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Registered number: 06648649 QUINTESSENTIALLY TRAVEL LIMITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 30 APRIL 2025
QUINTESSENTIALLY TRAVEL LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF QUINTESSENTIALLY TRAVEL LIMITED UNDER SECTION 449 OF THE COMPANIES ACT 2006
Opinion
We have audited the financial statements of Quintessentially Travel Limited (the 'Company') for the year ended 30 April 2025, which comprise the Statement of Financial Position and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 30 April 2025 and of its profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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. Page 1
QUINTESSENTIALLY TRAVEL LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF QUINTESSENTIALLY TRAVEL LIMITED (CONTINUED) UNDER SECTION 449 OF THE COMPANIES ACT 2006
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Directors' Report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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; or
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 1, 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 either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Page 2
QUINTESSENTIALLY TRAVEL LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF QUINTESSENTIALLY TRAVEL LIMITED (CONTINUED) UNDER SECTION 449 OF THE COMPANIES ACT 2006
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: - We exercise professional judgment and maintain professional skepticism throughout the audit; - We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the deliberate override of internal control; - We obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of internal control; - We evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made; - We assess the risk of management override of controls, including testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business; - We review the scope of the company's compliance with The Package and Linked Travel Arrangements Regulations 2018 (“PTRs”) and sample test relevant documentation to assess this and the effectiveness of its control environment; - We request and review the minutes of management meetings, and assess any matters identified not already provided for or disclosed that may materially impact the financial statements; - We review the Comapany's relationships with related parties, identifying and disclosing transactions during the year and balances at year-end with such parties. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report. Page 3
QUINTESSENTIALLY TRAVEL LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF QUINTESSENTIALLY TRAVEL LIMITED (CONTINUED) UNDER SECTION 449 OF THE COMPANIES ACT 2006
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed. Nicola Anne Spoor FCA FCCA (Senior Statutory Auditor) for and on behalf of White Hart Associates (London) Limited Chartered Accountants and Statutory Auditors 2nd Floor, Nucleus House 2 Lower Mortlake Road Richmond TW9 2JA 17 September 2025 Page 4
QUINTESSENTIALLY TRAVEL LIMITED REGISTERED NUMBER: 06648649 STATEMENT OF FINANCIAL POSITION AS AT 30 APRIL 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 7,555 |  | 7,258
Investments | 5 |  | 58,698 |  | 119,792
|  |  | 66,253 |  | 127,050
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 6 | 8,006,646 |  | 7,574,879 |
Cash at bank and in hand | 7 | 1,202,552 |  | 872,796 |
|  | 9,209,198 |  | 8,447,675 |
Creditors: amounts falling due within one year | 8 | (3,461,713) |  | (3,749,402) |
Net current assets |  |  | 5,747,485 |  | 4,698,273
Total assets less current liabilities |  |  | 5,813,738 |  | 4,825,323
Provisions for liabilities |  |  |  |  |
Deferred tax | 9 | (1,890) |  | (1,815) |
|  |  | (1,890) |  | (1,815)
Net assets |  |  | 5,811,848 |  | 4,823,508
Page 5
QUINTESSENTIALLY TRAVEL LIMITED REGISTERED NUMBER: 06648649 STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 30 APRIL 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Capital and reserves |  |  |  |  |
Called up share capital | 10 |  | 20,000 |  | 20,000
Share premium account | 11 |  | 1,794 |  | 1,794
Capital redemption reserve | 11 |  | 29,900 |  | 29,900
Other reserves | 11 |  | (19,895) |  | (19,895)
Profit and loss account | 11 |  | 5,780,049 |  | 4,791,709
|  |  | 5,811,848 |  | 4,823,508
The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. 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 income statement 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 17 September 2025.
A T Simpson
Director
The notes on pages 7 to 20 form part of these financial statements. Page 6
QUINTESSENTIALLY TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
1. | General information
Quintessentially Travel Limited is a private company limited by shares incorporated in England and Wales. The address of the registered office is given in the Company's information page of these financial statements. The nature of the Company's operations and principal activities are that of luxury travel advisor and tour operator. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements are the individual financial statements of the Company and 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. The following principal accounting policies have been applied:
| 2.2 | Exemption from preparing consolidated financial statements
During the year, the Company disposed of its 51% holding in its wholly owned subsidiary,Quintessentially Arabia LLC, and at the reporting date holds a 49% interest in that entity. As at 30 April 2025, the Company had no subsidiaries and therefore is not required to prepare consolidated financial statements in accordance with Section 399 of the Companies Act 2006 and FRS 102 Section 9 Consolidated and Separate Financial Statements. The Company is entitled to, and has taken advantage of, the exemption from preparing consolidated financial statements on the grounds that it qualifies as a small company under the size criteria set out in section 381 of the Companies Act 2006 for the current and preceding financial year. Accordingly, these financial statements present information about the Company as an individual entity and not about its group.
| 2.3 | Going concern
In relation to going concern considerations, the Company has produced forecasts that demonstrate it can trade within its existing facilities and meet its liabilities as they fall due, As part of this forecasting process, the directors have considered the impact of the cost of living crisis and inflationary pressures on the future performance of the Company. In conclusion the directors are confident that the Company should remain a going concern for the foreseeable future. Page 7
QUINTESSENTIALLY TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.4 | 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. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Income Statement within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. Page 8
QUINTESSENTIALLY TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.5 | Revenue
Turnover represents amounts receivable for sales of travel and related services net of VAT and discounts. Turnover is recognised at the point of departure or experience for the tour operator, gross of all charges billed to the customer less any discounts and sales taxes. The full cost of such trips are included within cost of sales. Any income that relates to travel or experiences commencing after year end of the accounting period is carried forward as deferred income. Turnover is recognised at the point of departure or experience for commission sales and represents the net commission receivable from third parties, less any discounts and sales taxes. Turnover is recognised at the point of booking for the corporate travel business, gross of all charges billed to the customer less any discounts and sales taxes. The full cost of such trips are included within cost of sales. Turnover from marketing sales is recognised straight line over the period of the contract, gross of all charges billed to the customer less any discounts and sales taxes. Any income that relates to marketing services provided after year end of the accounting period is carried forward as deferred income. Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group 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. 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.
| 2.6 | 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.
| 2.7 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred. Page 9
QUINTESSENTIALLY TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.8 | 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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
| 2.9 | 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 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.
| 2.10 | 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. Page 10
QUINTESSENTIALLY TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.10 | Tangible fixed assets (continued)
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:
|  |  |  | Fixtures and fittings | - | 25% straight line
|  |  |  | Office equipment | - | 25% straight line
|  |  |  | Computer equipment | - | 25% straight line
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.
| 2.11 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment. Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Income Statement for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
| 2.12 | Associates and joint ventures
Associates and Joint Ventures are held at cost less impairment.
| 2.13 | Debtors
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.
| 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 | Creditors
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. Page 11
QUINTESSENTIALLY TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.16 | 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.
| 2.17 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102. 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 debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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 debtors due with the operating cycle fall into this category of financial instruments. Other financial assets Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the Page 12
QUINTESSENTIALLY TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.17 | Financial instruments (continued)
asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 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 creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments 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 creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors 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. Other financial instruments Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss. Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are Page 13
QUINTESSENTIALLY TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.17 | Financial instruments (continued)
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.
3. | Employees
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Average number of employees | 24 | 24
Page 14
QUINTESSENTIALLY TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
4. | Tangible fixed assets
|  | Office equipment | Other fixed assets | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 May 2024 | 142,736 | 194,024 | 336,760
| Additions | 4,064 | - | 4,064
| Disposals | (1,900) | - | (1,900)
| At 30 April 2025 | 144,900 | 194,024 | 338,924
| Depreciation |  |  |
| At 1 May 2024 | 135,478 | 194,024 | 329,502
| Charge for the year on owned assets | 3,767 | - | 3,767
| Disposals | (1,900) | - | (1,900)
| At 30 April 2025 | 137,345 | 194,024 | 331,369
| Net book value |  |  |
| At 30 April 2025 | 7,555 | - | 7,555
| At 30 April 2024 | 7,258 | - | 7,258
Page 15
QUINTESSENTIALLY TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
5. | Fixed asset investments
|  | Investments in subsidiary companies | Investments in associates | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 May 2024 | 119,792 | - | 119,792
| Additions | - | 58,698 | 58,698
| Disposals | (119,792) | - | (119,792)
| At 30 April 2025 | - | 58,698 | 58,698
| On 27 June 2024, the Company disposed of its 51% holding in its wholly owned subsidiary, Quintessentially Arabia LLC, for a total consideration of £203,890. As a result of the disposal, the Company lost control over Quintessentially Arabia LLC and at the reporting date retains a 49% interest, which is accounted for as an associate. The disposal resulted in a gain on disposal of £142,796, which is recognised in profit or loss under “Profit on disposal of subsidiary”. The investment in the associate is accounted for in the financial statements at cost less impairment, in accordance with the Company’s accounting policy.
Page 16
QUINTESSENTIALLY TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
6. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 612,893 | 785,463
| Amounts owed by related parties | 5,428,948 | 5,252,416
| Other debtors | 386,413 | 206,560
| Prepayments and accrued income | 1,578,392 | 1,330,440
|  | 8,006,646 | 7,574,879
| Prepayments amount above includes gross supplier invoices relating tours departing on or after 1 May 2025. The corresponding credit balance, representing the gross prepaid invoices net of any amounts paid as at the year end, is included within trade creditors.
7. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 1,202,552 | 872,796
|  | 1,202,552 | 872,796
8. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | - | 41,667
| Trade creditors | 462,299 | 545,204
| Amounts owed to related parties | 495,164 | 776,607
| Corporation tax | 110,480 | 17,749
| Other creditors | 250,407 | 291,925
| Accruals and deferred income | 2,143,363 | 2,076,250
|  | 3,461,713 | 3,749,402
| Deferred income amount above includes gross revenue amounts relating to tours departing on or after 1 May 2025. The corresponding debit balance, representing the gross revenue invoices net of any amounts received as at the year end, is included within trade debtors.
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QUINTESSENTIALLY TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
9. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (1,815)
| Charged to profit or loss | (75)
| At end of year | (1,890)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (1,890) | (1,815)
|  | (1,890) | (1,815)
10. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 2,000,000 (2024 - 2,000,000) Ordinary shares of £0.01 each | 20,000 | 20,000
11. | Reserves
Share premium account Share premium includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium. Capital redemption reserve Capital redemption reserve records the nominal value of shares repurchased by the Company. Other reserves Capital reserves are funds that are non-distributable profits. Profit and loss account Profit and loss include all current and prior periods retained profit less dividends declared. Page 18
QUINTESSENTIALLY TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
12. | Contingent liabilities
Charges in favour of World Fuel Services Europe Limited, each comprising fixed and floating charges over all the Company’s assets, were created by the Company on 14 August 2020, 27 August 2021, 28 November 2024 and 29 August 2025 and registered at Companies House on 17 August 2020, 31 August 2021, 28 November 2024 and 1 September 2025 respectively. During the year the Company provided an insurance bond of £727,732 (2024: £850,069) to the Association of Bonded Travel Organisers Trust (ABTOT). The Company has provided the insurers with counter indemnities in relation to the bond issued.
13. | 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 £112,935 (2024: £105,772). Contributions totalling £Nil (2024: £Nil) were outstanding at the balance sheet date. Page 19
QUINTESSENTIALLY TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
14. | Related party transactions
| The Company has taken advantage of the FRS 102 exemption not to disclose related party transactions with companies that are wholly owned within the Group. The below entities have been deemed related parties as a result of shared ownership across each of these entities as the shareholders of Quintessentially Travel Limited have an interest in the below companies. Sales between the Company and these related parties were for normal trading for the Company and were conducted on an arm's length basis on normal trading terms. Expenses paid relate to management recharges, payroll costs and other expenses borne by these related companies. These expenses are charged at appropriate mark ups in line with expected costs from a third party. Assets due from and liabilities payable to these related parties are interest free and repayable on demand.
|  | Sales | Expenses | Debtors | Creditors
|  | £ | £ | £ | £
| Quintessentially (UK) Limited | (28,340) | 1,307,178 | 5,184,263 | -
| Quintessentially & Co. Limited | 7,614 | 1,003 | 188,092 | -
| Quintessentially DMCC | - | 46,363 | - | 49,282
| Quintessentially Aviation Limited | - | - | - | 3,121
| Quintessentially Villas Limited | - | - | - | 49,447
| Quintessentially Driven Limited | - | - | 21,153 | -
| Quintessentially Estates Limited | - | - | 466 | -
| Quintesentially Inc | 310,195 | 142,885 | - | 393,314
| Quintessentially Q&CO APAC | - | - | 34,973 | -
| Quintessentially Hong Kong Limited | - | (9,676) | - | -
|  | 289,469 | 1,487,753 | 5,428,947 | 495,164
15. | Controlling party
In the opinion of the directors, there is no ultimate controlling party.
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