REGISTERED NUMBER: 01932688 (England and Wales)

Strategic Report, Report of the Directors and

Audited Financial Statements

For The Year Ended 31 December 2024

for

Travelpack Marketing & Leisure Services

Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

6

Independent Auditors' Report

8

Profit and Loss Account

12

Balance Sheet

13

Statement of Changes in Equity

14

Notes to the Financial Statements

15

DIRECTORS:

Mr A C Patel

Mr R C Patel

REGISTERED OFFICE:

523 High Road

Wembley

Middlesex

HA0 2DH

REGISTERED NUMBER:

01932688 (England and Wales)

AUDITORS:

RNS Business Solutions Limited

Chartered Accountants

Statutory Auditors

276 Preston Road

Harrow

Middlesex

HA3 0QA

The directors present their strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS

The company is one of the leading independent travel agents selling flights and holiday packages. We continue developing sales of new and emerging holiday destinations.

The company's turnover in 2024 increased to £85.06 million from £81.84 million in 2023. This resulted in operating profit of £768,931 for the year (2023: £906,594). The company managed to achieve margins of 6.78% (2023: 5.27%). The EBITDA decreased to £996,111 from £1,129,477 in 2023.

As at the balance sheet date, the company's gross assets were £29,086,360 (2023: £24,458,194) and the net assets were £1,244,690 (2023: £970,351).

Key performance indicators

The directors continue to monitor KPIs in respect of sales, gross profit, gross assets, EBITDA and operating cash flow of the company.

Travel regulatory bodies

The company holds an IATA and ATOL licence which ensures protection to its customers.

PRINCIPAL RISKS AND UNCERTAINTIES

Key risks for the business over the mid-term would centre on additional competition as new companies enter the market. The company faces a number of risks and uncertainties, and the directors believe that the key business risks are in respect of political and environmental from both UK and international governments. There is also a risk from the larger companies who have greater resources at their disposal. However, the directors are confident that the company's long history and the directors' experience is sufficient to overcome these uncertainties.

SECTION 172(1) STATEMENT

The following disclosure describes how the directors have had regard to the matters set out in Section 172(1) (a) to (f) and forms the Directors' statement required under section 414CZA of the Companies Act 2006.

Customers:

If the company is unable to meet the expectations of customers and does not engage effectively to maintain their loyalty to the Travelpack brand, then the brand will be eroded and the company will lose its market share.

Customers continue to value reliability, value for money and good customer service experience throughout their journey from booking to arrival at the destination.

The company remains committed to improving customer service by investing in its sales and customer service staff to handle customer enquiries and grievances.

Suppliers:

The company's suppliers are fundamental to ensuring that the company meets the standards of conduct that the customers expect.

Supplier value operational stability, transparency, and integrity at all times in all business dealings and timely settlement avoiding liquidity challenges.

The directors continue to engage regularly with the airlines, who are the company's main suppliers, and the suppliers of other products by making timely and accurate payments.

The company is a member of IATA and uses Billing and Settlement Plan (BSP) to settle airline dues for its bookings.

Employees:

The company's long-term success is based on the commitment of its workforce to the company's purpose and demonstrating its values on a daily basis.

Engagement with the employees is essential to ensure the company fosters an environment that the workforce is motivated to work. The company operates in a working environment which encourages employees to share their views on all matters with senior management.

Communities and environment:

The communities in which the company operates require the company to operate in a socially responsible manner and protect the environment.

The company continues to support the local communities where it operates by providing employment opportunities to local people and paying fair amount of taxes.

The directors consider that the company's operations do not have significant adverse impact on the environment.

Long term decisions:

Principal decisions are those that are material to the company and significant to any of the stakeholder group. In making the principal decisions outlined in the Section 172 statement, the Board considered the outcome from its stakeholder engagement as well as the need to maintain a reputation for high standards of business conduct and the need to act fairly between the members of the company.

STRATEGY AND OBJECTIVITY

The vision of the company is to be a sustainable market leader in the travel industry and the strategies are designed to increase its market share, drive the company to be competitive and achieve its vision. The main objective of the company is to reduce our cost base across our larger product portfolio and wider world market. In addition, we are focused on strengthening our core mainstream business and investing in areas of future growth, independent travel, and travel related financial business.

The company's future strategy will be focused on providing high end holiday packages and offering customers more flexibility to encourage increased sales. The focus of the company will be to achieve higher market share by innovative marketing, providing good customer experience and offering new products.

BUSINESS MODEL

We drive our sales through retail outlets, call centres and websites. We have previously invested more money in advertising to create a brand name Travelpack worldwide and increased the resources in sales and marketing.

Our core business remains our mainstream business, which is predominantly the sale of flight tickets and other components of travel, such as hotels, transfers and other services. These products are sold to customers through brochures, travel agents and online through corporate website or over the phone from our call centres.

The company continues to see the benefits of its website and software development expenditure with an increase in the turnover generated through online presence. Going forward, the strategy is to maximise the value of the mainstream business through cost efficiencies and by concentrating on the sale of profitable products.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG)

Executive Summary: In the evolving landscape of global travel, the company recognises the imperative role of Environmental, Social, and Governance (ESC) principles in sustaining a responsible and future-oriented business model. Our commitment to integrating ESG values into our core operations reflects our dedication to fostering positive environmental impacts, ethical social practices, and robust governance structures.

Environmental Stewardship: The company is dedicated to minimizing our environmental footprint and promoting sustainable tourism practices. Our efforts include:

- Implementing eco-friendly operational measures to reduce waste and energy consumption.

- Partnering with suppliers and accommodations that are committed to environmental sustainability.

- Encouraging travellers to engage in responsible tourism practices that respect natural habitats and local communities.

Social Responsibility: Our social initiatives are designed to ensure the well-being of our employees, customers, and the communities in which we operate. Key highlights include:

- Community engagement programs aimed at supporting local development and cultural preservation.

- Robust customer service policies ensuring high standards of satisfaction and ethical treatment.

- Comprehensive employee welfare programs focusing on health, safety, and professional development, alongside fostering a diverse and inclusive workplace culture.

Governance and Ethics: The company upholds the highest standards of corporate governance and ethical conduct. Our governance framework includes:

- Transparent and accountable business practices, with clear policies on compliance, anti-corruption, and ethical business conduct.

- Active leadership involvement in promoting a culture of integrity and ethical decision-making throughout the organization.

- Regular monitoring and evaluation of governance practices to ensure alignment with industry standards and regulatory requirements.

Looking Forward: As we advance, the company is committed to continuously enhancing our ESG initiatives. Our future goals include further reducing our environmental impact, expanding our community engagement efforts, and strengthening our governance frameworks. We believe that our ongoing dedication to ESG principles is not only essential for sustainable business growth but also contributes positively to the broader global travel industry.

Conclusion: The company is proud of the strides we have made in integrating ESG principles into our business model. We remain dedicated to evolving our practices in line with global sustainability trends and stakeholder expectations. Our commitment to ESG is a testament to our dedication to responsible business conduct, environmental stewardship, and the well-being of all our stakeholders.

ON BEHALF OF THE BOARD:

Mr A C Patel - Director

27 June 2025

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of a travel agent including wholesale and retail air travel services.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2024.

RESEARCH AND DEVELOPMENT

The company has invested a considerable amount in the last few years in developing website and software development. The management will continue to invest to keep the website up to date and develop new software for new devices as emerge.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

Mr A C Patel

Mr R C Patel

FINANCIAL INSTRUMENTS

The company's principal financial instruments comprise of bank balances, bank loans, creditors and debtors. The main purpose of these instruments is to raise funds and finance the operations of the company.

Due to the nature of the financial instruments used by the company, there is no exposure to price risk. The company's approach to managing other risks applicable to financial instruments is disclosed below:

Liquidity Risk: The company's banking facilities are provided by the company's bankers in the form of long term loans and overdrafts and in our opinion, we believe that the company's bankers will continue to provide the company with the facility.

Currency Risk: The company regularly reviews its foreign exchange requirements and prices its products to hedge against any currency fluctuations.

Interest Rate Risk: It is the company policy to actively review the projected interest rate risk over future periods based on the expected future borrowings. There were no interest rates hedges in place at the balance sheet date. This will continue to be reviewed on a regular basis by the management.

Credit Risk: Some of our customers have been extended credit and the management regularly monitors the credit facilities provided to the customers in order to minimise the loss.

EMPLOYMENT POLICY

The directors endeavour to ensure that as far as possible all employees inclusive of disabled employees are given proper training to perform their duties. Should any of the employees become disabled during their term of employment, then every effort is made to ensure that their employment is continued and appropriate retraining is given to such employees.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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), 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 and then apply them consistently;

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

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

Mr A C Patel - Director

27 June 2025

Opinion

We have audited the financial statements of Travelpack Marketing & Leisure Services Limited (the 'company') for the year ended 31 December 2024 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, 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 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 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Auditors' Report thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors 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 Report of the Directors.

We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page seven, 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 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.

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.

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

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Our approach was as follows:

- We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation.

- We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.

- We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

- We review the scope of the Company's compliance with its regulators, the Civil Aviation Authority ("CAA"), and relevant documentation to assess this and the effectiveness of its control environment.

- We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.

- Based on this understanding we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations.This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company's internal control.

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

- Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the company to cease to continue as a going concern.

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

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.

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.

Rakesh Sangani BA FCA (Senior Statutory Auditor)

for and on behalf of RNS Business Solutions Limited

Chartered Accountants

Statutory Auditors

276 Preston Road

Harrow

Middlesex

HA3 0QA

27 June 2025

TURNOVER

3

85,061,044

81,842,314

Cost of sales

79,293,717

77,532,585

GROSS PROFIT

5,767,327

4,309,729

Administrative expenses

5,002,311

3,409,485

765,016

900,244

Other operating income

4

3,915

6,350

OPERATING PROFIT

7

768,931

906,594

Interest receivable and similar income

149,823

164,151

918,754

1,070,745

Interest payable and similar expenses

9

527,665

603,000

PROFIT BEFORE TAXATION

391,089

467,745

Tax on profit

10

116,750

126,616

PROFIT FOR THE FINANCIAL YEAR

274,339

341,129

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

274,339

341,129

FIXED ASSETS

Intangible assets

11

502,729

184,576

Tangible assets

12

123,286

123,613

626,015

308,189

CURRENT ASSETS

Debtors: amounts falling due within one year

13

23,985,203

18,301,283

Debtors: amounts falling due after more than one year

13

2,632,817

1,942,140

Cash at bank and in hand

1,842,325

3,906,582

28,460,345

24,150,005

CREDITORS

Amounts falling due within one year

14

(20,530,296

)

(16,142,659

)

NET CURRENT ASSETS

7,930,049

8,007,346

TOTAL ASSETS LESS CURRENT LIABILITIES

8,556,064

8,315,535

CREDITORS

Amounts falling due after more than one year

15

(7,282,748

)

(7,316,958

)

PROVISIONS FOR LIABILITIES

19

(28,626

)

(28,226

)

NET ASSETS

1,244,690

970,351

CAPITAL AND RESERVES

Called up share capital

20

200,000

200,000

Profit and loss account

21

1,044,690

770,351

SHAREHOLDERS' FUNDS

1,244,690

970,351

The financial statements were approved by the Board of Directors and authorised for issue on 27 June 2025 and were signed on its behalf by:

Mr A C Patel - Director

Called up

Profit

share

and loss

Total

capital

account

equity

£

£

£

Balance at 1 January 2023

200,000

429,222

629,222

Changes in equity

Profit for the year

-

341,129

341,129

Total comprehensive income

-

341,129

341,129

Balance at 31 December 2023

200,000

770,351

970,351

Changes in equity

Profit for the year

-

274,339

274,339

Total comprehensive income

-

274,339

274,339

Balance at 31 December 2024

200,000

1,044,690

1,244,690

1.	STATUTORY INFORMATION

Travelpack Marketing & Leisure Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' ('FRS 102'), and with the Companies Act 2006. The financial statements have been prepared on the historical cost basis.

The financial statements are presented in the company's functional currency which is Sterling (£).

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

Exemption has been taken from preparing a cash flow statement on the grounds that the parent company includes the results of this company in its published consolidated financial statements as stated in the Ultimate Parent Company note.

Significant judgements and estimation uncertainty

The company makes certain judgements and estimates regarding the future. Judgements and estimates are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these judgements and estimates. The judgements and estimates that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Judgements:

(i) Amortisation rate

The goodwill is expected to have more than 10 years of useful economic life. However it is not possible to calculate the useful economic life with certainty. Hence this is amortised over a maximum period of 10 years as prescribed by FRS102.

(ii) Depreciation rates

Annual rates applied in the depreciation policies are based on experience and past performance. Rates are continuously under assessment which may lead to revision in the future.

Turnover

Rendering of services

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover represents revenue earned from sale of air travel tickets, leisure holidays, tours and other travel services. This turnover is recognised on the departure date of travel.

Goodwill

Externally purchased goodwill is stated at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its estimated useful life of ten years on straight line basis from the date of aquisition.

Intangible assets

Intangible assets are measured at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation is charged so as to allocate the cost of intangibles less their residual values over their estimated useful lives, using the straight-line method. The intangible assets are amortised over the following useful economic lives:

- Development costs 20 years

The intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset's carrying exceeds its recoverable amount.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

15% on reducing balance

Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using either a straight line or reducing balance method, as indicated above.

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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred taxation

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

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

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

Research and development

Expenditure on research and development is written off in the year in which it is incurred. Development expenditure is written off in the same year unless the directors are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is amortised over the period from which the company is expected to derive some benefit.

Foreign currency translation

In preparing the financial statements of the entity, transactions in currencies other than the functional currency of the entity (foreign currencies) are recognised at the spot rate at the dates of the transactions, or at an average rate where this rate approximates the actual rate at the date of the transaction. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items that are measured in terms of historical cost in a foreign currency are not re-translated. Exchange differences are recognised in profit or loss in the period in which they arise.

Leases

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

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership of the leased asset to the group. All other leases are classified as operating leases.

Rentals payable under operating leases are charged to profit or loss on a straight-line basis over the lease term, unless the rental payments are structured to increase in line with expected general inflation, in which case the company recognises annual rent expense equal to amounts owed to the lessor.

The aggregate benefit of lease incentives are recognised as a reduction to the expense recognised over the lease term on a straight line basis.

Pension costs and other post-retirement benefits

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

Financial instruments

Financial liabilities and equity instruments are classified and accounted for according to the substance of the contractual arrangements as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all its liabilities.

Debtors

Short term and long 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.

The company reviews impairment of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers the factors including ageing profile and past experience of the debtors. See the Debtors note for the net carrying amount of debtors.

Creditors

Short term trade 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.

Cash and cash equivalents

Cash and cash equivalent includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdraft.

Going concern

The company is subject to the cyclical nature of the hospitality and travel industry and is also impacted by the effect that global economic trends have on its customers. The directors have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, which is a period of at least 12 months from the date of signing these financial statements. The company also has support from the holding company and has secured finance with the company's banks. Therefore, the financial statements have been prepared on a going concern basis.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

31/12/24

31/12/23

£

£

Rendering of services

85,061,044

81,842,314

85,061,044

81,842,314

An analysis of turnover by geographical market is given below:

31/12/24

31/12/23

£

£

United Kingdom

85,061,044

81,842,314

85,061,044

81,842,314

The principal activity of the company in the year under review was that of a travel agent including wholesale and retail air travel services.

4.	OTHER OPERATING INCOME

31/12/24

31/12/23

£

£

Rents received

-

2,000

Sundry receipts

3,915

4,350

3,915

6,350

5.	EMPLOYEES AND DIRECTORS

31/12/24

31/12/23

£

£

Wages and salaries

1,463,928

1,123,547

Social security costs

146,387

107,426

Other pension costs

47,559

59,422

1,657,874

1,290,395

The average number of employees during the year was as follows:

31/12/24

31/12/23

Directors

2

2

Office and management

11

7

Sales and marketing

32

27

45

36

6.	DIRECTORS' EMOLUMENTS

31/12/24

31/12/23

£

£

Directors' remuneration

40,000

40,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

2

2

7.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31/12/24

31/12/23

£

£

Operating leases

36,787

32,434

Other operating leases - rent

95,017

107,500

Depreciation - owned assets

21,756

21,818

Goodwill amortisation

18,687

-

Software and website development costs amortisation

36,914

36,914

Foreign exchange differences

(5,095

)

(4,659

)

8.	AUDITORS' REMUNERATION

31/12/24

31/12/23

£

£

Fees payable to the company's auditors and their associates for the audit of the company's financial statements

14,000

12,800

Auditors' remuneration for non audit work

8,000

7,200

Analysis of non audit work

31/12/24

31/12/23

£

£

Accountancy

6,000

5,400

Taxation

2,000

1,800

9.

INTEREST PAYABLE AND SIMILAR EXPENSES

31/12/24

31/12/23

£

£

Bank loan interest

527,665

595,361

Other interest

-

7,639

527,665

603,000

10.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

31/12/24

31/12/23

£

£

Current tax:

UK corporation tax

116,350

127,064

Deferred tax

400

(448

)

Tax on profit

116,750

126,616

UK corporation tax has been charged at 25% (2023 - 25%).