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Registered number: 06940085 LOVE VELO LTD UNAUDITED DIRECTORS' REPORT AND FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 30 JUNE 2025
LOVE VELO LTD DIRECTORS' REPORT FOR THE YEAR ENDED 30 JUNE 2025 The directors present their report and the financial statements for the year ended 30 June 2025.
Directors
The directors who served during the year were:
L Bibring
K Pipe
S White
Principal activity The principal activity of the company during the year has been tour operator activities. Trading review Love Velo's growth over the last 12 months continued with a 28.4% increase in revenue this year, marking a sustained upward trend in revenues, EBITDA, and profits. Of the £939,000 year on year revenue increase, Love Velo continued to acquire UK market share, booking over another £500,000 in its core market. Love Velo launched its North American facing website on 1 January 2025 (www.lovevelo.travel) in a bid to break into new markets. The launch has been a huge success and the business has already achieved sales of close to £400k from the USA and Canadian markets, key areas for continued growth. The company also achieved a milestone of reaching £750k in sales in a single month for the first time. Key performance indicators (KPIs) Love Velo's KPIs are turnover, EBITDA and profit which reflected robust performance this year. Turnover rose by 28.3%, while EBITDA and profits also increased year on year, indicating sustainable growth. Technology We have continued to invest in our technology by building the North American facing website, as well as having improved and refined our industry-first fully online bookable website for cycling holidays. The platform was built and designed to free up operational time for low margin bookings. It launched at the start of the financial year and we are delighted to have seen that 54% of all low margin bookings were made through the platform. The result was that year on year increase in staff salaries rose by just 13.3%. By contrast, the prior year, pre technology build, required 67% year on year salary increase to obtain the same percentage uplift in year on year revenue. This shows the platform to have been a tremendous success and we will continue to build on it and refine it. We are investing in LLM search in order to ensure the business is keeping pace with the ever changing AI landscape. Customer satisfaction Love Velo continues to have a high customer satisfaction rating as it is rated 'Excellent' on Trustpilot. Page 1
LOVE VELO LTD DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025
Small companies note
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. This report was approved by the board on 18 September 2025 and signed on its behalf.
L Bibring Director
Page 2
LOVE VELO LTD REGISTERED NUMBER: 06940085 BALANCE SHEET AS AT 30 JUNE 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 4 |  | 178,579 |  | 151,784
Tangible assets | 5 |  | 7,225 |  | 7,969
|  |  | 185,804 |  | 159,753
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 6 | 827,203 |  | 695,871 |
Cash at bank and in hand |  | 1,101,542 |  | 640,739 |
|  | 1,928,745 |  | 1,336,610 |
Creditors: amounts falling due within one year | 7 | (1,507,289) |  | (1,271,568) |
Net current assets |  |  | 421,456 |  | 65,042
Total assets less current liabilities |  |  | 607,260 |  | 224,795
Creditors: amounts falling due after more than one year | 8 |  | (74,870) |  | (26,541)
Provisions for liabilities |  |  |  |  |
Deferred tax |  | (608) |  | - |
|  |  | (608) |  | -
Net assets |  |  | 531,782 |  | 198,254
Capital and reserves |  |  |  |  |
Called up share capital | 11 |  | 56,526 |  | 56,526
Share premium account |  |  | 307,175 |  | 307,175
Revaluation reserve |  |  | 47,900 |  | 47,900
Capital redemption reserve |  |  | 33,334 |  | 33,334
Profit and loss account |  |  | 86,847 |  | (246,681)
|  |  | 531,782 |  | 198,254
Page 3
LOVE VELO LTD REGISTERED NUMBER: 06940085 BALANCE SHEET (CONTINUED) AS AT 30 JUNE 2025 The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 September 2025.
L Bibring
Director
The notes on pages 5 to 12 form part of these financial statements. Page 4
LOVE VELO LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
1. | General information
Love Velo Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 8th Floor Becket House, 36 Old Jewry, London, EC2R 8DD. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
| 2.2 | Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
| 2.3 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
| 2.4 | Revenue
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. Revenue relating to travel is recognised in the profit and loss account on a date of booking basis.
| 2.5 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
| 2.6 | Interest income
Interest income is recognised in profit or loss using the effective interest method. Page 5
LOVE VELO LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.7 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.8 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.9 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.10 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.11 | Exceptional items
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence. Page 6
LOVE VELO LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.12 | 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 | - | 5 | years
| 2.13 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Plant and machinery | - | 20% |
|  |  |  | Office equipment | - | 20% |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.14 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.15 | Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. Page 7
LOVE VELO LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
3. | Employees
| The average monthly number of employees, including directors, during the year was 10 (2024 - 9).
4. | Intangible assets
|  | Website development costs
|  | £
| Cost |
| At 1 July 2024 | 252,257
| Additions | 67,456
| At 30 June 2025 | 319,713
| Amortisation |
| At 1 July 2024 | 100,473
| Charge for the year on owned assets | 40,661
| At 30 June 2025 | 141,134
| Net book value |
| At 30 June 2025 | 178,579
| At 30 June 2024 | 151,784
Page 8
LOVE VELO LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
5. | Tangible fixed assets
|  | Office equipment | Plant and machinery | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 July 2024 | 6,855 | 9,694 | 16,549
| Additions | - | 2,913 | 2,913
| Transfers of classes | (2,454) | - | (2,454)
| At 30 June 2025 | 4,401 | 12,607 | 17,008
| Depreciation |  |  |
| At 1 July 2024 | 158 | 8,422 | 8,580
| Charge for the year on owned assets | 807 | 554 | 1,361
| Transfer of classes | (158) | - | (158)
| At 30 June 2025 | 807 | 8,976 | 9,783
| Net book value |  |  |
| At 30 June 2025 | 3,594 | 3,631 | 7,225
| At 30 June 2024 | 6,697 | 1,272 | 7,969
6. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 774,933 | 648,379
| Other debtors | 14,202 | 14,376
| Prepayments and accrued income | 38,068 | 33,116
|  | 827,203 | 695,871
Page 9
LOVE VELO LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
7. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank overdrafts | 1,206 | 315
| Bank loans | 10,833 | 10,833
| Trade creditors | 28,144 | 31,406
| Corporation tax | 5,554 | 53,772
| Other taxation and social security | 10,703 | 9,992
| Other creditors | 126,429 | 70,365
| Accruals and deferred income | 1,324,420 | 1,094,885
|  | 1,507,289 | 1,271,568
8. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 20,523 | 26,541
| Accruals and deferred income | 54,347 | -
|  | 74,870 | 26,541
Page 10
LOVE VELO LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
9. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Bank loans | 10,833 | 10,833
|  | 10,833 | 10,833
| Amounts falling due 1-2 years |  |
| Bank loans | 20,523 | 26,541
|  | 20,523 | 26,541
|  | 31,356 | 37,374
10. | Deferred taxation
|  | 2025
|  | £
| Charged to profit or loss | (608)
| At end of year | (608)
| The deferred taxation balance is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (608) | -
|  | (608) | -
11. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
Page 11
LOVE VELO LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 11.Share capital (continued)
|  | 56,526 (2024 - 56,526) Ordinary shares shares of £1.00 each | 56,526 | 56,526
12. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £8,809 (2024 - £7,168) . Contributions totalling £1,951 (2024 - £1,671) were payable to the fund at the balance sheet date and are included in creditors.
Page 12