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Ice Travel Group Limited
Registered number: 13386700
Annual report and
financial statements
For the year ended 31 December 2024
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ICE TRAVEL GROUP LIMITED
COMPANY INFORMATION
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Chartered Accountants & Statutory Auditor
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ICE TRAVEL GROUP LIMITED
CONTENTS
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Independent Auditor's Report
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Consolidated Statement of Comprehensive Income
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Consolidated Statement of Financial Position
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Company Statement of Financial Position
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Consolidated Statement of Changes in Equity
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Company Statement of Changes in Equity
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Consolidated Statement of Cash Flows
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Notes to the Financial Statements
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ICE TRAVEL GROUP LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their Strategic Report on the Group for the year ended 31 December 2024.
Business review and future developments
The principal activity of Ice Travel Group Limited is that of a holding company for Icelolly Marketing Limited, trading as Icelolly.com, and TravelSupermarket Limited, trading as TravelSupermarket.com, to which it provides management services. Both trading companies operate in the travel industry by providing holiday & car hire comparison, deals and travel extras to their users, who in 2024 undertook over 28 million sessions across the two brands.
The key financial and other performance indicators of Ice Travel Group Limited for the year ended 31 December 2024 were as follows:
*Before exceptional costs
2024 saw a 3% growth in the core revenue stream of package holidays, offset by a drop in car hire and travel extras.
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.
2024 also saw a significant change in the google landscape, which has historically been a key source of leads driving consumers to the websites. As a result, the directors have sought to diversity both websites’ marketing channels which has increased direct costs and reduced gross margin %.
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 Group which may affect performance. These risks are subject to regular review and where appropriate processes are established to minimise the level of exposure.
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ICE TRAVEL GROUP LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
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.
The highly competitive nature of consumer buying patterns
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.
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
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, Statement of Financial Position, 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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ICE TRAVEL GROUP LIMITED
GROUP 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 Ice Travel Group 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 Group 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 Group, 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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ICE TRAVEL GROUP LIMITED
GROUP 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 customers include:
∙Using Trustpilot score and other customer related metrics;
∙Social media and e-mail engagement; and
∙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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ICE TRAVEL GROUP LIMITED
GROUP 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 and 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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ICE TRAVEL GROUP 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 Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the year, after taxation, amounted to £743,733 (2023 - loss £62,176).
The directors who served during the year were:
M Gracey (resigned 12 February 2024)
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E F Ghica (appointed 31 January 2024)
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ICE TRAVEL GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
For the accounting year to 31 December 2025, the Group is continuing to diversify its marketing activities and become a far bigger player on social media, both directly and through influencers.
The Group has also seen further diversification through the launch of a new cruise comparison product, plus a B2B white label offering suitable to all range of partners from micro influencers to large media companies.
There is ongoing work to improve both websites for tools and content that will aid the principal activities of the Group and attract repeat custom from both searchers and advertisers.
Finally, 2025 has seen increased adoption of AI tools in a number of different areas of the business, including tech, data and marketing.
Matters covered in the Group Strategic Report
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Certain information is not shown in the Directors' Report because it is shown in the Strategic Report on pages 1 - 5 instead of under s414C(11). The Strategic Report includes a business review, principal risks and uncertainties and information on the Group's and Company's key performance indicators.
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 directors are aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and
∙the directors have taken all the steps that ought to have been taken as directors in order to be aware of any relevant audit information and to establish that the Company and the Group'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 the Ukraine war and the changing US political landscape. 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.
Ice Travel Group 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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ICE TRAVEL GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis for accounting in preparing the annual financial statements.
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 Group expects to continue to operate within all existing parameters and does not expect to be dependent on any further external borrowings.
Considering current trading, revised forecasts, sensitivities and secured funding, the directors have a reasonable expectation that the Group and parent 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.
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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ICE TRAVEL GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ICE TRAVEL GROUP LIMITED
Opinion
We have audited the financial statements of Ice Travel Group Limited (the ‘Parent Company’) and its subsidiaries (the "Group") for the year ended 31 December 2024 which comprise the Consolidated Statement of Comprehensive Income, the Consolidated and Company Statement of Financial Positions, the Consolidated and Company Statement of Changes in Equity, the Consolidated Statement of Cash Flows 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 Group’s and of the Parent Company's affairs as at 31 December 2024 and of the Group's loss for the year then ended;
∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK) and applicable law. Our responsibilities under those standards are further described in the “Auditor’s responsibilities for the audit of the financial statements” section of our report. We are independent of the Group and Parent Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's and the Parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our 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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ICE TRAVEL GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ICE TRAVEL GROUP 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 Group 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 Group 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 Group and the Parent Company and their environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
∙adequate accounting records have not been kept by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
∙the Parent Company financial statements are not in agreement with the accounting records and returns; or
∙certain disclosures of directors' remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit.
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ICE TRAVEL GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ICE TRAVEL GROUP 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 Group’s and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors intend either to liquidate the Group or the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the 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 Group and Parent company and their 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 Group and Parent 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 Group and Parent 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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ICE TRAVEL GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ICE TRAVEL GROUP LIMITED
In addition, we evaluated the directors’ and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks 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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ICE TRAVEL GROUP LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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Exceptional administrative expenses
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Interest payable and similar expenses
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(Loss)/profit before taxation
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Loss 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 consolidated 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 19 to 40 form part of these financial statements.
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ICE TRAVEL GROUP LIMITED
REGISTERED NUMBER: 13386700
CONSOLIDATED 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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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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Capital redemption reserve
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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 19 to 40 form part of these financial statements.
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ICE TRAVEL GROUP LIMITED
REGISTERED NUMBER: 13386700
COMPANY 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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Net current (liabilities)/assets
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Capital redemption reserve
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The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The profit after tax of the Parent Company for the year was £751,299 (2023: loss £579,336).
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 19 to 40 form part of these financial statements.
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ICE TRAVEL GROUP LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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Capital redemption reserve
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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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Shares issued during the year
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Total transactions with owners
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Comprehensive expense for the year
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|
|
|
|
|
Total comprehensive expense for the year
|
|
|
|
|
|
Contributions by and distributions to owners
|
|
|
|
|
|
Shares issued during the year
|
|
|
|
|
|
|
|
|
|
|
|
|
Total transactions with owners
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The notes on pages 19 to 40 form part of these financial statements.
|
|
|
ICE TRAVEL GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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|
|
Capital redemption reserve
|
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|
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|
|
|
|
|
Comprehensive expense for the year
|
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|
|
|
|
|
|
|
|
|
|
Total comprehensive expense for the year
|
|
|
|
|
|
Contributions by and distributions to owners
|
|
|
|
|
|
Shares issued during the year
|
|
|
|
|
|
|
|
|
|
|
|
|
Total transactions with owners
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income for the year
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income for the year
|
|
|
|
|
|
Contributions by and distributions to owners
|
|
|
|
|
|
Shares issued during the year
|
|
|
|
|
|
|
|
|
|
|
|
|
Total transactions with owners
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The notes on pages 19 to 40 form part of these financial statements.
|
|
|
ICE TRAVEL GROUP LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
Cash flows from operating activities
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|
|
(Loss)/profit for the financial year
|
|
|
|
|
|
|
Amortisation of intangible assets
|
|
|
Depreciation of tangible assets
|
|
|
|
|
|
|
|
|
|
|
Decrease/(increase) in debtors
|
|
|
(Decrease)/increase in creditors
|
|
|
|
|
|
|
Net cash generated from operating activities
|
|
|
|
|
|
|
Cash flows from investing activities
|
|
|
Purchase of intangible fixed assets
|
|
|
Purchase of tangible fixed assets
|
|
|
Net cash used in investing activities
|
|
|
Cash flows from financing activities
|
|
|
Purchase of ordinary shares
|
|
|
Repayment of loans owed to group undertakings
|
|
|
|
|
|
|
Net (decrease)/increase in cash and cash equivalents
|
|
|
Cash and cash equivalents at beginning of year
|
|
|
Cash and cash equivalents at the end of year
|
|
|
|
|
|
|
Cash and cash equivalents at the end of year comprise:
|
|
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|
|
|
|
|
|
|
|
|
|
ICE TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Ice Travel Group Limited ("the Company") is a private company limited by shares incorporated in England and Wales, the registered number is 13386700. The address of its registered office and principal place of business is Park Row House, 19-20 Park Row, Leeds, West Yorkshire, LS1 5JF.
Ice Travel Group Limited is a parent undertaking and therefore these consolidated financial statements present the financial information of the Company and its subsidiary undertaking (together referred to as “the Group”).
2.Accounting policies
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|
|
Basis of preparation of financial statements
|
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
|
|
|
Financial Reporting Standard 102 - reduced disclosure exemptions
|
The Parent 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.
|
|
ICE TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
The dormant subsidiaries listed within note 15 are excluded from the consolidated financial statements as they are deemed to be insignificant to the Groups results.
The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis for accounting in preparing the annual financial statements.
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 Group expects to continue to operate within all existing parameters and does not expect to be dependent on any further external borrowings.
Considering current trading, revised forecasts, sensitivities and secured funding, the directors have a reasonable expectation that the Group and parent 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.
|
|
ICE TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Foreign currency translation
|
Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated 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'.
On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of turnover can be measured reliably;
∙it is probable that the Group will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
|
|
ICE TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
|
|
|
Operating leases: the Group as lessee
|
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Defined contribution pension plan
The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.
|
|
|
Current and deferred taxation
|
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.
|
|
ICE TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
|
|
|
Current and deferred taxation (continued)
|
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.
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 the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated 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:
Website development - 3 years
Brand - 10 years
Computer software and - 3 years
technology
|
|
ICE TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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:
|
|
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|
|
L/Term Leasehold Property
|
|
over the term of the lease
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Office & Computer equipment
|
|
|
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.
|
|
|
Impairment of fixed assets and goodwill
|
Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.
Investments in subsidiaries are measured at cost less accumulated impairment.
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.
|
|
ICE TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
|
|
|
Cash and cash equivalents
|
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
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.
|
|
|
Provisions for liabilities
|
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Group's Statement of Financial Position when the Group becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
|
|
ICE TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
|
|
|
Financial instruments (continued)
|
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 instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
|
|
ICE TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
|
|
|
Financial instruments (continued)
|
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 Group 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 Group 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 Group's contractual obligations expire or are discharged or cancelled.
|
|
ICE TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
|
|
Judgments in applying accounting policies and key sources of estimation uncertainty
|
In applying the Group’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 accounting judgments
The critical accounting judgments that the directors have made in the process of applying the Group’s accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below.
(i) Assessing indicators of impairment
In assessing whether there have been any indicators of impairment of assets, the directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability. There have been no indicators of impairments identified during the current financial year.
(ii) Impairment of goodwill and other intangibles
At each reporting date, the Group reviews the carrying amounts of its intangible assets (other than goodwill) to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
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 residual values and useful economic lives of tangible and intangible assets
The Group depreciates tangible and intangible assets over their estimated useful lives. The estimation of the useful lives of tangible and intangible assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, product life cycles and maintenance and programmes.
Judgment is also applied, when determining the residual values of fixed assets. When determining the residual value, the directors have assessed the amount that the Group would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful life. Where possible this is done with reference to external market prices.
|
|
ICE TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
|
|
The £90,169 exceptional items mostly relates to one-off expenses that have arisen in relation to various projects and new forecast tools.
|
|
|
All turnover arose within the United Kingdom.
|
|
|
|
|
|
The operating profit is stated after charging/(crediting):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation of tangible fixed assets
|
|
|
|
|
Amortisation of intangible fixed assets
|
|
|
|
|
Defined contribution pension costs
|
|
|
|
|
|
|
|
|
|
Other operating lease rentals
|
|
|
|
|
ICE TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
|
|
|
|
|
During the year, the Group obtained the following services from the Company's auditor:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fees payable to the Group's auditor for the audit of the Group's annual financial statements
|
|
|
|
|
Fees payable to the Group's auditor in respect of:
|
|
|
|
|
|
|
|
|
|
|
|
|
Staff costs, including directors' remuneration, were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of defined contribution scheme
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The average monthly number of employees, including the directors, during the year was as follows:
|
|
|
ICE TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
|
|
|
|
|
|
|
Group contributions to defined contribution pension schemes
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
During the year retirement benefits were accruing to 3 directors (2023 - 5) in respect of defined contribution pension schemes.
|
|
|
The highest paid director received remuneration of £252,300 (2023 - £256,480).
|
|
|
The value of the Group's contributions paid to a defined benefit pension scheme in respect of the highest paid director amounted to £NIL (2023 - £NIL).
|
|
|
Interest payable and similar expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other loan interest payable
|
|
|
|
|
|
|
|
|
|
Current tax on profits for the period
|
|
|
|
|
Adjustments in respect of previous periods
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
Origination and reversal of timing differences
|
|
|
|
|
Adjustments in respect of prior periods
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
Taxation on profit on ordinary activities
|
|
|
|
|
ICE TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
12.Taxation (continued)
|
|
Factors affecting tax charge for the year
|
|
|
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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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/profit on ordinary activities before tax
|
|
|
|
|
(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)
|
|
|
|
|
|
|
|
|
|
Non-tax deductible amortisation of goodwill
|
|
|
|
|
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
|
|
|
|
|
|
|
|
|
|
Adjustments to tax charge in respect of prior periods - Deferred tax
|
|
|
|
|
Adjustments to tax charge in respect of prior periods
|
|
|
|
|
Remeasurement of deferred tax for changes in tax rates
|
|
|
|
|
Other changes leading to a change in tax charge
|
|
|
|
|
Consortium relief surrendered/(claimed)
|
|
|
|
|
Total tax charge for the year
|
|
|
|
|
Factors that may affect future tax charges
|
There were no factors that may affect future tax charges.
|
|
ICE TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
|
|
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|
Computer software and technology
|
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ICE TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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L/Term Leasehold Property
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Office & Computer equipment
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ICE TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Investments in subsidiary companies
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The following were subsidiary undertakings of the Company:
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TravelSupermarket Limited
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Operation of an online holiday price comparison and deals website
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Icelolly Marketing Limited
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Operation of an online holiday price comparison and deals website
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The registered office of all subsidiary companies is Park Row House, 19-20 Park Row, Leeds, West Yorkshire, LS1 5JF.
Subsidiaries marked with and asterisk (*) are indirectly owned.
The immediate Parent Company is Mony Group Financial Limited and the ultimate parent undertaking is Mony Group PLC.
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ICE TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Amounts owed by group undertakings
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Called up share capital not paid
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Prepayments and accrued income
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Amounts owed by group undertakings are interest free and 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 undertakings
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Other taxation and social security
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Accruals and deferred income
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The Group has an available bank facility which is secured by a fixed and floating charge over all the undertakings of the Company and all present and future assets and rights.
Amounts owed to group undertakings are interest free and repayable on demand.
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ICE TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Creditors: Amounts falling due after more than one year
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Amounts owed to group undertakings
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Amounts owed to group undertakings consists of loan notes with the immediate parent undertaking Mony Group Financial Limited, they do not hold any security charges. The full amount was repaid in full within the year.
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Charged to profit or loss
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The deferred tax asset is made up as follows:
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Fixed asset timing differences
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Tax losses carried forward
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Other short term differences
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Further reversals (or further increases in the deferred tax balances) may arise as a result of accelerated capital allowances, short term timing differences and the utilisation of tax losses carried forward. As the future deferred tax balances, if any, will be dependent on future changes in values of assets and liabilities as well as the future profitability of the Group it is not possible to estimate any future reversals.
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ICE TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Allotted, called up and fully paid
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62,000 (2023 - 62,000) A Ordinary shares of £1.00 each
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30,500 (2023 - 30,500) B Ordinary shares of £1.00 each
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1 (2023 - 1) C Ordinary share of £1.00
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Allotted, called up and unpaid
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6,600 (2023 - 7,400) C Ordinary shares of £1.00 each
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Holders of A Ordinary and B Ordinary shares are entitled to one vote per share, and are ranked pari passu. Holders of C Ordinary shares hold no voting right.
On 21 February 2024 the Company issued 100 C Ordinary shares with a nominal value £1.00 at £12.05 per share, these remain unpaid at the year end.
On the 5 June 2024 the Company repurchased 900 C Ordinary shares with a nominal value of £1.00. The shares were subsequently cancelled on the same day. Consideration of £10,845 was paid for these shares.
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Share premium account
The share premium account comprises consideration paid in excess of the par value of shares issued.
Capital redemption reserve
The capital redemption reserve represents the nominal value of shares which have been repurchased by the Company.
Profit & loss account
This reserve represents cumulative profits and losses less dividends declared.
The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £141,350 (2023: £134,334). Contributions totalling £28,509 (2023: £26,262) were payable to the fund at the balance sheet date.
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ICE TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Commitments under operating leases
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At 31 December 2024 the Group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Operating lease rentals of £106,800 (2023: £106,800) were charged through the Consolidated Statement of Comprehensive Income during the period.
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ICE TRAVEL GROUP 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 the exemption permitted by Section 33 Related Party Disclosures, not to disclose transactions made with other wholly owned group companies of Ice Travel Group Limited.
The Group generated income of £158 (2023: £149) with Money Group Limited and was owed £Nil (2023: £65) at the year end.
The Group incurred interest charges of £380,355 (2023: £400,000) with Mony Group Financial Limited during the year and owed £Nil (2023: £4,933,699) at the year end.
The Group generated income of £684,144 (2023: £842,475) and incurred expenditure of £1,775 (2023: £9,141) with Mony Group PLC and its subsidiaries, and was due £Nil (2023: £44,334) and owed £21,255 (2023: £19,480) at the year end. During the year the Group incurred management charges of £100,000 (2023: £100,000) from Mony Group PLC. At year end there is £275,000 (2023: £175,000) in accruals in respect of management charges.
During the year the Group incurred management charges of £100,000 (2023: £100,000) from Icelolly Bidco Limited, an entity with minority interest. In accruals at year end, there was £275,000 (2023: £175,000) owed to this entity in respect of management charges. There was £27,761 (2023: £14,000) owed to the Group in respect of costs recharged to Icelolly Bidco Limited.
Key management personnel are considered to be any individual who serves as a statutory director. Details of key management personnel remuneration are thus found in the directors' remuneration note.
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The immediate parent company is Mony Group Financial Limited, a company incorporated in the United Kingdom. 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.
The ultimate parent undertaking is Mony Group Plc, a company incorporated in the United Kingdom.
The registered office address for both is Mony Group House, St David's Park, Ewloe, Deeside, United Kingdom, CH5 3UZ.
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