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TravelSupermarket Limited
Registered number: 13240884
Annual report and financial statements
For the year ended 31 December 2024
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TRAVELSUPERMARKET LIMITED
COMPANY INFORMATION
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Chartered Accountants & Statutory Auditor
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TRAVELSUPERMARKET LIMITED
CONTENTS
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Independent Auditor's Report
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Statement of Comprehensive Income
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Statement of Financial Position
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Statement of Changes in Equity
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Notes to the Financial Statements
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TRAVELSUPERMARKET LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their Strategic Report on the Company for the year ended 31 December 2024.
Business review and future developments
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The key financial and other performance indicators of Travelsupermarket Limited for the year ended 31 December 2024 were as follows:
2024 saw a small 2% drop in the core revenue stream of package holidays, but a 24% and 10% drop in car hire and holiday extras respectively.
The smallest and largest group into which the financial statements are consolidated are that of MONY Group plc which are publicly available from Companies House.
During 2024 the directors made the decision to deploy marketing funds into social media & new growth channels and away from traditional TV advertising, which drove an almost 300% increase in social media sessions and broadened the audience demographic.
The directors are seeking continued improvements to both websites through technology, data and content. These developments are ongoing in a bid to improve the user experience for both holiday searchers and advertisers, as well as improve revenue opportunities, maintenance time and costs.
Underpinning the growth and scale of the websites is the skillset of a strong team and the utilisation of leading monitoring and analysis tools, which have been put together to work effectively and efficiently.
Principal risks and uncertainties
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The directors recognise that there are a number of risks and uncertainties faced by the Company which may affect the performance. These risks are subject to regular review and where appropriate processes are established to minimise the level of exposure.
The key market risks from the directors’ perspective are:
Competitive Risks
The continued development of competitor websites
In order to ensure our websites continue to remain at the forefront of holiday price comparison and holiday deals we will continue to invest in enhancing and developing our technology, to improve the service to our customers.
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TRAVELSUPERMARKET LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The highly competitive nature of consumer buying patterns
The Group, headed by the parent Ice Travel Group Limited ("the Group") is well positioned to support consumers in their research and buying process and investing in improved infrastructure to improve the functionality of the site.
Financial risk management
Legislative Risks
The business model in the travel sector may be compromised by changes to existing regulation or the introduction of new regulation. This risk is managed by a compliance team who ensure the business remains compliant with existing regulation and is informed of impending regulation.
Credit risk
Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. The Group manages this risk by invoicing customers on a monthly basis, with payment due within 30 days. New and unknown advertisers are requested to pay in advance of activity or pay a deposit.
Liquidity risk
Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial asset. The Group manages this risk by regularly reviewing cash generation and cash forecasts.
As a result of the merger financial structure, additional loan notes were issued to cover working capital requirements and the full payment of the CBILS loan, acquired in 2020, which will be redeemable upon a change of group ownership.
Cash flow risk
Cash flow risk is the risk of exposure to variability in cash flows that is attributable to a particular risk associated with a recognised asset or liability. The Group manages this risk by regularly updating and reviewing cash flow forecasts.
Financial key performance indicators
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The board approves an annual budget for the following year. Financial performance is monitored daily, weekly and monthly against the budget with consideration of key variances from the budget. The statement of comprehensive income, balance sheet, statement of changes in equity and statement of cash flows are reviewed by the board which meets on a monthly basis. Details of balance sheet key sources of estimation are included within note 3.
Other key performance indicators
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The business continually monitors a number of key performance indicators but it is not deemed commercially appropriate to disclose these.
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TRAVELSUPERMARKET LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Directors' statement of compliance with Section 172(1)
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Introduction
The directors of Travelsupermarket Limited – and those of all UK companies – must act in accordance with a set of general duties. These duties are detailed in the Companies Act 2006 and include a duty to promote the success of the Company.
Engaging regularly with our stakeholders is fundamental to the way we do business. This ensures we operate in a balanced and responsible way, both in the short and longer term. We are committed to maintaining good communications and building positive relationships with all our stakeholders, as this is essential to strengthening our sustainable business.
Employees
Employee engagement is critical to our success. We work to create a diverse and inclusive workplace where employees can reach their full potential. Engaging with our employees ensures we can retain and develop the best talent. In 2024, employee engagement continued to improve, supported by a focus on employee growth, development and wellbeing, alongside the continuation of hybrid working and a blend of online and in-person communication and engagement initiatives.
Key employee interests include reputation, reward, career opportunities, employee engagement, training and development, wellbeing, health and safety, equality, work-life balance, diversity and inclusion, collaborative and open working environment.
Our mechanisms for engaging with employees and providing opportunities for them to meet with the exec team include:
∙Bi-weekly “All Hands” video call, which includes an update from all the Company senior leaders on various activities of each area. As well as the opportunity to ask questions;
∙Quarterly “All Hands” meeting in one of the offices, including major updates on the Company, team building exercises and a social event;
∙The Exec team have an open and available working nature to attract open and free conversation and questions between staff and senior staff;
∙Training and development is available to anyone wanting to improve themselves and their skills;
∙Hybrid working;
∙Staff satisfaction surveys;
∙Mental health first aiders; and
∙Encouragement to travel between offices to increase collaboration and improve working relationships.
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TRAVELSUPERMARKET LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Users
Our success is dependent on our ability to understand and respond to the needs of our users. This allows us to provide relevant products and services where users can make meaningful comparison and choose the best deal to suit them from our range of Partner providers.
We regularly review key stakeholder indictors, such as products and services range, performance and efficiency, competitiveness and value for money, compliance and data protection, ease of use and convenience, accurate and up to date information.
Our mechanisms for engaging with our users include:
∙Using Trustpilot score and other customer related metrics;
∙Social media & e-mail engagement;
∙Our compliance team who deal with issues any user has with the website or advertisers.
Partners & Advertisers
We engage with our package holiday and car hire Partners to build strong relationships and work collaboratively with the top brands in the travel industry, to identify opportunities that will benefit all parties, from offers available, commercial agreements and payment practices.
Key Partners interests include good relationships, trust and ethics, efficient customer acquisitions, value creation and good data.
Our mechanisms for engaging with our Partners are:
∙A key account management team who hold regular meetings to share data and trends as well as offering insights to where they can improve performance;
∙Regularly seeking feedback on how we can improve the quality of relationships such that they are not simply transactional;
∙Working collaboratively with our top Partners to agree joint business plans; and
∙Ensuring any new partners onboarded during the year are complementary to our existing panel and provide healthy competition for comparison purposes.
The Advertisers present on both websites are considered to be the best and biggest household names in the industry. The brand names help to engrain trust and responsibility with our customers, which builds loyalty and repeat custom.
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TRAVELSUPERMARKET LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Suppliers
Our suppliers are critical to our performance. We engage with our suppliers to build trusting relationships from which we can mutually benefit.
Key supplier interests include cost-efficiency and value, long-term relationships, responsible procurement, trust and ethics, innovation, good payment practices.
Our mechanisms for engaging with our suppliers include:
∙An onboarding process which ensures our suppliers are compliant with current regulation and best practice;
∙Monitoring the diversity of our supply chain to gain a better understanding of how minority groups are represented across our supply chain;
∙Ensuring all suppliers are paid correctly and on time to maintain a good relationship; and
∙Engaging our suppliers in a variety of ways including competitive tender processes and more informal communication methods.
This report was approved by the board on 29 September 2025 and signed on its behalf.
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TRAVELSUPERMARKET LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
Directors' responsibilities statement
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The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments 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; and
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Company’s principal activity during the period was the operation of an online holiday price comparison and deals website.
The directors have prepared detailed trading, profit and cash flow forecasts which are continuously updated for macro-economic effects and particularly the travel industry recovery. Separately, the directors have prepared forecasts in respect of future trading and cash flows on a more prudent basis which is deemed to be a plausible worst case scenario, to assist in the assessment of going concern for the purposes of approving these financial statements.
In developing these forecasts, the directors have made assumptions based upon their view of the current and future economic conditions that will prevail over the forecast period of 12 months from the date of signing these financial statements. All such forecasts, including the plausible worst case scenario, show that the Company expect to continue to operate within all existing parameters and does not expect to be dependent on any further external borrowings.
Taking into account current trading, revised forecasts, sensitivities and secured funding, the directors have a reasonable expectation that the Company will be able to continue to meet its liabilities as they fall due for the foreseeable future. As such it is the view of the directors that it remains appropriate to prepare these financial statements on a going concern basis.
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TRAVELSUPERMARKET LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The profit for the year, after taxation, amounted to £428,265 (2023 - £1,923,062).
The directors who served during the year were:
N D Beardsmore (resigned 3 May 2024)
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M Gracey (resigned 12 February 2024)
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E F Ghica (appointed 12 February 2024)
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Qualifying third party indemnity provisions
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The Company has qualifying third party indemnity provisions for the benefit of its directors which remain in force at the date of their report.
Disclosure of information to auditor
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Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and
∙the director has taken all the steps that ought to have been taken as director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
Economic impact of global events
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UK businesses are currently facing many uncertainties such as the consequences of environmental sustainability and geopolitical events such as the Russian invasion of Ukraine. These uncertainties have contributed to an environment where there exists a range of issues and risks, including inflation, rising interest rates, labour shortages, disrupted supply chains and new ways of working.
The directors have carried out an assessment of the potential impact of these uncertainties on the business, including the impact of mitigation measures, and have concluded that these are non-adjusting events with the greatest impact on the business expected to be from the economic ripple effect on the global economy. The directors have taken account of these potential impacts in their going concern assessment.
Travelsupermarket Limited continues to work with its partners to minimise any impacts of these events and maximise the realisation of any opportunities they may provide to the business.
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TRAVELSUPERMARKET LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The auditor, Forvis Mazars LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on 29 September 2025 and signed on its behalf.
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TRAVELSUPERMARKET LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TRAVELSUPERMARKET LIMITED
Opinion
We have audited the financial statements of TravelSupermarket Limited (the ‘Company’) for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of 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 FRS 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 Auditor’s 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 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.
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TRAVELSUPERMARKET LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TRAVELSUPERMARKET LIMITED
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 the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
∙the financial statements are not in agreement with the accounting records and returns; or
∙certain disclosures of directors' remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit.
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TRAVELSUPERMARKET LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TRAVELSUPERMARKET LIMITED
Responsibilities of Directors
As explained more fully in the Directors' Responsibilities Statement set out on page 6, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors intend either to liquidate the 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.
Based on our understanding of the Company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation, anti-money laundering regulation.
To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
∙Inquiring of management and, where appropriate, those charged with governance, as to whether the Company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
∙Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
∙Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
∙Considering the risk of acts by the Company which were contrary to applicable laws and regulations, including fraud.
We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation, the Companies Act 2006.
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TRAVELSUPERMARKET LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TRAVELSUPERMARKET LIMITED
In addition, we evaluated the directors' and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of override of controls, and determined that the principal risks were related to posting manual journal entries to manipulate financial performance, management bias through judgments and assumptions in significant accounting estimates, in particular in relation to, revenue recognition (which we pinpointed to the cut-off assertion), and significant one-off or unusual transactions.
Our audit procedures in relation to fraud included but were not limited to:
∙Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
∙Gaining an understanding of the internal controls established to mitigate risks related to fraud;
∙Discussing amongst the engagement team the risks of fraud; and
∙Addressing the risks of fraud through management override of controls by performing journal entry testing.
There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.
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 auditor’s report.
Use of the audit 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.
John Daly (Senior Statutory Auditor)
for and on behalf of
Forvis Mazars LLP
Chartered Accountants and Statutory Auditor
One St. Peter's Square
Manchester
M2 3DE
29 September 2025
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TRAVELSUPERMARKET LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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Exceptional administrative expenses
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Interest receivable and similar income
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Profit for the financial year
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There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.
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There was no other comprehensive income for 2024 (2023: £NIL).
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The notes on pages 16 to 32 form part of these financial statements.
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TRAVELSUPERMARKET LIMITED
REGISTERED NUMBER: 13240884
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 September 2025.
The notes on pages 16 to 32 form part of these financial statements.
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TRAVELSUPERMARKET LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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Comprehensive income for the year
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Total comprehensive income for the year
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Comprehensive expense for the year
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Total comprehensive expense for the year
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Contributions by and distributions to owners
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Dividends: Equity capital
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Total transactions with owners
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The notes on pages 16 to 32 form part of these financial statements.
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TRAVELSUPERMARKET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
TravelSupermarket Limited ("the Company") is a private company, limited by shares, registered in England and Wales with registered number 13240884. The address of its registered office and principal place of business is Park Row House, 19-20 Park Row, Leeds, West Yorkshire, LS1 5JF.
The Company’s principal activity during the period was the operation of an online holiday price comparison and deals website.
The Company's functional and presentational currency is GBP, rounded to the nearest £.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
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Financial Reporting Standard 102 - reduced disclosure exemptions
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The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Ice Travel Group Limited as at 31 December 2024 and these financial statements may be obtained from Park Row House, 19-20 Park Row, Leeds, West Yorkshire, LS1 5JF.
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TRAVELSUPERMARKET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The directors have prepared detailed trading, profit and cash flow forecasts which are continuously updated for macro-economic effects and particularly the travel industry recovery. Separately, the directors have prepared forecasts in respect of future trading and cash flows on a more prudent basis which is deemed to be a plausible worst case scenario, to assist in the assessment of going concern for the purposes of approving these financial statements.
In developing these forecasts, the directors have made assumptions based upon their view of the current and future economic conditions that will prevail over the forecast period of 12 months from the date of signing these financial statements. All such forecasts, including the plausible worst case scenario, show that the Company expect to continue to operate within all existing parameters and does not expect to be dependent on any further external borrowings.
Taking into account current trading, revised forecasts, sensitivities and secured funding, the directors have a reasonable expectation that the Company will be able to continue to meet its liabilities as they fall due for the foreseeable future. As such it is the view of the directors that it remains appropriate to prepare these financial statements on a going concern basis.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
- 17 -
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TRAVELSUPERMARKET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
Interest income is recognised in profit or loss using the effective interest method.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
- 18 -
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TRAVELSUPERMARKET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
- 19 -
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TRAVELSUPERMARKET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straightline basis to the Statement of Comprehensive Income over its useful economic life being 10 years.
Other intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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.
Depreciation is charged to administrative expenses in the Statement of Comprehensive Income.
- 20 -
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TRAVELSUPERMARKET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Provisions for liabilities
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
The Company 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 Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
- 21 -
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TRAVELSUPERMARKET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Financial instruments (continued)
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Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
- 22 -
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TRAVELSUPERMARKET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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In applying the Company’s accounting policies, the directors are required to make judgments, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors’ judgments, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgments, estimates and assumptions, the actual results and outcomes may differ.
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, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.
Critical judgments in applying the accounting policies
The critical judgments that the directors have made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements are discussed below:
(i) Assessing indicators of impairment
In assessing whether there have been any indicators of impairment associated with property, plant and equipment, intangible assets, goodwill, the directors’ have considered both external and internal sources of information such as market values, changes in technological, economic and legal environments, evidence of obsolescence or physical damage of assets and declines in economic performance.
These assessments have been undertaken with the knowledge known at the year end date.
This will continue to be reassessed each year.
Key sources of estimation uncertainty
The key assumptions concerning the future, and other key sources of estimation uncertainty, 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:
(i) Determining useful economic lives of intangible assets
The Company amortises intangible assets over their estimated useful lives. The estimation of the useful lives of assets is based on management’s assessment of the period over which the asset is expected to generate future economic benefit for the Company. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, consumer trends and other external factors such as brand reputation and economic conditions.
- 23 -
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TRAVELSUPERMARKET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The whole of the Company's turnover is attributable to its principal activity.
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All turnover arose within the United Kingdom.
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The operating profit is stated after charging/(crediting):
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Depreciation of tangible fixed assets
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Amortisation of intangible fixed assets
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Defined contribution pension costs
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During the year, the Company obtained the following services from the Company's auditor:
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Fees payable to the Company's auditor for the audit of the Company's financial statements
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The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.
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- 24 -
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TRAVELSUPERMARKET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Staff costs were as follows:
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Cost of defined contribution scheme
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The average monthly number of employees, including the directors, during the year was as follows:
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All directors are remunerated through other group members.
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Other interest receivable
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- 25 -
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TRAVELSUPERMARKET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Current tax on profits for the period
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Adjustments in respect of previous periods
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Origination and reversal of timing differences
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Adjustments in respect of prior periods
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Taxation on profit on ordinary activities
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Factors affecting tax charge for the year
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The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 23.52%). The differences are explained below:
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Profit on ordinary activities before tax
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Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022 - 23.52%)
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Expenses not deductible for tax purposes
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Adjustments to tax charge in respect of prior periods
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Adjustments to tax charge in respect of prior periods - deferred tax
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Consortium relief surrendered/(claimed)
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Remeasurement of deferred tax for changes in tax rates
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Total tax charge for the year
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- 26 -
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TRAVELSUPERMARKET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
10.Taxation (continued)
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Factors that may affect future tax charges
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There were no factors that may affect future tax charges.
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The £44,395 exceptional items mostly relates to one-off expenses that have arisen in relation to various projects and new forecast tools.
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- 27 -
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TRAVELSUPERMARKET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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On transfers between group
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- 28 -
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TRAVELSUPERMARKET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 29 -
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TRAVELSUPERMARKET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Amounts owed by group companies
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Prepayments and accrued income
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Amounts owed by group undertakings are repayable on demand.
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group companies
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Other taxation and social security
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Accruals and deferred income
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Amounts owed to group undertakings are interest free and repayable on demand.
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- 30 -
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TRAVELSUPERMARKET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Fixed asset timing differences
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Allotted, called up and fully paid
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13,998,387 (2023 - 13,998,387) Ordinary shares of £1.00 each
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The Ordinary shares have attached to them full voting rights, dividend and capital distribution (including on winding up) rights. They do not confer any rights of redemption nor a right to a fixed income.
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Profit & loss account
The profit & loss account reserve represents the cumulative profits and losses less cumulative dividends paid.
The Company operates a defined contribution scheme for the benefit of the Company's employees within the UK. During the period contributions of £89,437 (2023 - £88,308) were charged to the profit and loss account. Contributions totaling £Nil (2023 - £Nil) were payable to the fund at the balance sheet date.
- 31 -
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TRAVELSUPERMARKET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Related party transactions
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The Company has taken advantage of the exemption available in section 33 of FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" related party disclosures from the requirement to disclose transactions with wholly owned group companies.
Amounts owed by group companies, under the debtors note, consists of: £3,473,324 (2023 - £Nil) owed by Ice Travel Group Limited, which is related through common control.
Amounts owed to companies, under the creditors note, consists of: £51,647 (2023 - £30,033) owed to Icelolly Marketing Limited, which is related through common control.
The Company incurred expenses of £1,775 (2023 - £9,141) and income of £684,144 (2023 - £841,341) with Mony Group Plc and its subsidiaries and was owed £Nil (2023 - £44,269), and owed £21,255 (2023 - £19,480) at the year end.
All transactions with related parties were undertaken in the normal course of business. There are no other related party transactions which are required to be disclosed in accordance with FRS 102.
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Ultimate parent undertaking and controlling party
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The immediate parent company is Ice Travel Group Limited, a company incorporated in the United Kingdom. Its registered office address is Park Row House, 19-20 Park Row, Leeds, West Yorkshire, United Kingdom, LS1 5JF.
The smallest group into which the financial statements are consolidated are that of Ice Travel Group Limited, the largest group is MONY Group plc, both consolidated statements are publicly available from Companies House.
The ultimate parent undertaking is Mony Group Plc, its registered office address is Mony Group House, St David's Park, Ewloe, Deeside, United Kingdom CH5 3UZ.
- 32 -
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