profit/(loss) for the financial year |  | 1,223,329 | (46,365)
The notes on pages 16 to 32 form part of these financial statements.
Page 12
ALTOUR INTERNATIONAL LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2024
|  |  |  | 2024 | 2023
|  |  | Note | £ | £
Profit for the financial year |  | 1,223,329 | (46,365)
Other comprehensive income |  |  |
Total comprehensive income for the year |  | 1,223,329 | (46,365)
The notes on pages 16 to 32 form part of these financial statements.
Page 13
ALTOUR INTERNATIONAL LIMITED REGISTERED NUMBER: 03797791 BALANCE SHEET AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 12 |  | 3,217,660 |  | 42,688
Tangible assets | 13 |  | 120,266 |  | 170,286
Investments | 14 |  | 8,730,357 |  | 11,914,766
|  |  | 12,068,283 |  | 12,127,740
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 15 | 5,251,447 |  | 3,105,475 |
Cash at bank and in hand | 16 | 864,453 |  | 3,941,952 |
|  | 6,115,900 |  | 7,047,427 |
Creditors: amounts falling due within one year | 17 | (10,290,722) |  | (9,676,308) |
Net current liabilities |  |  | (4,174,822) |  | (2,628,881)
Total assets less current liabilities |  |  | 7,893,461 |  | 9,498,859
Creditors: amounts falling due after more than one year | 18 |  | (3,850,189) |  | (5,328,916)
Net assets |  |  | 4,043,272 |  | 4,169,943
Capital and reserves |  |  |  |  |
Called up share capital | 20 |  | 100,000 |  | 100,000
Profit and loss account |  |  | 3,943,272 |  | 4,069,943
|  |  | 4,043,272 |  | 4,169,943
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 June 2025.
................................................ A Taiwo
Director
The notes on pages 16 to 32 form part of these financial statements. Page 14

|  | ALTOUR INTERNATIONAL LIMITED |
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
|  | Called up share capital | Profit and loss account | Total equity
|  | £ | £ | £
| At 1 January 2023 | 100,000 | 4,116,308 | 4,216,308
| Comprehensive income for the year |  |  |
| Loss for the year | - | (46,365) | (46,365)
| Total comprehensive income for the year | - | (46,365) | (46,365)
| Total transactions with owners | - | - | -
| At 1 January 2024 | 100,000 | 4,069,943 | 4,169,943
| Comprehensive income for the year |  |  |
| Profit for the year | - | 1,223,329 | 1,223,329
| Total comprehensive income for the year | - | 1,223,329 | 1,223,329
| Contributions by and distributions to owners |  |  |
| Dividends paid | - | (1,350,000) | (1,350,000)
| Total transactions with owners | - | (1,350,000) | (1,350,000)
| At 31 December 2024 | 100,000 | 3,943,272 | 4,043,272
| The notes on pages 16 to 32 form part of these financial statements.
Page 15

ALTOUR INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
General Information Altour International Limited is a private company limited by shares incorporated in England and Wales, United Kingdom. The address of the registered office is: 101 St. Martin's Lane, First Floor, London, England, WC2N 4AZ. The nature of the company's operations and its principal activities are set out in the Directors Report. 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. Judgements made by the directors, in the application of these accounting policies that have significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year are discussed in note 3. The accounting policies set out below have, unless otherwise stated, been consistently to all periods presented in these financial statements. The exemptions taken under FRS 102 include the following: ∙Key management personnel compensation disclosure; ∙Reconciliation of the number of shares outstanding from the beginning to the end of the period; ∙Preparation of seperate Cash flow statement
| 2.2 | Exemption from preparing consolidated financial statements
The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006. The Company and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Global Travel Collection UK, Ltd, 101 St Martin's Lane, London WC2N 4AZ.
| 2.3 | Going concern
The company is a wholly owned subsidiary of Global Travel Collection UK, Ltd. The Company's business activities, together with the factors likely to affect its future trading performance, are set out in its Strategic report. The Company’s parent company ,Global Travel Collection UK, Ltd, has indicated its intention to continue to make available funds as are needed by the Company. Based on these indications the Directors believe that it remains appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result from the basis of preparation being inappropriate. Page 16
ALTOUR INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 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.
| 2.5 | Revenue recognition
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover represents amounts earned during the year from transaction fees, management fees, commissions receivable, and other income in accordance with contractual arrangements, exclusive of Value Added tax. Revenue from the rendering of services is measured at the point when risk of service transaction is transferred in the reporting period provided that the outcome can be reliably estimated, which is considered to be the booking date. Commission income is recognised in its entirety as the risk is carried in full. When the outcome cannot be reliably estimated, revenue is estimated only to the extent that expenses recognised are recoverable.
| 2.6 | 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.
| 2.7 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.8 | 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 17
ALTOUR INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.9 | 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 Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.10 | 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 balance sheet 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 balance sheet 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 balance sheet date. Page 18
ALTOUR INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.11 | Intangible assets
Goodwill Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Profit and loss account over its useful economic life. Other intangible assets Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
| 2.12 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis. Depreciation is provided on the following basis:
|  |  |  | Computer equipment | - | 25% |
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.
| 2.13 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.14 | 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. Page 19
ALTOUR INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.15 | 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.
| 2.16 | 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.
| 2.17 | Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to profit and loss in the year that the Company becomes aware of the obligations, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
| 2.18 | Financial instruments
Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Basic financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted Page 20
ALTOUR INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.18 | Financial instruments (continued)
where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
| 2.19 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the Balance Sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. Details of the key areas of judgement and estimation are as follows: Judgements In preparing these financial statements, the directors have had to make the following judgments: • Determine whether there are indicators of impairment of the Company's tangible and intangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset. Key sources of estimation uncertainty • Provision for impairment of the carrying value of amounts due from group undertakings is made based on management's estimate of the prospect of recovering the amounts due, which includes considering the solvency of the counterparty and its future outlook, based on budgets and forecasts prepared by management. Page 21
ALTOUR INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
4. | Operating profit/(loss)
| The operating profit/(loss) is stated after charging:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Exchange differences | 90,964 | (67,237)
| Other operating lease rentals | 377,310 | 247,119
5. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors and their associates:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Fees payable for the audit of the Company's financial statements | 31,500 | 26,600
| Fees payable to the Company's auditors and their associates in respect of: |  |
| Fees payable for non-audit services | 13,500 | 11,400
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ALTOUR INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
6. | Employees
| Staff costs were as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Wages and salaries | 4,656,973 | 4,377,956
| Social security costs | 488,487 | 445,034
| Cost of defined contribution scheme | 115,119 | 112,573
|  | 5,260,579 | 4,935,563
| The average monthly number of employees, including the Directors, during the year was as follows:
|  |  | 2024 | 2023
|  |  | No. | No.
|  | Administration, operations and sales | 128 | 104
|  | IT support | 1 | 4
|  |  | 129 | 108
| No remuneration was paid to the directors during the current year (2023 - £nil). The directors are responsible for a group of companies and are remunerated from the main company in the USA which is where they reside.
7. | Income from investments
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Dividends | 450,000 | 500,000
|  | 450,000 | 500,000
| Income from investments represents dividends received from Infinity Travel Limited.
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ALTOUR INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
8. | Interest receivable
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Other interest receivable | 44,977 | 51,852
|  | 44,977 | 51,852
9. | Interest payable and similar expenses
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank interest payable | - | 14
| Other loan interest payable | 32,955 | 57,746
|  | 32,955 | 57,760
10. | Taxation
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | - | 5,285
|  | - | 5,285
| Total current tax | - | 5,285
| Deferred tax |  |
| Fixed assets and short term timing differences | - | (32,302)
| Losses and other deductions | (90,557) | 137,278
| Total deferred tax | (90,557) | 104,976
| Tax on profit on ordinary activities | (90,557) | 110,261
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ALTOUR INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 10.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is the same as (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 23.52%). The differences are explained below:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 1,132,772 | 63,896
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%) | 291,263 | 15,029
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 120 | 809
| Fixed asset differences | - | (68)
| Other timing differences leading to an increase (decrease) in taxation | 7,072 | -
| Exempt distributions | (112,500) | (117,603)
| Other differences leading to an increase (decrease) in the tax charge - deferred tax | (276,512) | 79,870
| Group relief | - | 132,224
| Total tax charge for the year | (90,557) | 110,261
| Factors that may affect future tax charges
There were no factors that may affect future tax charges.
11. | Dividends
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Ordinary dividends paid | 1,350,000 | -
|  | 1,350,000 | -
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ALTOUR INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
12. | Intangible assets
|  | Software development | Goodwill | Total
|  | £ | £ | £
| Cost |  |  |
| At 1 January 2024 | 78,190 | 676,247 | 754,437
| Additions | 3,160 | - | 3,160
| Intra-group transfers | - | 500,000 | 500,000
| Transferred from investments | - | 3,191,816 | 3,191,816
| At 31 December 2024 | 81,350 | 4,368,063 | 4,449,413
| Amortisation |  |  |
| At 1 January 2024 | 35,502 | 676,247 | 711,749
| Charge for the year on owned assets | 20,004 | - | 20,004
| Intra-group transfers | - | 500,000 | 500,000
| At 31 December 2024 | 55,506 | 1,176,247 | 1,231,753
| Net book value |  |  |
| At 31 December 2024 | 25,844 | 3,191,816 | 3,217,660
| At 31 December 2023 | 42,688 | - | 42,688
| During the year the goodwill held in BBTF Travel limited on the acquistion of BBTF Netherlands was transferred to the company at the net book value (see note 14).
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ALTOUR INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
13. | Tangible fixed assets
|  | Plant and machinery | Fixtures and fittings | Computer equipment | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 January 2024 | 55,370 | - | 210,521 | 265,891
| Additions | - | - | 3,480 | 3,480
| Transfers intra group | - | 21,500 | 80,627 | 102,127
| At 31 December 2024 | 55,370 | 21,500 | 294,628 | 371,498
| Depreciation |  |  |  |
| At 1 January 2024 | 55,370 | - | 40,235 | 95,605
| Charge for the year on owned assets | - | - | 53,500 | 53,500
| Transfers intra group | - | 21,500 | 80,627 | 102,127
| At 31 December 2024 | 55,370 | 21,500 | 174,362 | 251,232
| Net book value |  |  |  |
| At 31 December 2024 | - | - | 120,266 | 120,266
| At 31 December 2023 | - | - | 170,286 | 170,286
| During the year, the assets held in BBTF Travel Limited (see note 14) were transferred to the parent company, Altour International Limited, at nil net book value.
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ALTOUR INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
14. | Fixed asset investments
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 January 2024 | 11,914,766
| Transferred to goodwill | (3,191,816)
| Transfers intra group | 7,407
| At 31 December 2024 | 8,730,357
| During the year the ownership of BBTF Netherlands was transferred to the company from BBTF Travel Limited, a fellow subsidiary.
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ALTOUR INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
| Subsidiary undertakings
| The following were subsidiary undertakings of the Company:
| Name | Registered office | Class of shares | Holding
| BBTF Travel Limited | 101 St. Martin's Lane, First Floor, London, England, WC2N 4AZ | Ordinary | 100%
| BBTF Travel (Holland) BV* | Operetteweg 9, 1323VJ, Almere, Netherlands | Ordinary | 100%
| Infinity Travel Limited | 101 St. Martin's Lane, First Floor, London, England, WC2N 4AZ | Ordinary | 100%
| *BBTF Travel (Holland) BV is an indirect holdings through BBTF Travel Limited.
| The aggregate of the share capital and reserves as at 31 December 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
| Name | Aggregate of share capital and reserves | Profit/(Loss)
|  | £ | £
| BBTF Travel Limited | 725,709 | 1,235
| BBTF Travel (Holland) B.V | (58,030) | (58,030)
| Infinity Travel Limited | 942,515 | 687,307
15. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade debtors | 3,717,450 | 1,946,385
| Amounts owed by group undertakings | 801,452 | 384,134
| Other debtors | 285,535 | 401,791
| Prepayments and accrued income | 244,405 | 111,117
| Tax recoverable | - | 150,000
| Deferred taxation | 202,605 | 112,048
|  | 5,251,447 | 3,105,475
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ALTOUR INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
16. | Cash and cash equivalents
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Cash at bank and in hand | 864,453 | 3,941,952
|  | 864,453 | 3,941,952
17. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade creditors | 3,017,771 | 4,137,428
| Amounts owed to group undertakings | 6,152,886 | 5,278,302
| Other taxation and social security | - | 25,349
| Other creditors | 808,852 | 23,595
| Accruals and deferred income | 311,213 | 211,634
|  | 10,290,722 | 9,676,308
| The following liabilities were secured: A debenture in Altour International Limited in favour of Barclays Bank Plc which includes fixed and floating charges over the undertaking. A cross guarantee and debenture between Altour International Limited and BBTF Travel Limited, an immediate subsidiary undertaking, in favour of Barclays Bank Plc which includes fixed and floating charges over the undertakings.
18. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Amounts owed to group undertakings | 3,701,657 | 3,821,003
| Other creditors | 148,532 | 1,507,913
|  | 3,850,189 | 5,328,916
| Other creditors included an interest bearing loan of £823,478 secured by way of a promissory note on 30 January 2019, and raised to fund the acquisition of Infinity Travel Limited. The loan was repaid in full during the year.
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ALTOUR INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
19. | Deferred taxation
|  | 2024
|  | £
| At beginning of year | 112,048
| Charged to profit or loss | 90,557
| At end of year | 202,605
| The deferred tax asset is made up as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Fixed assets and short term timing differences | 3,538 | (32,302)
| Losses and other deductions | 199,067 | 144,350
|  | 202,605 | 112,048
20. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 100,000 (2023 - 100,000) Ordinary shares of £1.00 each | 100,000 | 100,000
21. | Pension commitments
The company operates a defined contribution pension scheme in respect of the Directors. The scheme and its assets are held by independent managers. The pension charge represents contributions due from the company and amounted to £115,119 (2023: £112,573).
22. | Related party transactions
| The company has taken advantage of the exemption available under FRS102 section 33.1A where disclosures of transactions between group members are not required, provided that the subsidiary is wholly-owned. The following balances with fellow group companies were outstanding at the balance sheet date:
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ALTOUR INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Altour International NY | (2,114,517) | (2,074,783)
| Travel Leaders Corporate LLC | 594,031 | 160,479
| Infinity Travel Limited | (844,403) | 130,296
| Internova Travel Group LLC | (299,304) | 365,733
| BBTF Travel Limited | (961,052) | (1,351,285)
| Global Travel Collection UK, Limited | (2,894,314) | (2,530,009)
| BBTF Travel (Holland) B.V. | 207,421 | 92,936
|  | (6,312,138) | (5,206,633)
| At the year end the company owed Y.E.S. (Your Event Solutions) Limited Nil- (2023: £1,391,381) a company related by common control.
23. | Post balance sheet events
The directors confirm there have been no significant events affecting the Company since the year end.
24. | Controlling party
Global Travel Collection UK, Ltd owns 100% of Altour International Limited and is the immediate parent company. Global Travel Collection UK, Ltd's registered address is 101 St. Martin's Lane, London, WC2N 4AZ. Altour International Limited's ultimate controlling party is Internova Holdings LLC, a company incorporated in Delaware, USA.
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