Company registration number 2207655 (England and Wales)
SPORTS TOURS INTERNATIONAL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
SPORTS TOURS INTERNATIONAL LIMITED
COMPANY INFORMATION
Directors
F Done
T Przybysz
C Dyson
T May
Secretary
S Longden
Company number
2207655
Registered office
The Spectrum
56/58 Benson Road
Birchwood
Warrington
Cheshire
WA3 7PQ
Auditor
Champion Accountants LLP
1 Worsley Court
High Street
Worsley
Manchester
M28 3NJ
SPORTS TOURS INTERNATIONAL LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 6
Independent auditor's report
7 - 9
Group statement of comprehensive income
10
Group balance sheet
11 - 12
Company balance sheet
13 - 14
Group statement of changes in equity
15
Company statement of changes in equity
16
Group statement of cash flows
17
Company statement of cash flows
18
Notes to the financial statements
19 - 40
SPORTS TOURS INTERNATIONAL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

Chief Executive's annual review

I am delighted to present the CEO report for the audited accounts of Sports Tours International for the financial year ending 31st March 2025. This year has been one of significant growth, underpinned by a strong financial performance, strategic acquisitions, and exceptional progress across all areas of the business.

Financial Highlights

- Revenue Growth:
  The group delivered an exceptional increase in total revenue, rising to £33,396,404 — a substantial year-on-year uplift from £24,065,499 in FY24. This 38.8% increase reflects the successful execution of our strategic initiatives, the contribution of recent acquisitions, and strong organic performance across key markets.

- EBITDA Growth:
  We are proud to report that EBITDA has grown to £3,361,160, up from £2,135,314 in the previous year. This outstanding performance demonstrates both the strength of our revenue growth and continued improvements in operational efficiency and margin optimisation. This exceptional growth in EBITDA is a clear indicator of the underlying strength and scalability of our business model.

The Company's directors believe that analysis using key performance indicators for the Group is necessary for the development and performance assessment of the business of the Sports Tours International Group.

The key performance indicators used by the business are comparing Turnover, Operating profit and Earnings before interest, tax, depreciation and amortisation (EBITDA).

Key performance indicators

|  |  |  |  | 202 5 |  | 202 4
|  |  |  |  | £ |  | £
Turnover |  |  |  |  | 33,396,404 |  | 2 4,065,499
Operating profit |  |  |  | 2,845,434 |  | 1,831,389
EBITDA - see table below |  |  | 3,361,160 |  | 2,135,314
EBITDA as a % of Turnover |  |  | 10.1% |  | 8.9%
Calculation - EBITDA |  |  |  |  |  |
Operating profit for the period |  |  | 2,845,434 |  | 1,831,389
Depreciation of tangible assets |  |  | 90,869 |  | 8 3,584
Amortisation of intangible assets |  | 424,857 |  | 220,3 41
EBITDA |  |  |  |  | 3,361,160 |  | 2,135,314

SPORTS TOURS INTERNATIONAL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
Operational review

Strategic Milestones and Operational Review

Acquisition of Golf Holidays Direct

In FY25, we completed the acquisition of Golf Holidays Direct, a fast-growing business that has already proven to be a valuable addition to our portfolio. Its integration has progressed smoothly and the business is showing strong year-on-year growth, delivering both top-line revenue and margin enhancements. This acquisition aligns perfectly with our strategy of expanding into adjacent sports travel verticals.

We have updated the website, which has delivered a considerable improvement in conversion and successfully driven down the cost per acquisition. In addition, we have re-signed Nick Dougherty and Charley Hull to long-term ambassador agreements, further enhancing our brand presence within the golf travel sector.

We have also invested considerably in marketing and new sales staff, which is already having a significant impact on future business performance. We expect a significant profit contribution in the next financial year, with the forward booking position looking particularly strong, providing confidence in sustained performance.

US Business Exceeding Expectations

Our operations in the United States, launched through the acquisition of Destination Marathons, have exceeded expectations. Sales in this region are substantially ahead of forecast. While the full impact will be reflected in FY26 (due to our revenue recognition model based on departure dates), the pipeline is very strong and already contributing to operational momentum.

We have had to absorb substantial costs in FY25 to support the rapid growth and infrastructure required for the US expansion. As a result, we will not see the full financial benefit until FY26, but we expect a considerable increase in EBITDA, driven by the strong performance of business that has already travelled in April 2025 and beyond.

Club La Santa Partnership

We are proud to have signed a 6-year strategic partnership with Club La Santa, Europe’s premier training resort. This long-term agreement cements our position as a market leader in active and wellness travel, unlocking exclusive access and promotional rights that will serve to drive incremental growth and brand prestige over the coming years.

As part of this partnership, we are investing considerable money in the development of a dedicated booking platform and website. This is a clear example of our continued focus on improving efficiency and customer service, ensuring that we deliver a seamless and premium experience for our clients.

We are also proud to report that, through this partnership, we have achieved £10m in sales for the first time, a milestone that underlines the strength of our collaboration and the growing demand for Club La Santa experiences.

SPORTS TOURS INTERNATIONAL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -

Operational Progress

- Continued Digital Optimisation:

Following the success of our digital transformation in the UK and Ireland, we have now rolled out our new booking system and website in France. Early indications suggest we are on track to replicate the conversion and engagement improvements seen in our home markets, further enhancing operational efficiency and margin potential.
In addition, we are on course to deliver comprehensive enhancements to our website in Q3, which will drive further improvements in conversion rates and increase booking value through the ability to more effectively sell travel extensions and add-ons.

- Product Innovation:

We continue to develop our product suite to meet evolving customer demand. Our half marathon-focused packages have gained strong early traction and are bringing new participants into our ecosystem, many of whom are likely to graduate to our core full marathon offerings in time.

- Culture and People:

As ever, our people remain the cornerstone of our success. We have maintained our commitment to staff well-being, flexible working, and development opportunities. This has supported strong employee engagement, talent retention, and organisational resilience.
We will be moving to a new office in Quarter 4 of this financial year, investing a considerable amount of money to improve the working environment. This initiative is designed to enhance collaboration, well-being, and overall job satisfaction, and is intended to strengthen both staff retention and recruitment as we continue to grow.

- Global Partnerships:

We are proud to announce that we are now an official partner of the Paris Marathon and the Cape Town Marathon, further strengthening our position in the global sports travel market and offering our customers even more world-class event experiences.

Outlook

Looking ahead, Sports Tours International is exceptionally well-positioned for continued growth. Our sales pipeline remains strong, and forward bookings for FY26 are already materially ahead of the same period last year.

For FY26, Sports Tours International (excluding Golf Holidays Direct) is currently 34.7% ahead of the same period last year and has already achieved 90% of our budget, giving us great confidence in the strength of our forward trading position.

In addition, Golf Holidays Direct is currently 62.8% ahead of the same period last year and has already achieved 87% of budget, highlighting the success of its integration and the strength of its growth trajectory.

We are also excited to announce that Sydney will feature for the first time as a major marathon in our portfolio. This provides us with a new flagship event to promote, which will act as a strong driver of incremental growth in the coming years.

Furthermore, we continue to be acquisitive, actively looking for businesses that complement our existing portfolio in sports and travel, aligned with our long-term strategic objectives.

With strategic acquisitions now embedded, international expansion accelerating, and long-term partnerships secured, we are entering the next phase of our journey with confidence and clarity of purpose. We expect continued growth in revenue and EBITDA, building on the solid foundation laid this year.

SPORTS TOURS INTERNATIONAL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -

Conclusion

The success of FY25 is a direct result of the dedication, adaptability, and strategic thinking demonstrated by our entire team. I would like to thank our staff, partners, and customers for their unwavering support. As we continue to scale and innovate, I am confident that Sports Tours International will remain a leader in the active and sports travel market.

Sincerely,

On behalf of the board

T Przybysz
Director
21 August 2025
SPORTS TOURS INTERNATIONAL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -

The directors present their annual report and financial statements for the year ended 31 March 2025.

Principal activities

The principal activity of the company and group continued to be the business of tour operators.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

F Done
T Przybysz
C Dyson
T May
Results and dividends

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £1,400,000. The directors do not recommend payment of a further dividend.

Auditor

The auditor, Champion Accountants LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, 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 and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.

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

SPORTS TOURS INTERNATIONAL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
T Przybysz
T May
Director
Director
21 August 2025
SPORTS TOURS INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SPORTS TOURS INTERNATIONAL LIMITED
- 7 -
Opinion

We have audited the financial statements of Sports Tours International Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including 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 the parent company's affairs as at 31 March 2025 and of the group's 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information 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.

Opinions on other matters prescribed by the Companies Act 2006

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

- T he information given in the strategic report and the directors' r eport 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.

SPORTS TOURS INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SPORTS TOURS INTERNATIONAL LIMITED
- 8 -
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 their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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' r esponsibilities s tatement, 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 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

As part of our planning process:

- We enquired of management the systems and controls the group has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. The group did not inform us of any known, suspected or alleged fraud.

- We obtained an understanding of the legal and regulatory frameworks applicable to the group. We determined that the following were most relevant to the financial statements: Companies Act 2006 & FRS 102; and those which do not have a direct effect on the financial statements, but compliance with which may be fundamental to the group’s ability to operate, which include regulations relating to ABTA & ATOL.

- We considered the incentives and opportunities that exist in the group, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment

accordingly.

- Using our knowledge of the group, together with the discussions held with the group at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.

SPORTS TOURS INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SPORTS TOURS INTERNATIONAL LIMITED
- 9 -

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

- Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.

- Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.

- Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates, in particular in relation to deferred income, depreciation methods & cut-off.

- Assessing the extent of compliance, or lack of, with the relevant laws and regulations.

- Testing key revenue lines, in particular cut-off, for evidence of management bias.

- Performing a physical verification of key assets.

- Obtaining third-party confirmation of material bank balances.

- Documenting and verifying all significant related party balances and transactions.

There are inherent limitations in the audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. The risk of not detecting a material misstatement resulting from fraud is higher than one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Gary Woodall FCCA (Senior Statutory Auditor)
For and on behalf of Champion Accountants LLP
21 August 2025
Chartered Accountants
Statutory Auditor
1 Worsley Court
High Street
Worsley
Manchester
M28 3NJ
SPORTS TOURS INTERNATIONAL LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 10 -
2025
2024
Notes
£
£
Turnover
3
33,396,404
24,065,499
Cost of sales
(25,121,075)
(18,286,600)
Gross profit
8,275,329
5,778,899
Administrative expenses
(5,530,405)
(3,947,510)
Other operating income
100,510
-
Operating profit
4
2,845,434
1,831,389
Interest receivable and similar income
8
509,877
300,614
Interest payable and similar expenses
9
(21,053)
(24,689)
Profit before taxation
3,334,258
2,107,314
Tax on profit
10
(950,177)
(508,094)
Profit for the financial year
26
2,384,081
1,599,220
Other comprehensive income
Revaluation of tangible fixed assets
-
0
16,344
Currency translation gain arising in the year
205,428
-
0
Total comprehensive income for the year
2,589,509
1,615,564
Profit for the financial year is attributable to:
- Owners of the parent company
2,458,601
1,599,220
- Non-controlling interests
(74,520)
-
2,384,081
1,599,220
Total comprehensive income for the year is attributable to:
- Owners of the parent company
2,664,029
1,615,564
- Non-controlling interests
(74,520)
-
0
2,589,509
1,615,564
SPORTS TOURS INTERNATIONAL LIMITED
GROUP BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 11 -
2025
2024
Notes
£
£
£
£
Fixed assets
Goodwill
12
9,975,006
480,881
Other intangible assets
12
159,800
128,886
Total intangible assets
10,134,806
609,767
Tangible assets
13
410,997
376,816
10,545,803
986,583
Current assets
Stocks
17
29,583
16,854
Debtors
18
21,360,499
9,475,915
Cash at bank and in hand
15,166,443
10,169,735
36,556,525
19,662,504
Creditors: amounts falling due within one year
19
(42,927,561)
(19,510,443)
Net current (liabilities)/assets
(6,371,036)
152,061
Total assets less current liabilities
4,174,767
1,138,644
Creditors: amounts falling due after more than one year
20
(2,500,000)
-
Provisions for liabilities
Deferred tax liability
22
41,934
53,577
(41,934)
(53,577)
Net assets
1,632,833
1,085,067
Capital and reserves
Called up share capital
25
72,857
72,857
Revaluation reserve
26
125,642
128,668
Capital redemption reserve
26
12,143
12,143
Other reserves
26
205,428
-
0
Profit and loss reserves
26
1,933,026
871,399
Equity attributable to owners of the parent company
2,349,096
1,085,067
Non-controlling interests
(716,263)
-
0
Total equity
1,632,833
1,085,067
SPORTS TOURS INTERNATIONAL LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2025
31 March 2025
- 12 -
The financial statements were approved by the board of directors and authorised for issue on 21 August 2025 and are signed on its behalf by:
21 August 2025
T Przybysz
T May
Director
Director
Company registration number 2207655 (England and Wales)
SPORTS TOURS INTERNATIONAL LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 13 -
2025
2024
Notes
£
£
£
£
Fixed assets
Goodwill
12
11,207
74,783
Other intangible assets
12
159,800
128,886
Total intangible assets
171,007
203,669
Tangible assets
13
315,028
362,590
Investments
14
9,454,275
1,584,497
9,940,310
2,150,756
Current assets
Stocks
17
29,583
16,854
Debtors
18
13,593,822
8,920,288
Cash at bank and in hand
10,385,667
9,321,705
24,009,072
18,258,847
Creditors: amounts falling due within one year
19
(28,701,545)
(18,710,152)
Net current liabilities
(4,692,473)
(451,305)
Total assets less current liabilities
5,247,837
1,699,451
Creditors: amounts falling due after more than one year
20
(2,500,000)
-
Provisions for liabilities
Deferred tax liability
22
41,934
53,577
(41,934)
(53,577)
Net assets
2,705,903
1,645,874
Capital and reserves
Called up share capital
25
72,857
72,857
Revaluation reserve
26
125,642
128,668
Capital redemption reserve
26
12,143
12,143
Profit and loss reserves
26
2,495,261
1,432,206
Total equity
2,705,903
1,645,874

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £2,460,029 (2024 - £1,270,786 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

SPORTS TOURS INTERNATIONAL LIMITED
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2025
31 March 2025
- 14 -
The financial statements were approved by the board of directors and authorised for issue on 21 August 2025 and are signed on its behalf by:
21 August 2025
T Przybysz
T May
Director
Director
Company registration number 2207655 (England and Wales)
SPORTS TOURS INTERNATIONAL LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 15 -
Share capital
Revaluation reserve
Capital redemption reserve
Currency translation reserve
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
£
£
Balance at 1 April 2023
72,857
115,350
12,143
-
0
(730,847)
(530,497)
-
(530,497)
Year ended 31 March 2024:
Profit for the year
-
-
-
-
1,599,220
1,599,220
-
1,599,220
Other comprehensive income:
Revaluation of tangible fixed assets
-
16,344
-
-
-
16,344
-
16,344
Total comprehensive income
-
16,344
-
-
1,599,220
1,615,564
-
1,615,564
Transfers
-
(3,026)
-
-
3,026
-
-
-
Balance at 31 March 2024
72,857
128,668
12,143
-
0
871,399
1,085,067
-
0
1,085,067
Year ended 31 March 2025:
Profit for the year
-
-
-
-
2,458,601
2,458,601
(74,520)
2,384,081
Other comprehensive income:
Currency translation differences
-
-
-
205,428
-
0
205,428
-
205,428
Total comprehensive income
-
-
-
205,428
2,458,601
2,664,029
(74,520)
2,589,509
Dividends
11
-
-
-
-
(1,400,000)
(1,400,000)
-
(1,400,000)
Transfers
-
(3,026)
-
-
3,026
-
-
-
Acquisition of subsidiary
-
-
-
-
-
-
(641,743)
(641,743)
Balance at 31 March 2025
72,857
125,642
12,143
205,428
1,933,026
2,349,096
(716,263)
1,632,833
SPORTS TOURS INTERNATIONAL LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 16 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 April 2023
72,857
115,350
12,143
158,394
358,744
Year ended 31 March 2024:
Profit for the year
-
-
-
1,270,786
1,270,786
Other comprehensive income:
Revaluation of tangible fixed assets
-
16,344
-
-
16,344
Total comprehensive income
-
16,344
-
1,270,786
1,287,130
Transfers
-
(3,026)
-
3,026
-
Balance at 31 March 2024
72,857
128,668
12,143
1,432,206
1,645,874
Year ended 31 March 2025:
Profit and total comprehensive income
-
-
-
2,460,029
2,460,029
Dividends
11
-
-
-
(1,400,000)
(1,400,000)
Transfers
-
(3,026)
-
3,026
-
Balance at 31 March 2025
72,857
125,642
12,143
2,495,261
2,705,903
SPORTS TOURS INTERNATIONAL LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 17 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
33
9,647,432
5,557,108
Interest paid
(35,812)
(24,689)
Income taxes (paid)/refunded
(922,837)
427
Net cash inflow from operating activities
8,688,783
5,532,846
Investing activities
Purchase of intangible assets
(99,248)
(104,952)
Proceeds from disposal of intangibles
-
40,000
Purchase of tangible fixed assets
(137,611)
(34,720)
Proceeds from disposal of tangible fixed assets
62,717
1,667
Purchase of subsidiaries, net of cash acquired
(5,119,674)
-
Repayment of loans
(8,136)
-
Interest received
509,877
300,614
Net cash (used in)/generated from investing activities
(4,792,075)
202,609
Financing activities
Proceeds from borrowings
2,500,000
-
Repayment of bank loans
-
(1,000,000)
Dividends paid to equity shareholders
(1,400,000)
-
0
Net cash generated from/(used in) financing activities
1,100,000
(1,000,000)
Net increase in cash and cash equivalents
4,996,708
4,735,455
Cash and cash equivalents at beginning of year
10,169,735
5,434,280
Cash and cash equivalents at end of year
15,166,443
10,169,735
SPORTS TOURS INTERNATIONAL LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 18 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
34
8,301,272
6,056,577
Interest paid
(33,469)
(24,678)
Income taxes paid
(806,617)
-
0
Net cash inflow from operating activities
7,461,186
6,031,899
Investing activities
Purchase of intangible assets
(99,248)
(104,952)
Proceeds from disposal of intangibles
-
0
40,000
Purchase of tangible fixed assets
(28,039)
(34,720)
Proceeds from disposal of tangible fixed assets
148
1,667
Purchase of subsidiaries
(7,869,778)
(267,669)
Repayment of loans
(8,136)
-
0
Interest received
507,829
300,131
Net cash used in investing activities
(7,497,224)
(65,543)
Financing activities
Proceeds from borrowings
2,500,000
-
0
Repayment of bank loans
-
(1,000,000)
Dividends paid to equity shareholders
(1,400,000)
-
Net cash generated from/(used in) financing activities
1,100,000
(1,000,000)
Net increase in cash and cash equivalents
1,063,962
4,966,356
Cash and cash equivalents at beginning of year
9,321,705
4,355,349
Cash and cash equivalents at end of year
10,385,667
9,321,705
SPORTS TOURS INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 19 -
1
Accounting policies
Company information

Sports Tours International Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is The Spectrum, 56/58 Benson Road, Birchwood, Warrington, Cheshire, WA3 7PQ.

The group consists of Sports Tours International Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Sports Tours International Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 March 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

SPORTS TOURS INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 20 -
1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Management have reviewed available future projections and forecasts, and along with additional funding received post year have determined that there are sufficient funds to increase trade back to a level seen pre-covid. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover represents the revenue from tours and other services supplied to customers in respect of

holidays, trips and tours, stated after the deduction of trade discounts.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Income from the sale of holidays is recognised when the significant risks and rewards have been transferred to the customer. In respect of tours and packages arranged internally, this is recognised on the date of travel.

No revenue is recognised if there are significant uncertainties regarding recovery of the income due or possible refunds of money received.

Monies received from customers at the balance sheet date relating to holidays commencing after the balance sheet date is deferred and included with trade creditors. The related payments in respect of these holidays is also deferred and included within prepayments.

Where the company acts as principal, turnover is stated at the contractual value of the services provided.

1.6
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.7
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, 10 and 20 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

SPORTS TOURS INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 21 -
1.8
Intangible fixed assets other than goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, 10 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired.

If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Development costs
33.3% straight line
1.9
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
2% straight line
Leasehold improvements
10% straight line
Fixtures and fittings
15% and 33.3% straight line
Computers
33.3% straight line
Motor vehicles
25% straight line

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

1.10
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

SPORTS TOURS INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 22 -
1.11
Impairment of fixed assets

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

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

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

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.12
Stocks

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

1.13
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.14
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 balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and 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.

SPORTS TOURS INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 23 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest m ethod 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of 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 group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

SPORTS TOURS INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 24 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.15
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.16
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.17
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.18
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.19
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

SPORTS TOURS INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 25 -
1.20
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

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

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

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Determination of whether there are indicators of impairment of the company's tangible and intangible fixed assets, including goodwill. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset.

Determination as to whether the company is acting as principal or agent in relation to services provided. Factors taken into consideration in reaching such a decision include the evaluation of the risks and responsibilities the company is bearing in providing these services to the customer.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Tangible and intangible fixed assets, including goodwill, are depreciated or amortised over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Rendering of services
33,396,404
24,065,499
SPORTS TOURS INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
3
Turnover and other revenue
(Continued)
- 26 -
2025
2024
£
£
Turnover analysed by geographical market
UK
27,633,380
20,224,742
Ireland
2,538,279
2,198,094
France
2,187,430
1,642,663
USA
1,037,315
-
33,396,404
24,065,499
2025
2024
£
£
Other revenue
Interest income
509,877
300,614
4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange (gains)/losses
(12,172)
61,370
Depreciation of owned tangible fixed assets
90,869
83,584
Profit on disposal of tangible fixed assets
(63)
(1,667)
Amortisation of intangible assets
424,857
220,341
(Profit)/loss on disposal of intangible assets
-
1,732
Operating lease charges
(110,090)
30,286
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
24,823
22,208
Audit of the financial statements of the company's subsidiaries
31,633
11,661
56,456
33,869
SPORTS TOURS INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 27 -
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Administrative staff
54
42
41
37

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
2,369,870
1,765,492
1,650,896
1,546,958
Social security costs
241,031
224,479
179,215
184,931
Pension costs
74,488
58,682
54,848
43,117
2,685,389
2,048,653
1,884,959
1,775,006
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
351,000
362,055
Company pension contributions to defined contribution schemes
16,369
11,717
367,369
373,772
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
130,000
131,762
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
509,877
300,614
SPORTS TOURS INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
8
Interest receivable and similar income
(Continued)
- 28 -
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
509,877
300,614
9
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
35,812
24,689
Other finance costs:
Gain on hedging instrument in a fair value hedge
(14,759)
-
0
Total finance costs
21,053
24,689
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
1,002,350
406,697
Deferred tax
Origination and reversal of timing differences
(52,173)
101,397
Total tax charge
950,177
508,094

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
3,334,258
2,107,314
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
833,565
526,829
Tax effect of expenses that are not deductible in determining taxable profit
-
0
791
Tax effect of utilisation of tax losses not previously recognised
44,117
(46,457)
Depreciation on assets not qualifying for tax allowances
5,571
5,571
Amortisation on assets not qualifying for tax allowances
106,215
55,086
Effect of overseas tax rates
(39,291)
(33,726)
Taxation charge
950,177
508,094
SPORTS TOURS INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 29 -
11
Dividends
2025
2024
Recognised as distributions to equity holders:
£
£
Final paid
1,400,000
-
12
Intangible fixed assets
Group
Goodwill
Development costs
Total
£
£
£
Cost
At 1 April 2024
2,607,780
182,756
2,790,536
Additions - internally developed
-
0
99,248
99,248
Additions - business combinations
9,850,648
-
0
9,850,648
At 31 March 2025
12,458,428
282,004
12,740,432
Amortisation and impairment
At 1 April 2024
2,126,899
53,870
2,180,769
Amortisation charged for the year
356,523
68,334
424,857
At 31 March 2025
2,483,422
122,204
2,605,626
Carrying amount
At 31 March 2025
9,975,006
159,800
10,134,806
At 31 March 2024
480,881
128,886
609,767
Company
Goodwill
Development costs
Total
£
£
£
Cost
At 1 April 2024
1,636,067
182,756
1,818,823
Additions - internally developed
-
0
99,248
99,248
At 31 March 2025
1,636,067
282,004
1,918,071
Amortisation and impairment
At 1 April 2024
1,561,284
53,870
1,615,154
Amortisation charged for the year
63,576
68,334
131,910
At 31 March 2025
1,624,860
122,204
1,747,064
Carrying amount
At 31 March 2025
11,207
159,800
171,007
At 31 March 2024
74,783
128,886
203,669
SPORTS TOURS INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
12
Intangible fixed assets
(Continued)
- 30 -

More information on impairment movements in the year is given in note .

13
Tangible fixed assets
Group
Leasehold land and buildings
Leasehold improvements
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 April 2024
216,344
255,831
245,260
816,088
66,360
1,599,883
Additions
2,170
19,600
4,265
23,715
30,040
79,790
Business combinations
-
0
-
0
22,319
85,595
-
0
107,914
Disposals
-
0
-
0
-
0
(510)
(19,279)
(19,789)
At 31 March 2025
218,514
275,431
271,844
924,888
77,121
1,767,798
Depreciation and impairment
At 1 April 2024
37,667
174,508
210,163
752,161
48,568
1,223,067
Depreciation charged in the year
4,327
18,496
25,565
35,044
7,437
90,869
Eliminated in respect of disposals
-
0
-
0
-
0
(425)
(15,528)
(15,953)
Transfers
-
0
-
0
11,855
46,963
-
0
58,818
At 31 March 2025
41,994
193,004
247,583
833,743
40,477
1,356,801
Carrying amount
At 31 March 2025
176,520
82,427
24,261
91,145
36,644
410,997
At 31 March 2024
178,677
81,323
35,097
63,927
17,792
376,816
SPORTS TOURS INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
13
Tangible fixed assets
(Continued)
- 31 -
Company
Leasehold land and buildings
Leasehold improvements
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 April 2024
216,344
255,831
222,588
807,524
22,802
1,525,089
Additions
2,170
19,600
1,910
4,359
-
0
28,039
Disposals
-
0
-
0
-
0
(510)
-
0
(510)
At 31 March 2025
218,514
275,431
224,498
811,373
22,802
1,552,618
Depreciation and impairment
At 1 April 2024
37,667
174,508
190,158
744,116
16,050
1,162,499
Depreciation charged in the year
4,327
18,496
18,636
31,804
2,253
75,516
Eliminated in respect of disposals
-
0
-
0
-
0
(425)
-
0
(425)
At 31 March 2025
41,994
193,004
208,794
775,495
18,303
1,237,590
Carrying amount
At 31 March 2025
176,520
82,427
15,704
35,878
4,499
315,028
At 31 March 2024
178,677
81,323
32,430
63,408
6,752
362,590

Land and buildings with a carrying amount of £260,000 were revalued at 27 March 2024 by Longden & Cook, Commercial, independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

14
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
9,454,275
1,584,497
SPORTS TOURS INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
14
Fixed asset investments
(Continued)
- 32 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2024
1,584,497
Additions
7,869,778
At 31 March 2025
9,454,275
Carrying amount
At 31 March 2025
9,454,275
At 31 March 2024
1,584,497
15
Subsidiaries

Details of the company's subsidiaries at 31 March 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Sports Travel International Ltd
Ireland
Ordinary
100.00
-
Graham Baxter Sporting Tours Ltd
England & Wales
Ordinary
100.00
-
Sports Tours International
France
Ordinary
100.00
-
Destination Marathons LLC (t/a Sports Tours International USA)
USA
Ordinary
80.00
-
ASR Travel Group Ltd
England
Ordinary
75.00
-
Golf Holidays Direct Ltd
England
Ordinary
0
75.00
16
Financial instruments
Group
Company
2025
2024
2025
2024
£
£
£
£
Carrying amount of financial assets include:
Instruments measured at fair value through profit or loss
14,759
-
14,759
-
Hedging arrangements

At the year end, the group had entered into forward contract agreements to purchase foreign currency at an agreed rate. All forward contracts live at 31 March 2025 were settled by 23rd May 2025. Unrecognised gains & losses as at the year end are shown above.

SPORTS TOURS INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 33 -
17
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Finished goods and goods for resale
29,583
16,854
29,583
16,854
18
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
-
0
4,583
-
0
-
0
Corporation tax recoverable
536,591
-
0
434,469
-
0
Derivative financial instruments
14,759
-
14,759
-
Other debtors
550,609
197,566
132,364
196,526
Prepayments and accrued income
19,397,814
9,184,434
12,987,230
8,698,762
20,499,773
9,386,583
13,568,822
8,895,288
Amounts falling due after more than one year:
Other debtors
131,770
89,332
25,000
25,000
Deferred tax asset (note 22)
728,956
-
0
-
0
-
0
860,726
89,332
25,000
25,000
Total debtors
21,360,499
9,475,915
13,593,822
8,920,288
19
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Trade creditors
5,796,950
4,155,727
5,651,844
4,135,018
Amounts owed to group undertakings
-
0
-
0
5,777,279
879,673
Corporation tax payable
994,998
378,894
878,698
372,148
Other taxation and social security
56,578
7,038
-
-
Deferred income
23
33,818,245
13,810,381
14,237,089
12,198,655
Other creditors
126,240
85,700
84,388
70,846
Accruals
2,134,550
1,072,703
2,072,247
1,053,812
42,927,561
19,510,443
28,701,545
18,710,152
SPORTS TOURS INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 34 -
20
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Other borrowings
21
2,500,000
-
0
2,500,000
-
0
21
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Other loans
2,500,000
-
0
2,500,000
-
0
Payable after one year
2,500,000
-
0
2,500,000
-
0

The £2.5m loan from Betfred Group Ltd bears interest at 2% above base and is due for repayment on 31st January 2027,

22
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
Assets
Assets
2025
2024
2025
2024
Group
£
£
£
£
Accelerated capital allowances
14,896
26,539
(16,422)
-
Tax losses
-
-
745,378
-
Revaluations
27,038
27,038
-
-
41,934
53,577
728,956
-
Liabilities
Liabilities
Assets
Assets
2025
2024
2025
2024
Company
£
£
£
£
Accelerated capital allowances
14,896
26,539
-
-
Revaluations
27,038
27,038
-
-
41,934
53,577
-
-
SPORTS TOURS INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
22
Deferred taxation
(Continued)
- 35 -
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 April 2024
53,577
53,577
Credit to profit or loss
(98,055)
(11,643)
Business combination
(642,544)
-
Liability/(Asset) at 31 March 2025
(687,022)
41,934
23
Deferred income
Group
Company
2025
2024
2025
2024
£
£
£
£
Other deferred income
33,818,245
13,810,381
14,237,089
12,198,655
24
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
74,488
58,682

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

25
Share capital
Group and company
2025
2024
Ordinary share capital
£
£
Issued and fully paid
10,928,550,000 Ordinary of £0.000006667 each
72,857
72,857
26
Reserves
Revaluation reserve

The revaluation reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income.

Profit and loss reserves

Profit and loss reserves represent retained earnings and accumulated losses.

SPORTS TOURS INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 36 -
27
Acquisition of a business

On 28 January 2025 the group acquired 75% of the issued capital of ASR Travel Group Ltd, which owns 100% of the issued share capital of Golf Holidays Direct Ltd.

Book Value
Adjustments
Fair Value
Net assets acquired
£
£
£
Property, plant and equipment
48,469
-
48,469
Trade and other receivables
2,841,352
-
2,841,352
Cash and cash equivalents
2,601,456
-
2,601,456
Trade and other payables
(8,524,102)
-
(8,524,102)
Deferred tax
688,426
-
688,426
Total identifiable net assets
(2,344,399)
-
(2,344,399)
Non-controlling interests
586,100
Goodwill
9,471,470
Total consideration
7,713,171
The consideration was satisfied by:
£
Cash
7,713,171
Contribution by the acquired business for the reporting period included in the group statement of comprehensive income since acquisition:
£
Turnover
2,486,517
Loss after tax
(17,995)
SPORTS TOURS INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
27
Acquisition of a business
(Continued)
- 37 -

On 4 April 2024 the group acquired 80% of the issued capital of Destination Marathons LLC.

Book Value
Adjustments
Fair Value
Net assets acquired
£
£
£
Property, plant and equipment
1,624
-
1,624
Cash and cash equivalents
148,648
-
148,648
Trade and other payables
(428,485)
-
(428,485)
Total identifiable net assets
(278,213)
-
(278,213)
Non-controlling interests
55,643
Goodwill
379,178
Total consideration
156,608
The consideration was satisfied by:
£
Cash
156,608
Contribution by the acquired business for the reporting period included in the group statement of comprehensive income since acquisition:
£
Turnover
1,037,315
Loss after tax
(367,435)
28
Financial commitments, guarantees and contingent liabilities

Group

Bonds and trade debt guarantees are given by the group's bank on the company's behalf where there is recourse to the company. The amounts and beneficiaries are as follows:-

a) £3,677,125 (2024: £2,559,658) - Beneficiary is The Association of British Travel Agents.

b) £600,000 (2024: £nil) - Beneficiary is The Air Travel Organisers' Licencing.

Company

Bonds and trade debt guarantees are given by the group's bank on the company's behalf where there is recourse to the company. The amounts and beneficiaries are as follows:-

a) £3,677,125 (2024: £2,559,658) - Beneficiary is The Association of British Travel Agents.

b) £600,000 (2024: £nil) - Beneficiary is The Air Travel Organisers' Licencing.

c) £4,000,000 (2024: £nil) - Beneficiary is Golf Holidays Direct Limited

SPORTS TOURS INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 38 -
29
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2025
2024
2025
2024
£
£
£
£
Within one year
106,290
9,319
1,823
9,319
Between two and five years
145,634
3,647
1,823
3,647
251,924
12,966
3,646
12,966
30
Events after the reporting date

On the 3rd April 2025, Sports Tours International Ltd acquired the remaining 20% interest in a US Tour Operator, Destination Marathons LLC. From that date, they own 100% control.

31
Related party transactions
Transactions with related parties

Entities deemed to be under common control had the following transactions during the current and previous year:

During the year the group has placed funds on short term deposit. At the balance sheet date the balance was £nil (2024: £nil). Interest of £268,759 (2024: £211,325) was earned on this loan, of which £nil (2024: £nil) was owed to the group at the balance sheet date.

During the year the group received a loan. At the year end the amount due was £2,500,000 (2024: £nil). The loan is subject to interest at 2% over base rate and is due for repayment on 31 January 2027. Interest accrued in the year totalled £33,469 (2024: £nil). The loan is also subordinated to the Civil Aviation Authority.

32
Controlling party

The company is considered to be under the control of the Done family.

SPORTS TOURS INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 39 -
33
Cash generated from group operations
2025
2024
£
£
Profit after taxation
2,384,081
1,599,220
Adjustments for:
Taxation charged
950,177
508,094
Finance costs
21,053
24,689
Investment income
(509,877)
(300,614)
Gain on disposal of tangible fixed assets
(63)
(1,667)
(Gain)/loss on disposal of intangible assets
-
1,732
Amortisation and impairment of intangible assets
424,857
220,341
Depreciation and impairment of tangible fixed assets
90,869
83,584
Movements in working capital:
Increase in stocks
(12,729)
(6,403)
Increase in debtors
(7,754,790)
(3,301,951)
(Decrease)/increase in creditors
(5,954,010)
3,039,840
Increase in deferred income
20,007,864
3,690,243
Cash generated from operations
9,647,432
5,557,108
34
Cash generated from operations - company
2025
2024
£
£
Profit after taxation
2,460,029
1,270,786
Adjustments for:
Taxation charged
867,055
473,545
Finance costs
18,710
24,678
Investment income
(507,829)
(300,131)
Gain on disposal of tangible fixed assets
(63)
(1,667)
(Gain)/loss on disposal of intangible assets
-
1,732
Amortisation and impairment of intangible assets
131,910
123,170
Depreciation and impairment of tangible fixed assets
75,516
71,366
Movements in working capital:
Increase in stocks
(12,729)
(6,403)
Increase in debtors
(4,216,170)
(3,214,029)
Increase in creditors
7,446,409
3,930,680
Increase in deferred income
2,038,434
3,682,850
Cash generated from operations
8,301,272
6,056,577
SPORTS TOURS INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 40 -
35
Analysis of changes in net funds - group
1 April 2024
Cash flows
31 March 2025
£
£
£
Cash at bank and in hand
10,169,735
4,996,708
15,166,443
Borrowings excluding overdrafts
-
(2,500,000)
(2,500,000)
10,169,735
2,496,708
12,666,443
36
Analysis of changes in net funds - company
1 April 2024
Cash flows
31 March 2025
£
£
£
Cash at bank and in hand
9,321,705
1,063,962
10,385,667
Borrowings excluding overdrafts
-
(2,500,000)
(2,500,000)
9,321,705
(1,436,038)
7,885,667
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